Management Review Financials
Highlights Q3 2025 ................................................... 03
Summary financial information
..................................... 04
Review Q3 2025
....................................................... 05
Review 9M 2025
...................................................... 06
Financial guidance and targets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07
Market environment
.................................................. 08
Segments
............................................................... 09
– Ocean
................................................................ 09
– Logistics & Services
................................................ 11
– Terminals
............................................................ 13
Condensed income statement
....................................... 15
Condensed statement of comprehensive income
................. 15
Condensed balance sheet at 30 September
....................... 16
Condensed cash flow statement
.................................... 17
Condensed statement of changes in equity
....................... 18
Notes
.................................................................... 19
Management’s statement
............................................ 23
Quarterly summary
................................................... 24
Definition of terms
.................................................... 25
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 Q3 2025 Interim Report
will be held on 6 November 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 Q3 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 Q3 | 6 November 2025
Comparative figures
Unless otherwise stated, all figures in parentheses
refer to the corresponding figures for the same
period prior year.
Financial calendar
5 February 2026, Annual Report 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 strong performance in the third quarter with good progress across
all segments, and delivered an EBITDA and EBIT of USD 2.7bn and USD 1.3bn, respectively.
The results were achieved through strong execution and operational efficiency gains.
Ocean increased margins sequentially in a market shaped by ongoing uncertainty and retreating freight
rates, supported by strong volume growth and cost efficiencies enabled by the fully phased-in East-West
network via the Gemini cooperation. Profitability increased in Logistics & Services, which achieved an
improved EBIT margin of 5.5%, driven by revenue growth in key products, as well as the continued focus
on cost optimisation and efficiency. Terminals delivered strong performance, with record-high volumes,
revenue, EBITDA, EBIT and higher utilisation.
Outlook
A.P. Moller - Maersk (Maersk) refines the full-year 2025 financial guidance by raising the lower end as per
the table below. The expected global container market volume growth has also been revised to be around 4%
(previously between 2% and 4%). The Red Sea disruption is expected to last for the full year.
CAPEX 2024-2025
(6 February: 10.0-11.0)
(7 August: Unchanged)
~10.0
CAPEX 2025-2026
(Unchanged)
10.0-11.0
USDbn
EBITDA Underlying
(6 February: 6.0-9.0)
(7 August: 8.0-9.5)
9.0-9.5
EBIT Underlying
(6 February: 0.0-3.0)
(7 August: 2.0-3.5)
3.0-3.5
Free cash flow or higher
(6 February: -3.0 or higher)
(7 August: -1.0 or higher)
1.0
Highlights Q3 2025
While Maersk’s results declined year-on-year, the company delivered solid sequential growth on the back
of strong volume performance in Ocean despite continued pressure on rates. Continued profitability
improvements in Logistics & Services and Terminals also contributed to the overall result. The EBIT margin
reached 9.0%, reflecting a 2.6 percentage point improvement from 6.4% in Q2 2025, though still below the
21.0% in Q3 2024. EBITDA decreased to USD 2.7bn (USD 4.8bn) and EBIT declined to USD 1.3bn (USD 3.3bn),
primarily due to lower freight rates.
Ocean achieved solid performance, driven by increased loaded volumes both year-on-year and sequentially,
operational savings from the Gemini cooperation and high utilisation of 94%. Loaded freight rates declined 31%
compared to Q3 2024, but they remained relatively stable versus Q2 2025, as elevated levels in July 2025 were
offset by a softening toward the end of the quarter. Consequently, EBIT landed at USD 567m (USD 2.8bn) and
EBIT margin at 6.2% (25.5%). Higher volumes led to higher operating costs, which were partly mitigated by the
lower bunker price and improved bunker consumption with the unit cost at fixed bunker decreasing by 0.8%.
Logistics & Services continued to increase profitability and reported a 0.4 percentage point improvement in
EBIT margin year-on-year landing at 5.5% (5.1%). The EBIT margin growth was primarily driven by improved
profitability in Fulfilled by Maersk while continuing to exercise stringent overall cost control. Sequentially,
revenue increased by 8.6% and the EBIT margin by 0.7 percentage points.
Terminals delivered another record-high quarter with a significant increase in profitability, while several
terminals are nearing the optimal utilisation limit. Revenue grew by 22% to USD 1.4bn (USD 1.2bn), driven
by higher volume, with the Gemini cooperation being a key contributor, and improved rates. The EBIT margin
improved by 10.8 percentage points to 39.4% (28.6%) and ROIC (LTM) increased to 17.2% (13.0%). Sequen-
tially, EBIT increased by 24%, and the EBIT margin improved by 4.1 percentage points.
Free cash flow of USD 771m (USD 2.7bn) was impacted by the decreased cash flow from operating activities,
higher capital expenditures and lease repayments.
Distribution of cash to shareholders during the quarter was USD 578m (USD 46m) and was entirely from
share buy-backs.
Highlights Q3 USD million
Revenue EBITDA EBIT CAPEX
2025 2024 2025 2024 2025 2024 2025 2024
Ocean 9,177 11,107 1,787 4,002 567 2,834 897 561
Logistics & Services 3,983 3,893 468 431 218 200 141 211
Terminals 1,448 1,183 501 424 571 338 154 160
Unallocated activities, eliminations, etc. -402 -421 -70 -60 -72 -63 12 9
A.P. Moller - Maersk consolidated 14,206 15,762 2,686 4,797 1,284 3,309 1,204 941
Management Review I Highlights Q3 2025
3
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Summary financial information
Income statement
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Revenue 14,206 15,762 40,657 40,888 55,482
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 2,686 4,797 7,694 8,531 12,128
Depreciation, amortisation and impairment losses, net 1,579 1,570 4,850 4,569 6,220
Gain on sale of non-current assets, etc., net 47 16 127 231 222
Share of profit in joint ventures and associated companies 130 66 411 256 369
Profit before financial items (EBIT) 1,284 3,309 3,382 4,449 6,499
Financial items, net -28 -51 38 113 317
Profit before tax 1,256 3,258 3,420 4,562 6,816
Tax 160 177 478 440 584
Profit for the period 1,096 3,081 2,942 4,122 6,232
A.P. Møller - Mærsk A/S’ share 1,047 3,049 2,795 4,024 6,109
Underlying profit
1
939 3,097 2,705 3,930 6,095
Balance sheet
Total assets 88,730 84,942 88,730 84,942 87,697
Total equity 57,537 56,497 57,537 56,497 57,947
Invested capital 54,923 50,846 54,923 50,846 50,564
Net interest-bearing debt -2,581 -5,634 -2,581 -5,634 -7,373
Cash flow statement
Cash flow from operating activities 2,618 4,272 7,243 6,993 11,408
Repayments of lease liabilities -868 -776 -2,683 -2,267 -3,051
CAPEX -1,204 -941 -3,880 -2,551 -4,201
Cash flow from financing activities -629 -1,031 -6,309 -2,457 -3,500
Free cash flow 771 2,705 1,204 2,951 5,114
Financial ratios
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Revenue growth −9.9% 30.0% −0.6% 4.0% 8.6%
EBITDA margin 18.9% 30.4% 18.9% 20.9% 21.9%
EBIT margin 9.0% 21.0% 8.3% 10.9% 11.7%
Cash conversion 97% 89% 94% 82% 94%
Return on invested capital after tax (ROIC) (last 12 months) 9.6% 7.4% 9.6% 7.4% 12.3%
Equity ratio 64.8% 66.5% 64.8% 66.5% 66.1%
Underlying ROIC
1
(last 12 months) 9.2% 7.0% 9.2% 7.0% 12.0%
Underlying EBITDA
1
2,684 4,798 7,692 8,538 12,133
Underlying EBITDA margin
1
18.9% 30.4% 18.9% 20.9% 21.9%
Underlying EBIT
1
1,127 3,322 3,144 4,252 6,356
Underlying EBIT margin
1
7.9% 21.1% 7.7% 10.4% 11.5%
Stock market ratios
Earnings per share, USD 69 193 182 255 387
Diluted earnings per share, USD 69 193 181 255 387
Cash flow from operating activities per share, USD 173 271 471 443 723
Share price (B share), end of period, DKK 12,730 11,260 12,730 11,260 11,905
Share price (B share), end of period, USD 1,961 1,691 1,961 1,691 1,668
Total market capitalisation, end of period, USD 29,278 26,027 29,278 26,027 25,698
1 For definition of terms, see page 25.
Management Review I Summary financial information
4
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Review Q3 2025
A.P. Moller - Maersk delivered a solid Q3 2025 performance, despite a year-on-year decline in
profitability driven by continued rate pressure in Ocean. This was partly offset by strong volume
delivery in Ocean and improved results in Logistics & Services and Terminals.
Revenue amounted to USD 14.2bn (USD 15.8bn), down by 9.9% year-on-year. The decline was mainly attribut-
able to Ocean, where revenue fell by 18% due to a 31% drop in loaded freight rates. This was partly mitigated
by a 7.0% increase in loaded volumes, particularly from Asian exports. Logistics & Services grew by 2.3%, with
strong contributions from First Mile and Warehousing & E-Fulfilment. Terminals’ revenue increased by 22%,
driven by an 8.7% rise in volumes and improved rates.
USD
Ocean
(2024: 11.1bn)
9.2bn
Logistics & Services
(2024: 3.9bn)
4.0bn
Terminals
(2024: 1.2bn)
1.4bn
EBITDA declined to USD 2.7bn (USD 4.8bn), with an EBITDA margin of 18.9% (30.4%). The decline was mainly
due to lower Ocean freight revenue and increased container handling and network costs, partially offset by
reduced bunker costs and consumption. Ocean’s EBITDA dropped to USD 1.8bn (USD 4.0bn), and the EBITDA
margin contracted to 19.5% (36.0%). Logistics & Services contributed with an increase of USD 37m, supported
by the higher revenue and operational improvements in Fulfilled by Maersk. Terminals’ EBITDA increased by
USD 77m, driven by volume growth and rate improvements.
USD
Ocean
(2024: 4.0bn)
1.8bn
Logistics & Services
(2024: 431m)
468m
Terminals
(2024: 424m)
501m
EBIT decreased to USD 1.3bn (USD 3.3bn), with a margin of 9.0% (21.0%). The decline was mainly due to a
USD 2.3bn reduction in Ocean, impacted by lower rates and higher operating costs. Terminals partially off-
set the decline with a USD 233m increase in EBIT to USD 571m (USD 338m), supported by top-line growth,
the reversal of impairment, and higher results from joint ventures and associated companies. Logistics &
Services’ EBIT rose by USD 18m to USD 218m (USD 200m), reflecting stronger profitability in Fulfilled by
Maersk follow ing business refocusing efforts, resulting in an EBIT margin of 5.5% (5.1%).
USD
Ocean
(2024: 2.8bn)
567m
Logistics & Services
(2024: 200m)
218m
Terminals
(2024: 338m)
571m
Financial items, net was an expense of USD 28m (an expense of USD 51m), primarily driven by favourable
foreign exchange rate effects on working capital, partly offset by increased interest expenses on lease
liabilities and decreased interest income.
Tax decreased to USD 160m (USD 177m), primarily due to the decreased taxable income.
The underlying profit was USD 939m (USD 3.1bn).
Cash flow from operating activities of USD 2.6bn (USD 4.3bn) was driven by the lower EBITDA, slightly
offset by a strong cash conversion of 97% (89%).
CAPEX of USD 1.2bn (USD 941m) was mainly driven by higher investments in Ocean.
Free cash flow of USD 771m (USD 2.7bn) was impacted by the decreased cash flow from operating
activities, higher capital expenditures and lease repayments.
Share buy-back
As announced in February 2025, A.P. Moller - Maersk (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 1.4bn of share buy-backs by 30 September 2025. For more
details, see shareholder information in Maersk’s Annual Report 2024. At 30 September 2025, Maersk
owned a total of 115,770 A shares and 755,674 B shares as treasury shares, corresponding to 5.5% of
the share capital.
ESG update
On October 17, at the IMO Marine Environment Protection Committee’s (MEPC) second extraordinary
meeting, member states voted to adjourn the meeting for formally adopting the global greenhouse gas
emissions pricing framework agreed by the member states back in April 2025.
The potential adoption will now take place in a year, which marks a loss of momentum in the global
effort to decarbonise the shipping industry.
The energy transition of the shipping industry requires action and support from the entire shipping
ecosystem, including fuel producers, ship owners, regulators and many more. Global regulations are a
precondition to securing a level playing field in a global industry.
Maersk will work to understand the implications of the delay of the IMO Net Zero Framework and to
what extent it will impact our transition plan towards 2030.
Management Review I Review Q3 2025
5
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Review 9M 2025
A.P. Moller - Maersk reports lower overall results year-on-year due to rate softening in Ocean,
while Logistics & Services and Terminals continued to grow and improve their profitability.
Revenue decreased by USD 231m to USD 40.7bn (USD 40.9bn) in the first nine months of 2025, mainly
driven by a decline in Ocean of USD 827m, while partly offset by an increase of USD 110m in Logistics &
Services and USD 715m in Terminals. Revenue in Ocean was negatively impacted by lower loaded freight
rates, while loaded volumes increased. Revenue in Logistics & Services increased, driven by Managed by
Maersk and Transported by Maersk, partly offset by decreases in Middle Mile and Last Mile due to con-
tinued business refocusing efforts. The increased revenue in Terminals was driven by higher volume,
improved tariffs and higher storage revenue.
EBITDA declined by USD 837m to USD 7.7bn (USD 8.5bn), driven by the weaker Ocean results. Ocean’s
EBITDA decreased by USD 1.2bn due to lower freight revenue and higher operating costs. Logistics &
Services’ EBITDA increased by USD 225m with contributions from all service models and primarily from
refocusing efforts in Fulfilled by Maersk. Terminals’ EBITDA improved by USD 223m due to increased
revenue, partly offset by higher operating costs.
EBIT declined by USD 1.1bn to USD 3.4bn (USD 4.4bn), mainly driven by the lower EBITDA and higher
depreciation, partly offset by improved results from joint ventures and associated companies in
Terminals. The EBIT margin decreased to 8.3% (10.9%).
Financial items, net decreased to an income of USD 38m (income of USD 113m), mainly due to higher
interest on leases and lower interest income, partly offset by lower interest on borrowings and positive
foreign exchange rate impacts.
Tax increased to USD 478m (USD 440m) due to higher freight-related tax and increased taxable income
on certain financial items.
The underlying profit was USD 2.7bn (USD 3.9bn), reflecting the lower EBIT and mainly adjusted for
net gains in Ocean and the reversal of impairment in Terminals.
Cash flow from operating activities of USD 7.2bn (USD 7.0bn) was driven by EBITDA of USD 7.7bn, slightly
offset by taxes paid of USD 522m and unfavourable movements in net working capital of USD 170m,
translating into a cash conversion of 94% (82%).
CAPEX was USD 3.9bn (USD 2.6bn), mainly driven by higher Ocean investments.
Free cash flow decreased to USD 1.2bn (USD 3.0bn), driven by higher capital expenditures and lease pay-
ments partly offset by higher cash flow from operating activities.
Equity decreased to USD 57.5bn (USD 57.9bn on 31 December 2024) due to dividend payments and share
buy-backs, partly offset by the net profit, resulting in an equity ratio of 64.8% (66.1% at 31 December 2024).
Capital structure and credit rating
Net interest-bearing debt amounted to a net cash position of USD 2.6bn (a net cash position of USD 7.4bn
at 31 December 2024), positively impacted by free cash flow for the first nine months of USD 1.2bn offset by
dividends distributed to shareholders and share buy-backs of USD 4.0bn, acquisitions of net USD 679m and
net new lease liabilities of USD 1.4bn. Excluding lease liabilities, the Group had a net cash position of USD
15.4bn (USD 18.8bn at 31 December 2024).
A.P. Moller - 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 25.9bn (USD 29.0bn at 31 December 2024) and was composed of
cash and bank balances (excluding restricted cash), term deposits and securities of USD 19.8bn (USD 22.9bn
at 31 December 2024) and undrawn revolving credit facilities of USD 6.1bn (USD 6.1bn at 31 December 2024).
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
was declared at the Annual General Meeting on 18 March 2025, excluding treasury shares. Of this, USD 2.2bn
was paid on 21 March 2025, and the withholding tax of USD 350m was paid during Q2 2025.
Revenue EBITDA EBIT CAPEX
2025 2024 2025 2024 2025 2024 2025 2024
Ocean 26,659 27,486 5,133 6,365 1,539 3,143 3,029 1,464
Logistics & Services 11,139 11,029 1,270 1,045 535 380 377 571
Terminals 3,986 3,271 1,403 1,180 1,426 991 421 422
Unallocated activities, eliminations, etc. -1,127 -898 -112 -59 -118 -65 53 94
A.P. Moller - Maersk consolidated 40,657 40,888 7,694 8,531 3,382 4,449 3,880 2,551
Highlights 9M USD million
Management Review I Review 9M 2025
6
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Financial guidance and targets
Financial guidance for 2025
A.P. Moller - Maersk (Maersk) refines the full-year 2025 financial guidance by raising the lower end as per
the table below. The expected global container market volume growth has also been revised to be around 4%
(previously between 2% and 4%). The Red Sea disruption is expected to last for the full year.
CAPEX 2024-2025
(6 February: 10.0-11.0)
(7 August: Unchanged)
~10.0
CAPEX 2025-2026
(Unchanged)
10.0-11.0
USDbn
EBITDA Underlying
(6 February: 6.0-9.0)
(7 August: 8.0-9.5)
9.0-9.5
EBIT Underlying
(6 February: 0.0-3.0)
(7 August: 2.0-3.5)
3.0-3.5
Free cash flow or higher
(6 February: -3.0 or higher)
(7 August: -1.0 or higher)
1.0
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 0.3bn
Container freight volume +/- 100,000 FFE +/- USD 0.01bn
Bunker price (net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.1bn
Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.0bn
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 9.6%, above the yearly target of 7.5% under normalised
conditions. The strong result in Q4 2024 continued to maintain the ROIC for the last 12 months. The average
return on invested capital from the start of 2021 to Q3 2025 was 27.5%, well above the 12% target for the
period 2021-2025.
ROIC (each year)
Target: >7.5%
9.6%
ROIC (2021-2025)
Target: >12%
27.5%
Ocean
The Ocean EBIT margin of 8.6% 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%
8.6%
Fleet size
Target: 4.1-4.3 TEUm
4.5 TEUm
Logistics & Services
The Logistics & Services organic revenue growth over the last 12 months of 3.2% was below the target
of 10%. The EBIT margin for the last 12 months improved to 4.6%, but remained below the 6% target.
Organic revenue growth
Target: >10%
3.2%
EBIT margin
Target: >6%
4.6%
Terminals
The Terminals return on invested capital (ROIC) (LTM) of 17.2% continued to be significantly above the 9% target.
ROIC
Target: >9%
17. 2 %
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 Q3 | 6 November 2025
Market environment
Macro environment
Amidst a fraught geopolitical environment, the global economy outperformed expectations in Q3 2025,
as evidenced by a Global Composite Purchasing Managers Index (PMI) that remained in expansionary
territory, averaging 52.6. This brighter outlook for the global economy is largely attributed to the con-
tinued resilience of the US economy, which is estimated to have outgrown expectations in the third quarter,
supported by a surge in AI-related capital expenditure. Despite headwinds from subdued sentiment and
a softer labour market, consumer spending in the US has remained healthy, expanding by a vigorous 4.2%
year-on-year throughout the first two months of Q3 2025.
Economic activity in the Euro Area continues to show resilience despite a difficult external environ-
ment. Spain remains the clear outperformer, while Germany struggles to emerge from stagnation. Retail
sales (excluding food and fuel) grew by 2.8% year-on-year through July and August, reflecting moderate
demand despite downbeat consumer sentiment. Industrial production activity remains sluggish, although
the Euro Area Manufacturing Purchasing Managers’ Index (PMI) shifted from contraction in Q2 2025 to
stagnation in Q3 2025.
Following robust growth in the first half of the year, activity readings in China point to a Q3 growth
moderation with GDP growth slowing to 4.8% year-on-year. Underneath the headline, the story remains that
external demand growth is holding up relatively well, while domestic demand growth is soft. In September,
China's retail sales growth slowed for the fourth consecutive month to just 3%, while investment growth
dipped further into negative territory driven by a broad-based weakening across manufacturing, infra-
structure and real estate. Persistent weakness in the property sector and subdued consumer demand
growth continues to exert pressure on China’s economic outlook, making exports a key source of growth.
Container trade environment
In the third quarter of 2025, global container demand grew between 3% and 5% year-on-year, defiant of dis-
ruptions. Exports out of Far East Asia, and especially China, continue to be the main driver of solid volume
growth. Imports remain robust in Europe, Africa, Latin America and West Central Asia. Volumes into North
America contracted, particularly from China to the US.
On the supply side, growth remained elevated in Q3 2025, driven by significant deliveries and demoli-
tion that was close to non-existent, while inactive capacity remained subdued. At the end of the quarter,
the nominal fleet was 7.6% larger than at the same time in 2024. Spot rates, measured by the Shanghai
Containerized Freight Index (SCFI), declined compared to both Q2 2025 (-10%) and to Q3 2024 (-52%).
Global demand growth is expected to be around 4% for the full year.
Logistics environment
Alongside robust global container demand, air freight demand also strengthened, with an estimated
year-on-year growth in the range of 8% and 10% in Q3 2025. Similarly to container trade, exports out of
Far East Asia remained the primary driver, strongly supported by demand for tech goods. On the import
side, Europe, Oceania and Africa saw double-digit growth. Import growth into North America moderated
but remained positive. Cargo load factor increased by 0.3 percentage points year-on-year in the third
quarter. Rates, measured by the TAC index declined 4.6% year-on-year in Q3 2025 and 0.6% compared to
the previous quarter.
Demand estimates for the US ground freight are currently on hold due to a lack of data updates
resulting from the federal government shutdown. Truckload supply points to a more balanced market,
though Q3 2025 saw more exits than additions. In Q3 2025, truckload spot rates grew by 2.0% year-on-year,
while Less Than Truckload rates were down. In Europe, road freight rates fell by 4.1% year-on-year during
the third quarter of the year.
Vacancy rates in US warehousing held steady at 7.1% in Q3 2025, driven by robust demand and lower
construction completions. In Europe, vacancy rates rose to 6.7% in Q2 2025 (latest available figure),
primarily driven by Central and Eastern Europe.
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 Q2Q1Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
70
100
90
80
130
120
110
Q3Q2Q1 Q4
2019 2020 2021 2022 2023 2024 2025
Management Review I Market environment
8
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Segments
Ocean highlights USD million
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Freight revenue 7,789 9,934 22,655 23,928 32,684
Other revenue, including hubs 1,388 1,173 4,004 3,558 4,704
Revenue 9,177 11,107 26,659 27,486 37,388
Container handling costs 2,781 2,499 7,840 7,309 9,744
Bunker costs 1,545 1,791 4,698 5,430 7,067
Network costs, excluding bunker costs 1,914 1,728 5,510 5,053 6,811
Selling, General & Administrative (SG&A) costs 652 669 1,942 1,929 2,626
Cost of goods sold and other operational costs 481 463 1,518 1,419 1,954
Total operating costs 7,373 7,150 21,508 21,140 28,202
Other income/costs, net -17 45 -18 19 -
Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 1,787 4,002 5,133 6,365 9,186
EBITDA margin 19.5% 36.0% 19.3% 23.2% 24.6%
Profit before financial items (EBIT) 567 2,834 1,539 3,143 4,743
EBIT margin 6.2% 25.5% 5.8% 11.4% 12.7%
Invested capital 33,133 30,832 33,133 30,832 30,864
CAPEX 897 561 3,029 1,464 2,708
Operational and financial metrics
Loaded volumes (FFE in ’000) 3,397 3,175 9,558 9,204 12,338
Loaded freight rate (USD per FFE) 2,244 3,236 2,305 2,712 2,698
Unit costs, fixed bunker (USD per FFE incl. VSA
income) 2,356 2,376 2,430 2,405 2,412
Bunker price, average (USD per tonne) 538 615 548 625 613
Bunker consumption (tonne in ’000) 2,730 2,820 8,159 8,478 11,262
Average operated fleet capacity (TEU in ’000) 4,603 4,362 4,559 4,277 4,307
Fleet owned (end of period) 324 305 324 305 308
Fleet chartered (end of period) 408 411 408 411 399
Ocean
Ocean achieved solid performance, driven by higher sequential volumes and supported by operational
savings from the Gemini cooperation, despite retreating rates. Sequentially, EBIT increased to USD 567m,
primarily driven by higher volumes which were up by 5.2%. Loaded freight rates remained broadly stable
quarter- on-quarter, as the high levels of July 2025 were offset towards the end of the quarter.
Compared to the same period last year, loaded volumes grew by 7.0%, driven by Asian exports, while the
average loaded freight rate was 31% lower across most trades. As expected, higher volumes led to higher
operating costs, which were partly offset by the lower average bunker price of 13% and the optimised
bunker consumption which was reduced by 3.2%, despite the increased volumes. Unit cost at fixed bunker
decreased by 0.8%, as the effect from the higher cost base was offset by the strong volume performance.
Sequentially, unit cost at fixed bunker improved by 2.2%.
Utilisation of 94% (96%) remained at high levels and increased by 0.5 percentage points compared
to Q2 2025. The overall schedule reliability improved further, while the Gemini cooperation continues to
deliver strong outcomes and asset turns, outperforming traditional models by demonstrating resilience
even under unpredictable weather conditions.
Financial and operational performance
Revenue decreased by USD 1.9bn to USD 9.2bn (USD 11.1bn), driven by lower freight revenue following the
freight rate decline of 31%, partly offset by 7.0% volume increase. Other revenue increased, mainly due to
the higher revenue from demurrage and detention.
EBITDA decreased by USD 2.2bn to USD 1.8bn (USD 4.0bn), driven by the lower revenue and higher operating
costs. The EBITDA margin decreased by 16.5 percentage points to 19.5% (36.0%).
EBIT decreased by USD 2.3bn to USD 567m (USD 2.8bn). EBIT margin decreased by 19.3 percentage points to
6.2% (25.5%).
Loaded volumes increased by 7.0% to 3,397k FFE (3,175k FFE), driven by the strong performance in Asia- Europe,
Intra-Asia, North America and Africa trades. Compared to Q2 2025, loaded volumes increased by 5.2%.
The average loaded freight rate decreased by 31% to 2,244 USD/FFE (3,236 USD/FFE) across most trades as
a result of the continuing pressure on rates. Compared to Q2 2025, the average loaded freight rate remained
broadly stable as the higher levels at the beginning of the quarter offset the decline towards the end.
Management Review I Segments I Ocean
9
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Loaded volumes FFE (’000)
Q3 2025 Q3 2024 Change Change %
East-West 1,588 1 ,449 139 9.6%
North-South 1,093 1,047 46 4.4%
Intra-regional 716 679 37 5.4%
Total 3,397 3,175 222 7.0%
Average freight rates USD/FFE
Q3 2025 Q3 2024 Change Change %
East-West 2,661 3,664 -1,003 -27%
North-South 3,246 3,888 -642 -17%
Intra-regional 1,649 1,621 28 1.7%
Total 2,244 3,236 -992 -31%
Fleet overview, end Q3 2025
Q3 2025 Q4 2024
TEU
Own container vessels 2,631 2,440
Chartered container vessels 1,962 1,901
Total fleet 4,593 4,341
Number of vessels
Own container vessels 324 308
Chartered container vessels 408 399
Total fleet 732 707
Total operating costs increased by USD 223m to USD 7.4bn (USD 7.2bn), driven by the higher container
handling costs and higher network costs excluding bunker, both increasing by 11%. The increase was partly
offset by 14% lower bunker costs.
Bunker costs decreased by 14% due to the 13% decline in the bunker price to 538 USD/tonne (615 USD/tonne),
combined with the reduced bunker consumption of 3.2%. The EU Emissions Trading System (ETS) costs were
at USD 76m (USD 55m). Excluding the EU ETS costs, bunker costs decreased by 15%. Bunker efficiency
improved by 6.2% to 34.1 g/TEU*NM (36.3 g/TEU*NM).
Unit cost at fixed bunker decreased by 0.8% to 2,356 USD/FFE (2,376 USD/FFE), as the higher costs at
fixed bunker were offset by the strong volume performance. Unit cost at fixed bunker improved by 2.2%
sequentially.
The average operated capacity of 4,603k TEU (4,362k TEU) increased by 5.5% to support the continued
volume growth. Notably, volume growth outpaced capacity expansion, highlighting Ocean’s scaling effi-
ciencies. The current order book for dual-fuel vessels totalled 30 at the end of Q3 2025, and the fleet con-
sisted of 324 owned and 408 chartered vessels, of which 103k TEU or 2.3% of the fleet were idle (16 vessels).
Key initiatives in Q3
Ocean continues to prioritise strong customer outcomes and is actively seeking for operational and financial
efficiencies, while minimising risk and keeping sustainability at the core.
Aligned with this commitment, Ocean is dedicated to unlocking the full potential of the newly launched
East-West network, developed in collaboration with Hapag-Lloyd. Fully implemented as of June 2025, the
new network is designed to streamline shipping by minimising complexity and increasing reliability through
faster responses to disruptions and demand changes.
In its initial months of operation, the Gemini cooperation delivered on the expected savings and demon-
strated remarkable schedule reliability, out performing the traditional models even under challenging weather
conditions. Building on this strong performance, Maersk and Hapag-Lloyd plan to further optimise the net-
work and maximise positive customer impact.
Financial review 9M 2025
Ocean delivered an EBIT of USD 1.5bn (USD 3.1bn), while operating in a volatile geopolitical environment.
The result was driven by the substantial decline in freight rates, partially offset by the strong volume per-
formance in Q2 and Q3 2025.
Revenue decreased by USD 827m to USD 26.7bn (USD 27.5bn) and was impacted by the 15% decline in
freight rates, following the downward trend in 2025 in comparison to the upward trend in 2024. The rate
decline was partly offset by the improved volume performance in Q2 and Q3 2025 as well as the increased
revenue from demurrage and detention.
EBITDA decreased by USD 1.2bn to USD 5.1bn (USD 6.4bn), and the EBITDA margin decreased by 3.9 per-
centage points to 19.3% (23.2%).
EBIT decreased by USD 1.6bn to USD 1.5bn (USD 3.1bn), and the EBIT margin decreased by 5.6 percentage
points to 5.8% (11.4%).
Total operating costs increased by USD 368m to USD 21.5bn (USD 21.1bn), driven by the higher network
costs, excluding bunker, and higher container handling costs, which increased by 9.0% and 7.3%, respectively.
The increase was partially offset by 14% lower bunker costs, due to the 12% decrease in bunker price com-
bined with the reduced bunker consumption of 3.8%, despite the increased volumes.
Unit cost at fixed bunker increased by 1.0% to 2,430 USD/FFE (2,405 USD/FFE), driven by the higher cost
at fixed bunker, partially offset by the strong volume growth.
Management Review I Segments I Ocean
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A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Logistics & Services highlights USD million
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Revenue 3,983 3,893 11,139 11,029 14,920
Direct costs (third-party costs) 2,723 2,680 7,565 7,720 10,385
Gross profit 1,260 1,213 3,574 3,309 4,535
Direct operating expenses 582 569 1,674 1,661 2,258
Selling, General & Administrative (SG&A) costs 210 213 630 603 830
Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 468 431 1,270 1,045 1,447
EBITDA margin 11.7% 11.1% 11.4% 9.5% 9.7%
Profit before financial items (EBIT) 218 200 535 380 538
EBIT margin 5.5% 5.1% 4.8% 3.4% 3.6%
Invested capital 12,067 11,844 12,067 11,844 11,631
CAPEX 141 211 377 571 803
Operational and financial metrics
Managed by Maersk revenue 594 624 1,669 1,583 2,167
Fulfilled by Maersk revenue 1,456 1,415 4,163 4,247 5,735
Transported by Maersk revenue 1,933 1,854 5,307 5,199 7,018
Supply chain management volumes (CBM in '000) 29,814 34,902 83,627 90,321 120,137
First Mile volumes (FFE in ’000) 1,870 1,780 5,177 5,103 6,773
Air freight volumes (tonne in '000) 82 80 225 249 327
Logistics & Services
Logistics & Services continued to increase profitability with an EBIT margin improvement of 0.4 percentage
points year-on-year, landing at 5.5% (5.1%), and a sequential uplift of 0.7 percentage points. Additionally,
Logistics & Services reported a strong gross profit margin for the quarter of 31.6% (31.2%). The year-on-year
EBIT margin growth was primarily driven by improved profitability in Fulfilled by Maersk, while continuing to
exercise stringent overall cost control.
Financial and operational performance
Revenue increased by 2.3% or USD 90m to USD 4.0bn (USD 3.9bn). Both the revenue of Fulfilled by Maersk
and Transported by Maersk improved year-on-year by 2.9% and 4.3%, respectively, whereas the revenue of
Managed by Maersk decreased by 4.8%. Sequentially, revenue increased by 8.6%, and all service models
showed continued growth with the revenue of Managed by Maersk increasing by 14%, followed by Trans-
ported by Maersk’s increase in revenue of 9.8% and Fulfilled by Maersk’s of 5.1%.
Managed by Maersk’s revenue decreased by 4.8% or USD 30m to USD 594m (USD 624m). Lead Logistics
accounted for most of the decrease, primarily driven by lower volumes and rates due to increased tariffs
between the US and China, followed by Project Logistics. Supply Chain Management volumes decreased by
15% to 29,814k CBM (34,902k CBM). Sequentially, Managed by Maersk’s revenue increased by 14% compared
to Q2 2025, mainly driven by seasonality effects within Lead Logistics.
Fulfilled by Maersk’s revenue increased by 2.9% or USD 41m to USD 1.5bn (USD 1.4bn), driven by revenue
improvements in Warehousing & E-fulfilment due to continuous positive effects from new customer wins
associated with facilities added in 2024. The effect was further driven by higher volumes in Depot. Middle
Mile revenue was flat year-on-year albeit staying resilient given tariff impacts and softer market conditions.
Sequentially, revenue improved by 5.1%.
Transported by Maersk’s revenue increased by 4.1% or USD 79m to USD 1.9bn (USD 1.9bn), mainly driven by
First Mile. The improvement was supported by both an increase in volumes of 5.0% to 1,870k FFE (1,780k
FFE) and rates, partially offset by lower rates in Air and Less than Container Load. While Air Freight volumes
increased by 2.5% to 82k tonnes (80k tonnes), they did not offset the negative rate effect. Revenue improved
by 9.8% compared to Q2 2025.
Gross profit improved by 3.9% or USD 47m to USD 1.3bn (USD 1.2bn), resulting in a continued strong gross
profit margin of 31.6% (31.2%), mainly driven by Fulfilled by Maersk followed by Transported by Maersk.
Gross profit also increased sequentially by 5.6% or USD 67m compared to Q2 2025.
EBITDA increased by 8.6% or USD 37m to USD 468m (USD 431m) and the EBITDA margin was 11.7% (11.1%).
Management Review I Segments I Logistics & Services
11
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
EBIT increased by 9.0% or USD 18m to USD 218m (USD 200m), and the EBIT margin increased to 5.5% (5.1%).
Managed by Maersk’s margins decreased, mainly driven by Lead Logistics. Fulfilled by Maersk’s margins
improved, mainly driven by Warehousing & E-Fulfilment as well as Last Mile and Middle Mile, due to the
continued profitability refocusing efforts in North America. Transported by Maersk’s margins decreased
year-on-year impacted by Air, stemming from a significant drop in rates. Compared to Q2 2025, EBIT
improved by USD 43m, and the EBIT margin improved by 0.7 percentage points.
Key initiatives in Q3
Logistics & Services continued to execute its operational turnaround strategy in Q3 2025, with cost opti-
misation and efficiency initiatives demonstrating results through sequential profitability improvements
and margin expansion across the portfolio.
Contract Logistics achieved increased profitability quarter-on-quarter while advancing facility optimi-
sation programmes, strengthening operational discipline and investing in new warehouse capacity to build
scale and strengthen market position. While closely monitoring consumer demand, particularly in North
America, Logistics & Services remains focused on operational improvements, disciplined cost management
and close customer alignment to further strengthen profitability.
Financial review 9M 2025
Revenue grew by 1.0% or USD 110m to USD 11.1bn (USD 11.0bn), driven by Managed by Maersk’s increase of
USD 86m and Transported by Maersk’s increase of USD 108m and was partly offset by a decrease in Fulfilled
by Maersk by USD 84m.
EBITDA increased by 22% or USD 225m to USD 1.3bn (USD 1.0bn), and the EBITDA margin improved by
1.9 percentage points to 11.4% (9.5%).
EBIT increased by 41% or USD 155m to USD 535m (USD 380m), with positive contribution from most products,
resulting in an EBIT margin of 4.8% (3.4%).
Management Review I Segments I Logistics & Services
12
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Terminals highlights USD million
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Revenue 1,448 1,183 3,986 3,271 4,465
Concession fees (excl. capitalised lease expenses) 103 95 308 265 347
Labour costs (Blue collar) 401 338 1,147 947 1,290
Other operational costs 282 191 661 479 658
Selling, General & Administrative (SG&A) costs 161 135 467 400 569
Total operating costs 947 759 2,583 2,091 2,864
Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 501 424 1,403 1,180 1,601
EBITDA margin 34.6% 35.8% 35.2% 36.1% 35.9%
Results from joint ventures and associated
companies 115 55 363 225 327
Profit before financial items (EBIT) 571 338 1,426 991 1,329
EBIT margin 39.4% 28.6% 35.8% 30.3% 29.8%
Invested capital 9,486 7,947 9,486 7,947 7,930
CAPEX 154 160 421 422 580
Operational and financial metrics
Volumes – financially consolidated (moves in '000) 3,704 3,408 10,614 9,736 13,095
Ocean segment 1,408 1,115 3,841 3,143 4,200
External customers 2,296 2,293 6,773 6,593 8,895
Revenue per move – financially consolidated (USD) 369 343 365 332 337
Cost per move – financially consolidated (USD) 277 260 277 254 258
Terminals
Terminals’ strong performance continued in Q3 2025 with record-high volume, revenue, EBITDA and EBIT.
Volume increased by 8.7% with strong demand across the Americas, Europe and Africa. Accordingly, utili-
sation increased by 6.5 percentage points to 89% (83%), with several terminals nearing the optimal utili-
sation limit. Revenue per move (like-for-like) increased by 2.8%, driven by improved rates. Cost per move
(like-for-like) increased by 3.7% due to labour inflation. The EBIT margin improved by 10.8 percentage points
to 39.4% (28.6%) due to the higher volume and significantly improved results from joint ventures and asso-
ciated companies.
Financial and operational performance
Revenue increased by 22% to USD 1.4bn (USD 1.2bn), driven by higher volume and improved rates. Volume
increased by 8.7% with strong growth across the Americas, Europe and Africa. Volume from Ocean increased
by 26%, and volume from external customers is at par. The disproportional growth in internal volume versus
external is driven by Ocean’s transition from the old 2M alliance to the new East-West network (Gemini coop-
eration). Utilisation increased to 89% (83%) due to the increase in volume, with several terminals operating
close to the limit where operations become less efficient.
Revenue per move increased by 7.8% to USD 369 (USD 343), driven by improved rates and favourable mix
impact. Cost per move increased by 6.7% to USD 277 (USD 260) due to labour inflation and higher SG&A
costs, partly offset by the impact of higher utilisation. At fixed foreign exchange rates, volume mix and
portfolio mix, revenue per move improved by 2.8% and cost per move increased by 3.7%.
EBITDA increased by 18% to USD 501m (USD 424m) due to the significantly higher volume and improved rates.
Compared to Q2 2025, EBITDA increased by USD 43m. The EBITDA margin was at 34.6% (35.8%).
Results from joint ventures and associated companies increased by 109% to USD 115m (USD 55m), driven
by strong volume in West Africa, Brazil and Asia.
EBIT increased by 69% to USD 571m (USD 338m), driven by the higher EBITDA, a net USD 139m positive
impact from one-offs including the reversal of impairment due to a concession extension and increased
results from joint ventures and associated companies.
ROIC (LTM average) increased to 17.2% (13.0%). The strong performance in 2025 has mitigated the adverse
impact of the around USD 1bn increase in invested capital as a result of the Port Elizabeth concession
extension, which was signed in Q2 2025. As ROIC is calculated as LTM average, the full effect of the exten-
sion is progressively building up every quarter.
Management Review I Segments I Terminals
13
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Q3 2025 Q3 2024 Growth %
North America 1,089 1,003 8.6%
Latin America 692 591 17.0%
Europe 786 717 9.8%
Africa 191 180 6.0%
Asia 946 917 3.1%
Total 3,704 3,408 8.7%
1 Financially consolidated.
Regional volume
1
Moves (’000)
CAPEX was largely flat at USD 154m (USD 160m), with the majority due to the construction of the new
terminals in Rijeka, Croatia, and Suape, Brazil. Further investments in Lazaro Cardenas, Mexico, Barcelona,
Spain, and Pipavav, India, also contributed.
In North America, volume increased by 8.6%, primarily driven by significant growth in Los Angeles, USA,
and Lazaro Cardenas, Mexico, partly offset by weaker volume in Port Elizabeth, USA. Utilisation increased
by 1.9 percentage points to 91% (89%).
In Latin America, volume increased by 17%, driven by Buenos Aires, Argentina, Pecem, Brazil, and Callao,
Peru. Utilisation increased by 13 percentage points to 96% (83%), with some terminals operating above
efficient utilisation levels.
In Europe, volume increased by 9.8%, driven by Vado, Italy, and Aarhus, Denmark. Utilisation increased by
12 percentage points to 87% (75%).
In Africa, volume increased by 6.0%, driven by Onne, Nigeria, and Monrovia, Liberia. Utilisation increased
by 7.5 percentage points to 73% (66%).
In Asia, volume increased by 3.1%, mainly driven by Aqaba, Jordan, which was heavily impacted by the Red
Sea situation in 2024. Utilisation increased by 2.2 percentage points to 89% (87%).
Key initiatives in Q3
The Rijeka Gateway terminal has officially launched operations, marked by the arrival of its first commer-
cial vessel and trucks during the quarter. This milestone signals the beginning of a new era for the Adriatic’s
most advanced container terminal. As Croatia’s largest private logistics investment, a EUR 380m joint
venture between APM Terminals and ENNA Group, the terminal features deep-water access, advanced auto-
mation and 400 metres of quay with a 20-metre depth. Phase one offers an annual capacity of 650k TEU,
with future plans to expand beyond 1m TEU.
APM Terminals Callao has reached a major milestone with the completion of Stage 3A of the North
Terminal modernisation, a USD 95m project led by APM Terminals in partnership with the Peruvian State.
The upgrade significantly enhances operational capacity, positioning Callao as the fastest grain unloading
terminal in South America and reinforcing its role as a strategic regional logistics hub.
APM Terminals Puerto Progreso is set for transformation through a long-term modernisation plan
involving approximately MXN 3bn in staged investments over 19 years. The initiative includes infrastructure
upgrades, equipment renewal and the implementation of advanced technology to improve efficiency, safety
and connectivity in Yucatán and Southeastern Mexico, while also supporting local economic development.
Financial review 9M 2025
Revenue increased by 22% to USD 4.0bn (USD 3.3bn), driven by a 9.0% increase in volume, improved rates
and higher storage revenue. Capacity utilisation increased to 85% (76%).
Revenue per move increased by 9.8% to USD 365 (USD 332), mainly driven by improved rates, storage revenue
and improved terminal mix. Cost per move increased by 9.1% to USD 277 (USD 254) due to labour inflation
and SG&A costs, partly offset by higher utilisation.
EBITDA increased by 19% to USD 1.4bn (USD 1.2bn), driven by improved rates, higher volume and higher
storage revenue.
EBIT increased by 44% to USD 1.4bn (USD 991m), driven by the higher EBITDA, results from joint ventures
and associated companies due to the recognition of a deferred tax asset and one-offs including reversal
of impairment due to an extended concession.
Management Review I Segments I Terminals
14
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Financials
Condensed income statement Condensed statement of comprehensive income
Note
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
1 Revenue 14,206 15,762 40,657 40,888 55,482
1 Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 2,686 4,797 7,694 8,531 12,128
Depreciation, amortisation and impairment
losses, net 1,579 1,570 4,850 4,569 6,220
Gain on sale of non-current assets, etc., net 47 16 127 231 222
Share of profit in joint ventures and associated
companies 130 66 411 256 369
1 Profit before financial items (EBIT) 1,284 3,309 3,382 4,449 6,499
Financial items, net -28 -51 38 113 317
Profit before tax 1,256 3,258 3,420 4,562 6,816
Tax 160 177 478 440 584
Profit for the period 1,096 3,081 2,942 4,122 6,232
Of which:
Non-controlling interests 49 32 147 98 123
A.P. Møller - Mærsk A/S’ share 1,047 3,049 2,795 4,024 6,109
Earnings per share, USD 69 193 182 255 387
Diluted earnings per share, USD 69 193 181 255 387
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Profit for the period 1,096 3,081 2,942 4,122 6,232
Translation from functional currency to
presentation currency 1 247 567 -38 -447
Reclassified to income statement, gain on sale
of non-current assets, etc., net - -1 - 5 5
Cash flow hedges -61 82 118 22 -82
Tax on other comprehensive income - 38 7 35 24
Share of other comprehensive income of joint
ventures and associated companies, net of tax 1 -10 -3 -8 -3
Total items that have been or may be reclassified
subsequently to the income statement -59 356 689 16 -503
Other equity investments 2 1 -26 4 -60
Actuarial gains/losses on defined benefit plans, etc. - - -2 8 19
Tax on other comprehensive income - - 2 - 1
Total items that will not be reclassified to the
income statement 2 1 -26 12 -40
Other comprehensive income, net of tax -57 357 663 28 -543
Total comprehensive income for the period 1,039 3,438 3,605 4,150 5,689
Of which:
Non-controlling interests 42 36 155 98 112
A.P. Møller - Mærsk A/S’ share 997 3,402 3,450 4,052 5,577
Financials I Interim consolidated financial statements Q3 2025
15
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Condensed balance sheet at 30 September
Note
30 September
2025
30 September
2024
31 December
2024
Intangible assets 10,424 9,942 9,824
Property, plant and equipment 30,204 27,374 28,245
Right-of-use assets 11,937 10,396 10,605
2 Financial non-current assets, etc. 5,055 4,786 4,586
Deferred tax 468 345 365
Total non-current assets 58,088 52,843 53,625
Inventories 1,455 1,494 1,601
2 Receivables, etc. 22,196 24,268 24,313
Securities - - 1,580
Cash and bank balances 6,991 6,337 6,575
Assets held for sale - - 3
Total current assets 30,642 32,099 34,072
Total assets 88,730 84,942 87,697
Note
30 September
2025
30 September
2024
31 December
2024
3 Equity attributable to A.P. Møller - Mærsk A/S 56,428 55,447 56,917
Non-controlling interests 1,109 1,050 1,030
Total equity 57,537 56,497 57,947
Lease liabilities, non-current 9,853 8,466 8,728
Borrowings, non-current 4,713 4,759 4,539
Other non-current liabilities 2,412 2,527 2,560
Total non-current liabilities 16,978 15,752 15,827
Lease liabilities, current 2,944 2,707 2,684
Borrowings, current 1,205 710 526
Other current liabilities 10,066 9,276 10,713
Total current liabilities 14,215 12,693 13,923
Total liabilities 31,193 28,445 29,750
Total equity and liabilities 88,730 84,942 87,697
Financials I Interim consolidated financial statements Q3 2025
16
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Condensed cash flow statement
Cash and bank balances include USD 945 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.
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Profit before financial items 1,284 3,309 3,382 4,449 6,499
Non-cash items, etc. 1,514 1,535 4,553 4,153 5,878
Change in working capital 5 -414 -170 -1,148 -311
Cash flow from operating activities before tax 2,803 4,430 7,765 7,454 12,066
Taxes paid -185 -158 -522 -461 -658
Cash flow from operating activities 2,618 4,272 7,243 6,993 11,408
Purchase of intangible assets and property, plant
and equipment (CAPEX) -1,204 -941 -3,880 -2,551 -4,201
Sale of intangible assets and property, plant and
equipment 106 101 218 425 466
4 Acquisition of subsidiaries and activities - - -674 -8 -8
Sale of subsidiaries and activities 5 1 5 23 28
Acquisition of joint ventures and associated
companies - - -10 -1 -21
Sale of joint ventures and associated companies - - - 51 51
Dividends received 137 102 209 214 371
Sale of other equity investments - 2 - 2 3
Financial investments etc., net -286 -4,229 3,541 -3,043 -4,614
Cash flow from investing activities -1,242 -4,964 -591 -4,888 -7,925
Repayment of/proceeds from borrowings, net 850 -133 307 1,597 1,462
Repayments of lease liabilities -868 -776 -2,683 -2,267 -3,051
Financial payments, net 170 107 632 580 732
Financial expenses paid on lease liabilities -188 -160 -535 -443 -611
Purchase of treasury shares -578 -46 -1,420 -489 -556
Dividends distributed - - -2,547 -1,333 -1,333
Dividends distributed to non-controlling interests -25 -32 -80 -77 -110
Other equity transactions 10 9 17 -25 -33
Cash flow from financing activities -629 -1,031 -6,309 -2,457 -3,500
Net cash flow for the period 747 -1,723 343 -352 -17
Cash and cash equivalents, beginning of period 6,168 8,002 6,543 6,730 6,730
Currency translation effect on cash and bank
balances 12 10 41 -89 -170
Cash and cash equivalents, end of period 6,927 6,289 6,927 6,289 6,543
Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Cash and cash equivalents
Cash and bank balances 6,991 6,337 6,991 6,337 6,575
Overdrafts 64 48 64 48 32
Cash and cash equivalents, end of period 6,927 6,289 6,927 6,289 6,543
Financials I Interim consolidated financial statements Q3 2025
17
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Condensed statement of changes in equity
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 - 560 -26 125 -4 655 8 663
Profit for the period - - - - 2,795 2,795 147 2,942
Total comprehensive income for the period - 560 -26 125 2,791 3,450 155 3,605
Dividends to shareholders - - - - -2,549 -2,549 -76 -2,625
Value of share-based payments - - - - 24 24 - 24
3 Purchase of treasury shares - - - - -1,435 -1,435 - -1,435
3 Sale of treasury shares - - - - 21 21 - 21
Total transactions with shareholders - - - - -3,939 -3,939 -76 -4,015
Equity 30 September 2025 2,870 -730 100 46 54,142 56,428 1,109 57,537
Equity 1 January 2024 3,186 -1,148 189 -19 51,822 54,030 1,060 55,090
Other comprehensive income, net of tax - 33 4 54 -63 28 - 28
Profit for the period - - - - 4,024 4,024 98 4,122
Total comprehensive income for the period - 33 4 54 3,961 4,052 98 4,150
Dividends to shareholders - - - - -1,191 -1,191 -76 -1,267
Value of share-based payments - - - - 26 26 - 26
Acquisition of non-controlling interests - - - - -14 -14 -19 -33
3 Purchase of treasury shares - - - - -462 -462 - -462
3 Sale of treasury shares - - - - 6 6 - 6
3 Capital increases and decreases -316 - - - 316 - 14 14
Distribution of shares in Svitzer to shareholders of A.P. Møller - Mærsk A/S - 224 - - -1,216 -992 -27 -1,019
Transfer of gain/loss on disposal of equity investments to retained earnings - - -2 - 2 - - -
Other equity movements - - - - -8 -8 - -8
Total transactions with shareholders -316 224 -2 - -2,541 -2,635 -108 -2,743
Equity 30 September 2024 2,870 -891 191 35 53,242 55,447 1,050 56,497
Financials I Interim consolidated financial statements Q3 2025
18
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Note 1 Segment information
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimina-
tions
Consoli-
dated
total
Q3 2025
External revenue 8,660 4,173 1,084 289 - 14,206
Inter-segment revenue 517 -190 364 100 -791 -
Total revenue 9,177 3,983 1,448 389 -791 14,206
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 1,787 468 501 -62 -8 2,686
Profit before financial items (EBIT) 567 218 571 -68 -4 1,284
Key metrics:
Invested capital 33,133 12,067 9,486 255 -18 54,923
CAPEX 897 141 154 27 -15 1,204
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimina-
tions
Consoli-
dated
total
Q3 2024
External revenue 10,466 4,144 909 243 - 15,762
Inter-segment revenue 641 -251 274 68 -732 -
Total revenue 11,107 3,893 1,183 311 -732 15,762
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 4,002 431 424 -60 - 4,797
Profit before financial items (EBIT) 2,834 200 338 -68 5 3,309
Key metrics:
Invested capital 30,832 11,844 7,947 232 -9 50,846
CAPEX 561 211 160 14 -5 941
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.
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimina-
tions
Consoli-
dated
total
9M 2025
External revenue 25,138 11,640 2,986 893 - 40,657
Inter-segment revenue 1,521 -501 1,000 226 -2,246 -
Total revenue 26,659 11,139 3,986 1,119 -2,246 40,657
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 5,133 1,270 1,403 -96 -16 7,694
Profit before financial items (EBIT) 1,539 535 1,426 -114 -4 3,382
Key metrics:
Invested capital 33,133 12,067 9,486 255 -18 54,923
CAPEX 3,029 377 421 63 -10 3,880
Ocean Logistics
& Services
Terminals Unallo-
cated
items
1
Elimina-
tions
Consoli-
dated
total
9M 2024
External revenue 26,009 11,429 2,500 950 - 40,888
Inter-segment revenue 1,477 -400 771 201 -2,049 -
Total revenue 27,486 11,029 3,271 1,151 -2,049 40,888
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 6,365 1,045 1,180 -65 6 8,531
Profit before financial items (EBIT) 3,143 380 991 -76 11 4,449
Key metrics:
Invested capital 30,832 11,844 7,947 232 -9 50,846
CAPEX 1,464 571 422 85 9 2,551
Financials I Interim consolidated financial statements Q3 2025
19
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Segment Types of revenue Q3
2025
Q3
2024
9M
2025
9M
2024
12M
2024
Ocean Freight revenue 7,789 9,934 22,655 23,928 32,684
Other revenue,
including hubs 1,388 1,173 4,004 3,558 4,704
Logistics & Services Managed by Maersk 594 624 1,669 1,583 2,167
Fulfilled by Maersk 1,456 1,415 4,163 4,247 5,735
Transported by Maersk 1,933 1,854 5,307 5,199 7,018
Terminals Terminal services 1,448 1,183 3,986 3,271 4,465
Unallocated activities
and eliminations Towage
1
- - - 304 304
Sale of containers and
spare parts 205 144 567 328 490
Other shipping activities 20 25 61 79 113
Other services 136 110 400 366 537
Unallocated activities
and eliminations -763 -700 -2,155 -1,975 -2,735
Total revenue 14,206 15,762 40,657 40,888 55,482
Timing of revenue recognition
Recognised over time 13,160 15,000 37,798 38,515 52,308
Recognised at a point in time 1,809 1,462 5,014 4,348 5,909
Unallocated activities and eliminations -763 -700 -2,155 -1,975 -2,735
Total revenue 14,206 15,762 40,657 40,888 55,482
Note 2 Term deposits and other receivables
Receivables, etc. amount to USD 22.2bn (USD 24.3bn at 31 December 2024) and primarily consist of term deposits with
a maturity of more than three months, amounting to USD 13.9bn (USD 15.9bn at 31 December 2024) and EU allowances
(EUAs) amounting to USD 4m (USD 163m at 31 December 2024).
Financial non-current assets, etc. primarily consist of prepayments made for operational activities that will be utilised
after 12 months of USD 1.9bn (USD 1.9bn at 31 December 2024).
1 Revenue from Svitzer is included in Towage until demerger in Q2 2024.
Note 1 Segment information – continued
Financials I Interim consolidated financial statements Q3 2025
20
A.P. Moller - Maersk Interim Report Q3 | 6 November 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 are related to the share option plan and the restricted shares plan.
From 7 February 2025 to 30 September 2025, A.P. Møller - Mærsk A/S bought back as treasury shares 75,875 B shares
with a nominal value of DKK 76m 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 USD 350m was paid during Q2 2025. 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
Conversions 3 -6 18 -36 - -
Cancellations 350,555 - 1,390,218 - 1,741 316
30 September 2024 9,756,388 206 6,072,390 122 15,829 2,870
1 January 2025 9,756,388 206 6,072,390 122 15,829 2,870
30 September 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 115,770 43,919 116 44 0.73% 0.25%
Cancellations - 350,555 - 351 0.00% 2.00%
30 September 115,770 - 116 - 0.73% -
B shares
1 January 120,307 1,279,120 120 1,279 0.76% 7.28%
Additions 655,902 204,723 656 205 4.14% 1.21%
Cancellations - 1,390,218 - 1,390 0.00% 7.91%
Disposals 20,535 10,998 20 11 0.13% 0.06%
30 September 755,674 82,627 756 83 4.77% 0.52%
Note 3 Share capital
Development in the number of shares: Development in the holding of treasury shares:
Financials I Interim consolidated financial statements Q3 2025
21
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Note 5 Commitments
The total commitments across segments of USD 7.0bn (USD 8.6bn at 31 December 2024) are related to investments in dual-
fuel vessels, commitments towards terminal concession grantors and EU allowances (EUAs) future contracts.
Note 6 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.
Note 4 Acquisitions of subsidiaries
Acquisitions during 9M 2025
Panama Canal Railway Company (Ocean)
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 purchase
price paid in cash amounted to USD 687m. Of the provisional purchase price allocation, approximately USD 417m is related
to concession rights and USD 135m to goodwill. Other assets acquired include property, plant and equipment, and deposits.
The liabilities acquired primarily relate to debt and trade payables. Cash outflow from the acquisition in the cash flow
statement is net of assumed cash and bank balances amounting to USD 13m.
Goodwill is mainly attributable to expected future synergies from PCRC’s established operational framework, decreasing
the time and resources the Group would need to invest in building the capabilities from scratch.
From the acquisition date to 30 September 2025, PCRC contributed with insignificant revenue and net profit. Had the
acquisition occurred on 1 January 2025, the impact on the Group’s revenue and net profit would have been insignificant.
Acquisition-related costs of USD 5m have been recognised as operating costs in the income statement of the Ocean seg-
ment and as cash flow from operating activities in the cash flow statement.
The accounting for the business combination is considered provisional as at 30 September 2025, subject to finalisation
of the valuation of intangible assets.
Acquisitions during 9M 2024
No material acquisitions took place during 9M 2024.
Financials I Interim consolidated financial statements Q3 2025
22
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Amounts in USD million
Management’s statement
Management Review I Management’s statement
23
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025
Executive Board
Board of Directors
Quarterly summary
2025 2024
Income statement Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue 14,206 13,130 13,321 14,594 15,762 12,771 12,355
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 2,686 2,298 2,710 3,597 4,797 2,144 1,590
Depreciation, amortisation and
impairment losses, net 1,579 1,651 1,620 1,651 1,570 1,481 1,518
Gain on sale of non-current assets,
etc., net 47 25 55 -9 16 208 7
Share of profit in joint ventures and
associated companies 130 173 108 113 66 92 98
Profit before financial items (EBIT) 1,284 845 1,253 2,050 3,309 963 177
Financial items, net -28 -111 177 204 -51 13 151
Profit before tax 1,256 734 1,430 2,254 3,258 976 328
Tax 160 95 223 144 177 143 120
Profit for the period 1,096 639 1,207 2,110 3,081 833 208
A.P. Møller - Mærsk A/S’ share 1,047 586 1,162 2,085 3,049 798 177
Underlying profit
1
939 614 1,152 2,165 3,097 623 210
Balance sheet
Total assets 88,730 87,860 86,965 87,697 84,942 80,745 81,598
Total equity 57,537 57,069 56,455 57,947 56,497 53,126 53,373
Invested capital 54,923 54,619 51,591 50,564 50,846 49,563 50,430
Net interest-bearing debt -2,581 -2,454 -5,206 -7,373 -5,634 -3,563 -3,092
Cash flow statement
Cash flow from operating activities 2,618 1,859 2,766 4,415 4,272 1,626 1,095
Repayments of lease liabilities -868 -1,014 -801 -784 -776 -742 -749
CAPEX -1,204 -1,278 -1,398 -1,650 -941 -904 -706
Cash flow from financing activities -629 -2,473 -3,207 -1,043 -1,031 -368 -1,058
Free cash flow 771 -373 806 2,163 2,705 397 -151
1 For definition of terms, see page 25.
2025 2024
Financial ratios Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue growth −9.9% 2.8% 7.8% 24.3% 30.0% −1.7% −13.0%
EBITDA margin 18.9% 17.5% 20.3% 24.6% 30.4% 16.8% 12.9%
EBIT margin 9.0% 6.4% 9.4% 14.0% 21.0% 7.5% 1.4%
Cash conversion 97% 81% 102% 123% 89% 76% 69%
Return on invested capital after tax
(ROIC) (last 12 months) 9.6% 13.7% 14.3% 12.3% 7.4% 2.0% 3.2%
Equity ratio 64.8% 65.0% 64.9% 66.1% 66.5% 65.8% 65.4%
Underlying ROIC
1
(last 12 months) 9.2% 13.7% 13.9% 12.0% 7.0% 1.5% 2.8%
Underlying EBITDA
1
2,684 2,298 2,710 3,595 4,798 2,143 1,597
Underlying EBITDA margin
1
18.9% 17.5% 20.3% 24.6% 30.4% 16.8% 12.9%
Underlying EBIT
1
1,127 818 1,199 2,104 3,322 756 174
Underlying EBIT margin
1
7.9% 6.2% 9.0% 14.4% 21.1% 5.9% 1.4%
Stock market ratios
Earnings per share, USD 69 38 74 133 193 51 11
Diluted earnings per share, USD 69 38 74 132 193 51 11
Cash flow from operating activities per
share, USD 173 121 177 280 271 103 69
Share price (B share), end of period, DKK 12,730 11,775 11,985 11,905 11,260 12,105 8,994
Share price (B share), end of period, USD 1,961 1,850 1,733 1,668 1,691 1,736 1,305
Total market capitalisation, end of
period, USD 29,278 28,068 26,638 25,698 26,027 26,992 20,349
Management Review I Quarterly summary
24
A.P. Moller - Maersk Interim Report Q3 | 6 November 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 vessels or third
parties (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 lifting 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-quarter share 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
25
A.P. Moller - Maersk Interim Report Q3 | 6 November 2025