Maersk reports solid results in increasingly volatile environment

Copenhagen, Denmark – For the first quarter of 2025 A.P. Moller - Maersk A/S (Maersk) reports revenue growth of 7.8% to USD 13.3bn with EBIT increasing to USD 1.3bn from USD 177m a year ago. These results, while sequentially down as expected, represent a good start to the year and were driven by solid profitability in Ocean, operational improvements in Logistics & Services and higher volumes in Terminals. For the full year 2025, Maersk maintains its financial guidance despite the increased uncertainty leading to a more cautious container volume growth outlook.

Ocean saw improved profitability compared to the same quarter last year due to higher rates and stable volumes with an EBIT of USD 743m while the sequential decrease was as anticipated. Utilisation remained high and costs were stable due to continued high focus on optimisation. The new East-West network, which was launched in February, is on track to deliver on the reliability ambition and cost efficiencies once fully phased in.

The EBIT margin in Logistics & Services improved compared to the first quarter of last year and reached 4.1% driven by multiple products and the continued focus on costs and productivity. Revenue from freight management services grew 18% compared to the same quarter last year driven by Project Logistics. Ongoing operational improvements in fulfilment services also contributed significantly.

Terminals continued its great performance driven by strong volume growth, higher revenue per move and increased storage revenue, while costs were under control through automation and increased capacity utilization. Return on invested capital (ROIC) increased to 14.5%.

Financial guidance

Maersk maintains its full-year 2025 guidance of underlying EBITDA of USD 6-9bn, underlying EBIT of USD 0-3bn and free cash flow of at least negative USD 3.0bn. The global container market volume growth has been revised to -1% to 4% given the increased macroeconomic and geopolitical uncertainty. Maersk expects to grow in line with the market. The disruption in the Red Sea is expected to continue throughout the rest of the year.

Maersk's guidance for 2025 is subject to considerable macroeconomic and geopolitical uncertainties impacting container volume growth and freight rates.

Cash distribution to shareholders

Distribution of cash to shareholders during the quarter, including dividends and share buy-backs, was USD 2.5bn.

Highlights Q1

Revenue

EBITDA

EBIT

CAPEX

Sensitivity guidance

Financial performance for Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2025 for four key assumptions are listed below:

Read more about the Q1 2025 interim report here.

关于马士基

A.P. 穆勒 - 马士基集团是一家综合性物流公司，致力于连接和简化其客户的供应链。作为全球物流服务领导者，公司业务覆盖 130 多个国家，员工人数约为 100,000 人。马士基的目标是通过新技术、新船舶和绿色燃料，到 2040 年实现整个业务的净零排放。