Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — H1 2026 Earnings Presentation
27 slides from Compania Sud Americana De Vapores's earnings presentation, August 2026
Slide 1: Compañía Sud Americana de Vapores SA - August 2026
“Wilhelmshaven Express" "Wilhelmshaven Express“ (23,660 TEU) is part of a series of twelve ultra-modern vessels designed to enhance the efficiency, sustainability and future viability of Hapag-Lloyd’s fleet. A single voyage by these giants carries the equivalent load of about 1,700 Boeing 747 cargo
Slide 2: First half 2026 key developments
First half 2026 key developments First half 2026 key developments After an unsatisfactory start to the year, operational and financial performance improved clearly The Middle East conflict caused severe operational disruptions in the second quarter, resulting in substantial additional cash costs of
Slide 3: Market fundamentals improved in Q2 despite weaker Middle East volumes
Market fundamentals improved in Q2 despite weaker Middle East volumes, supported by strong growth on dominant trades Market fundamentals improved in Q2 despite weaker Middle East volumes, supported by strong growth on dominant trades Global container volumes [TEU m] Global volumes per trade [TEU m]
Slide 4: Middle East conflict continues to disrupt operations – Gemini reliability back at 90%
Middle East conflict continues to disrupt operations and drive transport costs – Gemini reliability back at 90% Middle East conflict continues to disrupt operations and drive transport costs – Gemini reliability back at 90% Middle East landbridge Network schedule reliability 100% Gemini Cooperation
Slide 5: Hanseatic Global Terminals continued to grow its terminal portfolio
Hanseatic Global Terminals continued to grow its terminal portfolio Hanseatic Global Terminals continued to grow its terminal portfolio Completed terminal investments in H1 2026 J M Baxi, India Damietta, Egypt HGT Aracruz, Brazil Terminal Capacity Terminal Capacity 5 container terminals 51% ~3.3 m T
Slide 6: ZIM transaction: merger agreement approved by ZIM Shareholders
ZIM transaction: merger agreement approved by ZIM Shareholders – regulatory approval process is ongoing ZIM transaction: merger agreement approved by ZIM Shareholders – regulatory approval process is ongoing Deal Summary Timeline Acquisition: 16 February 30 April 100% of ZIM for USD 35.00 per share
Slide 7: Clear improvement in operational and financial performance after a weak start
Group Clear improvement in operational and financial performance after a weak start to the year Clear improvement in operational and financial performance after a weak start to the year Q2 2026 Group Key Figures Liner Shipping Terminal & Infrastructure Transport Volume Throughput 3.5 M TEU 3.6 M TEU
Slide 8: Recovery of earnings in the second quarter due to improved market conditions
Group Recovery of earnings in the second quarter due to improved market conditions in the Liner Shipping business Recovery of earnings in the second quarter due to improved market conditions in the Liner Shipping business Revenue [USD m] EBITDA [USD m] +19% 15.6% Margin 10.0% 14.2% 5,840 +68% 5,272
Slide 9: Liner Shipping recorded an EBIT of USD 153m in Q2 2026
Liner Shipping Liner Shipping recorded an EBIT of USD 153m in Q2 2026 Liner Shipping recorded an EBIT of USD 153m in Q2 2026 Liner Shipping ▪ Following an unsatisfactory start to the year, Q2 2025 Q2 2026 H1 2025 H1 2026 revenue and earnings improved clearly in the Revenue 5,166 5,682 10,386 10,461
Slide 10: Freight rates and transport volumes improved clearly in Q2 2026
Liner Shipping Freight rates and transport volumes improved clearly in Q2 2026 Freight rates and transport volumes improved clearly in Q2 2026 Freight rate development 1 [USD/TEU] Transport volume development by trade 1,2 [TTEU] H1 2025 H1 2026 H1 2025 H1 2026 1,411 -0.4% 1,406 6.6 TEU m +1.5% 6.7 T
Slide 11: Unit cost impacted by higher bunker prices and Middle East disruptions
Liner Shipping Unit cost impacted by higher bunker prices and Middle East disruptions Unit cost impacted by higher bunker prices and Middle East disruptions Unit cost development [USD/TEU] Bunker price [USD/mt] Volume 800 3.4 3.2 3.5 MFO LS 0.5 ROT (monthly avg.) [TEU m] 750 700 HL Bunker Consumptio
Slide 12: Terminal & Infrastructure maintained its positive momentum
Terminal & Infrastructure Terminal Infrastructure maintained its positive momentum Terminal & Infrastructure maintained its positive momentum Terminal & Infrastructure ▪ Strong revenue growth driven by full consolidation of J M Baxi and good throughput growth in India and Latin America ▪ Operational
Slide 13: Robust balance sheet with low leverage and high Liquidity Reserve
Group Robust balance sheet with low leverage and high Liquidity Reserve Robust balance sheet with low leverage and high Liquidity Reserve Equity [USD m] Net Debt [USD m] 62% 61% Equity ratio 0.3x 0.7x Leverage 1 1,969 21,147 20,678 1,209 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 Liquidity Rese
Slide 14: Constructive market outlook for 2026, supported by robust demand growth
Constructive market outlook for 2026, supported by robust demand growth Constructive market outlook for 2026, supported by robust demand growth Supply and demand [growth YoY] US inventory to sales ratios Dominant leg 1.8 Total H1 2023 +25% H1 2026 volume growth Retail 1.7 11% Merchant Wholesalers Co
Slide 15: Earnings outlook raised in July on the back of recent strength in spot freight rates
Earnings outlook raised in July on the back of recent strength in spot freight rates and resilient demand Earnings outlook raised in July on the back of recent strength in spot freight rates and resilient demand Earnings outlook [Updated July 13, 2026] Key assumptions ▪ Recent spot freight rate FY 2
Slide 16: CSAV's Results 1H26/1H25
ANNEXES CSAV’s RESULTS 1H26/1H25 Figures in USD million Result 1H26 1H25 Var % Var # Equity-accounted investees (61,4) 225,1 (127%) (286,5) SG&A and Other Op. Income (6,8) (8,0) (14%) 1,1 Operational Result (with equity-accounted investees) (68,2) 217,1 (131%) (285,3) Financial result 5,7 2,1 173% 3
Slide 17: CSAV's Results 1H26 vs 1H25 - Net Income
CSAV’s RESULTS 1H26 vs 1H25 Net Income 1H26 vs 1H25 (497) 17
Slide 18: CSAV's Retentions & Tax Credits Balance June 2026
CSAV’s RETENTIONS & TAX CREDITS BALANCE JUNE 2026 as of June 30st as of December 31st Current Tax Assets MMUS$ Change 2026 2025 Remaining VAT tax credit 2,9 2,7 8% 0,2 Income tax to recover 47,3 131,9 -64% -84,6 Credits for taxes paid abroad 37,5 55,4 -32% -18,0 Total current tax assets 87,6 189,9 -
Slide 19: CSAV's Retentions as of June 2026
CSAV’s RETENTIONS as of June 2026 Retentions Balance as of June 2026 Dividend Payment Dividend Retention Refund Asset Retention Rate [%] Entity Date [EUR mn] [EUR mn] Entity 1. Current Hapag-Lloyd May 26, 2026 158 26,38% 41,7 CSAV Germany 2. Non-current CSAV Germany Nov 10, 2025 10 10,55% 1,1 CSAV C
Slide 20: New Multi-sports court at Instituto Comercial Marítimo Pacífico Sur (INCO)
New Multi-sports court at Instituto Comercial Marítimo Pacífico Sur (INCO) 2026
Slide 21: New Climate and Refrigeration Room at Juan Dante Parraguez
New Climate and Refrigeration Room at Juan Dante Parraguez 2026
Slide 22: Welcome new EDT students
Welcome new EDT students 2026
Slide 23: Winter School
Winter School 2026
Slide 24: Maritime Lecture Series at CSAV
Maritime Lecture Series at CSAV 2026
Slide 25: Closing Remarks
CLOSING REMARKS CSAV • Attractive vehicle to invest in Hapag-Lloyd & solid balance sheet • Results mostly explained by lower HLAG’s results tax expenses • EUR 66.5 mn in tax assets to recover as of June 2026 Hapag-Lloyd, CSAV’s main investment + Strategy 2030 and Gemini are increasingly translating
Slide 26: Annexes
ANNEXES
Slide 27: ¡Súmate a nuestro Seminario!
¡Súmate a nuestro Seminario! 07 de octubre | 8:30 hrs En un mundo que se reordena, Chile no puede ser espectador. Tiene que definir su estrategia, tejer sus alianzas y construir la infraestructura que lo conecte con el mundo. Save The Date Escanea el código QR y agenda la fecha en tu calendario ¡Pro
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