Copenhagen, Denmark – A.P. Moller - Maersk A/S (OMX: MAERSK-B) delivered strong financial results in the third quarter of 2025, driven by operational improvements and proactive cost measures. The company achieved sequential growth across all business segments. Based on this, Maersk refines the full-year 2025 financial guidance.
Executive Summary
- Excellent Ocean performance with higher volumes and broadly stable loaded freight rates compared to Q2
- Record volumes and profitability in Terminals
- Continued margin improvement in Logistics & Services
- Distribution of cash to shareholders during the quarter was USD 578m, entirely from share buy-backs
- Maersk refines the full-year 2025 financial guidance by raising the lower end as per the table below.
- The expected global container market volume growth has also been revised to be around 4% (previously between 2% and 4%
- REVENUE: USD 14.2bn (USD 15.8bn in Q3 24), EBITDA: USD 2.7bn (USD 4.8bn), EBIT: USD 1.3bn (USD 3.3bn)
We have delivered a strong third quarter across our business. Our performance reflects our ability to execute and continuously improve, as well as the trust customers place in us. The new East-West network has strengthened our Ocean performance, delivering industry-leading reliability, higher volumes and lower costs. Terminals achieved another record quarter with strong volume growth, and Logistics & Services continued to enhance profitability. As market conditions fluctuate, we are well positioned to help our customers adapt and maintain stability across their supply chains.
Segment Performance
Ocean
- The Gemini Cooperation enabled significant cost savings and supported 7% loaded volumes growth year-on-year; freight rates were broadly stable quarter-on-quarter
- EBIT: USD 567m, up from USD 229m in the previous quarter. Was USD 2.8bn in Q3 24
Logistics & Services
- Profitability improved further to 5.5% (up from 4.8% in the previous quarter) driven by cost control and the performance in Fulfilled by Maersk, particularly in Warehousing
- EBIT: USD 218m, up from USD 175m in the previous quarter. Was USD 200m in Q3 24
Terminals
- Momentum continued with record-high volumes, revenue, EBITDA, and EBIT; Volumes grew 8.7% driven by strong demand across Americas, Europe, and Africa; high utilisation at 89% with some terminals nearing their full potential
- EBIT: USD 571m, up from USD 461m in the previous quarter. Was USD 338m in Q3 24
Financial Guidance
Maersk refines the full-year 2025 financial guidance by raising the lower end as per the table below. The expected global container market volume growth has also been revised to be around 4% (previously between 2% and 4%). The Red Sea disruption is expected to last for the full year.
| Guidance 2025 |
EBITDA Underlying (6 February: 6.0-9.0) (7 August: 8.0-9.5) |
EBIT Underlying (6 February: 0.0-3.0) (7 August: 2.0-3.5) |
Free cash flow or higher (6 February: -3.0 or higher) (7 August: -1.0 or higher) |
CAPEX 2024-2025 (6 February: 10.0-11.0) (7 August: Unchanged) |
CAPEX 2025-2026 (Unchanged) |
|---|---|---|---|---|---|
|
Guidance 2025
USDbn
|
EBITDA Underlying
(6 February: 6.0-9.0) (7 August: 8.0-9.5)
9.0-9.5
|
EBIT Underlying
(6 February: 0.0-3.0) (7 August: 2.0-3.5)
3.0-3.5
|
Free cash flow or higher
(6 February: -3.0 or higher) (7 August: -1.0 or higher)
1.0
|
CAPEX 2024-2025
(6 February: 10.0-11.0) (7 August: Unchanged)
~10.0
|
CAPEX 2025-2026
(Unchanged)
10.0-11.0
|
Highlights Q3
Revenue
| USD million | 2025 | 2024 |
|---|---|---|
|
USD million
Ocean
|
2025
9,177
|
2024
11,107
|
|
USD million
Logistics & Services
|
2025
3,983
|
2024
3,893
|
|
USD million
Terminals
|
2025
1,448
|
2024
1,183
|
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-402
|
2024
-421
|
|
USD million
A.P. Moller - Maersk consolidated
|
2025
14,206
|
2024
15,762
|
EBITDA
| USD million | 2025 | 2024 |
|---|---|---|
|
USD million
Ocean
|
2025
1,787
|
2024
4,002
|
|
USD million
Logistics & Services
|
2025
468
|
2024
431
|
|
USD million
Terminals
|
2025
501
|
2024
424
|
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-70
|
2024
-60
|
|
USD million
A.P. Moller - Maersk consolidated
|
2025
2,686
|
2024
4,797
|
EBIT
| USD million | 2025 | 2024 |
|---|---|---|
|
USD million
Ocean
|
2025
567
|
2024
2,834
|
|
USD million
Logistics & Services
|
2025
218
|
2024
200
|
|
USD million
Terminals
|
2025
571
|
2024
338
|
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-72
|
2024
-63
|
|
USD million
A.P. Moller - Maersk consolidated
|
2025
1,284
|
2024
3,309
|
CAPEX
| USD million | 2025 | 2024 |
|---|---|---|
|
USD million
Ocean
|
2025
897
|
2024
561
|
|
USD million
Logistics & Services
|
2025
141
|
2024
211
|
|
USD million
Terminals
|
2025
154
|
2024
160
|
|
USD million
Unallocated activities, eliminations, etc.
|
2025
12
|
2024
9
|
|
USD million
A.P. Moller - Maersk consolidated
|
2025
1,204
|
2024
941
|
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:
| Factors | Change | Effect on EBIT (Rest of 2025) |
|---|---|---|
|
Factors
Container freight rate
|
Change
+/- 100 USD/FFE
|
Effect on EBIT (Rest of 2025)
+/- USD 0.3bn
|
|
Factors
Container freight volume
|
Change
+/- 100,000 FFE
|
Effect on EBIT (Rest of 2025)
+/- USD 0.01bn
|
|
Factors
Bunker price (net of expected BAF coverage)
|
Change
+/- 100 USD/tonne
|
Effect on EBIT (Rest of 2025)
+/- USD 0.1bn
|
|
Factors
Foreign exchange rate (net of hedges)
|
Change
+/- 10% change in USD
|
Effect on EBIT (Rest of 2025)
+/- USD 0.0bn
|
Full Q3 2025 financial report available 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。
