Management Review Financials
Highlights Q1 2025 ................................................... 03
Summary financial information
..................................... 04
Review Q1 2025
....................................................... 05
Financial guidance and targets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07
Market environment
.................................................. 08
Segments
............................................................... 09
– Ocean
............................................................... 09
– Logistics & Services
............................................... 11
– Terminals
........................................................... 12
Condensed income statement
....................................... 14
Condensed statement of comprehensive income
................. 14
Condensed balance sheet at 31 March
............................. 15
Condensed cash flow statement
.................................... 16
Condensed statement of changes in equity
....................... 17
Notes
.................................................................... 18
Management’s statement
............................................ 21
Quarterly summary
................................................... 22
Definition of terms
.................................................... 23
Improving life for all by integrating the world
A.P. Moller - Maersk is an integrated logistics company working to connect and simplify its customers’
supply chains. As a global leader in logistics services, the company has 100,000+ customers, operates in
almost 130 countries and employs 100,000+ people. Maersk is committed to reaching net-zero emissions
by 2040 across the entire supply chain with new technologies, new vessels and alternative fuels.
Contacts for further information
Vincent Clerc, CEO
Patrick Jany, CFO
Investors
Stefan Gruber, Head of Investor Relations
Tel. +45 3363 3484
Media
Jesper Lov, Head of Media Relations
Tel. +45 6114 1521
Webcast and dial-in information
A webcast relating to the Q1 2025 Interim Report
will be held on 8 May 2025 at 11.00 (CET). Dial-in
infor mation on investor.maersk.com.
Presentation material for the webcast will be
available on the same page.
The Interim Report for Q1 2025 of
A.P. Møller - Mærsk A/S (further referred to as
A.P. Moller - Maersk as the consolidated group
of companies) has been prepared in accordance
with IAS 34 Interim Financial Reporting as issued
by the International Accounting Standards Board
(IASB) and adopted by the EU and additional
Danish disclosure requirements for interim
financial reporting of listed companies.
The interim consolidated financial statements
have not been subject to audit or review.
Contents
2
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Comparative figures
Unless otherwise stated, all figures in parentheses
refer to the corresponding figures for the same
period prior year.
Financial calendar
07 August 2025, Interim Report Q2 2025
06 November 2025, Interim Report Q3 2025
ESEF data
Domicile of entity
Description of nature of entity’s operations
and principal activities
Country of incorporation
Principal place of business
Legal form of entity
Name of reporting entity or other means
of identification
Address of entity’s registered office
Name of parent entity
Management Review
A.P. Moller - Maersk saw solid performance across all of its businesses in the first quarter,
and delivered an EBITDA of USD 2.7bn and an EBIT of USD 1.3bn. The strong results came
on the back of operational improvements and proactive cost measures in an increasingly
volatile environment.
Ocean demonstrated solid profitability with rates up and volumes stable year-over-year, while the sequential
decrease in rates since July 2024 was as expected. Logistics & Services showed continued progress with the
EBIT margin increasing to 4.1%, which represents a significant year-over-year improvement and consistent
performance sequentially. Meanwhile, Terminals delivered strong results driven by solid volumes and higher
revenue per move.
Outlook
A.P. Moller - Maersk (Maersk) maintains its full-year 2025 guidance of underlying EBITDA of USD 6-9bn,
underlying EBIT of USD 0-3bn and free cash flow of at least negative USD 3.0bn. The global container
market volume growth has been revised to -1% to 4% given the increased macroeconomic and geopolitical
uncertainty. Maersk expects to grow in line with the market. The disruption in the Red Sea is expected to
continue throughout the rest of the year.
CAPEX
2024-2025
10.0-11.0
CAPEX
2025-2026
10.0-11.0
USDbn
EBITDA
Underlying
6.0-9.0
EBIT
Underlying
0.0-3.0
Free cash flow
(FCF) or higher
-3.0
Highlights Q1 2025
Maersk’s results showed significant improvement year-over-year with consolidated revenue of USD 13.3bn
(USD 12.4bn), EBITDA of USD 2.7bn (USD 1.6bn) and EBIT of USD 1.3bn (USD 177m), primarily driven by Ocean
with strong contributions from Logistics & Services and Terminals, resulting in an EBITDA margin of 20.3%
(12.9%) and an EBIT margin of 9.4% (1.4%).
Ocean’s profitability significantly improved year-over-year as EBIT increased by USD 904m to USD 743m
(negative USD 161m), driven by higher freight revenue of USD 7.6bn (USD 6.7bn), and stable operating
costs despite inflation and continued Red Sea disruptions. The EBIT margin increased by 10.3 percentage
points to 8.3% (negative 2.0%). Sequentially, EBIT showed a decrease of USD 857m due to the continued
reduction in rates in Q1 2025, as expected, and the EBIT margin decreased by 7.9 percentage points from
16.2% in Q4 2024.
Logistics & Services was on track in Q1 2025 with the EBIT margin improving by 2.6 percentage points
year-over-year to 4.1% (1.5%), with consistent sequential delivery (4.1% in Q4 2024). The year-over-year
margin increase was driven by improvements in multiple products, most notably Customs, Middle Mile
and Warehousing & E-Fulfilment.
Terminals achieved a strong EBIT of USD 394m (USD 300m), driven by significant volume growth, higher stor-
age revenue and increased revenue per move. As a result, the EBIT margin improved by 2.0 percentage
points to 32.0% (30.0%) and ROIC (LTM) increased to 14.5% (11.3%). Sequentially, EBIT increased by 17% due to
the higher revenue, and the EBIT margin increased by 3.7 percentage points.
Free cash flow of USD 806m (negative USD 151m) increased as a result of the significant uptick in cash
flow from operating activities compared to Q1 2024 due to higher profits across segments, slightly offset
by the higher capital expenditures during the quarter, mainly in Ocean.
Distribution of cash to shareholders during the quarter, including dividends and share buy-backs, was
USD 2.5bn (USD 1.5bn).
Highlights Q1 USD million
Revenue EBITDA EBIT CAPEX
USD million 2025 2024 2025 2024 2025 2024 2025 2024
Ocean 8,910 8,009 1,903 956 743 -161 1,168 325
Logistics & Services 3,488 3,504 383 266 142 54 97 201
Terminals 1,231 999 444 348 394 300 126 127
Unallocated activities, eliminations, etc. -308 -157 -20 20 -26 -16 7 53
A.P. Moller - Maersk consolidated 13,321 12,355 2,710 1,590 1,253 177 1,398 706
Management Review I Highlights Q1 2025
3
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Summary financial information
Income statement
Q1
2025
Q1
2024
12M
2024
Revenue 13,321 12,355 55,482
Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,710 1,590 12,128
Depreciation, amortisation and impairment losses, net 1,620 1,518 6,220
Gain on sale of non-current assets, etc., net 55 7 222
Share of profit in joint ventures and associated companies 108 98 369
Profit before financial items (EBIT) 1,253 177 6,499
Financial items, net 177 151 317
Profit before tax 1,430 328 6,816
Tax 223 120 584
Profit for the period 1,207 208 6,232
A.P. Møller - Mærsk A/S’ share 1,162 177 6,109
Underlying profit
1
1,152 210 6,095
Balance sheet
Total assets 86,965 81,598 87,697
Total equity 56,455 53,373 57,947
Invested capital 51,591 50,430 50,564
Net interest-bearing debt -5,206 -3,092 -7,373
Cash flow statement
Cash flow from operating activities 2,766 1,095 11,408
Repayments of lease liabilities -801 -749 -3,051
CAPEX -1,398 -706 -4,201
Cash flow from financing activities -3,207 -1,058 -3,500
Free cash flow 806 -151 5,114
Financial ratios
Q1
2025
Q1
2024
12M
2024
Revenue growth 7.8% −13.0% 8.6%
EBITDA margin 20.3% 12.9% 21.9%
EBIT margin 9.4% 1.4% 11.7%
Cash conversion 102% 69% 94%
Return on invested capital after tax (ROIC) (last 12 months) 14.3% 3.2% 12.3%
Equity ratio 64.9% 65.4% 66.1%
Underlying ROIC
1
(last 12 months) 13.9% 2.8% 12.0%
Underlying EBITDA
1
2,710 1,597 12,133
Underlying EBITDA margin
1
20.3% 12.9% 21.9%
Underlying EBIT
1
1,199 174 6,356
Underlying EBIT margin
1
9.0% 1.4% 11.5%
Stock market ratios
Earnings per share, USD 74 11 387
Diluted earnings per share, USD 74 11 387
Cash flow from operating activities per share, USD 177 69 723
Share price (B share), end of period, DKK 11,985 8,994 11,905
Share price (B share), end of period, USD 1,733 1,305 1,668
Total market capitalisation, end of period, USD 26,638 20,349 25,698
1 For definition of terms, see page 23.
Management Review I Summary financial information
4
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
Review Q1 2025
A.P. Moller - Maersk reports increased profitability year-over-year, driven by higher freight rates,
cost control across all segments and supported by higher volumes.
In Ocean, EBIT increased by USD 904m to USD 743m (negative USD 161m). In Logistics & Services, EBIT
increased by USD 88m, driven by operational improvements in Fulfilled by Maersk and improved productivity.
The Terminals EBIT continued to improve by USD 94m, due to higher utilisation and storage revenue.
Revenue increased by 7.8% or USD 966m to USD 13.3bn (USD 12.4bn), stemming from an increase in
Ocean of 11% or USD 901m, mainly due to higher loaded freight rates in Q4 2024 benefitting Q1 2025,
and supported with increased rates and volumes year-over-year. Terminals contributed with an increase
of 23% or USD 232m from higher volume, improved revenue per move and higher storage revenue, while
Logistics & Services experienced a slight decrease of 0.5% due to trimming of the customer portfolio in
Fulfilled by Maersk.
USD
Ocean
(2024: 8.0bn)
8.9bn
Logistics & Services
(2024: 3.5bn)
3.5bn
Terminals
(2024: 999m)
1.2bn
EBITDA increased to USD 2.7bn (USD 1.6bn), with an EBITDA margin of 20.3% (12.9%), positively impacted by
all segments and from solid cost control. The majority stemmed from Ocean with an increase of USD 947m,
driven by higher freight revenue and lower bunker costs, partly offset by higher container handling costs.
In Logistics & Services, EBITDA increased by 44%, mainly from Fulfilled by Maersk, and Terminals increased
by 28% due to an increased top line and high utilisation.
USD
Ocean
(2024: 956m)
1.9bn
Logistics & Services
(2024: 266m)
383m
Terminals
(2024: 348m)
444m
EBIT increased by USD 1.1bn to USD 1.3bn (USD 177m), with an EBIT margin of 9.4% (1.4%). Ocean delivered
an increase of USD 904m with an EBIT margin of 8.3% (negative 2.0%). In Logistics & Services, EBIT
increased by USD 88m to USD 142m (USD 54m), driven by increases across Managed by Maersk and
Fulfilled by Maersk, resulting in an EBIT margin of 4.1% (1.5%). In Terminals, EBIT increased by USD 94m
to USD 394m (USD 300m).
USD
Ocean
(2024: -161m)
743m
Logistics & Services
(2024: 54m)
142m
Terminals
(2024: 300m)
394m
Financial items, net amounted to an income of USD 177m (income of USD 151m), driven by positive foreign
exchange rate impacts from hedging of the dividend payment and share buy-backs, partially offset by
higher interest expense and negative foreign exchange rate impacts on working capital.
Tax increased to USD 223m (USD 120m), primarily due to the increased taxable income.
The underlying profit was USD 1.2bn (USD 210m), reflecting the higher EBIT.
Cash flow from operating activities of USD 2.8bn (USD 1.1bn) was driven by the higher EBITDA, together
with a strong cash conversion of 102% (69%).
CAPEX of USD 1.4bn (USD 706m) was driven by higher investments in Ocean.
Free cash flow of USD 806m (negative USD 151m) was primarily driven by the increased cash flow from
operating activities, slightly offset by higher capital expenditures.
Equity decreased to USD 56.5bn (USD 57.9bn at 31 December 2024) due to dividend payments and
share buy-backs, partly offset by net profit of USD 1.2bn, resulting in an equity ratio of 64.9% (66.1% at
31 December 2024).
Capital structure and credit rating
Net interest-bearing debt amounted to a net cash position of USD 5.2bn (a net cash position of USD 7.4bn
at 31 December 2024), positively impacted by free cash flow of USD 806m, offset by dividends distributed
to shareholders and share buy-backs of USD 2.5bn and new lease liabilities net of lease repayments of
USD 439m. Excluding lease liabilities, the Group had a net cash position of USD 17.1bn (USD 18.8bn at
31 December 2024).
A.P. Moller - Maersk (Maersk) remains investment grade-rated and holds a Baa1 (stable) from Moody’s and
a BBB+ (stable) rating from Standard & Poor’s.
The liquidity reserve decreased to USD 27.3bn (USD 29.0bn at 31 December 2024) and was composed of
cash and bank balances (excluding restricted cash), term deposits and securities of USD 21.2bn (USD 22.9bn
at 31 December 2024) and undrawn revolving credit facilities of USD 6.1bn (USD 6.1bn at 31 December 2024).
Management Review I Review Q1 2025
5
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
The dividend of DKK 1,120 per A.P. Møller - Mærsk A/S share of nominally DKK 1,000, a total of USD 2.5bn,
declared at the Annual General Meeting on 18 March 2025, was paid on 21 March 2025, of which with-
holding tax of approximately USD 332m will be paid in Q2 2025.
Share buy-back
As announced in February 2025, Maersk initiated a share buy-back programme of up to around USD 2bn
to be executed over a period of 12 months. Of the total planned share buy-back of around USD 2bn, Maersk
executed USD 345m of share buy-backs by the end of Q1 2025. At 31 March 2025, Maersk owned a total of
29,746 A shares and 283,328 B shares as treasury shares, corresponding to 1.98% of the share capital.
The Annual General Meeting has authorised the Board of Directors to allow the company to acquire
treasury shares to the extent that the nominal value of the company’s total holding of treasury shares at no
time exceeds 15% of the company’s share capital at the market price applicable at the time of acquisition
with a deviation of up to 10%.
ESG update
In April 2025, the International Maritime Organization (IMO) at the Marine Environment Protection Committee
(MEPC) 83 meeting approved a draft net-zero regulatory framework for global shipping.
At Maersk, we see the agreement as an important step towards the first global greenhouse gas price
structure for any industry. Global regulation that can help close the price gap between fossil and green
fuels and create a level playing field for global shipping is a key lever for Maersk in the delivery of our net-
zero targets.
The draft framework introduces two financial components: an integrated two-tier greenhouse gas
fuel standard and a reward mechanism for zero-near-zero (ZNZ) energy sources.
There is important work ahead before the anticipated formal adoption in October 2025, especially in
defining clear guidelines and ensuring that strong enforcement mechanisms are in place. The targeted
entry into force of the regulation is 1 March 2027.
For more information about Maersk’s climate transition plan towards 2030, please see Maersk’s Annual
Report 2024.
Management Review I Review Q1 2025
6
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Financial guidance and targets
Financial guidance for 2025
A.P. Moller - Maersk (Maersk) maintains its full-year 2025 guidance of underlying EBITDA of USD 6-9bn,
underlying EBIT of USD 0-3bn and free cash flow of at least negative USD 3.0bn. The global container
market volume growth has been revised to -1% to 4% given the increased macroeconomic and geopolitical
uncertainty. Maersk expects to grow in line with the market. The disruption in the Red Sea is expected to
continue throughout the rest of the year.
CAPEX (Unchanged)
2024-2025
10.0-11.0
CAPEX (Unchanged)
2025-2026
10.0-11.0
Maersk’s guidance for 2025 is subject to considerable macroeconomic and geopolitical uncertainties impacting container volume growth and
freight rates.
USDbn
EBITDA Underlying
(Unchanged)
6.0-9.0
EBIT Underlying
(Unchanged)
0.0-3.0
Free cash flow or higher
(Unchanged)
-3.0
Sensitivity guidance
Financial performance for Maersk for 2025 depends on several factors subject to uncertainties related to the given
uncertain macro economic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2025
for four key assumptions are listed below:
Factors Change
Effect on EBIT
(Rest of 2025)
Container freight rate +/- 100 USD/FFE +/- USD 1.0bn
Container freight volume +/- 100,000 FFE +/- USD 0.01bn
Bunker price (net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.2bn
Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.2bn
Roadmap towards 2025
The mid-term financial targets introduced at the Capital Markets Day in May 2021 relate to the trans-
formation towards becoming the integrator of container logistics.
Consolidated
The return on invested capital (ROIC) (LTM) was 14.3%, above the yearly target of 7.5% under normalised
conditions. The strong result in the second half of 2024 complemented by a solid Q1 2025 result positively
impacted ROIC for the last 12 months. The average return on invested capital from the start of 2021 to Q1
2025 was 29.9%, well above the 12% target for the period 2021-2025.
ROIC (each year)
Target: >7.5%
14.3%
ROIC (2021-2025)
Target: >12%
29.9%
Ocean
The Ocean EBIT margin of 14.7% over the last 12 months exceeded the target of 6% under normalised
conditions; however, the total average operated fleet capacity over the last 12 months exceeded the
target range of 4.1-4.3 TEUm.
EBIT margin
Target: >6%
14.7%
Fleet size
Target: 4.1-4.3 TEUm
4.4 TEUm
Logistics & Services
The Logistics & Services organic revenue growth over the last 12 months of 6.9% was below the target
of 10%. The EBIT margin for the last 12 months was 4.2%, below the target but continuing to improve.
Organic revenue growth
Target: >10%
6.9%
EBIT margin
Target: >6%
4.2%
Terminals
The Terminals return on invested capital (ROIC) (LTM) of 14.5% continued to be above the 9% target.
ROIC
Target: >9%
14.5%
Forward-looking statements
The Interim Report contains forward-looking statements. Such statements are subject to risks and uncertainties as several
factors, many of which are beyond Maersk’s control, may cause the actual development and results to differ materially from
expectations contained in the Interim Report.
Management Review I Financial guidance and targets
7
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Market environment
Macro environment
The global economy entered 2025 on a solid footing, despite a turbulent external environment. The global
composite Purchasing Managers Index (PMI) remained in expansionary territory (above 50) throughout the
quarter, averaging 51.8. Q1 also saw a rebound in manufacturing activity, especially in China. The global
manu facturing PMI increased from 49.7 in Q4 2024 to 50.3 in Q1 2025. The trade war and political uncertainty
in the US have, however, clouded the horizon.
Policy uncertainty and the threat of further escalations to the trade war cast a shadow over the US economic
outlook. Goods demand stayed elevated in Q1, with 3.8% growth year-over-year, as the labour market showed
continued resilience. However, an upcoming sharp moderation in economic activity is the consensus among
external forecasters and recession probabilities have suddenly increased. Though the Federal Reserve held
interest rates steady at 4.25% to 4.5% in March, financial markets predict several rate cuts by year-end,
despite rising inflation expectations.
Both the direct effects of tariffs and the indirect impacts from a weakening US economy are expected to spill
over to other countries and regions. In the Euro Area, while retail sales (excluding food and fuel) grew 2.7% year-
over-year in January and February, tariffs and broader uncertainty are expected to weigh on the region’s growth
outlook, impeding efforts to address prolonged economic stagnation with less stringent fiscal policies. US tariffs
on goods exports from China are expected to exert pressure on the country’s export-driven growth model,
despite the economy surpassing growth expectations in Q1, growing 5.4% year-over-year. If Chinese exporters
redirect lost US exports to other markets, a protectionist backlash could follow, risking a broader trade war.
Container trade environment
Despite ongoing geopolitical turmoil and an increase in trade policy uncertainty, demand for container trade
increased in Q1 2025. Global container demand is estimated to have grown between 3.5% and 5.5% year-on-
year, broadly in line with expectations. Import growth was strongest in Latin America, North America and
Europe. On the supply side, growth remained elevated in Q1 2025 driven by significant deliveries. At the end
of the quarter, the nominal fleet was 9.4% larger than at the same time in 2024, while inactive capacity
remained subdued at a level not seen since early 2022. As a result, spot rates, measured by the Shanghai
Containerized Freight Index (SCFI), declined gradually over the course of Q1.
The outlook for global container demand over the remainder of the year remains highly uncertain, shaped
by a rapidly evolving trade policy landscape and increasing recession risks in the US. Growth is expected to
remain positive in the second quarter—particularly if shippers capitalise on the 90-day pause of reciprocal
tariffs by frontloading shipments and building inventories. In the latter part of the year, there is, on the one
hand, a growing risk that demand could contract, and on the other the possibility that trade rebounds if
tariffs are rolled back.
Logistics environment
Global air freight forwarding demand remained robust in Q1, although momentum slowed from 7% growth in
2024. Capacity, by measure of available tonne-kilometres, increased 4% year-over-year in Q1, supported by
a pick-up in deliveries. Rates firmed, averaging 2.1 USD/kg, 10% more than in Q1 of 2024.
US ground freight demand saw a 0.3% year-over-year volume growth in the first two months of 2025,
driven by the start of the recovery in industrial activity. Truckload supply continued to decline but showed
early signs of stabilisation. While tight capacity in the Less Than Truckload (LTL) market has contributed to
higher rates, truckload contract rates continued their downward trajectory. In Europe, road freight rates fell
by 3.7% year-on-year in Q1 2025 against a backdrop of subdued economic demand.
Vacancy rates in US warehousing rose to 7.0%, driven by vacant speculative deliveries and vacancy increased
in larger warehouses. However, with a thinning construction pipeline, vacancy rates are likely to remain close to
the long-term 7% average. In Europe, vacancy rates stood at 6.1% in Q4 2024 (latest available figure), signalling
a potential recovery as the pace of vacancy growth slows despite persistent economic weakness.
While the ongoing trade war is set to reshape global supply chains over the long term, the pace of change in
the short term will be constrained by two key factors: first, the heavy concentration of manufacturing capacity
in China; and second, the difficulty of making major investment decisions amid a volatile policy landscape.
Source: Maersk Strategic Insights
North America Latin America Far East Asia Europe Global
Index (FY2019=100)
Container trade volumes, by import region
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4Q3Q2Q1Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
2019 2020 2021 2022 2023 2024
70
100
90
80
130
120
110
Management Review I Market environment
8
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Ocean
Ocean delivered a solid result with an EBIT of USD 743m (negative USD 161m), which improved by USD 904m
compared to Q1 2024 due to higher rates and stable volumes. Compared to Q4 2024, profitability was lower,
following the downward trend of rates since the July 2024 peak, as expected, and normal volume seasonality.
The result was impacted by the declining freight rates during the quarter and the continued network
re-routing south of the Cape of Good Hope as the Red Sea passage is still deemed unsafe.
Volumes increased slightly by 0.1%, while the average loaded freight rate was higher by 2.5%. Freight
revenue was positively impacted by the higher loaded freight rates in Q4 2024, benefitting Q1 2025. Total
operating costs remained stable due to a continued high focus on optimisation and mitigation of cost
increases. The cost development was supported by a 9.0% lower bunker price and continued optimisation of
bunker consumption, which decreased by 3.4%. These cost savings offset the increased container handling
and network costs, excluding bunker.
Utilisation of 92% (95%) was impacted by normal seasonality in Q1 2025. Furthermore, within its first two
months of operations, the Gemini network is on track to deliver the reliability and savings ambition once
fully phased in.
Financial and operational performance
Revenue increased by USD 901m to USD 8.9bn (USD 8.0bn), driven by an increase in freight revenue by 13%
associated with the higher freight rates by 2.5% and stable volumes which increased by 0.1%, further
enhanced by the higher loaded freight rates in Q4 2024, benefitting Q1 2025.
EBITDA increased by USD 947m to USD 1.9bn (USD 956m) and the EBITDA margin increased by 9.5 percentage
points to 21.4% (11.9%).
EBIT increased by USD 904m to USD 743m (negative USD 161m) due to higher revenue, while the cost base
remained stable. The EBIT margin increased by 10.3 percentage points to 8.3% (negative 2.0%).
Loaded volumes increased slightly by 0.1% to 2,931k FFE (2,928k FFE). Volume growth in Intra-Asia, Trans-
Suez, and Latin America trades were partly offset by lower volumes in Intra-America, Intra-Europe, and
Africa trades. Loaded volumes decreased by 6.5% compared to Q4 2024 (3,134k FFE), in line with normal
seasonality due to the Chinese New Year.
Segments
Ocean highlights USD million
Q1
2025
Q1
2024
12M
2024
Freight revenue 7,579 6,715 32,684
Other revenue, including hubs 1,331 1,294 4,704
Revenue 8,910 8,009 37,388
Container handling costs 2,476 2,387 9,744
Bunker costs 1,601 1,791 7,067
Network costs, excluding bunker costs 1,713 1,703 6,811
Selling, General & Administrative (SG&A) costs 594 603 2,626
Cost of goods sold and other operational costs 606 542 1,954
Total operating costs 6,990 7,026 28,202
Other income/costs, net -17 -27 -
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 1,903 956 9,186
EBITDA margin 21.4% 11.9% 24.6%
Profit before financial items (EBIT) 743 -161 4,743
EBIT margin 8.3% −2.0% 12.7%
Invested capital 31,647 29,455 30,864
CAPEX 1,168 325 2,708
Operational and financial metrics
Loaded volumes (FFE in ’000) 2,931 2,928 12,338
Loaded freight rate (USD per FFE) 2,427 2,368 2,698
Unit costs, fixed bunker (USD per FFE incl. VSA income) 2,539 2,478 2,412
Bunker price, average (USD per tonne) 569 625 613
Bunker consumption (tonne in ’000) 2,702 2,796 11,262
Average operated fleet capacity (TEU in ’000) 4,477 4,187 4,307
Fleet owned (end of period) 313 312 308
Fleet chartered (end of period) 433 367 399
Management Review I Segments I Ocean
9
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
The average loaded freight rate increased by 2.5% to 2,427 USD/FFE (2,368 USD/FFE) across most trades but
decreased by 8.7% compared to Q4 2024 (2,659 USD/FFE), following the market downward pressure on rates,
as expected.
Total operating costs remained stable at USD 7.0bn (USD 7.0bn), despite inflationary pressure and in line with
the network requirement for re-routing south of the Cape of Good Hope. Container handling costs and network
costs excluding bunker increased by 3.7% and 0.6%, respectively; however, this was offset by lower bunker costs
by 11%. SG&A costs decreased by 1.5%, highlighting the continuous efforts for a more efficient organisation.
Bunker costs decreased by 11% to USD 1.6bn (USD 1.8bn) driven by the decreased bunker price by 9.0% to
569 USD/tonne (625 USD/tonne), combined with the decreased bunker consumption by 3.4%, still impacted
by the re-routing south of the Cape of Good Hope. Costs relating to the EU Emissions Trading System (ETS)
were USD 63m (USD 44m). Excluding the EU ETS effect, bunker costs decreased by 12%. Bunker efficiency
improved by 4.4% to 36.7 g/TEU*NM (38.4 g/TEU*NM).
Unit cost at fixed bunker increased by 2.5% to 2,539 USD/FFE (2,478 USD/FFE) reflecting the higher cost
at fixed bunker, with only marginal impact from volumes.
Loaded volumes FFE (’000)
Q1 2025 Q1 2024 Change Change %
East-West 1,341 1,327 14 1.1%
North-South 957 956 1 0.1%
Intra-regional 633 645 -12 -1.9%
Total 2,931 2,928 3 0.1%
Split by rate validity New
2025e 2024
Long-term 51% 54%
Short-term 49% 46%
Split by product definition Old
2025e 2024
Contracts 72% 75%
Shipments 28% 25%
Average freight rates USD/FFE
Q1 2025 Q1 2024 Change Change %
East-West 2,498 2,706 -208 -7.7%
North-South 3,113 2,758 355 12.9%
Intra-regional 1,520 1,397 123 8.8%
Total 2,427 2,368 59 2.5%
Fleet overview, end Q1 2025
Q1 2025 Q4 2024
TEU
Own container vessels 2,507 2,440
Chartered container vessels 2,075 1,901
Total fleet 4,582 4,341
Number of vessels
Own container vessels 313 308
Chartered container vessels 433 399
Total fleet 746 707
The average operated capacity of 4,477k TEU (4,187k TEU) increased by 6.9% in line with increased demand
and Gemini phase-in requirements. The current order book for dual-fuel vessels totalled 34 at the end of
Q1 2025, and the fleet consisted of 313 owned and 433 chartered vessels, of which 183k TEU or 4.0% of the
fleet were idle (23 vessels).
Key initiatives in Q1
In February 2025, Ocean launched the network of the future (East-West network), a strategic milestone
aiming to create a more reliable and efficient shipping experience with faster responses to disruptions and
demand changes. The new network utilises the Gemini cooperation with Hapag Lloyd to reduce complexity
with mostly single-operator loops, fewer port calls per service, and by leveraging state-of-the-art hubs.
The new offering aims to deliver above 90% schedule reliability for services under the Gemini scope of trades,
once the network is fully phased in. As of the end of Q1, 75% of the East-West network was implemented
with the full completion anticipated by the end of May 2025. Within its first two months of operations, the
Gemini network is on track to deliver the reliability ambition once fully phased in.
On 1 April 2025, Maersk acquired the Panama Canal Railway Company (PCRC) which facilitates cargo
movement between the Atlantic and Pacific Oceans through a 76-km single-line railway, parallel to the
Panama Canal. The railway will be part of the Ocean network, aiming to improve the intermodal container
movement.
Reporting change
Effective from Q1 2025, the classification of products from contracts (terms and conditions extended across
multiple shipments and time periods) and shipments (terms and conditions per transaction at the time of
booking) has changed to long-term rate products and short-term rate products to better reflect the time
validity of the rate of each agreement. The change in reporting aligns with Ocean performance management.
Long-term rate products have terms and conditions that extend across multiple shipments and time periods
with rate validity longer than 3 months.
Short-term rate products have either standard terms and conditions agreed with the customers for each
transaction at the time of booking or have terms and conditions that extend across multiple shipments and
time periods with rate validity shorter than 3 months.
Management Review I Segments I Ocean
10
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Logistics & Services
Logistics & Services started the first quarter of 2025 by improving the EBIT margin by 2.6 percentage
points year-over-year to 4.1% (1.5%), with consistent delivery compared to Q4 2024. The year-over-year
margin increase was driven by multiple products across ‘by Maersk’ service models, the continuation
of overall cost control and increased productivity, offsetting inflation.
Financial and operational performance
Revenue decreased by USD 16m or 0.5% to USD 3.5bn (USD 3.5bn). Managed by Maersk delivered
year-over-year revenue growth for all products. In Fulfilled by Maersk, revenue had a year-over-year
decrease driven by the rebasing of Last and Middle Mile while Transported by Maersk maintained
revenue levels.
Managed by Maersk’s revenue increased by USD 85m or 18% to USD 553m (USD 468m) with Project
Logistics as the main contributor. Supply Chain Management volumes in Lead Logistics increased by
3.4% to 27,752k cbm (26,837k cbm) alongside Customs volumes increasing by 10% to 1,749k declarations
(1,586k declarations).
Fulfilled by Maersk’s revenue decreased by USD 101m or 7.1% to USD 1.3bn (USD 1.4bn), primarily driven
by the refocusing of the Last Mile and Middle Mile businesses in North America to increase profitability,
while Warehousing & E-Fulfilment revenue improved, mainly driven by new customer wins.
Transported by Maersk’s revenue remained on par with the previous year at USD 1.6bn (USD 1.6bn)
as rates increased in First Mile, Less than Container Load, and Air. This was offset by year-over-year
volume drops in most products. First Mile volumes experienced a slight decrease to 1,606k FFE
(1,651k FFE) driven by India, the Middle East and Africa and North America. Air freight volumes decreased
19% year-over-year to 69k tonnes (85k tonnes), mainly due to trimming of the customer portfolio to
improve profitability.
Gross profit increased by USD 114m to USD 1.1bn (USD 1.0bn) with increases across all service models,
particularly driven by Warehousing & E-Fulfilment, Air, First Mile, and Cold Chain Logistics, resulting in
a gross profit margin of 32.1% (28.7%). Gross profit decreased sequentially by USD 105m due to volume
decreases in Managed by Maersk and Transported by Maersk related to seasonality for most products.
EBITDA increased by USD 117m to USD 383m (USD 266m) and the EBITDA margin was 11.0% compared to
7.6% in Q1 2024.
Logistics & Services highlights USD million
Q1
2025
Q1
2024
12M
2024
Revenue 3,488 3,504 14,920
Direct costs (third-party costs) 2,367 2,497 10,385
Gross profit 1,121 1,007 4,535
Direct operating expenses 541 535 2,258
Selling, General & Administration (SG&A) costs 197 206 830
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 383 266 1,447
EBITDA margin 11.0% 7.6% 9.7%
Profit before financial items (EBIT) 142 54 538
EBIT margin 4.1% 1.5% 3.6%
Invested capital 11,682 11,378 11,631
CAPEX 97 201 803
Operational and financial metrics
Managed by Maersk revenue 553 468 2,167
Fulfilled by Maersk revenue 1,322 1,423 5,735
Transported by Maersk revenue 1,613 1,613 7,018
Supply chain management volumes (CBM in ’000) 27,752 26,837 120,137
First Mile volumes (FFE in ’000) 1,606 1,651 6,773
Air freight volumes (tonne in ’000) 69 85 327
Management Review I Segments I Logistics & Services
11
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
EBIT increased by USD 88m to USD 142m (USD 54m). The EBIT margin increased to 4.1% (1.5%) and remained
on par with Q4 2024. Managed by Maersk’s margins increased, mainly driven by Cold Chain Logistics, Project
Logistics and Customs. Fulfilled by Maersk’s margins also improved year-over-year, mainly driven by Middle
Mile and Warehousing & E-Fulfilment. Transported by Maersk’s margins remained on par year-over-year.
Key initiatives in Q1
Logistics & Services aims to continue global expansion by growing its existing products with targeted
growth through a deep and narrow focus in selected geographies. In Q1 2025, this included enhancing con-
tract logistics with a new 35,000 sqm cold storage warehouse facility opening in Rotterdam, Netherlands,
located next to the Maasvlakte II terminal operated by APM Terminals. The new facility aims to enhance
the speed and reliability of refrigerated supply chains, ensuring the quality of temperature-sensitive and
frozen products for European consumers. Additionally, a 10,000 sqm warehouse facility has been established
located in Dakar, Senegal, to enhance West Africa’s supply chain. The new integrated logistics hub in Dakar
offers multiple benefits due to its strategic location such as proximity to end markets, manufacturing
operations, and port facilities that are within 10 km.
Terminals
Terminals delivered its second-highest EBITDA ever in Q1 2025. Volume increased by 8.4%, driven by
strong growth in North America where volume increased significantly on the West Coast, Latin America
and Europe. Accordingly, utilisation increased by 9.3 percentage points to 79% (70%). Revenue per move
(like-for-like) increased by 14%, driven by an increase in storage revenue per move of 46%, which reached
the highest level since Q3 2022, as well as inflation-offsetting tariff increases. Cost per move (like-for-like)
increased by 6.2% with the impact of significant labour inflation being partly outweighed by the positive
impact from higher utilisation. As a result of the higher utilisation and high storage revenue, the EBITDA
margin improved by 1.3 percentage points to 36.1% (34.8%).
Financial and operational performance
Revenue increased by 23% to USD 1.2bn (USD 999m), driven by higher volume, improved tariffs and higher
storage revenue. Volume grew by 8.4% driven by strong growth of 15% in North America, due to a significant
increase in volume on the West Coast and a 9.2% increase in volume in Latin America. Volume from Ocean
increased by 10% and volume from external customers increased by 7.6%. Utilisation increased to 79% (70%)
in line with the increase in volume.
Terminals highlights USD million
Q1
2025
Q1
2024
12M
2024
Revenue 1,231 999 4,465
Concession fees (excl. capitalised lease expenses) 99 83 347
Labour costs (Blue collar) 359 294 1,290
Other operational costs 186 145 658
Selling, General & Administration (SG&A) and other costs, etc. 143 129 569
Total operating costs 787 651 2,864
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 444 348 1,601
EBITDA margin 36.1% 34.8% 35.9%
Profit before financial items (EBIT) 394 300 1,329
EBIT margin 32.0% 30.0% 29.8%
Invested capital 8,086 7,799 7,930
CAPEX 126 127 580
Operational and financial metrics
Volumes – financially consolidated (moves in ’000) 3,326 3,068 13,095
Ocean segment 1,085 985 4,200
External customers 2,241 2,083 8,895
Revenue per move – financially consolidated (USD) 365 322 337
Cost per move – financially consolidated (USD) 275 254 258
Result from joint ventures and associated companies 94 88 327
Management Review I Segments I Logistics & Services I Terminals
12
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Revenue per move increased by 13% to USD 365 (USD 322), driven by an increase in storage revenue, tariff
increases and improved terminal mix, partly offset by a negative foreign exchange rate impact. Cost per move
increased by 8.5% to USD 275 (USD 254) due to labour cost adjustments, other costs, unfavourable terminal
mix and revenue-driven concession fees, partly offset by the impact of higher utilisation. At fixed foreign
exchange rates, volume mix and portfolio mix, revenue per move improved by 14% and cost per move
increased by 6.2%.
EBITDA increased by 28% to USD 444m (USD 348m), due to the improved utilisation and higher storage
revenue, leading to an improved EBITDA margin of 36.1% (34.8%).
EBIT increased by 31% to USD 394m (USD 300m) due to the higher EBITDA.
ROIC (LTM average) increased to 14.5% (11.3%). The concession extension signed for Port Elizabeth is effective
from April 2025 and therefore did not affect ROIC during the quarter. However, it is expected to increase
invested capital materially and will impact ROIC negatively going forward as it is gradually included in the
last twelve months average.
CAPEX is almost at par at USD 126m (USD 127m), as the lower modernisation costs in the US were offset
by increased spend for the construction of new terminals in Croatia and Brazil as well as the expansion
in Mexico.
In North America, volume increased by 15%, primarily driven by significant growth in Los Angeles and
Port Elizabeth, USA. Utilisation increased by 12 percentage points to 73% (61%).
In Latin America, volume increased by 9.2%, driven by Pecem, Brazil, and Buenos Aires, Argentina, partly
offset by weaker volume in Moin, Costa Rica. Utilisation increased by 10 percentage points to 88% (78%).
In Europe, volume increased by 7.7% due to strong volume in Vado, Italy, and Barcelona, Spain. Utilisation
increased by 6.9 percentage points to 78% (71%).
In Africa, volume increased by 5.8% due to strong volume in Onne, Nigeria and Monrovia, Liberia. Utilisation
increased by 11 percentage points to 70% (59%).
In Asia, volume increased by 3.2%, driven by Aqaba, Jordan, which was heavily impacted by the Red Sea
situation in 2024 and in Mumbai, India. Utilisation increased by 7.4 percentage points to 85% (78%).
Results from joint ventures and associated companies
The share of profits in joint ventures and associated companies increased by 6.8% to USD 94m (USD 88m),
primarily driven by strong volume in West Africa.
Key initiatives in Q1
Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend APM Terminals
Elizabeth’s lease through December 2062. Originally set to expire in 2029, the lease extension marks a
significant milestone in the company’s enduring partnership with the port, which dates back over a century.
The 33-year lease extension paves the way for major infrastructure investments, which will enhance capacity
and transport velocity, create jobs and strengthen the US economy.
APM Terminals has signed a Letter of Intent with Bahrain’s Ministry of Transportation and Telecommu-
nications to enhance collaboration at the Khalifa Bin Salman Port. The letter aims to boost the terminal’s
throughput by 2030, expand trade with Saudi Arabia and to invest in new growth segments supporting
Bahrain’s Economic Vision 2030 and beyond.
Q1 2025 Q1 2024 Growth %
North America 908 792 14.6%
Latin America 636 583 9.2%
Europe 718 667 7.7%
Africa 184 173 5.8%
Asia 880 853 3.2%
Total 3,326 3,068 8.4%
1 Financially consolidated.
Regional volume
1
Moves (’000)
Management Review I Segments I Terminals
13
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Financials
Condensed income statement Condensed statement of comprehensive income
Note
Q1
2025
Q1
2024
12M
2024
1 Revenue 13,321 12,355 55,482
1 Profit before depreciation, amortisation and impairment losses,
etc. (EBITDA) 2,710 1,590 12,128
Depreciation, amortisation and impairment losses, net 1,620 1,518 6,220
Gain on sale of non-current assets, etc., net 55 7 222
Share of profit in joint ventures and associated companies 108 98 369
1 Profit before financial items (EBIT) 1,253 177 6,499
Financial items, net 177 151 317
Profit before tax 1,430 328 6,816
Tax 223 120 584
Profit for the period 1,207 208 6,232
Of which:
Non-controlling interests 45 31 123
A.P. Møller - Mærsk A/S’ share 1,162 177 6,109
Earnings per share, USD 74 11 387
Diluted earnings per share, USD 74 11 387
Q1
2025
Q1
2024
12M
2024
Profit for the period 1,207 208 6,232
Translation from functional currency to presentation currency 177 -246 -447
Reclassified to income statement, gain on sale of non-current
assets, etc., net - 5 5
Cash flow hedges 45 -41 -82
Tax on other comprehensive income 9 -4 24
Share of other comprehensive income of joint ventures and
associated companies, net of tax - 2 -3
Total items that have been or may be reclassified subsequently
to the income statement 231 -284 -503
Other equity investments -17 -1 -60
Actuarial gains/losses on defined benefit plans, etc. - 8 19
Tax on other comprehensive income 2 - 1
Total items that will not be reclassified to the income statement -15 7 -40
Other comprehensive income, net of tax 216 -277 -543
Total comprehensive income for the period 1,423 -69 5,689
Of which:
Non-controlling interests 50 7 112
A.P. Møller - Mærsk A/S’ share 1,373 -76 5,577
Financials I Interim consolidated financial statements Q1 2025
14
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
Condensed balance sheet at 31 March
Note
31 March
2025
31 March
2024
31 December
2024
Intangible assets 9,805 9,972 9,824
Property, plant and equipment 28,781 27,037 28,245
Right-of-use assets 10,984 9,567 10,605
2 Financial non-current assets, etc. 4,518 3,999 4,586
Deferred tax 378 355 365
Total non-current assets 54,466 50,930 53,625
Inventories 1,465 1,644 1,601
2 Receivables, etc. 22,121 19,894 24,313
Securities 1,785 - 1,580
Cash and bank balances 7,128 7,365 6,575
Assets held for sale - 1,765 3
Total current assets 32,499 30,668 34,072
Total assets 86,965 81,598 87,697
Note
31 March
2025
31 March
2024
31 December
2024
3 Equity attributable to A.P. Møller - Mærsk A/S 55,409 52,328 56,917
Non-controlling interests 1,046 1,045 1,030
Total equity 56,455 53,373 57,947
Lease liabilities, non-current 9,069 7,816 8,728
Borrowings, non-current 3,850 5,196 4,539
Other non-current liabilities 2,425 2,604 2,560
Total non-current liabilities 15,344 15,616 15,827
Lease liabilities, current 2,782 2,529 2,684
Borrowings, current 1,338 222 526
3 Other current liabilities 11,046 9,635 10,713
Liabilities associated with assets held for sale - 223 -
Total current liabilities 15,166 12,609 13,923
Total liabilities 30,510 28,225 29,750
Total equity and liabilities 86,965 81,598 87,697
Financials I Interim consolidated financial statements Q1 2025
15
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
Condensed cash flow statement
Cash and bank balances include USD 927 m (USD 928 m at 31 December 2024) relating to cash and bank balances in
countries with exchange control or other restrictions. These funds are not readily available for general use by the parent
company or other subsidiaries.
Q1
2025
Q1
2024
12M
2024
Profit before financial items 1,253 177 6,499
Non-cash items, etc. 1,494 1,506 5,878
Change in working capital 157 -474 -311
Cash flow from operating activities before tax 2,904 1,209 12,066
Taxes paid -138 -114 -658
Cash flow from operating activities 2,766 1,095 11,408
Purchase of intangible assets and property, plant and equipment
(CAPEX) -1,398 -706 -4,201
Sale of intangible assets and property, plant and equipment 55 44 466
Acquisition of subsidiaries and activities - -7 -8
Sale of subsidiaries and activities - 14 28
Acquisition of joint ventures and associated companies - -1 -21
Sale of joint ventures and associated companies - 51 51
Dividends received 37 55 371
Sale of other equity investments - - 3
Financial investments etc., net 2,278 1,231 -4,614
Cash flow from investing activities 972 681 -7,925
Repayment of/proceeds from borrowings, net -12 1,093 1,462
Repayments of lease liabilities -801 -749 -3,051
Financial payments, net 313 249 732
Financial expenses paid on lease liabilities -166 -139 -611
Purchase of treasury shares -328 -443 -556
Dividends distributed -2,197 -1,023 -1,333
Dividends distributed to non-controlling interests -27 -25 -110
Other equity transactions 11 -21 -33
Cash flow from financing activities -3,207 -1,058 -3,500
Net cash flow for the period 531 718 -17
Cash and cash equivalents, beginning of period 6,543 6,730 6,730
Currency translation effect on cash and bank balances 18 -67 -170
Cash and cash equivalents, end of period 7,092 7,381 6,543
Of which classified as assets held for sale - -63 -
Cash and cash equivalents, end of period 7,092 7,318 6,543
Q1
2025
Q1
2024
12M
2024
Cash and cash equivalents
Cash and bank balances 7,128 7,365 6,575
Overdrafts 36 47 32
Cash and cash equivalents, end of period 7,092 7,318 6,543
Financials I Interim consolidated financial statements Q1 2025
16
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
A.P. Møller - Mærsk A/S
Note
Share
capital
Translation
reserve
Reserve for
other equity
investments
Reserve
for
hedges
Retained
earnings
Total Non-
controlling
interests
Total
equity
Equity 1 January 2025 2,870 -1,290 126 -79 55,290 56,917 1,030 57,947
Other comprehensive income, net of tax - 173 -17 54 1 211 5 216
Profit for the period - - - - 1,162 1,162 45 1,207
Total comprehensive income for the period - 173 -17 54 1,163 1,373 50 1,423
Dividends to shareholders - - - - -2,549 -2,549 -35 -2,584
Value of share-based payments - - - - 8 8 - 8
Sale of non-controlling interests - - - - -1 -1 1 -
3 Purchase of treasury shares - - - - -345 -345 - -345
3 Sale of treasury shares - - - - 6 6 - 6
Total transactions with shareholders - - - - -2,881 -2,881 -34 -2,915
Equity 31 March 2025 2,870 -1,117 109 -25 53,572 55,409 1,046 56,455
Equity 1 January 2024 3,186 -1,148 189 -19 51,822 54,030 1,060 55,090
Other comprehensive income, net of tax - -154 -1 -45 -53 -253 -24 -277
Profit for the period - - - - 177 177 31 208
Total comprehensive income for the period - -154 -1 -45 124 -76 7 -69
Dividends to shareholders - - - - -1,190 -1,190 -32 -1,222
Value of share-based payments - - - - 9 9 - 9
Acquisition of non-controlling interests - - - - -33 -33 - -33
3 Purchase of treasury shares - - - - -416 -416 - -416
3 Sale of treasury shares - - - - 4 4 - 4
Capital increases and decreases - - - - - - 10 10
Total transactions with shareholders - - - - -1,626 -1,626 -22 -1,648
Equity 31 March 2024 3,186 -1,302 188 -64 50,320 52,328 1,045 53,373
Condensed statement of changes in equity
Financials I Interim consolidated financial statements Q1 2025
17
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
Note 1 Segment information
Segment Types of revenue Q1
2025
Q1
2024
12M
2024
Ocean Freight revenue 7,578 6,715 32,684
Other revenue, including hubs 1,332 1,294 4,704
Logistics & Services Managed by Maersk 553 468 2,167
Fulfilled by Maersk 1,322 1,423 5,735
Transported by Maersk 1,613 1,613 7,018
Terminals Terminal services 1,231 999 4,465
Unallocated activities and eliminations Towage
1
- 227 304
Sale of containers and spare parts 173 86 490
Other shipping activities 19 27 113
Other services 134 144 537
Unallocated activities and eliminations -634 -641 -2,735
Total revenue 13,321 12,355 55,482
Timing of revenue recognition
Recognised over time 12,398 11,513 52,308
Recognised at a point in time 1,557 1,483 5,909
Unallocated activities and eliminations -634 -641 -2,735
Total revenue 13,321 12,355 55,482
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimina-
tions
Consoli-
dated
total
Q1 2025
External revenue 8,380 3,669 961 311 - 13,321
Inter-segment revenue 530 -181 270 48 -667 -
Total revenue 8,910 3,488 1,231 359 -667 13,321
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 1,903 383 444 -19 -1 2,710
Profit before financial items (EBIT) 743 142 394 -22 -4 1,253
Key metrics:
Invested capital 31,647 11,682 8,086 186 -10 51,591
CAPEX 1,168 97 126 11 -4 1,398
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimina-
tions
Consoli-
dated
total
Q1 2024
External revenue 7,583 3,570 756 446 - 12,355
Inter-segment revenue 426 -66 243 57 -660 -
Total revenue 8,009 3,504 999 503 -660 12,355
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 956 266 348 18 2 1,590
Profit before financial items (EBIT) -161 54 300 -16 - 177
Key metrics:
Invested capital 29,455 11,378 7,799 1,837 -39 50,430
CAPEX 325 201 127 42 11 706
Note 2 Term deposits and other receivables
Receivables, etc. amount to USD 22.1bn (USD 24.3bn at 31 December 2024) and consist primarily of term deposits with
a maturity of more than three months, amounting to USD 13.4bn (USD 15.9bn at 31 December 2024) and EU allowances
(EUAs) amounting to 162m (USD 163m).
Financial non-current assets, etc. primarily consist of prepayments made for operational activities that will be utilised
after 12 months of USD 1.8bn (USD 1.9bn at 31 December 2024).
1 Following the demerger of Svitzer in Q2 2024, the Towage & Maritime Services segment is no longer separately reported. The remaining
businesses in Towage & Maritime Services and the contribution from Svitzer until its demerger are reported under Unallocated items.
1 Revenue from Svitzer is included in Towage until demerger.
Financials I Interim consolidated financial statements Q1 2025
18
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
All shares are fully issued and paid up.
One A share of DKK 1,000 holds two votes. B shares have no voting rights.
The share buy-back programme is carried out with the purpose to adjust the capital structure of the company. Shares not
used for hedging purposes for the long-term incentive programmes are to be proposed cancelled at the Annual General
Meetings.
The disposals of treasury shares is related to the share option plan and the restricted shares plan.
From 7 February 2025 to 31 March 2025, A.P. Møller - Mærsk A/S bought back as treasury shares 19,471 B shares, with
a nominal value of DKK 19m from A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond, which is considered a
related party.
The dividend for 2024 of DKK 1,120 per share of DKK 1,000, a total of DKK 17.4bn, equivalent to USD 2.5bn excluding
treasury shares was declared at the Annual General Meeting on 18 March 2025. Of this, USD 2.2bn was paid to shareholders
on 21 March 2025, and withholding tax of approximately USD 332m payable in Q2 2025 is included in other current liabilities.
Payment of dividends to shareholders does not trigger taxes for the Group.
A-shares of B-shares of Nominal value
DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million
1 January 2024 10,106,940 212 7,462,590 158 17,570 3,186
31 March 2024 10,106,940 212 7,462,590 158 17,570 3,186
1 January 2025 9,756,388 206 6,072,390 122 15,829 2,870
31 March 2025 9,756,388 206 6,072,390 122 15,829 2,870
No. of shares of DKK 1,000 Nominal value DKK million % of share capital
Treasury shares 2025 2024 2025 2024 2025 2024
A shares
1 January - 306,636 - 307 0.00% 1.75%
Additions 29,746 43,919 30 44 0.19% 0.25%
31 March 29,746 350,555 30 351 0.19% 2.00%
B shares
1 January 120,307 1,279,120 120 1,279 0.76% 7.28%
Additions 168,292 174,723 168 175 1.06% 1.00%
Disposals 5,271 2,761 5 3 0.03% 0.02%
31 March 283,328 1,451,082 283 1,451 1.79% 8.26%
Note 3 Share capital
Development in the number of shares: Development in the holding of treasury shares:
Financials I Interim consolidated financial statements Q1 2025
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A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
Note 4 Commitments
The total commitment across segments of USD 8.0bn (USD 8.6bn at 31 December 2024) is related to investments in
dual- fuel vessels, commitments towards terminal concession grantors and EU allowances (EUAs) future contracts.
Note 6 Subsequent events
After the balance sheet date, on 1 April 2025, the Group acquired 100% of the shares in Panama Canal Railway Company
(PCRC) from Canadian Pacific Kansas City Limited and the Lanco Group/Mi-Jack. PCRC operates a 76-km single-line railway
adjacent to the Panama Canal mainly facilitating cargo movement between the Atlantic and Pacific Oceans. The acquisition
will allow the Group to offer a broader range of services related to intermodal container movement to its global shipping
customers. The total enterprise value is USD 700m. PCRC will be reported under the Ocean segment.
During Q1 2025, A.P. Moller - Maersk and the Port Authority of New York and New Jersey (PANYNJ) agreed to extend APM
Terminals Elizabeth’s lease through December 2062, effective from April 2025. The agreement is expected to result in addi-
tional invested capital of approximately USD 1bn and will impact return on invested capital (LTM) negatively going forward
as it is gradually included in the last twelve months average.
Note 5 Accounting policies, judgements and significant estimates
The interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting
as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure
requirements for interim financial reporting of listed companies.
The accounting policies, judgements and significant estimates are consistent with those applied in the Annual Report 2024,
except for the Amendments to IAS 21 on Lack of exchangeability. In August 2023, the IASB issued amendments to IAS 21 The
Effects of Changes in Foreign Exchange Rates, which introduced requirements to assess when a currency is exchangeable into
another currency and when it is not. The amendments had been adopted by the EU in November 2024. The amendments have
had no material effect on the interim financial statements.
Financials I Interim consolidated financial statements Q1 2025
20
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
Management’s statement
Management Review I Management’s statement
21
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Executive Board
Board of Directors
Quarterly summary
2025 2024
Income statement Q1 Q4 Q3 Q2 Q1
Revenue 13,321 14,594 15,762 12,771 12,355
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 2,710 3,597 4,797 2,144 1,590
Depreciation, amortisation and impairment losses, net 1,620 1,651 1,570 1,481 1,518
Gain/loss on sale of non-current assets, etc., net 55 -9 16 208 7
Share of profit in joint ventures and associated
companies 108 113 66 92 98
Profit before financial items (EBIT) 1,253 2,050 3,309 963 177
Financial items, net 177 204 -51 13 151
Profit before tax 1,430 2,254 3,258 976 328
Tax 223 144 177 143 120
Profit for the period 1,207 2,110 3,081 833 208
A.P. Møller - Mærsk A/S’ share 1,162 2,085 3,049 798 177
Underlying profit
1
1,152 2,165 3,097 623 210
Balance sheet
Total assets 86,965 87,697 84,942 80,745 81,598
Total equity 56,455 57,947 56,497 53,126 53,373
Invested capital 51,591 50,564 50,846 49,563 50,430
Net interest-bearing debt -5,206 -7,373 -5,634 -3,563 -3,092
Cash flow statement
Cash flow from operating activities 2,766 4,415 4,272 1,626 1,095
Repayments of lease liabilities -801 -784 -776 -742 -749
CAPEX -1,398 -1,650 -941 -904 -706
Cash flow from financing activities -3,207 -1,043 -1,031 -368 -1,058
Free cash flow 806 2,163 2,705 397 -151
1 For definition of terms, see page 23.
2025 2024
Financial ratios Q1 Q4 Q3 Q2 Q1
Revenue growth 7.8% 24.3% 30.0% −1.7% −13.0%
EBITDA margin 20.3% 24.6% 30.4% 16.8% 12.9%
EBIT margin 9.4% 14.0% 21.0% 7.5% 1.4%
Cash conversion 102% 123% 89% 76% 69%
Return on invested capital after tax (ROIC)
(last 12 months)
14.3% 12.3% 7.4% 2.0% 3.2%
Equity ratio 64.9% 66.1% 66.5% 65.8% 65.4%
Underlying ROIC
1
(last 12 months) 13.9% 12.0% 7.0% 1.5% 2.8%
Underlying EBITDA
1
2,710 3,595 4,798 2,143 1,597
Underlying EBITDA margin
1
20.3% 24.6% 30.4% 16.8% 12.9%
Underlying EBIT
1
1,199 2,104 3,322 756 174
Underlying EBIT margin
1
9.0% 14.4% 21.1% 5.9% 1.4%
Stock market ratios
Earnings per share, USD 74 133 193 51 11
Diluted earnings per share, USD 74 132 193 51 11
Cash flow from operating activities per share, USD 177 280 271 103 69
Share price (B share), end of period, DKK 11,985 11,905 11,260 12,105 8,994
Share price (B share), end of period, USD 1,733 1,668 1,691 1,736 1,305
Total market capitalisation, end of period, USD 26,638 25,698 26,027 26,992 20,349
Management Review I Quarterly summary
22
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025
Amounts in USD million
A
A.P. Moller - Maersk (Maersk)
A.P. Moller - Maersk or Maersk is
referred to as the consoli dated group of
companies and A.P. Møller - Mærsk A/S
as the parent company.
C
CAPEX
Cash payments for intangible assets
and property, plant and equipment,
excluding acquisitions and divestments.
Cash conversion
Cash flow from operating activities
to EBITDA.
Cash flow, operating activities
per share
Maersk’s operating cash flow from
continuing operations divided by the
number of shares of DKK 1,000 each,
excluding Maersk’s holding of treas-
ury shares.
CBM
Cubic metre, the freight volume of
the shipment for domestic and inter-
national freight. It’s calculated by
multiplying the width, height and
length of the shipment.
Cost per move
(Terminals)
Includes cost (EBITDA less revenue
less other income), depreciation and
excludes IFRIC12 construction cost,
divided by quay lifting moves.
D
Dual-fuel vessel
A dual-fuel vessel is a ship equipped with
engines capable of operating on both
conventional fuels (e.g. marine diesel or
heavy fuel oil) and a type of green fuel as
an alternative fuel (e.g. green methanol
or liquefied biomethane).
Dual-fuel methanol vessel/ methanol-
capable vessel
Refers to a vessel equipped with
engines capable of running on both
conventional fuels (e.g. marine diesel
or heavy fuel oil) and methanol as an
alternative fuel.
E
EBIT
Earnings Before Interest and Taxes.
EBITDA
Earnings Before Interest, Taxes,
Depreciation and Amortisation.
Equity ratio
Calculated as equity divided by total
assets.
F
First Mile volumes (FFE in ‘000)
(Logistics & Services)
Previously known as intermodal volumes
includes intermodal, barge, rail and truck-
ing drayage moves from manufacturing
to port and port to warehouse.
FFE
Forty Foot container Equivalent unit.
Free cash flow (FCF)
Cash flow from operating activities,
purchase/sale of intangible assets and
property, plant and equip ment, dividends
received, repayments of lease liabilities,
financial payments and financial expenses
paid on lease liabilities.
G
Green fuels
Refers to fuels with low to very low green-
house (GHG) gas emissions over their life-
cycle compared to fossil reference fuels.
Different green fuels achieve different
lifecycle reductions depending on their
production pathway. ‘Low’ refers to fuels
with a life cycle GHG reduction of 60-80%
compared to fossil fuels and ‘very low’
refers to fuels with a lifecycle GHG reduc-
tion of 80-95% compared to fossil fuels.
Gross profit
The sum of revenue, less variable costs
and loss on debtors.
I
Invested capital
Segment operating assets less segment
operating liabilities, including invest-
ments and deferred taxes related to the
operation.
IAS
International Accounting Standards.
L
Loaded freight rate (Ocean)
Average freight rate per FFE for all the
Maersk containers loaded in the period
in either Maersk Line or Hamburg Süd
vessels or third parties (excluding inter-
modal). Hamburg Süd is not excluding
intermodal.
Loaded volumes (Ocean)
Loaded volumes refer to the number
of FFEs loaded on a shipment which is
loaded on first load at vessel departure
time excluding displaced FFEs.
N
Net interest-bearing debt (NIBD)
Equals interest-bearing debt, including
lease liabilities, fair value of derivatives
hedging the under lying debt, less cash
and bank balances as well as other
interest-bearing assets.
R
Return on invested capital after tax
(ROIC)
Profit/loss before financial items for
the year (EBIT) less tax on EBIT divided
by the average invested capital, last
twelve months.
Revenue per move (Terminals)
Includes terminal revenue excluding
IFRIC 12 construction revenue,divided
by quay lifiting moves.
T
TEU
Twenty-foot container Equivalent
Unit.
Time charter
Hire of a vessel for a specified period.
Total market capitalisation
Total number of shares – excluding
A.P. Møller - Mærsk A/S’ holding of
treasury shares – multiplied by the
end-of-year price quoted by Nasdaq
Copenhagen.
U
Underlying EBITDA
Underlying EBITDA is earnings
before interest, taxes, depre ciation
and amor tisation adjusted for
re structuring and integration costs.
Underlying EBIT
Underlying EBIT is operating profit
before interest and taxes adjusted
for restructuring and integration
costs, net gains/losses from sale
of non-current assets and net
impairment losses.
Underlying profit/loss
Underlying profit/loss is profit/loss for
the year from continuing operations
adjusted for net gains/losses from sale
of non- current assets, etc., and net
impairment losses as well as trans-
action, restructuring and inte gration
costs related to major trans actions.
The adjust ments are net of tax and
include Maersk’s share of mentioned
items in joint ventures and associated
companies.
Underlying ROIC
Underlying profit/loss before financial
items for the year (EBIT) less tax on EBIT
divided by the average invested capital,
last twelve months.
Unit cost, fixed bunker
(USD per FFE incl. VSA income) (Ocean)
Cost per FFE assuming a bunker price of
USD 550/tonne excluding intermodal
but including hubs and time charter
income. Hamburg Süd is not excluding
intermodal.
V
VSA
A vessel sharing agreement is usually
reached between various partners within
a ship ping consortium who agree to
operate a liner service along a specified
route using a specified number of vessels.
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
Management Review I Definition of terms
23
A.P. Moller - Maersk Interim Report Q1 | 8 May 2025