Overview We are a global container liner shipping company with leadership positions in niche markets where we believe we have distinct competitive advantages that allow us to maximize our market position and profitability. Founded in Israel in 1945, we are one of the oldest shipping liners, with 80 years of experience, providing customers with innovative seaborne transportation and logistics services with a reputation for industry leading transit times, schedule reliability and service excellence. Moreover, we continuously seek to maximize operational efficiencies while increasing our profitability and benefitting from a flexible cost structure. We have also developed a variety of digital tools to better understand our customers’ needs through careful analysis of data, including business and artificial intelligence. As of December 31, 2025, we operated a global network of 56 weekly lines, calling over 300 ports delivering cargo to and from more than 90 countries. Our network is enhanced by cooperation agreements with other leading container liner companies and alliances, allowing us to maintain our independence while optimizing fleet utilization by sharing capacity, expanding our service offering and benefiting from cost savings. Within our global network we offer tailored services, including land transportation and logistical services as well as specialized shipping solutions, including the transportation of out-of-gauge cargo, refrigerated cargo and dangerous and hazardous cargo. Our strong reputation and high-quality service offerings have drawn a loyal and diversified customer base. We have a highly diverse and global customer base of approximately 30,500 customers (on a non-consolidated basis) using our services, while, in 2025, our 10 largest customers represented approximately 12% of our freight revenues and our 50 largest customers represented approximately 27% of our freight revenues. In the years ended December 31, 2025, 2024 and 2023, we carried 3,663 thousand, 3,751 thousand and 3,281 thousand TEUs for our customers worldwide, respectively. Additionally, in the years ended December 31, 2025, 2024 and 2023, our net income (loss) was $481.5 million, $2,153.8 million and $(2,687.9) million, respectively, and our Adjusted EBITDA was $2,170.9 million, $3,691.8 million and $1,049.3 million, respectively. Our ordinary shares have been listed on the New York Stock Exchange under the symbol “ZIM” since January 28, 2021. 73 Factors affecting our results of operations Our results of operations are affected, among others, by the following factors: Factors affecting our income from voyages and related services Market Volatility. The container shipping industry continues to be characterized in recent years by volatility in freight rates, charter rates and bunker prices, accompanied by significant uncertainties in the global trade (including the implications of the ongoing military conflicts between Israel and Hamas, U.S., Israel, Iran and Iranian-backed proxies, between Russia and Ukraine, the risk of economic events such as recession, or the continuing or possible escalation of trade restrictions between the U.S. and China). Following the peak levels reached during 2021 and the first quarter of 2022, freight rates have decreased in most trades throughout the remainder of the year 2022 and during 2023 as a result of reduced demand and increased capacity as well as the easing of both COVID-19 restrictions and congestion in ports, although some increases were demonstrated in certain trades towards the end of 2023, related to security concerns raised in the Red Sea. In 2024 average freight rates increased compared to 2023 due to several factors, including customer concerns of a long-term labor strike on the U.S. East Coast and new imposed tariffs on trade between the U.S. and China. Container freight rates were generally lower than in 2024, indicating easing rates for much of the year, though volatility persisted due to ongoing political risks, including continues Red Sea crisis. Volume of cargo carried. The volume of cargo that we carry affects our income and profitability from voyages and related services and varies significantly between voyages that depart from, or return to, a port of origin. The vast majority of the containers we carry are either 20- or 40-foot containers. We measure our performance in terms of the volume of cargo we carry in a certain period in 20-foot equivalent units carried, or TEUs carried. Our management uses TEUs carried as one of the key parameters to evaluate our performance, used in real-time and take actions, to the extent possible, to improve performance. Additionally, our management monitors TEUs carried from a longer-term perspective, to deploy the right capacity to meet expected market demand. Although the volume of cargo that we carry is principally a function of demand for container shipping services in each of our trade routes, it is also affected by factors such as: • our local shipping agencies’ effectiveness in capturing such demand; • our level of customer service, which affects our ability to retain and attract customers; • our ability to effectively deploy capacity to meet such demand; • our operating efficiency; and • our ability to establish and operate existing and new services in markets where there is growing demand. The volume of cargo that we carry is also impacted by our lack of participation in strategic alliances and other cooperation agreements. In periods of increased demand and increased volume of cargo, we adjust capacity by chartering-in additional vessels and containers and/or purchasing additional slots from partners, to the extent feasible. During these periods, increased competition for additional vessels and containers may increase our costs. We may deploy our capacity through additional vessels and containers in existing services, through new services that we operate independently or through the exchange of capacity with vessels operated by other shipping companies or other cooperative agreements. In periods of decreased volumes of cargo, we may adjust capacity to demand by electing to reduce our fleet size in order to reduce operating expenses mainly by redelivering chartered-in vessels and not renewing their charters, or by cancelling specific voyages (which are referred to as “blank sailings”). We may also elect to close existing services within, or exit entirely from, less attractive trades. As a substantial portion of our fleet is chartered-in we retain a relatively high level of flexibility even though it is less so when it concerns vessels that are long-term chartered. Freight rates. Freight rates are largely established by the freight market and we have a limited influence over these rates. We use average freight rate per TEU as one of the key parameters of our performance. Average freight rate per TEU is calculated as revenues from containerized cargo during a certain period, divided by total TEUs carried during that period. Container shipping companies have generally experienced volatility in freight rates. Freight rates vary widely as a result of, among other factors: • cyclical demand for container shipping services relative to the supply of vessel and container capacity; • competition in specific trades; • costs of operation (including bunker, terminal and charter costs); • the particular dominant leg on which the cargo is transported; • average vessel size in specific trades; • the origin and destination points selected by the shipper; and • the type of cargo and container type. 74 As a result of some of these factors, including cyclical fluctuations in demand and supply, container shipping companies have experienced volatility in freight rates. For example, on January 1, 2025, the comprehensive Shanghai (Export) Containerized Freight Index (SCFI) started with 2,505 points, then dropped to 1,300 points on April 1, 2025, increased again to 2,000 points on June 1, 2025 and dropped back to 1,400 on December 31, 2025 Furthermore, rates within the charter market, through which we source most of our capacity, may also fluctuate significantly based upon changes in supply and demand for shipping services. During 2024, charter hire rates have increased as a result of the low numbers of vessels available for hire. Charter hire rates in 2025 have moderately increased with similar charter periods on average compared to 2024 In addition, according to Alphaliner, global container ship capacity is expected to increase by 3.7% in 2026, with deliveries of 1.4 million TEUs out of a vessel order book of 11.3 million TEU, while demand for shipping services is projected to increase only by 2.5%. Therefore, the increase in ship capacity is expected to continue to be higher than the increase in demand for container shipping.There are certain cargo types that require more expertise; for example, we charge a premium over the base freight rate for handling specialized cargo, such as refrigerated, liquid, over-dimensional, or hazardous cargo, which require more complex handling and more costly equipment and are generally subject to greater risk of damage. We believe that our commercial excellence and customer centric approach across our network of shipping agencies enable us to recognize and attract customers who seek to transport such specialized types of cargo, which are less commoditized services and more profitable. We focus on growing the specialized cargo transportation portion of our business. We also charge a premium over the base freight rate for global land transportation services we provide. Further, from time to time we impose surcharges over the base freight rate, in part to minimize our exposure to certain market-related risks, such as fuel price adjustments and in response to GHG regulation such as ETS and FuelEU Maritime Regulations, increased insurance premiums in war zones, exchange rate fluctuations, terminal handling charges and extraordinary events, although usually these surcharges are not sufficient to recover all of our costs. Amounts received related to these adjustment surcharges are allocated to freight revenues. Factors affecting our operating expenses and costs of services Cargo handling expenses. Cargo handling expenses represent the most significant portion of our operating expenses. Cargo handling expenses primarily include variable expenses relating to a single container, such as stevedoring and other terminal expenses, feeder services, storage costs, balancing expenses arising from repositioning containers with unutilized capacity on the counter-dominant leg, and expenses arising from inland transport of cargo. Stevedoring expenses comprise the most significant component of cargo handling expenses. We contract stevedoring services from third parties in every port at which we call. We generally engage these services on a port-by-port basis, although, where possible, we seek to negotiate volume-based discounts or to enter into long-term contracts as a means of obtaining discounted rates. However, for example, changes in labor costs at the ports where our vessels call or certain more expensive shifts during which our vessels call may increase the cost of stevedoring services and in turn may lead to an increase in cargo handling expenses. For each service we operate, we measure the utilization of a vessel on the dominant leg, as well as on the counter-dominant leg by dividing the number of TEUs carried on a vessel by that vessel’s capacity. For example, some of our major trade routes, such as the Pacific and Cross Suez routes, are marked by significant trade imbalances, as the majority of goods are shipped from Asia for consumption in Europe and North America. We manage the container repositioning costs that arise from the imbalance between the volume of cargo carried in each direction using various methods, such as triangulating our land transportation activities and services. If we are unable to successfully match requirements for container capacity with available capacity in nearby locations, we may incur balancing costs to reposition our containers in other areas where there is demand for capacity. Cargo handling accounted for 47.1%, 44.6% and 43.0% of our operating expenses and cost of services for the years ended December 31, 2025, 2024 and 2023. Bunker expenses. Bunker expenses, mainly comprised of fuel and marine LNG consumption, represent a significant portion of our operating expenses. As a result, changes in the price of bunker or in our bunker consumption patterns can have a significant effect on our results of operations. Bunker price has historically been volatile, can fluctuate significantly and is subject to many economic and political factors that are beyond our control. Bunker prices have decreased in 2023, following their increase in 2022, partially due to the military conflict between Russia and Ukraine. In an effort to reduce our bunker expenses, we have employed new procurement processes and tools aimed at reducing the prices at which we purchase our bunker from our suppliers. We also seek to control our costs by imposing surcharges over the base freight rate to minimize our exposure to changes in bunker costs, reviewing bunker prices in different markets and purchasing fuel for our vessels when such vessels are visiting bunkering ports that offer lower bunker price. We have entered into a sale and purchase agreement with Shell to supply LNG for our 15,000 TEU LNG dual fuel vessels, which have been delivered, and in September 2024 we entered into a Heads of Agreement (and thereafter entered into a definitive agreement in December 2024) with Shell to supply LNG to our operated 8,000-class TEU LNG vessels, deployed on the ZIM Ecommerce Baltimore Express (ZBX). We expect to rely on Shell and other LNG suppliers for the purchase and supply of LNG for the remaining LNG dual fuel fleet, including vessels to be further delivered. .Additionally, we may sometimes manage, part of our exposure to fuel price fluctuations by entering into hedging arrangements. For more information on the risks of bunker price fluctuations, see Item 3.D “Risk factors – Risks relating to operating our vessel fleet – Rising energy and bunker prices (including LNG) may have an adverse effect on our results of operations.” Our bunker consumption is affected by various factors, including the number of vessels being deployed, vessel size, pro forma speed, vessel efficiency, weight of the cargo being transported and sea state. We have implemented various optimization strategies designed to reduce bunker consumption, including operating vessels in “super slow steaming” mode, trim optimization, hull and propeller polishing and sailing route optimization. Our bunker expenses accounted for 25.7%, 28.5% and 28.3% of our operating expenses and cost of services for the years ended December 31, 2025, 2024 and 2023, respectively. 75 Vessel charter portfolio. Most of our capacity is chartered in. As of December 31, 2025, we chartered-in 112 vessels, which accounted for approximately 86.4% of our TEU capacity and 87.5% of the vessels in our fleet. Of such vessels, all are under a “time charter”, which consists of chartering-in the vessel capacity for a given period of time against a daily charter fee with the owner handling the crewing and technical operation of the vessel. Under these arrangements, both parties are committed for the charter period; however, vessels temporarily unavailable for service due to technical issues will qualify for relief from charges during such period (off hire). Further to the implementation of IFRS 16 (‘Leases’) on January 1, 2019, vessel charters with an expected term exceeding one year, are accounted through depreciation and interest expenses. Accordingly, the composition of our charter fleet in respect of expected term, affects the classification of our costs related to vessel charters. For strategic long-term charter agreements see “Item 4.B – Our vessel fleet – Strategic Chartering Agreements”. We also purchase “slot charters,” which involve the purchase of slots on board of another shipping company’s vessel. Generally, these rates are based primarily on demand for capacity as well as the available supply of container ship capacity. As a result of macroeconomic conditions affecting trade flow between ports served by container shipping companies and economic conditions in the industries which use container shipping services, bareboat, time and slot charter rates can, and do, fluctuate significantly and are generally affected by similar factors that influence freight rates. Our results of operations may be affected by the composition of our general chartered-in vessels portfolio. Slots purchase and charter hire of vessels (other than those recognized as right-of-use-assets) accounted for 2.0%, 1.6% and 2.0%, of our operating expenses and cost of services for the years ended December 31, 2025, 2024 and 2023, respectively. Port expenses (including canal fees). We pay port expenses, which are surcharges levied by a particular port and are applicable to a vessel and/or the cargo on board of a particular vessel, at each port of call along our various trade routes. Increases in port expenses increase our operating expenses and, if such increases are not reflected in the freight rate charged by us to our customers, may decrease our net income, margins and results of operations. We also pay canal fees, which are the transit fees levied by canals, such as the Panama Canal or the Suez Canal, in connection with a vessel’s passage and are generally correlated to the size of the vessel transporting the cargo. Larger vessels, notwithstanding their utilization in a given voyage and capacity of cargo, generally pay higher transit fees. An increase in transit fees, if not reflected in the freight rate charged by us to our customers, may decrease our net income, margins and results of operations. Our port (including canal) expenses accounted for 11.4%, 10.2% and 12.9% of our operating expenses and cost of services for the years ended December 31, 2025, 2024 and 2023, respectively. Agents’ salaries and commissions. Our agents’ salaries and commissions reflect our costs related to agents’ services in connection with certain aspects of our shipping operations. Any increases in the salaries and commissions paid to agents for their services, would result in the corresponding increases to our operating expenses and cost of services. Agents’ salaries and commissions totaled $250.5 million, $251.7 million and $209.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, accounting for 5.6% 5.6% and 5.4% of our operating expenses and cost of services for the years ended December 31, 2025, 2024 and 2023. General and administrative expenses. Our general and administrative expenses include salaries and related expenses, office equipment and maintenance, depreciation and amortization, consulting and legal fees, advertising expenses and travel and vehicle expenses. General and administrative expenses totaled $336.3 million, $296.1 million and $280.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, including $223.5 million, $211.2 million and $185.5 million of salaries and related expenses, respectively. Personnel expenses, which comprise salaries, commissions and related expenses (including incentives) in both operating expenses and general and administrative expenses, totaled $523.6 million $496.8 million and $428.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Any adverse trends in volumes of trades, freight rates, charter rates and/or bunker prices, as well as other deteriorating global economic conditions, could negatively affect the entire industry and also affect our business, financial position, assets value, results of operations and cash flows. 76 Factors affecting comparability of financial position and results of operations Seasonality Our business has historically been seasonal in nature. As a result, our average freight rates have reflected fluctuations in demand for container shipping services, which affect the volume of cargo carried by our fleet and the freight rates which we charge for the transport of such cargo. Our income from voyages and related services are typically higher in the third and fourth quarters than the first and second quarters due to increased shipping of consumer goods from manufacturing centers in Asia to North America in anticipation of the major holiday period in Western countries. The first quarter is affected by a decrease in consumer spending in Western countries after the holiday period and reduced manufacturing activities in China and Southeast Asia due to the Chinese New Year. However, operating expenses such as expenses related to cargo handling, charter hire of vessels, bunker and lubricant expenses and port expenses are generally not subject to adjustment on a seasonal basis. As a result, seasonality can have an adverse effect on our business and results of operations. Recently, as a result of the continuing volatility within the shipping industry, seasonality factors have not been as apparent as they have been in the past. As global trends that affect the shipping industry have changed rapidly in recent years, including trends resulting from the COVID-19 pandemic and other geopolitical events, it remains difficult to predict these trends and the extent to which seasonality will be a factor impacting our results of operations in the future. Components of our consolidated income statements Income from voyages and related services Income from voyages and related services is primarily generated from the transportation of cargo and related services, including demurrage and value-added services. Cost of voyages and related services Cost of voyages and related services is comprised of: (i) operating expenses and costs of services, which mainly include expenses related to cargo handling, bunker and lubricants, port expenses, agents’ salaries and commissions, slots purchase and charter hire of vessels, costs of related services and sundry expenses, and (ii) depreciation expenses. Operating expenses and costs of services Expenses related to cargo handling. Expenses related to cargo handling primarily include the cost relating to loading and discharge of containers, transport of empty containers, land transportation and transshipment of cargo. Bunker and lubricants. Expenses related to the consumption of bunker and lubricants primarily consist of the purchase costs of fuel and LNG consumed by the vessels we operate and other oil-based lubricants required for the operation of our vessels. Port expenses. Port expenses consist of port costs and canal dues. Port costs consist of charges we pay to ports, on a per-call basis, for a variety of services, including berthing, tug services, sanitary services and utilities. Canal expenses consist of canal dues we pay to the operators of the Panama and Suez Canals. Agents’ salaries and commissions. Agents’ salaries and commissions comprise the cost of the services provided by the shipping agencies, in the form of salaries and commissions paid. Slots purchase and charter hire of vessels. Slot purchases comprise mainly of the cost of purchases of slots from other shipping companies. Charter hire of vessels mainly consists of charges we pay to vessel owners for hiring their vessels, excluding those accounted as right-of-use assets (in accordance with IFRS 16). In addition, we charter-in the majority of our vessels on a time charter basis and, as a result, generally do not incur additional costs for crew provisioning, maintenance, repair or hull insurance with respect to these vessels. Costs of related services and sundry. Costs of related services and sundry comprise mainly of expenses of subsidiaries providing shipping-agent services, logistics services, forwarding and customs clearance services. Depreciation Depreciation mainly consists of depreciation of operating assets, primarily vessels and containers. We depreciate owned vessels and containers, as well as leased vessels and containers (right-of-use assets) expected to be owned by the end of the lease, using a straight-line method, on the basis of their respective estimated useful life, taking into account their residual scrap value. The useful life (for new builds) is usually estimated at 25 years for vessels and 13-15 years for containers. The remaining leased vessels and containers are depreciated using a straight-line method along the shorter of the lease term and the useful life of the vessel or container. 77 Other income (expenses), net Other income (expenses), net ordinarily consists of capital gains and losses, net related to the disposal of containers and handling equipment, vessels and other assets, as well as net gains related to modifications and terminations of leases of vessels and containers. General and administrative expenses General and administrative expenses consist mainly of employee salaries and other employee benefits (including incentives, pension and related payments) of our administrative personnel, as well as expenses related to office maintenance, computerized equipment and software (including depreciation and amortization), fees paid in respect of consulting, legal and insurance services, advertising expenses, as well as travel and vehicle expenses. Share of profits (losses) of associates, net of tax Share of profits (losses) of associates, net of tax comprises our share in the net income (loss) of associate companies, accounted for under the equity method. Finance expenses, net Finance income is ordinarily comprised of interest income from funds invested and net foreign currency exchange rate differences. Finance expenses are ordinarily comprised of interest expenses on lease liabilities, borrowings and other liabilities, net foreign currency exchange rate differences and impairment losses on trade and other receivables. Income taxes Income taxes comprise current and deferred tax expenses related to corporate income and other earnings. Current tax is the expected taxes payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for taxation purposes, as well as in respect of carry forward losses, to the extent expected to be utilized. How we assess the performance of our business In addition to operational metrics such as TEUs carried and average freight rate per TEU carried and financial measures determined in accordance with IFRS, we make use of the non-IFRS financial measures Adjusted EBIT and Adjusted EBITDA in evaluating our past results and future prospects. Adjusted EBIT and Adjusted EBITDA Adjusted EBIT is a non-IFRS financial measure that we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted to exclude impairment of assets (or the reversal of which), non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies. Adjusted EBITDA is a non-IFRS financial measure that we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted to exclude impairments of assets (or the reversal of which), non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies. We present Adjusted EBIT and Adjusted EBITDA in this Annual Report because each is a key measure used by our management and Board of Directors to evaluate our operating performance. Accordingly, we believe that Adjusted EBIT and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results and comparing our operating results between periods on a consistent basis, in the same manner as our management and Board of Directors. 78 The following is a reconciliation of our net income (loss), the most directly comparable IFRS financial measure, to Adjusted EBIT and Adjusted EBITDA for each of the periods indicated. Year Ended December 31, 2025 2024 2023 (in millions) RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBIT Net income (loss) $ 481.5 $ 2,153.8 $ (2,687.9 ) Financial expenses, net 357.5 322.3 304.5 Income taxes 177.0 51.2 (127.6 ) Operating income (EBIT) 1,016.0 2,527.3 (2,511.0 ) Non-cash charter hire expenses 0.0 0.0 0.2 Capital loss (gain), beyond the ordinary course of business(1) (2.7 ) (2.0 ) 20.0 Assets impairment loss (reversal)(2) (137.0 ) 0.0 2,063.4 Expenses related to legal contingencies 8.5 24.0 5.0 Adjusted EBIT $ 884.8 $ 2,549.3 $ (422.4 ) Adjusted EBIT margin(3) 12.8 % 30.3 % (8.2 )% (1) Related to disposal of assets, other than container and equipment (which are disposed on a recurring basis). (2) For further details, see Note 7 to our audited consolidated financial statements included elsewhere in this Annual Report. (3) Represents Adjusted EBIT divided by Income from voyages and related services. Year Ended December 31, 2025 2024 2023 (in millions) RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Net income (loss) $ 481.5 $ 2,153.8 $ (2,687.9 ) Financial expenses, net 357.5 322.3 304.5 Income taxes 177.0 51.2 (127.6 ) Depreciation and amortization 1,286.1 1,142.5 1,471.8 EBITDA 2,302.1 3,669.8 (1,039.2 ) Non-cash charter hire expenses 0.0 0.0 0.1 Capital loss (gain), beyond the ordinary course of business(1) (2.7 ) (2.0 ) 20.0 Assets Impairment loss (reversal)(2) (137.0 ) 0.0 2,063.4 Expenses related to legal contingencies 8.5 24.0 5.0 Adjusted EBITDA $ 2,170.9 $ 3,691.8 $ 1,049.3 (1) Related to disposal of assets, other than containers and equipment (which are disposed on a recurring basis). (2) For further details, see Note 7 to our audited consolidated financial statements included elsewhere in this Annual Report. 79 Results of operations The following table sets forth our results of operations in U.S. million dollars and as a percentage of income from voyages and related services for the periods indicated: Year Ended December 31, 2025 2024 2023 (in millions) Income from voyages and related services $ 6,904.2 100 % $ 8,427.4 100 % $ 5,162.2 100 % Cost of voyages and related services: Operating expenses and cost of services (4,460.8 ) (64.6 ) (4,513.2 ) (53.6 ) (3,885.1 ) (75.3 ) Depreciation 1,259.5 ) (18.2 ) (1,130.2 ) (13.4 ) (1,449.8 ) (28.1 ) Impairment of assets 137.0 2.0 (2,034.9 ) (39.4 ) Gross profit 1,320.9 19.1 2,784.0 33.0 (2,207.6 ) (42.8 ) Other operating income (expenses), net 41.9 0.6 45.8 0.5 (14.9 ) (0.3 ) General and administrative expenses (336.3 ) (4.9 ) (296.1 ) (3.5 ) (280.7 ) (5.4 ) Share of losses of associates (10.5 ) (0.2 ) (6.4 ) (0.1 ) (7.8 ) (0.2 ) Results from operating activities 1,016.0 14.7 2,527.3 30.0 (2,511.0 ) (48.6 ) Finance expenses, net (357.5 ) (5.2 ) (322.3 ) (3.8 ) (304.5 ) (5.9 ) Profit (loss) before income tax 658.5 9.5 2,205.0 (26.2 ) (2,815.5 ) (54.5 ) Income taxes (177.0 ) (2.6 ) (51.2 ) (0.6 ) 127.6 (2.5 ) Net income (loss) $ 481.5 7.0 % $ 2,153.8 25.6 % $ (2,687.9 ) (52.1 )% Fiscal Year ended December 31, 2025, compared to fiscal year ended December 31, 2024 Income from voyages and related services Income from voyages and related services for the year ended December 31, 2025 decreased by $1,523.2 million, or 18.1%, from $8,427.4 million for the year ended December 31, 2024, to $6,904.2 million for the year ended December 31, 2025, primarily driven by a decrease of $1,400 million in revenue from containerized cargo, as detailed in the table below mainly as a result of a decrease in average freight rates, as well as a decrease in TEUs carried. The TEUs carried for the year ended December 31, 2025, decreased by 88 thousand TEUs, or 2.3%, from 3,751 thousand TEUs for the year ended December 31, 2024, to 3,663 thousand TEUs for the year ended December 31, 2025. This decrease was primarily driven by: (i) a change in the operated services in the Pacific Northwest sub-trade, the Intra‑Mediterranean sub‑trade and the Asia – Australia sub-trade, (ii) decreased utilization in the All Water sub-trade and the Cross Suez trade, (iii) more blank voyages in the Cross Atlantic sub-trade, Cross Suez trade, Asia – Australia sub-trade, and the All Water sub-trade, and (iv) a change in the structure of services in the All Water sub-trade. The decreases were partially offset by: (i) a change in the operated services in the Pacific Southwest sub‑trade, (ii) a change in the structure of services in the Indian Sub-Continental sub-trade, the Pacific Southwest sub-trade and the North America – South America sub-trade, (iii) deployment of larger vessels in the Asia – Africa sub-trade and the Cross Suez trade, and (iv) increased utilization in the North America – South America sub-trade, the Asia – South America sub-trade and the Pacific Southwest sub-trade. The average freight rate per TEU carried for the year ended December 31, 2025 decreased by $337, or 17.8%, from $1,888 for the year ended December 31, 2024 to $1,551 for the year ended December 31, 2025. 80 The following table shows a breakdown of our TEUs carried, average freight rate per TEU carried and freight revenues from containerized cargo (i.e., excluding non-containerized cargo and excluding other revenues mainly comprised of demurrage and value-added services; see also Note 17 to our audited consolidated financial statements included elsewhere in this Annual Report) for each geographic trade zone for the periods presented. For a discussion of the factors that affect the average freight rate per TEU carried in our industry, see “Factors affecting our income from voyages and related services.” TEUs carried Average freight rate per TEU carried (USD) Freight revenues from containerized cargo (USD millions) Year Ended December 31, Year Ended December 31, Year Ended December 31, Geographic trade zone 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Pacific 1,577 1,604 (1.7 )% $ 1,852 $ 2,444 (24.2 )% $ 2,921.0 $ 3,920.1 (25.5 )% Cross-Suez 287 332 (13.6 )% $ 1,965 $ 2,607 (24.6 )% $ 563.9 $ 864.5 (34.8 )% Atlantic-Europe 495 555 (10.8 )% $ 1,343 $ 1,240 8.3 % $ 665.0 $ 687.8 (3.3 )% Intra-Asia 778 746 4.3 % $ 960 $ 1,022 (6.1 )% $ 747.1 $ 762.9 (2.1 )% Latin America 526 514 2.3 % $ 1,490 $ 1,646 (9.5 )% $ 784.0 $ 845.8 (7.3 )% Total 3,663 3,751 (2.3 )% $ 1,551 $ 1,888 (17.8 )% $ 5,681.0 $ 7,081.1 (19.8 )% TEUs carried in the Pacific geographic trade zone for the year ended December 31, 2025, decreased by 27 thousand, or 1.7%, from 1,604 thousand for the year ended December 31, 2024, to 1,577 thousand for the year ended December 31, 2024, primarily driven by a change in the operated services in the Pacific Northwest sub-trade. In addition, the All Water sub-trade experienced a decrease due to decreased utilization, more blank voyages, as well as a change in the structure of services. On the other hand, the above was partially offset by growth in the Pacific Southwest sub‑trade, mainly driven by a change in the operated services, as well as by increased utilization and a change in the structure of services. The average freight rate per TEU carried in the Pacific geographic trade zone for the year ended December 31, 2025, decreased by $592 or 24.2%, from $2,444 for the year ended December 31, 2024 to $1,852 for the year ended December 31, 2025. TEUs carried in the Cross-Suez geographic trade zone for the year ended December 31, 2025, decreased by 45 thousand, or 13.6%, from 332 thousand for the year ended December 31, 2024, to 287 thousand for the year ended December 31, 2025, primarily driven by more blank voyages and a decrease in utilization. On the other hand, the above was partially offset by the deployment of larger vessels. The average freight rate per TEU carried in the Cross-Suez geographic trade zone for the year ended December 31, 2025, decreased by $642, or 24.6%, from $2,607 for the year ended December 31, 2024 to $1,965 for the year ended December 31, 2025. TEUs carried in the Atlantic-Europe geographic trade zone for the year ended December 31, 2025, decreased by 60 thousand, or 10.8%, from 555 thousand for the year ended December 31, 2024, to 495 thousand for the year ended December 31, 2025, primarily driven by a change in the operated services in the Intra‑Mediterranean sub‑trade. In addition, the Cross Atlantic sub-trade experienced a decrease due to more blank voyages. The average freight rate per TEU carried in the Atlantic-Europe geographic trade zone for the year ended December 31, 2025, increased by $103, or 8.3%, from $1,240 for the year ended December 31,2024 to $1,343 for the fiscal year ended December 31, 2025. TEUs carried in the Intra-Asia geographic trade zone for the year ended December 31, 2025, increased by 32 thousand, or 4.3%, from 746 thousand for the year ended December 31, 2024, to 778 thousand for the year ended December 31, 2025, primarily driven by the deployment of larger vessels in the Asia – Africa sub-trade and by a change in the structure of the services in the Indian Sub-Continental sub-trade. On the other hand, the above was partially offset by more blank voyages and a change in the operated services in Asia – Australia sub-trade. The average freight rate per TEU carried in the Intra-Asia geographic trade zone for the year ending December 31, 2025 decreased by $62, or 6.1%, from $1,022 for the year ended December 31, 2024 to $960 for the year ended December 31, 2025. TEUs carried in the Latin America geographic trade zone for the year ended December 31, 2025, increased by 12 thousand or 2.3%, from 514 thousand for the year ended December 31, 2024, to 526 thousand for the year ended December 31, 2025, primarily driven by increased utilization on the Asia – South America and the North America - South America sub-trades, along with a change in the structure of services in the North America – South America sub-trade. The average freight rate per TEU carried in the Latin America geographic trade zone for the year ended December 31, 2025, decreased by $156, or 9.5%, from $1,646 for the year ended December 31, 2024 to $1,490 for the year ended December 31, 2025. 81 Composition of gross profit Year Ended December 31, 2025 2024 Change % Change (in millions) Income from voyages and related services 6,904.2 $ 8,427.4 $ (1,523.2 ) 18.1% decrease Cost of voyages and related services: Operating expenses and cost of services (4,460.8 ) (4,513.2 ) 52.4 ) 1.2% decrease Depreciation (1,259.5 ) (1,130.2 ) (129.3 ) 11.4% increase Impairment reversal of assets 137.0 - 137.0 Gross profit 1,320.9 $ 2,784.0 ) $ (1,463.1 ) 52.6% decrease Cost of voyages and related services Operating expenses and cost of services Operating expenses and cost of services for the year ended December 31, 2025 decreased by $52.4 million, or 1.2%, from $4,513.2 million for the year ended December 31, 2024 to $4,460.8 million for the year ended December 31, 2025, primarily driven by (i) a decrease of $139.3 million (10.8%) in bunker and lubricants and (ii) a decrease of $72.7 million (25.5%) in cost of related services and sundry, partially offset by (iii) an increase of $89.0 million (4.4%) in expenses related to cargo handling and (iv) an increase of $47.1 million (10.2%) in port expenses. Depreciation for the year ended December 31, 2025 increased by $129.3 million, or 11.4%, from $1,130.2 million for the year ended December 31, 2024, to $1,259.5 million for the year ended December 31, 2025, primarily due to an increase in depreciation of vessel right-of-use assets. In the year ended December 31, 2023 we recognized an impairment loss in a total amount of $2,063.4 million (mostly recorded in operating expenses and cost of services). In the year ended December 31, 2025 we recorded a partial reversal of this impairment loss, in a total amount of $ 137.0 million. For further information regarding our impairment analysis and detailed results, see Note 7 to our audited consolidated financial statements included elsewhere in this Annual Report. Gross profit (loss) Gross profit for the year ended December 31, 2025 was $1,320.9 million compared to $2,784.0 million for the year ended December 31, 2024, a decrease of $1,463.1 million. The decrease was primarily driven by a decrease of $1,523.2 million in income from voyages and related services, partially offset by an impairment reversal of $137.0 million recorded in the year ended December 31, 2025. Other operating income (expenses), net Other operating income, net for the year ended December 31, 2025, was $41.9 million, compared to $45.8 million for the year ended December 31, 2024, a decrease of $3.9 million. General and administrative expenses General and administrative expenses for the year ended December 31, 2025 increased by $40.2 million, or 13.6%, from $296.1 million for the year ended December 31, 2024 to $336.3 million for the year ended December 31, 2025, primarily driven by (i) an increase of $14.3 million in depreciation and amortization, (ii) an increase of $12.3 million in salaries and related expenses, (iii) an increase of $7.2 million in office equipment and (iv) an increase of $7.0 million in consulting and legal fees. Net finance expenses, net Finance expenses, net for the year ended December 31, 2025 were $357.5 million compared to $322.3 million for the year ended December 31, 2024, an increase of $35.2 million, or 10.9%. The increase was primarily driven by (i) an increase of $40.7 million related to net foreign currency exchange rate differences and (ii) an increase of $7.4 million related to interest expenses (mostly related to lease liabilities), partially offset by (iii) an increase of $11.7 million in Interest income. 82 Income taxes Income taxes for the year ended December 31, 2025 amounted to an expense of $177.0 million, compared to an expense of $51.2 million for the year ended December 31, 2024, an increase of $125.8 million, primarily driven by utilization of carried forward tax losses and the accounting of deferred taxes. Fiscal Year ended December 31, 2024, compared to fiscal year ended December 31, 2023 See - “Item 5. Operating and Financial Review and Prospects” of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 12, 2025. Liquidity and capital resources We operate in the capital-intensive container shipping industry. Our principal sources of liquidity are cash inflows generated from operating activities, generally in the form of income from voyages and related services. Our principal needs for liquidity are operating expenses, expenditures related to lease liabilities and capital expenditures. Our long-term capital needs generally result from our need to fund our growth strategy. Our ability to generate cash from our operations depends on future operating performance, which is dependent, to some extent, on general economic, financial, legislative, regulatory and other factors, many of which are beyond our control, as well as the other factors discussed in Item 3.D “Risk factors.” Our cash and cash equivalents amounted to $1,051.7 million, $1,314.7 million and $921.5 million as of December 31, 2025, 2024 and 2023, respectively. In addition, our bank deposits and other investment instruments amounted to $1,750.2 million, $1,825.5 million and $1,755.4 million as of December 31, 2025, 2024 and 2023, respectively. See also Note 29(a) to our audited consolidated financial statements included elsewhere in this Annual Report in respect of the Company’s investment policy. Working capital position As of December 31, 2025, our current assets amounted to $2,630.6 million while current liabilities amounted to $2,134.1 million (including current maturities of lease liabilities and other financial liabilities), resulting in a working capital of $496.5 million. This working capital balance does not include investments in investments instruments which are presented as non-current assets due to their contractual maturity, but are available for any immediate liquidity needs. We believe that our current cash and cash equivalents, along with our investments in bank deposits and other investment instruments, and our operating cash flows will be sufficient to meet our anticipated cash needs for working capital and capital expenditures for at least the 12 months following the date of this Annual Report and to make the required principal and interest payments on our indebtedness (mostly comprised of lease liabilities). Cash flows The following is a summary of the cash flows by activity for the years ended December 31, 2025, 2024 and 2023: Year Ended December 31, 2025 2024 2023 (in millions) Net cash generated from operating activities $ 2,299.5 $ 3,752.7 $ 1,020.0 Net cash generated from (used in) investing activities $ (133.3 ) $ (223.2 ) $ 1,776.5 Net cash used in financing activities $ (2,433.3 ) $ (3,131.4 ) $ (2,892.9 ) 83 Fiscal Year ended December 31, 2025, compared to fiscal year ended December 31, 2024 Net cash generated from operating activities Our cash flow from operating activities is generated primarily from containerized cargo transportation services, less our payments for operating expenses and costs of services, including expenses related to cargo handling, bunker and lubricants, slots purchase and charter hire of vessels, agents’ salaries and commissions, port expenses, costs of related services and general and administrative expenses. We use our cash flows generated from operating activities to support working capital and capital expenditure (including right-of-use assets) for current and future operations, as well as to service our debt (mostly comprised of lease liabilities). Our business has historically been seasonal in nature. Recently, seasonality factors have not been as apparent as they have been in the past. During past periods of seasonality, our income from voyages and related services in the first and second quarters have historically declined as compared to the third and fourth quarters. As trends that affect the shipping industry have changed rapidly in recent years, it remains difficult to predict these trends and the extent to which seasonality will be a factor impacting our results of operations in the future. For the year ended December 31, 2025, net cash generated from operating activities decreased by $1,453.2 million, or 38.7%, from $3,752.7 million for the year ended December 31, 2024 to $2,299.5 million for the year ended December 31, 2025. The decrease in cash generated from operating activities was primarily driven by a decrease of $1,535.8 million in profit before income taxes, excluded of net finance expenses and non-cash items. Net cash generated from (used in) investing activities Our investing activities are ordinarily comprised of investments in bank deposits and other investment instruments, capital expenditures and sale of tangible assets. We invest a portion of our cash in fixed income instruments and other investment instruments, as well as in various time deposits, some of which are not accounted as cash and cash equivalents. Accordingly, cash flows related to such investment instruments and bank deposits are accounted as cash used in (generated from) investing activities. For the year ended December 31, 2025, net cash used in investing activities was $133.3 million compared to $223.2 million for the year ended December 31, 2024, a decrease of $89.9 million. The decrease was primarily driven by a decrease of $113.9 million in cash used in respect of other investments (mainly bank deposits). Net cash used in financing activities Our financing activities are ordinarily comprised of principal and interest payments in respect of lease liabilities and borrowings, dividend distributions and change in short-term loans. For the year ended December 31, 2025, net cash used in financing activities was $2,433.3 million compared to $3,131.4 million for the year ended December 31, 2024, a decrease of $698.1 million, primarily driven by a decrease of $643.0 million in repayment of lease liabilities and borrowings. Fiscal Year ended December 31, 2024, compared to fiscal year ended December 31, 2023 For a comparison of our cash flows for the fiscal years ended December 31, 2024 and 2023, see “Item 5. Operating and Financial Review and Prospects – Liquidity and capital resources – Cash flows” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 12, 2025. Debt and other financing arrangements Total outstanding indebtedness as of December 31, 2025, consisted of $4,587.1 million in long-term debt and $1,139.4 million in current maturities of long-term debt and short-term debt. Long-term debt is mainly comprised of lease liabilities, related to vessels and equipment. The Company is required to comply with a certain minimum liquidity requirement, as well as with other non-financial covenants which are customary in financial arrangements. As of December 31, 2025, the Company is in compliance with its covenants, as the Company’s liquidity, as defined in the related agreements, amounted to $ 2.8 billion (compared to the minimum liquidity required of $250 million). As of December 31, 2025 and 2024, our total outstanding debt was $5,726.6 million and $6,015.7 million, respectively. The decrease of $289.1 million during the year ended December 31, 2025 was primarily driven by a net decrease of $274.2 million in lease liabilities. The increase of $1,018.1 million during the year ended December 31, 2024 was primarily driven by a net increase of $1,033.5 million in lease liabilities. 84 The weighted average interest rate paid per annum as of December 31, 2025, under all of our indebtedness was 7.8%. Type of debt Original currency Fixed / Variable Effective interest (1) Year of maturity Face value Carrying amount (in millions) Financial Debt: Other long term loans U.S. dollars Variable 6.7 %(2) 2026 – 2030 46.5 46.5 Short-term credit from banks U.S. dollars Variable 4.8 % 2026 32.0 32.0 Total $ 78.5 $ 78.5 Lease liabilities Mainly U.S. dollars Fixed 7.8 %(2) 2026– 2030 $ 5,648.1 $ 5,648.1 Total $ 5,726.6 $ 5,726.6 (1) The effective interest rate is the rate that discounts estimated future cash payments or receipts through the contractual life of the financial instrument to the net carrying amount of the financial instrument and does not necessarily reflect the contractual interest rate. (2) Based on weighted average. Vessel leases liabilities We are engaged in multiple lease arrangements for vessels, supporting our operating activities, including leases that provide an option to extend the lease term or to obtain ownership of the vessel at the end of the lease term. Container leases liabilities Some of our container assets are obtained through lease arrangements, including leases that provide an option to purchase the containers at the end of the lease period for an agreed amount. Our container leases generally include representations and warranties that are in each case customary for this type of transaction. Short-term credit We have short-term borrowings from banks, mainly dominated in U.S. dollars. Factoring facility In July 2019, we entered into a revolving arrangement with Bank Hapoalim, subject to periodic renewals, for the recurring sale of a portion of receivables, designated by us. According to this arrangement, an agreed portion of each designated receivable is sold to the financial institution in consideration of cash in the amount of the portion sold (limited to an aggregated amount of $100 million), net of the related fees. The true sale of the receivables under this arrangement meets the conditions for derecognition of financial assets as prescribed in IFRS 9 (Financial Instruments). As of December 31, 2025 and 2024, no amounts were withdrawn under this facility. In October 2024, the factoring agreement with Bank Hapoalim was further renewed for an additional period of three years, ending October 2027. Capital expenditures During the years ended December 31, 2025, 2024, and 2023, our capital expenditures were $217.7 million, $214.1 million and $115.7 million, respectively. Such expenditures, which do not include additions of leased assets, were mainly related to investments in equipment and vessels, as well as in our information systems. Our projected capital expenditures for the next 12 months are aimed to support our ongoing operational needs. We believe our current cash and cash equivalents and our investments in bank deposits and other investment instruments, as well as, our operating cash flows will be sufficient to fund our operations for at least the next 12 months. 85 Quantitative and qualitative disclosures about market risk We are exposed to risks associated with adverse changes in exchange rates, interest rates and commodity prices. Management has established risk management policies to monitor and manage such market risks, as well as credit risks. We are exposed to currency risk on revenues, expenses, receivables and payables where they are denominated in a currency other than the U.S. dollar. Although we did not enter into transactions of derivatives in recent years, we may do so from time to time, in order to manage market risks. We do not enter into commodity contracts other than to meet our operational needs. The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, trade and other receivables, bank deposits and other financial assets at amortized cost, short-term loans and borrowings and trade and other payables, are the same or proximate to their fair value. When measuring the fair value of an asset or a liability, we use market observable data to the extent applicable. For a discussion of our exposure to market risk, including foreign currency risk and interest rate risk, and our periodic fair value measurements, see Note 29 to our audited consolidated financial statements included elsewhere in this Annual Report. Critical accounting policies and estimates The preparation of our consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. We believe that our estimates and judgments are reasonable; however, actual results and the timing of recognition of such amounts could differ from those estimates. Critical accounting policies and estimates are defined as those that are reflective of significant judgments and uncertainties and could potentially result in materially different results under different assumptions and conditions. For a discussion of these and other accounting policies, see Notes 3 and 4 to our audited consolidated financial statements included elsewhere in this Annual Report. Revenue recognition We consider each freight transaction as comprised of one performance obligation, recognized per the time-based portion completed as at the reporting date. The operating expenses related to cargo traffic are recognized immediately as incurred. If the expected incremental and other direct costs related to the cargo exceed its expected related revenue, the loss is recognized immediately in profit or loss. With respect to presentation and in accordance with IFRS 15 guidance, we recognize “Contract liabilities”, reflecting obligation to provide services, with respect to engagements with customers, not yet completed as at the respective reporting date. Trade receivables and contract liabilities deriving from the same contract are presented on a gross basis in the statement of financial position. Assessment of probability of contingent liabilities From time to time, we and our investees are subject to various pending legal matters. Management evaluates based on the opinion of its legal advisors, whether it is more likely than not that an outflow of economic resources will be required in respect of potential liabilities under such legal matters. The developments and/or resolutions in such matters, including through either negotiations or litigation, are subject to a high level of uncertainty which could result in recognition, adjustment or reversal of a provision for such claims. For information with respect to the Group’s exposure to claims and legal matters, see Note 27 to our audited consolidated financial statements included elsewhere in this Annual Report. Assessment of non-financial assets for impairment At each reporting date, the Company reviews the carrying amount of its operating assets and assesses them for impairment, or impairment reversal, when indications exist. The Group assesses the recoverable amount of its cash-generating units based on value-in-use. Value-in-use is the present value of the future net cash flows expected to be derived from the use of an asset or cash-generating unit. The Group’s assessment involves judgment in respect of multiple estimates, the change of which may affect the recognition, measurement or allocation of impairment losses, or the reversal of such. Although we believe our estimates are reasonable, these are all highly subjective and involve significant inherent uncertainties. Regarding the significant assumptions used in the assessments carried out during the reported periods, see Note 7 to our audited consolidated financial statements included elsewhere in this Annual Report. 86 Leases A lease, in accordance with IFRS 16, defined as an arrangement that conveys the right to control the use of an identified asset for a period of time in exchange for consideration, is initially recognized on the date in which the lessor makes the underlying asset available for use by the lessee. Upon initial recognition, we recognize a lease liability at the present value of the future lease payments during the lease term and concurrently recognize a right-of-use asset at the same amount of the liability, adjusted for any prepaid and/or initial direct costs incurred in respect of the lease. The present value is calculated using the implicit interest rate of the lease, or our incremental borrowing rate applicable for such lease, when the implicit rate is not readily determinable. The Company estimates its incremental borrowing rate, with the assistance of a third-party appraiser, based on available debt transactions and their corresponding yield curves, while applying judgment in respect of the comparability of such debt transactions to the lease arrangements. The lease term is the non-cancellable period of the lease, in addition to any optional period which is reasonably certain to apply, considering extension and/or termination options. When assessing such options, the Company applies judgment, while considering all relevant aspects and circumstances, including its expected operational needs, to conclude whether it expects there will be an economic incentive to exercise such options. Following recognition, we depreciate a right-of-use asset on a straight-line basis, as well as adjust its value to reflect any re-measurement of its corresponding lease liability or any impairment losses in accordance with IAS 36. We chose to apply the available exemptions with respect to short-term leases and leases of low-value assets, as well as the expedient with respect to the inclusion of non-lease components in the accounting of a lease. We also apply the requirements of IFRS 15 to determine whether an asset transfer, within a transaction of sale and lease-back, is accounted for as a sale. If an asset transfer satisfies the requirements of IFRS 15 to be accounted for as a sale, we measure the right-of-use asset arising from the lease-back at the proportion of the previous carrying amount that relates to the right-of-use retained by us. Accordingly, we only recognize the amount of gain or loss that relates to the rights transferred. If the asset transfer does not satisfy the requirements of IFRS 15 to be accounted for as a sale, we account for the transaction as secured borrowing. If the terms of a lease in which we are a lessee are modified, we first assess whether the revised terms reflect an increase or a decrease in the lease scope. When a lease modification increases the scope of the lease by adding a right to use one or more underlying assets, and the consideration for the lease increased by an amount commensurate with the stand-alone price for the increase in such circumstances, we account for the modification as a separate lease. When we do not account the modification as a separate lease, on the initial date of the lease modification, we determine the revised lease term and measure the lease liability by discounting the revised lease payments using a revised discount rate, against the right-of-use asset. For lease modifications that include a decrease in scope of the lease, we first recognize a decrease in the carrying amount of the right- of-use asset (on a pro-rata basis) and the lease liability (considering the revised leased payments and pre- modification discounting rate), in order to reflect the partial or full cancellation of the lease, with the net change recognized in profit or loss. Trend information For a description of the factors affecting our results of operations see “– Factors affecting our income from voyages and related services.” According to Drewry Container Forecaster (Drewry) as of December 2025, container shipping demand has shown remarkable resilience in the face of significant challenges, amid the ongoing Red Sea crisis, unprecedented tariffs and various supply chain disruptions. For the full year 2025, it is now projected at 5.5% year-on-year growth at container shipping demand with a total of approximately 985 million TEU (including inland transportation), well above early year forecasts. The growth was driven by multiple factors that include economic drivers such as GDP growth, containerization and industrial production, as well as other non-economic drivers such as geopolitics, consumer preferences and demographic changes. Container shipping demand correlates closely with global economic growth. As global growth slows, shipping demand is likely to soften. Drewry expects 2025 to be the peak year for container throughput growth and anticipates growth moderating to 1.8% in 2026. Thereafter, growth is projected at 2.7% through 2029. 87