Investor Presentation Q1 2026

‌Investor Presentation‌

Q1 2026 Results

Hamburg, 13th of May 2026

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I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

KEY DEVELOPMENTS

We had an unsatisfactory start to the year, partly due to adverse weather conditions, further exacerbated by disruptions in the Middle East

Despite this challenging environment, the Gemini Cooperation continued to deliver industry-leading schedule reliability

Our terminals business delivered strong throughput growth, driven by new terminal ramp up and synergies with our liner business

ZIM shareholders approved the proposed merger agreement with Hapag-Lloyd, a key milestone towards combining both companies

Earnings outlook reiterated, with the market environment remaining challenging and subject to ongoing geopolitical developments

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2

SeaIntel Schedule Reliability

Gemini Cooperation

100%

Competitor Range

90%

80%

70%

60%

50%

Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar-

25 25 25 25 25 25 25 25 25 25 25 26 26 26

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I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

‌Given our significant exposure to the Atlantic and Middle East trades, the disruptions had a serious impact on our operations in Q1‌

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KEY DEVELOPMENTS

3

‌Upper Gulf bookings were initially paused but have meantime resumed through alternative inland and feeder solutions

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I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

KEY DEVELOPMENTS

• With most container backlogs cleared and offices reopening, operations across the Middle East are stabilizing

• While transits through the Strait of Hormuz remain suspended, bookings to Upper Gulf locations were resumed in May through third-party feeder services and inland routing via Jeddah

• Ports across the region are operational, although congestion persists at some Indian West Coast ports

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• Alternative routing solutions, high energy prices and remaining restrictions continue to result in higher-than-normal transport costs

Multimodal connectivity to Upper Gulf locations

4

‌ZIM shareholders approved merger agreement with Hapag-Lloyd - the necessary regulatory approvals are being filed

Deal Rationale

• Securing our global Top 5 position

• Access to efficient & modern fleet, highly skilled workforce and broad customer base

• Realization of USD 300-500 m annual synergies

Timeline:

16 February

30 April

Signing

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

ZIM Extraordinary General Meeting

Transaction approved

Approval by Ministries of the State of Israel

Process initiated

end of 2026

Antitrust clearance

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Process initiated

Closing

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KEY DEVELOPMENTS

5

‌Group‌

Q1 2026 results unsatisfactory, background is clear and Q2 is off to a better start

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Q1 2026 Group Key Figures

Liner Shipping

Transport Volume

3.2 M TEU

PY: 3.2 M TEU

Terminal & Infrastructure

Throughput

3.4 M TEU

PY: 3.1 M TEU

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Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur. Prior year figures adjusted

2

FINANCIALS

6

‌Group

Softer freight rates and severe operational disruptions weighed on top and bottom line

Margin

Revenue [USD m] EBITDA [USD m]

20.7%

16.2%

10.0%

5,318

5,002

4,918

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

1,103

812

494

Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026

Margin

ROIC

EBIT [USD m] Group Profit [USD m]

9.2%

3.4%

-3.2%

8.9%

4.6%

-3.2%

487 469

169

98

-157

Q1 2025 Q4 2025 Q1 2026

-256

1 3 / 0 5 / 2 0 2 6

Q1 2025 Q4 2025 Q1 2026

Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur

2

FINANCIALS

7

‌Liner Shipping

Liner Shipping recorded an EBIT loss of USD 174m in Q1/2026

2

FINANCIALS

Result

[USD m]

I N V E ST O R

P R E SE N T A T I O N - Q 1 2 0 2 6

Liner Shipping

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Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur. 8

‌Liner Shipping

Average freight rate declined by 10% year-on-year - Exports out of Europe particularly weak

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Freight Rate Development1 [USD/TEU] Transport Volume Development by Trade 1,2 [TTEU]

-0.7%

-9.6%

1,471

1,397

1,354

1,330

1,305

3,225 3,203

1,182

1,190

Asia - Europe

Asia - America

Europe - America

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Africa & IRT

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q1 2025

Q1 2026

1 Starting from the first quarter of 2026, the transport volume is calculated on the basis of transport orders after reaching the port of loading. Previously, the measure was based on finished voyages. Prior year figures have been adjusted in connection with this change.

2 In the first quarter of 2026 the trade "Atlantic" and "Pacific" were renamed to "Europe - America" and "Asia - America". The Intra-America trade is no longer assigned to "Africa & Intraregional Trades" but is instead allocated to "Asia - America". Prior year figures reflect the

adjustment of the trades.

2

FINANCIALS

9

‌Liner Shipping

Operational disruptions drove higher unit costs

+8%

1,420

1,317

201

Bunker &

Emissions¹

221

628

H&H

578

143

174

EQ

208

224

V&V

180

-13

194

0

Deprec.

Pend.

Unit Cost Development [USD/TEU]

Q1 2025

Q1 2026

• Handling & Haulage and Equipment costs increased, reflecting higher terminal storage costs amid weather-related port congestion in January and February, as well as Middle East-related disruptions.

  I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

• In addition, higher energy surcharges imposed by vendors globally led to increased hinterland transportation costs.

• Lower volumes resulted in weaker fixed-cost absorption, particularly affecting Vessel & Voyage and Depreciation.

• Q1/26 earnings benefitted from lower bunker prices at the start of the year due to the time lag between purchase and consumption

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• A significant increase in Bunker costs is expected in Q2, which will be covered by our Emergency Fuel Surcharge and the regular Marine Fuel Recovery mechanism

Pre-Covid unit cost level

Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur. ¹ including 19 USD/TEU in Q1 2026 for CO2 emission fees in Europe (EU ETS)

2

FINANCIALS

10

‌Terminal & Infrastructure

Terminals benefitted from the first-time full consolidation of

J M Baxi and strong throughput growth in India and Latin America

2

FINANCIALS

lt

m]

I N V E ST O R

P R E SE N T A T I O N - Q 1 2 0 2 6

Terminal & Infrastructure

[US

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Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur. 11

‌Group

Liquidity Reserve remains strong with USD 6.9 bn per end of Q1 with a solid Free Cash Flow of USD 0.4 bn

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Cash flow Q1 2026 [USD m]

Operating cash flow

Investing cash flow

Financing cash flow

725

7,025

3,838

2,215

494

500

7

108

-95

-203

-651

-26

6,860

2,296

725

RCF

Fixed income investments

4,085

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Free cash flow: USD 0.4 bn

Cash

Liquidity Reserve 31 Dec 2025

EBITDA

Working capital and other effects

Interest received/ Disinvestments & others

Investments Debt intake and repayment

Other

Liquidity Reserve 31 Mar 2026

Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur.

2

FINANCIALS

12

‌Group

Robust balance sheet with ample liquidity Equity [USD m] Net Debt [USD m]

0.3x

1,209

0.7x

1,352

Leverage 1

31 Dec 2025 31 Mar 2026

Liquidity Reserve [USD m]

7,025 6,860

Cash

3,838

4,085

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

RCF

31 Dec 2025 31 Mar 2026

Dividend payment on 26 May

[subject to AGM approval on 20 May]

Fixed income investments

Per Share:

Total:

EUR 3.00

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EUR 527 m

31 Dec 2025 31 Mar 2026

Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur. 1 Leverage: Net Debt / LTM EBITDA

2

FINANCIALS

13

‌Solid demand growth expected for CY 2026‌

3

MARKET

Supply and Demand Projections

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Container volume growth Fleet capacity growth

10%

8%

7%

8%

6%

5%

3%

1%

2023

2024

2025

2027e

2026e

4%

3%

Shanghai Containerized Freight Index

[USD/TEU] 4,000

3,500

3,000

2,500

2,000

1,500

1,000

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500

CCFI (Spot & Contract) SCFI (Spot) Pre-Covid Level

Jan-

24

Apr-

24

Jul-

24

Oct-

24

Jan-

25

Apr-

25

Jul-

25

Oct-

25

Jan-

26

Apr-

26

Sources: Alphaliner, Clarksons, SSE 14

‌Earnings outlook confirmed - Market environment remains challenging and subject to geopolitical uncertainty

Group EBIT

Group EBITDA

Earnings Outlook

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Key assumptions

• Elevated bunker procurement prices as well as energy surcharges from vendors to be compensated by higher freight rates from Q2 onwards

• With Atlantic and Middle East volumes recovering, we expect solid volume growth slightly faster than the market for the remainder of the year

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• We will continue to leverage our Gemini network and focus on cost savings to lower our structural cost base, though higher oil prices and operational disruptions are currently counteracting this progress

  4

  OUTLOOK

  15

  ‌Wrap Up and Priorities for 2026

  I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

• The first quarter of 2026 was unsatisfactory, with weather-related supply chain disruptions, the war in the Middle East and pressure on freight rates leading to significantly lower results

• Gemini demonstrated strong resilience, supporting reliable service delivery under challenging conditions

• While network operations are stabilizing, elevated transport costs are expected to persist over the coming quarters - driven by higher fuel cost

  1 3 / 0 5 / 2 0 2 6

• We remain focused on advancing cost-reduction initiatives and executing Strategy 2030

• The successful completion of the ZIM transaction will further strengthen our company and strategic positioning

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‌Appendix

‌Equity ratio of 61.3%

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Balance Sheet [USD m] Financial Position [USD m]

million USD 31.3.2026 31.12.2025

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Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur.

million USD 31.3.2026 31.12.2025

APPENDIX

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‌EBITDA of USD 494m in Q1 2026

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Income Statement [USD m]

million USD Q1 2026 Q1 2025 change

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Note: Figures as stated in the Investor Report Q1 2026. Rounding differences may occur.

APPENDIX

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‌Well balanced maturity structure of financial liabilities

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Financial Debt Profile as per 31 Mar 2026 1 [USD m]

289

1,174

201

345

642

2,163

733

1,476

1,550

385

1,275

784

1,024

589

125

468

125

646

66

87

87

87

87

377

256

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2026 2027 2028 2029 2030 >2030

Liabilities to banks

Bonds Liabilities from lease and charter contracts Other financial liabilities

1 D shown in the balance sheet as per 31.03.2026 consists of transaction costs and accrued interest.

N

APPENDIX

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‌Disclaimer

I N V E ST O R P R E SE N T A T I O N - Q 1 2 0 2 6

Forward-looking statements

This presentation contains forward-looking statements that involve a number of risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. Actual results can differ materially from those anticipated in the Company's forward-looking statements as a result of a variety of factors, many of which are beyond the control of the Company, including those set forth from time to time in the Company's press releases and reports and those set forth from time to time in the Company's analyst calls and discussions. We do not assume any obligation to update the forward-looking statements contained in this presentation.

This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever.

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This presentation is being presented solely for your information and is subject to change without notice.

APPENDIX

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