A.P. MØLLER HOLDING A/S
A.P. MØLLER HOLDING A/S 2025 · ERROR! NO TEXT OF SPECIFIED STYLE IN DOCUMENT.
ANNUAL REPORT
2025
apmoller.com
Date
27 March 202 6
CVR 25 67 92 88
Chair of the meeting
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
0
THE A.P. MOLLER GROUP
The A.P. Moller Group is a diversified group of industry companies. While independently run with dedicated boards
and executive teams, we encourage and facilitate collaboration, networking, and sharing of best practices across our
portfolio companies. A.P. Moller Holding is the parent company of the Group, investing in and building businesses with
a positive impact on society – ‘nyttig virksomhed’.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025
1
CONTENTS
A.P. Møller Holding A/S (hereafter referred to as A.P. Moller Holding) is the parent company
of the A.P. Moller G roup (the G roup). The Annual Report of A.P. M oller Holding includes
management review, consolidated f inancial statements , and parent company financial
statements . The term A.P. Moller Holding group (the group) is used in the A nnual R eport
for controlled and consolidated companies. In A.P. Moller Holding’s investment activities, in-
vestments owned by APMH Invest A/S are included.
The 20 24 compara tive figures are stated in brackets , except in ‘Letter from the CEO’ .
A.P. Møller Holding A/S
Esplanaden 50 • DK -1263 Copenhagen K • Registration number: 25 67 92 88 • apmoller.com
MANAGEMENT REVIEW 2
Letter from the CEO ................................................................................................... 3
Five -year summary ..................................................................................................... 6
Financial performance ............................................................................................... 7
Building a portfolio of platforms for the future ................................................. 13
Risk management .................................................................................................... 18
Corporate social responsibility ............................................................................. 19
Sustainability highlights ......................................................................................... 20
Board of Directors ................................................................................................... 22
Executive Board ....................................................................................................... 23
FINANCIAL STATEMENTS 24
Consolidated financial statements ....................................................................... 25
Parent company financial statements ................................................................. 81
REPORTS 89
Management’s statement ...................................................................................... 90
Independent auditor’s report ................................................................................ 91
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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ROBERT M. UGGLA
CEO
The A.P. Moller Group developed satisfactorily in 2025 and
largely in line with expectations. The Group ended the year with
a revenue of DKK 401bn (USD 61bn), EBITDA of DKK 68bn
(USD 10bn), a net result of DKK 24bn (USD 4bn), and total as-
sets of DKK 770bn (USD 121bn). At the end of 2025, A.P. Moller
Holding remained debt free, with a full year cash inflow of DKK
19bn (USD 3bn). The net asset value increased by 22% to DKK
281bn (USD 44bn) , with our liquid public markets portfolio val-
ued at DKK 52bn (USD 8bn) .
CREATING LONG-TERM SHAREHOLDER VALUE
In the last ten years, since we restructured our Group and
started building an investment organisation, A.P. Moller
Holding’s net asset value has almost tripled, from DKK 107bn
end 2015 to DKK 281bn end 2025 (or DKK 174bn created). Dur-
ing this period, the portfolio also became more diversified: In
2016, 100% of A.P. Moller Holding’s net asset value consisted
of A.P. Moller - Maersk and Danske Bank , while t oday these two
assets represent approximately 50% of our net asset value .
More recently, 2025 proved to be a mixed year, especially for
the shipping related activities. Some of our offshore affiliates
performed well, tankers had a reasonable year, but the container
line activities of A.P. Moller - Maersk had a more challenging d e-
velopment in freight rates. On the other hand, we continue d to
see strong results for APM Terminals, as container volumes
were strong and the team delivered industry leading operating
performance in many ports. During the year, APM Terminals
successfully renewed concessions in Port Elizabeth, New Jersey,
and Pier 400, Los Angeles, and secured new greenfield projects
in Vietnam and Bangladesh, positioning the business for growth
in important markets.
Danske Bank continued to deliver strong results with a net
profit of DKK 23bn (USD 3bn) and is now performing in line
with Nordic peers. It is a testament to the relentless efforts and
turnaround since 2018, involving many leaders and Directors, to
bring the bank back to its pole position in Nordic financial ser-
vices. During this period, A.P. Moller Holding has been a highly
engaged and unwavering shareholder despite the headwind s
the bank has faced.
LETTER FROM THE CEO
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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Unilabs and Faerch welcomed new CEOs during 2025. Unilabs
exceeded our operating expectations for the year. Although the
external market challenges in IVD (laboratory based diagnos-
tics) remain, we also acknowledge how AI deployment, in partic-
ular in radiol ogy and pathology, is providing far better diagnos-
tics accuracy, and thereby better patient outcomes, as well as
interesting growth opportunities for Unilabs.
The future implications of AI are also a central consideration for
our growth equity team, which has invested in 13 different tech-
nology companies since 2022, of which four investments were
concluded in 2025. These are minority investments in next gen-
eration ventures, where we seek to leverage and strengthen our
Group knowledge and network while targeting attractive returns
on the capital deployed.
N otable transactions in the Group include Svitzer, which was
successfully taken private during the year. At the end of 2025 ,
Svitzer acquired a majority shareholding in Buksér & Berging in
Norway, as part of its growth strategy. We look forward to work-
ing closely with the founding family. A.P. Moller Holding’s in-
dustrial activities also continued to grow with Concentric acquir-
ing Officine Mazzocco Pagnoni to strengthen its position as a
tier one supplier to leading OEMs within construction equip-
ment and trucking.
A.P. Moller Capital pursued several investments in 2025 across
energy and logistics related activities. The team also pursued
new partnerships with Berge Logistics in Spain and with the
Ayala Group in the Philippines, expanding our Group’s network
with str ong local partners and family owners. During the year,
A.P. Moller Capital sold its shareholding in the grain port opera-
tor Mass Cereales in Morocco at an attractive return, after deliv-
ering operational improvements and growth. It is always bitter-
sweet to sell a high performing and impactful business: While
capital returns are redeployed in other useful activities, it is diffi-
cult to say farewell to colleagues and valued activities like the
Morocco operation.
In line with our Group’s purpose, A.P. Moller Holding has also
supported the development of scale -ups since its inception. In
this respect, in 2025, Innargi opened its first geothermal heating
facility , heating the equivalent of 6,500 households in Aarhus
through the district heating network , targeting another 29,500
households equivalent to 110 MW. Innargi’s plant in Aarhus re-
duces dependency on imported biomass, at a time of geopoliti-
cal uncertainty, and provides a sustainable source of base load
energy. Innargi also signed an agreement to develop a plant in
Virum. Moreover, Iv3 Aqua completed the development of the
Qurayyat Desalination Company Project, a modern desalination
plant in Oman, providing 15% of all desalinated water to
Oman’s national grid in a region with limited freshwater re-
serves.
MACRO AND REGULATORY DEVELOPMENTS
Geopolitical pundits have stressed that 2025 was characterised
by an accelerated shift towards a multipolar world. Despite this
development, global trade proved highly resilient and trade
flows grew at a faster rate in 2025 than in the previous year, de-
spi te an increase in US tariffs. More specifically, container vol-
umes grew by 5.2%, outpacing global GDP growth.
As governments become increasingly concerned about supply
chain related dependencies, the pressing question to political
leaders is not just trade policy, but also how to enhance compet-
itiveness of domestic industries. When Mario Draghi in 2024 ar-
ticulated the EU’s competitive challenges, it resonated well with
the views of its member states. The European Round Table for
Industry and many business leaders have been vocal for a long
time that the EU needs to reduce regulatory burdens to turn
around its econo my. This also applies to the financial services
industry: If capital requirements of Europe’s banks were re-
duced to the levels of their American counterparts, the absolute
financing capacity of European businesses and households
would be increased by an estimated EUR 1.9 trillion to EUR 2.7
trillion. In addition, there is opportunity to stimulate investments
in growth and innovation by reducing the overlay of local legisla-
tion, e.g. Danish banks would be ab le to provide an additional
DKK 200bn of funding to the local economy if the Danish gov-
ernment aligned its financial services regulations with EU rules.
For companies dependent on a global talent market, some of
the regulatory headwinds are exacerbated by local tax rules,
such as exit taxation, which makes it difficult to attract talent to
certain countries. Several of our portfolio companies are experi-
enc ing these challenges first hand. As we now embrace nascent
and highly impactful technologies, including AI, the race for tal-
ent becomes even more consequential. Ultimately, the cost of
not being competitive internationally is carried by countries, as
corpo rate activities, know -how, and investments risk moving
abroad.
As governments become
increasingly concerned about
supply chain related dependencies,
the pressing question to political
leaders is not just trade policy, but
also how to enhance competitiveness
of domestic industries.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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ACKNOWLEDGING OUR COLLEAGUES ACROSS
THE GROUP
Armed conflicts remain a major concern for our Group. With ap-
proximately 60 ongoing interstate and civil wars worldwide, not
counting a number of unresolved disputes that risk erupting
near term, conflicts are at their highest level since World War II.
Freedom of navigation is undermined and supply chains are at-
tacked during these conflicts, adding to the human suffering. In
the Middle East, our Group has more than 6,000 colleagues,
who provide essential services to local communities, from water
desalina tion to logistics. The latter does not only cover the ex-
ports of hydrocarbons for the global energy markets, but there
is also a pressing need for the import of agricultural products
with reefer containers. As a Group, we do our utmost to develop
and provi de reliable solutions for our customers and the local
communities we serve, while also keeping the safety of our col-
leagues and assets at the forefront of our minds.
As written by Arnold Peter Møller in 1946 in a letter to his son:
‘no loss should hit us which can be avoided with constant care’.
As we finalise our accounts for 2025, I convey my sincere grati-
tude to our Group’s Directors, Executives , and colleagues
across the globe for their leadership and extensive efforts in the
year that passed. A special note is sent to our colleagues in con-
flict areas, acknowledging the societal impact of their activities.
2025 marked the 50th anniversary of Maersk’s first container
vessel sailing. On 5 September 1975, Adrian Mærsk departed
on her maiden voyage from Newark, New Jersey. This new form
of liner shipping enabled Maersk to provide a faster and more
reliable service to customers. The history of the container serves
as inspiration in our Group’s constant quest to stay relevant for
the future.
avoided with constant care.
A.P. MØLLER, 1946
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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FIVE-YEAR SUMMARY
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
HIGHLIGHTS
The A.P. Moller Group delivered a solid result in 202 5, de-
spite economic headwinds in some of our larger segments,
a continued complex geopolitical landscape, and shifting
trade policies.
A.P. Moller Holding made a voluntary purchase offer for all
issued shares in Svitzer. The company was delisted at the
end of May 2025.
A.P. Moller - Maersk experience d continued pressure on
freight rates but manag ed to improve reliability mainly due
to the implementation of the Gemini Cooperation. APM
Terminals continued to see solid growth and delivered a
strong result in 2025.
The merger between Maersk Supply Service and DOF was
successfully completed . DOF continues to see a solid im-
provement in its order backlog, mainly driven by activity in
Brazil.
In June 2025, Concentric acquired OMP. We see a strong
value proposition in the combined company.
Innargi opened its first geothermal district heating facility,
expected to deliver heat to more than 36,000 households in
Aa rhus when fully developed.
In December 2025, Danske Bank ended its three year pro-
bation period with the US authorities.
Our growth equity portfolio expanded during the year. The
portfolio counted 13 investments at the end of 202 5.
Net asset value increased by 2 2% to DKK 28 1bn, primarily
attributable to the rise in share prices of A.P. Moller -
Maersk, Danske Bank, and DOF, in addition to cash inflow
from shareholder distributions.
INCOME STATEMENT
Revenue
401,113
424,785
388,950
611,207
408,025
Result before depreciation, amortisation and impairment losses, etc. (EBITDA)
67,752
90,612
71,762
265,551
154,266
Share of profit in associated companies
7,464
6,740
7,119
1,171
4,695
Result before financial items (EBIT)
28,066
47,517
33,771
216,859
128,547
Financial items, net
- 964
6,586
5,065
- 6,682
- 4,660
Result for the year
23,506
48,935
35,425
203,808
118,975
A.P. Møller Holding A/S' share of the result
12,130
22,415
18,713
82,579
51,527
Average number of employees
130,974
131,970
128,733
125,399
93,076
BALANCE SHEET
Total assets as of 31 December
770,054
831,410
740,213
790,315
579,049
Total equity as of 31 December
511,406
561,706
503,890
541,394
374,790
CASH FLOW STATEMENT
Cash flow from operating activities
75,245
92,217
80,640
249,113
141,824
Purchase of property, plant and equipment
- 32,828
- 34,137
- 27,517
- 27,706
- 23,260
FINANCIAL RATIOS
Proposed dividend to the A.P. Moller Foundation
1,000
1,000
1,000
2,500
2,000
Return on equity
4.4%
9.2%
6.8%
44.5%
38.1%
Equity ratio
66.4%
67.6%
68.1%
68.5%
64.7%
6
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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A.P. Moller Holding is the parent company of the A.P. Moller
Group, investing in ‘nyttig virksomhed’ – building and investing
in businesses that have a positive impact on society. As a
purpose -driven investment company leveraging more than 120
years of entrepreneurship, our focus is to build and buy plat-
forms within our four thematic investment areas: Global trade;
Energy transition; Circularity, water & waste recovery; and De-
mographic & societal change .
2025 proved to be yet another eventful year with high activity
across our organisation. Among other things, the continued
complex geopolitical landscape and advancing technology keep
us vigilant.
Throughout the year, maintaining financial stability amid volatile
markets has remained a key priority for the group . By sustaining
a strong liquidity position , we are well prepared to deliver on our
objectives and seize the opportunities we expect will arise in vol-
atile markets while continuing to focus on our positive contribu-
tion to the society.
A.P. Moller Holding delivered a consolidated revenue of DKK
401bn and a net result of DKK 24bn, ending the year with a total
equity of DKK 511bn. Operating profit and earnings fell com-
pared to 2024, mainly due to a lower rate environment in the
shipping segment . Our industrial businesses showed organic
growth and have successfully integrated companies acquired in
202 4, but they were affected by inflation and volatility due to
shifting trade policies . The results are significantly impaired by a
4% drop in th e average USD exchange rate compared to 2024.
A.P. Moller Holding recorded a cash inflow from our portfolio
companies of DKK 19 bn, leading to growth in our liquidity ,
which reached D KK 5 2bn at year end.
Total assets and equity de creased due to the weakened USD
exchange rate . This was partly offset by positive results, mainly
driven by Danske Bank and our financial portfolio.
FINANCIAL PERFORMANCE
A.P. Moller Holding delivered a consolidated result of DKK 24bn,
representing a return on equity of 4%. We benefited from a
cash inflow of DKK 19bn and saw an increase in net asset value
of DKK 51bn to DKK 281bn, primarily driven by a higher
valuation of our larger listed portfolio companies.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
REVENUE (DKKm)
TOTAL ASSETS (DKKm)
TOTAL EQUITY (DKKm)
408,025
611,208
388,950
424,785
401,113
2021 2022 2023 2024 2025
579,049
790,315
740,213
831,410
770,054
2021 2022 2023 2024 2025
374,790
541,394
503,890
561,706
511,406
2021 2022 2023 2024 2025
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A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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Net asset value increased by 22% to DKK 28 1bn, primarily at-
tributable to the rise in share prices of A.P. Moller - Maersk ,
Danske Bank , and DOF , in addition to cash inflow from share-
holder distributions.
The valuation of our privately held portfolio companies re-
mained largely stable over the year, though there were varia-
tions at individual company level. The privately held shipping as-
sets were impacted by the weaker USD exchange rate.
OPERATING ACTIVITIES
In 2025, revenue fell by 6% to DKK 401bn, mainly due to a 4%
drop in the average USD exchange rate. Energy transition and
D emographic & societal change grew steadily, while G lobal
trade businesses struggled in a market facing geopolitical and
trade uncertainties .
OPERATING COSTS
Operating costs matched 2024 levels, driven by sustained busi-
ness activit ies and effective cost management . However, infla-
tionary pressure and expenditure related to strategic acquisi-
tions and transformation initiatives continued to negatively
affect costs.
EBITDA
Our operating profit declined from DKK 91bn in 2024 to DKK
68bn, primarily due to the drop in the USD exchange rate and
reduced earnings from our shipping activities. However, this
was partially balanced by increased profitability in Towage &
marine services and businesses within Energy transitio n.
EBIT
EBIT fell by 20bn to DKK 28bn in 202 5, mainly attributed to re-
duced freight rates with in the container segment and a weaker
USD. This decline was partially mitigated by lower impairment
losses across the group .
FINANCIAL ITEMS
Net financial expenses amounted to DKK 1bn, down from last
year's net income of DKK 7bn, mainly reflecting a lower return
from the liquidity portfolio and foreign exchange losses due to
the lower USD exchange rate .
TAX
Corporate income taxes comprise taxes calculated in accord-
ance with various countries’ tax regimes. Land -based activities,
which are subject to normal corporate income tax, include termi-
nals, logistics, services and shipping agencies, sale of industrial
pr oducts, diagnostics services, and financial profit from other
equity investments. The taxation of shipping income is based on
tonnage tax regimes and applies to a significant part of the
group’s activities. Given tonnage taxation is not impacted by
financ ial profits and is payable even in loss making years, the
effective tax rate metric can fluctuate significantly over the years.
Tax for the year was DKK 4bn, down from DKK 5bn in 2024
drive n by lower profit levels. The effective tax rate increased
from 10% to 13% in 2025, mainly due to the introduction of the
Global Minimum Taxation (OECD Pillar Two).
RESULT FOR THE YEAR
Result for the year dropped from DKK 49bn in 2024 to
DKK 24bn, mainly reflecting the headwinds within the container
segment.
Result attributable to the owner of A.P. Møller Holding A/S was
DKK 12bn compared to DKK 22bn in 202 4, positively impacted
by the group’s share of the result in associated companies.
The DKK/USD average exchange rate was 4% lower than in
2024 and 11% lower when comparing end 2024 with end 2025 .
O ur expectations for the result for the year, as outlined in the
Annual Report 2024 , were surpassed , largely attributable to im-
proved market condition s for our shipping businesses com-
pared with the financial outlook at the beginning of the year.
FINANCIAL RESULT FOR THE PARENT COMPANY
As the parent company of A.P. Moller Group, we strive to main-
tain an efficient and agile organisation with a constant focus on
securing the necessary resources and capabilities to support
our purpose.
Result for the year was DKK 7bn (DKK 23bn), reflecting lower
earning s in our subsidiaries compared to 2024, mainly at-
tributed to headwinds in Global trade .
As of 31 December 2025, total assets amounted to DKK 293 bn
(DKK 302bn), with DKK 291 bn (DKK 300bn) attributed to in-
vestments in subsidiaries. The decrease in total assets was pri-
marily due to the 11% decline in the USD exchange rate.
Equity at year end totalled DKK 292 bn (DKK 301bn), with
DKK 179 bn (DKK 172bn) allocated to retained earnings.
FINANCIAL DEVELOPMENT IN PORTFOLIO COMPANIES
2025 was marked by persistent macroeconomic uncertainty and
geopolitical disruption, including prolonged Red Sea challenges
that reshaped global trade lanes, and volatility in US trade
driven by shifting trade policies. Even though freight rates re-
mained under pressure, A.P. Moller - Maersk continued to ex-
pand freight volumes and improved reliability through the East -
West network via the Gemini Cooperation. Logistics & Services
sustained margin expansion , and Terminals delivered record
volumes, revenue, and profitability. In total, A.P. Moller - Maersk
delivered a revenue of DKK 3 57 bn and a profit for the year of
DKK 19bn .
A.P. Moller - Maersk approved a dividend of DKK 480 per share ,
corresponding to a payout ratio of 40% in line with its dividend
policy . A share buy -back programme of up to DKK 6bn has been
initiated to be executed over a period of 12 months. The pur-
pose of the programme is to adjust the capital structure through
the cancellation of shares repurchased.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
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In December 2025, Danske Bank ended its three -year probation
period with the US authorities, marking the closure of the
Estonia case. The bank is executing well on its Forward ’28 strat-
egy and is catching up to peers. The bank reported a net profit
of DKK 23bn , down 3% from 2024 . Solid customer activity and
the good financial health and resilience of their customers sup-
ported the financial result but were offset by higher loan impair-
ment charges – though still at low levels – compared to 2024,
which record ed a net impairment reversal of DKK 0.5bn .
Danske Bank continue d to have a robust capital and liquidity
position with significant buffers well above regulatory require-
ments. At the end of 202 5, Danske Bank reported a CET1 ratio
at 17 .3%, which is well above regulation and the bank’s internal
target of 16% and ensures a sufficiently prudent buffer to the
capital requirement.
The dividend payment for 2025 amounted to DKK 22.72 per
share , and Danske Bank has announced a new share buy -back
programme of DKK 5bn. Total capital distribution ( dividend s
and share buy -back programmes ) of DKK 23bn is equivalent to
a dividend payout of 100% of net profit for 2025.
The European clinical laboratory services market continued to
face significant pricing pressure. Regulatory reforms, cost ‑
containment measures, and reimbursement constraints intensi-
fied competition and further compressed margins across the
sector. Despite these headwinds, Unilabs demonstrated resili-
ence, delivering 1% organic revenue growth. This solid perfor-
mance stands out in a broader market slowdown, where many
peers reported flat or declining revenues amid pricing erosion
and rising operational costs.
Overall, Unilabs’ operational results for 2025 were in line with
expectations, underscoring the company’s ability to navigate a
challenging market environment as well as deliver on the busi-
ness ’ ongoing transformation plan to support organic growth
and improve profitability in the coming years .
Faerch experienced a challenging market backdrop in 2025 ,
shaped by continued geopolitical uncertainty and persistently
high food prices. Consumers adjusted their spending, and inter-
est in alternative packaging grew as markets sought more effi-
cient resource use. The company focused on portfolio optimisa-
tion and structural changes throughout the year. Despite these
headwinds, Faerch delivered a n acceptable performance and
successfully defended its leading market position and competi-
tiveness. Operating margin has been maintained despite contin-
ued cost inflation as a result of disciplined cost management
and operational efficiency.
Noble reported acceptable 2025 financial results with 8% year -
over -year growth, driven by an improved utili s ation rate, higher
backlog , and more contracts despite declining day rates. Unfor-
tunately, the backlog for 2026 remains challenging, but it is re-
ported higher for 2027 . Noble returned approx imately DKK
2.3bn to its shareholders through a combination of dividends
and share buy -backs.
In 2025, Svitzer experienced a volatile market impacted by geo-
political challeng es leading to changing trade routes and friend-
shoring , resulting in a lower than expected performance in the
first half. However, improved cost management and efficiency
measures, along with a recovery in shipping volumes, led to a
strong second half. Overall, Svitzer achieved solid full -year re-
sults, with revenue up 4% on constant exchange rates and oper-
ating profit rising 5% to DKK 2bn compared to 2024.
DOF continue d to see strong activity in the subsea segment ,
and during 2025 it significantly g rew the order backlog, up 57%,
securing roughly 77% of the 2026 revenue guidance. Its strong
financial performance was supported by efficient operations and
fleet optimisation. DOF delivered an EBITDA margin of 34%.
Dividends for 2025 amounted to DKK 2.1bn corresponding to a
dividend yield of 11%. DOF continues to see strong project ac-
tivity and service demand.
Average Time Charter Equivalent (TCE) in Maersk Product
Tankers fell significantly short of 2024 but remained above his-
toric al averages. Relatively high but volatile spot market rates
and a ttractive asset markets that enabled the company to sell
older tonnage at attractive prices had a positive impact on the
result during the year .
In 2025, KK Group grew revenue by 4%, despite ongoing global
challenges, ending the year with a record -high positive result.
The company further integrated acquisitions, rebranded under
the ‘Powering Change’ strategy, expanded in Asia with its larg-
est manufacturing site , located in Bangalore, and set up a new
US division to drive growth. KK Group expects continued indus-
try headwinds in 2026 .
Concentric, acquired in October 2024, saw lower volumes
throughout 2025 , mainly driven by the US market . The electrifi-
cation division was affected by reduced North American govern-
ment support for electric vehicles and transit bus supply chain
disruptions. Although contribution margins remained stable,
overall profitability declined due to lower sales volumes and in-
creased capacity costs associated with continued resource in-
vestments, which were partially linked to the acquisition of
Officine Mazzocco Pagno ni ( OMP ).
EQUITY
As of 31 December 2025, total equity amounted to DKK 51 1bn ,
down from DKK 562bn – a decrease of 10 %. This drop was pri-
marily due to the USD exchange rate falling by 11% compared
to the end of 2024, as well as dividend payments to sharehold-
ers and non -controlling interests. The group saw benefits from
improved annual results. Return on equity was 4%, compared to
9% previously, and the equity ratio declined from 68% to 66%.
A.P. Mol ler Holding’s share of equity fell to DKK 307 bn, from
DKK 310bn.
DIVIDEND
Based on the financial result for 202 5, the Board of Directors
proposes a dividend of DKK 1.0bn to A.P. Møller og Hustru
Chastine Mc -Kinney Møllers Fond til almene Formaal (A.P.
Moller Foundation). In 202 5, a dividend of DKK 1.0bn was paid.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
10
INVESTMENT ACTIVITY
In April 2025, we announced a recommended voluntary pur-
chase offer for all issued shares in Svitzer, with the aim of taking
the company private to better support its long -term ambitions.
As the largest shareholder, we saw that the listing had not cre-
ated t he desired platform for growth, which is essential for
maintaining Svitzer’s market position in a competitive and frag-
mented industry undergoing consolidation. The company was
delisted at the end of May 2025.
In November 2025, Svitzer announced the acquisition of a
66.6% shareholding in Bu ksér og Berging AS, a leading Norwe-
gian towage offshore and marine contracting company. The
transaction was concluded on 2 January 2026.
In Ju ne 2025, C oncentric announced its strategic acquisition of
OMP , a leading manufacturer of advanced oil pumps and fluid
management components, headquartered in Funo, Italy. This
acquisition provides Concentric with OMP's leading vane pump
technology used by global OEMs and is expected to boost
Concentric’s annual revenue by over 35% , as well as enhance
performance and efficiency. We see a strong value proposition
in the combined company, and the integration is progressing as
planned.
In October 2025, Innargi opened its first geothermal district
heating facility, expected to deliver heat to more than 36,000
households in Aarhus when fully developed. The next stage fo-
cuses on regulatory processes for the upcoming site. Innargi
aims to finish the project before 2030. The project pipeline in
Innargi continues to grow in both Denmark and Northern Eu-
rope, supporting the green energy security agenda in Europe.
Before year -end, an approval for geothermal research and ex-
traction of geothermal heat in Virum, ano ther town in Denmark,
was received, expected to supply heating to 10,000 households
when fully developed.
Iv3 Aqua achieved C ommercial O peration D ate (COD) in No-
vember 2025 on the Qurayyat Desalination Company Project
(acquired in 2024). The project now has an agreement with
Oman’s government until 2047. The plant has an operating ca-
pacity of 200,000 m
3
per day and is able to supply over 15% of
all desalinated water to Oman’s national grid.
By the end of 2025, our growth equity portfolio comprised 13 in-
vestments, including four new additions made during the year.
We remain confident in the strategic value of investing in late -
stage growth companies and anticipate appealing risk -adjusted
finan cial returns. To further support our investment team, we
have opened an office in Singapore.
Our other portfolio companies have signed and completed a
number of acquisitions, including the takeover of Panama Canal
Railway Company by A.P. Moller - Maersk.
The c ash flow used for investing activities was mainly impacted
by our investments in portfolio companies as well as activity in
our financial portfolio. The total capital inflow from dividends,
share buy -back programmes, and our financial portfolio was
DKK 19bn (DKK 17 bn), positively impacted by dividends , mainly
from A.P. Moller - Maersk and Danske Bank , and share buy -
back programmes from Danske Bank .
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
INVESTMENT COMMITMENTS (DKKm)
CASH INFLOW (DKKm)
DISTRIBUTION OF CASH INFLOW
37,832
8,429
4,819
18,765
12,997
2021 2022 2023 2024 2025
8,774
28,501
43,288
16,747
18,591
2021 2022 2023 2024 2025
40%
19%
17%
12%
2%
2%
8%
Cash inflow
DKK 18.6bn
A.P. Moller - Maersk Danske Bank
Svitzer Financial portfolio
Noble DOF
Other
KEY FIGURES: A.P. Moller Holding's investment activities
Cash flow from operating activities
- 1,658
- 1,062
- 55
- 567
- 221
Cash flow for investing activities inflow
18,591
16,747
43,288
28,501
8,774
Cash flow for investing activities outflow
- 11,658
- 13,420
- 36,970
- 26,243
- 11,967
Cash flow from financing activities
- 1,015
- 1,043
- 2,543
- 2,096
- 23
Net asset value (market value)
280,755
229,937
214,320
199,199
223,891
Average number of employees
61
61
55
48
39
10
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
11
NET ASSET VALUE
At the end of 202 5, the net asset value increased to DKK 28 1bn,
up 22% from the end of 2024. The development was mainly
driven by the rise in the share price s of Danske Bank by 56%
and of A.P. Moller - Maersk by 23% .
We experienced a small 5% drop in the value of Noble , im-
pacted by lower average day rates and rig utilisation ratio, while
DOF rose 7% , supported by its strong financial performance
and a significant ly improved order backlog .
The net asset value is a volatile measure, not least over a shorter
period, given our significant exposure to a few main portfolio
companies. The net asset value calculation is based on different
valuation methods. Our listed portfolio companies are assess ed
using their share prices at the stock exchange. The privately
held companies are assessed based on recognised valuation
methods, and the financial portfolio on market capitalisation,
primarily quoted prices.
FINANCIAL OUTLOOK
A.P. Moller Holding and its portfolio companies are exposed to
global economic activity levels as well as development s in the
global financial markets. Based on our expectations and finan-
cial guidance for our portfolio companies and current exchange
rates, we expect that the 2026 EBITDA will be positive but lower
than in 2025 .
The above statement is, by nature, subject to several uncertain-
ties, including but not limited to, geopolitical uncertainties that
will challenge global supply chains and global economic growth,
and the rapid rise of economic nationalism and protectionism.
This could cause actual results and performance to differ materi-
ally from our expectations. In addition, financial performance de-
pends on several factors subject to uncertainties related to the
uncertai n macroeconomic conditions as well as the future deve l-
opment of freight rates and volumes, import duties, demo-
graphic and societal changes, demand for sustainable solutions,
commodity prices, including but not limited to, oil and energy
prices, inflation, and interest rates.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
NET ASSET VALUE (DKKm)
DISTRIBUTION OF NET ASSET VALUE
223,891
199,199
214,320
229,937
280,755
2021 2022 2023 2024 2025
34%
20%
3%
18%
16%
1%
8%
Net asset value
DKK 280.8bn
A.P. Moller - Maersk
Danske Bank
Other shipping and offshore (listed)
Privately owned companies
Financial portfolio
Growth equity
Other net assets
11
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
13
Our strategy implies that we devote our time and resources to
identifying and executing investments across sectors and coun-
tries, and within four themes that we believe will be relevant for
multiple business cycles:
Global trade
Global trade is key to prosperity as it enables income and
growth for people and societies. Our businesses enable global
trade in different ways, for example by facilitating more efficient
logistics across the globe and by building critical infrastructure.
Financial services and the proliferation of efficient capital alloca-
tion are also drivers as well as beneficiaries of increased global
trade.
Energy transition
Our societies depend on a steady and reliable supply of energy.
At the same time, we need to migrate from the fossil sources
that propelled the industrial revolution and drove wealth crea-
tion and consumption for many decades and move towards
energy generation from non -fossil and renewable sources. Our
focus is on this transition which will not happen overnight and
maintaining access to energy is a necessity for our societies.
Circularity, water & waste recovery
Global consumption of resources and products is not in balance
with our planet ’s ability to regenerate the resources consumed ,
nor to absorb the substantial generation of waste. Sustainable
replacements are being adopted , and the use and utilisation of
resources must be optimised. We are committed to the devel-
opment of circular rather than linear production and consump-
tion models.
Demographic & societal change
Across both mature and emerging economies, population de-
mographics continue to change, which is creating challenging
conditions for societal welfare models. These slow -moving but
largely inevitable demographic and societal factors are trans-
forming our soci eties. Absent continuous improvements in effi-
ciency and new business models, the welfare imbalance in our
societies will create unsustainable levels of inequality. We invest
in digital and automated ways of working to address the welfare
challenges arising from demographic change.
INVESTMENT MANDATES
We leverage our knowledge, expertise, and experience across
four different mandates:
Principal holdings
Large control -oriented investments in companies backed by
solid long -term trends. We prefer our principal investments to
be platforms where we have the optionality of deploying addi-
tional capital over time for organic and inorganic expansion.
Growth equity
Patient minority investments in late -stage growth businesses. In
addition to generating attractive financial returns, the objective
is to leverage and continue to enhance domain knowledge
within our core areas of expertise and investment themes .
Scale-ups
Rooted in our entrepreneurial legacy and spirit, we selectively
initiate incubation projects and actual building of new busi-
nesses. Such greenfield projects and business building are
based on internally generated ideas, a few of which are, after an
extensive vetting process, pushed forward and initially funded
by us. Over time, we typically bring in other investors.
Public markets
We apply active concentrated global strategies across various
asset classes seeking to generate financial results above or in
line with external market benchmarks.
ENGAGED AND ACTIVE LONG-TERM OWNERS
In the spirit of our founder, A.P. Møller, we are engaged and ac-
tive long -term owners with a point of view on key matters. Stew-
ardship and a continued focus on the quality of interactions be-
tween management, Board of Directors, and owner(s) are
therefore c ritical to our success. In recent years , we developed
and implemented a set of principles and guidelines defining our
ownership model, and how we exercise it. These principles are
rooted in our legacy, and we will continue to optimise our stew-
ardship and o wnership model in the years to come.
BUILDING A PORTFOLIO OF
PLATFORMS FOR THE FUTURE
Our investment strategy is anchored in an ambition to build
scalable platforms in areas where we have relevant experience
and expertise so we can help drive long-term value and impact.
We focus on long-term mega trends, and, as owners, we utilise
and leverage the strengths and capabilities accumulated
across our Group throughout more than 120 years. In doing
this, we strive to fulfil our Group’s long-standing purpose of
‘nyttig virksomhed’ (having a positive impact on society).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
14
A.P. MOLLER - MAERSK is an inte-
grated transport and logistics company
working to connect and simplify its cus-
tomers’ supply chains. The company is a
global leader in shipping activities.
CEO: Vincent Clerc
CFO: Robert Josef Erni
Representatives
• Robert M. Uggla (Chair)
Key figures end of 202 5
• Market cap: DKK 215 bn
• Ownership: 4 4.4 % / 5 2.3 % voting
share
REVENUE
(USDm)
DANSKE BANK is Denmark’s largest
bank. Its core business includes private,
business, institutional customer seg-
ments, and other financial services to
the Nordic markets.
CEO: Carsten R. Egeriis
CFO: Cecile Hillary
Representatives
• Martin N. Larsen (Vice Chair)
Key figures end of 202 5
• Market cap: DKK 260 bn
• Ownership: 21.3%
TOTAL INCOME
(DKKm)
UNILABS is a leading diagnostics ser-
vices provider in Europe, focusing on la-
boratory testing, pathology, and radiol-
ogy. The company services both public
and private healthcare providers across
multiple countries.
CEO : Badhri Srinivasan
CFO: Carsten Højlund
Representatives
• Jan T. Nielsen (Vice Chair)
REVENUE
(EURm)
FAERCH is a leading supplier of circular
packaging solutions to the global food
industry, serving leading food manufac-
turers and retailers around the world.
CEO: Pernille Lind Olsen
CFO: Sonja Østergaard
Representatives
• Henrik Poulsen (Chair)
• Jan T. Nielsen (Vice Chair)
REVENUE
(EURm)
NOBLE is a leading offshore drilling
company for the oil and gas industry.
The company owns and operates one of
the youngest and most advanced fleets
in the offshore drilling industry.
CEO: Robert W. Eifler
CFO: Richard B. Barker
Representatives
• Claus V. Hemmingsen
Key figures end of 202 5
• Market cap: DKK 29 bn
• Ownership: 19. 5%
REVENUE
(USDm, includes only Noble up to the merger
with Maersk Drilling in 2022)
61,787
81,529
51,065
55,482
53,988
2021 2022 2023 2024 2025
42,665
41,811
52,422
56,405
56,840
2021 2022 2023 2024 2025
2,033
1,769
1,556
1,622
1,650
2021 2022 2023 2024 2025
559
893
1,292
1,245
1,187
2021 2022 2023 2024 2025
848
1,414
2,589
3,058
3,286
2021 2022 2023 2024 2025
A.P. Moller - Maersk
Danske Bank
Unilabs
Faerch
Noble
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
15
SVITZER is a global leader in sustaina-
ble marine services , provid ing critical
towage infrastructure and maritime so-
lutions across Europe, AMEA, Australia,
and the Americas.
CEO: Kasper Friis Nilaus
CFO: Knud Winkler
Representatives
• Robert M. Uggla (Vice Chair)
• Louise Løn
REVENUE
(DKKm)
DOF is a leading provider of global off-
shore marine services for the energy
sector, including oil and gas companies,
offshore renewable companies , and sub-
sea contractors.
CEO: Mons S. Aase
CFO: Martin Lundberg
Representatives
• Erik Bergöö (Vice Chair)
Key figures end of 2025
• Market cap: DKK 15 bn
• Ownership: 25.0%
REVENUE
(USDm, includes only DOF up to the merger
with Maersk Supply Service in 2024)
MAERSK PRODUCT TANKERS is an
asset company, owning tankers trans-
porting energy products worldwide for
large energy companies and trading
houses.
CEO: Tina Revsbech
CFO: Christian Huss
Representatives
• Martin N. Larsen (Chair)
• Birgitte Schou
• Erik Bergöö
REVENUE
(USDm)
KK GROUP is a global technology part-
ner delivering power electronics, con-
trols, cooling, monitoring, and service
solutions for renewable energy and en-
ergy intensive industries.
CEO: Mauricio Quintana
CFO: Bjørn R. Mogensen
Representatives
• S imon K. Ibsen ( Vice Chair)
REVENUE
(DKKm)
CONCENTRIC is a global leader in
pump, fan , and thermal management so-
lutions for the commercial vehicle mar-
ket, helping customers increase fuel effi-
ciency, reduce emissions , and improve
engine control.
CEO: Josh Meyer
CFO: Marcus Whitehouse
Representatives
• Simon K. Ibsen (Vice Chair)
• Jan T. Nielsen
REVENUE
(USDm)
4,653
5,476
5,786
6,320
6,343
2021 2022 2023 2024 2025
739
963
1,129
1,385
1,871
2021 2022 2023 2024 2025
433
708
640
576
417
2021 2022 2023 2024 2025
2,550
2,581
5,486
7,682
7,979
2021 2022 2023 2024 2025
247
401
396
342
409
2021 2022 2023 2024 2025
Svitzer
DOF
Maersk Product
Tankers
KK Group
Concentric
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
16
MAERSK TANKERS is a service
company providing commercial
management solutions for shipowners
in the tanker industry. The company
operates one of the largest tanker
fleets in the world.
CEO: Tina Revsbech
CFO: Christian Huss
Representatives
• Robert M. Uggla (Chair)
• Maria Pejter
• Martin N. Larsen
REVENUE
(USDm)
A.P. MOLLER CAPITAL is an infrastruc-
ture fund manager focusing on high
growth markets, combining attractive
risk adjusted return s with a positive
societal impact.
CEO: Kim Fejfer
CFO: Joe Nielsen
Representatives
• Robert M. Uggla (Chair)
MAERSK OFFSHORE WIND is a pro-
vider of installation services to the off-
shore wind market accelerating the
rollout of offshore wind farms .
CEO: Michael Reimer Mortensen
CFO: Jesper H øybye
Representatives
• Martin N. Larsen (Chair)
• Maria Pejter
INNARGI is a geothermal heating com-
pany aiming to heat millions of urban
homes while leaving zero impact on our
planet.
CEO: Samir Abboud
CFO: Lars Heineke
Representatives
• Claus V. Hemmingsen (Chair)
• Steffen Risager
ZERONORTH is a technology company
providing a range of software solutions
that enable the shipping industry to re-
duce its impact on the climate while
maintaining commercial performance.
CEO: Søren Andersen
CFO: K arsten Gregory
Representatives
• Maria Pejter
466
569
450
372
294
2021 2022 2023 2024 2025
Maersk Tankers
A.P. Moller Capital
Maersk Offshore Wind
Innargi
ZeroNorth
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
17
IV3 AQUA is a water management com-
pany owning and operating water,
wastewater, reuse plants, concessions ,
and related water utility businesses.
CEO: Olaf N. Krohg
CFO : Frederick Hung
Representatives
• Jan T. Nielsen (Vice Chair)
• Paulius Urbonas
C2X is a green methanol production
company aiming to develop and operate
green methanol production facilities to
supply both the chemical and shipping
sectors.
CEO: Brian Davis
CFO: Alastair Maxwell
Representatives
• Jan T. Nielsen (Chair)
• Steffen Risager
VIONEO was established to be the
world’s first large -scale producer of
fossil -free plastics based on green
methanol.
CEO: Alex Hogan
CFO: Arnaud Cachard
Representatives
• Simon K. Ibsen (Vice Chair)
Iv3 Aqua
C2X
Vioneo
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
18
Risk management reporting is an integrated part of our busi-
ness processes, allowing A.P. Moller Holding to respond appro-
priately to the changing environments our businesses are oper-
ating in. The Board of Directors receives portfolio performance
reports inc luding risk management measures on a regular basis
throughout the year.
Being an investor focusing on capital risk, we continuously
develop our risk framework, and we have embedded controls
and operational risk mitigation processes in our critical daily
operations. We have a constant focus on good governance, and
we have implemented procedures to continuously assess and
ensure that we follow market standards and developments. Fur-
ther, in line with the purpose of the A.P. Moller Foundation, and
to ensure t he long -term viability and longevity of A.P. Moller -
Maersk, our portfolio companies are structured as visualised on
page 79 .
OUR PORTFOLIO COMPANIES
Having a long -term ownership horizon, our ambition for each
investment is defined in a clear ownership strategy, considering
sector specific market parameters and developments , as well as
current and emerging risks.
Risks related to our portfolio companies include business and
financial risks associated with operations and performance. The
management of such risks is effectively anchored with the Board
of Directors in each of the portfolio companies. Each entity has
defined and implemented their own risk management frame-
work, ma naging specific, defined risks. As owners, we monitor
business performance in the portfolio companies closely as part
of our ownership aspiration. We report on business and risk re-
lated issues to our Board of Directors as appropriate.
Our investment team focuses on large and long -term invest-
ments and brings valuable global investment expertise. As we
evaluate investment opportunities, the investments will undergo
committees and investment gates , where thorough risk analysis,
due diligence, and mitigation are natural parts of the investment
evaluation process. Our risk management framework allows us
to critically evaluate such risks . Investments will be abandoned
where risks/rewards are not deemed attractive and in line with
our values , as well as our financial and strategic beliefs.
As our investments are expected to have a long -term owner -
ship horizon, we focus on the inherent risks related to such
investments. At all times, it is part of our strategic beliefs to
invest in and build businesses that have a positive impact on
society. Hence, we strive to ensure that all our partners
acknowledge our values and share our commitment to conduct
business in an ethical, legal, and socially responsible manner.
PUBLIC MARKETS
A.P. Moller Holding has a financial portfolio primarily with expo-
sure to global equity markets managed by our own public mar-
kets team. The overall objective of the portfolio is i) to create
economic value in line with our values , ii) to ensure a part of our
financial portfolio remains highly liquid, acting as a buffer for the
company to be flexible and able to react as needed in relation to
our portfolio companies or to significant changes in our cash
flows , and iii) to deliver performance in line with a fi xed bench-
mark.
The Board of Directors approves the investment policy and
defines the acceptable risk limits including a variety of risk man-
agement factors such as single line limits, currency exposures ,
and asset class weights. These, in combination with internal in-
vestment principles, guide the financial investments on a daily
basis. We manage the market, credit, liquidity, and currency
risks related to our financial portfolio by limiting maximum
exposure to individual asset classes and underlying assets. The
guidelines are reviewed regularly to ensure they reflect the mar-
ket situation and our financial situation at any given time.
RISK MANAGEMENT
Our risk management setup is closely related to our investment
strategy and allows us to safeguard the longevity of our
portfolio companies by understanding the inherent risks
associated with each of them and by supporting the companies
in managing these risks in a changing environment.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
19
‘Nyttig virksomhed’ is a key element in our investment strategy,
and we are open to reconsider our ownership of a business if its
business model does not have a positive impact on society.
Hence, social responsibility is integrated into our purpose and is
core to everything we do.
As part of good governance practice, we have implemented pol-
icies and systems to secure a solid basis for our activities as an
engaged investment company. We focus on mitigating the key
risks of essential compliance areas including money laundering
& financing of terrorism and bribery & corruption. As reflected
in our Code of Ethics and business conduct , engaging in any
kind of fraud , bribery, and corruption is strictly prohibited, which
is one of the cornerstones in our overall framework for how to
exercis e due care to prevent fraud, bribery and corruption inter-
nally , as well as in relation to third parties acting on behalf of
A.P. Moller Holding. This is especially relevant in relation to our
investments, where we, prior to investing, conduct thorough due
diligence measures on the target and relevant counterparties
su ch as advisors, co -investors, etc.
STATUTORY REPORT CF. SECTION 99B OF THE DANISH
FINANCIAL STATEMENTS ACT
As an international investment company with a broad range of
investment activities, A.P. Moller Holding has a significant influ-
ence on society. We acknowledge the responsibilities that this
entails and make an effort to ensure that we are recognised as a
trustworthy group of companies.
The Board of Directors of each of our portfolio companies de-
fine their own specific policies and Codes of Conduct. We are
represented on each board in companies where we hold a mini-
mum of 50% of the votes, and our representatives ensure that
relevant policies, including those related to human rights, cli-
mate change, and environmental impact, are implemented and
enforced.
For A.P. Moller Holding’s statutory statement on CSR in
accordance with section 99 b of The Danish Financial Statements
Act, please refer to: https://apmoller.com/wp -
content/uploads/2026/03/APMH -CSR -Report -2025.pdf .
CORPORATE SOCIAL
RESPONSIBILITY
A.P. Moller Holding invests in and builds businesses with a
positive impact on society – ‘nyttig virksomhed’ – as defined
by our founder A.P. Møller.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
20
SUSTAINABILITY HIGHLIGHTS
The companies in the A.P. Moller Group define and execute their
own sustainability initiatives. In 2025, numerous activities were
launched of which a few are highlighted here. For more details,
please refer to the respective sustainability reports.
A.P. Moller - Maersk took delivery of 10 new dual -fuel methanol vessels
bringing its fleet to 19, advanced its multi -fuel portfolio approach
through a liquefied biomethane supply agreement , and completed
successful trials using blended e -methanol and ethanol fuels.
Concentric installed 80,000 sq uare feet of solar
panels at its Pune factory site in India,
generating approx imately 900 kW of renewable
energy and bringing the total to 200,000 square
feet of solar panels installed across its sites.
Innargi began operations of its first geothermal district
heating plant in Aarhus, Denmark. Once completed,
the city's geothermal heating system is expected to
supply 20% of its heating needs by 2030 while
reducing the city's CO
2
emissions by approximately
165,000 tonnes annually.
C2X signed an agreement with Microsoft to deliver
3.6 million metric tonnes of carbon removal units
over 12 years from its Beaver Lake project in
Louisiana, expected to produce over 500,000 metric
ton nes of bio -methanol annually and capture and
store around 1 million metric tonnes of CO
2
annually.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
21
KK Group ’s power converters and control systems, which
are at the heart of each wind turbine, enabled 18 gigawatts
of wind power in 2025, roughly equivalent to the power it
would take to fast -charge 120,000 EVs at the same time.
Iv3 Aqua 's subsidiary, Qurayyat Desalination
Company, reached the C ommercial O peration D ate of
its desalination plant in Oman in November, three
months ahead of schedule. The plant now has the
capacity to produce up to 200 million litres of potable
water per day, supplying over 15% of all desalinated
water delivered to the national grid.
Unilabs partnered with Oxipit to implement AI
assisted chest X -ray solutions across key European
markets, speeding up diagnoses and improving
accuracy to deliver faster, more reliable patient care.
Svitzer launched Denmark's first electric tugboat,
Ingrid. The tug will perform most tasks using electrical
power, thereby reducing annual CO₂ emissions by 600 -
900 tonnes. In December, Svitzer also committed to
purchasing four electric, 26 metre TRAnsverse tugs.
A.P. Moller - Maersk ’s first dual -fuel
methanol vessel, Laura Mærsk, received the
first e -methanol from the newly inaugurated
Kassø facility in Denmark in May 2025.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
22
BOARD OF DIRECTORS
Ane M.M. Uggla
Chair
Chair of the Board of Directors
• A.P. Møller og Hustru Chastine Mc -Kinney
Møllers Fond til almene Formaal
• Den A.P. Møllerske Støttefond
Other management duties
• Estemco III ApS (CEO)
• Timer ApS (CEO)
Claus V. Hemmingsen
Chair of the Board of Directors
• DFDS A/S
• Innargi Holding A/S
• HusCompagniet A/S
• Rambøll Gruppen A/S
Member of the Board of Directors
• A.P. Møller og Hustru Chastine Mc -Kinney
Møllers Fond til almene Formaal
• Den A.P. Møllerske Støttefond
• Noble Corporation PLC
• Det Forenede Dampskibs -selskabs
Jubilæumsfond
• Fonden Mærsk Mc -Kinney Møller
Center for Zero Carbon Shipping
• Global Maritime Forum Fonden
Other management duties
• CVH Consulting ApS (CEO)
• Committee for Corporate Governance,
Denmark (member)
Jan Leschly
Member of the Board of Directors
• UTR Sports LLC
• The Leschly Tennis Foundation
• Nightingale Veterinary Partners
Other management duties
• Adjunct Professor at Copenhagen
Business School
Lars-Erik Brenøe
Member of the Board of Directors
• A.P. Møller og Hustru Chastine
Mc -Kinney Møllers Fond til almene Formaal
• A.P. Møller og Hustru Chastine
Mc -Kinney Møllers Familiefond
• Monjasa Holding A/S
• Odense Havn A/S
• Operaparkfonden
Other management duties
• LEBrenoe (personally owned law firm)
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · MANAGEMENT REVIEW
23
EXECUTIVE BOARD
Robert M. Uggla
Chief Executive Officer
Other management duties, etc.
• A.P. Møller - Mærsk A/S (Chair)
• A.P. Møller Capital P/S (Chair)
• Maersk Tankers A/S (Chair)
• Svitzer Group A/S (Vice Chair)
• IMD (Director of the F oundation Board)
• International Business Leaders’ Advisory
Council of the Mayor of Shanghai , IBLAC
(Member)
• Agata ApS (CEO)
• Estemco XII ApS (CEO)
Robert M. Uggla is appointed to the Board of
Directors in a number of entities controlled by
A.P. Møller Holding A/S.
Jan T. Nielsen
Chief Investment Officer
Other management duties, etc.
• C2X Ltd. (Chair)
• Faerch Group Holding A/S ( Vice Chair )
• Iv3 Aqua Holding A/S (Vice Chair)
• Unilabs Group Holding ApS (Vice Chair)
• Concentric AB (Board member)
• LEGO A/S (Board member)
• Copenhagen International School ( Member of
the Board of Governors)
• Thorsgaard Holding ApS (CEO)
Jan T. Nielsen is appointed to the Board of
Directors in a number of entities controlled by
A.P. Møller Holding A/S.
Martin N. Larsen
Chief Financial Officer
Other management duties, etc.
• Ammonia Carriers A/S (Chair)
• Maersk Offshore Wind A/S (Chair)
• Maersk Product Tankers A/S (Chair)
• Navigare Capital Partners A/S (Chair)
• Assuranceforeningen SKULD (Gjensidig)
(Vice Chair)
• Danske Bank A/S (Vice Chair)
• Danmarks Eksport - og Investeringsfond
(EIFO) (Board member)
• Maersk Tankers A/S (Board member)
• MVKH ApS (CEO)
Martin N. Larsen is appointed to the
Executive Board and Board of Directors in a
number of entities controlled by A.P. Møller
Holding A/S.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
25
Consolidated
financial
statements
Consolidated income statement for 1 January to 31 December ........................................................... 26
Consolidated statement of comprehensive income ................................................................................. 26
Consolidated balance sheet as of 31 December ....................................................................................... 27
Consolidated cash flow statement for 1 January to 31 December ....................................................... 28
Consolidated statement of changes in equity ........................................................................................... 29
Notes to consolidated financial statements .............................................................................................. 30
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
26
2.1
Revenue
2.2, 5.2
Operating costs
- 334,615
- 335,439
Other income
Other costs
- 201
- 168
Result before depreciation, amortisation and impairment losses, etc.
2.3
Depreciation, amortisation and impairment losses, net
- 49,818
- 54,266
2.4
Gain on sale of non -current assets, etc., net
Share of result in joint ventures
3.4
Share of result in associated companies
Result before financial items
4.1
Financial income
4.1
Financial expenses
- 21,986
- 16,764
Result before tax
2.5
Tax
- 3,596
- 5,168
Result for the year
Result for the year attributable to:
4.6
Non -controlling interests
Owner of A.P. Møller Holding A/S
Result for the year
Translation to functional currency
Translation impact arising during the year
- 3,151
Reclassified to income statement, gain/loss on sale of non -current
assets, etc., net
- 13
4.3
Cash flow hedges
Value adjustment of hedges for the year
- 1,211
Reclassified to income statement
- 406
2.5
Tax on other comprehensive income
3.4
Share of other comprehensive income of joint ventures and associated
companies, net of tax
- 91
Total items that have been or may be reclassified subsequently
to the income statement
- 3,665
4.3
Other equity investments (FVOCI), fair value adjustments for the year
- 217
- 417
4.5
Actuarial gains/losses on defined benefit plans, etc.
- 599
Translation from functional currency to presentation currency
- 47,476
2.5
Tax on other comprehensive income
- 29
- 1
3.4
Share of other comprehensive income of joint ventures and associated
companies, net of tax
Total items that will not be reclassified to the income statement
- 48,311
Other comprehensive income, net of tax
- 43,159
Total comprehensive income for the year
- 19,653
Total comprehensive income for the year attributable to:
4.6
Non -controlling interests
- 24,075
Owner of A.P. Møller Holding A/S
- 19,653
CONSOLIDATED INCOME STATEMENT FOR
1 JANUARY TO 31 DECEMBER
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
27
3.1
Intangible assets
3.2
Property, plant and equipment
3.3
Right -of-use assets
Investments in joint ventures
3.4
Investments in associated companies
Other equity investments
4.3
Derivatives
4.5
Pensions, net assets
3.5
Loans receivable
3.6
Other receivables
Financial non -current assets
2.5
Deferred tax
Total non -current assets
3.7
Inventories
4.3
Trade receivables
Tax receivables
4.3
Derivatives
3.5
Loans receivable
3.6
Other receivables
Prepayments
Receivables, etc.
Securities
Cash and bank balances
3.10
Assets held for sale
Total current assets
Total assets
4.7
Share capital
Reserves
- 6,212
- 8,895
Retained earnings
Proposed dividend
Equity attributable to A.P. Møller Holding A/S
4.6
Non -controlling interests
Total equity
4.2
Borrowings, non -current
4.2
Lease liabilities, non -current
4.5
Pensions and similar obligations
3.8
Provisions
4.3
Derivatives
2.5
Deferred tax
Tax payables
Other payables
Other non -current liabilities
Total non -current liabilities
4.2
Borrowings, current
4.2
Lease liabilities, current
3.8
Provisions
Trade payables
Tax payables
4.3
Derivatives
Other payables
Deferred income
Other current liabilities
3.10
Liabilities associated with assets held for sale
Total current liabilities
Total liabilities
Total equity and liabilities
CONSOLIDATED BALANCE SHEET
AS OF 31 DECEMBER
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
28
Result before financial items
2.3
Depreciation, amortisation and impairment losses, net
2.4
Gain on sale of non -current assets, etc., net
- 1,079
- 3,312
Share of profit in joint ventures
- 1,589
- 1,119
3.4
Share of profit in associated companies
- 7,464
- 6,740
5.4
Change in working capital
- 1,835
Change in provisions and pension obligations, etc.
- 40
Financial income received
5.4
Other non -cash items
Cash flow from operating activities before tax
Taxes paid
- 5,584
- 5,696
Cash flow from operating activities
5.4
Purchase of intangible assets and property, plant and equipment
- 35,066
- 32,585
Sale of intangible assets and property, plant and equipment
3.9
Acquisition of subsidiaries and activities
- 5,432
- 6,699
3.9
Sale of subsidiaries and activities
Dividends received
5.4
Other financial investments
- 22,348
Purchase/sale of securities, trading portfolio
- 7,951
Cash flow used for investing activities
- 55,283
4.2
Repayment of borrowings
- 12,572
- 16,758
4.2
Repayment of leases
- 24,262
- 22,329
4.2
Proceeds from borrowings
Financial expenses paid
- 4,014
- 4,609
Financial expenses paid on lease liabilities
- 4,978
- 4,360
Dividends distributed
- 1,000
- 1,000
Dividends distributed to non -controlling interests
- 11,035
- 5,743
Purchase of treasury shares
- 13,540
- 2,604
Sale of treasury shares
Capital increases made by non -controlling interests
- 401
Purchase of non -controlling interests
- 5,950
- 182
Sale of non -controlling interests
Other equity transactions
- 300
Cash flow from financing activities
- 60,795
- 35,487
Net cash flow for the year
Cash and cash equivalents as of 1 January
Currency translation effect on cash and cash equivalents
- 5,557
Net cash flow for the year
Of which classified as assets held for sale
- 64
Cash and cash equivalents as of 31 December
Cash and bank balances
Overdrafts
- 256
- 339
Cash and cash equivalents as of 31 December
Cash and bank balances include DKK 6.0bn (DKK 7.0bn) relating to cash and bank balances in
countries with exchange rate control or other restrictions. These funds are not readily available
for general use by the parent company or other subsidiaries.
CONSOLIDATED CASH FLOW STATEMENT
FOR 1 JANUARY TO 31 DECEMBER
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
29
Equity as of 1 January 2024
- 2,308
- 206
Other comprehensive income, net of tax
- 6,502
- 150
- 228
Result for the year
Total comprehensive income for the year
- 6,502
- 150
- 228
Dividends to shareholders
- 1,000
- 1,000
- 5,743
- 6,743
Value of share -based payment
Sale of own shares
Purchase of own shares
- 300
- 294
- 2,122
- 2,416
Acquisition of non -controlling interests
- 406
- 253
Sale to non -controlling interests
- 41
- 41
- 34
Sale of subsidiaries, loss of control through dilution, etc.
- 117
- 117
- 107
- 224
Capital increases and decreases
- 41
- 41
Transfer of loss on disposal of equity investments at FVOCI to retained earnings
- 5
Change in non -controlling interests
- 41
- 41
Liability (put option)
- 97
Other equity movements
- 1,181
- 1,181
- 303
- 1,484
Total transactions with shareholders
- 30
- 5
- 1,117
- 1,000
- 2,152
- 8,266
- 10,418
Equity as of 31 December 2024
- 8,840
- 434
Other comprehensive income, net of tax
- 310
- 20,698
- 7,708
- 35,451
- 43,159
Result for the year
Total comprehensive income for the year
- 310
- 9,568
- 24,075
- 19,653
Dividends to shareholders
- 1,000
- 1,000
- 11,035
- 12,035
Value of share -based payment
Sale of own shares
Purchase of own shares
- 6,112
- 6,112
- 7,494
- 13,606
Acquisition of non -controlling interests
- 1,099
- 1,099
- 4,851
- 5,950
Sale to non -controlling interests
Capital increases and decreases
Change in non -controlling interests
- 44
- 44
Liability (put option)
- 285
- 285
- 3
- 288
Other equity movements
- 2
Total transactions with shareholders
- 2
- 7,035
- 1,000
- 8,034
- 22,613
- 30,647
Equity as of 31 December 2025
- 22
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
30
Notes to
consolidated
financial
statements
BASIS OF PREPARATION 31
Note 1.1: General accounting policies ....................................................................................................... 31
Note 1.2: Significant accounting estimates and judgments ................................................................ 34
OPERATING PROFIT 35
Note 2.1: Revenue .......................................................................................................................................... 35
Note 2.2: Operating costs ............................................................................................................................ 37
Note 2.3: Depreciation, amortisation and impairment losses, net ..................................................... 38
Note 2.4: Gain on sale of non -current assets, etc., net ......................................................................... 38
Note 2.5: Tax and deferred tax ................................................................................................................... 39
INVESTED CAPITAL 42
Note 3.1: Intangible assets .......................................................................................................................... 42
Note 3.2: Property, plant and equipment ................................................................................................. 46
Note 3.3: Right -of-use assets ..................................................................................................................... 49
Note 3.4: Investments in associates .......................................................................................................... 50
Note 3.5: Loans receivable ........................................................................................................................... 51
Note 3.6: Other receivables ......................................................................................................................... 52
Note 3.7: Inventories ..................................................................................................................................... 52
Note 3.8: Provisions ...................................................................................................................................... 52
Note 3.9: Acquisition/sale of subsidiaries and activities ..................................................................... 53
Note 3.10: Assets held for sale or distribution ....................................................................................... 55
CAPITAL AND FINANCING 56
Note 4.1: Financial income and expenses ................................................................................................ 56
Note 4.2: Borrowings and lease liabilities reconciliation ...................................................................... 57
Note 4.3: Financial instruments and risks ................................................................................................ 59
Note 4.4: Financial instruments by category ........................................................................................... 66
Note 4.5: Pensions and similar obligations ............................................................................................. 69
Note 4.6: Non -controlling interests ........................................................................................................... 72
Note 4.7: Share capital .................................................................................................................................. 72
OTHER DISCLOSURES 73
Note 5.1: Share -based payment ................................................................................................................. 73
Note 5.2: Commitments ................................................................................................................................ 75
Note 5.3: Contingent liabilities .................................................................................................................... 76
Note 5.4: Cash flow specifications ............................................................................................................. 76
Note 5.5: Related parties .............................................................................................................................. 77
Note 5.6: Events after the balance sheet date ........................................................................................ 78
Note 5.7: Company overview ....................................................................................................................... 79
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMEN
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
31
BASIS OF PREPARATION
Note 1.1: General accounting policies ......................................................................................................... 31
Note 1.2: Significant accounting estimates and judgments ................................................................... 34
This note sets out general accounting policies for A.P. Møller Holding A/S that relate to the
financial statements as a whole. Where an accounting policy is generally applicable to a specific
note to the financial statements, the policy is described within that note.
BASIS OF PREPARATION
The consolidated financial statements for 202 5 for A.P. Møller Holding A/S have been prepared
on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by
the EU (IFRS) and additional Danish disclosure requirements for large enterprises in class C.
The consolidated financial statements are presented in DKK million (DKKm), and all values are
rounded to the nearest thousand except when otherwise stated.
The accounting policies are consistent with those applied in the consolidated financial stat e-
ments for 202 4, except for the changes to accounting standards that were effective from 1 Janu-
ary 202 5 and endorsed by the EU. The changes have not had a material impact on the financial
statements.
CONSOLIDATION
The consolidated financial statements comprise the parent company A.P. M øller Holding A/S ,
its subsidiaries , and proportionate shares in joint arrangements classified as joint operations.
Subsidiaries are entities controlled by A.P. M oller Holding. Control is based on the power to
direct the relevant activities of an entity and the exposure, or right , to variable returns arising
from it. In that connection, relevant activities are those that significantly affect the investee’s
returns. Control is usually achieved by directly or indirectly owning or in other ways controlling
more than 50% of the voting rights, or by other rights, such as agreements on management
control.
Joint arrangements are entities in which A.P. Moller Holding, according to contractual agree-
ments with one or more parties, has joint control. The arrangements are classified as joint ven-
tures if the contracting parties’ rights are limited to net assets in separate legal entities, and as
joint operations if the parties have direct and unlimited rights to the assets and obligations for
the liabilities of the arrangement.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
32
Entities in which A.P. Moller Holding exercises a significant but non -controlling influence are
considered associated companies. A significant influence is usually achieved by directly or indi-
rectly owning or controlling 20 -50% of the voting rights. Agreements and other circumstances
are considered when assessing the degree of influence.
Consolidation is performed by summarising the financial statements of the parent company and
its subsidiaries in accordance with A.P. Moller Holding’s accounting policies. Intra -group income
and expenses, shareholdings, dividends, intra -group balances , and gains on intra -group trans-
actions are eliminated. Unrealised gains on transactions with associated companies and joint ar-
rangements are eliminated in proportion to A.P. Moller Holding’s ownership share. Unrealised
losses are eliminated in the same way, un less they indicate impairment.
When the group ceases to consolidate or applies equity accounting for an investment because
of a loss of control, joint control, or significant influence, any retained interest in the entity is re-
measured to its fair value, with the change in the carrying amount recognised in profit or loss.
This fair value becomes the initial carrying amount for the purpose of subsequently accounting
for the retained interest as an associate, joint venture, or other equity investment. In addition,
any amounts prev iously re cognised in other comprehensive income in respect of that entity are
accounted for as if the group had directly disposed of the related assets or liabilities. Therefore,
amounts previously recognised in other comprehensive income are reclassified to profit or loss .
Non -controlling interests’ share of the result for the year and of equity in subsidiaries is included
as part of A.P. Moller Holding’s result and equity , respectively , but shown as separate items.
FOREIGN CURRENCY TRANSLATION
The functional currency of the parent company is USD. DKK has been selected as the presenta-
tion currency as the ultimate owner of the group, A.P. Moller Foundation, is located in Denmark.
In the translation to the presentation currency of the parent company, subsidiaries, associated
companies, or joint arrangements with functional currencies other than DKK, the total compre-
hensive income is translated into DKK at average exchange rates, and the balance sheet is trans-
lated at the exchange rates as of the balance sheet date . Exchange rate differences arising from
such translations are recognised directly in other comprehensive income and in a separate re-
serve of equity.
The functional currency v aries from business area to business area. For the group’s global trade
activities, the functional currency is typically USD. This means, among other things, that the car-
rying amounts of property, plant and equipment and intangible assets and, hence, depreciation
and amortisation , are maintained in USD from the date of acquisition. For other activities, the
functional currency is generally the local currency of the country in which such activities are per-
formed, unless circumstances suggest that a different currency is appropriate .
Transactions in currencies other than the functional currency are translated at the exchange rate
prevailing on the date of the transaction. Monetary items in foreign currencies not settled by the
balance sheet date are translated at the exchange rate as of the balance sheet date. Foreign ex-
change gains and losses are included in the income statement as financial income or expenses.
STATEMENT OF COMPREHENSIVE INCOME
Other comprehensive income consists of gains and losses not recognised in the income state-
ment, including exchange rate adjustments arising from translation from the functional currency
to the presentation currency, fair value adjustments of other equity investments (at FVOCI), cash
flow hedges, forward points and currency basis spread , and actuarial gains/losses on defined
benefit plans, etc. The group’s share of other comprehensive income in associated companies
and joint ventures is also included.
On disposal or discontinuation of an entity, the group’s share of the accumulated exchange rate
adjustment relating to the relevant entity with a functional currency other USD, is reclassified to
the income statement. Accumulated value adjustments of equity instruments classified as equity
instruments at fair value through other comprehensive income will remain in equity upon dis-
posal.
Other comprehensive income includes current and deferred income tax to the extent the items
recognised in other comprehensive income are taxable or deductible.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
33
NEW FINANCIAL REPORTING REQUIREMENTS
In 2025, A.P. Moller Holding adopted the amendments to IAS 21 - The E ffects of Changes in For-
eign Exchange Rates, which introduced requirements to assess when a currency is exchangeable
into another currency and when it is not. The amendments have had no material effect on the
consolidated financial statements.
A.P. Moller Holding has not yet adopted the following new or amended accounting standards
and requirements that have not yet become effective :
• Amendments to IFRS 9 and IFRS 7 – amendments to the classification and measurement of
financial instruments
• IFRS 18 Presentation and Disclosure in Financial Statements
The amendments to IFRS 9 and IFRS 7 clarify derecognition of financial liabilities on the settle-
ments date with an optional policy for early derecognition via electronic payments. They provide
additional guidance on assessing contractual cash flows for financial assets with ESG and similar
features, clarify the treatment of non -recourse and contractually linked instruments, and intro-
duce enhanced disclosures for contingent features and equity instruments measured at fair
value through OCI. The amendments ar e effective from 1 January 2026 and are not expected to
have any significant impact on recognition and measurement.
IFRS 18, which will be effective from 1 January 2027, replaces IAS 1 and introduces new require-
ments for presentation within the income statement, including specified totals and subtotals.
Furthermore, the standard requires all income and expenses to be classified within the income
statement in one of five categories: operating, investing, financing, income taxes, and discontin-
ued operations.
A.P. Moller Holding is currently working to identify all the impacts that IFRS 18 will have on the
financial statements and notes to the financial statements. The initial expected material impacts
on the consolidated financial statements are as follows:
• The tax line item in the current income statement will be classified either under operating or
income tax categories based on whether they are under the scope of IAS 12 or not
• Foreign exchange differences will be classified in the same category as the related income
and expenses from the items giving rise to the foreign exchange differences
• Interest received will be classified under investing activities on the cash flow statement
• A new note to the financial statements for the required disclosures on management -defined
performance measures will be included
Other new standards, amendments, and interpretations that are not yet effective have not been
disclosed, as we do not anticipate them having a material impact on the group’s consolidated
financial statements.
DEFINITIONS OF FINANCIAL RATIOS
Return on equity is calculated as result for the year in proportion to the average total equity for
the year.
Equity ratio is calculated as total equity end of year in proportion to total assets end of year .
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
34
This note describes the significant accounting estimates and judgments that management has
identified as having a potentially material impact on the group’s consolidated financial state-
ments.
The preparation of the consolidated financial statements requires management to make esti-
mates and judgments on an ongoing basis and form assumptions that affect the reported
amounts. Management forms its estimates and judgments based on historical experience, inde-
pendent advi ce, external data points , in-house specialists , and on other factors believed to be
reasonable under the circumstances.
In its assumption setting, management deals with various aspects of uncertainty. One aspect of
uncertainty is the assessment of control over investments classified a s associates, joint ventures,
and subsidiaries, where the assessment forms the basis for classifica tion. Another aspect is the
measurement of uncertainty, where management makes assumptions that derive the value of
recognised assets and liabilities. These assumptions concern the timing and amount of future
cash flows as well as the risks inhere nt in these.
In certain areas, the outcome of business plans, including ongoing negotiations with external
parties to execute those plans or the outcome of negotiations to settle claims that are raised
against the group, is highly uncertain. Therefore, assumptions may change, or the outcome may
differ in the coming years, which could require a material upward or downward adjustment to the
carrying amounts of assets and liab ilities.
The areas and their related impact in which the group is particularly expose d to material uncer-
tainty over the carrying amounts as at the end of 202 5 are included in the individual notes as out-
lined below:
Note 2.2
EU Emissions Trading Systems (ETS) classification determination
Judgment
L
Note 2.5
Recognition and measurement of deferred tax assets and uncertain
tax positions
Estimate
M
Note 3.1
Cash -generating unit determination
Judgment
M
Note 3.1
Impairment testing key assumptions
Estimate
H
Note 3.2
Useful life and residual value estimates
Estimate
L
Note 3.8
Provisions for legal dispute assumptions
Estimate
M
Note 3.9
Measurement of acquired assets, liabilities, and contingent liabilities
Judgment
H
Note 5.4
Operations in countries with limited access to repatriating surplus
cash assumptions
Judgment
L
Level of potential impact to the consolidated financial statements:
• L = Low
• M = Medium
• H = High
CLIMATE-RELATED RISKS
When preparing the consolidated financial statements, management considers climate -related
risks , including where these could potentially impact reported amounts materially , and continu-
ously monitors regulatory changes and developments. The areas in which the group has as-
sessed climate -related risks at the end of 2025 are included in the individual notes including note
2.2, 3.1, and 3.2. Management is of the opinion that climate -related risks have not had a material
impact on the group’s significant account ing estimates and judgments.
CHANGE IN ACCOUNTING ESTIMATES
As a result of the annual useful life review at the end of 2025, the useful lives of vessels will in-
crease from 20 years to 25 years and will be applied prospectively as a change in the accounting
estimate, effective 1 January 2026. The change is expected to result in reduced depreciation of
around DKK 4.5bn in 2026. The change in useful lives has not impacted the financial position or
results for 2025 or any previous periods.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
35
OPERATING PROFIT
Note 2.1: Revenue ............................................................................................................................................ 35
Note 2.2: Operating costs ............................................................................................................................... 37
Note 2.3: Depreciation, amortisation and impairment losses, net ....................................................... 38
Note 2.4: Gain on sale of non -current assets, etc., net ............................................................................ 38
Note 2.5: Tax and deferred tax ...................................................................................................................... 39
TYPES OF REVENUE
Global trade
369,008
394,994
Energy transition
10,706
8,025
Circularity, water & waste recovery
9,083
9,671
Demographic & societal change
12,316
12,095
Total
401,113
424,785
Of which:
Recognised over time
349,555
379,546
Recognised at a point in time
51,558
45,239
Types of revenue have been organised according to our four investment themes:
• Global trade includes shipping activities, sale of bunker oil, integrated transportation, fulfil-
ment and management solutions, including landside and air transportation, warehousing
and supply chain management offerings, gateway terminal activities, towage and related ma-
rine activities, and trading, etc.
• Energy transition includes sale of goods and services for renewable solutions
• Circularity, water & waste recovery includes sale of food packaging solutions, recycled plas-
tic, and operators of water utility businesses
• Demographic & societal change includes mainly diagnostic services within laboratory, imag-
ing, and pathology specialities
CONTRACTS WITH CUSTOMERS
Set out below is the reconciliation of the revenue from contracts with customers to the amounts
disclosed as total revenue .
Revenue from contracts with customers
393,790
417,400
Revenue from other sources:
Vessel sharing and slot charter income
5,263
5,488
Lease income
846
764
Others
1,214
1,133
Total
401,113
424,785
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
36
CONTRACT BALANCES
Trade receivables from contracts with customers
36,860
44,350
Accrued income - contract assets
2,260
3,513
Deferred income - contract liabilities
3,884
5,640
Trade receivables in the balance sheet include accrued income and contract assets comprising
unbilled amounts representing the group’s right to consideration for the services transferred to
date. All deferred income is recognised in the income s tatement within 12 months.
Under the payment terms generally applicable to the group’s revenue generating activities,
prepayments are only received to a limited extent. Typically , payment is due upon or after
completion of the services.
Part of the deferred income presented in the balance sheet constitutes contract liabilities , which
represent advance payments and billings in excess of the recognised revenue.
There were no significant changes in accrued and deferred income during the reporting period.
Impairment losses disclosed in note 4.3 relate to receivables arising from contracts with
customers.
PERFORMANCE OBLIGATIONS
Performance obligations are products and services that are to be completed under existing cus-
tomer contracts. There is no performance obligations after five years.
Within one year
4,330
4,172
Between one and five years
1,143
1,733
Total
5,473
5,905
ACCOUNTING POLICIES
Revenue is recognised when the performance obligation has been satisfied, which hap-
pens upon the transfer of control to the customer at an amount that reflects the considera-
tion to which the group expects to be entitled in exchange for the goods and servic es.
Revenue from shipping activities is recognised over time as the performance obligation is
satisfied, including a share of revenue from incomplete voyages at the balance sheet date.
Invoiced revenue related to an estimated proportion of remaining voyage tim e and activi-
ties at the destination port is deferred. The percentage of completion is calculated as the
remaining number of days of a voyage, as a percentage of the total number of days a voy-
age is estimated to last. Detention and demurrage fees are recogn ised over time until the
customers’ late return or pick -up of containers.
Revenue from terminal operations and towing activities is recognised upon completion of
the service. In container terminals operated under certain restrictive terms of pricing and
service , etc., the value of tangible assets constructed on behalf of the concession grantor
is recognised as revenue during the construction.
Revenue from most freight forwarding activities is recognised over time.
Revenue from the sale of goods is recognised upon the transfer of control to the buyer.
Contract work in progress and services are included in revenue based on the stage of com-
pletion so that revenue corresponds to the selling price of the work performed and ser-
vice s completed in the financial year (the percentage -of-completion method) .
No significant element of financing is deemed present , as sales are made with credit terms
which are consistent with market practice. Revenue from sales is recognised based on the
price specified in the contract, net of the estimated volume discounts. Accumulated experi-
ence is used to estimate and provide for the discounts, using the expected value method,
and revenue is only recognised to the extent that it is highly probable that a significant
reversal will not occur.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
37
Cost of goods sold
30,136
26,893
Bunker costs
41,437
49,856
Other shipping related costs
88,366
87,626
Rent and lease costs
13,818
11,946
Staff costs
63,367
64,698
Other costs
97,491
94,420
Total operating costs¹
334,615
335,439
Remuneration of employees
Wages and salaries
54,170
55,728
Severance payments
1,340
1,037
Pension costs, defined benefit plans
338
308
Pension costs, defined contribution plans
2,625
2,650
Other social security costs
5,671
5,623
Total remuneration
64,144
65,346
Of which:
Recognised in the cost of assets
- 150
- 142
Included in other costs
- 627
- 506
Expensed as staff costs
63,367
64,698
Average number of employees
1
Includi ng DKK 114m (DKK 7 3m) related to research and development expenditures
Customary agreements have been entered into with employees regarding compensation in con-
nection with resignation w ith consideration for local legislation and collective agreements.
The remuneration expense for share -based payments included in wages and salaries amounts to
DKK 296m (DKK 256m). Please refer to note 5.1 for further information about share -based pay-
ment s.
FEES AND REMUNERATION TO THE EXECUTIVE BOARD AND BOARD OF DIRECTORS
The Executive Board of A.P. Moller Holding is considered key management personnel. The
group has a cash -settled incentive plan to members of the Executive Board and grants have
been awarded on a yearly basis . The incentive plan provides an annual bonus and long -term in-
centive programmes, which are determined by the development in the value creation of the un-
derlying investments . The main part s of the long -term incentive programmes are capped.
Executive Board
Fixed base salary
20
18
Short -term cash incentive
14
15
Long -term incentive, grant value
10
9
Annual board fees from subsidiaries
5
5
Remuneration to the Executive Board before fair value adjustments
49
47
Fair value adjustments of long -term incentive, including of previous years' grants
- 1
55
Remuneration to the Executive Board, including fair value adjustments
48
102
Board of Directors
Annual fees
3
2
Remuneration to the Board of Directors
3
2
Remuneration to the Board of Directors and the Executive Board
51
104
FEES TO STATUTORY AUDITORS
Statutory audit
172
164
Other assurance services
9
23
Tax and VAT advisory services
16
11
Other services
16
21
Total fees
213
219
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
38
SIGNIFICANT ACCOUNTING JUDGMENTS
Climate-related risks
The group is subject to the new EU Emissions Trading System (ETS), a cap -and -trade sys-
tem to reduce emissions via a carbon market. Implementation of the EU ETS requires the
group to purchase EU allowances (EUAs) representing the right to emit a specific amount
of greenhouse gases.
The group has purchased EUAs as spot, future , or forward contracts. EUA futures and for-
wards satisfy the conditions for the ‘own use ’ exemption and are off -balance -sheet items.
EUA contracts are classified as other current assets upon delivery of certificates. They are
measured at cost of settlement and are not subject to remeasurement until surrender. The
cost of settlement includes all purchase, conversion , and other directly attributable costs
such as transaction costs.
The accrual is recognised as fuel is burnt in the group’s applicable shipping activities,
measured at expected cost for the required EUAs, based on actual emissions and the
price of the EUAs, which is calculated as a weighted average price of EUA spots, futures ,
and forwards. The corresponding cost is presented as bunker cost.
ACCOUNTING POLICIES
Operating costs comprise costs incurred in generating revenue for the year, including
costs for crew, labour, raw materials and consumables, repair and maintenance, and sales
and administrati on .
Depreciation
45,137
43,507
Amortisation
4,840
4,478
Impairment losses, net¹
- 159
6,281
Depreciation, amortisation, and impairment losses, net
49,818
54,266
1
In 2024, a reversal of impairment of DKK 18m related to assets held for sale is included
For more information, reference is made to note 3.1, 3.2, and 3.3.
Gains
1,645
4,139
Losses
- 566
- 827
Gain on sale of non -current assets, etc., net
1,079
3,312
Gains include the sale of vessels and equipment DKK 1.5bn (DKK 2.3bn) and sale of businesses
DKK 0. 1bn (DKK 1.9bn).
Losses are related to the sale of vessels and equipment DKK 0. 5bn (DKK 0.4bn) and sale of
other non -current assets DKK 0.1bn (DKK 0.5 ).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
39
Tax recognised in the income statement
Current tax on result for the year
3,791
4,149
Adjustment for current tax of prior periods
- 707
45
Utilisation of previously unrecognised deferred tax assets
- 78
- 681
Withholding tax
966
878
Total current tax
3,972
4,391
Origination and reversal of temporary differences
- 542
187
Adjustment for deferred tax of prior periods
42
- 504
Recognition of previously unrecognised deferred tax assets
- 853
- 3
Reassessment of recoverability of deferred tax assets, net
32
162
Total deferred tax
- 1,321
- 158
Total income tax
2,651
4,233
Tonnage and freight tax
945
935
Total tax expenses
3,596
5,168
Tax reconciliation
Result before tax
27,104
54,103
Profit subject to Danish and foreign tonnage taxation, etc.
- 11,530
- 40,328
Share of profit in joint ventures
- 1,589
- 1,119
Share of profit in associated companies
- 7,464
- 6,740
Result before tax, adjusted
6,521
5,916
Tax using the Danish corporation tax rate (22%)
1,435
1,302
Tax rate deviations in foreign jurisdictions
- 148
434
Pillar Two tax expenses
283
152
Non -taxable income
- 443
- 219
Non -deductible expenses
1,328
2,026
Adjustment to previous years' taxes
- 665
- 459
Change in recoverability of deferred tax assets
- 899
- 522
Deferred tax assets not recognised
815
355
Other differences, net
945
1,164
Total income tax
2,651
4,233
Effective tax rate
13.3%
9.6%
Tax recognised in other comprehensive income and equity
36
166
Of which:
Current tax
71
170
Deferred tax
- 35
- 4
The group generates profit across multiple business sectors and countries. Corporate income
taxes comprise taxes calculated in accordance with various countries’ tax regimes, including
global minimum taxation (OECD Pillar Two).
The land -based activities, which are subject to normal corporate income tax, include terminals,
logistics, services and shipping agencies, sale of industrial products, diagnostics services, and
financial profit from other equity investments.
The taxation of shipping income, generated by vessels providing services on the high seas,
calling at multiple ports across the globe, is outlined in the OECD Model Tax Convention, Article
8 (Shipping Article). Under the Shipping Article, activities are taxable in the jurisdiction where
the ship owning and operating entity is resident. Within ou r group, this is predominantly in Den-
mark and Singapore.
To encourage ship registration in Europe and ensure global competitiveness of the European
Maritime Industry, the EU has approved a specific shipping regime. This is normally referred to
as tonnage tax which calculates corporate income tax, based on the ne t tonnage of the fleet.
Consequently, under the tonnage tax regime, no credit is given for losses and, despite massive
capital investments in containers and vessels, no tax deductions are granted for depreciation or
operating expenses.
Tonnage tax regimes apply to the main part of the group’s activities within global trade and re-
sult in a stable annual tax liability. Given the liability to tonnage tax is not impacted by financial
profits, and is payable even in loss making years, the eff ective tax rate (ETR) metric can fluctuate
significantly.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
40
Three elements are key to understanding how the global minimum taxation rules will impact the
g roup. First, the g roup does not set up artificial structures in low -tax jurisdictions for tax pur-
poses or earn significant profits in such jurisdictions, which means that the group’s business
structure itself is not impacted significantly by the rules, but some additional tax may become
payable where services are provided in low -tax jurisdictions. Second, tax incentives given to cap-
ital projects, such as critical infrastructure, will be considered less effective going forward , as it
will impact the effective tax rate and thereby the basis for potential top -up tax. Third, although
the rules exclude ‘international shipping income ’, the definition is more restrictive than the global
definitions usually applied under a tax treaty following the OECD Model Tax Convention or un-
der Danish tonnage tax.
Recognised deferred tax
Intangible assets
140
354
7,911
8,729
7,771
8,375
Property, plant and equipment
370
396
2,869
2,750
2,499
2,354
Right -of-use assets
1,520
863
392
66
- 1,128
- 797
Provisions, etc.
2,520
2,126
805
1,016
- 1,715
- 1,110
Tax loss carryforward
1,678
1,467
0
0
- 1,678
- 1,467
Other
757
638
1,186
1,043
429
405
Total
6,985
5,844
13,163
13,604
6,178
7,760
Offsets
- 2,614
- 2,189
- 2,614
- 2,189
0
0
Total
4,371
3,655
10,549
11,415
6,178
7,760
Deferred tax liabilities, net as of 1 January
7,760
7,016
Intangible assets
- 397
- 422
Property, plant and equipment
363
280
Right -of-use assets
- 429
- 50
Provisions, etc.
- 714
64
Tax loss carryforward
- 268
- 260
Other
124
230
Recognised in the income statement
- 1,321
- 158
Other, including business combinations
14
752
Exchange rate adjustments
- 275
150
Deferred tax liabilities, net as of 31 December
6,178
7,760
Unrecognised deferred tax assets
Deductible temporary differences
521
882
Tax loss carryforward
5,568
6,266
Unused tax credit
67
67
Total
6,156
7,215
The unrecognised deferred tax assets have no significant time limitations. There are no substan-
tial unrecognised tax liabilities on investments in subsidiaries, associated companies , or joint
ventures.
SIGNIFICANT ACCOUNTING ESTIMATES
Deferred tax assets
Judgment ha s been applied with respect to the group’s ability to utilise deferred tax as-
sets. Management considers the likelihood of utilisation based on the latest business
plans and recent financial performances of the individual entities. Net deferred tax assets
recognised in entities having recognised an accounting loss in either the current or pre-
ceding period amount to DKK 1.0bn (DKK 1.4bn). These assets mainly relate to unused
tax losses or deductible temporary differences generated during construction of termin als,
where taxable profits have been generated either in the current period or are expected
within a foreseeable future.
Uncertain tax positions
The group is engaged in a number of disputes with tax authorities of varying scope. Ap-
propriate provisions and recognition of uncertain tax positions have been made where the
probability of the tax position being upheld in individual cases is considered le ss than
50%. Claims, for which the probability of the group’s tax position being upheld is as-
sessed by management to be at least 50%, are not provided for. Such risks are instead
evaluated on a portfolio basis by geographical area and country risk. Provisi ons and un-
certain tax liabilities are recognised when the aggregated probability of the tax position
being upheld is considered less than 50%.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
41
ACCOUNTING POLICIES
Tax
Tax comprises an estimate of current and deferred income tax as well as adjustments to
previous years ’ taxes . Income tax is tax on taxable profits and consists of corporation tax ,
withholding tax of dividends, etc. Tax is recognised in the income statement to the extent
it arises from items recognised in the income statement, including tax o n gains on intra -
group transactions that have been eliminated in the consolidation.
Deferred tax
Deferred tax is calculated on temporary differences between the carrying amounts and tax
bases of assets and liabilities. Deferred tax is not recognised for differences on the initial
recognition of assets or liabilities where , at the time of the transaction , neither accounting
nor taxable profit/loss is affected, unless the differences arise in a business combination.
In addition, no deferred tax is recognised for undistributed earnings in subsidiaries when
the group controls the timing of dividends . N o ta xable dividends are currently expected. A
deferred tax asset is recognised to the extent that it is probable that it can be utilised
within a foreseeable future.
The group applies the IAS 12 exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
42
INVESTED CAPITAL
Note 3.1: Intangible assets ............................................................................................................................. 42
Note 3.2: Property, plant and equipment ................................................................................................... 46
Note 3.3: Right -of-use assets ........................................................................................................................ 49
Note 3.4: Investments in associates ............................................................................................................. 50
Note 3.5: Loans receivable .............................................................................................................................. 51
Note 3.6: Other receivables ............................................................................................................................ 52
Note 3.7: Inventories ........................................................................................................................................ 52
Note 3.8: Provisions ......................................................................................................................................... 52
Note 3.9: Acquisition/sale of subsidiaries and activities ........................................................................ 53
Note 3.10: Assets held for sale or distribution .......................................................................................... 55
Cost
As of 1 January 2025
80,438
21,733
43,949
11,933
158,053
Addition
0
1,458
0
1,332
2,790
Acquired in business combinations³
1,500
2,763
129
179
4,571
Disposal
0
0
- 241
- 552
- 793
Transfers, assets held for sale
- 333
0
- 178
- 33
- 544
Transfers, tangible assets
0
0
0
- 7
- 7
Transfers
0
0
- 648
648
0
Transfers, liabilities
0
2
0
0
2
Exchange rate adjustment
- 3,454
- 2,072
- 1,783
- 669
- 7,978
As of 31 December 2025
78,151
23,884
41,228
12,831
156,094
Amortisation and impairment losses
As of 1 January 2025
11,393
7,242
9,597
5,461
33,693
Amortisation
0
801
2,653
1,386
4,840
Impairment losses
31
278
0
0
309
Reversal of impairment losses
0
- 2
0
- 2
- 4
Disposal
0
0
- 241
- 343
- 584
Transfers, assets held for sale
- 333
0
- 178
- 32
- 543
Transfers, tangible assets
0
0
0
1
1
Transfers
0
0
- 53
53
0
Transfers, liabilities
0
0
0
- 3
- 3
Exchange rate adjustment
- 120
- 629
- 499
- 336
- 1,584
As of 31 December 2025
10,971
7,690
11,279
6,185
36,125
Carrying amount
As of 31 December 2025
67,180
16,194
29,949
6,646
119,969
1
Of whic h DKK 0.7bn is under development. Terminal rights with a carrying amount of DKK 0.2bn have indefi-
nite useful life , and service concession rights with a carrying amount of DKK 0.4bn have restricted title
2
Of which DKK 2.9bn is re lated to software
3
P lease refer to note 3.9
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
43
Cost
As of 1 January 2024
75,317
20,440
40,935
11,263
147,955
Addition
0
533
0
1,384
1,917
Acquired in business combinations³
3,780
0
2,316
248
6,344
Disposal
- 310
0
- 101
- 1,288
- 1,699
Transfers, tangible assets
0
0
0
3
3
Transfers, liabilities
- 5
- 2
- 1
- 3
- 11
Exchange rate adjustment
1,656
762
800
326
3,544
As of 31 December 2024
80,438
21,733
43,949
11,933
158,053
Amortisation and impairment losses
As of 1 January 2024
2,469
6,317
6,825
4,762
20,373
Amortisation
0
723
2,569
1,186
4,478
Impairment losses
9,044
0
0
61
9,105
Disposal
- 121
0
0
- 689
- 810
Exchange rate adjustment
1
202
203
141
547
As of 31 December 2024
11,393
7,242
9,597
5,461
33,693
Carrying amount
As of 31 December 2024
69,045
14,491
34,352
6,472
124,360
1
Of which DKK 0. 5bn is under development. Terminal rights with a carrying amount of DKK 0.2bn have indefi-
nite useful life , and service concession rights with a carrying amount of DKK 0. 5bn have restricted title
2
Of which DKK 3.6bn is related to software
3
P lease refer to note 3.9
The carrying amount of goodwill has been allocated to the following operating cash -generating
units (CGUs) based on the management structure.
Cash -generating unit
Ocean
2,876
2,256
Logistics & Services
29,431
32,611
Terminals (multiple terminals)
1,492
1,720
Circularity¹
9,834
9,856
Demographic & societal change
17,231
16,901
Energy transition (renewable solutions)
2,247
2,248
Energy transition (other solutions)
3,397
3,045
Other
672
408
Total
67,180
69,045
1
From 2025, Tray and Recycling PET are defined as one cash -generating unit, reflecting the integration of recy-
cling as a key pre -material supplier for the Tray business
IMPAIRMENT KEY ASSUMPTIONS APPLIED
The outcome of the impairment tests is subject to estimate s of the future development of freight
rates and volumes, demographic and societal changes, demand for sustainable solutions, com-
modity prices, including but not limited to oil and utility prices, inflation, and the discount rates
before tax applied as well as assumptions specific to the CGU . Management determines these
key assumptions by considering past experience as well as market analysis and future expecta-
tions based on supply and demand trends.
Ocean
2.1
2.1
9.8
9.9
Logistics & Services
2.1
2.1
9.3
8.9
Terminals (multiple terminals)¹
N/A
N/A
7.3 -12.2
7.2 -12.0
Towage & maritime services
2.0
2.0
9.6
9.6
Circularity
2.0
2.0
8.0
8.4
Demographic & societal change
2.0
2.0
7.8
7.5
Energy transition (renewable solutions)
2.0
2.0
13.1
13.2
Energy transition (other solutions)
3.0
N/A
8.8
N/A
1
The growth rates applied reflect current market expectations for the relevant period. The discount rates are
after tax
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
44
RESULT OF IMPAIRMENT ASSESSMENTS
Goodwill
Demographic & societal change
0
9,039
Terminals
31
7
Terminal and service concession rights
Terminals
278
0
Other intangible assets
Demographic & societal change
0
59
Total
309
9,105
Logistics & Services
Management ’s revenue outlook reflects current market conditions relating to rates and volumes
and updated commercial expectations. The CGU is expected to deliver sustainable growth to-
ward its long ‑term objectives. Assumptions exclude future investment driven elements and re-
flect only the performance of the existing asset base.
Margin assumptions reflect operational improvements and cost management. SG&A cost effi-
ciency is expected to improve through automation and AI. Variable costs are expected to im-
prove as productivity increases, supported by technology and process improvements. The an-
nual impairment test is based on the estimated value in use from the five -year business plan for
2026 -20 30, where the volume and improved margin growth assumptions reflect the current ex-
pectations for the relevant period.
The impairment test showed headroom between the value in use and the carrying amount. Man-
agement is of the opinion that the assumptions applied are sustainable.
Demographic & societal change
Future cash flow estimates are based on current budgets and long -term business projections
with an extended forecast period for 2031 -2038 . These forecasts anticipate steady growth sup-
ported by demographic trends and a diverse range of contracts with governments, insurance
companies, healthcare providers, and clinics. Projections assess organic growth potential, con-
sidering factors such as sales, margins, and necessary investments. Management views the ex-
pected growth rate as realistic, with external analyse s supporting long -term growth expecta-
tions .
The impairment test showed headroom between the value in use and the carrying amount as of
31 December 2025. The sensitivity test performed shows that there is headroom for a reasona-
ble possible change in the key assumptions, individually.
Circularity
Future net cash flow estimates are derived from current budgets and business plans that ana-
lys e market opportunities, sales, and operational margins. These plans account for necessary in-
vestments to sustain and grow the business. The average revenue growth rates in the forecast
period (2026 -2030) are generally kept unchanged compared to prior year . M anagement consid-
ers the average growth rates for reasonab le based on the business and market plans at hand .
The impairment test showed headroom between the value in use and the carrying amount. The
sensitivity test performed shows that an increase above 0.25 ppts in the discount rate or a de-
cline of 1.00 ppts in the EBITDA margin, individually, will eliminate the headroom .
OTHER INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIFE
Terminal and service c oncession righ ts include DKK 216m (D KK 228 m) related to terminal rights
with indefinite useful life. These terminal rights are included in the impairment test for Terminals.
B rand names with indefi nite useful life of DKK 3.6bn (DKK 3.0bn ) are included in the cash -gener-
ating units Circularity and Energy transition (other solutions) . T hus, the asset is carried at cost
without amortisation, as it is estimated that the brand will generate net cash inflows for an indef-
inite period .
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
45
SIGNIFICANT ACCOUNTING ESTIMATES
Impairment tests
The recoverable amount of each cash -generating unit is determined based on the higher
of its value in use and fair value less costs to sell. The estimated value in use is calculated
using certain key assumptions for the expected future cash flows and is se nsitive to the
terminal growth rate and the discount rate. The valuation (level 3) is prepared by discount-
ing expected net cash flows.
Current market values for vessels, etc., are estimated using acknowledged brokers. In Ter-
minals, the recoverable amount is measured at fair value less cost of disposal, reflecting a
market participant’s perspective.
Projected future cash flows are estimated based on financial budgets , forecasts, and busi-
ness plans. These projections are subject to judgments and estimat ion s and are based on
experience and external sources, where available.
The terminal growth rate is determined based on the future expected economic growth
rate. Replacement CAPEX during the terminal period is determined based on manage-
ment ’s plans and expectations for the future. In Terminals, cash flows are discounted until
concession end. These projections incorporate anticipated concession extensions as well
as costs and benefits associated with restructuring and improvements that a potential
buyer would consider to maximise terminal value.
The discount rates applied reflect the time value of money as well as the specific risks re-
lated to the underlying cash flows, i.e. project and/or country -specific risk premium s to re-
flect local market conditions . Any uncertainties reflecting past performance and possible
variations in the amount or timing of the projected cash flows, are generally reflected in the
discount rates.
SIGNIFICANT ACCOUNTING JUDGMENTS
Determination of cash-generating units
Management applies judgment in the de termination of cash -generating units that are ex-
pected to benefit from the business combination from which goodwill is allocated and in
the selection of methodologies and assumptions applied in impairment tests. The deter-
mination of cash -generating units differs for various business areas.
Ocean operates its fleet of container vessels and hub terminals in an integrated network.
Consequently, Ocean activities are tested for impairment as a single cash -generating unit.
Logistics & Services, including first -mile activities, is considered one cash -generating unit .
Management views Logistics & Services products as an integrated network , with the ac-
tivities tested for impairment as a single cash -generating unit .
In Terminals, each terminal is considered an individual cash -generating unit for impairment
tests, except when the capacity is managed as a portfolio.
Supply vessels and product tanker vessels with similar functionality and operating envi-
ronment are considered as one cash -generating unit.
Towage & maritime services, Demographic & societal change, Circularity, and E nergy
transition (renewable solutions and other solutions) are each considered as one cash -
generating unit.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
46
ACCOUNTING POLICIES
Intangible assets are measured at cost less accumulated amortisation and impairment
losses. Amortisation is calculated on a straight -line basis over the estimated useful lives of
the assets. The fair value of any future contingent payments is include d in the cost at ac-
quisition. Subsequent adjustments are recognised in the income s tatement.
For container terminals operated under certain restrictive price and service conditions,
etc., concessional rights to collect usage charges are included under intangible assets. The
cost includes the present value of minimum payments under concession agree ments and
the cost of property, plant and equipment constructed on behalf of a grantor of a conces-
sion. The rights are amortised from the commencement of operations over the concession
peri od. The concession period ranges from 10 to 34 years, with an avera ge of 17 years.
Goodwill arises when the group acquires a business and pays a higher amount than the
fair value of its net assets, primarily due to the synergies the g roup expects to create.
Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has
an indefinite useful life, while most other intangible asset classes have definite lives . T he
useful lives of other classes are as follows:
Customer relationships
10 - 24 years
Brand names
5 - 20 years
Technology
5 - 10 years
IT -software
Completed development projects
3 - 10 years
3 – 5 years
Estimated useful lives and residual values are reassessed on a regular basis.
Cost
As of 1 January 2025
348,020
79,473
29,013
456,506
Addition
6,906
1,262
24,660
32,828
Acquired in business combinations¹
0
1,397
13
1,410
Disposal
- 8,343
- 2,059
- 496
- 10,898
Transfers
15,926
11,642
- 27,568
0
Transfers, intangible assets
0
58
- 51
7
Transfers between assets and liabilities
88
- 15
- 90
- 17
Transfers, assets held for sale
- 2,011
- 342
- 35
- 2,388
Reclassification from/to right -of-use assets
2,172
- 29
- 18
2,125
Exchange rate adjustment
- 37,417
- 4,530
- 3,319
- 45,266
As of 31 December 2025
325,341
86,857
22,109
434,307
Depreciation and impairment losses
As of 1 January 2025
194,956
35,847
35
230,838
Depreciation
16,189
5,732
0
21,921
Impairment losses
157
58
30
245
Reversal of impairment losses
- 17
- 716
0
- 733
Disposal
- 7,305
- 1,815
- 6
- 9,126
Transfers, intangible assets
0
- 1
0
- 1
Transfers between assets and liabilities
- 169
- 18
0
- 187
Transfers, assets held for sale
- 158
- 257
- 30
- 445
Reclassification from/to right -of-use assets
1,292
- 10
0
1,282
Exchange rate adjustment
- 21,505
- 2,297
- 2
- 23,804
As of 31 December 2025
183,440
36,523
27
219,990
Carrying amount
As of 31 December 2025
141,901
50,334
22,082
214,317
1
P lease refer to note 3.9
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
47
Cost
As of 1 January 2024
331,223
69,910
26,555
427,688
Addition
6,634
1,989
25,514
34,137
Acquired in business combinations¹
0
830
65
895
Disposal
- 8,684
- 2,498
- 48
- 11,230
Disposal due to sale of businesses
- 15,008
- 31
- 129
- 15,168
Transfers
15,306
8,333
- 23,639
0
Transfers, intangible assets
0
11
- 14
- 3
Transfers between assets and liabilities
1,057
15
- 1,130
- 58
Transfers, assets held for sale
- 296
- 119
0
- 415
Reclassification from/to right -of-use assets
124
- 221
- 84
- 181
Exchange rate adjustment
17,664
1,254
1,923
20,841
As of 31 December 2024
348,020
79,473
29,013
456,506
Depreciation and impairment losses
As of 1 January 2024
188,959
31,463
3
220,425
Depreciation
16,045
5,105
0
21,150
Impairment losses
197
321
43
561
Reversal of impairment losses
- 3,322
- 39
0
- 3,361
Disposal
- 7,254
- 1,549
- 12
- 8,815
Disposal due to sale of businesses
- 9,885
- 31
0
- 9,916
Transfers
107
- 107
0
0
Transfers between assets and liabilities
- 210
- 10
0
- 220
Transfers, assets held for sale
- 90
- 37
0
- 127
Reclassification from/to right -of-use assets
- 17
- 50
0
- 67
Exchange rate adjustment
10,426
781
1
11,208
As of 31 December 2024
194,956
35,847
35
230,838
Carrying amount
As of 31 December 2024
153,064
43,626
28,978
225,668
1
P lease refer to note 3.9
IMPAIRMENT KEY ASSUMPTIONS APPLIED
Please refer to note 1.2 and 3.1.
RESULTS OF IMPAIRMENT ASSESSMENTS
Impairment losses per cash -generating unit recognised are specified as follows:
Terminals
0
290
716
48
Logistics & Services
142
62
0
0
Manufacturing & other
0
181
0
3,299
Other
103
22
17
26
Total
245
555
733
3,373
The recoverable amount of each cash -generating unit is determined based on the higher of its
value in use or fair value less cost of disposal . The estimated value in use is calculated using cer-
tain key assumptions for the expected future cash flows and applied discount factor s. Current
market values for vessels, etc., are estimated using acknowledged brokers.
Projected cash flow models are used when fair value is not obtainable or when fair value is
deemed lower than value in use. The cash flow projections are based on financial budgets and
business plans approved by management.
Impairment reversal 2025
Reversal of impairment losses are mainly related to terminals. Reference is made to note 3.1.
Impairment losses 2024
Impairment losses are mainly related to terminals. Reference is made to note 3.1.
Impairment reversal 2024
Reversal of impairment of vessels is related to sale of business es .
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
48
PLEDGES
Property, plant and equipment with a carrying amount of DKK 3.1bn (DKK 3.6bn) has been
pledged as security for loans of DKK 0.7bn (DKK 0.9bn).
SIGNIFICANT ACCOUNTING ESTIMATES
Useful lives and residual values
Useful lives are estimated annually based on experience. When an asset’s useful life
changes, management revises the estimates for individual assets or groups of assets with
similar characteristics due to factors such as quality of maintenance and repair, technical
development, or environmental requirements.
The residual value of container vessels is difficult to estimate given their long useful lives,
the uncertainty of future economic conditions, the market for conventional fuel vessels,
and the uncertainty of future steel prices, which are considered the main determinants of
the residual value. A dditionally, the acceleration of the development of vessels with a lower
carbon footprint may generate downward pressure on the market for second -hand con-
ventional fuel vessels. Generally, the residual value of conta iner vessels is initially esti-
mated at 10% of the purchase price excluding dry -docking costs.
Climate-related risks
Management has also considered the impact of decarbonisation and climate -related risks
on the useful lives of existing assets. Such risks include new climate -related legislation re-
stricting the use of certain assets, new technology required by climate -related legislation,
and the increase in restoration costs for terminal sites due to new and/or mo re compre-
hensive policies.
The useful lives of container vessels and related assets that operate on bunker fuel have
been considered in conjunction with A.P. Moller - Maersk’s net zero by 2040 target , includ-
ing in the annual useful life review at the end of 2025 as disclosed in note 1.2.
ACCOUNTING POLICIES
Property, plant and equipment are valued at cost less accumulated depreciation and im-
pairment losses. Depreciation is charged to the income statement on a straight -line basis
over the useful lives at an estimated residual value. The useful lives of assets are typically
as follows:
Vessels , etc.
20 -25 years
Containers, etc.
15 years
Buildings
10 -75 years
Terminal infrastructure
10 -30 years or
concession period, if shorter
Warehouses and related infrastructure
5-25 years or lease term, if shorter
Aircrafts and related components
3-30 years
Plant and machinery, cranes, and other terminal equipment
3-25 years
Other operating equipment, fixtures, etc.
3-10 years
Estimated useful lives and residual values are reassessed on a regular basis.
Cost comprises the acquisition price as well as cost s directly associated with the asset
until it is ready for its intended use.
The cost of an asset is divided into separate components, which are depreciated sepa-
rately if the useful lives of the individual component s differ. Dry -docking costs are recog-
nised in the carrying amount of the vessels when incurred and depreciated over the period
until the next dry -docking.
The cost of assets constructed by the group in cludes directly attributable expenses and
indirect costs related to materials, components , and payroll that directly concern the con-
struction of assets. For assets with a long construction period, borrowing costs during the
construction period from specific as well as general borrowings are attributed to the cost
of the asset. In addition, the cost includes the net present value of estimated costs of
removal and restoration.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
49
Right -of-use assets
As of 1 January 2024
31,509
15,626
20,650
67,785
Additions
22,692
3,465
6,789
32,946
Acquired in business combinations¹
0
0
102
102
Disposal
- 1,846
- 4
- 1,034
- 2,884
Depreciation
- 15,951
- 1,402
- 5,004
- 22,357
Reversal of impairment losses
0
0
6
6
Transfers to owned assets, etc.
- 37
0
151
114
Transfers between assets/liabilities
- 65
0
6
- 59
Exchange rate adjustment
2,006
476
475
2,957
As of 31 December 2024
38,308
18,161
22,141
78,610
Additions
21,965
7,761
4,846
34,572
Acquired in business combinations¹
0
0
- 11
- 11
Disposal
- 1,608
- 965
- 1,292
- 3,865
Depreciation
- 16,837
- 1,416
- 4,963
- 23,216
Impairment losses
0
0
- 24
- 24
Transfers to owned assets, etc.
- 880
108
- 71
- 843
Transfers between assets/liabilities
0
0
4
4
Transfers, assets held for sale
0
0
- 35
- 35
Exchange rate adjustment
- 4,321
- 1,348
- 1,315
- 6,984
As of 31 December 2025
36,627
22,301
19,280
78,208
1
P lease refer to note 3.9
As part of the group’s activities, customary leasing agreements are entered into, especially re-
garding the chartering of vessels, leasing of containers and other equipment , and real estate. In
some cases, leasing agreements comprise purchase options exercisable by the group and op-
tions for extending the lease term. The group also enters into concession agreements that pro-
vide the right to use some existing infrastructure or land as required to carry out the terminal
business.
To optimise lease costs during the contract period, the group sometimes provides residual value
guarantees in relation to equipment leases. At year -end , the expected residual values were re-
viewed to determine if these reflected the actual residual values achieved on comparable assets
and expectations about future prices. As of 31 December 202 5, DKK 1.3 bn (DKK 2. 0bn) is ex-
pected to be payable and is included in the measurement of lease liabilities.
Leases to which the group is committed, but for which the lease term has not yet commenced ,
have an undiscounted value of DKK 6 1.6 bn (D KK 67.6 bn). They comprise approx. 8 5 (87 ) con-
tracts commencing between 202 6 and 2029 (202 5 and 202 9).
Certain terminal concession agreements contain variable payment terms that are linked to future
performance, i.e. number of containers handled. Such payments are recognised in the income
statement in the period in which the condition that triggers those pa yments occurs.
Lease liabilities are disclosed in note 4.2, 4.3, 4.4, and 5.2.
Amounts recognised in the income statement
Depreciation cost and impairment losses on right -of-use assets
23,240
22,351
Interest expenses (included in financial expenses)
4,978
4,360
Expenses relating to service elements of leases
6,911
6,516
Expenses relating to short -term leases
4,078
2,667
Expenses relating to variable lease payments
204
212
Expenses relating to lease of low -value assets
2,625
2,551
Total recognised in operating costs
13,818
11,946
Income from sublease of right -of-use assets
- 7
- 44
Total recognised in the income statement
13,811
11,902
Cash outflow for leases
Other lease expenses
13,299
11,551
Interest expenses
4,978
4,360
Repayment of leases
24,262
22,329
Total cash outflow for leases
42,539
38,240
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
50
ACCOUNTING POLICIES
Right -of-use assets are mainly lease d vessels , containers , concession agreements, and
real estate property . Lease contracts for vessels and containers are typically made for
fixed periods of about five years but may have extension options as described together
with lease liabilities. Concession agreements and real estate contracts are negotiated on
an individual basis and contain a wide range of terms and conditions.
Leases are recognised as a right -of -use asset with a corresponding liability at commence-
ment of the lease . The right -of-use asset is depreciated over the shorter of the asset’s use-
ful life and the lease term on a straight -line basis.
The interest element of lease payments related to leases capitalised under IFRS 16 is
recognised in the income statement under financial expenses.
Payments associated with short -term leases and leases of low -value assets are recognised
on a straight -line basis as an expense in the income statement under operating costs.
Summarised financial information for associates that are material for the group as of 31 Decem-
ber 2025 are presented below.
DANSKE BANK A/S, ASSOCIATED COMPANY
Since 1928, A.P. Moller Group has been a shareholder in Danske Bank - a Nordic universal bank
offering a diversified platform across the Nordic markets.
Total income
56,840
56,405
Operating expenses, depreciations, impairments, etc.
- 25,847
- 25,736
Loan impairment charges
- 294
543
Result before tax
30,699
31,212
Tax
- 7,662
- 7,583
Result for the year
23,037
23,629
Comprehensive income
645
- 273
Comprehensive income, total
23,682
23,356
Non -current assets
2,441,208
2,368,344
Current assets
1,312,703
1,347,697
Non -current liabilities
- 2,611,998
- 2,600,776
Current liabilities
- 960,751
- 939,578
Total assets, net
181,162
175,687
Cash in hand and demand deposits with central banks
137,181
107,498
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
51
The group’s share of the car rying amount in Danske Bank A/S is reconciled as follows:
Net assets 1 January
175,687
175,739
Result for the year
23,037
23,629
Other comprehensive income
645
- 273
Dividends paid
- 12,236
- 18,207
Other equity transactions
- 5,971
- 5,201
Net assets as of 31 December
181,162
175,687
The group's ownership
21.3%
21.3%
The group's share of:
Result for the year
4,898
5,024
Comprehensive income
137
- 58
Dividends received during the year
2,609
3,883
Ownership interest
38,515
37,355
Goodwill
957
957
Carrying amount
39,472
38,312
As of 31 December 202 5, the market value amount ed to DKK 55.4bn (DKK 36 .2bn).
OTHER ASSOCIATED COMPANIES
In addition to the interests in material associated companies disclosed above, the group also
has interests in a number of individually immaterial joint ventures and associates.
The group's share of:
Result for the year
2,566
1,716
Comprehensive income
0
0
Carrying amount
17,631
18,490
ACCOUNTING POLICIES
Share of result in associated companies is recognised net of tax and corrected for the
share of unrealised intra -group gains and losses. The item also comprises any impairment
losses for such investments and their reversal.
Investments in associated companies are recognised at the group’s share of the equity
value inclusive of goodwill less any impairment losses. Goodwill is an integral part of the
value of associated companies and is therefore subject to an impairment test t ogether
with the investment as a whole. Impairment losses are reversed to the extent the original
value is considered recoverable.
Loans receivable amount to DKK 70. 4bn (DKK 113 .7bn) and consist primarily of term deposits
with a maturity of more than three months. For details on the assessment of the expected losses
on term deposits, please refer to note 4.3.
ACCOUNTING POLICIES
Loan s receivable are initially recognised at fair value, plus any direct transaction costs , and
subsequently measured at amortised cost using the effective interest method. W rite-
down s are made for expected losses based on specific individual or group assessments.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
52
Other receivables primarily consist of prepayments made for operational activities that will be
utilised after twelve months amounting to DKK 12.1bn (DKK 13.6bn) .
ACCOUNTING POLICIES
Other receivables are generally recognised at nominal value, substantially corresponding
to amortised cost and impaired for expected losses based on the expected loss model as
described in IFRS 9 .
Raw materials and consumables
2,021
2,072
Work in progress
564
592
Finished goods and goods for resale
990
1,037
Bunker oil, etc.
7,188
9,777
Other consumables
1,469
1,440
Total
12,232
14,918
The amount of inventories recognised as an expense during the period amounts to DKK 54.4bn
(DKK 65.7bn).
ACCOUNTING POLICIES
Inventories mainly consist of bunker, spare parts not qualifying as property, plant and
equipment, and raw materials and consumables. Inventories are measured at the lower of
cost including delivery costs and indirect production costs and net realisable value, pri-
marily according to the FIFO method. The cost of finished goods and work in progress in-
cludes direct and indirect production costs.
As of 1 January 2025
506
8,480
3,929
12,915
Provision made
579
3,637
1,712
5,928
Amount used
- 206
- 1,862
- 986
- 3,054
Amount reversed
- 145
- 1,033
- 788
- 1,966
Addition from business combinations
0
0
6
6
Transfers
- 14
- 12
26
0
Transfers between assets/liabilities
20
- 1
4
23
Transfers, assets held for sale
- 55
- 11
- 21
- 87
Exchange rate adjustment
- 34
- 978
- 397
- 1,409
As of 31 December 2025
651
8,220
3,485
12,356
Of which:
Classified as non -current
70
4,776
2,268
7,114
Classified as current
581
3,444
1,217
5,242
Non -current provisions
expected to be realised after more than five years
3
183
364
550
Restructuring includes provisions for decided and publicly announced restructurings and in-
cludes mainly staff redundancy costs. Legal disputes, etc. include , among other things , indirect
tax and duty disputes. Other primarily includes provisions for warranties and onerous contracts .
Reversals of provisions primarily relate to legal disputes and contractual disagreements, which
are recognised in the income statement under operating costs and tax.
SIGNIFICANT ACCOUNTING ESTIMATES
Management’s estimate of the provisions for legal disputes, including disputes on taxes
and duties, is based on the knowledge available on the substance of the cases and a legal
assessment of these. The resolution of legal disputes, through either negotiations or liti-
gation, can take several years t o be reached and the outcome s are subject to considerable
uncertainty.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
53
ACCOUNTING POLICIES
Provisions are recognised when the group has a present legal or constructive obligation
from past events. The item includes, among others, legal disputes, provision s for onerous
contract s, and unfavourable contracts acquired as part of a business combination. Provi-
sions are recognised based on best estimates and are discounted where the time element
is significant and where the time of settlement is reasonably determinable.
ACQUISITIONS DURING 2025
Fair value at time of acquisition
Intangible assets
2,763
308
3,071
Property, plant and equipment
903
507
1,410
Right -of-use assets
0
- 11
- 11
Current assets
106
583
689
Provisions
0
- 6
- 6
Deferred tax liability
0
- 101
- 101
Other liabilities
- 130
- 136
- 266
Net assets acquired
3,642
1,144
4,786
Non -controlling interests
0
- 116
- 116
The group's share
3,642
1,028
4,670
Goodwill
909
591
1,500
Purchase price
4,551
1,619
6,170
Change in payable purchase price, etc.
0
- 190
- 190
Contingent consideration assumed
0
- 71
- 71
Purchase price paid in prior years
0
- 131
- 131
Cash and bank balances assumed
- 86
- 260
- 346
Cash flow used for acquisition of subsidiaries and activities
4,465
967
5,432
1
Panama Canal Railway Company
Transaction related costs recognised in the income statement amounted to DKK 42 m.
Panama Canal Railway Company (Ocean)
On 1 April 2025, the g roup acquired 100% of the shares in Panama Canal Railway Company
(PCRC). PCRC operates a 76 km single -line railway adjacent to the Panama Canal, mainly facili-
tating cargo movement between the Atlantic and Pacific Oceans.
Goodwill is mainly attributable to expected future synergies from PCRC ’s established opera-
tional framework, decreasing the time and resources the g roup would need to invest in building
the capabilities from scratch. Goodwill was allocated to the Ocean CGU . Acquired goodwill is not
deductible for tax purposes.
From the acquisition date to 31 December 2025, PCRC contributed with insignificant revenue
and net profit. Had the acquisition occurred on 1 January 2025, the impact on the g roup ’s reve-
nue and net profit would have been insignificant.
Other
During 2025, a number of other acquisitions were completed. The acquisitions were smaller add -
ons in current portfolio companies and businesses, including Officine Mazzocco Pagnoni
(OMP) .
The accounting for the business combination s is considered provisional as of 31 December
202 5, as the valuation of intangible assets is not yet finalised.
Other acquisitions also include minor adjustments to the valuation of intangible assets acquired
during 2024, as the accounting for the business combination s wa s considered provisional as of
31 December 2024.
DIVESTMENTS DURING 2025
No material sales were undertaken during 2025.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
54
ACQUISITIONS DURING 2024
Fair value at time of acquisition
Intangible assets
2,259
305
2,564
Property, plant and equipment
875
20
895
Right -of-use assets
50
52
102
Financial assets
4
1,305
1,309
Deferred tax assets
12
0
12
Current assets
1,347
1,042
2,389
Provisions
- 70
0
- 70
Deferred tax liability
- 658
- 66
- 724
Liabilities
- 1,288
- 886
- 2,174
Net assets acquired
2,531
1,772
4,303
Non -controlling interests
- 99
- 2
- 101
The group’s share
2,432
1,770
4,202
Goodwill
3,127
653
3,780
Gain on business combinations
0
- 491
- 491
Purchase price
5,559
1,932
7,491
Change in payable purchase price, etc.
0
59
59
Cash and bank balances assumed
- 304
- 547
- 851
Cash flow used for acquisition of subsidiaries and activities
5,255
1,444
6,699
Transaction related costs recognised in the income statement amounted to DKK 104m .
Concentric (Energy transition)
On 29 August 2024, the group announced a public cash offer to the shareholder s of Concentric
AB. At the end of the acceptance period on 16 October 2024, the offer had been accepted by
95.4% of the shareholders. On 7 November 2024, the company was delisted and traded on
Nasdaq Stockholm for the last time. The group initiated a compul sory buy -out of the outstand-
ing shares that was completed in 2025.
Concentric is one of the world’s leading players in flow control and fluid power technology for
the commercial vehicle market, providing customers with advanced technology pumps, thermal
management , and hydraulic systems. With its products, Concentric aims to improve customer
efficiency through better fuel economy, reduc ed emissions, and improv ed engine control
through technical solutions and precision engineering.
The purchase price allocation resulted in goodwill of DKK 3 .1bn . Acquired goodwill is not allowa-
ble for tax purposes.
The acquisition contributed revenue of DKK 0.3bn and an insignificant net profit. Had the acqui-
sition occurred on 1 January 2024, the impact on the group’s revenue would have been DKK
2.4bn and net profit of DKK 0.1bn, including amortisation of intangibles recognised in the acqui-
sition .
Other
During 2024, a number of other acquisitions were completed. The acquisitions were smaller add -
ons in current portfolio companies and businesses.
DIVESTMENTS DURING 2024
The group completed the transaction to combine Maersk Supply Service and DOF. With the
completion of the agreement, our group holds 25% of the share capital in the combined com-
pany.
Furthermore, the merger of ZeroNorth and Alpha Ori Technologies was completed during 2024
leading to A.P. Moller Holding group no longer having control of the business .
No other material sales were undertaken during 2024.
SIGNIFICANT ACCOUNTING JUDGMENTS
Business combinations
Upon acquisition of new entities, the acquired assets, liabilities, and contingent liabilities
are measured at fair value. In fair value assessments, significant judgments have been
made and estimates have been applied using various valuation techniques.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
55
ACCOUNTING POLICIES
Upon the acquisition of new entities, the acquired assets, liabilities , and contingent liabili-
ties are measured at fair value at the date when control was achieved using the acquisition
method. Identifiable intangible assets are recognised if they arise from a contractual right
or can otherwise be separately identified. The d ifference between the fair value of the ac-
quisition cost and the fair value of the acquired identifiable net assets is recognised as
goodwill. Contingent consideration is measured at fair value and any subsequent changes
to contingent consideration are rec ognised as financial income or financial expense in the
income stateme nt. If contingent consideration is settled by issuing a predetermined num-
ber of shares, the contingent consideration is classified as equity and is subsequently not
remeasured at fair value. Transaction costs are recognised as operating costs in the in-
come statement and as cash flow from operating activities in the cash flow statement .
When the group ceases to have control of a subsidiary, the value of any retained invest-
ment is remeasured at fair value , and the value adjustment is recognised in the income
statement as a gain or loss on the sale of non -current assets. The difference between sales
proceeds and the carrying amount of the subsidiary is recognised in the income state-
ment, including fair value of the contingent consideration at the time of sale. Contingent
cons ideration is remeasured at fair value with changes recognised in th e income state-
ment.
The effect of the purchase and sale of non -controlling interests without changes in control
is included directly in equity.
ASSETS HELD FOR SALE AS OF 31 DECEMBER 2025
A ssets held for sale relate mainly to vessels and an aircraft , expected to be sold in 2026 . An im-
pairment loss of DKK 146m has been recognised.
ASSETS HELD FOR SALE AS OF 31 DECEMBER 2024
A ssets held for sale relate mainly to vessels as well as production facilities and equipment, for
which the sale was subsequently completed in 2025.
ACCOUNTING POLICIES
Assets held for sale are recognised when the carrying amount of an individual non -current
asset, or disposal group of assets, is recovered principally through a sales transaction ra-
ther than through continued use. Assets are classified as held for sale whe n activities to
carry out a sale have been initiated, when the activities are available for immediate sale in
their present condition, and when the activities are expected to be disposed of within 12
months. Liabilities directly associated with assets held for sale are presented separately
from other liabilities.
Assets held for sale are measured at the lower of the carrying amount immediately before
classification as held for sale and the fair value less costs to sell. Impairment tests are per-
formed immediately before classification as held for sale. Non -current assets are not de-
preciated or amortised while classified as held for sale. Measurement of deferred tax and
financial assets and liabilities is unchanged .
When an asset or a disposal group has been classified as held for sale or distribution, but
the requirements are no longer met, the assets and related liabilities cease to be classified
as held for sale. The cessation of the classification as held for sale will be reflected in the
period in which the change of circumstances has occurred. Comparative figures are not re-
stated, and any adjustments to the carrying value of assets and liabilities previously classi-
fied as held for sale are recognised in the perio d in which the circumstances have changed.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
56
CAPITAL AND FINANCING
Note 4.1: Financial income and expenses ................................................................................................... 56
Note 4.2: Borrowings and lease liabilities reconciliation ......................................................................... 57
Note 4.3: Financial instruments and risks ................................................................................................... 59
Note 4.4: Financial instruments by category .............................................................................................. 66
Note 4.5: Pensions and similar obligations ................................................................................................ 69
Note 4.6: Non -controlling interests .............................................................................................................. 72
Note 4.7: Share capital .................................................................................................................................... 72
Interest expenses on liabilities
- 4,670
- 5,005
Of which borrowing costs capitalised on assets¹
992
787
Interest expenses on lease liabilities
- 4,978
- 4,360
Interest income on loans and receivables
6,595
8,127
Fair value adjustment transferred from equity hedge reserve (gain)
1
15
Fair value adjustment transferred from equity hedge reserve (loss)
- 231
- 223
Net interest income/expenses
- 2,291
- 659
Exchange rate gains on bank balances, borrowings, and working capital
2,598
4,409
Exchange rate losses on bank balances, borrowings, and working capital
- 6,068
- 2,779
Net foreign exchange gains/losses
- 3,470
1,630
Fair value gains from derivatives
4,848
1,291
Fair value losses from derivatives
- 1,514
- 2,118
Fair value gains from securities
6,061
8,715
Fair value losses from securities
- 5,318
- 2,841
Net fair value gains/losses
4,077
5,047
Dividends received from securities
621
689
Impairment losses on non -current receivables
- 199
- 225
Reversal of impairment losses on non -current receivables
298
104
Financial income/expenses, net
- 964
6,586
Of which:
Financial income
21,022
23,350
Financial expenses
- 21,986
- 16,764
1
Various capitalisation rates betw een 4.3% - 5.4% ( 6.2% - 7.4 %) have been used to determine the amount of
borrowing costs eligible for capitalisation
Please refer to note 4.3 for an analysis of gains and losses from derivatives.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
57
Borrowings
Bank and other
credit institutions
41,501
3,670
140
- 64
- 968
- 146
44,133
Issued bonds
29,545
381
0
0
- 1,157
166
28,935
Total borrowings
71,046
4,051
140
- 64
- 2,125
20
73,068
Classified as:
Non -current
62,704
62,620
Current
8,342
10,448
Leases
Lease liabilities
84,591
- 24,262
35,229
- 2,407
- 7,290
- 258
85,603
Total leases
84,591
- 24,262
35,229
- 2,407
- 7,290
- 258
85,603
Classified as:
Non -current
64,554
65,254
Current
20,037
20,349
Total borrowings
and leases
155,637
- 20,211
35,369
- 2,471
- 9,415
- 238
158,671
Derivatives hedge
of borrowings, net
3,096
- 524
0
- 3
- 2,441
50
178
1
Includes fair value changes and amortisation of fees
Issued bonds include green bonds of DKK 19.0bn (DKK 17.1bn), while bank and other credit in-
stitutions include green loans of DKK 4.8bn (DKK 2.0bn), primarily used to finance investments
in dual -fuel vessels, electrified material -handling equipment, and construction of low -emission
buildings.
Cash flows from financing activities related to total borrowings are adjusted for cash flow from
hedges of DKK 0.8bn (DKK 0.0bn).
The maturity analysis of lease liabilities is disclosed in note 4.3.
Borrowings
Bank and other
credit institutions
40,514
- 83
811
- 42
404
- 103
41,501
Issued bonds
22,884
6,034
0
0
463
164
29,545
Total borrowings
63,398
5,951
811
- 42
867
61
71,046
Classified as:
Non -current
60,010
62,704
Current
3,388
8,342
Leases
Lease liabilities
73,309
- 22,329
33,495
- 2,850
2,912
54
84,591
Total leases
73,309
- 22,329
33,495
- 2,850
2,912
54
84,591
Classified as:
Non -current
54,616
64,554
Current
18,693
20,037
Total borrowings
and leases
136,707
- 16,378
34,306
- 2,892
3,779
115
155,637
Derivatives hedge
of borrowings, net
2,360
- 31
6
0
1,220
- 459
3,096
1
Includes fair value changes and amortisation of fees
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
58
ACCOUNTING POLICIES
Financial liabilities
Financial liabilities are initially recognised at fair value less transaction costs. Subse-
quently, the financial liabilities are measured at amortised cost using the effective interest
method, whereby transaction costs and any premium or discount are recog nised as finan-
cial expenses over the term of the liabilities. Fixed interest loans, subject to fair value
hedge accounting, are measured at amortised cost, with an adjustment for the fair value of
the hedged interest component.
Lease liabilities
Lease liabilities are measured at the present value of the lease payments over the lease
term, at the interest rate implicit in the lease, or at the group’s incremental borrowing rate
(IBR). The applied IBR reflects the group’s credit risk, leased amount, and contract dura-
tion, as well as the nature and quality of the asset’s security and economic environment in
which the leased assets operate. To determine the IBR, where possible, the group uses re-
cent third -party financing received by the individual lesse e as a starting point, with adjust-
ments to reflect changes in financing conditions since that financing was received. Where
such financing is not available, the group uses a build -up approach that starts with a risk -
free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset
type, geographical risks, etc.
Subsequently, the lease liability is measured at amortised cost with each lease payment
allocated between the repayment of the liability and financing cost. The financ ing cost is
charged to the income statement over the lease period using the IBR that was used to dis-
count the lease payments.
The following lease payments are included in the net present value:
• Fixed payments (including in -substance fixed payments), less any lease incentives
receivable
• Variable lease payments which are based on an index or a rate
• Amounts expected to be payable by the lessee under residual value guarantees
• The exercise price of a purchase option if the lessee is reasonably certain to exercise
that option, and payments of penalties for terminating the lease if the lease term re-
flects the lessee exercising that option
E xtension and termination options in lease contracts are included in contracts where it is
reasonable that the group will exercise th ose options. These terms are used to maximise
operational flexibility in terms of managing contracts. In determining the lease term, man-
agement considers all facts and circumstances that create an economic incentive to exer-
cise an extension option, or not exe rcise a termination option. Most of the extension and
termination options held are exercisable only by the group and not by the respective les-
sor. The assessment is reviewed if a significant event or a significant change in circum-
stances occur s, which affects this assessment and is within the control of the lessee.
Where the group will probably exercise specific purchase options, those options are in-
cluded in the measurement of the lease liability with the corresponding right -of-use asset
depreciated over the asset’s useful life rather than lease term.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
59
Hedges comprise primarily currency and interest rate derivatives as well as oil price hedges,
which are further described in the following sections.
The gains/losses of the derivatives are recognised as follows:
Hedging foreign exchange risk on revenue
- 14
- 40
Hedging foreign exchange risk on operating costs
673
- 340
Hedging interest rate risk
- 230
- 208
Total effective hedging
429
- 588
Ineffectiveness recognised in financial expenses
- 23
2
Total reclassified from equity reserve for hedges
406
- 586
Derivatives accounted for as held for trading
Currency derivatives recognised directly in financial income/expenses
3,378
- 891
Interest rate derivatives recognised directly in financial income/expenses
115
161
Oil prices and freight rate derivatives recognised directly in other income/costs
32
- 190
Net gains/losses recognised directly in the income statement
3,525
- 920
Total
3,931
- 1,506
The group’s activities expose it to a variety of financial risks:
• Market risk
• Credit risk
• Liquidity risk
The group’s risk management programmes focus on the unpredictability of financial markets
and seek to minimise the potential adverse effects on the group’s financial performance. The
group uses derivative financial instruments to hedge certain risk exposur es.
Risk management is most effectively managed by each portfolio company. Consequently, the
management of risks related to our portfolio companies is anchored with the Board of Directors
in each of our portfolio companies. A.P. Moller Holding monitors business performance in the
portfolio companies closely as part of our ownership aspiration.
MARKET RISK
Market risk covers changes in market prices, such as foreign exchange rates, interest rates, and
share prices that w ill affect the group’s profit or the value of its holdings of financial instr uments.
The sensitivity analyses in the currency risk and interest rate risk sections below relate to the po-
sition of financial instruments as of 31 December 20 25 .
The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis
that the amount of net debt, the ratio of fixed to floating interest rates of the debt , and the pro-
portion of financial instruments in foreign currencies remain unchanged from hedge designa-
tions in place at 31 December 20 25. Furthermore, it is assumed that the exchange rate and inter-
est rate sensitivities have a symmetrical impact, i.e. an increase in rates results in the same
absolute movement as a decrease in rates .
The sensitivity analyses show the effect on profit and equity of a reasonable possible change in
exchange rates and interest rates.
Hedges comprise primarily currency derivatives and interest rate derivatives, which are further
described in the following sections.
CURRENCY RISK
The group’s currency risk relates mainly to the fact that while income from global trade is de-
nominated mainly in USD, the related expenses are incurred in both USD and a wide range of
other currencies such as BRL, CNY , DKK, and EUR. Income and expenses from the group’s other
activities are primari ly denominated in local currencies, thus reducing the group’s exposure to
these currencies. As the net income is primarily in DKK, EUR , GBP, and USD, th ese are also the
primary financing currencies.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
60
The main purpose of hedging the currency risk in each portfolio company is to hedge the DKK,
EUR , or USD value of the portfolio company’s net cash flow and reduce fluctuations in the net
profit of the portfolio company. The group uses various financial derivatives, including forwards
and cross -currency swaps , to hedge these risks. The key aspects of the currency hedging policy
are:
• Net cash flows in significant currencies other than DKK, EUR, and USD are generally hedged
using a layered model with a 12 -month horizon
• Significant capital commitments or divestments in currencies other than DKK, EUR, and USD
are hedged
• Most debt in currencies other than DKK, EUR, and USD is hedged depending on the asset -
liability match and the currency of the generated cash flow
Currency derivatives hedge future revenue, operating costs, and investments/divestments, and
are recognised on an ongoing basis in the income statement and the cost of property, plant and
equipment, respectively. There is not any proxy hedging for the curr ency risk hedging, and
therefore the economic relationship between the hedged exposure and the hedge is high. Effec-
tiveness is assessed using the critical terms match approach according to IFRS 9.
Hedges of future revenue and operating costs mature within a year (mature within a year). There
are no hedges of investments at the end of 2025 ( no hedges of investments ).
For hedges related to operating cash flows and investments, a gain of DKK 929m in 2025 (loss
of DKK 875m) is recognised in other comprehensive income, and the cash flow hedge reserve
amounts to a gain of DKK 344m as of 31 December 2025 (loss of DKK 579m). For hedges where
the cost of hedging is applied, the forward points are recognised in other comprehensive income
and transferred with the effective hedge when the hedged transaction occurs. The cost of hedg-
ing reserve amounts to DKK 0m (DKK 0m). There was no i neffectiveness in 2025 (no ineffective-
ness ).
Derivatives at fair value
Non -current receivables
608
55
Current receivables
704
414
Non -current liabilities
- 292
- 2,575
Current liabilities
- 662
- 1,783
Receivables/liabilities, net
358
- 3,889
Hedge of operating cash flow and investment in main foreign currencies:
2025
CNY
32
5
1,547
USD/CNY 7.02
DKK
22
6
1,792
USD/DKK 6.36
EUR
109
26
6,462
EUR/USD 1.17
PNL
17
3
522
PNL/DKK 1.68
Other currencies
280
90
N/A
N/A
Total
460
130
2024
CNY
17
21
1,830
USD/CNY 7.12
DKK
7
84
1,924
USD/DKK 6.84
EUR
51
260
7,271
EUR/USD 1.08
Other currencies
133
420
N/A
N/A
Total
208
785
Besides the designated cash flow hedges in the table above, the group uses derivatives to
hedge currency exposures that do not qualify for hedge accounting. These derivatives are classi-
fied as fair value through profit or loss. The average FX hedge rates for swaps in cash flow
hedge s were EUR/USD 1.14 (1.13) and GBP/USD 1.52 (1.52). The average FX hedge rates for
swaps in combined fair value hedges were EUR/USD 1.18 (1.18) and USD/NOK 8.28 (8.2 5).
Other hedges recognised at fair value through p rofit and loss :
Currency derivatives
38
113
Price hedge derivatives
22
- 10
Total
60
103
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
61
The group’s sensitivity within global trade activities to an increase in the USD exchange rate of
10% against all other significant currencies, to which the activities are exposed, is est imated to
have the following symmetrical impact:
DKK
133
433
- 43
256
EUR
790
882
282
296
Other currencies
- 626
200
- 2,034
- 334
Total
297
1,515
- 1,795
218
The sensitivities are based only on the impact of financial instruments that are outstanding at the
balance sheet date and are thus not an expression of the group’s total currency risk.
OIL PRICE RISK
The majority of the group’s trading of commodity products is related to inventory stocks of
crude oil and bunker oil, as the products are bought in large quantities and stored for processing
and resale. The oil price risk arising from the oil price exposur es is mitigated by entering into
commodity derivative agreements. The overall exposure limit is set in the risk policy, defining a
maximum net open position. On 31 December 2025, the group entered into oil derivative posi-
tion s shown in the next table .
The group’s sensitivity to a +/ - 10% change in the oil price, all else being equal, is estimated to
have a symmetrical impact on profit and equity before tax with immaterial difference . An increase
of 10% would affect the profit and equity before tax negatively by approx. DKK 0.3bn (DKK
0.4bn) , and a decrease would lead to a positive impact of the same magnitude. The sensitivities
are based on the impact of financial instruments that are outstanding at the balance sheet date.
The fair value of commodity hedges, all of which mature within one year, is as follows:
Commodity swaps
133
7
Commodity futures
13
- 36
Total fair value of commodity hedges as of 31 December
146
- 29
INTEREST RATE RISK
The group has most of its debt denominated in DKK, EUR, and USD, but part of the debt (e.g.
issued bonds) is in other currencies such as NOK . The group strives to maintain a combination
of fixed and floating interest rates on its net debt, reflecting expectations and risks.
Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed
interest, net of hedging. The level as of 31 December 2025 is 57% (53 %) , excluding IFRS 16
leases.
A general increase in interest rates by one percentage point is estimated, all other things being
equal, to positively affect profit before tax and equity, excluding tax effect, by approx. DKK 1.0bn
(DKK 1.0bn) and by approx. DKK 0.7bn (DKK 0.6bn), respectively.
This analysis assumes that all other variables, in particular foreign currency rates, remain con-
stant.
The hedging of interest rate risks is done by cross -currency swaps and interest rate swaps. The
hedging is a mix of fair value hedging, combined fair value hedging, and cash flow hedging.
Combined fair value hedging is applied when cross -currency swaps are entered into to swap
fixed -rate debt denominated in currencies other than DKK, EUR, and USD into floating -rate
debt in DKK, EUR, or USD. Each hedge relationship is split into a fair value hedge of the bench-
mark interest rate component and a foreign currency hedge of the implied credit margin. The
change in the currency basis spread is treated as a cost of hedging and transferred to the in-
come statement over the term of the hedge relationsh ip.
The carrying amount of bonds is adjusted with the fair value change of the bonds attributable to
the benchmark interest rate and is adjusted and recognised in the income statement together
with the fair value change of the swap attributable to the change in the interest benchmark rate.
Value changes attributable to the credit margin are recognised in other comprehensive income
and included in the cash flow hedging reserve.
Ineffectiveness from cash flow hedges due to buy -back of issued bonds is recognised in the in-
come statement with a cost of DKK 13m (cost of DKK 0m).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
62
An economic relationship is established through critical terms match. The source of ineffective-
ness is the credit risk of the hedging instruments. If the hedged transaction is prepaid, the
change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging
reserve amounts to DKK 121m (DKK 17m).
Borrowings by interest rate levels inclusive of interest rate swaps:
2025
0-3%
7,764
2,100
1,288
4,376
3-6%
115,219
24,177
51,077
39,965
6% -
35,688
6,768
11,017
17,903
Total
158,671
33,045
63,382
62,244
Of which:
Fixed interest rate
120,544
Floating interest rate
38,127
2024
0-3%
11,071
4,412
2,629
4,030
3-6%
96,839
21,209
41,263
34,367
6% -
47,727
22,528
16,816
8,383
Total
155,637
48,149
60,708
46,780
Of which:
Fixed interest rate
115,851
Floating interest rate
39,786
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
63
2025
Combined fair value hedge, hedge of borrowings
EUR
133
235
5,264
2,800
0
2,464
13
- 73
5.5%
NOK
0
32
146
146
0
0
0
0
6.3%
Fair value hedge, hedge of borrowings
USD
38
140
4,127
0
2,540
1,587
113
- 106
6.1%
Cash flow hedge, hedge of borrowings
DKK
1
6
3,000
0
3,000
0
- 4
4
2.2%
EUR
399
328
29,278
5,497
10,713
13,068
105
- 179
3.5%
USD
3
11
127
0
0
127
- 148
0
3.1%
Total
574
752
41,942
8,443
16,253
17,246
79
- 354
2024
Combined fair value hedge, hedge of borrowings
EUR
0
800
5,261
0
2,798
2,463
- 41
- 97
6.2%
GBP
0
150
628
628
0
0
7
- 21
6.9%
JPY
0
186
564
564
0
0
0
- 7
6.2%
NOK
0
607
1,385
0
1,385
0
55
- 83
6.9%
Fair value hedge, hedge of borrowings
USD
0
278
4,640
0
2,855
1,785
269
- 269
6.8%
Cash flow hedge, hedge of borrowings
DKK
2
8
3,000
0
3,000
0
- 6
- 6
3.3%
EUR
0
1,125
27,712
2,713
6,694
18,305
- 13
- 265
2.2%
GBP
0
236
1,142
1,142
0
0
0
7
4.6%
USD
22
20
614
428
186
0
- 116
14
3.0%
Total
24
3,410
44,946
5,475
16,918
22,553
155
- 727
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
64
CREDIT RISK
Trade receivables
The group is expose d to financial and commercial counterparties, but has no particular concen-
tration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for
all major customers and financial institutions, adequate security is required for commercial coun-
terparties, and credit limits are set for financial institutions and key commercial counterparties.
The group applies the simplified approach to providing the expected credit losses prescribed by
IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To
measure the expected credit losses, trade receivables have b een grouped based on shared
credit risk characteristics and the days past due. In accordance with IFRS 9, non -due trade re-
ceivables have also been considered for impairment .
Approx. 43% (57%) of the provision for bad debt is related to trade receivables overdue by
more than one year.
Maturity analysis of trade receivables
Receivables not due
31,176
35,469
Less than 90 days overdue
7,193
10,426
91 -365 days overdue
1,345
2,367
More than 1 year overdue
813
1,438
Receivables, gross
40,527
49,700
Provision for bad debt
- 1,753
- 2,264
Carrying amount as of 31 December
38,774
47,436
Change in provision for bad debt
Provision as of 1 January
2,264
1,957
Provision made
2,046
2,605
Amount used
- 1,572
- 851
Amount reversed
- 811
- 1,511
Acquired in business combinations
23
8
Disposal on sale of businesses
0
- 6
Transfers, assets held for sale
- 26
0
Exchange rate adjustment
- 171
62
Provision as of 31 December
1,753
2,264
Other financial assets at amortised cost
Other financial assets at amortised cost comprise loan s receivable, finance lease receivables ,
and o ther receivables. These financial assets are considered to have a low credit risk, and thus,
the impairment provision calculated based on 12 months’ expected losses is considered imma-
terial. The financial assets are considered to be low risk when they have a low risk of default, and
the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.
LIQUIDITY RISK
The capital allocation in A.P. Moller Holding is an annual process and approved by the Board of
Directors. The objective of the process is to assess the overall investment capacity and invest-
ment pipeline, as well as key risks over the coming period. In ad dition, the liquidity profile and
capital structure are managed by each portfolio company in accordance with financial policies
approved by the Board of Directors in each entity. Capital is managed to meet the objective of a
solid capital structure over th e business cycle and to maintain an appropriate liquidity profile.
As of 31 December 2025, t he equity share of total equity and liabilities was 66.4% ( 67.6 %).
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
65
Borrowings and lease liabilities
158,671
155,637
Net interest -bearing debt (net cash position)
4,738
- 25,876
Cash and bank balances
72,428
58,121
Restricted cash
- 5,974
- 6,982
Cash management overdraft
- 256
- 339
Term deposits not included in cash and bank balances
69,397
112,297
Securities
52,253
55,791
Undrawn revolving credit facilities > 12 months
46,368
50,452
Liquidity reserve
234,216
269,340
Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to
expiry, securities , term deposits, listed securities, and cash and bank balances, net of cash man-
agement overdraft, excluding overdrafts and balances in countries with exchange control or
other restrictions .
As of 31 December 2025, cash and bank balances include investments in money market funds
(MMFs) amounting to DKK 7. 0bn (DKK 0.0bn). Undrawn committed loans, dedicated to financ-
ing specific assets , amount to DKK 0.9bn (DK 0.0bn).
Deposits and bank balances are primarily held in relationship banks with a credit rating of at
least A -. No individual counterparty exposure is above 10% . Some group entities have ISDA
agreements for trading of derivatives, under which the group entities have a right to a net settle-
ment in the event of certain credit events. This results in the credit risk being limited to the net
position per counterparty.
For information about cash and bank balances in countries with exchange control or other re-
strictions, see text to the consolidated cash flow statement.
Based on the liquidity reserve, loans for the financing of specific assets, the maturity of out-
standing loans, revenue back -log , and the current investment profile, the group’s financial re-
sources are deemed satisfactory.
The average term to maturity of loan facilities in the group is around four years (around four
years).
Maturities of liabilities and commitments:
2025
Bank and other credit institutions
44,133
14,456
39,077
4,300
57,833
Lease liabilities
85,603
24,398
47,622
44,238
116,258
Issued bonds
28,935
6,740
6,416
22,817
35,973
Trade payables
49,060
49,060
0
0
49,060
Other payables
15,853
14,768
1,051
38
15,857
Non -derivative financial liabilities
223,584
109,422
94,166
71,393
274,981
Derivatives
954
619
202
83
904
Total recognised in balance sheet
224,538
110,041
94,368
71,476
275,885
Operating lease commitments
2,087
38
34
2,159
Capital commitments
19,193
58,589
21,741
99,523
Total
131,321
152,995
93,251
377,567
2024
Bank and other credit institutions
41,501
12,815
40,301
3,117
56,233
Lease liabilities
84,591
24,128
48,163
37,702
109,993
Issued bonds
29,545
3,376
13,510
19,941
36,827
Trade payables
53,813
53,813
0
0
53,813
Other payables
17,923
16,737
928
71
17,736
Non -derivative financial liabilities
227,373
110,869
102,902
60,831
274,602
Derivatives
4,358
1,759
2,029
535
4,323
Total recognised in balance sheet
231,731
112,628
104,931
61,366
278,925
Operating lease commitments
2,600
20
1
2,621
Capital commitments
25,968
46,814
6,524
79,306
Total
141,196
151,765
67,891
360,852
It is of great importance for the group to maintain a financial reserve to cover the group’s obliga-
tions and investment opportunities , and to provide the capital necessary to offset changes in the
group’s liquidity due to changes in the cash flow from operating activities.
The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation,
among other things, by focusing on the release of capital and following up on the development
in working capital , revenue back -log, and capital commitments .
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
66
ACCOUNTING POLICIES
Financial instruments including shares, bonds, and similar securities are recognised on the
trading date at fair value , and subsequently measured at the quoted market price for listed
securities and at estimated fair value for non -listed securities using generally acknowl-
edged valuation techniques. Fair value adjustments from equity investments at fair value
through other comprehensive income (FVOCI) remain in equity upon disposal. Dividends
are recognised in the income statement.
Derivative financial instruments are recognised on the trading date at fair value , and meas-
ured at estimated fair value using generally acknowledged valuation tech niques based on
relevant observable swap curves and exchange rates.
The effective portion of changes in the value of derivative financial instruments designated
to hedge highly probable future transactions is recognised in other comprehensive income
until the hedged transactions are realised. At that time, the accumulated gains/losses are
transferred to the items under which the hedged transactions are recognised.
The effective portion of changes in the value of derivative financial instruments used to
hedge the value of recognised financial assets and liabilities is recognised in the income
statement , together with changes in the fair value of the hedged assets or liabilities that
can be attributed to the hedging relationship. Currency basis spread s and forward points
are considered a cost of hedge and recognised in other comprehensive income and de-
ferred in equity until realisation .
The ineffective portion of hedge transactions and changes in the fair value of derivative fi-
nancial instruments, which do not qualify for hedge accounting, are recognised in the in-
come statement as financial income or expenses for interest and currency -bas ed instru-
ments, and as other income/costs for oil price hedges and forward freight agreements.
Trade receivables are initially measured at the transaction price. The loss allowance is
measured by the simplified approach according to IFRS 9, applying a provision matrix to
calculate the expected lifetime losses. The provision matrix includes impairmen t for non -
due receivables.
Carried at amortised cost
Loans receivable
71,323
71,405
114,587
114,735
Lease receivables
1,614
1,605
350
349
Other interest -bearing receivables and deposits
872
750
Trade receivables
38,774
47,436
Other receivables (non -interest -bearing)
23,299
28,732
Cash and bank balances
72,428
73,883
58,121
Financial assets at amortised cost
208,310
249,976
Derivatives
1,312
469
Carried at fair value through profit/loss
Securities and other equity investments
56,077
59,150
Financial assets at fair value through profit/loss
56,077
59,150
Carried at fair value through OCI
Other equity investments (FVOCI)²
1,783
2,560
Financial assets at fair value through OCI
1,783
2,560
Total financial assets
267,482
312,155
¹ Where no fair value is stated, the amount equals carrying amount
2
Designated at initial recognition in accordance with IFRS 9
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
67
Carried at amortised cost
Bank and other credit institutions
44,133
44,137
41,501
41,577
Lease liabilities
85,603
84,591
Issued bonds
28,935
29,278
29,545
29,889
Trade payables
49,060
53,813
Other payables
14,156
16,542
Financial liabilities at amortised cost
221,887
225,992
Derivatives
954
4,358
Carried at fair value
Other payables
1,697
1,381
Financial liabilities at fair value
1,697
1,381
Total financial liabilities
224,538
231,731
1
Where no fair value is stated, the amount equals carrying amount
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
Financial instruments measured at fair value can be divided into three levels:
• Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2 — Inputs other than quoted prices included within level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
• Level 3 — Inputs for the asset or liability that are not based on observable market data
The f air value of listed securities is within level 1 of the fair value hierarchy. Non -listed shares and
other securities are within level 3 of the fair value hierarchy.
The f air value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated
based on observable market data as of the end of the reporting period. A minor amount of crude
oil price derivatives is within level 1 of the fair value hierarchy. Investments in money market
funds (MMFs) are also within level 2, valued using the daily published net asset value (NAV) with
observable underlying prices, but there is no active market quote for the fund units.
The f air value of level 3 assets and liabilities is primarily based on the present value of expected
future cash flows , including estimates received from private equity fund managers . A reasonable
possible change in the discount rate is not estimated to affect the group’s profit or equity signifi-
cantly. For non -listed shares, the price of recent investments into the company is applied , as the
investments are mainly made in early -stage companies, unless a later fundraising round or im-
pairment is applicable.
Financial assets and liabilities measured at fair value:
Financial assets
Derivatives
0
1,312
0
Securities and other equity investments
52,401
66
5,393
Financial assets at fair value as of 31 December 2025
52,401
1,378
5,393
Financial liabilities
Derivatives
0
954
0
Other payables
0
0
1,697
Financial liabilities at fair value as of 31 December 2025
0
954
1,697
Financial assets
Derivatives
0
469
0
Securities and other equity investments
55,954
66
5,690
Financial assets at fair value as of 31 December 2024
55,954
535
5,690
Financial liabilities
Derivatives
11
4,347
0
Other payables
0
0
1,381
Financial liabilities at fair value as of 31 December 2024
11
4,347
1,381
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
68
Movement within financial assets during the year in level 3:
Carrying amount as of 1 January 2024
2,543
2,216
4,759
Addition
159
955
1,114
Disposal
- 7
- 150
- 157
Gains/losses recognised in the income statement
0
156
156
Gains/losses recognised in other comprehensive income
- 436
0
- 436
Exchange rate adjustment, etc.
141
113
254
Carrying amount as of 31 December 2024
2,400
3,290
5,690
Addition
26
1,195
1,221
Disposal
- 76
- 144
- 220
Impairment losses
0
- 26
- 26
Gains/losses recognised in the income statement
1
- 726
- 725
Gains/losses recognised in other comprehensive income
- 120
0
- 120
Transfers, assets held for sale
0
- 42
- 42
Transfers, other receivables
51
0
51
Exchange rate adjustment, etc.
- 261
- 175
- 436
Carrying amount as of 31 December 2025
2,021
3,372
5,393
Movement within financial liabilities during the year in level 3:
Carrying amount as of 1 January 2024
2,024
2,024
Addition
40
40
Disposal
- 346
- 346
Gains/losses recognised in the income statement
- 38
- 38
Fair value adjustments recognised directly on equity
- 306
- 306
Exchange rate adjustment, etc.
7
7
Carrying amount as of 31 December 2024
1,381
1,381
Addition
112
112
Acquired in business combinations
421
421
Disposal
- 270
- 270
Gains/losses recognised in the income statement
- 66
- 66
Gains/losses recognised in other comprehensive income
97
97
Fair value adjustments recognised directly on equity
25
25
Exchange rate adjustment, etc.
- 3
- 3
Carrying amount as of 31 December 2025
1,697
1,697
FINANCIAL INSTRUMENTS CARRIED AT AMORTISED COST
The f air value of short -term financial assets and other financial liabilities carried at amortised
cost is not materially different from the carrying amount. In general, fair value is determined pri-
marily based on the present value of expected future cash flows . However, w here a market price
was available, this was deemed to be the fair value.
The f air value of listed issued bonds is within level 1 of the fair value hierarchy. Fair value of the
remaining borrowing items is within level 2 of the fair value hierarchy, and is calculated based on
discounted future cash flows.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
69
DEBT INSTRUMENTS (FVOCI)
The group’s debt instruments at fair value through OCI include investments in quoted debt in-
struments and are included under Securities in the balance sheet. Interest income, foreign ex-
change revaluation , and impairment losses or reversals are recognised in the income statement
and calculated in the same manner as for financial assets measured at amortised cost. The re-
maining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value
change recognised in OCI is recycled to profi t or loss.
OTHER EQUITY INVESTMENTS (FVOCI)
The group has investments in equity shares in both listed and non -listed companies. The group
holds non -controlling interests (between 0.1% and 15%) in these companies. These investments
were irrevocably designated at fair value through OCI as the group considers them to be strate-
gic in nature.
ACCOUNTING POLICIES
Other financial investments
Equity instruments, etc., including shares, bonds, and similar securities, are recognised on
the trading date at fair value, and subsequently measured at the quoted market price for
listed securities and at estimated fair value for non -listed securities. F air value adjustments
from equity investments are classified in the following measurement categories:
• Through other comprehensive income (FVOCI) , or
• Through the income statement (FVPL)
Fair value adjustments from equity investments at fair value through other comprehensive
income remain in equity upon disposal.
Dividends are recognised in the income statement.
Specification of net liability
Present value of funded plans
13,383
13,957
Fair value of plan assets
- 13,454
- 14,017
Net liability of funded plans
- 71
- 60
Present value of unfunded plans
752
757
Impact of minimum funding requirement/asset ceiling
719
69
Net liability as of 31 December
1,400
766
Of which:
Pensions, net assets
174
907
Pensions and similar obligations
- 1,574
- 1,673
As an employer, the group participates in pension plans according to normal practice in the
countries in which we operate. Generally, the pension plans within the group are defined contri-
bution plans, where contributions are recognised in the income statement on an accrual basis. A
number of entities have defined benefit plans, in which retirement benefits are based on length
of service and salary level. To a limited extent, these defined benefit plans also include payment s
of medical expenses, etc.
Overall, the plans have an average duration of appr ox. 10 years (11 ye ars ), and approx. 54%
(5 4%) of the obligation is in respect of pensioner members. In 202 6, the group expects to pay
contributions totalling DKK 149m (DKK 168m) to funded defined benefit plans.
Other than the insurance contracts and a small proportion of other holdings, the plan assets
held by the group are quoted investments.
Specification of plan assets
Insurance contracts
6,579
7,075
Shares
1,237
1,103
Government bonds
1,687
1,887
Corporate bonds
1,294
1,333
Real estate
541
457
Other assets
2,116
2,162
Fair value as of 31 December
13,454
14,017
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
70
The liabilities are calculated using assumptions that are the group’s best estimate of future ex-
pe ctations bearing in mind the requirements of IAS 19. The group’s plans are funded in accord-
ance with applicable local legislation.
Change in net liability
Net liability as of 1 January 2025
14,714
14,017
70
766
Current service cost, administration cost, etc.
251
- 83
0
334
Calculated interest expense/income
640
636
0
4
Recognised in the income statement in 2025
891
553
0
338
Actuarial gains/losses from changes in
financial and demographic assumptions, etc.
- 163
30
0
- 193
Return on plan assets, excl. calculated interest income
0
- 107
0
107
Adjustment for unrecognised assets due to asset ceiling
16
0
669
685
Recognised in other comprehensive income in 2025
- 147
- 77
669
599
Contributions from the group and employees
51
281
27
- 203
Benefit payments
- 1,004
- 997
0
- 7
Settlements
0
0
0
0
Effect of business combinations and disposals
201
202
0
- 1
Exchange rate adjustment
- 571
- 525
- 46
- 92
Net liability as of 31 December 2025
14,135
13,454
720
1,400
Of which:
UK
9,590
10,284
715
21
Change in net liability
Net liability as of 1 January 2024
14,245
13,636
142
751
Current service cost, administration cost, etc.
254
- 45
0
299
Calculated interest expense/income
581
571
0
9
Recognised in the income statement in 2024
835
526
0
308
Actuarial gains/losses from changes in
financial and demographic assumptions, etc.
- 1,001
- 224
0
- 777
Return on plan assets, excl. calculated interest income
0
- 710
0
710
Adjustment for unrecognised assets due to asset ceiling
28
0
- 89
- 61
Recognised in other comprehensive income in 2024
- 973
- 934
- 89
- 128
Contributions from the group and employees
42
291
- 14
- 263
Benefit payments
- 1,074
- 1,048
0
- 26
Settlements
- 14
- 14
0
0
Effect of business combinations and disposals
1,211
1,089
12
134
Exchange rate adjustment
442
471
19
- 10
Net liability as of 31 December 2024
14,714
14,017
70
766
Of which:
UK
10,403
11,189
53
- 733
Th e majority of the group’s defined benefit liabilities are in Switzerland 15% (13%) and the UK
68% (71%). All of the plans in Switzerland and the UK are funded. Although all of the UK plans
are now closed to new entrants, active members in the two largest plans continue to accrue new
benefits. The smaller UK plans are all closed to new accruals, although a salary link remains in
some of the plans.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
71
As well as being subject to the risks of falling interest rates , which would increase the obligation,
poor asset returns , and pensioners living longer than anticipated, the group is also subject to
the risk of higher -than -expected inflation. This is because many pension benefits, particularly in
the UK plans, increase in line with inflation although some minimum and maximum limits apply.
Discount rate
5.5%
5.5%
Inflation rate
3.0%
3.3%
The r ates of life expectancy reflect the most recent mortality investigations, and in line with mar-
ket practice, an allowance is made for future improvements in life expectancy. The group a s-
sumes that future improvements will be in line with the latest projections of 1.25% for all UK
plans.
65 year old male
22.0
23.8
21.8
23.5
65 year old female
24.4
26.2
24.2
25.9
As of 31 December 2025, t he sensitivity of the liabilities and pension cost , to the key assump-
tions in the UK plans are as follows:
Discount rate
Increase/decrease by 25 basis points
- 184
190
Inflation rate
Increase/decrease by 25 basis points
108
- 108
Life expectancy
Increase/decrease by one year
260
- 254
Around 80% of the UK liabilities are now covered by insurance policies. Therefore, movements in
the liabilities due to changes in assumptions would equally impact the assets’ value related to
the buy -in policies, resulting in a reduced movement in the overall balance sheet position. No
contributions to the UK plans are expected or paid for 2025 and no contributions are expected
for 2026.
ACCOUNTING POLICIES
Pension obligations are the net liabilities of defined benefit obligations and the dedicated
assets adjusted for the effect of minimum funding and asset ceiling requirements. Plans
with a funding surplus are presented as net assets on the balance sheet. Th e defined
benefit obligations are measured at the present value of expected future payments to be
made, in respect of services provided by employees, up to the balance sheet date. Plan
assets are measured at fair value. The pension cost charged to the in come statement con-
sists of calculated amounts for vested benefits and interest in addition to settlement gains
or losses, etc. Interest on plan assets is calculated with the same rates as used for dis-
counting the obligations. Actuarial gains/losses are rec ognised in other comprehensive
income.
Pension plans where the group, as part of collective bargaining agreements, participates
together with other enterprises – so called multi -employer plans – are treated as other
pension plans in the financial statements. D efined benefit multi -employer plans , where
sufficient information to apply defined benefit accounting is not available, are treated as
defined contribution plans.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
72
The group’s subsidiaries with significant non -controlling interests include:
A.P. Møller - Mærsk A/S
Denmark
55.6
47.7
Summarised financial information (before intercompany eliminations):
Statement of comprehensive income
Revenue
357,420
382,474
Result for the year
19,298
42,965
Total comprehensive income
- 12,452
39,212
Result for the year attributable to non -controlling interests
11,216
25,348
Balance sheet
Non -current assets
366,658
382,806
Current assets, including assets classified as held for sale
194,357
243,224
Non -current liabilities
109,350
112,985
Current liabilities, including liabilities classified as held for sale
91,662
99,388
Equity
360,004
413,658
Carrying amount of non -controlling interests of equity
201,909
243,714
Cash flow statement
Cash flow from operating activities
71,268
86,137
Cash flow from investing activities
3,280
- 55,689
Cash flow from financing activities
- 58,768
- 30,557
Net cash flow for the year
15,780
- 109
Dividends paid to the non -controlling interests
10,575
5,487
The demerger of Svitzer Group A/S from A.P. Møller - Mærsk A/S was concluded at the end of
April 2024. Therefore, A.P. Møller - Mærsk A/S’ financial information for 2024 up to the de-
merger includes the consolidation of Svitzer Group A/S.
The share capital comprises 2,000 shares of DKK 1m corresponding to a total nominal value of
DKK 2,000m . All shares are fully issued and paid up and n o shares hold special rights.
There has been no change from last year.
A d ividend has been distributed at DKK 0.5m per share in 2025 (DKK 0.5m).
ACCOUNTING POLICIES
Equity includes total comprehensive income for the y ear comprising the result for the year
and other comprehensive income. Proceeds on the purchase and sale of own shares and
dividends from such shares are recognised in equity.
The translation reserve comprises the group’s share of accumulated exchange rate differ-
ences arising from translation from the functional currency into the presentation currency.
Differences arising from translation to the presentation currency are recognised in other
comprehensive income and will not be reclassified to the income statement.
The reserve for other equity investments is comprise d of accumulated changes in the fair
value of equity investments (at FVOCI), net of tax.
Reserve for hedges includes the accumulated fair value change of derivatives qualifying
for cash flow hedge accounting, less amounts already reclassified to the income statement
or transferred as basis adjustments, net of tax , as well as forward points and currency ba-
sis spread.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
73
OTHER DISCLOSURES
Note 5.1: Share -based payment ................................................................................................................... 73
Note 5.2: Commitments .................................................................................................................................. 75
Note 5.3: Contingent liabilities ...................................................................................................................... 76
Note 5.4: Cash flow specifications ................................................................................................................ 76
Note 5.5: Related parties ................................................................................................................................ 77
Note 5.6: Events after the balance sheet date ........................................................................................... 78
Note 5.7: Company overview ......................................................................................................................... 79
Programmes disclosed below are solely awarded to certain key employees and members of
the Executive Board in portfolio companies. There are no share -based payment programmes in-
troduced for neither key management personnel nor employees in A.P. Møller Holding A/S.
A.P. MØLLER - MÆRSK A/S (A.P. MOLLER - MAERSK)
As part of the r emuneration policy, A.P. Moller - Maersk has established long -term incentive
programmes. Performance shares, restricted shares, and stock options have been granted to
members of the Executive Board and certain key employees at A.P. Moller - Maersk. Some per-
formance conditions apply to the programmes, and the programmes must be settled by existing
B -shares of nominal DKK 1,000 in A.P. Møller - Mærsk A/S.
Performance shares
Outstanding as of 1 January 2024
6,068
Granted
7,750
9,045
69
Granted in connection with the Svitzer demerger
635
10,856
7
Outstanding as of 31 December 2024
14,453
Granted
23,627
12,073
265
Forfeited
- 712
Outstanding as of 31 December 2025
37,368
Restricted shares
Outstanding as of 1 January 2024
30,128
Granted
14,468
8,255
117
Granted in connection with the Svitzer demerger
1,134
12,346
14
Exercised and vested¹
- 6,363
Forfeited
- 1,410
Cancelled
- 35
Outstanding as of 31 December 2024
37,922
Granted
1,116
10,681
13
Exercised and vested¹
- 7,481
Forfeited
- 1,902
Outstanding as of 31 December 2025
29,655
1
The weighted average share price at the settlement date s was DKK 12,073 (DKK 9,045)
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
74
Outstanding as of 1 January 2024
93,787
14,318
Granted
22,630
9,566
55
Granted in connection with the Svitzer demerger
5,072
13,003
14
Exercised¹
- 6,955
8,380
Forfeited
- 3,686
14,150
Lapsed
- 655
11,292
Outstanding as of 31 December 2024
110,193
13,148
Exercisable as of 31 December 2024
47,860
10,989
Granted²
- 10
9,493
Exercised
- 21,772
10,609
Forfeited³
93
26,777
Outstanding as of 31 December 2025
88,504
13,788
Exercisable as of 31 December 2025
44,384
16,537
1
The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after
the 2024 Svitzer modification. The opening balance for the 1 January 2024 disclosure has not been restated
and is based on exercise prices before the 2024 Svitzer modification
2
The share options granted in 2025 relate to the correction of share options erroneously recorded as granted in
2024
3
The share options forfeited in 2025 relate to the correction of share options erroneously recorded as forfeited
in 2024, partly offset by 2025 forfeitures
The range of exercise prices for the outstanding share options as per 31 December 2025 was
DKK 7,271 to DKK 23,994 (DKK 7,271 to DKK 23,994).
Performance shares
1.7
1.8
Restricted shares
0.8
1.5
Share options
3.5
4.1
OTHER SHARE-BASED PAYMENT PROGRAMMES
The group has introduced a number of other equity -settled and cash -settled share -based pay-
ment programmes in its non -listed portfolio companies. The programmes are for key employees
as well as members of the Executive Board and Board of Directors in the respective portfolio
companies.
Certain programmes include a co -investment programme, however , due to service conditions,
they are defined as cash -settled share -based payment programmes. The programmes are based
on fair market value. Due to a put option issued for the benefit of the co -investors, the group has
an obligation to buy back the shares. The liability is recognised in the balance sheet .
ACCOUNTING POLICIES
Equity settled performance shares , restricted shares, and share options granted to certain
key employees as part of the po rtfolio companies long -term incentive programmes are
recognised as remuneration expenses over the vesting period at estimated fair value at
the grant date and result in a corresponding adjustment in equity.
Cash -settled performance awards allocated to employees as part of the portfolio compa-
nies long -term incentive programmes are recognised as staff costs over the vesting period
and result in a corresponding adjustment in other payables.
At the end of each reporting period, the group revises its estimates of the number of
awards that are expected to vest based on the non -market vesting conditions and service
conditions. Any impact of the revision is recognised in the income statement with a corre-
sponding adjustment to equity or other payables.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
75
SHORT-TERM AND LOW-VALUE LEASES
As part of the group’s activities, customary agreem ents are entered into regarding charter and
operating leases of vessels, containers, and port facilities. Furthermore, the group has entered
into low -value lease agreement s for operating leases of property, etc.
The future lease payments for short -term and low -value lease agreements are:
Within one year
2,087
2,600
Between one and two years
13
5
Between two and three years
9
5
Between three and four years
8
5
Between four and five years
7
5
After five years
35
1
Total
2,159
2,621
CAPITAL COMMITMENTS
The group has the following capital commitments:
Capital commitments relating to acquisition of non -current assets
51,193
72,564
Commitments towards concession grantors
7,526
6,171
Commitments towards fuel offtake and supply agreements
40,804
571
Total capital commitments
99,523
79,306
The capital commitments will be financed by cash flow from operating activities as well as exist-
ing and new loan facilities.
Newbuilding programmes as of 31 December 2025
Vessels
19
17
14
12
2
64
Total
19
17
14
12
2
64
Capital commitments to newbuilding programmes as of 31 December 2025
Vessels
9,372
6,233
10,998
11,678
1,824
40,105
Total
9,372
6,233
10,998
11,678
1,824
40,105
As of 31 December 2024, commitments related to newbuilding programmes amounted to
DKK 57.0bn.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
76
CONTINGENT LIABILITIES
Contingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments, and
other disputes.
Legal
The group is involved in several legal cases and other disputes. Some of these involve significant
amounts and are subject to considerable uncertainty. The group continuously assesses the risks
associated with the cases and disputes and their likely outcome. It is the opinion of management
that, apart from items recognised in the financial statements, the outcome of these cases and
disputes are either not probable or cannot be reliably estimated in terms of amount or timing.
The group does not expect these to have a material impact on the consol idated financial state-
ments.
Tax
The group is subject to a tax audit in Germany concerning allocation of taxation rights to ship-
ping income between Denmark and Germany as well as to a tax investigation in India concerning
a deemed supply of services between Indian Goods and Services Tax ( GST) registrations of the
group in India.
The group is also involved in various other tax disputes, including indirect tax disputes, some of
which involve significant amounts. The group continuously assesses the risks associated with tax
disputes and their likely outcome and considers the risk related to these disputes remote, and
therefore, a material impact on the consolidated financial statements is not expected.
Other
Custom bonds o f DKK 5.2bn (DKK 6 .1bn) have been provided to various port authorities in
India.
The group has entered into a number of agreements with terminals and port authorities, etc.
comprising volume commitments , including an extra payment , in case minimum volumes are not
met.
E xcept for customary agreements within the group’s activities, no material agreements have
been entered into that will take effect, change , or expire upon change of control of the company.
Change in working capital
Inventories
1,713
625
Trade receivables
3,727
- 4,787
Other receivables and prepayments
1,073
- 1,223
Trade payables and other payables
- 1,538
2,780
Exchange rate adjustment of working capital
- 1,169
770
Total
3,806
- 1,835
Purchase of intangible assets and property, plant and equipment
Addition¹
- 69,447
- 68,123
Of which right -of-use assets, etc.
33,889
32,027
Of which borrowing costs capitalised on assets
992
787
Addition, assets held for sale
0
- 303
Change in trade payables regarding purchase of assets
- 791
2,182
Change in abandonment
291
845
Total
- 35,066
- 32,585
Financial investments
Addition, joint ventures
0
- 9
Disposal, joint ventures
19
0
Addition, associated companies
- 308
- 1,664
Disposal, associated companies
1,356
1,464
Addition, receivables
- 131,607
- 181,136
Payments regarding receivables
163,858
160,217
Addition, other equity investments
- 1,224
- 1,238
Disposal, other equity investments
86
18
Total
32,180
- 22,348
1
Including intangible assets of DKK 2.8bn (DKK 1.9bn)
Other non -cash items relate primarily to the adjustment of provisions.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
77
SIGNIFICANT ACCOUNTING JUDGMENTS
Operations in countries with limited access to repatriating surplus cash
The group operates worldwide and , in this respect, has operations in countries where the
ability to repatriate surplus cash is complicated and time consuming. In these countries,
management makes judgments as to whether these cash positions can be recognised as
cash or cash equivalents.
ACCOUNTING POLICIES
Cash flow from operating activities includes all cash transactions other than cash flows
arising from invest ing and financing activities such as invest ments and divestments, re-
ceived dividends, principal payments of loans, instalments on lease liabilities, paid and re-
ceived financial expenses , and equity transactions. Capitalisation of borrowing costs is
considered non -cash items, and the actual payments of these borrowing costs are in-
cluded in cash flow from financing.
Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where
overdraft facilities form an integral part of the group’s cash management. It also includes
investments in money market funds (MMFs) that provide same -day liquidity, are readily
convertible to known amounts of cash , and carry an insignificant risk of changes in value.
MMFs are measured at fair value through profit or loss under IFRS 9 but presented as
cash equivalents.
Income statement
Revenue
168
62
741
841
0
0
Operating costs
5,585
4,796
4,316
4,240
0
0
Remuneration to Executive Board
and Board of Directors
0
0
0
0
51
104
Financial income
381
608
0
0
0
0
Financial expenses
310
349
0
0
0
0
Other income
6
6
0
0
0
0
Assets
Sale of shares to issuing
company
1,035
1,089
0
0
0
0
Other receivables, non -current
0
0
229
264
0
0
Other receivables, current
126
61
13
50
0
0
Trade receivables
65
87
76
71
0
0
Cash and bank balances
9,607
12,673
0
0
0
0
Liabilities
Guarantees etc.
608
891
0
0
0
0
Issued bank guarantees
311
581
0
0
0
0
Credit institutions including loan
commitments
9,175
9,538
222
193
0
0
Trade payables
757
729
502
543
0
0
Other payables
0
0
0
50
0
0
Equity
Capital increase
156
144
69
7
0
0
Sale to non -controlling interests
0
0
946
0
78
21
Purchase from non -controlling
interests
0
0
0
0
1,233
8
Dividends
5,075
5,304
0
1,076
62
0
Trade payables include customary business -related accounts regarding shipping activities .
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
78
Management consists of the Board of Directors and the Executive Board of A.P. M øller Holding
A/S, A.P. M øller og Hustru Chastine Mc -Kinney M øllers Fond til almene Formaal , and their close
relatives (including undertakings under their control). Dividends paid by listed entities controlled
by the group have not been included in the overview.
A.P. Møller og Hustru Chastine Mc -Kinney Møllers Fond til almene Formaal, Denmark is the
parent company and the ultimate owner.
A.P. Møller Holding A/S’ related parties comprise its owner A.P. Møller og Hustru Chastine
Mc -Kinney Møllers Fond til almene Formaal as well as the Board of Directors and Executive
Boards of A.P. Møller Holding A/S and A.P. Møller og Hustru Chastine Mc -Kinney Møllers Fond
til almene Formaal. Related parties also comprise subsidiaries, associated companies, and joint
ventures. All agreements have been negotiated on market -based terms.
Dividends distributed to A.P. Møller og Hustru Chastine Mc -Kinney Møllers Fond til almene
Formaal amounted to DKK 1.0bn (DKK 1.0bn) .
No events of importance to the Annual Report have occurred during the period from the
balance sheet date until the presentation of the financial statements.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · CONSOLIDATED FINANCIAL STATEMENTS
80
A.P. Moller Holding group comprises more than 1,0 00 companies, of which the holding entity of
each portfolio company is listed below.
AIF I Sponsor Invest K/S
Denmark
100.0%
APMH GE P/S¹
Denmark
99.1%
APMH GE II P/S
Denmark
100.0%
APMH Invest A/S
Denmark
100.0%
APMH Invest IX ApS¹
Denmark
96.9%
- KK Group Holding A/S
Denmark
95.5%
APMH Invest X P/S
Denmark
100.0%
APMH Invest XIII ApS¹
Denmark
99.9%
- Faerch Group Holding A/S
Denmark
98.1%
APMH Invest XVI ApS¹
Denmark
99.0%
APMH Invest XVIII ApS
Denmark
100.0%
- Iv3 Aqua Holding A/S
Denmark
99.2%
APMH Invest XXII ApS¹
Denmark
99.9%
- Unilabs Group Holding ApS
Denmark
99.1%
APMH Invest XXIX ApS
Denmark
100.0%
- C2X Ltd.
UK
79.1%
APMH Invest XXX ApS ¹
Denmark
99.9%
- Concentric Group Holding ApS
Denmark
100.0%
APMH Invest XXXV A/S ¹
Denmark
96.2%
- Vioneo Holding AG
Switzerland
100.0%
APMH Invest XXXVII ApS
Denmark
100.0%
APMH Invest 38 ApS¹
Denmark
98.5%
- Svitzer Group A/S¹
Denmark
98.1%
A.P. Møller Capital P/S ²
Denmark
54.0%
A.P. Moller Capital SDC B.V.
Netherlands
54.0%
A.P. Møller Maritime ApS
Denmark
100.0%
- Ammonia Carriers A/S
Denmark
70.0%
- APMH Invest V ApS¹
Denmark
51.3%
- Maersk Offshore Wind A/S
Denmark
100.0%
- Maersk Product Tankers A/S
Denmark
70.0%
- Maersk Supply Service Brazil Holdings A/S
Denmark
100.0%
- Maersk Tankers A/S
Denmark
80.0%
A.P. Møller - Mærsk A/S³
Denmark
44.4%
APMH Invest Singapore PTE. LTD.
Singapore
100.0%
1
100% of the v oting rights
2
68% of the v oting rights
3
52.3% of the voting rights
Danske Bank A/S
Denmark
21.3%
DOF Group ASA
Norway
25.0%
Innargi Holding A/S
Denmark
41.1%
Noble Corporation Plc
UK
19.5%
ZeroNorth A/S
Denmark
46.3%
A more comprehensive list of companies is available at
https://apmoller.com/wp -content/uploads/2026/03/APMH -Company -overview -2025.pdf .
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
81
2
Parent
company
financial
statements
Income statement ............................................................................................................................................. 82
Balance sheet as of 31 December ................................................................................................................. 83
Statement of changes in equity ..................................................................................................................... 84
Notes to parent company financial statements ......................................................................................... 85
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
82
1
Share of result in subsidiaries
7,322
23,363
2
Staff costs
- 198
- 250
Other external expenses
- 66
- 69
3
Depreciation
- 4
- 4
Other income
204
188
Result before financial items
7,258
23,228
Financial income
45
59
Financial expenses
- 5
0
Result before tax
7,298
23,287
4
Tax on result for the year
7
34
5
Result for the year
7,305
23,321
INCOME STATEMENT
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
83
Non -current assets
3
Property
216
216
Equipment
8
8
1
Investments in subsidiaries
290,873
300,314
Total non -current assets
291,097
300,538
Current assets
Receivables from affiliates
0
1
6
Deferred tax
72
81
Tax receivables
170
439
Other receivables
50
4
Total receivables
292
525
Cash and bank balances
1,239
756
Total current assets
1,531
1,281
Total assets
292,628
301,819
Equity
7
Share capital
2,000
2,000
Reserve for net revaluation under the equity method
110,534
125,975
Retained earnings, etc.
178,790
172,449
Proposed dividend
1,000
1,000
Total equity
292,324
301,424
Non -current liabilities
Other payables
218
190
Total non -current liabilities
218
190
Current liabilities
Payables to affiliates
0
1
Trade payables
15
32
Other payables
71
172
Total current liabilities
86
205
Total liabilities
304
395
Total equity and liabilities
292,628
301,819
8
Contingent liabilities
9
Events after the balance sheet date
10
Accounting policies
BALANCE SHEET AS OF 31 DECEMBER
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
84
Equity as of 1 January 2024
2,000
99,075
169,694
1,000
271,769
Dividend paid for the year
0
0
0
- 1,000
- 1,000
Result for the year
0
23,363
- 1,042
1,000
23,321
Dividend from subsidiaries
0
- 3,384
3,384
0
0
Other adjustments¹
0
6,921
413
0
7,334
Equity as of 31 December 2024
2,000
125,975
172,449
1,000
301,424
Dividend paid for the year
0
0
0
- 1,000
- 1,000
Result for the year
0
7,322
- 1,017
1,000
7,305
Dividend from subsidiaries
0
- 7,358
7,358
0
0
Other adjustments¹
0
- 15,405
0
0
- 15,405
Equity as of 31 December 2025
2,000
110,534
178,790
1,000
292,324
1
Other adjustments primarily comprise exchange rate adjustments and share buy -back programmes in subsid-
iaries , applying the equity method
STATEMENT OF CHANGES IN EQUITY
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
85
Notes to
parent
company
financial
statements
Note 1: Investments in subsidiaries ............................................................................................................. 86
Note 2: Staff costs ............................................................................................................................................ 86
Note 3: Property ................................................................................................................................................ 87
Note 4: Tax on result for the year .................................................................................................................. 87
Note 5: Distribution of result for the year ................................................................................................... 87
Note 6: Deferred tax ......................................................................................................................................... 87
Note 7: Share capital ........................................................................................................................................ 87
Note 8: Contingent liabilities .......................................................................................................................... 87
Note 9: Events after the balance sheet date ............................................................................................... 87
Note 10: Accounting policies .......................................................................................................................... 88
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
86
Cost as of 1 January
174,339
172,058
Additions
6,000
3,050
Disposals¹
0
- 769
Cost as of 31 December
180,339
174,339
Adjustment to carrying amount as of 1 January
125,975
99,074
Share of result for the year
7,322
23,363
Dividend
- 7,358
- 3,384
Disposals¹
0
- 413
Other adjustments
6,434
- 2,012
Exchange rate adjustments
- 21,839
9,347
Adjustment to carrying amount as of 31 December
110,534
125,975
Carrying amount as of 31 December
290,873
300,314
1
Disposals include share buy -back programmes in subsidiaries
COMPANY OVERVIEW AS OF 31 DECEMBER 2025
A.P. Møller - Mærsk A/S
Denmark
44.44%
52.29%
APMH Invest A/S
Denmark
100.00%
100.00%
1
Percentage of total number of issued shares. The ownership share and voting share ha ve been adjusted for
A.P. Moller - Maersk’s holding of own shares as of 31 December 202 5. Without the adjustment, the ownership
share amounts to 41.5 1% and voting share to 51.45%
Please refer to the company overview for A.P. Moller Holding group of companies as stated in
note 5.7, which is an integrated part of this note.
A.P . Moller Holding has a cash -settled incentive plan to members of the Executive Board and
grants have been awarded on a yearly basis . The incentive plan provides an annual bonus and
long -term incentive programmes, which are determined by the development in the value creation
of the underlying investments . The main parts of the long -term incentive programmes are
capped.
Wages and salaries
193
246
Pension
4
3
Other social security costs
1
1
Total
198
250
Average number of employees
61
61
Executive Board
Fixed base salary
20
19
Short -term cash incentive
14
15
Long -term incentive, grant value
10
9
Remuneration to the Executive Board before fair value adjustments
44
43
Fair value adjustments of long -term incentive, including previous years' grants
- 1
54
Remuneration to the Executive Board, including fair value adjustments
43
97
Remuneration to the Board of Directors
3
2
Remuneration to the Board of Directors and Executive Board
46
99
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
87
Cost as of 1 January
236
236
Additions
4
0
Cost as of 31 December
240
236
Depreciation as of 1 January
- 20
- 16
Depreciation for the year
- 4
- 4
Depreciation as of 31 December
- 24
- 20
Carrying amount as of 31 December
216
216
Tax on result for the year
- 13
11
Adjustment of tax concerning previous years
- 3
- 23
Adjustment of deferred tax
9
- 21
Adjustment of deferred tax concerning previous years
0
- 1
Total
- 7
- 34
Proposed dividend
1,000
1,000
Reserve for net revaluation under the equity method
7,322
23,363
Retained earnings
- 1,017
- 1,042
Result for the year
7,305
23,321
Deferred tax asset as of 1 January
81
59
Adjustment of deferred tax for the year
- 9
21
Adjustment of deferred tax concerning previous years
0
1
Deferred tax asset as of 31 December
72
81
Deferred tax is calculated based on the difference between the carrying amount and the tax
base of assets and liabilities. Management expects the deferred tax asset to be utilised by the
company itself or by the group of jointly taxed companies within a fe w years.
The share capital consists of 2,000 shares with a nominal value of DKK 1m and amounts to DKK
2bn as of 31 December 2025.
The company is included in national joint taxation with other Danish companies in the A.P.
Moller Holding g roup. The company is jointly and severally liable for the payment of taxes and
withholding tax.
No events of importance to the Annual Report have occurred during the period from the
balance sheet date until the presentation of the financial statements.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · PARENT COMPANY FINANCIAL STATEMENTS
88
The financial s tatements for 20 25 for A.P. Møller Holding A/S have been prepared on a going
concern basis and in accordance with the provisions of the Danish Financial Statements Act ap-
plying to large enterprises of reporting class C.
With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement
has been prepared for the company.
With reference to section 96(3) of the Danish Financial Statements Act, the company has not
presented fees to statutory auditors.
With reference to section 98c(6) of the Danish Financial Statements Act, the company discloses
transactions with related parties that were not on an arm’s length basis.
Compared to the accounting policies described for A.P. Møller Holding A/S as stated in note 1.1
to the consolidated financial statements, the company’s accounting policies differ mainly in the
following areas:
• Shares in subsidiaries are measured under the equity method. The share of the result after
tax in the subsidiaries is recognised as a separate line item in the income statement. Good-
will and other intangible assets with indefinite useful li fe are recognised as part of the invest-
ment and amortised over a m aximum of 25 years
• Shares in associates that are retained shareholding s in a former subsidiary will initially be
recognised with the same carrying amounts as previously and hence, the carrying amounts
will be presented as transfers
• Dividends from subsidiaries are recognised as a receivable at the time of declaration
• Other equity in vestments are measured at fair value and the fair value adjustment is recog-
nised through the income statement. Therefore , other equity investments classified at fair
value through other comprehensive income in the consolidated financial statement s are rec-
ognised in the income statement in the financial statements for A.P. Møller Holding A/S
The financial s tatements have been prepared under the same accounting policies as last year .
The financial s tatements are presented in DKK million.
INCOME STATEMENT
Share of result in subsidiaries
Share of result in subsidiaries is recognised net of tax and corrected for the share of unrealised
intra -group gains and losses. The line item also includes amortisation and impairment of good-
will recognised as part of the equity investment.
Other external expenses
Other external expenses comprise expenses for administration, office supplies, etc.
Other income
Other income comprises service fees.
BALANCE SHEET
Investments in subsidiaries
Investment s in subsidiaries are accounted for under the equity method which is used as a con-
solidation method . The investments are initially recognised at cost and adjusted thereafter to
recognise the company’s share of the post -acquisition profits or losses of the investee, and the
company’s share of movements in equity of the investee. Accounting policies of eq uity ac-
counted investees have been changed where necessary to ensure consistency with the policies
adopted by the company. Dividends received are r ecognised as a reduction in the carrying
amount of the investment.
When the company’s share of losses in an equity accounted investment equals or exceeds its
interest in the entity, including any other unsecured long -term receivables, the company does
not recognise further losses, unless it has incurred obligations or made payments on behalf of
the other entity.
Unrealised gains on transactions between the company and its subsidiaries are eliminated in full.
Business combinations under common control are accounted for at carrying values using prede-
cessor accounting , i.e. pooling of interests when the entity acquired has been under control of
another member of the same group company before the acquisition. A difference between the
carrying value and the consideration paid are recognised directly in equity.
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · REPORTS
90
Executive Board
Board of Directors
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · REPORTS
91
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · REPORTS
92
CVR No 33 77 12 31
mne23331
mne32200
A.P. MØLLER HOLDING A/S
ANNUAL REPORT 2025 · REPORTS
93
Photos
P. 3 Steen Brogaard
P. 12 Svitzer
Pp. 22 -23 Steen Brogaard