Copenhagen, Denmark – A.P. Moller – Maersk A/S (OMX: MAERSK-B) delivered solid first quarter results with EBIT of USD 340m, driven by strong volume growth across all businesses, continuous operational improvements, and cost containment measures.

Executive Summary

• Ocean outperformed the market growing volumes by 9.3%
• Logistics & Services grew revenue by 8.7% while continuing to improve margins
• Terminals lifted volumes by 4.3% and made significant expansion investments
• Continued execution of the USD 1.0bn share buy-back programme
• Global container market volume expected to grow by 2-4% in 2026
• Maersk’s full-year guidance is maintained

Financial highlights

Against a volatile geopolitical environment, demand for container trade further increased in the first quarter of 2026, supported by robust export growth out of China, which accelerated relative to the previous quarter. The outbreak of the conflict in the Middle East had limited impact on demand and financial performance for the first quarter. Logistics & Services and Terminals have relatively low exposure to the Middle East. This together with the ability to leverage our modular Ocean network to limit disruptions to volume and service quality means Maersk is well-positioned to weather the challenges without material financial impact.

Maersk continued to harness the demand momentum, and results for the quarter were marked by increasing volumes while rates continued to be under pressure. Despite market share gains in Ocean, revenue was slightly below last year due to lower loaded freight rates. This was partially offset by increased revenue in Logistics & Services and Terminals. EBITDA stood at USD 1.8bn (USD 2.7bn) and EBIT at USD 340m (USD 1.3bn). The EBIT margin reached 2.6%, reflecting a 1.7 percentage point improvement from 0.9% in Q4 2025, but down by 6.8 percentage points year-on-year.

Business segment highlights

Ocean

• Ocean demonstrated robust operational delivery with significant loaded volume growth of 9.3% and high asset utilisation of 96%. Stable operating costs, supported by efficiency efforts and reduced bunker costs, partly offset the continued loaded freight rates pressure exerted by industry oversupply.
• EBIT: USD -192m, down from USD 743m in the previous quarter. Was USD -153 in Q4 2025.

Logistics & Services

• Logistics & Services’ performance continued to improve with revenue up by 8.7% and year-on-year EBIT margin improvement for the 8th consecutive quarter. The increase was mainly driven by improved performance within products such as Air and Middle Mile, continued cost discipline and structural efficiencies across the portfolio.
• EBIT: USD 173m, up from USD 142m in the previous quarter. Was USD 194m in Q4 2025.

Terminals

• Terminals delivered another strong quarter with higher volume by 4.3% and resilient earnings. Revenue increased by 6.7%, and revenue per move rose by 3.4%, reflecting improved rates, favourable foreign exchange rate impacts and terminal mix, partly offset by lower storage revenue.
• EBIT: USD 436m, up from USD 394m in the previous quarter. Was USD 321m in Q4 2025.

Investments

In Q1 2026, Maersk ordered eight large vessels for delivery in 2029–2030 in line with its fleet renewal strategy. These 18,600 TEU ships have dual-fuel engines for conventional or liquefied gas use, enabling flexible deployment across Maersk's network. Logistics & Services advanced its modernisation and automation at global warehouses further improving efficiency and inaugurated World Gateway II, a 1.1 million sq ft facility in Singapore, boosting Maersk’s Asia-Pacific logistics capacity. Terminals advanced several strategic growth and expansion projects. APM Terminals Suape in Brazil neared completion of its USD 350m construction, while APM Terminals became a 49% minority shareholder and operator with Hateco Group in Hai Phong, Vietnam. Phase II at Lázaro Cárdenas in Mexico was inaugurated, and Phase III construction began, supported by another USD 350m investment. At Saudi Arabia’s Jeddah Islamic Port, APM Terminals will acquire a minority stake while DP World maintains operational control. In Germany, APM Terminals and Eurogate also agreed to invest EUR 1bn to modernise and expand North Sea Terminal Bremerhaven’s capacity from 3m to 4m TEU.

Financial guidance

Maersk maintains its full-year 2026 financial guidance as per the table below. The expected global container market volume growth is maintained at between 2% and 4%, and Maersk expects to grow in line with the market. The range below reflects industry overcapacity from new vessel deliveries and different scenarios on the timing of the reopening of the Red Sea and Strait of Hormuz in 2026.

Sensitivity guidance

Financial performance for A.P. Moller - Maersk for 2026 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 2026 for four key assumptions are listed below:

Q1 2026 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。