Copenhagen, Denmark – A.P. Moller – Maersk A/S (OMX: MAERSK-B) delivered a strong second quarter, driven by high demand, higher spot rates in Ocean, and growth across all business segments.

Executive Summary

• Full-year guidance raised to an underlying EBITDA of USD 10.5-12.5bn (previously USD 8-10bn) and an underlying EBIT of USD 4.5-6.5bn (previously USD 2-4bn)
• For the group, EBITDA was USD 3.0bn and EBIT was USD 1.6bn in the second quarter up on both the prior year and first quarter
• Ocean grew volumes by 4.1% and generated significantly better earnings
• Logistics & Services grew revenue by 15% and improved EBIT margin to 5.1%
• Terminals increased volumes by 2.2% and maintained strong earnings
• Continued execution of the USD 1.0bn share buy-back programme

CEO Statement

Financial highlights

Global demand for transport and logistics remained resilient during the quarter. As traffic flows in the Strait of Hormuz were disrupted, inbound cargo to the Gulf was rerouted to alternative ports and through inland transportation routes, with the affected Ocean capacity swiftly redeployed to other growing trade lanes. Growth was particularly strong for imports into Africa, North America and Latin America, supported by continued momentum in exports from the Far East, especially China. Ocean spot rates increased significantly during the quarter, driven by demand, the increasing imbalance in trade flows, tight capacity and rising port congestion in Europe, the Middle East, East Coast of South America and West Africa.

Maersk leveraged these market conditions to grow volumes across all segments and delivered a strong financial performance in Q2, with revenue increasing 20% year-on-year to USD 15.8bn from USD 13.1bn. Ocean was the main contributor, lifting revenue by USD 2.0bn. EBITDA rose to USD 3.0bn from USD 2.3bn, EBIT increased to USD 1.6bn from USD 845m, and the EBIT margin reached 10.0%.

Business segment highlights

Ocean

• Ocean performance was strong operationally and commercially, with the segment delivering a 23% revenue increase and significantly improved earnings. Loaded volumes grew by 4.1% driven by Asian exports, while the average loaded freight rate increased by 22%. Vessel utilisation remained high at 96% and unit cost at fixed energy decreased by 0.8%, as higher volumes counter-balanced the increase in operating costs.
• EBIT: USD 935m, up from USD 229m in the same quarter last year. EBIT was USD -192m in Q1 2026.

Logistics & Services

• Logistics & Services delivered another quarter of continued improvement resulting in an EBIT margin of 5.1%, up 0.5 percentage points sequentially. Revenue increased by 15% year-on-year and 11% sequentially. Landside led the growth, supported by landbridge solutions connecting ports across the Gulf region, while Forwarding benefited from strong volume growth in Air and Project Logistics. Solutions also contributed positively, driven by a favourable mix of new and existing contracts.
• EBIT: USD 217m, up from USD 175m in the same quarter last year. EBIT was USD 173m in Q1 2026.

Terminals

• Terminals made further progress on several key initiatives, reflecting its ongoing commitment to strategic growth and capacity expansion. The strong underlying performance more than offset the impact of the Middle East conflict. Revenue increased by 11%, supported by a 7.1% increase in revenue per move driven by higher rates and increased storage revenue, and volume growth of 2.2%.
• EBIT: USD 458m, against USD 461m in the same quarter last year. EBIT was USD 436m in Q1 2026.

Investments

Across the portfolio, Maersk continued to invest in critical trade infrastructure and supply chain capabilities. A major milestone was reached in Brazil where APM Terminals inaugurated the terminal in Suape, a USD 350m investment for the first fully electrified container terminal on the continent. With a new distribution and warehousing facility, Logistics & Services further contributed to the integrated logistics capabilities of Suape and the north-east Brazil. In Vietnam, APM Terminals and Hateco Group signed an agreement with Da Nang City to build and operate the Lien Chieu Container Terminal. The project represents an investment of over USD 1.7bn.

Financial guidance

Maersk has updated its full-year 2026 financial guidance on the back of the actual performance in the second quarter of 2026 and improved visibility for the remainder of the year. This is based on global container market volume growth for the full year 2026 of around 4%. Maersk now expects an underlying EBITDA of USD 10.5-12.5bn (previously USD 8-10bn), an underlying EBIT of USD 4.5-6.5bn (previously USD 2-4bn), and a free cash flow greater than USD 0 (previously at least USD -1.5bn).

Sensitivity guidance

Maersk's financial performance 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:

Q2 2026 report available here.

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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。