{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"APM": "http://xbrl.maersk.com/2024-12-31",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://xbrl.maersk.com/2024-12-31/APMM-2025-12-31.xsd"
]
},
"facts": {
"f1__s3__3__5": {
"value": "53988000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__5": {
"value": "55482000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__6": {
"value": "44545000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__6": {
"value": "43375000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__7": {
"value": "112000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__7": {
"value": "42000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__8": {
"value": "25000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__8": {
"value": "21000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__9": {
"value": "9530000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__9": {
"value": "12128000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__10": {
"value": "6671000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__10": {
"value": "6220000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__11": {
"value": "138000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__11": {
"value": "222000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__12": {
"value": "503000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__12": {
"value": "369000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__13": {
"value": "3500000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__13": {
"value": "6499000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__14": {
"value": "1960000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__14": {
"value": "1885000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__15": {
"value": "1989000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__15": {
"value": "1568000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__16": {
"value": "3471000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__16": {
"value": "6816000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__17": {
"value": "556000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__17": {
"value": "584000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__18": {
"value": "2915000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__18": {
"value": "6232000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__19": {
"value": "190000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__19": {
"value": "123000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__20": {
"value": "2725000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__4__20": {
"value": "6109000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s3__3__21": {
"value": "179.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f1__s3__4__21": {
"value": "387.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f1__s3__3__22": {
"value": "178.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f1__s3__4__22": {
"value": "387.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f1__s4__3__5": {
"value": "2915000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__5": {
"value": "6232000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__6": {
"value": "595000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__6": {
"value": "-447000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__7": {
"value": "2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__7": {
"value": "-5000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__8": {
"value": "142000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__8": {
"value": "-167000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__9": {
"value": "-2000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTaxRevenue",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__9": {
"value": "-4000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTaxRevenue",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__10": {
"value": "101000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTaxOperatingExpense",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__10": {
"value": "-50000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTaxOperatingExpense",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__11": {
"value": "-38000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTaxFinanceIncomeCost",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__11": {
"value": "-31000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTaxFinanceIncomeCost",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__12": {
"value": "-10000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__12": {
"value": "-24000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__13": {
"value": "-2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__13": {
"value": "-3000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__14": {
"value": "682000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__14": {
"value": "-503000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__15": {
"value": "-94000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__15": {
"value": "-60000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__16": {
"value": "-115000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__16": {
"value": "19000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__17": {
"value": "-1000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__17": {
"value": "-1000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__18": {
"value": "-208000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__18": {
"value": "-40000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__19": {
"value": "474000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__19": {
"value": "-543000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__20": {
"value": "3389000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__20": {
"value": "5689000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__21": {
"value": "197000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__21": {
"value": "112000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__3__22": {
"value": "3192000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s4__4__22": {
"value": "5577000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__5": {
"value": "10420000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__5": {
"value": "9824000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__6": {
"value": "30138000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__6": {
"value": "28245000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__7": {
"value": "11886000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__7": {
"value": "10605000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__8": {
"value": "890000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__8": {
"value": "780000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__9": {
"value": "1002000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__9": {
"value": "965000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__10": {
"value": "281000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__10": {
"value": "359000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__11": {
"value": "93000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__11": {
"value": "2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__12": {
"value": "19000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__12": {
"value": "125000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__13": {
"value": "141000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLoansAndReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__13": {
"value": "119000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLoansAndReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__14": {
"value": "2389000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__14": {
"value": "2236000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__15": {
"value": "4815000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentFinancialAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__15": {
"value": "4586000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentFinancialAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__16": {
"value": "484000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__16": {
"value": "365000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__17": {
"value": "57743000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__17": {
"value": "53625000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__20": {
"value": "1391000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__20": {
"value": "1601000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__21": {
"value": "5306000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__21": {
"value": "5849000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__22": {
"value": "446000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__22": {
"value": "519000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__23": {
"value": "102000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__23": {
"value": "47000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__24": {
"value": "11063000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLoansAndReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__24": {
"value": "15880000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLoansAndReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__25": {
"value": "1158000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__25": {
"value": "1452000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__26": {
"value": "587000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentPrepayments",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__26": {
"value": "566000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentPrepayments",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__27": {
"value": "18662000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__27": {
"value": "24313000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__28": {
"value": "1277000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__28": {
"value": "1580000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__29": {
"value": "9042000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__29": {
"value": "6575000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__30": {
"value": "237000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__30": {
"value": "3000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__31": {
"value": "30609000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__31": {
"value": "34072000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__34": {
"value": "88352000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__34": {
"value": "87697000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__37": {
"value": "2870000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__37": {
"value": "2870000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__38": {
"value": "52711000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:RetainedEarningsAndOtherReserves",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__38": {
"value": "54047000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:RetainedEarningsAndOtherReserves",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__39": {
"value": "55581000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__39": {
"value": "56917000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__40": {
"value": "1115000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__40": {
"value": "1030000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__41": {
"value": "56696000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__41": {
"value": "57947000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__44": {
"value": "9941000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__44": {
"value": "8728000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__45": {
"value": "4803000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__45": {
"value": "4539000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__46": {
"value": "209000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__46": {
"value": "179000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__47": {
"value": "1048000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__47": {
"value": "946000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__48": {
"value": "30000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__48": {
"value": "333000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__49": {
"value": "879000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__49": {
"value": "834000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__50": {
"value": "288000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesNoncurrent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__50": {
"value": "246000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesNoncurrent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__51": {
"value": "23000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentPayables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__51": {
"value": "22000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentPayables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__52": {
"value": "2477000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__52": {
"value": "2560000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__53": {
"value": "17221000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__53": {
"value": "15827000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__56": {
"value": "3076000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__56": {
"value": "2684000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__57": {
"value": "1100000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__57": {
"value": "526000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__58": {
"value": "747000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherShorttermProvisions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__58": {
"value": "756000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherShorttermProvisions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__59": {
"value": "6847000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__59": {
"value": "6698000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__60": {
"value": "514000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__60": {
"value": "621000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__61": {
"value": "82000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__61": {
"value": "225000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__62": {
"value": "1517000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__62": {
"value": "1665000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__63": {
"value": "552000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__63": {
"value": "748000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__64": {
"value": "10259000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__64": {
"value": "10713000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__65": {
"value": "14435000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__65": {
"value": "13923000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__68": {
"value": "31656000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__68": {
"value": "29750000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__3__71": {
"value": "88352000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s5__4__71": {
"value": "87697000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__52": {
"value": "6543000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__52": {
"value": "6730000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__53": {
"value": "81000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__53": {
"value": "-170000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__54": {
"value": "9008000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__54": {
"value": "6543000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__55": {
"value": "9042000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__55": {
"value": "6575000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__56": {
"value": "34000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__56": {
"value": "32000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__57": {
"value": "9008000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__57": {
"value": "6543000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__5": {
"value": "3500000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__5": {
"value": "6499000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__6": {
"value": "6671000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__6": {
"value": "6220000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__7": {
"value": "-138000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__7": {
"value": "-222000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__8": {
"value": "503000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__8": {
"value": "369000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__9": {
"value": "-552000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__9": {
"value": "311000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__10": {
"value": "115000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:AdjustmentsForProvisionsAndAdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__10": {
"value": "-3000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:AdjustmentsForProvisionsAndAdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__11": {
"value": "193000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__11": {
"value": "252000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__12": {
"value": "10390000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:CashFlowsFromUsedInOperatingActivitiesBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__12": {
"value": "12066000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:CashFlowsFromUsedInOperatingActivitiesBeforeTax",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__13": {
"value": "629000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__13": {
"value": "658000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__14": {
"value": "9761000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__14": {
"value": "11408000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__17": {
"value": "4799000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:PurchaseOfPropertyPlantAndEquipmentAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__17": {
"value": "4201000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:PurchaseOfPropertyPlantAndEquipmentAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__18": {
"value": "358000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ProceedsFromSalesOfPropertyPlantAndEquipmentAndProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__18": {
"value": "466000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:ProceedsFromSalesOfPropertyPlantAndEquipmentAndProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__19": {
"value": "674000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__19": {
"value": "8000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__20": {
"value": "7000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__20": {
"value": "28000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__21": {
"value": "11000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__21": {
"value": "21000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__22": {
"value": "50000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__22": {
"value": "51000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__23": {
"value": "418000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__23": {
"value": "371000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__24": {
"value": "13000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__24": {
"value": "3000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__25": {
"value": "19954000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__25": {
"value": "26275000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__26": {
"value": "24752000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:DecreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__26": {
"value": "23245000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:DecreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__27": {
"value": "2360000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__27": {
"value": "1574000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__28": {
"value": "2700000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__28": {
"value": "2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__29": {
"value": "5000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:OtherFinancialInvestmentsNetClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__29": {
"value": "12000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:OtherFinancialInvestmentsNetClassifiedAsInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__30": {
"value": "495000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__30": {
"value": "-7925000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__33": {
"value": "926000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__33": {
"value": "705000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__34": {
"value": "3502000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__34": {
"value": "3051000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__35": {
"value": "1230000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__35": {
"value": "2167000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__36": {
"value": "2040000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__36": {
"value": "556000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__37": {
"value": "1006000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:InterestReceivedClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__37": {
"value": "1087000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:InterestReceivedClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__38": {
"value": "282000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__38": {
"value": "355000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__39": {
"value": "728000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__39": {
"value": "611000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__40": {
"value": "37000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__40": {
"value": "9000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__41": {
"value": "2547000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__41": {
"value": "1333000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__42": {
"value": "116000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__42": {
"value": "110000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__43": {
"value": "1000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__43": {
"value": "1000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__44": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__44": {
"value": "33000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__45": {
"value": "-5000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__45": {
"value": "-10000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__46": {
"value": "-7872000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__46": {
"value": "-3500000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__49": {
"value": "2384000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__49": {
"value": "-17000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__3__60": {
"value": "819000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s6__4__60": {
"value": "928000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__5": {
"value": "2870000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__5": {
"value": "-1290000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__5": {
"value": "126000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__5": {
"value": "-79000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__5": {
"value": "55290000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__5": {
"value": "56917000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__5": {
"value": "1030000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__5": {
"value": "57947000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__6": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__6": {
"value": "568000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__6": {
"value": "-93000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__6": {
"value": "107000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__6": {
"value": "-115000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__6": {
"value": "467000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__6": {
"value": "7000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__6": {
"value": "474000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__7": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__7": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__7": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__7": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__7": {
"value": "2725000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__7": {
"value": "2725000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__7": {
"value": "190000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__7": {
"value": "2915000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__8": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__8": {
"value": "568000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__8": {
"value": "-93000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__8": {
"value": "107000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__8": {
"value": "2610000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__8": {
"value": "3192000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__8": {
"value": "197000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__8": {
"value": "3389000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__9": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__9": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__9": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__9": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__9": {
"value": "2549000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__9": {
"value": "2549000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__9": {
"value": "113000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__9": {
"value": "2662000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__10": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__10": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__10": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__10": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__10": {
"value": "36000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__10": {
"value": "36000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__10": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__10": {
"value": "36000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__11": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__11": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__11": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__11": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__11": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__11": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__11": {
"value": "1000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__11": {
"value": "1000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__12": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__12": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__12": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__12": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__12": {
"value": "2050000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__12": {
"value": "2050000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__12": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__12": {
"value": "2050000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__13": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__13": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__13": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__13": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__13": {
"value": "37000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__13": {
"value": "37000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__13": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__13": {
"value": "37000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__14": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__14": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__14": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__14": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__14": {
"value": "-2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__14": {
"value": "-2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__14": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__14": {
"value": "-2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__15": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__15": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__15": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__15": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__15": {
"value": "-4528000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__15": {
"value": "-4528000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__15": {
"value": "-112000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__15": {
"value": "-4640000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__16": {
"value": "2870000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__16": {
"value": "-722000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__16": {
"value": "33000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__16": {
"value": "28000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__16": {
"value": "53372000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__16": {
"value": "55581000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__16": {
"value": "1115000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__16": {
"value": "56696000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__22": {
"value": "3186000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__22": {
"value": "-1148000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__22": {
"value": "189000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__22": {
"value": "-19000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__22": {
"value": "51822000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__22": {
"value": "54030000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__22": {
"value": "1060000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__22": {
"value": "55090000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__23": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__23": {
"value": "-366000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__23": {
"value": "-61000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__23": {
"value": "-60000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__23": {
"value": "-45000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__23": {
"value": "-532000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__23": {
"value": "-11000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__23": {
"value": "-543000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__24": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__24": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__24": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__24": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__24": {
"value": "6109000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__24": {
"value": "6109000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__24": {
"value": "123000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__24": {
"value": "6232000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__25": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__25": {
"value": "-366000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__25": {
"value": "-61000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__25": {
"value": "-60000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__25": {
"value": "6064000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__25": {
"value": "5577000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__25": {
"value": "112000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__25": {
"value": "5689000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__26": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__26": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__26": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__26": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__26": {
"value": "1191000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__26": {
"value": "1191000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__26": {
"value": "108000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__26": {
"value": "1299000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__27": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__27": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__27": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__27": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__27": {
"value": "36000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__27": {
"value": "36000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__27": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__27": {
"value": "36000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__28": {
"value": "0.0",
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__28": {
"value": "0.0",
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__28": {
"value": "0.0",
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__28": {
"value": "0.0",
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__28": {
"value": "14000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__28": {
"value": "14000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__28": {
"value": "19000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__28": {
"value": "33000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:DecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__29": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__29": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__29": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__29": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__29": {
"value": "529000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__29": {
"value": "529000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__29": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__29": {
"value": "529000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__30": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__30": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__30": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__30": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__30": {
"value": "9000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__30": {
"value": "9000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__30": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__30": {
"value": "9000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__31": {
"value": "-316000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__31": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__31": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__31": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__31": {
"value": "316000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__31": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__31": {
"value": "12000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__31": {
"value": "12000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughOtherContributionsByOwnersAndIncreaseDecreaseThroughOtherDistributionsToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__32": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__32": {
"value": "224000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__32": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__32": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__32": {
"value": "-1216000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__32": {
"value": "-992000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__32": {
"value": "-27000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__32": {
"value": "-1019000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughDistributionsToOwnersOfParentEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__33": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__33": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__33": {
"value": "-2000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__33": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__33": {
"value": "2000000.0",
"decimals": -6,
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__33": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__33": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__33": {
"value": "0.0",
"dimensions": {
"concept": "APM:IncreaseDecreaseThroughTransfersToFromRetainedEarnings",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__34": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__34": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__34": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__34": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__34": {
"value": "-9000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__34": {
"value": "-9000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__34": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__34": {
"value": "-9000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__35": {
"value": "-316000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__35": {
"value": "224000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__35": {
"value": "-2000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__35": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__35": {
"value": "-2596000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__35": {
"value": "-2690000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__35": {
"value": "-142000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__35": {
"value": "-2832000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s7__3__36": {
"value": "2870000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f1__s7__4__36": {
"value": "-1290000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f1__s7__5__36": {
"value": "126000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__6__36": {
"value": "-79000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"f1__s7__7__36": {
"value": "55290000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__8__36": {
"value": "56917000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f1__s7__9__36": {
"value": "1030000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f1__s7__10__36": {
"value": "57947000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s9__8__18": {
"value": "Basis of preparationThe consolidated financial statements for 2025 for A.P. Moller - Maersk (Maersk) have been prepared on a going-concern basis and in accordance with IFRS Accounting Standards as adopted by the EU and addi-tional Danish disclosure requirements for listed com-panies. The consolidated financial statements of Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Holding A/S.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__17": {
"value": "Basis of preparationThe consolidated financial statements for 2025 for A.P. Moller - Maersk (Maersk) have been prepared on a going-concern basis and in accordance with IFRS Accounting Standards as adopted by the EU and addi-tional Danish disclosure requirements for listed com-panies. The consolidated financial statements of Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Holding A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__20": {
"value": "The accounting policies are con-sistent with those applied in the consolidated financial statements for 2024, except for the changes to account-ing standards that were effective from 1 January 2025 and were endorsed by the EU. The changes have not had a material impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__19": {
"value": "The accounting policies are con-sistent with those applied in the consolidated financial statements for 2024, except for the changes to account-ing standards that were effective from 1 January 2025 and were endorsed by the EU. The changes have not had a material impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__15-1": {
"value": "Note 1.1 Basis of preparationBasis of preparationThe consolidated financial statements for 2025 for A.P. Moller - Maersk (Maersk) have been prepared on a going-concern basis and in accordance with IFRS Accounting Standards as adopted by the EU and addi-tional Danish disclosure requirements for listed com-panies. The consolidated financial statements of Maersk are included in the consolidated financial statements of A.P. M\u00f8ller Holding A/S. The accounting policies are con-sistent with those applied in the consolidated financial statements for 2024, except for the changes to account-ing standards that were effective from 1 January 2025 and were endorsed by the EU. The changes have not had a material impact on the financial statements.ESEF/iXBRL reportingA.P. M\u00f8ller - M\u00e6rsk A/S is required to prepare and file the Annual Report in the European Single Electronic For-mat (ESEF), and the Annual Report for 2025 is therefore prepared in the XHTML format that can be displayed in a standard browser. The primary statements and the notes to the consolidated financial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item or note is not de-fined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all in-cluded in a file named APMM-2025-12-31-en.zip.Note 1.3 Material and general accounting policies MATERIAL ACCOUNTING POLICIES In addition to the general accounting policies outlined below, Maersk\u2019s accounting policies are described in each of the individual notes to the consolidated financial statements. The accounting policies have been applied con sistently in the preparation of the consolidated financial statements for all the years presented.GENERAL ACCOUNTING POLICIES ConsolidationThe consolidated financial statements comprise the par-ent company A.P. M\u00f8ller - M\u00e6rsk A/S, its subsidiaries and proportionate shares in joint arrangements classified as joint operations. Subsidiaries are entities controlled by A.P. M\u00f8ller - M\u00e6rsk A/S. Control is based on the power to direct the relevant activities of an entity and the expo-sure, or right, to variable returns arising from it. In that connection, relevant activities are those that significantly affect the investee\u2019s returns. Control is usually achieved by directly or indirectly owning or in other ways con-trolling more than 50% of the voting rights or by other rights, such as agreements on management control. Joint arrangements are entities in which Maersk, according to contractual agreements with one or more other parties, has joint control. The arrangements are classified as joint ventures, if the contracting parties\u2019 rights are limited to net assets in the separate legal en-tities, and as joint operations, if the parties have direct and unlimited rights to the assets and obligations for the liabilities of the arrangement. Entities in which Maersk exercises a significant but non-controlling influence are considered associated companies. A significant influence is usually achieved by directly or indirectly owning or controlling 20-50% of the voting rights. Agreements and other circumstances are considered when assessing the degree of influence. Consolidation is performed by summarising the financial statements of the parent company and its subsidiaries in accordance with Maersk\u2019s accounting policies. Intra- group income and expenses, share-holdings, dividends, intra-group balances and gains on intra- group transactions are eliminated. Unrealised gains on transactions with associated companies and joint arrangements are eliminated in proportion to Maersk\u2019s ownership share. Unrealised losses are eliminated in the same way unless they indicate impairment. Non-controlling interests\u2019 share of profit/loss for the year and of equity in subsidiaries is included as part of Maersk\u2019s profit, and equity, respectively but shown as separate items. Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for subsid-iaries, associates or joint arrangements with functional currencies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate differences arising from such translations are recognised directly in other comprehensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of prop-erty, plant and equipment and intangible assets and, hence, depreciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless circumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in for-eign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are in-cluded in the income statement as financial income or expenses. Share of profit/loss in associated companies and joint ventures is recognised net of tax and adjusted for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such invest-ments and their reversal. Statement of comprehensive incomeOther comprehensive income consists of gains and losses not recognised in the income statement, including exchange rate adjustments arising from the translation from functional currency to presentation currency, fair value adjustments of other equity investments (FVOCI), cash flow hedges, forward points and currency basis spread as well as actuarial gains/losses on defined ben-efit plans, etc. Maersk\u2019s share of other comprehensive income in associated companies and joint ventures is also included. On disposal or discontinuation of an entity, Maersk\u2019s share of the accumulated exchange rate adjustments relating to the relevant entity with a functional currency other than USD, is reclassified to the income statement. Accumulated value adjustments of equity instruments classified as equity instruments at fair value through other comprehensive income will remain in equity upon disposal. Other comprehensive income includes current and de-ferred income tax to the extent that the items recognised in other comprehensive income are taxable or deductible.Balance sheetInvestments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impair-ment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable. Financial instruments including shares, bonds and sim-ilar securities, are recognised on the trading date at fair value, and subsequently measured at the quoted market price for listed securities and at estimated fair value for non-listed securities. Fair value adjustments from equity investments at fair value through other comprehensive income (FVOCI) remain in equity upon disposal. Dividends are recognised in the income statement. Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in progress includes direct and indirect production costs. Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allowance is measured by the simplified approach accord-ing to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables. Government grantsGovernment grants are recognised where there is reason-able assurance that the grant will be received and all con-ditions attached to it will be complied with by Maersk. Grants related to an expense is recognised in the in-come statement as a reduction of the related expense on a systematic basis over the periods in which the expense is incurred. Grants related to an asset is deducted from the cost of the asset, reducing the carrying amount and the depreciation recognised over its useful life. When a grant becomes receivable, it is recognised as income in the period where it becomes receivable.Segment informationThe allocation of business activities into segments reflects Maersk\u2019s character as an integrated container logistics business and is in line with the internal management reporting. Certain accounting policies may differ from those in the consolidated financial statements. This includes internal lease arrangements between segments and impairment of investments in affiliates with all intra-group effects eliminated on consolidation.The reportable segments are as per the right:Revenue recognitionRevenue for all businesses is recognised when the performance obligation has been satisfied, which happens upon transfer of control to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for the goods and services. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is rec-ognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.Revenue from Ocean freight activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a percentage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers.Revenue from Logistics & Services including integrated transportation, lead logistics, project logistics, ware-housing, ground freight and depot services is mainly recognised over time over the completion of the service.Revenue from terminal operations is recognised upon completion of the service. In container terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recognised as revenue during the construction.Revenue from other business activities is recognised upon full completion of the related service.Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years.Goodwill arises when A.P. Moller - Maersk (Maersk) acquires a business and pays a higher amount than the fair value of its net assets, primarily due to the synergies the Group expects to create. Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has an indefinite useful life, while most of other intangible asset classes have definite lives. The useful lives of other classes are as follows:Terminal and service Concession termconcession rightsCustomer relationships 10-24 yearsTechnology 5-10 yearsInternally developed 5 years or estimated IT softwareuseful life, if shorterProperty, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as per the table below. Estimated useful lives and residual values are reas-sessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long con-struction period, borrowing costs during the construction period from specific as well as general borrowings are at-tributed to cost. In addition, the cost includes the net pres-ent value of estimated costs of removal and restoration.Vessels 20 yearsAircraft and related 3-30 yearscomponentsContainers 15 yearsBuildings 10-50 years10-30 years or concession Terminal infrastructureperiod, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterPlant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate. Lease con-tracts for vessels and containers are typically made for fixed periods of about five years but may have exten-sion options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at commencement of the lease. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight line basis as an expense in the income statement.MATERIAL ACCOUNTING POLICIES Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use or fair value less costs of disposal. Goodwill is allocated to cash-generating units on acquisition and impaired before other assets. Intangi-ble assets and property, plant and equipment are tested for impairment if there is an indication of impairment, and annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Non-financial assets other than goodwill that were im-paired in prior periods are reviewed for possible reversals of impairment each reporting period. Impairment, net is included in depreciation, amortisa-tion and impairment, net, in the income statement.Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can other wise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent con-sideration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the in-come statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent con-sideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities cease to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and pro-visions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), excluding Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, performance shares and share options outstanding as issued by the parent company. Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component. Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk-free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments.The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreci-ated over the asset\u2019s useful life rather than lease term.Pension obligations are the net liabilities of defined benefit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling re-quirements. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obligations are measured at the present value of ex-pected future payments to be made in respect of services provided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obligations. Actuarial gains/losses are recognised in other comprehensive income. Pension plans where A.P. Moller - Maersk, as part of col-lective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged transactions are recognised. The effective portion of changes in the value of deriva-tive financial instruments used to hedge the value of rec-ognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and rec-ognised in other comprehensive income and deferred in equity until realisation.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years\u2019 taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation. Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.Equity-settled performance shares, restricted shares At the end of each reporting period, Maersk revises its and share options granted to members of the Executive estimated number of awards that are expected to vest Board and to employees of Maersk as part of Maersk\u2019s based on the non-market vesting conditions and service long-term incentive programme are recognised as conditions. Any impact of the revision is recognised in remuneration expenses over the vesting period as per the income statement with a corresponding adjustment the estimated fair value at the grant date and result in to equity.a corresponding adjustment to equity.Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered a non-cash item, and the actual pay-ments of these borrowing costs are included in cash flow from financing activities. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of Maersk\u2019s cash management. It also includes investments in money market funds (MMFs) that provide same-day liquidity, are readily convertible to known amounts of cash and carry an insignificant risk of changes in value. MMFs are measured at fair value through profit or loss under IFRS 9 but presented as cash equivalents.Note 1.2 New financial reporting requirements Amendments to IAS 21 \u2013 Lack of exchangeability Maersk has adopted the amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates for the first time in the current year, which introduced requirements to assess when a currency is exchangeable into another currency and when it is not. The amendments have not had any material effect on the Group\u2019s consolidated fi-nancial statements.IFRS 18 \u2013 Presentation and disclosure in financial statementsIFRS 18, which is effective from 1 January 2027, replaces IAS 1 and introduces new requirements for presentation of the income statement, including specified totals and subtotals. Furthermore, the standard requires classifica-tion of all income and expenses within the income state-ment into one of five categories: operating, investing, financing, income taxes and discontinued operations. Maersk is currently working on identifying all impacts that IFRS 18 will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on the Group\u2019s financial statements are as follows:\u2022 The taxes line item in the current income statement will be classified either under operating or income tax categories based on whether they are under the scope of IAS 12 or not.\u2022 Foreign exchange rate differences will be classified in the same category as the related income and expenses from the items giving rise to the foreign exchange rate differences.\u2022 Interest received will be classified under investing activities in the cash flow statement.\u2022 A new note to the financial statements for the required disclosures on management-defined performance measures.Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of financial instrumentsThe amendments clarify derecognition of financial liabil-ities on the settlement date, with an optional policy for early derecognition via electronic payments. They provide additional guidance on assessing contractual cash flows for financial assets with ESG and similar features, clarify the treatment of non-recourse and contractually linked instruments and introduce enhanced disclosures for con-tingent features and equity instruments measured at fair value through OCI. The amendments are effective from 1 January 2026 and are not expected to have any significant impact on recognition and measurement.OtherOther new standards, amendments and interpretations that are not yet effective have not been disclosed as they are not anticipated to have a material impact on the Group\u2019s consolidated financial statements.Change in accounting estimateAs a result of the annual useful life review at the end of 2025, the useful lives of vessels will increase from 20 years to 25 years and will be applied prospectively as a change in accounting estimate, effective 1 January 2026. The change is expected to result in reduced depreciation of around USD 700m in 2026. The change in useful lives has not impacted the financial position or results for 2025 or any previous periods.Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy. The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy. Investments in money market funds (MMFs) are also within level 2, valued using the daily published net asset value (NAV) with observable underlying prices, but there is no active market quote for the fund units. The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.Other equity investments (FVOCI)The Group has investments in equity shares of both listed and non-listed companies. The Group holds non-controlling interests (between 0.1% and 15%) in these companies. These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__22": {
"value": "ConsolidationThe consolidated financial statements comprise the par-ent company A.P. M\u00f8ller - M\u00e6rsk A/S, its subsidiaries and proportionate shares in joint arrangements classified as joint operations. Subsidiaries are entities controlled by A.P. M\u00f8ller - M\u00e6rsk A/S. Control is based on the power to direct the relevant activities of an entity and the expo-sure, or right, to variable returns arising from it. In that connection, relevant activities are those that significantly affect the investee\u2019s returns. Control is usually achieved by directly or indirectly owning or in other ways con-trolling more than 50% of the voting rights or by other rights, such as agreements on management control. Joint arrangements are entities in which Maersk, according to contractual agreements with one or more other parties, has joint control. The arrangements are classified as joint ventures, if the contracting parties\u2019 rights are limited to net assets in the separate legal en-tities, and as joint operations, if the parties have direct and unlimited rights to the assets and obligations for the liabilities of the arrangement. Entities in which Maersk exercises a significant but non-controlling influence are considered associated companies. A significant influence is usually achieved by directly or indirectly owning or controlling 20-50% of the voting rights. Agreements and other circumstances are considered when assessing the degree of influence. Consolidation is performed by summarising the financial statements of the parent company and its subsidiaries in accordance with Maersk\u2019s accounting policies. Intra- group income and expenses, share-holdings, dividends, intra-group balances and gains on intra- group transactions are eliminated. Unrealised gains on transactions with associated companies and joint arrangements are eliminated in proportion to Maersk\u2019s ownership share. Unrealised losses are eliminated in the same way unless they indicate impairment. Non-controlling interests\u2019 share of profit/loss for the year and of equity in subsidiaries is included as part of Maersk\u2019s profit, and equity, respectively but shown as separate items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__24": {
"value": "Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for subsid-iaries, associates or joint arrangements with functional currencies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate differences arising from such translations are recognised directly in other comprehensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of prop-erty, plant and equipment and intangible assets and, hence, depreciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless circumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in for-eign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are in-cluded in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__23": {
"value": "Foreign currency translationThe consolidated financial statements are presented in USD, the functional currency of the parent company. In the translation to the presentation currency for subsid-iaries, associates or joint arrangements with functional currencies other than USD, the total comprehensive income is translated into USD at average exchange rates, and the balance sheet is translated at the exchange rates as at the balance sheet date. Exchange rate differences arising from such translations are recognised directly in other comprehensive income and in a separate reserve of equity. The functional currency varies from business area to business area. For Maersk\u2019s principal shipping activities, the functional currency is typically USD. This means, among other things, that the carrying amounts of prop-erty, plant and equipment and intangible assets and, hence, depreciation and amortisation, are maintained in USD from the date of acquisition. For other activities, including container terminal activities and land-based logistics activities, the functional currency is generally the local currency of the country in which such activities are performed, unless circumstances suggest a different currency is appropriate. Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in for-eign currencies not settled at the balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange gains and losses are in-cluded in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__29-1": {
"value": "Share of profit/loss in associated companies and joint ventures is recognised net of tax and adjusted for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such invest-ments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impair-ment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d'Ivoire 49%Brigantine Services Ltd. Hong Kong 30%Congo Terminal SA Congo 15%Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20%Itapoa Terminais Portuarios S.A. Brazil 30%Kanoo Terminal Services Ltd. Saudi Arabia 50%Meridian Port Services Ltd Ghana 35%Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30%Qingdao Qianwan United Container Terminal Co., Ltd. China 10%Salalah Port Services Company SAOG Oman 30%South Asia Gateway Terminals Pvt Ltd Sri Lanka 33%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__28-1": {
"value": "Share of profit/loss in associated companies and joint ventures is recognised net of tax and adjusted for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such invest-ments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impair-ment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.Joint venturesCompany Country of incorporation Owned shareBlue Dragon Logistics Co., Ltd. China 50%Brasil Terminal Portuario S.A. Brazil 50%Cai Mep International Terminal Co. Ltd. Vietnam 49%Cote D'Ivoire Terminal SA C\u00f4te d'Ivoire 49%LCB Container Terminal 1 Ltd. Thailand 35%LCMT Company Ltd. Thailand 32%North Sea Terminal Bremerhaven GmbH and Co KG Germany 50%Qingdao New Qianwan Container Terminal Co. Ltd. China 19%Qingdao Qianwan Container Terminal Co. Ltd. China 20%Seayard SASU France 42%Shanghai East Container Terminal Co. Ltd. China 49%Smart International Logistics Company Ltd. China 49%South Florida Container Terminal LLC United States 49%Xiamen Songyu Container Terminal Co. Ltd. China 25%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__27-1": {
"value": "Share of profit/loss in associated companies and joint ventures is recognised net of tax and adjusted for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such invest-ments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impair-ment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__26-1": {
"value": "Share of profit/loss in associated companies and joint ventures is recognised net of tax and adjusted for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such invest-ments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impair-ment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__25-1": {
"value": "Share of profit/loss in associated companies and joint ventures is recognised net of tax and adjusted for the share of unrealised intra-group gains and losses. The item also comprises any impairment losses for such invest-ments and their reversal.Investments in associated companies and joint ventures are recognised as Maersk\u2019s share of the equity value in-clusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies and joint ventures and is therefore subject to an impair-ment test together with the investment. Impairment losses are reversed to the extent the original value is considered recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__43": {
"value": "Government grantsGovernment grants are recognised where there is reason-able assurance that the grant will be received and all con-ditions attached to it will be complied with by Maersk. Grants related to an expense is recognised in the in-come statement as a reduction of the related expense on a systematic basis over the periods in which the expense is incurred. Grants related to an asset is deducted from the cost of the asset, reducing the carrying amount and the depreciation recognised over its useful life. When a grant becomes receivable, it is recognised as income in the period where it becomes receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__42": {
"value": "Government grantsGovernment grants are recognised where there is reason-able assurance that the grant will be received and all con-ditions attached to it will be complied with by Maersk. Grants related to an expense is recognised in the in-come statement as a reduction of the related expense on a systematic basis over the periods in which the expense is incurred. Grants related to an asset is deducted from the cost of the asset, reducing the carrying amount and the depreciation recognised over its useful life. When a grant becomes receivable, it is recognised as income in the period where it becomes receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__35": {
"value": "Financial instruments including shares, bonds and sim-ilar securities, are recognised on the trading date at fair value, and subsequently measured at the quoted market price for listed securities and at estimated fair value for non-listed securities. Fair value adjustments from equity investments at fair value through other comprehensive income (FVOCI) remain in equity upon disposal. Dividends are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__37": {
"value": "Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in progress includes direct and indirect production costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__36": {
"value": "Inventories mainly consist of bunker, spare parts not qualifying for property, plant and equipment and other consumables. Inventories are measured at the lower of cost and net realisable value, primarily according to the FIFO method. The cost of finished goods and work in progress includes direct and indirect production costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__41": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allowance is measured by the simplified approach accord-ing to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__40": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allowance is measured by the simplified approach accord-ing to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.",
"dimensions": {
"concept": "APM:DisclosureOfLoansAndReceivables",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__39": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allowance is measured by the simplified approach accord-ing to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__38-1": {
"value": "Loans and receivables are initially recognised at fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For loans and other receivables, write-downs are made for expected losses based on specific individual or group assessments. For trade receivables, the loss allowance is measured by the simplified approach accord-ing to IFRS 9, applying a provision matrix to calculate the expected lifetime losses. The provision matrix includes an impairment for non-due receivables.Contract balances 2025 2024Trade receivables 5,088 5,497Contract asset 218 352Contract liability 552 748Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months. Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services. Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised. Impairment losses disclosed in note 4.4 financial instruments and risks relate to receivables arising from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__44-1": {
"value": "Note 1.4 Significant accounting estimates and judgements SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the consolidated financial state-ments requires Management to make estimates and judgements on an ongoing basis, and to form assump-tions that affect the reported amounts. Management forms its estimates and judgements based on historical experience, independent advice, external data points as well as on in-house specialists and other factors believed to be reasonable under the circumstances. In its assumption setting, Management deals with various aspects of uncertainty. One aspect of uncer-tainty is measurement uncertainty, where Management makes assumptions that derive the value of recognised assets and liabilities. These assumptions concern the timing and amount of future cash flows as well as the risks inherent in these. In certain areas, the outcome of business plans, including ongoing negotiations with external parties to execute those plans or the outcome of negotiations to settle claims that are raised against Maersk, is highly uncertain. Therefore, assumptions may change, or the outcome may differ in the coming years, which could require a material upward or downward adjustment to the carrying amounts of assets and liabilities. The areas and their related impact in which Maersk is particularly exposed to material uncertainty over the carrying amounts as at the end of 2025 are included in the individual notes as outlined below:Level of potential impact on the consolidated financial statements Low Medium HighNote Key accounting estimates and judgements Estimate / ImpactJudgementNote 2.2 EU Emissions Trading System (ETS) classification determination JudgementNote 3.2 Useful life and residual value estimates EstimateNote 3.4 Cash-generating unit determination JudgementNote 3.4 Impairment testing key assumptions EstimateNote 3.7 Provisions for legal disputes assumptions EstimateNote 5.1 Recognition and measurement of deferred tax assets and uncertain tax positions EstimateNote 5.5 Operations in countries with limited access to repatriating surplus cash assumptions Judgement Climate-related risks When preparing the consolidated financial statements, Management considered climate-related risks, including where these could potentially materially impact reported amounts and continuously monitors regulatory changes and developments. Management is of the opinion that cli-mate-related risks have not had a material impact on the Group\u2019s significant accounting estimates and judgements.The areas in which Maersk has assessed climate-related risks at the end of 2025 are included in the individual notes as follows: Note 2.2 Operating costsNote 3.2 Property, plant and equipmentNote 3.4 Impairment of assets Climate-related risks Maersk is subject to the new EU Emissions Trading System (ETS), a cap-and-trade system to reduce emissions via a carbon market. Implementation of EU ETS requires Maersk to purchase EU allowances (EUAs) representing the right to emit a specific amount of greenhouse gases (GHG). Maersk has purchased EUAs as spot, future or for- ward contracts. EUA futures and forwards satisfy the con-ditions for the \u2018own use\u2019 exemption and are off- balance sheet items. Refer to note 5.3 commitments for more information. EUA contracts are classified as other current assets upon delivery of certificates. They are measured at cost of settlement and are not subject to remeasurement until surrender. The cost includes all costs of purchase, costs of conversion and other directly attributable costs such as transaction costs. For more information on the EUAs recognised refer to note 3.6 loans receivable and other receivables. The accrual is recognised as fuel is burnt in Maersk\u2019s applicable shipping activities, measured at expected cost for the required EUAs, based on actual emissions and the price of the EUAs, which is calculated as a weighted average price of EUA spots, futures and forwards. The corresponding cost is presented as bunker cost.Useful lives are estimated annually based on experience. When an asset\u2019s useful life changes, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environmental requirements. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Generally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs. Climate-related risks Management has also considered the impact of de-carbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate- related legislation restricting the use of certain assets, new technology demanded by climate-related legisla-tion and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net-zero by 2040 target, including in the annual use-ful life review at the end of 2025 as disclosed on note 1.2 new financial reporting requirements.Significant accounting judgementsDetermination of cash-generating unitsManagement applies judgement in the determination of cash- generating units (CGU) that are expected to benefit from the business combination from which goodwill is allo-cated and in the selection of methodologies and assump-tions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated network. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including first-mile activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for impairment tests, except when the capacity is managed as a portfolio. Unallocated items consists of several individual busi-nesses, including Maersk Container Industry, which are each considered one cash-generating unit. The cash-generating units are unchanged compared to 2024.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the expected future cash flows and is sensitive to the termi-nal growth rate and the discount rate. In Terminals, the recoverable amount is measured at fair value less cost of disposal, reflecting a market participant\u2019s perspective. The valuations (level 3) are prepared by discounting expected net cash flows. Projected future cash flows are estimated based on financial budgets and business plans. These projections are subject to judgement and estimations and are based on experience and external sources, where available. Centralised processes and involvement of corporate functions ensures that indices and data sources are selected consistently while observing differences in risks and other circumstances. The terminal growth rate is determined based on the future expected economic growth rate. Replacement CAPEX during the terminal period is determined based on Management\u2019s plans and expectations for the future. In Terminals, cash flows are discounted until concession end. These projections incorporate anticipated concession extensions as well as costs and benefits associated with restructuring and improvements that a potential buyer would consider to maximise terminal value. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e., project and/or country-specific risk premiums to reflect local market conditions. Any uncer-tainties reflecting past performance and possible varia-tions in the amount or timing of the projected cash flows are reflected in the discount rates.Management\u2019s estimate of the provisions for legal disputes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached, and the outcomes are subject to considerable uncertainty.Deferred tax assetsJudgement has been applied with respect to Maersk\u2019s ability to utilise deferred tax assets. Management con-siders the likelihood of utilisation based on the latest business plans and the recent financial performances of the individual entities. Net deferred tax assets recog-nised in entities having recognised an accounting loss in either the current or preceding period amount to USD 134m (USD 181m). These assets mainly relate to unused tax losses or deductible temporary differences generated during the construction of terminals, where taxable prof-its have been generated either in the current period or are expected to be generated within the foreseeable future.Uncertain tax positionsMaersk is engaged in a number of disputes with tax authorities of varying scope. Appropriate provisions and recognition of uncertain tax positions have been made where the probability of the tax position being upheld in individual cases is considered less than 50%. Claims for which the probability of Maersk\u2019s tax position being upheld is assessed by Management to be at least 50%, are not provided for. Such risks are instead evaluated on a portfolio basis by geographical area and country risk. Provisions and uncertain tax liabilities are recognised when the aggregated probability of the tax position being upheld is considered less than 50%.Operations in countries with limited access to repatriating surplus cashMaersk operates worldwide and, in this respect, has operations in countries where the ability to repatriate surplus cash is complicated and time consuming. In these countries, Management makes judgements as to whether these cash positions can be recognised as cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__46-1": {
"value": "Note 2.1 Segment informationOcean Logistics Terminals Unallocated Elimina- Consoli- & Servicesitems tions dated total2025External revenue 32,975 15,761 3,960 1,292 - 53,988Inter-segment revenue 2,000 -658 1,379 248 -2,969 -Total revenue 34,975 15,103 5,339 1,540 -2,969 53,988Operating costs 28,684 13,430 3,513 1,872 -2,954 44,545Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 6,298 1,688 1,843 -285 -14 9,530Depreciation and amortisation 5,069 1,013 611 23 -5 6,711Share of profit/loss in joint ventures and associated companies 40 18 440 -1 6 503Profit before financial items (EBIT) 1,386 729 1,747 -309 -53 3,500Key metrics:Invested capital 32,621 11,796 9,325 67 -64 53,745CAPEX 3,632 506 573 94 -6 4,799Refer to the income statement for a reconciliation from EBIT to profit before tax. Invested capital is reconciled to the assets and liabilities as per the balance sheet as follows:Assets Liabilities Invested capital2025Segment invested capital 66,292 12,550 53,742 Unallocated items 1,816 1,749 Eliminations -1,627 -1,563Consolidated invested capital 66,481 12,736 53,745 Add back:Cash and bank balances 9,042 - Interest-bearing receivables (current and non-current) 11,431 - Securities, etc. 1,277 - Lease liabilities and borrowings (current and non-current) - 18,920 Other 121 - Consolidated balance sheet at 31 December 88,352 31,656 Ocean Logistics Terminals Unallocated Elimina- Consoli- & Servicesitems tions dated total2024External revenue 35,263 15,544 3,441 1,234 - 55,482Inter-segment revenue 2,125 -624 1,024 307 -2,832 -Total revenue 37,388 14,920 4,465 1,541 -2,832 55,482Operating costs 28,202 13,473 2,869 1,665 -2,834 43,375Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 9,186 1,447 1,601 -112 6 12,128Depreciation and amortisation 4,677 921 564 24 -8 6,178Share of profit/loss in joint ventures and associated companies 26 17 327 -1 - 369Profit before financial items (EBIT) 4,743 538 1,329 -124 13 6,499Key metrics:Invested capital 30,864 11,631 7,930 145 -6 50,564CAPEX 2,708 803 580 109 1 4,201Assets Liabilities Invested capital2024Segment invested capital 63,196 12,771 50,425Unallocated items 1,789 1,644 Eliminations -1,584 -1,578 Consolidated invested capital 63,401 12,837 50,564 Add back:Cash and bank balances 6,575 - Interest-bearing receivables (current and non-current) 16,029 - Securities, etc. 1,580 - Lease liabilities and borrowings (current and non-current) - 16,477 Fair value of derivatives - 435Other 112 1 Consolidated balance sheet at 31 December 87,697 29,750 The fair value of derivatives is related to the hedging of net interest-bearing debt, including interest rate and cross currency swaps. The segment disclosures provided above reflect the information which the Executive Board receives monthly in its capacity as \u2018chief operating decision maker\u2019 as defined in IFRS 8. The allocation of resources and the segment performance are evaluated based on revenue and profitability measured on earnings before interest and taxes (EBIT).A.P. Moller - Maersk (Maersk) has organised segments in \u2018Ocean\u2019, \u2018Logistics & Services\u2019 and \u2018Terminals\u2019. The Ocean segment with the activities of Maersk Liner Business includes Maersk Line, Alian\u00e7a, strategic transshipment hubs under the APM Terminals brand and Panama Canal Railway Company (PCRC). Inland activities related to Maersk Liner Business are included in the Logistics & Services segment. The Logistics & Services segment includes the activities from Managed by Maersk, Fulfilled by Maersk and Transported by Maersk. The Terminals segment includes gateway terminals, involving landside activities such as port activities where the customers are mainly the carriers.Ocean Global container shipping activities, including strategic transhipment hubs.Ocean activities Activities under Maersk Line and Alian\u00e7a with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost- per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation services, container services as well as container storage.Hub activitiesActivities under the APM Terminals brand-generating revenue by providing port services only in major trans shipment ports including Maasvlakte-II, Algeciras, Tangier, Tangier-Med II, Port Said, as well as joint ventures in Salalah and Tanjung Pelepas. The respective terminals are included under the Ocean segment, as the primary purpose of those ports is to provide transshipment services to Maersk\u2019s Ocean business, whereas third-party volumes sold in those locations are considered secondary. Activities under Panama Canal Railway Company (PCRC) facil-itate cargo movement between the Atlantic and Pacific Oceans, supporting the Ocean network.Maersk Energy MarketsSourcing marine fuels for Maersk\u2019s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.Logistics & Services Integrated transportation, fulfilment and management solutions, including landside and air transportation as well as warehousing and supply chain management offerings.Managed by MaerskIncludes Lead Logistics, Project Logistics, Cold Chain Logistics and Custom Services, enabling customers to control or out-source part or all of their supply chain.Fulfilled by MaerskActivities such as Warehousing (consol-idated, deconsolidation and fulfilment), Cold Storage, Ground Freight, Depot operations and e-commerce supporting integrated fulfilment solutions, to im-prove customer consolidation.Transported by MaerskIntegrated transportation solutions supported by Landside Transportation, Cargo Risk Management products, Air, Less than Container Load (LCL) and Full Container Load (FCL), to facilitate supply chain control across Maersk.Terminals Gateway terminal activities.Terminals activitiesActivities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described in the Ocean section.Terminal services involve activities related to all operations within port terminals including cargo or equipment handling such as berthing, transship-ment, loading and unloading, storage, depot management, utility provision and other services required by vessels.Unallocated items and inter-segment revenue Towage activitiesActivities under the Svitzer brand, a provider of offshore towage and marine services. The company was demerged in April 2024.Maersk Container IndustryManufacturer that produces reefer containers.Maersk\u2019s corporate functionsConsists of group-related costs in Maersk.Other businessesConsists of Maersk Growth, Maersk Training, certain warehouse properties and other maritime industry services.Revenue between segments is limited, except for the Terminals segment, where a large part of the services are delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment.External revenue Non-current assetsGeographical split 2025 2024 2025 2024Denmark 613 630 26,597 25,776Australia 898 1,019 112 91Brazil 1,522 1,684 480 315China and Hong Kong 2,574 2,745 603 1,466Costa Rica 429 398 720 761Egypt 423 291 788 642Germany 1,538 1,711 617 609India 1,297 1,316 617 605Mexico 1,357 1,541 670 608Morocco 418 350 1,786 1,616Netherlands 2,130 2,229 2,079 1,510Singapore 1,076 1,016 4,474 3,461Spain 1,391 1,514 959 1,016UK 1,881 2,208 347 336USA 11,767 12,173 7,056 6,371Other 24,674 24,657 4,539 3,491Total 53,988 55,482 52,444 48,674Geographical informationRevenue on shipping activities is based on the port of discharge for all vessels operated by the Group, including leased vessels on time charter agreements. Revenue for leasing out the vessels on time charter agreement, where the Group acts as a lessor, is based on the customer location. For non-current assets (e.g. terminals) comprising of intangible assets, property, plant and equipment and right-of-use assets, excluding financial non-current assets relating to continuing operations, which cannot be easily moved, geographical location is where the assets are located. For all other revenue and assets, geographical location is based on the legal ownership. These assets consist mainly of vessels and containers registered in China and Hong Kong, Denmark, Singapore and the USA. ACCOUNTING POLICIES Segment informationThe allocation of business activities into segments reflects Maersk\u2019s character as an integrated container logistics business and is in line with the internal management reporting. Certain accounting policies may differ from those in the consolidated financial statements. This includes internal lease arrangements between segments and impairment of investments in affiliates with all intra-group effects eliminated on consolidation.The reportable segments are as per the right:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__49": {
"value": "Contract balances 2025 2024Trade receivables 5,088 5,497Contract asset 218 352Contract liability 552 748Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months. Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services. Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised. Impairment losses disclosed in note 4.4 financial instruments and risks relate to receivables arising from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__51-1": {
"value": "SBM-1 \u00a740b,c,\u00a741Types of revenue 2025 2024Ocean Freight revenue 29,634 32,6841Other revenue, including hubs5,341 4,704Logistics & Services Managed by Maersk 2,201 2,167Fulfilled by Maersk 5,674 5,735Transported by Maersk 7,228 7,018Terminals Terminal services 5,339 4,465Unallocated activities and eliminations Towage services - 304Sale of containers and spare parts 742 490Other shipping activities 85 113Other services 713 634Eliminations -2,969 -2,832Total revenue 53,988 55,482Timing of revenue recognitionRecognised over time 50,078 52,308Recognised at a point in time 6,879 6,006Eliminations -2,969 -2,832Total revenue 53,988 55,4821 Of which USD 1.7bn (USD 1.5bn) relates to Maersk Energy Markets revenue from third-party customers. SBM-1 \u00a740d-i2025 2024Revenue from contracts with customers 53,037 54,562 Revenue from other sources Vessel-sharing and slot charter income 795 797 Lease income 33 16Others 123 107Total revenue 53,988 55,482Contract balances 2025 2024Trade receivables 5,088 5,497Contract asset 218 352Contract liability 552 748Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months. Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services. Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised. Impairment losses disclosed in note 4.4 financial instruments and risks relate to receivables arising from contracts with customers.Revenue recognitionRevenue for all businesses is recognised when the performance obligation has been satisfied, which happens upon transfer of control to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for the goods and services. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is rec-ognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.Revenue from Ocean freight activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a percentage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers.Revenue from Logistics & Services including integrated transportation, lead logistics, project logistics, ware-housing, ground freight and depot services is mainly recognised over time over the completion of the service.Revenue from terminal operations is recognised upon completion of the service. In container terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recognised as revenue during the construction.Revenue from other business activities is recognised upon full completion of the related service.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__50-1": {
"value": "SBM-1 \u00a740b,c,\u00a741Types of revenue 2025 2024Ocean Freight revenue 29,634 32,6841Other revenue, including hubs5,341 4,704Logistics & Services Managed by Maersk 2,201 2,167Fulfilled by Maersk 5,674 5,735Transported by Maersk 7,228 7,018Terminals Terminal services 5,339 4,465Unallocated activities and eliminations Towage services - 304Sale of containers and spare parts 742 490Other shipping activities 85 113Other services 713 634Eliminations -2,969 -2,832Total revenue 53,988 55,482Timing of revenue recognitionRecognised over time 50,078 52,308Recognised at a point in time 6,879 6,006Eliminations -2,969 -2,832Total revenue 53,988 55,4821 Of which USD 1.7bn (USD 1.5bn) relates to Maersk Energy Markets revenue from third-party customers. SBM-1 \u00a740d-i2025 2024Revenue from contracts with customers 53,037 54,562 Revenue from other sources Vessel-sharing and slot charter income 795 797 Lease income 33 16Others 123 107Total revenue 53,988 55,482Contract balances 2025 2024Trade receivables 5,088 5,497Contract asset 218 352Contract liability 552 748Trade receivables in the balance sheet include accrued income and contract assets comprising unbilled amounts to customers representing the Group\u2019s right to consideration for services transferred to date. All deferred income is recognised in the income statement within 12 months. Under the payment terms generally applicable to the Group\u2019s revenue-generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after completion of the services. Part of the deferred income presented in the balance sheet constitutes contract liabilities which represent advance payments and billings in excess of revenue recognised. Impairment losses disclosed in note 4.4 financial instruments and risks relate to receivables arising from contracts with customers.Revenue recognitionRevenue for all businesses is recognised when the performance obligation has been satisfied, which happens upon transfer of control to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for the goods and services. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is rec-ognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.Revenue from Ocean freight activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a percentage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers.Revenue from Logistics & Services including integrated transportation, lead logistics, project logistics, ware-housing, ground freight and depot services is mainly recognised over time over the completion of the service.Revenue from terminal operations is recognised upon completion of the service. In container terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recognised as revenue during the construction.Revenue from other business activities is recognised upon full completion of the related service.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__47": {
"value": "Segment informationThe allocation of business activities into segments reflects Maersk\u2019s character as an integrated container logistics business and is in line with the internal management reporting. Certain accounting policies may differ from those in the consolidated financial statements. This includes internal lease arrangements between segments and impairment of investments in affiliates with all intra-group effects eliminated on consolidation.The reportable segments are as per the right:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__52-1": {
"value": "Revenue recognitionRevenue for all businesses is recognised when the performance obligation has been satisfied, which happens upon transfer of control to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for the goods and services. No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is rec-ognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.Revenue from Ocean freight activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a percentage of the total number of days a voyage is estimated to last. Detention and demurrage fees are recognised over time up until the time of the customer\u2019s late return or pick-up of containers.Revenue from Logistics & Services including integrated transportation, lead logistics, project logistics, ware-housing, ground freight and depot services is mainly recognised over time over the completion of the service.Revenue from terminal operations is recognised upon completion of the service. In container terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recognised as revenue during the construction.Revenue from other business activities is recognised upon full completion of the related service.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__79-1": {
"value": "Fees and remuneration to the Executive Board 2025 2024Fixed pay 3 3Short-term cash incentives 3 4Long-term share-based incentives 6 3Remuneration in connection with redundancy, resignation and release from duty to work 3 -Total remuneration to the Executive Board 15 10The contract of employment for the Executive Board contains terms customary in Danish listed companies, including termination notice and non-competition clauses. In connection with a possible takeover offer, neither the Executive Board nor the Board of Directors will receive special remuneration. Fees and remuneration do not include pension. Key management comprises the Executive Board and the Board of Directors. The Board of Directors has received fees of USD 2m (USD 2m).Note 5.2 Share-based paymentsMembers of Employees Total Total fair the Executive value at BoardgrantOutstanding performance shares No. No. No. USD million1 January 2025 5,048 9,405 14,453Granted 2,516 21,111 23,627 40Forfeited - 712 712Outstanding 31 December 2025 7,564 29,804 37,3681 January 2024 2,028 4,040 6,068Granted 2,799 4,951 7,750 10Granted in connection with the Svitzer demerger 221 414 635 1Outstanding 31 December 2024 5,048 9,405 14,453Performance share planPerformance shares are granted to members of the Executive Board and certain key employees. Each performance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, ESG elements and total shareholder return. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of grant. Employees are entitled to dividend equivalents during the vesting period in the form of additional performance shares. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan. The fair value per performance share is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per performance share is DKK 12,073 (DKK 9,045) for members of the Executive Board and employees. The recognised remuneration expense related to the performance share plan is USD 17m (USD 6m). The average remaining contractual life of the performance shares as of 31 December 2025 is 1.7 years (1.8 years).Members of Employees Total Total fair the Executive value at BoardgrantOutstanding restricted share units No. No. No. USD million1 January 2025 4,898 33,024 37,922Granted - 1,116 1,116 2Exercised and vested 1,698 5,783 7,481Forfeited - 1,902 1,902Outstanding 31 December 2025 3,200 26,455 29,6551 January 2024 5,616 24,512 30,128Granted - 14,468 14,468 17Granted in connection with the Svitzer demerger 208 926 1,134 2Exercised and vested 926 5,437 6,363Forfeited - 1,410 1,410Cancelled - 35 35Outstanding 31 December 2024 4,898 33,024 37,922Restricted share units planRestricted share units are granted to members of the Executive Board and certain key employees. Each restricted share unit granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of grant. For members of the Executive Board, the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted share units plan. The fair value per restricted share unit is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per restricted share unit is DKK 10,681 (DKK 8,255) for employees. No restricted share units were granted to members of the Executive Board in 2025 or 2024. The weighted average share price at the settlement date was DKK 12,073 (DKK 9,045). The recognised remuneration expense related to the restricted shares plan is USD 12m (USD 18m). The average remaining contractual life of the restricted shares as of 31 December 2025 is 0.8 years (1.5 years).Members of Employees Total Average Total fair the Executive exercise value at 1Boardprice grantOutstanding share options No. No. No. DKK USD million1 January 2025 14,072 96,121 110,193 13,1482Granted- -10 -10 9,493 -Exercised 5,284 16,488 21,772 10,6093Forfeited- -93 -93 26,777Outstanding 31 December 2025 8,788 79,716 88,504 13,788Exercisable 31 December 2025 8,788 35,596 44,384 16,5371 January 2024 15,161 78,626 93,787 14,318Granted - 22,630 22,630 9,566 8Granted in connection with the Svitzer demerger 650 4,422 5,072 13,003 21Exercised1,739 5,216 6,955 8,380Forfeited - 3,686 3,686 14,150Lapsed - 655 655 11,292Outstanding 31 December 2024 14,072 96,121 110,193 13,148Exercisable 31 December 2024 10,374 37,486 47,860 10,9891 The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after the 2024 Svitzer modification. The opening balance for the 1 January 2024 disclosure has not been restated and is based on exercise prices before the 2024 Svitzer modification.2 The share options granted in 2025 relate to the correction of share options erroneously recorded as granted in 2024.3 The share options forfeited in 2025 relate to the correction of share options erroneously recorded as forfeited in 2024, partly offset by 2025 forfeitures. Share options planUntil 2024, share options were granted to members of the Executive Board and certain key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The share options were granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report, or the first five trading days following the Annual General Meeting for the 2024 and 2023 grants. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc. The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan. The weighted average share price at the dates of exercise was DKK 13,771 (DKK 12,606). The recognised remuneration expense related to the share option plan is USD 7m (USD 12m). The average remaining contractual life of the outstanding share options as of 31 December 2025 is 3.5 years (4.1 years), and the range of exercise prices for the outstanding share options as of 31 December 2025 is DKK 7,271 to DKK 23,994 (DKK 7,271 to DKK 23,994).The following principal assumptions are used in the 2025 granted share options valuation:Share options granted to employees2025 2024Share price, volume-weighted average at the date of grant, 1 April, DKK 9,022Share price, five days volume-weighted average after the Annual General Meeting, DKK 9,026Exercise price, DKK 9,929Expected volatility (based on historic volatility) 37%Expected term (years) 5.75Expected dividend per share, DKK 2.6%Risk-free interest rate 2.41%Fair value per option at grant date, DKK N/A 2,540 The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above. No share options were granted to members of the Executive Board in 2025 and 2024 or to employees in 2025.Modification in 2024In May 2024, as a result of the Svitzer demerger in April 2024, Maersk modified the outstanding performance shares, restricted share units and share options. Refer to note 5.2 share-based payments in the 2024 Annual Report for more details. MATERIAL ACCOUNTING POLICIES Equity-settled performance shares, restricted shares At the end of each reporting period, Maersk revises its and share options granted to members of the Executive estimated number of awards that are expected to vest Board and to employees of Maersk as part of Maersk\u2019s based on the non-market vesting conditions and service long-term incentive programme are recognised as conditions. Any impact of the revision is recognised in remuneration expenses over the vesting period as per the income statement with a corresponding adjustment the estimated fair value at the grant date and result in to equity.a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__80-1": {
"value": "Fees and remuneration to the Executive Board 2025 2024Fixed pay 3 3Short-term cash incentives 3 4Long-term share-based incentives 6 3Remuneration in connection with redundancy, resignation and release from duty to work 3 -Total remuneration to the Executive Board 15 10The contract of employment for the Executive Board contains terms customary in Danish listed companies, including termination notice and non-competition clauses. In connection with a possible takeover offer, neither the Executive Board nor the Board of Directors will receive special remuneration. Fees and remuneration do not include pension. Key management comprises the Executive Board and the Board of Directors. The Board of Directors has received fees of USD 2m (USD 2m).Note 5.2 Share-based paymentsMembers of Employees Total Total fair the Executive value at BoardgrantOutstanding performance shares No. No. No. USD million1 January 2025 5,048 9,405 14,453Granted 2,516 21,111 23,627 40Forfeited - 712 712Outstanding 31 December 2025 7,564 29,804 37,3681 January 2024 2,028 4,040 6,068Granted 2,799 4,951 7,750 10Granted in connection with the Svitzer demerger 221 414 635 1Outstanding 31 December 2024 5,048 9,405 14,453Performance share planPerformance shares are granted to members of the Executive Board and certain key employees. Each performance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, ESG elements and total shareholder return. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of grant. Employees are entitled to dividend equivalents during the vesting period in the form of additional performance shares. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan. The fair value per performance share is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per performance share is DKK 12,073 (DKK 9,045) for members of the Executive Board and employees. The recognised remuneration expense related to the performance share plan is USD 17m (USD 6m). The average remaining contractual life of the performance shares as of 31 December 2025 is 1.7 years (1.8 years).Members of Employees Total Total fair the Executive value at BoardgrantOutstanding restricted share units No. No. No. USD million1 January 2025 4,898 33,024 37,922Granted - 1,116 1,116 2Exercised and vested 1,698 5,783 7,481Forfeited - 1,902 1,902Outstanding 31 December 2025 3,200 26,455 29,6551 January 2024 5,616 24,512 30,128Granted - 14,468 14,468 17Granted in connection with the Svitzer demerger 208 926 1,134 2Exercised and vested 926 5,437 6,363Forfeited - 1,410 1,410Cancelled - 35 35Outstanding 31 December 2024 4,898 33,024 37,922Restricted share units planRestricted share units are granted to members of the Executive Board and certain key employees. Each restricted share unit granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of grant. For members of the Executive Board, the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted share units plan. The fair value per restricted share unit is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per restricted share unit is DKK 10,681 (DKK 8,255) for employees. No restricted share units were granted to members of the Executive Board in 2025 or 2024. The weighted average share price at the settlement date was DKK 12,073 (DKK 9,045). The recognised remuneration expense related to the restricted shares plan is USD 12m (USD 18m). The average remaining contractual life of the restricted shares as of 31 December 2025 is 0.8 years (1.5 years).Members of Employees Total Average Total fair the Executive exercise value at 1Boardprice grantOutstanding share options No. No. No. DKK USD million1 January 2025 14,072 96,121 110,193 13,1482Granted- -10 -10 9,493 -Exercised 5,284 16,488 21,772 10,6093Forfeited- -93 -93 26,777Outstanding 31 December 2025 8,788 79,716 88,504 13,788Exercisable 31 December 2025 8,788 35,596 44,384 16,5371 January 2024 15,161 78,626 93,787 14,318Granted - 22,630 22,630 9,566 8Granted in connection with the Svitzer demerger 650 4,422 5,072 13,003 21Exercised1,739 5,216 6,955 8,380Forfeited - 3,686 3,686 14,150Lapsed - 655 655 11,292Outstanding 31 December 2024 14,072 96,121 110,193 13,148Exercisable 31 December 2024 10,374 37,486 47,860 10,9891 The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after the 2024 Svitzer modification. The opening balance for the 1 January 2024 disclosure has not been restated and is based on exercise prices before the 2024 Svitzer modification.2 The share options granted in 2025 relate to the correction of share options erroneously recorded as granted in 2024.3 The share options forfeited in 2025 relate to the correction of share options erroneously recorded as forfeited in 2024, partly offset by 2025 forfeitures. Share options planUntil 2024, share options were granted to members of the Executive Board and certain key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The share options were granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report, or the first five trading days following the Annual General Meeting for the 2024 and 2023 grants. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc. The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan. The weighted average share price at the dates of exercise was DKK 13,771 (DKK 12,606). The recognised remuneration expense related to the share option plan is USD 7m (USD 12m). The average remaining contractual life of the outstanding share options as of 31 December 2025 is 3.5 years (4.1 years), and the range of exercise prices for the outstanding share options as of 31 December 2025 is DKK 7,271 to DKK 23,994 (DKK 7,271 to DKK 23,994).The following principal assumptions are used in the 2025 granted share options valuation:Share options granted to employees2025 2024Share price, volume-weighted average at the date of grant, 1 April, DKK 9,022Share price, five days volume-weighted average after the Annual General Meeting, DKK 9,026Exercise price, DKK 9,929Expected volatility (based on historic volatility) 37%Expected term (years) 5.75Expected dividend per share, DKK 2.6%Risk-free interest rate 2.41%Fair value per option at grant date, DKK N/A 2,540 The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above. No share options were granted to members of the Executive Board in 2025 and 2024 or to employees in 2025.Modification in 2024In May 2024, as a result of the Svitzer demerger in April 2024, Maersk modified the outstanding performance shares, restricted share units and share options. Refer to note 5.2 share-based payments in the 2024 Annual Report for more details. MATERIAL ACCOUNTING POLICIES Equity-settled performance shares, restricted shares At the end of each reporting period, Maersk revises its and share options granted to members of the Executive estimated number of awards that are expected to vest Board and to employees of Maersk as part of Maersk\u2019s based on the non-market vesting conditions and service long-term incentive programme are recognised as conditions. Any impact of the revision is recognised in remuneration expenses over the vesting period as per the income statement with a corresponding adjustment the estimated fair value at the grant date and result in to equity.a corresponding adjustment to equity.Note 5.6 Related partiesControlling/other Associated Joint ventures Managementrelated partiescompanies2025 2024 2025 2024 2025 2024 2025 2024Income statementRevenue 6 16 25 8 112 122 - -Operating costs 123 103 855 697 652 615 - - Remuneration to Management - - - - - - 17 12Financial income 59 7 - - - - - - Other - - - - - - - - AssetsOther receivables, non-current - - - - 36 37 - - Trade receivables 6 3 10 12 12 10 - - Other receivables, current 388 627 20 9 2 7 - - Cash and bank balances 270 271 - - - - - - LiabilitiesBank and other credit institutions, etc., current - - - - 35 27 - - Trade payables 21 19 119 102 79 76 - - Other 3 4 2 - - 7 - - Shares bought back 196 213 - - - - - - Capital increase - - 25 20 - 1 - - Dividends earned - - 264 199 149 151 - - Dividends distributed 1,373 655 - - - - - - Other related parties are entities that are under the common control or significant influence of the Group\u2019s ultimate parent company. Management consists of the Board of Directors and the Executive Board of A.P. M\u00f8ller - M\u00e6rsk A/S, A.P. M\u00f8ller Holding A/S, A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal and their close relatives (including undertakings under their control). Trade receivables and payables include customary business-related accounts regarding shipping activities. Shares bought back include those from A.P. M\u00f8ller Holding A/S in 2024 and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond (the Foundation) in 2025 and 2024. Dividends distributed includes dividends paid to A.P. M\u00f8ller Holding A/S, A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond and Den A.P. M\u00f8llerske St\u00f8ttefond.Joint usage agreement with A.P. M\u00f8ller Holding A/SWith the objective of further strengthening the value of the brands, A.P. M\u00f8ller - M\u00e6rsk A/S in 2018 entered into a joint usage agreement with A.P. M\u00f8ller Holding A/S regarding the use of commonly used trademarks which historically have benefited both A.P. M\u00f8ller - M\u00e6rsk A/S and A.P. M\u00f8ller Holding A/S. A.P. M\u00f8ller Holding A/S is the controlling shareholder of A.P. M\u00f8ller - M\u00e6rsk A/S and is wholly owned by A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal. The joint usage agreement establishes a framework and a branding strategy for the commonly used trade-marks and a joint brand board, where the parties can cooperate regarding the use of these trademarks. A.P. M\u00f8ller Holding A/S, Copenhagen, Denmark has control over the company and prepares consolidated financial statements. A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal is the ultimate owner.Share buy-back programmeAccording to a separate agreement, A.P. M\u00f8ller Holding A/S and A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familie fond (the Foundation) participated on a pro rata basis to the shares purchased in the company\u2019s share buy-back programme. A.P. M\u00f8ller Holding A/S participated in selling A and B shares in 2024, and the Foundation participated in selling B shares in 2025 and 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__77": {
"value": "Remuneration of employeesWages and salaries 6,385 6,513Severance payments 148 128Pension costs, defined benefit plans 36 32Pension costs, defined contribution plans 313 315Other social security costs 634 630Total remuneration 7,516 7,618Of which:Recognised in the cost of assets 7 10Included in restructuring costs 94 73Expensed as staff costs 7,415 7,535Average number of employees 105,030 104,890Customary agreements have been entered into with employees regarding compensation in connection with resignation with consideration for local legislation and collective agreements. The remuneration expense for share-based payments is included in wages and salaries above. For more information, refer to note 5.2 share-based payments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__76-1": {
"value": "Remuneration of employeesWages and salaries 6,385 6,513Severance payments 148 128Pension costs, defined benefit plans 36 32Pension costs, defined contribution plans 313 315Other social security costs 634 630Total remuneration 7,516 7,618Of which:Recognised in the cost of assets 7 10Included in restructuring costs 94 73Expensed as staff costs 7,415 7,535Average number of employees 105,030 104,890Customary agreements have been entered into with employees regarding compensation in connection with resignation with consideration for local legislation and collective agreements. The remuneration expense for share-based payments is included in wages and salaries above. For more information, refer to note 5.2 share-based payments.Fees and remuneration to the Executive Board 2025 2024Fixed pay 3 3Short-term cash incentives 3 4Long-term share-based incentives 6 3Remuneration in connection with redundancy, resignation and release from duty to work 3 -Total remuneration to the Executive Board 15 10The contract of employment for the Executive Board contains terms customary in Danish listed companies, including termination notice and non-competition clauses. In connection with a possible takeover offer, neither the Executive Board nor the Board of Directors will receive special remuneration. Fees and remuneration do not include pension. Key management comprises the Executive Board and the Board of Directors. The Board of Directors has received fees of USD 2m (USD 2m).Note 4.3 Pensions and similar obligationsUKOtherTotalUKOtherTotal202520252025202420242024Specification of net liabilityPresent value of funded plans 1,192 175 1,367 1,151 155 1,306Fair value of plan assets -1,301 -95 -1,396 -1,269 -88 -1,357Net liability of funded plans -109 80 -29 -118 67 -51Present value of unfunded plans - 108 108 - 98 98Impact of minimum funding requirement/asset ceiling 111 - 111 7 - 7Net liability 31 December 2 188 190 -111 165 54Of which:Pensions, net assets 19 125Pensions and similar obligations 209 179UKTotalUKTotalSignificant financial assumptions2025202520242024Discount rate 5.5% 5.3% 5.5% 5.3%Inflation rate 3.0% 3.0% 3.3% 3.2%As employer, the Group participates in pension plans according to normal practice in the countries in which the Group operates. Generally, the pension plans within the Group are defined contribution plans, where contributions are recognised in the income statement on an accrual basis. A number of entities have defined benefit plans, in which retirement benefits are based on length of service and salary level. To a limited extent, these defined benefit plans also include payment of medical expenses, etc. In 2026, the Group expects to pay contributions totalling USD 11m (USD 7m) to funded defined benefit plans. 81% of the Group\u2019s defined benefit liabilities are in the UK. All of the plans in the UK are funded. Although all of the UK plans are now closed to new entrants, active members in the two largest plans continue to accrue new benefits. The smaller UK plans are all closed to new accruals, although a salary link remains in some of the plans. Overall, the plans have an average duration of 10 years, and approximately 60% of the obligation is in respect of pensioner members. As well as being subject to the risks of falling interest rates, which would increase the obligation, poor asset returns and pensioners living longer than anticipated, the Group is also subject to the risk of higher-than-expected inflation. This is because many pension benefits, particularly in the UK plans, increase in line with inflation although some minimum and maximum limits apply.31 DecemberLife expectancy rate 2025 2045 2024 204465-year-old male in the UK 22.0 23.8 21.8 23.565-year-old female in the UK 24.4 26.2 24.2 25.9The sensitivity of the liabilities and pension costs to the key assumptions are as follows:Sensitivities for key assumptions in the UKChange IncreaseDecreaseIncrease Decrease Factorsin liability2025202520242024Discount rate Increase/(decrease) by 25 basis points -29 30 -31 32Inflation rate Increase/(decrease) by 25 basis points 17 -17 15 -17Life expectancy Increase/(decrease) by one year 41 -40 44 -43UKOtherTotalUKOtherTotalSpecification of plan assets202520252025202420242024Insurance contracts 983 53 1,036 935 56 991Shares 37 7 44 35 7 42Government bonds 186 5 191 201 4 205Corporate bonds 68 4 72 60 4 64Real estate 6 2 8 6 2 8Other assets 21 24 45 32 15 47Fair value 31 December 1,301 95 1,396 1,269 88 1,357Rates of life expectancy reflect the most recent mortality investigations, and in line with market practice an allowance is made for future improvements in life expectancy. The Group assumes that future improvements will be in line with the latest projections of 1.25% for all UK plans. The liabilities are calculated using assumptions that are the Group\u2019s best estimate of future experience bearing in mind the requirements of IAS 19. The Group\u2019s plans are funded in accordance with applicable local legislation. In the UK, each plan has a Trustee Board that is required to act in the best interests of plan members. Every three years, a formal valuation of the plan\u2019s liabilities is carried out using a prudent basis, and if the plan is in deficit, the Trustees agree with the Group or the sponsoring employer on a plan for recovering that deficit. Around 80% of the UK liabilities are now covered by insurance policies. Therefore, movement in the liabilities due to change in assumptions would equally impact the assets value related to the buy-in policies, resulting in a reduced move-ment in the overall balance sheet position.No contributions to the UK plans are expected or paid for 2025, and no contribution are expected for 2026. In most of the UK plans, any surplus remaining after the last member dies may be returned to the Group. However, the Merchant Navy Ratings Pension Fund (MNRPF), and the Merchant Navy Officers Pension Fund (MNOPF) contributions paid by the Group are not refundable in any circumstance, and the balance sheet liability reflects an adjustment for any agreed deficit recovery contributions in excess of deficit determined using the Group\u2019s assumptions. In 2025, an adjustment of USD 3m (USD 3m) was applied in this respect. Other than the insurance contracts and a small proportion of other holdings, the plan assets held by the Group are quoted investments. Present Fair value Adjust-Net Of which:value of of plan mentsliabilityUKChange in net liabilityobligationsassets1 January 2025 1,404 1,357 7 54 -111Current service costs, administration costs, etc. 28 -9 - 37 2Calculated interest expense/income 73 74 - -1 -Recognised in the income statement in 2025 101 65 - 36 2 Return on plan assets, excluding amounts included in interest - -36 - 36 -Actuarial gains/losses from changes in financial assumptions -34 - - -34 -Experience adjustments 12 - - 12 -Adjustments for unrecognised assets due to asset ceiling - - 101 101 116Recognised in other comprehensive income in 2025 -22 -36 101 115 116Contributions from the Group and employees 1 17 - -16 -Benefit payments -105 -105 - - -Exchange rate adjustments 96 98 3 1 -531 December 2025 1,475 1,396 111 190 2Present Fair value Adjust-Net Of which:value of of plan mentsliabilityUKChange in net liabilityobligationsassets1 January 2024 1,564 1,512 19 71 -94Current service costs, administration costs, etc. 25 -6 - 31 14Calculated interest expense/income 68 67 - 1 -4Recognised in the income statement in 2024 93 61 - 32 10Return on plan assets, excluding amounts included in interest - -118 - 118 124Actuarial gains/losses from changes in demographic assumptions -4 - - -4 -5Actuarial gains/losses from changes in financial assumptions -129 - - -129 -135Experience adjustments 10 - - 10 4Adjustments for unrecognised assets due to asset ceiling - - -14 -14 -13Recognised in other comprehensive income in 2024 -123 -118 -14 -19 -25Contributions from the Group and employees - 23 - -23 -5Benefit payments -103 -100 - -3 - Settlements -2 -2 - - - Exchange rate adjustments -25 -19 2 -4 331 December 2024 1,404 1,357 7 54 -111Multi-employer plansUnder collective agreements, certain entities in the Group participate together with other employers in defined benefit pension plans as well as welfare/medical plans (multi-employer plans). In general, the contributions to the schemes are based on man hours worked or cargo tonnage handled, or a combination of these. For the defined benefit pension plans, the Group has joint and several liabilities to fund total obligations. While the welfare/medical plans are by nature contribution plans funded on a pay-as-you-go basis. The Group\u2019s contributions to the pension and welfare/medical plans in 2025 are estimated at USD 66m (USD 66m) and USD 279m (USD 259m), respectively. The contributions to be paid in 2026 are estimated at USD 69m (USD 72m) for the pension plans and USD 297m (USD 284m) for the welfare/medical plans. No reliable basis exists for allocation of the schemes\u2019 obligations and plan assets to individual employer participants. For the pension plans where the Group has an interest and there is a deficit, the net obligations for all employers amount to USD 238m (USD 182m). This net obligation is based on the most recent available financial data from the plan\u2019s trustees, calculated in accordance with the rules for such actuarial calculation in US GAAP. The deficit in some of the schemes may necessitate increased contributions in the future. Welfare/medical plans are pay-as-you-go and form a part of the Group\u2019s US collective bargaining agreements. They cover a limited part of employees\u2019 medical costs as occurred. MATERIAL ACCOUNTING POLICIES Pension obligations are the net liabilities of defined benefit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling re-quirements. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obligations are measured at the present value of ex-pected future payments to be made in respect of services provided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obligations. Actuarial gains/losses are recognised in other comprehensive income. Pension plans where A.P. Moller - Maersk, as part of col-lective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.Note 5.2 Share-based paymentsMembers of Employees Total Total fair the Executive value at BoardgrantOutstanding performance shares No. No. No. USD million1 January 2025 5,048 9,405 14,453Granted 2,516 21,111 23,627 40Forfeited - 712 712Outstanding 31 December 2025 7,564 29,804 37,3681 January 2024 2,028 4,040 6,068Granted 2,799 4,951 7,750 10Granted in connection with the Svitzer demerger 221 414 635 1Outstanding 31 December 2024 5,048 9,405 14,453Performance share planPerformance shares are granted to members of the Executive Board and certain key employees. Each performance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, ESG elements and total shareholder return. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of grant. Employees are entitled to dividend equivalents during the vesting period in the form of additional performance shares. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan. The fair value per performance share is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per performance share is DKK 12,073 (DKK 9,045) for members of the Executive Board and employees. The recognised remuneration expense related to the performance share plan is USD 17m (USD 6m). The average remaining contractual life of the performance shares as of 31 December 2025 is 1.7 years (1.8 years).Members of Employees Total Total fair the Executive value at BoardgrantOutstanding restricted share units No. No. No. USD million1 January 2025 4,898 33,024 37,922Granted - 1,116 1,116 2Exercised and vested 1,698 5,783 7,481Forfeited - 1,902 1,902Outstanding 31 December 2025 3,200 26,455 29,6551 January 2024 5,616 24,512 30,128Granted - 14,468 14,468 17Granted in connection with the Svitzer demerger 208 926 1,134 2Exercised and vested 926 5,437 6,363Forfeited - 1,410 1,410Cancelled - 35 35Outstanding 31 December 2024 4,898 33,024 37,922Restricted share units planRestricted share units are granted to members of the Executive Board and certain key employees. Each restricted share unit granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of grant. For members of the Executive Board, the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted share units plan. The fair value per restricted share unit is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per restricted share unit is DKK 10,681 (DKK 8,255) for employees. No restricted share units were granted to members of the Executive Board in 2025 or 2024. The weighted average share price at the settlement date was DKK 12,073 (DKK 9,045). The recognised remuneration expense related to the restricted shares plan is USD 12m (USD 18m). The average remaining contractual life of the restricted shares as of 31 December 2025 is 0.8 years (1.5 years).Members of Employees Total Average Total fair the Executive exercise value at 1Boardprice grantOutstanding share options No. No. No. DKK USD million1 January 2025 14,072 96,121 110,193 13,1482Granted- -10 -10 9,493 -Exercised 5,284 16,488 21,772 10,6093Forfeited- -93 -93 26,777Outstanding 31 December 2025 8,788 79,716 88,504 13,788Exercisable 31 December 2025 8,788 35,596 44,384 16,5371 January 2024 15,161 78,626 93,787 14,318Granted - 22,630 22,630 9,566 8Granted in connection with the Svitzer demerger 650 4,422 5,072 13,003 21Exercised1,739 5,216 6,955 8,380Forfeited - 3,686 3,686 14,150Lapsed - 655 655 11,292Outstanding 31 December 2024 14,072 96,121 110,193 13,148Exercisable 31 December 2024 10,374 37,486 47,860 10,9891 The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after the 2024 Svitzer modification. The opening balance for the 1 January 2024 disclosure has not been restated and is based on exercise prices before the 2024 Svitzer modification.2 The share options granted in 2025 relate to the correction of share options erroneously recorded as granted in 2024.3 The share options forfeited in 2025 relate to the correction of share options erroneously recorded as forfeited in 2024, partly offset by 2025 forfeitures. Share options planUntil 2024, share options were granted to members of the Executive Board and certain key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The share options were granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report, or the first five trading days following the Annual General Meeting for the 2024 and 2023 grants. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc. The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan. The weighted average share price at the dates of exercise was DKK 13,771 (DKK 12,606). The recognised remuneration expense related to the share option plan is USD 7m (USD 12m). The average remaining contractual life of the outstanding share options as of 31 December 2025 is 3.5 years (4.1 years), and the range of exercise prices for the outstanding share options as of 31 December 2025 is DKK 7,271 to DKK 23,994 (DKK 7,271 to DKK 23,994).The following principal assumptions are used in the 2025 granted share options valuation:Share options granted to employees2025 2024Share price, volume-weighted average at the date of grant, 1 April, DKK 9,022Share price, five days volume-weighted average after the Annual General Meeting, DKK 9,026Exercise price, DKK 9,929Expected volatility (based on historic volatility) 37%Expected term (years) 5.75Expected dividend per share, DKK 2.6%Risk-free interest rate 2.41%Fair value per option at grant date, DKK N/A 2,540 The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above. No share options were granted to members of the Executive Board in 2025 and 2024 or to employees in 2025.Modification in 2024In May 2024, as a result of the Svitzer demerger in April 2024, Maersk modified the outstanding performance shares, restricted share units and share options. Refer to note 5.2 share-based payments in the 2024 Annual Report for more details. MATERIAL ACCOUNTING POLICIES Equity-settled performance shares, restricted shares At the end of each reporting period, Maersk revises its and share options granted to members of the Executive estimated number of awards that are expected to vest Board and to employees of Maersk as part of Maersk\u2019s based on the non-market vesting conditions and service long-term incentive programme are recognised as conditions. Any impact of the revision is recognised in remuneration expenses over the vesting period as per the income statement with a corresponding adjustment the estimated fair value at the grant date and result in to equity.a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__81": {
"value": "Fees to the statutory auditors 2025 2024Statutory audit 17 16Other assurance services 1 2Tax, VAT and advisory services 1 1Other services 1 1Total fees 20 20Fees for other services other than statutory audit of the financial statements provided by PricewaterhouseCoopers Stats-autoriseret Revisionspartnerselskab to Maersk mainly consist of transaction advice, accounting and tax-related services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__75-1": {
"value": "Note 2.2 Operating costs2025 2024Costs of goods sold 2,449 2,016Bunker costs 6,122 7,076Terminal costs 7,319 6,999Intermodal costs 4,265 4,108Port costs 1,693 1,528Rent and lease costs 2,008 1,676Staff costs 7,415 7,535Other 13,274 12,437Total operating costs 44,545 43,375 Climate-related risks Maersk is subject to the new EU Emissions Trading System (ETS), a cap-and-trade system to reduce emissions via a carbon market. Implementation of EU ETS requires Maersk to purchase EU allowances (EUAs) representing the right to emit a specific amount of greenhouse gases (GHG). Maersk has purchased EUAs as spot, future or for- ward contracts. EUA futures and forwards satisfy the con-ditions for the \u2018own use\u2019 exemption and are off- balance sheet items. Refer to note 5.3 commitments for more information. EUA contracts are classified as other current assets upon delivery of certificates. They are measured at cost of settlement and are not subject to remeasurement until surrender. The cost includes all costs of purchase, costs of conversion and other directly attributable costs such as transaction costs. For more information on the EUAs recognised refer to note 3.6 loans receivable and other receivables. The accrual is recognised as fuel is burnt in Maersk\u2019s applicable shipping activities, measured at expected cost for the required EUAs, based on actual emissions and the price of the EUAs, which is calculated as a weighted average price of EUA spots, futures and forwards. The corresponding cost is presented as bunker cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__74": {
"value": "Note 2.2 Operating costs2025 2024Costs of goods sold 2,449 2,016Bunker costs 6,122 7,076Terminal costs 7,319 6,999Intermodal costs 4,265 4,108Port costs 1,693 1,528Rent and lease costs 2,008 1,676Staff costs 7,415 7,535Other 13,274 12,437Total operating costs 44,545 43,375",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__73": {
"value": "Note 2.2 Operating costs2025 2024Costs of goods sold 2,449 2,016Bunker costs 6,122 7,076Terminal costs 7,319 6,999Intermodal costs 4,265 4,108Port costs 1,693 1,528Rent and lease costs 2,008 1,676Staff costs 7,415 7,535Other 13,274 12,437Total operating costs 44,545 43,375",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__72-1": {
"value": "Note 2.2 Operating costs2025 2024Costs of goods sold 2,449 2,016Bunker costs 6,122 7,076Terminal costs 7,319 6,999Intermodal costs 4,265 4,108Port costs 1,693 1,528Rent and lease costs 2,008 1,676Staff costs 7,415 7,535Other 13,274 12,437Total operating costs 44,545 43,375Note 2.3 Depreciation, amortisation and impairment losses, net2025 2024Total depreciation 6,281 5,783Total amortisation 430 395Total impairment, net -40 42Depreciation, amortisation and impairment losses, net 6,671 6,220Depreciation is related to property, plant and equipment of USD 2.9bn (USD 2.7bn) and to right-of-use assets of USD 3.4bn (USD 3.1bn). Total impairment, net is related to a net reversal of impairment of property, plant and equipment of USD 86m (impairment of USD 44m) and impairment of intangible assets of USD 46m (impairment of USD 1m). Refer to note 3.1 intangible assets, note 3.2 property, plant and equipment, note 3.3 right-of-use-assets and note 3.4 impairment of assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__85-1": {
"value": "Note 2.3 Depreciation, amortisation and impairment losses, net2025 2024Total depreciation 6,281 5,783Total amortisation 430 395Total impairment, net -40 42Depreciation, amortisation and impairment losses, net 6,671 6,220Depreciation is related to property, plant and equipment of USD 2.9bn (USD 2.7bn) and to right-of-use assets of USD 3.4bn (USD 3.1bn). Total impairment, net is related to a net reversal of impairment of property, plant and equipment of USD 86m (impairment of USD 44m) and impairment of intangible assets of USD 46m (impairment of USD 1m). Refer to note 3.1 intangible assets, note 3.2 property, plant and equipment, note 3.3 right-of-use-assets and note 3.4 impairment of assets.Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2025 5,186 3,044 2,637 1,353 12,220Additions - 220 - 158 378Additions from acquired companies 137 417 - 1 555Disposals - - 28 76 104Exchange rate adjustments 66 80 45 50 24131 December 2025 5,389 3,761 2,654 1,486 13,290Amortisation and impairment losses1 January 2025 56 1,014 693 633 2,396Amortisation - 122 158 150 430Impairment losses 5 41 - - 46Disposals - - 28 47 75Exchange rate adjustments - 34 11 28 7331 December 2025 61 1,211 834 764 2,870Carrying amount:31 December 2025 5,328 2,550 1,820 722 10,420Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:31 December 2024 5,130 2,030 1,944 720 9,824Refer to note 3.4 impairment of assets for information on impairment losses.Vessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2025 44,890 9,721 3,612 58,223Additions 1,006 128 3,374 4,508Additions from acquired companies - 135 1 136Disposals 1,096 228 57 1,381Transfers 2,321 1,786 -4,107 -Transfers, assets held for sale -260 - - -260Reclassification from/to right-of-use assets 328 4 -3 329Exchange rate adjustments 21 496 119 63631 December 2025 47,210 12,042 2,939 62,191Depreciation and impairment losses1 January 2025 25,283 4,690 5 29,978Depreciation 2,232 680 - 2,912Impairment losses 22 - - 22Reversal of impairment losses - 108 - 108Disposals 962 204 1 1,167Transfers, assets held for sale -22 - - -22Reclassification from/to right-of-use assets 196 1 - 197Exchange rate adjustments 10 231 - 24131 December 2025 26,759 5,290 4 32,053Carrying amount:31 December 2025 20,451 6,752 2,935 30,138Note 3.2 Property, plant and equipment \u2013 continuedVessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2024 42,961 8,948 3,631 55,540Additions 936 237 3,278 4,451Disposals 1,106 242 5 1,353Transfers 2,124 1,106 -3,230 - Reclassification from/to right-of-use assets 18 -4 -4 10Exchange rate adjustments -43 -324 -58 -42531 December 2024 44,890 9,721 3,612 58,223Depreciation and impairment losses1 January 2024 24,117 4,364 - 28,481Depreciation 2,104 575 - 2,679Impairment losses 1 44 6 51Reversal of impairment losses 1 6 - 7Disposals 924 130 2 1,056Reclassification from/to right-of-use assets 3 -8 - -5Exchange rate adjustments -17 -149 1 -16531 December 2024 25,283 4,690 5 29,978Carrying amount:31 December 2024 19,607 5,031 3,607 28,245Refer to note 3.4 impairment of assets for information on impairment losses and reversals of impairment losses.Note 3.4 Impairment of assetsNet impairment losses recognised on intangible assets are specified as follows:Impairment lossesOperating segment Cash-generating unit 2025 2024Ocean Ocean - -Logistics & Services Logistics & Services - -Terminals Various terminals 46 1Unallocated items Others - -Total 46 1Net impairment losses recognised on property, plant and equipment are specified as follows:Impairment losses Reversal of impairment lossesOperating segment Cash-generating unit 2025 2024 2025 2024Ocean Ocean - - - - Logistics & Services Logistics & Services 22 9 - - Terminals Various terminals - 42 108 7 Unallocated items Others - - - - Total 22 51 108 7 MATERIAL ACCOUNTING POLICIES Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use or fair value less costs of disposal. Goodwill is allocated to cash-generating units on acquisition and impaired before other assets. Intangi-ble assets and property, plant and equipment are tested for impairment if there is an indication of impairment, and annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Non-financial assets other than goodwill that were im-paired in prior periods are reviewed for possible reversals of impairment each reporting period. Impairment, net is included in depreciation, amortisa-tion and impairment, net, in the income statement. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Significant accounting judgementsDetermination of cash-generating unitsManagement applies judgement in the determination of cash- generating units (CGU) that are expected to benefit from the business combination from which goodwill is allo-cated and in the selection of methodologies and assump-tions applied in impairment tests. The determination of cash-generating units differs based on the business area. Ocean operates its fleet of container vessels and hub terminals in an integrated network. Consequently, the Ocean activities are tested for impairment as a single cash-generating unit. Logistics & Services, including first-mile activities, is considered a single cash-generating unit. Management views the Logistics & Services products as an integrated network, with the activities tested for impairment as a single cash-generating unit. In Terminals, each terminal is considered an individual cash-generating unit for impairment tests, except when the capacity is managed as a portfolio. Unallocated items consists of several individual busi-nesses, including Maersk Container Industry, which are each considered one cash-generating unit. The cash-generating units are unchanged compared to 2024.Significant accounting estimatesImpairment \u2013 assessment inputsThe recoverable amount of each cash-generating unit is determined based on the higher of its value in use and fair value less costs to sell. The estimated value in use is calculated using certain key assumptions for the expected future cash flows and is sensitive to the termi-nal growth rate and the discount rate. In Terminals, the recoverable amount is measured at fair value less cost of disposal, reflecting a market participant\u2019s perspective. The valuations (level 3) are prepared by discounting expected net cash flows. Projected future cash flows are estimated based on financial budgets and business plans. These projections are subject to judgement and estimations and are based on experience and external sources, where available. Centralised processes and involvement of corporate functions ensures that indices and data sources are selected consistently while observing differences in risks and other circumstances. The terminal growth rate is determined based on the future expected economic growth rate. Replacement CAPEX during the terminal period is determined based on Management\u2019s plans and expectations for the future. In Terminals, cash flows are discounted until concession end. These projections incorporate anticipated concession extensions as well as costs and benefits associated with restructuring and improvements that a potential buyer would consider to maximise terminal value. The discount rates applied reflect the time value of money as well as the specific risks related to the under-lying cash flows, i.e., project and/or country-specific risk premiums to reflect local market conditions. Any uncer-tainties reflecting past performance and possible varia-tions in the amount or timing of the projected cash flows are reflected in the discount rates.Key assumptions appliedThe outcomes of the impairment tests are subject to estimates of the future development of rates, volumes, oil prices, growth rates in the terminal period and the discount rates applied as well as assumptions specific to the CGU. Management determines these key assumptions by considering past experience as well as market analysis and future expectations based on supply and demand trends. Unallocated items does not contain goodwill or intangible assets with indefinite useful lives, therefore the impairment testing only covers Ocean, Logistics & Services and Terminals. Growth rate p.a. in terminal period2025 2024Ocean 2.1% 2.1%Logistics & Services 2.1% 2.1%1TerminalsN/A N/A1 The growth rates applied reflect current market expectations for the relevant period. Discount rate p.a. 2025 2024Ocean (pre-tax) 9.8% 9.9%Logistics & Services (pre-tax) 9.3% 8.9%Terminals (after tax) 7.3%-12.2% 7.2%-12.0%Ocean Key assumptionsFreight ratesFreight rate developments are heavily shaped by global and regional economic conditions, trade flows and industry-specific supply-demand dynamics. Significant new capacity entered the market in 2024-2025, with further deliveries scheduled over the next five years. While vessel re-routing around the Cape of Good Hope has temporarily absorbed some of this capacity, a gradual return to normal sailing patterns is expected to put pressure on freight rates. A shifting supply-demand balance is already visible.Oil pricesOil price trends affect accounting estimates directly through bunker fuel costs and alternative fuel availability, and indirectly via their influence on freight rates. Oil prices fell in 2025, with forecasts pointing to a further decline in early 2026. Price volatility remains high amid developments in Venezuela, though infrastructure constraints limit any short-term supply increase. Bunker consump-tion dropped during 2025, driven by fleet outsourcing, efficiency gains and the launch of the Gemini Cooperation in February, and this trend is expected to continue. Climate-related risksMaersk\u2019s decarbonisation strategy includes the delivery of dual- fuel vessels between 2025 to 2030 and considers retro fitting the current fleet as well as building out alternative fuel supply. This, along with management\u2019s planned fleet renewal programme running until 2030, is considered in the five-year business plan.Results of impairment assessmentThe annual impairment test was performed using forecasted cash flow projections, covering the five-year business plan for 2026-30. The Ocean CGU showed headroom of USD 1.1bn (USD 4.1bn) between the value in use and the carrying amount as of 31 December 2025. The major part of the carrying amount is comprised of vessels. Management is of the opinion that the assumptions applied are sustainable.Ocean CGU impairment test \u2013 key assumptions sensitivityChanges in key assumptions below show when the Ocean CGU\u2019s recoverable amount equals its carrying amount, eliminating headroom. Each sensitivity assumes other assumptions remain constant.Key assumptions Applied Estimated assumptionchangeReplacement CAPEX p.a. in terminal period USD 3.2bn +USD 130mGrowth rate p.a. in terminal period 2.1% -0.2 pptsDiscount rate p.a. before tax 9.8% +0.2 pptsLogistics & Services Key assumptionsMarket outlook and revenue growthManagement\u2019s revenue outlook reflects current market conditions relating to rates and volumes and updated commercial expectations. The CGU is expected to deliver sustainable growth toward its long-term objectives. Assumptions exclude future investment-driven elements and reflect only the per-formance of the existing asset base.Gross margin and cost developmentMargin assumptions reflect oper-ational improvements and cost management. SG&A costs efficiency is expected to improve through auto mation and AI. Variable costs are expected to improve as produc-tivity increases, supported by tech-nology and process improvements.Results of impairment assessmentThe annual impairment test is based on the estimated value in use from the five-year business plan for 2026-30, where the vol-ume and improved margin growth assumptions reflect the current ex-pectations for the relevant period. The impairment test showed headroom between the value in use and the carrying amount. Manage-ment is of the opinion that the as-sumptions applied are sustainable.Terminals Key assumptions Uncertainty in trade policiesOngoing uncertainty in global trade policies and tariffs, together with geopolitical devel-opments such as the Red Sea situation and potential shifts in shipping routes, may affect volumes, port rates and long-term volume forecasts in certain strategic regions.Other key assumptionsKey assumptions include projected volumes, tariffs, operating costs and capital expendi-ture, all influenced by local economic condi-tions and competitive dynamics, along with concession terms and the discount rates applied.Results of impairment assessmentManagement assesses indicators of impair-ment including decreasing volumes and based on these indicators, estimates the recoverable amounts of the individual terminals whereby impairment indicators exist. Management also tests for impairment of the CGUs to which goodwill or intan gible assets with indefinite useful lives are allocated. The cash flow projections for each terminal cover the concession period and extension options deemed likely to be exercised, the latter of which is expected to have a posi-tive impact on the recoverable amount. The 2025 impairment tests resulted in an impairment of USD 46m in a terminal in Europe. In Latin America, an impairment re-versal of USD 108m was recognised following successful concession extension negotiations during Q3 2025 (impairment losses of USD 42m across two terminals in 2024).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__84": {
"value": "Note 2.3 Depreciation, amortisation and impairment losses, net2025 2024Total depreciation 6,281 5,783Total amortisation 430 395Total impairment, net -40 42Depreciation, amortisation and impairment losses, net 6,671 6,220Depreciation is related to property, plant and equipment of USD 2.9bn (USD 2.7bn) and to right-of-use assets of USD 3.4bn (USD 3.1bn). Total impairment, net is related to a net reversal of impairment of property, plant and equipment of USD 86m (impairment of USD 44m) and impairment of intangible assets of USD 46m (impairment of USD 1m). Refer to note 3.1 intangible assets, note 3.2 property, plant and equipment, note 3.3 right-of-use-assets and note 3.4 impairment of assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__86-1": {
"value": "Note 2.4 Gains on sale of non-current assets, etc., net2025 2024Gains 214 305Losses 76 83Gains on sale of non-current assets, etc., net 138 222Gains in 2025 are primarily related to the sale of containers of USD 111m (USD 77m), the sale of vessels of USD 42m (USD 192m), and gains on sale and leaseback of vessels of USD 35m. In 2024, gains included termination of leases of USD 10m. Losses in 2025 are primarily related to the sale of containers USD 46m (USD 23m) and loss on termination of contracts of USD 41m, offset by the reversal of provisions for indemnities related to the sale of assets in previous years of USD 23m..Note 3.2 Property, plant and equipmentVessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2025 44,890 9,721 3,612 58,223Additions 1,006 128 3,374 4,508Additions from acquired companies - 135 1 136Disposals 1,096 228 57 1,381Transfers 2,321 1,786 -4,107 -Transfers, assets held for sale -260 - - -260Reclassification from/to right-of-use assets 328 4 -3 329Exchange rate adjustments 21 496 119 63631 December 2025 47,210 12,042 2,939 62,191Depreciation and impairment losses1 January 2025 25,283 4,690 5 29,978Depreciation 2,232 680 - 2,912Impairment losses 22 - - 22Reversal of impairment losses - 108 - 108Disposals 962 204 1 1,167Transfers, assets held for sale -22 - - -22Reclassification from/to right-of-use assets 196 1 - 197Exchange rate adjustments 10 231 - 24131 December 2025 26,759 5,290 4 32,053Carrying amount:31 December 2025 20,451 6,752 2,935 30,138Vessels and buildings etc. with a carrying amount of USD 129m (USD 140m) have been pledged as security for loans of USD 56m (USD 84m).Note 3.2 Property, plant and equipment \u2013 continuedVessels, Production Construction Totalaircraft, facilities and work in con tainers, equipment, progress and etc.etc.payments on accountCost1 January 2024 42,961 8,948 3,631 55,540Additions 936 237 3,278 4,451Disposals 1,106 242 5 1,353Transfers 2,124 1,106 -3,230 - Reclassification from/to right-of-use assets 18 -4 -4 10Exchange rate adjustments -43 -324 -58 -42531 December 2024 44,890 9,721 3,612 58,223Depreciation and impairment losses1 January 2024 24,117 4,364 - 28,481Depreciation 2,104 575 - 2,679Impairment losses 1 44 6 51Reversal of impairment losses 1 6 - 7Disposals 924 130 2 1,056Reclassification from/to right-of-use assets 3 -8 - -5Exchange rate adjustments -17 -149 1 -16531 December 2024 25,283 4,690 5 29,978Carrying amount:31 December 2024 19,607 5,031 3,607 28,245Refer to note 3.4 impairment of assets for information on impairment losses and reversals of impairment losses. MATERIAL ACCOUNTING POLICIES Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as per the table below. Estimated useful lives and residual values are reas-sessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long con-struction period, borrowing costs during the construction period from specific as well as general borrowings are at-tributed to cost. In addition, the cost includes the net pres-ent value of estimated costs of removal and restoration.Vessels 20 yearsAircraft and related 3-30 yearscomponentsContainers 15 yearsBuildings 10-50 years10-30 years or concession Terminal infrastructureperiod, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterPlant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc. SIGNIFICANT ACCOUNTING ESTIMATES Useful lives are estimated annually based on experience. When an asset\u2019s useful life changes, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environmental requirements. Residual values of vessels are difficult to estimate given their long useful lives, the uncertainty of future economic conditions, the market for conventional fuel vessels and the uncertainty of future steel prices, which is considered the main determinant of the residual value. Additionally, the acceleration of development of vessels with a lower carbon footprint may generate downward pressure on the market for second-hand conventional fuel vessels. Generally, the residual values of vessels are initially estimated at 10% of the purchase price excluding dry-docking costs. Climate-related risks Management has also considered the impact of de-carbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate- related legislation restricting the use of certain assets, new technology demanded by climate-related legisla-tion and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. The useful lives of vessels and related assets that operate on bunker fuel have been considered in conjunction with the net-zero by 2040 target, including in the annual use-ful life review at the end of 2025 as disclosed on note 1.2 new financial reporting requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__94-1": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies.The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact. The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2025 2024 2025 2024DKK 20 63 -3 41EUR 14 50 -80 -40Other -94 16 -264 -137Total -60 129 -347 -136",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__93-1": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Interest expenses on liabilities include interest expenses on lease liabilities of USD 728m (USD 611m) and USD 298m (USD 340m) on borrowings. Borrowing costs eligible for capitalisation are capitalised at the rate of 5.4% (6.2%). Dividends received from securities includes shares held at the end of the year of USD 1m (USD 1m). Refer to note 4.4 financial instruments and risks for the analysis of gains and losses from derivatives.Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as per the table below. Estimated useful lives and residual values are reas-sessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long con-struction period, borrowing costs during the construction period from specific as well as general borrowings are at-tributed to cost. In addition, the cost includes the net pres-ent value of estimated costs of removal and restoration.Vessels 20 yearsAircraft and related 3-30 yearscomponentsContainers 15 yearsBuildings 10-50 years10-30 years or concession Terminal infrastructureperiod, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterPlant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__92": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Interest expenses on liabilities include interest expenses on lease liabilities of USD 728m (USD 611m) and USD 298m (USD 340m) on borrowings. Borrowing costs eligible for capitalisation are capitalised at the rate of 5.4% (6.2%). Dividends received from securities includes shares held at the end of the year of USD 1m (USD 1m). Refer to note 4.4 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__91": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Interest expenses on liabilities include interest expenses on lease liabilities of USD 728m (USD 611m) and USD 298m (USD 340m) on borrowings. Borrowing costs eligible for capitalisation are capitalised at the rate of 5.4% (6.2%). Dividends received from securities includes shares held at the end of the year of USD 1m (USD 1m). Refer to note 4.4 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__90": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Interest expenses on liabilities include interest expenses on lease liabilities of USD 728m (USD 611m) and USD 298m (USD 340m) on borrowings. Borrowing costs eligible for capitalisation are capitalised at the rate of 5.4% (6.2%). Dividends received from securities includes shares held at the end of the year of USD 1m (USD 1m). Refer to note 4.4 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__89": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Interest expenses on liabilities include interest expenses on lease liabilities of USD 728m (USD 611m) and USD 298m (USD 340m) on borrowings. Borrowing costs eligible for capitalisation are capitalised at the rate of 5.4% (6.2%). Dividends received from securities includes shares held at the end of the year of USD 1m (USD 1m). Refer to note 4.4 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__88": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Interest expenses on liabilities include interest expenses on lease liabilities of USD 728m (USD 611m) and USD 298m (USD 340m) on borrowings. Borrowing costs eligible for capitalisation are capitalised at the rate of 5.4% (6.2%). Dividends received from securities includes shares held at the end of the year of USD 1m (USD 1m). Refer to note 4.4 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__87": {
"value": "Note 2.5 Financial income and expenses2025 2024Interest expenses on liabilities 1,144 1,002Borrowing costs capitalised on assets 146 105Interest income on loans and receivables 942 1,110Fair value adjustment transferred from equity hedge reserve (loss) 35 32Net interest expenses 91 -181Exchange rate gains on bank balances, borrowings and working capital 258 580Exchange rate losses on bank balances, borrowings and working capital 724 327Net foreign exchange gains/losses -466 253Fair value gains from derivatives 732 179Fair value losses from derivatives 229 303Net fair value gains/losses 503 -124Dividends received from securities 1 1Gains on payable contingent consideration 10 - Loss on payable contingent consideration - 2Impairment losses on financial assets 3 7Reversal of impairment losses on financial assets 17 15Financial expenses, net 29 -317Of which:Financial income 1,960 1,885Financial expenses 1,989 1,568Interest expenses on liabilities include interest expenses on lease liabilities of USD 728m (USD 611m) and USD 298m (USD 340m) on borrowings. Borrowing costs eligible for capitalisation are capitalised at the rate of 5.4% (6.2%). Dividends received from securities includes shares held at the end of the year of USD 1m (USD 1m). Refer to note 4.4 financial instruments and risks for the analysis of gains and losses from derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__104": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2025 5,186 3,044 2,637 1,353 12,220Additions - 220 - 158 378Additions from acquired companies 137 417 - 1 555Disposals - - 28 76 104Exchange rate adjustments 66 80 45 50 24131 December 2025 5,389 3,761 2,654 1,486 13,290Amortisation and impairment losses1 January 2025 56 1,014 693 633 2,396Amortisation - 122 158 150 430Impairment losses 5 41 - - 46Disposals - - 28 47 75Exchange rate adjustments - 34 11 28 7331 December 2025 61 1,211 834 764 2,870Carrying amount:31 December 2025 5,328 2,550 1,820 722 10,420Intangible assets contentsGoodwill is allocated to the following cash-generating units:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__97-1": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2025 5,186 3,044 2,637 1,353 12,220Additions - 220 - 158 378Additions from acquired companies 137 417 - 1 555Disposals - - 28 76 104Exchange rate adjustments 66 80 45 50 24131 December 2025 5,389 3,761 2,654 1,486 13,290Amortisation and impairment losses1 January 2025 56 1,014 693 633 2,396Amortisation - 122 158 150 430Impairment losses 5 41 - - 46Disposals - - 28 47 75Exchange rate adjustments - 34 11 28 7331 December 2025 61 1,211 834 764 2,870Carrying amount:31 December 2025 5,328 2,550 1,820 722 10,420Intangible assets contentsGoodwill is allocated to the following cash-generating units:Goodwill carrying amountOperating segment Cash-generating unit 2025 2024Ocean Ocean 453 316Logistics & Services Logistics & Services 4,635 4,568Terminals Multiple terminals 235 241Unallocated items Others 5 5Total 5,328 5,130Terminal and service concession rights includes terminal and service concession rights under development of USD 114m (USD 76m), terminal rights in Poti Sea Port Corp. with an indefinite useful life of USD 34m (USD 32m) and service concession rights with a restricted title of USD 68m (USD 71m). Other incl. IT software includes software under development of USD 241m (USD 185m).Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:31 December 2024 5,130 2,030 1,944 720 9,824Refer to note 3.4 impairment of assets for information on impairment losses.Goodwill arises when A.P. Moller - Maersk (Maersk) acquires a business and pays a higher amount than the fair value of its net assets, primarily due to the synergies the Group expects to create. Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has an indefinite useful life, while most of other intangible asset classes have definite lives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__96": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2025 5,186 3,044 2,637 1,353 12,220Additions - 220 - 158 378Additions from acquired companies 137 417 - 1 555Disposals - - 28 76 104Exchange rate adjustments 66 80 45 50 24131 December 2025 5,389 3,761 2,654 1,486 13,290Amortisation and impairment losses1 January 2025 56 1,014 693 633 2,396Amortisation - 122 158 150 430Impairment losses 5 41 - - 46Disposals - - 28 47 75Exchange rate adjustments - 34 11 28 7331 December 2025 61 1,211 834 764 2,870Carrying amount:31 December 2025 5,328 2,550 1,820 722 10,420Intangible assets contentsGoodwill is allocated to the following cash-generating units:Goodwill carrying amountOperating segment Cash-generating unit 2025 2024Ocean Ocean 453 316Logistics & Services Logistics & Services 4,635 4,568Terminals Multiple terminals 235 241Unallocated items Others 5 5Total 5,328 5,130Terminal and service concession rights includes terminal and service concession rights under development of USD 114m (USD 76m), terminal rights in Poti Sea Port Corp. with an indefinite useful life of USD 34m (USD 32m) and service concession rights with a restricted title of USD 68m (USD 71m). Other incl. IT software includes software under development of USD 241m (USD 185m).Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:31 December 2024 5,130 2,030 1,944 720 9,824Refer to note 3.4 impairment of assets for information on impairment losses. MATERIAL ACCOUNTING POLICIESIntangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years.Goodwill arises when A.P. Moller - Maersk (Maersk) acquires a business and pays a higher amount than the fair value of its net assets, primarily due to the synergies the Group expects to create. Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has an indefinite useful life, while most of other intangible asset classes have definite lives. The useful lives of other classes are as follows:Terminal and service Concession termconcession rightsCustomer relationships 10-24 yearsTechnology 5-10 yearsInternally developed 5 years or estimated IT softwareuseful life, if shorter",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__95": {
"value": "Note 3.1 Intangible assetsGoodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2025 5,186 3,044 2,637 1,353 12,220Additions - 220 - 158 378Additions from acquired companies 137 417 - 1 555Disposals - - 28 76 104Exchange rate adjustments 66 80 45 50 24131 December 2025 5,389 3,761 2,654 1,486 13,290Amortisation and impairment losses1 January 2025 56 1,014 693 633 2,396Amortisation - 122 158 150 430Impairment losses 5 41 - - 46Disposals - - 28 47 75Exchange rate adjustments - 34 11 28 7331 December 2025 61 1,211 834 764 2,870Carrying amount:31 December 2025 5,328 2,550 1,820 722 10,420Intangible assets contentsGoodwill is allocated to the following cash-generating units:Goodwill carrying amountOperating segment Cash-generating unit 2025 2024Ocean Ocean 453 316Logistics & Services Logistics & Services 4,635 4,568Terminals Multiple terminals 235 241Unallocated items Others 5 5Total 5,328 5,130Terminal and service concession rights includes terminal and service concession rights under development of USD 114m (USD 76m), terminal rights in Poti Sea Port Corp. with an indefinite useful life of USD 34m (USD 32m) and service concession rights with a restricted title of USD 68m (USD 71m). Other incl. IT software includes software under development of USD 241m (USD 185m).Goodwill Terminal Customer Other incl. Totaland service relationships IT softwareconcession rightsCost1 January 2024 5,230 3,031 2,659 1,323 12,243Additions - 77 - 183 260Disposals 14 - - 120 134Exchange rate adjustments -30 -64 -22 -33 -14931 December 2024 5,186 3,044 2,637 1,353 12,220Amortisation and impairment losses1 January 2024 69 937 542 571 2,119Amortisation - 105 157 133 395Impairment losses 1 - - - 1Disposals 14 - - 57 71Exchange rate adjustments - -28 -6 -14 -4831 December 2024 56 1,014 693 633 2,396Carrying amount:31 December 2024 5,130 2,030 1,944 720 9,824Refer to note 3.4 impairment of assets for information on impairment losses. MATERIAL ACCOUNTING POLICIESIntangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years.Goodwill arises when A.P. Moller - Maersk (Maersk) acquires a business and pays a higher amount than the fair value of its net assets, primarily due to the synergies the Group expects to create. Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has an indefinite useful life, while most of other intangible asset classes have definite lives. The useful lives of other classes are as follows:Terminal and service Concession termconcession rightsCustomer relationships 10-24 yearsTechnology 5-10 yearsInternally developed 5 years or estimated IT softwareuseful life, if shorter",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__110": {
"value": "Vessels and buildings etc. with a carrying amount of USD 129m (USD 140m) have been pledged as security for loans of USD 56m (USD 84m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__103": {
"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years.Goodwill arises when A.P. Moller - Maersk (Maersk) acquires a business and pays a higher amount than the fair value of its net assets, primarily due to the synergies the Group expects to create. Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has an indefinite useful life, while most of other intangible asset classes have definite lives. The useful lives of other classes are as follows:Terminal and service Concession termconcession rightsCustomer relationships 10-24 yearsTechnology 5-10 yearsInternally developed 5 years or estimated IT softwareuseful life, if shorter",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__101-1": {
"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years.The useful lives of other classes are as follows:Terminal and service Concession termconcession rightsCustomer relationships 10-24 yearsTechnology 5-10 yearsInternally developed 5 years or estimated IT softwareuseful life, if shorter",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__99": {
"value": "Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is cal-culated on a straight-line basis over the estimated useful life of the assets. For container terminals operated under certain restrictive price and service conditions, etc., con-cessional rights to collect usage charges are included un-der intangible assets. The cost includes the present value of minimum payments under concession agreements and the cost of property, plant and equipment constructed on behalf of the grantor of a concession. The rights are am-ortised from the commencement of operations over the concession period. The concession period ranges from 10 to 34 years, with an average of 17 years.Goodwill arises when A.P. Moller - Maersk (Maersk) acquires a business and pays a higher amount than the fair value of its net assets, primarily due to the synergies the Group expects to create. Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has an indefinite useful life, while most of other intangible asset classes have definite lives. The useful lives of other classes are as follows:Terminal and service Concession termconcession rightsCustomer relationships 10-24 yearsTechnology 5-10 yearsInternally developed 5 years or estimated IT softwareuseful life, if shorter",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__100": {
"value": "Goodwill arises when A.P. Moller - Maersk (Maersk) acquires a business and pays a higher amount than the fair value of its net assets, primarily due to the synergies the Group expects to create. Goodwill is not amortised but is subject to annual impairment reviews. Goodwill has an indefinite useful life, while most of other intangible asset classes have definite lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__114": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as per the table below. Estimated useful lives and residual values are reas-sessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long con-struction period, borrowing costs during the construction period from specific as well as general borrowings are at-tributed to cost. In addition, the cost includes the net pres-ent value of estimated costs of removal and restoration.Vessels 20 yearsAircraft and related 3-30 yearscomponentsContainers 15 yearsBuildings 10-50 years10-30 years or concession Terminal infrastructureperiod, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterPlant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__113": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as per the table below. Estimated useful lives and residual values are reas-sessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long con-struction period, borrowing costs during the construction period from specific as well as general borrowings are at-tributed to cost. In addition, the cost includes the net pres-ent value of estimated costs of removal and restoration.Vessels 20 yearsAircraft and related 3-30 yearscomponentsContainers 15 yearsBuildings 10-50 years10-30 years or concession Terminal infrastructureperiod, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterPlant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__112": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as per the table below. Estimated useful lives and residual values are reas-sessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long con-struction period, borrowing costs during the construction period from specific as well as general borrowings are at-tributed to cost. In addition, the cost includes the net pres-ent value of estimated costs of removal and restoration.Vessels 20 yearsAircraft and related 3-30 yearscomponentsContainers 15 yearsBuildings 10-50 years10-30 years or concession Terminal infrastructureperiod, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterPlant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__111": {
"value": "Property, plant and equipment are valued at cost less ac-cumulated depreciation and impairment losses. Deprecia-tion is charged to the income statement on a straight-line basis over the useful life at an estimated residual value. The useful lives of new assets are typically as per the table below. Estimated useful lives and residual values are reas-sessed on a regular basis. The cost of an asset is divided into separate compo-nents, which are depreciated separately if the useful life of the individual component differs. Dry-docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry-docking. The cost of assets constructed by Maersk includes directly attributable expenses. For assets with a long con-struction period, borrowing costs during the construction period from specific as well as general borrowings are at-tributed to cost. In addition, the cost includes the net pres-ent value of estimated costs of removal and restoration.Vessels 20 yearsAircraft and related 3-30 yearscomponentsContainers 15 yearsBuildings 10-50 years10-30 years or concession Terminal infrastructureperiod, if shorterWarehouses and related 5-25 years, or lease term, infrastructure if shorterPlant and machinery, cranes 5-25 yearsand other terminal equipmentOther operating equipment, 3-7 yearsfixtures, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__117-1": {
"value": "Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate. Lease con-tracts for vessels and containers are typically made for fixed periods of about five years but may have exten-sion options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at commencement of the lease. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight line basis as an expense in the income statement.Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk-free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments.The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreci-ated over the asset\u2019s useful life rather than lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__116-1": {
"value": "Note 3.3 Right-of-use assetsVessels, Concession Real estate Totalcontainers, agreementsand other etc.leasesRight-of-use assets1 January 2025 5,341 2,543 2,721 10,605 Additions 3,313 1,172 605 5,090Disposals 240 146 188 574Depreciation 2,533 213 625 3,371Transfers, owned assets, etc. -132 16 -16 -132Exchange rate adjustments 1 140 127 26831 December 2025 5,750 3,512 2,624 11,8861 January 2024 4,652 2,317 2,701 9,670 Additions 3,265 502 834 4,601 Disposals 261 1 123 385 Depreciation 2,301 203 610 3,114 Transfers, owned assets, etc. -15 - - -15Exchange rate adjustments 1 -72 -81 -15231 December 2024 5,341 2,543 2,721 10,605 Amounts recognised in profit and loss 2025 2024Depreciation on right-of-use assets 3,371 3,114Interest expenses (included in finance costs) 728 611 Expenses relating to:Service elements of leases 1,037 938Short-term leases 551 343Variable lease payments 392 368Leases of low-value assets 28 27Total recognised in operating costs 2,008 1,676 As part of the Group\u2019s activities, customary leasing agreements are entered, especially regarding the chartering of vessels and leasing of containers and other equipment. In some cases, the leasing agreements comprise purchase options exercisable by the Group and options for extending the lease term. The Group also enters into concession agreements that provide the right to use some existing infrastructure or land as required to carry out the terminal business. To optimise lease costs during the contract period, the Group sometimes provides residual value guarantees in relation to equipment leases. At the end of 2025, the expected residual values were reviewed to determine if they reflect the actual residual values achieved on comparable assets and expectations about future prices. At 31 December 2025, USD 200m (USD 226m) is expected to be payable and is included in the measurement of the lease liabilities. Leases to which Maersk is committed, but for which the lease term has not yet commenced, have an undiscounted value of USD 9.3bn (USD 9.8bn). They comprise approx. 70 contracts commencing in 2026-2029. Certain terminal concession agreements contain variable payment terms that are linked to future performance, i.e., number of containers handled. Such payments are recognised in the income statement in the period in which the condition that triggers those payments occurs. Total cash outflow from leases was USD 6.2bn (USD 5.3bn), of which USD 3.5bn (USD 3.1bn) relates to repayment of lease liabilities, USD 2.0bn (USD 1.7bn) to other lease expenses and USD 728m (USD 611m) to interest expenses. Lease liabilities are disclosed in notes 4.2 borrowings and lease liability reconciliation and 4.4 financial instruments and risks. MATERIAL ACCOUNTING POLICIES Right-of-use assets are mainly leased vessels, containers, concession arrangements and real estate. Lease con-tracts for vessels and containers are typically made for fixed periods of about five years but may have exten-sion options as described together with lease liabilities. Concession arrangements and real estate contracts are negotiated on an individual basis and contain a wide range of terms and conditions.Leases are recognised as a right-of-use asset with a corresponding lease liability at commencement of the lease. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight line basis as an expense in the income statement.Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December2024 FromAddi- Dis-Foreign Other 2025financingtionsposalsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 926 363 23 - 33 - 1,345Issued bonds 4,139 60 - - 335 24 4,558Total borrowings 5,065 423 23 - 368 24 5,903Classified as non- current 4,539 4,803Classified as current 526 1,100Leases:Lease liabilities 11,412 -3,504 5,128 -354 335 - 13,017Total leases 11,412 -3,504 5,128 -354 335 - 13,017Classified as non- current 8,728 9,941Classified as current 2,684 3,076Total borrowings and leases 16,477 -3,081 5,151 -354 703 24 18,920Derivatives hedge of borrowings, net 435 -125 - - -335 23 -2Issued bonds include green bonds of USD 3.0bn (USD 2.4bn), while bank and other credit institutions include green loans of USD 752m (USD 287m), primarily used to finance investments in dual-fuel vessels, electrified material-handling equipment and construction of low-emission buildings. Other includes fair value changes and amortisation of fees. Cash flows from financing activities related to total borrowings include repayments of borrowings of negative USD 926m (negative USD 705m), adjusted for cash flows from hedges of USD 119m (USD 0m) and proceeds from borrowings of USD 1.2bn (USD 1.6bn), adjusted for borrowings associated with assets held for sale of USD 0m (USD 615m). The maturity analysis of lease liabilities is disclosed in note 4.4 Financial instruments and risks. Net debt Cash flows Non-cash changes Net debt 31 December31 December2023 FromOther Addi- Dis-Foreign Other 2024financingtionsposalsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 973 -28 15 - - -34 - 926Issued bonds 3,393 875 - - - -153 24 4,139Total borrowings 4,366 847 15 - - -187 24 5,065Classified as non- current 4,169 4,539Classified as current 197 526Leases:Lease liabilities 10,448 -3,046 - 4,609 -389 -210 - 11,412Total leases 10,448 -3,046 - 4,609 -389 -210 - 11,412Classified as non- current 7,798 8,728Classified as current 2,650 2,684Total borrowings and leases 14,814 -2,199 15 4,609 -389 -397 24 16,477Derivatives hedge of borrowings, net 352 -4 - - - 154 -67 435 MATERIAL ACCOUNTING POLICIES Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component. Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk-free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments.The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreci-ated over the asset\u2019s useful life rather than lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__120": {
"value": "MATERIAL ACCOUNTING POLICIES Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use or fair value less costs of disposal. Goodwill is allocated to cash-generating units on acquisition and impaired before other assets. Intangi-ble assets and property, plant and equipment are tested for impairment if there is an indication of impairment, and annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Non-financial assets other than goodwill that were im-paired in prior periods are reviewed for possible reversals of impairment each reporting period. Impairment, net is included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__119": {
"value": "MATERIAL ACCOUNTING POLICIES Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use or fair value less costs of disposal. Goodwill is allocated to cash-generating units on acquisition and impaired before other assets. Intangi-ble assets and property, plant and equipment are tested for impairment if there is an indication of impairment, and annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives as well as intangible assets that are not yet in use. Non-financial assets other than goodwill that were im-paired in prior periods are reviewed for possible reversals of impairment each reporting period. Impairment, net is included in depreciation, amortisa-tion and impairment, net, in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__121": {
"value": "Note 3.5 Acquisition/sale of subsidiaries and activitiesAcquisitions during 2025Panama 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 allows 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 total purchase price, USD 417m is related to concession rights and USD 137m is related to goodwill. Other assets acquired include mainly property, plant and equipment amounting to USD 136m. 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\u2019s established operational framework, decreasing the time and resources the Group would need to invest in building the capabilities from scratch. Goodwill was allocated to the Ocean segment. Acquired goodwill is not deductible for tax purposes. From the acquisition date to 31 December 2025, PCRC contributed with insignificant revenue and net profit. Had the acquisition occurred on 1 January 2025, the impact on the Group\u2019s 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 segment and as cash flow from operating activities in the cash flow statement.Acquisitions during 2024No material acquisitions during 2024.Sales during 2025No material external sales were performed during 2025.Sales/demergers during 2024At the Extraordinary General Meeting held on 26 April 2024, the demerger and separate listing of Svitzer was completed and approved by the Board of Directors. A.P. M\u00f8ller - M\u00e6rsk A/S injected 100% of the shares in Svitzer A/S, including the company\u2019s subsidiaries as well as certain other assets and liabilities related to Maersk\u2019s towage activities, into the new company, Svitzer Group A/S. The shares of Svitzer Group A/S were admitted to trading and were officially listed on Nasdaq Copenhagen with the first trading day being 30 April 2024. With this and the distribution of the shares of Svitzer Group A/S to the Group\u2019s shareholders, the Group lost control over Svitzer A/S and its subsidiaries. Consequently, the Group derecognised the assets and liabilities of Svitzer Group in the con-solidated financial statements. IFRIC 17 requires recognition of non-cash distributions to shareholders at the fair value of assets distributed. However, it also provides an exception for a distribution of a non-cash asset that is ultimately controlled by the same party or parties before and after the distribution. Due to Svitzer being ultimately controlled by A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal before and after the demerger, this demerger is excluded from the scope of IFRIC 17. A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal, through A.P. M\u00f8ller Holding A/S, effectively exercises de facto control over Svitzer as it holds significantly more voting rights than any other shareholders, and other shareholdings are widely dispersed. Therefore, the distribution was measured using the carrying value of Svitzer\u2019s net assets as of the demerger date amounting to USD 1.0bn. Consequently, no gain or loss on disposal was recognised. As the demerger did not result in any gain or loss on disposal, Management selected the accounting policy of transferring the cumulative translation reserve within equity. The cumulative translation reserve of USD 224m related to Svitzer as of the demerger date was reclassified within equity to retained earnings. MATERIAL ACCOUNTING POLICIES Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can other wise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent con-sideration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the in-come statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent con-sideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__124": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can other wise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent con-sideration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the in-come statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent con-sideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__123": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can other wise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent con-sideration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the in-come statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent con-sideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__122": {
"value": "Acquisition/sale of subsidiaries and activities Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date when control was achieved using the acquisition method. Identifiable intangible assets are recognised if they arise from a contractual right or can other wise be separately identified. The difference be-tween the fair value of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and any subsequent changes to contingent con-sideration are recognised as financial income or financial expense in the income statement. If contingent consid-eration is settled by issuing a predetermined number of shares, the contingent consideration is classified as equity and is subsequently not remeasured at fair value. Transaction costs are recognised as operating costs as they are incurred. When Maersk ceases to have control of a subsidiary, the value of any retained investment is remeasured at fair value, and the value adjustment is recognised in the in-come statement as a gain/loss on the sale of non-current assets. The difference between sales proceeds and the carrying amount of the subsidiary is recognised in the income statement including fair value of contingent con-sideration at the time of sale. Contingent consideration is remeasured at fair value with changes recognised in the income statement. The effect of the purchase and sale of non-controlling interests without changes in control is included directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__126": {
"value": "Other receivables primarily consist of prepayments made for operational activities that will be utilised after twelve months amounting to USD 1.9bn (USD 1.9bn) and EUAs amounting to USD 3m (USD 163m). For details on the significant accounting judgements regarding EUAs, refer to note 2.2 operating costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__125-1": {
"value": "Note 3.6 Loans receivable and other receivablesLoans receivable, current, amounted to USD 11.1bn (USD 15.9bn) and consist primarily of term deposits with a maturity of more than three months amounting to USD 11.1bn (USD 15.9bn). For details on the assessment of the loss allowance on term deposits, refer to note 4.4 financial instruments and risks.Liquidity riskNet interest-bearing debt and liquidity reserve 2025 2024Borrowings 18,920 16,477Net interest-bearing debt -2,947 -7,373Cash and bank balances 9,042 6,575Restricted cash -819 -928Cash management overdrafts -34 -32Term deposits not included in cash and bank balances 10,929 15,731Securities 1,277 1,580Undrawn revolving credit facilities > 12 months 6,051 6,050Liquidity reserve 26,446 28,976Liquidity reservesLiquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities, term deposits and cash and bank balances, net of cash management overdraft, excluding securities, overdrafts and balances in countries with exchange control or other restrictions. Cash and bank balances include investments in money market funds (MMFs) amounting to USD 1.1bn (USD 0m).For information about cash and bank balances in countries with exchange control or other restrictions, refer to the consolidated cash flow statement and note 5.5 cash flow specifications. Based on the liquidity reserve, loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group\u2019s financial resources are deemed satisfactory. The average term to maturity of loan facilities in the Group was about 5 years (about 5 years) at 31 December 2025.Maturities of liabilities Carrying Cash flows including interestand commitmentsamount0-1 year 1-5 years 5- years Total2025Bank and other credit institutions 1,345 248 843 532 1,623Lease liabilities 13,017 3,697 7,204 6,879 17,780 \u2013 of which interest 621 1,472 2,670 4,763Issued bonds 4,558 1,061 1,010 3,593 5,664Trade payables 6,847 6,847 - - 6,847Other payables 1,540 1,517 17 6 1,540Non-derivative financial liabilities 27,307 13,370 9,074 11,010 33,454Derivatives 112 82 17 13 112Total recognised in balance sheet 27,419 13,452 9,091 11,023 33,566Capital and contractual commitments 2,279 7,614 3,191 13,084Total 15,731 16,705 14,214 46,6502024Bank and other credit institutions 926 235 658 222 1,115Lease liabilities 11,412 3,244 6,475 5,189 14,908 \u2013 of which interest 560 1,327 1,609 3,496Issued bonds 4,139 473 1,893 2,793 5,159Trade payables 6,698 6,698 - - 6,698Other payables 1,687 1,665 12 10 1,687Non-derivative financial liabilities 24,862 12,315 9,038 8,214 29,567Derivatives 558 225 258 75 558Total recognised in balance sheet 25,420 12,540 9,296 8,289 30,125Capital and contractual commitments 2,994 4,507 914 8,415Total 15,534 13,803 9,203 38,540It is of great importance for the Group to maintain a financial reserve to cover the Group\u2019s obligations and investment opportunities and to provide the capital necessary to offset changes in the Group\u2019s liquidity due to changes in the cash flow from operating activities. The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation, among other things by focusing on the release of capital and following up on the development in working capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__130": {
"value": "Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities cease to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__129": {
"value": "Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities cease to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__128": {
"value": "Note 3.7 Assets held for sale or distributionAssets held for sale as at 31 December 2025As at 31 December 2025, the assets held for sale relate to aircraft expected to be sold in 2026. An impairment loss of USD 22m on the assets was recognised in Logistics & Services in 2025.Assets held for sale as at 31 December 2024As at 31 December 2024, the assets held for sale primarily relate to production facilities and equipment reported under Ocean, for which the sale was subsequently completed in 2025. MATERIAL ACCOUNTING POLICIES Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities cease to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__127": {
"value": "Note 3.7 Assets held for sale or distributionAssets held for sale as at 31 December 2025As at 31 December 2025, the assets held for sale relate to aircraft expected to be sold in 2026. An impairment loss of USD 22m on the assets was recognised in Logistics & Services in 2025.Assets held for sale as at 31 December 2024As at 31 December 2024, the assets held for sale primarily relate to production facilities and equipment reported under Ocean, for which the sale was subsequently completed in 2025. MATERIAL ACCOUNTING POLICIES Assets held for sale are recognised when the carrying amount of an individual non-current asset, or disposal group of assets, is recovered principally through a sales transaction rather than through continued use. Assets are classified as held for sale when activities to carry out a sale have been initiated, when the activities are avail-able for immediate sale in their present condition, and when the activities are expected to be disposed of within 12 months. Liabilities directly associated with assets held for sale are presented separately from other liabilities. Assets held for sale are measured at the lower of carrying amount immediately before classification as held for sale and fair value less costs to sell. Impairment tests are performed immediately before classification as held for sale. Non-current assets are not depreciated or amortised while classified as held for sale. Measurement of deferred tax and financial assets and liabilities is un-changed. When an asset or a disposal group has been classified as held for sale or distribution, but the requirements are no longer met, the assets and related liabilities cease to be classified as held for sale. The cessation of the classifi-cation as held for sale will be reflected in the period in which the change of circumstances has occurred. Com-parative figures are not restated, and any adjustments to the carrying value of assets and liabilities previously classified as held for sale are recognised in the period in which the circumstances have changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__133": {
"value": "Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and pro-visions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__132-1": {
"value": "Note 3.8 ProvisionsRestructuring Legal dis-Other Totalputes, etc.1 January 2025 66 1,148 488 1,702Provision made 52 545 224 821Amount used 30 278 137 445Amount reversed 21 143 116 280Transfers -2 -2 4 -Exchange rate adjustments 3 -7 1 -331 December 2025 68 1,263 464 1,795Of which:Classified as non-current 11 724 313 1,048Classified as current 57 539 151 747Non-current provisions expected to be realised after more than five years - 29 51 80Restructuring includes provisions for decided and publicly announced restructurings and includes mainly staff redundancy costs. Legal disputes, etc. include, among other things, indirect tax and duty disputes. Other primarily includes provisions for warranties and onerous contracts. Reversals of provisions primarily relate to legal disputes and contractual disagree-ments, which are recognised in the income statement under operating costs and tax. SIGNIFICANT ACCOUNTING ESTIMATES Management\u2019s estimate of the provisions for legal disputes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached, and the outcomes are subject to considerable uncertainty. MATERIAL ACCOUNTING POLICIES Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and pro-visions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.Note 5.4 Contingent liabilitiesContingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany, as well as to a tax investigation in India concerning a deemed supply of services between Indian GST registrations of Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome, and considers the risk related to these disputes remote, and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 813m (USD 857m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities, etc. comprising volume commitments, including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__131": {
"value": "Note 3.8 ProvisionsRestructuring Legal dis-Other Totalputes, etc.1 January 2025 66 1,148 488 1,702Provision made 52 545 224 821Amount used 30 278 137 445Amount reversed 21 143 116 280Transfers -2 -2 4 -Exchange rate adjustments 3 -7 1 -331 December 2025 68 1,263 464 1,795Of which:Classified as non-current 11 724 313 1,048Classified as current 57 539 151 747Non-current provisions expected to be realised after more than five years - 29 51 80Restructuring includes provisions for decided and publicly announced restructurings and includes mainly staff redundancy costs. Legal disputes, etc. include, among other things, indirect tax and duty disputes. Other primarily includes provisions for warranties and onerous contracts. Reversals of provisions primarily relate to legal disputes and contractual disagree-ments, which are recognised in the income statement under operating costs and tax. SIGNIFICANT ACCOUNTING ESTIMATES Management\u2019s estimate of the provisions for legal disputes, including disputes regarding taxes and duties, is based on the knowledge available on the substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take several years to be reached, and the outcomes are subject to considerable uncertainty. MATERIAL ACCOUNTING POLICIES Provisions are recognised when Maersk has a present legal or constructive obligation from past events. The item includes, among other things, legal disputes and pro-visions for onerous contracts and unfavourable contracts acquired as part of a business combination. Provisions are recognised based on best estimates and are discounted where the time element is significant and where the time of settlement is reasonably determinable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__135": {
"value": "Note 4.1 Share capital and earnings per shareDevelopment in the number of shares: A-shares of B-shares of Nominal valueDKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million1 January 2025 9,756,388 206 6,072,390 122 15,829 2,87031 December 2025 9,756,388 206 6,072,390 122 15,829 2,8701 January 2024 10,106,940 212 7,462,590 158 17,570 3,186Conversions 3 -6 18 -36 - -Cancellations 350,555 - 1,390,218 - 1,741 31631 December 2024 9,756,388 206 6,072,390 122 15,829 2,870All shares are fully issued and paid up. One A share of DKK 1,000 holds two votes. B shares have no voting rights. No shares were cancelled during 2025. At the 2024 Annual General Meeting of A.P. M\u00f8ller - M\u00e6rsk A/S on 14 March 2024, the shareholders decided on the cancellation of treasury shares whereby the share capital would be decreased from nominally DKK 17,569,715,000 to nominally DKK 15,828,942,000. The cancellation was completed during Q2 2024. The reduction in the share capital was recorded by applying the historical rate of exchange of USD/DKK 5.5153.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__134": {
"value": "Note 4.1 Share capital and earnings per shareDevelopment in the number of shares: A-shares of B-shares of Nominal valueDKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million1 January 2025 9,756,388 206 6,072,390 122 15,829 2,87031 December 2025 9,756,388 206 6,072,390 122 15,829 2,8701 January 2024 10,106,940 212 7,462,590 158 17,570 3,186Conversions 3 -6 18 -36 - -Cancellations 350,555 - 1,390,218 - 1,741 31631 December 2024 9,756,388 206 6,072,390 122 15,829 2,870All shares are fully issued and paid up. One A share of DKK 1,000 holds two votes. B shares have no voting rights. No shares were cancelled during 2025. At the 2024 Annual General Meeting of A.P. M\u00f8ller - M\u00e6rsk A/S on 14 March 2024, the shareholders decided on the cancellation of treasury shares whereby the share capital would be decreased from nominally DKK 17,569,715,000 to nominally DKK 15,828,942,000. The cancellation was completed during Q2 2024. The reduction in the share capital was recorded by applying the historical rate of exchange of USD/DKK 5.5153.Development in the holding of treasury shares: No. of shares of DKK 1,000 Nominal value DKK million % of share capitalTreasury shares 2025 2024 2025 2024 2025 2024A shares1 January - 306,636 - 307 0.00% 1.75%Additions 156,840 43,919 157 44 0.99% 0.25%Cancellations - 350,555 - 351 0.00% 2.00%31 December 156,840 - 157 - 0.99% -B shares1 January 120,307 1,279,120 120 1,279 0.76% 7.28%Additions 913,520 244,723 914 245 5.77% 1.47%Cancellations - 1,390,218 - 1,390 0.00% 7.91%Disposals 29,253 13,318 29 14 0.18% 0.08%31 December 1,004,574 120,307 1,005 120 6.35% 0.76%The share buy-back programme is carried out with the purpose of adjusting 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 disposal of treasury shares is related to the share option plan and the restricted share plan.Note 4.1 Share capital and earnings per share \u2013 continuedFrom 7 February 2025 to 31 December 2025, A.P. M\u00f8ller - M\u00e6rsk A/S bought back 102,793 B shares with a nominal value of DKK 103m from A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond, which is considered a related party. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__136-1": {
"value": "Development in the holding of treasury shares: No. of shares of DKK 1,000 Nominal value DKK million % of share capitalTreasury shares 2025 2024 2025 2024 2025 2024A shares1 January - 306,636 - 307 0.00% 1.75%Additions 156,840 43,919 157 44 0.99% 0.25%Cancellations - 350,555 - 351 0.00% 2.00%31 December 156,840 - 157 - 0.99% -B shares1 January 120,307 1,279,120 120 1,279 0.76% 7.28%Additions 913,520 244,723 914 245 5.77% 1.47%Cancellations - 1,390,218 - 1,390 0.00% 7.91%Disposals 29,253 13,318 29 14 0.18% 0.08%31 December 1,004,574 120,307 1,005 120 6.35% 0.76%The share buy-back programme is carried out with the purpose of adjusting 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 disposal of treasury shares is related to the share option plan and the restricted share plan.Note 4.1 Share capital and earnings per share \u2013 continuedFrom 7 February 2025 to 31 December 2025, A.P. M\u00f8ller - M\u00e6rsk A/S bought back 102,793 B shares with a nominal value of DKK 103m from A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Familiefond, which is considered a related party. 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.Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__139-1": {
"value": "The basis for calculating earnings per share is the following:A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of: 2025 2024Profit for the year 2,725 6,1092025 2024Issued shares 1 January 15,828,942 17,569,715Average number of treasury shares 604,633 743,998Average number of cancelled shares - 1,055,879Average number of shares (basic) 15,224,309 15,769,838Dilutive effect of outstanding restricted and performance shares and share options 48,805 27,234Average number of shares (diluted) 15,273,114 15,797,072Basic earnings per share (USD) 179 387Diluted earnings per share (USD) 178 387Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), excluding Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, performance shares and share options outstanding as issued by the parent company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__138-1": {
"value": "Capital managementThe capital structure is managed for the Group in accordance with the financial policy, as approved by the Board of Directors. Capital is managed to meet the objective of a solid capital structure over the business cycle and to maintain a liquidity profile in line with an investment grade credit rating. Maersk remains investment grade-rated and holds a Baa1 (stable) rating from Moody\u2019s and a BBB+ (stable) rating from Standard & Poor\u2019s. The equity share of total equity and liabilities was 64.2% (66.1%) at the end of 2025. Share buy-backs of maximum 15% of the share capital can be decided by the Board of Directors, and dividends paid out are to be between 30-50% of the underlying profit in accordance with the company\u2019s dividend policy.Note 4.4 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2025 2024Hedging foreign exchange risk on revenue -2 -4Hedging foreign exchange risk on operating costs 101 -50Hedging interest rate risk -35 -32Total effective hedging 64 -86Ineffectiveness recognised in financial expenses -3 1Total reclassified from equity reserve for hedges 61 -85Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 510 -129Interest rate derivatives recognised directly in financial income/expenses 17 23Oil prices and freight rate derivatives recognised directly in other income/costs 1 -32Net gains/losses recognised directly in the income statement 528 -138Total 589 -223The Group\u2019s derivatives are presented at fair value in the balance sheet.The Group\u2019s activities expose it to a variety of financial risks:\u2022 Market risks, i.e., currency risk, interest rate risk and oil price risk\u2022 Credit risk\u2022 Liquidity riskThe Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by a central finance department under policies approved by the Board of Directors.The finance department identifies, evaluates and hedges financial risks in close cooperation with the Group\u2019s entities. Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2025. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2025. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards and cross-currency swaps to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon.\u2022 Significant capital commitments or divestments in currencies other than USD are hedged.\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). For hedges related to operating cash flows, a gain of USD 136m (loss of USD 127m) is recognised in other comprehensive income, and the cash flow hedge reserve amounted to a gain of USD 52m at 31 December 2025 (loss of USD 84m). For hedges where the cost of hedging is applied, the forward points are recognised in other comprehensive income and trans-ferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.14 (EUR/USD 1.13). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.18 (EUR/USD 1.18) and USD/NOK 8.28 (USD/NOK 8.25).Derivatives recognised at fair value in the balance sheet 2025 2024Non-current receivables 93 2Current receivables 102 47Non-current liabilities 30 333Current liabilities 82 225Liabilities, net -83 509Hedge of operating cash flows Fair value, Fair value, Nominal Average in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2025EUR 17 4 1,004 EUR/USD 1.17DKK 3 1 261 USD/DKK 6.36CNY 5 - 225 USD/CNY 7.02BRL 6 4 232 USD/BRL 5.86Other currencies 36 6 1,554 N/ATotal 67 152024EUR 7 36 1,006 EUR/USD 1.08DKK 1 10 247 USD/DKK 6.84CNY 2 3 239 USD/CNY 7.12BRL - 19 223 USD/BRL 5.85Other currencies 13 39 1,362 N/ATotal 23 107Fair valueOther hedges recognised at fair value through profit and loss 2025 2024Currency derivatives 6 14Total 6 14The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact. The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2025 2024 2025 2024DKK 20 63 -3 41EUR 14 50 -80 -40Other -94 16 -264 -137Total -60 129 -347 -136Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge assetliabilityof hedged hedging rateInterest rate hedging deriva-iteminstru-of borrowingstivement2025Combined fair value hedge, hedge of borrowingsEUR 21 37 829 441 - 388 2 -11 5.5%NOK - 5 23 23 - - - - 6.3%Fair value hedge, hedge of borrowingsUSD 6 22 650 - 400 250 17 -16 6.1%Cash flow hedge, hedge of borrowingsEUR 62 23 2,581 441 82 2,058 - -32 4.2%USD - - 20 - - 20 - - 3.1%Total 89 87 4,103 905 482 2,716 19 -592024Combined fair value hedge, hedge of borrowingsEUR - 112 737 - 392 345 -6 -14 6.2%GBP - 21 88 88 - - 1 -3 6.9%JPY - 26 79 79 - - - -1 6.2%NOK - 85 194 - 194 - 8 -12 6.9%Fair value hedge, hedge of borrowingsUSD - 39 650 - 400 250 39 -39 6.8%Cash flow hedge, hedge of borrowingsEUR - 120 1,698 - 392 1,306 - -26 4.2%GBP - 33 160 160 - - - 1 4.6%USD 1 - 36 10 26 - - 1 2.8%Total 1 436 3,642 337 1,404 1,901 42 -93The Group has most of its debt denominated in USD and EUR, but part of the debt (e.g. issued bonds) is in other currencies such as NOK. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December 2025 was 55% (51%), excluding IFRS 16 Leases.A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 162m (positively by USD 161m) and positively by approx. USD 119m (positively by USD 121m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value and cash flow hedging is applied when cross-currency swaps are entered into to swap fixed-rate debt denominated in currencies other than USD into floating rate USD. Each hedge relationship is split into a fair value hedge of the benchmark interest rate component and a foreign currency hedge of the implied credit margin. The change in the currency basis spread is treated as a cost of hedging and transferred to the income statement over the term of the hedge relationship. The carrying amount of bonds is adjusted with the fair value change of the bonds attributable to the benchmark interest rate and is adjusted and recognised in the income statement together with the fair value change of the swap attributable to the change in the interest benchmark rate. Value changes attributable to the credit margin are recognised in other com-prehensive income and included in the cash flow hedging reserve. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 2m (USD 0m). An economic relationship is established through critical terms match. The source of ineffectiveness is the credit risk of the hedging instruments. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to USD 9m (USD 0m).Borrowings and lease liabilities by interest rate Carrying Next interest rate fixinglevels inclusive of interest rate swapsamount0-1 year 1-5 years 5- years20250-3% 1,074 250 137 6873-6% 12,658 2,818 3,608 6,2326%- 5,188 879 1,503 2.806Total 18,920 3,947 5,248 9,725Of which:Bearing fixed interest 16,455Bearing floating interest 2,46520240-3% 1,370 544 279 5473-6% 9,428 2,133 2,533 4,7626%- 5,679 2,830 1,692 1,157Total 16,477 5,507 4,504 6,466Of which:Bearing fixed interest 14,120Bearing floating interest 2,357Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsthousand price per durationmetric tonnesmetric tonne2025Oil swaps -893 0-1 year 21 18 3 Buy 11,468 395 -282 -280 -2 Sell -12,361 375 303 298 5 Oil futures -382 0-1 year 2 1 1 Buy 258 386 - - - Sell -640 391 2 1 1 Total -1,275 23 19 42024Oil swaps -1,221 0-1 year 1 0 1Buy 11,885 456 123 113 10Sell -13,106 485 -122 -113 -9Oil futures -284 0-1 year -5 -5 - Buy 26 524 0 0 - Sell -310 491 -5 -5 - Total -1,505 -4 -5 1The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2025, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to a +/-10% change in the oil price, all else being equal is estimated to have a symmetrical impact with immaterial difference on profit and equity before tax negatively by approx. USD 46m (USD 62m) with an increase and decrease leading to a positive impact of the same magnitude. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.Credit riskMaturity analysis of trade receivables 2025 2024Receivables not due 4,264 4,331Less than 90 days overdue 994 1,33091-365 days overdue 185 292More than 1 year overdue 94 161Receivables, gross 5,537 6,114Provision for bad debt 231 265Carrying amount 5,306 5,849The loss allowance provision for trade receivables as at 31 December 2025 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2025 20241 January 265 226Provision made 302 363Amount used 231 114Amount reversed 113 205Acquired in business combinations 2 - Exchange rate adjustments and others 6 -531 December 231 265Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 37% (55%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.Liquidity riskNet interest-bearing debt and liquidity reserve 2025 2024Borrowings 18,920 16,477Net interest-bearing debt -2,947 -7,373Cash and bank balances 9,042 6,575Restricted cash -819 -928Cash management overdrafts -34 -32Term deposits not included in cash and bank balances 10,929 15,731Securities 1,277 1,580Undrawn revolving credit facilities > 12 months 6,051 6,050Liquidity reserve 26,446 28,976Liquidity reservesLiquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities, term deposits and cash and bank balances, net of cash management overdraft, excluding securities, overdrafts and balances in countries with exchange control or other restrictions. Cash and bank balances include investments in money market funds (MMFs) amounting to USD 1.1bn (USD 0m).For information about cash and bank balances in countries with exchange control or other restrictions, refer to the consolidated cash flow statement and note 5.5 cash flow specifications. Based on the liquidity reserve, loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group\u2019s financial resources are deemed satisfactory. The average term to maturity of loan facilities in the Group was about 5 years (about 5 years) at 31 December 2025.Maturities of liabilities Carrying Cash flows including interestand commitmentsamount0-1 year 1-5 years 5- years Total2025Bank and other credit institutions 1,345 248 843 532 1,623Lease liabilities 13,017 3,697 7,204 6,879 17,780 \u2013 of which interest 621 1,472 2,670 4,763Issued bonds 4,558 1,061 1,010 3,593 5,664Trade payables 6,847 6,847 - - 6,847Other payables 1,540 1,517 17 6 1,540Non-derivative financial liabilities 27,307 13,370 9,074 11,010 33,454Derivatives 112 82 17 13 112Total recognised in balance sheet 27,419 13,452 9,091 11,023 33,566Capital and contractual commitments 2,279 7,614 3,191 13,084Total 15,731 16,705 14,214 46,6502024Bank and other credit institutions 926 235 658 222 1,115Lease liabilities 11,412 3,244 6,475 5,189 14,908 \u2013 of which interest 560 1,327 1,609 3,496Issued bonds 4,139 473 1,893 2,793 5,159Trade payables 6,698 6,698 - - 6,698Other payables 1,687 1,665 12 10 1,687Non-derivative financial liabilities 24,862 12,315 9,038 8,214 29,567Derivatives 558 225 258 75 558Total recognised in balance sheet 25,420 12,540 9,296 8,289 30,125Capital and contractual commitments 2,994 4,507 914 8,415Total 15,534 13,803 9,203 38,540It is of great importance for the Group to maintain a financial reserve to cover the Group\u2019s obligations and investment opportunities and to provide the capital necessary to offset changes in the Group\u2019s liquidity due to changes in the cash flow from operating activities. The flexibility of the financial reserve is subject to ongoing prioritisation and optimisation, among other things by focusing on the release of capital and following up on the development in working capital. MATERIAL ACCOUNTING POLICIES Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged transactions are recognised. The effective portion of changes in the value of deriva-tive financial instruments used to hedge the value of rec-ognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and rec-ognised in other comprehensive income and deferred in equity until realisation.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__137": {
"value": "Capital managementThe capital structure is managed for the Group in accordance with the financial policy, as approved by the Board of Directors. Capital is managed to meet the objective of a solid capital structure over the business cycle and to maintain a liquidity profile in line with an investment grade credit rating. Maersk remains investment grade-rated and holds a Baa1 (stable) rating from Moody\u2019s and a BBB+ (stable) rating from Standard & Poor\u2019s. The equity share of total equity and liabilities was 64.2% (66.1%) at the end of 2025. Share buy-backs of maximum 15% of the share capital can be decided by the Board of Directors, and dividends paid out are to be between 30-50% of the underlying profit in accordance with the company\u2019s dividend policy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__140-1": {
"value": "DividendsThe dividend for 2024 of DKK 1,120 per share of DKK 1,000 was paid on 21 March 2025 \u2013 a total of DKK 17.4bn, equivalent to USD 2.5bn, excluding treasury shares (dividend of DKK 515 per share of DKK 1,000 paid on 19 March 2024 \u2013 a total of DKK 8.1bn, equivalent to USD 1.2bn, excluding treasury shares). The Board of Directors proposes a dividend to the shareholders of DKK 480 per share of DKK 1,000 \u2013 a total of DKK 7.0bn, equivalent to USD 1.1bn. Payment of dividends is expected to take place on 30 March 2026. Payment of dividends to share-holders does not trigger taxes for Maersk.Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__141": {
"value": "1120.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f1__s9__8__142": {
"value": "1000.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ParValuePerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f1__s9__8__143": {
"value": "17400000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f1__s9__8__144": {
"value": "2500000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s9__9__145": {
"value": "515.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f1__s9__9__146": {
"value": "1000.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ParValuePerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f1__s9__9__147": {
"value": "8100000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f1__s9__9__148": {
"value": "1200000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s9__8__149": {
"value": "480.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f1__s9__8__150": {
"value": "1000.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ParValuePerShare",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f1__s9__8__151": {
"value": "7000000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f1__s9__8__152": {
"value": "1100000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f1__s9__8__153": {
"value": "Earnings per share is calculated as A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 share of the profit for the year divided by the average number of shares outstanding (of DKK 1,000 each), excluding Maersk\u2019s holding of treasury shares. Diluted earnings per share are adjusted for the dilutive effect of the average number of restricted shares, performance shares and share options outstanding as issued by the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__157": {
"value": "Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__155": {
"value": "Equity includes total comprehensive income for the year comprising the profit for the year and other comprehen-sive income. Proceeds on the purchase and sale of treas-ury shares and dividend from such shares are recognised in equity. The translation reserve is comprised of Maersk\u2019s share of accumulated exchange rate differences arising on translation from functional currency into presentation currency. The reserve for other equity investments is com-prised of accumulated changes in the fair value of equity investments (at FVOCI), net of tax. Reserves for hedges includes the accumulated fair value change of derivatives qualifying for cash flow hedge accounting, less amounts already reclassified to the income statement or trans-ferred as basis adjustments, net of tax, as well as forward points and currency basis spread.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__160": {
"value": "Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December2024 FromAddi- Dis-Foreign Other 2025financingtionsposalsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 926 363 23 - 33 - 1,345Issued bonds 4,139 60 - - 335 24 4,558Total borrowings 5,065 423 23 - 368 24 5,903Classified as non- current 4,539 4,803Classified as current 526 1,100Leases:Lease liabilities 11,412 -3,504 5,128 -354 335 - 13,017Total leases 11,412 -3,504 5,128 -354 335 - 13,017Classified as non- current 8,728 9,941Classified as current 2,684 3,076Total borrowings and leases 16,477 -3,081 5,151 -354 703 24 18,920Derivatives hedge of borrowings, net 435 -125 - - -335 23 -2Issued bonds include green bonds of USD 3.0bn (USD 2.4bn), while bank and other credit institutions include green loans of USD 752m (USD 287m), primarily used to finance investments in dual-fuel vessels, electrified material-handling equipment and construction of low-emission buildings. Other includes fair value changes and amortisation of fees. Cash flows from financing activities related to total borrowings include repayments of borrowings of negative USD 926m (negative USD 705m), adjusted for cash flows from hedges of USD 119m (USD 0m) and proceeds from borrowings of USD 1.2bn (USD 1.6bn), adjusted for borrowings associated with assets held for sale of USD 0m (USD 615m). The maturity analysis of lease liabilities is disclosed in note 4.4 Financial instruments and risks. Net debt Cash flows Non-cash changes Net debt 31 December31 December2023 FromOther Addi- Dis-Foreign Other 2024financingtionsposalsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 973 -28 15 - - -34 - 926Issued bonds 3,393 875 - - - -153 24 4,139Total borrowings 4,366 847 15 - - -187 24 5,065Classified as non- current 4,169 4,539Classified as current 197 526Leases:Lease liabilities 10,448 -3,046 - 4,609 -389 -210 - 11,412Total leases 10,448 -3,046 - 4,609 -389 -210 - 11,412Classified as non- current 7,798 8,728Classified as current 2,650 2,684Total borrowings and leases 14,814 -2,199 15 4,609 -389 -397 24 16,477Derivatives hedge of borrowings, net 352 -4 - - - 154 -67 435 MATERIAL ACCOUNTING POLICIES Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component. Lease liabilities are measured at the present value of the lease payments over the lease term, at the interest rate implicit in the lease, or at Maersk\u2019s incremental borrowing rate (IBR). Maersk\u2019s IBR reflects the Group\u2019s credit risk, leased amount, and contract duration, as well as the nature and quality of the asset\u2019s security and economic environment in which the leased assets operate. To determine the IBR, where possible, Maersk uses recent third-party financing received by the individual lessee as a starting point, with adjustments to reflect changes in financing conditions since that financing was received. Where such financing is not available, Maersk uses a build-up approach that starts with a risk-free interest rate adjusted by credit risk and specific risks faced by the lessee such as asset type, geographical risks, etc. Subsequently, the lease liability is measured at amor-tised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period, using the IBR that was used to discount the lease payments.The following lease payments are included in the net present value:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payments that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and pay-ments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.Extension and termination options in lease contracts are included in contracts where it is reasonably certain that Maersk will exercise the options. These terms are used to maximise operational flexibility in terms of managing contracts. In determining the lease term, Management considers all facts and circumstances that create an eco-nomic incentive to exercise an extension option or to not exercise a termination option. Most of the extension and termination options held are exercisable only by Maersk and not by the respective lessor. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment, and which is within the control of the lessee. Where Maersk will probably exercise specific purchase options, those options are included in the measurement of the lease liability with corresponding right-of-use asset depreci-ated over the asset\u2019s useful life rather than lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__159-1": {
"value": "Note 4.2 Borrowings and lease liability reconciliationNet debt Cash flows Non-cash changes Net debt 31 December31 December2024 FromAddi- Dis-Foreign Other 2025financingtionsposalsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 926 363 23 - 33 - 1,345Issued bonds 4,139 60 - - 335 24 4,558Total borrowings 5,065 423 23 - 368 24 5,903Classified as non- current 4,539 4,803Classified as current 526 1,100Leases:Lease liabilities 11,412 -3,504 5,128 -354 335 - 13,017Total leases 11,412 -3,504 5,128 -354 335 - 13,017Classified as non- current 8,728 9,941Classified as current 2,684 3,076Total borrowings and leases 16,477 -3,081 5,151 -354 703 24 18,920Derivatives hedge of borrowings, net 435 -125 - - -335 23 -2Issued bonds include green bonds of USD 3.0bn (USD 2.4bn), while bank and other credit institutions include green loans of USD 752m (USD 287m), primarily used to finance investments in dual-fuel vessels, electrified material-handling equipment and construction of low-emission buildings. Other includes fair value changes and amortisation of fees. Cash flows from financing activities related to total borrowings include repayments of borrowings of negative USD 926m (negative USD 705m), adjusted for cash flows from hedges of USD 119m (USD 0m) and proceeds from borrowings of USD 1.2bn (USD 1.6bn), adjusted for borrowings associated with assets held for sale of USD 0m (USD 615m). The maturity analysis of lease liabilities is disclosed in note 4.4 Financial instruments and risks. Net debt Cash flows Non-cash changes Net debt 31 December31 December2023 FromOther Addi- Dis-Foreign Other 2024financingtionsposalsexchange activitiesmove- mentsBorrowings:Bank and other credit institutions 973 -28 15 - - -34 - 926Issued bonds 3,393 875 - - - -153 24 4,139Total borrowings 4,366 847 15 - - -187 24 5,065Classified as non- current 4,169 4,539Classified as current 197 526Leases:Lease liabilities 10,448 -3,046 - 4,609 -389 -210 - 11,412Total leases 10,448 -3,046 - 4,609 -389 -210 - 11,412Classified as non- current 7,798 8,728Classified as current 2,650 2,684Total borrowings and leases 14,814 -2,199 15 4,609 -389 -397 24 16,477Derivatives hedge of borrowings, net 352 -4 - - - 154 -67 435Note 5.5 Cash flow specifications2025 2024Change in working capitalTrade receivables 505 -754Other working capital movements 225 322Exchange rate adjustment of working capital -178 121Total 552 -311Purchase of intangible assets and property, plant and equipmentAdditions -9,976 -9,356Of which is right-of-use assets, etc. 5,090 4,601Of which is borrowing costs capitalised on assets 146 105Adjustments of additions for cash flow presentation 44 122Change in payables to suppliers regarding purchase of assets, etc. -103 327Total -4,799 -4,201Additions include intangible assets of USD 378m (USD 260m), property, plant and equipment of USD 4.5bn (USD 4.4bn), right-of-use assets of USD 5.1bn (USD 4.6bn) and assets held for sale of USD 0m (USD 44m). SIGNIFICANT ACCOUNTING JUDGEMENTS Operations in countries with limited access to repatriating surplus cashMaersk operates worldwide and, in this respect, has operations in countries where the ability to repatriate surplus cash is complicated and time consuming. In these countries, Management makes judgements as to whether these cash positions can be recognised as cash and cash equivalents. MATERIAL ACCOUNTING POLICIES Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered a non-cash item, and the actual pay-ments of these borrowing costs are included in cash flow from financing activities. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of Maersk\u2019s cash management. It also includes investments in money market funds (MMFs) that provide same-day liquidity, are readily convertible to known amounts of cash and carry an insignificant risk of changes in value. MMFs are measured at fair value through profit or loss under IFRS 9 but presented as cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__164": {
"value": "Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__161": {
"value": "Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Fixed interest loans subject to fair value hedge accounting are measured at amortised cost with an adjustment for the fair value of the hedged interest component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__166": {
"value": "Pension obligations are the net liabilities of defined benefit obligations and the dedicated assets adjusted for the effect of minimum funding and asset ceiling re-quirements. Plans with a funding surplus are presented as net assets on the balance sheet. The defined benefit obligations are measured at the present value of ex-pected future payments to be made in respect of services provided by employees up to the balance sheet date. Plan assets are measured at fair value. The pension cost charged to the income statement consists of calculated amounts for vested benefits and interest in addition to settlement of gains or losses, etc. Interest on plan assets is calculated at the same rates as used for discounting the obligations. Actuarial gains/losses are recognised in other comprehensive income. Pension plans where A.P. Moller - Maersk, as part of col-lective bargaining agreements, participates together with other enterprises \u2013 so called multi-employer plans \u2013 are treated as other pension plans in the financial statements. Defined benefit multi-employer plans, where sufficient information to apply defined benefit accounting is not available, are treated as defined contribution plans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__172": {
"value": "Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2025. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2025. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards and cross-currency swaps to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon.\u2022 Significant capital commitments or divestments in currencies other than USD are hedged.\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). For hedges related to operating cash flows, a gain of USD 136m (loss of USD 127m) is recognised in other comprehensive income, and the cash flow hedge reserve amounted to a gain of USD 52m at 31 December 2025 (loss of USD 84m). For hedges where the cost of hedging is applied, the forward points are recognised in other comprehensive income and trans-ferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.14 (EUR/USD 1.13). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.18 (EUR/USD 1.18) and USD/NOK 8.28 (USD/NOK 8.25).Derivatives recognised at fair value in the balance sheet 2025 2024Non-current receivables 93 2Current receivables 102 47Non-current liabilities 30 333Current liabilities 82 225Liabilities, net -83 509Hedge of operating cash flows Fair value, Fair value, Nominal Average in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2025EUR 17 4 1,004 EUR/USD 1.17DKK 3 1 261 USD/DKK 6.36CNY 5 - 225 USD/CNY 7.02BRL 6 4 232 USD/BRL 5.86Other currencies 36 6 1,554 N/ATotal 67 152024EUR 7 36 1,006 EUR/USD 1.08DKK 1 10 247 USD/DKK 6.84CNY 2 3 239 USD/CNY 7.12BRL - 19 223 USD/BRL 5.85Other currencies 13 39 1,362 N/ATotal 23 107Fair valueOther hedges recognised at fair value through profit and loss 2025 2024Currency derivatives 6 14Total 6 14The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact. The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2025 2024 2025 2024DKK 20 63 -3 41EUR 14 50 -80 -40Other -94 16 -264 -137Total -60 129 -347 -136Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge assetliabilityof hedged hedging rateInterest rate hedging deriva-iteminstru-of borrowingstivement2025Combined fair value hedge, hedge of borrowingsEUR 21 37 829 441 - 388 2 -11 5.5%NOK - 5 23 23 - - - - 6.3%Fair value hedge, hedge of borrowingsUSD 6 22 650 - 400 250 17 -16 6.1%Cash flow hedge, hedge of borrowingsEUR 62 23 2,581 441 82 2,058 - -32 4.2%USD - - 20 - - 20 - - 3.1%Total 89 87 4,103 905 482 2,716 19 -592024Combined fair value hedge, hedge of borrowingsEUR - 112 737 - 392 345 -6 -14 6.2%GBP - 21 88 88 - - 1 -3 6.9%JPY - 26 79 79 - - - -1 6.2%NOK - 85 194 - 194 - 8 -12 6.9%Fair value hedge, hedge of borrowingsUSD - 39 650 - 400 250 39 -39 6.8%Cash flow hedge, hedge of borrowingsEUR - 120 1,698 - 392 1,306 - -26 4.2%GBP - 33 160 160 - - - 1 4.6%USD 1 - 36 10 26 - - 1 2.8%Total 1 436 3,642 337 1,404 1,901 42 -93The Group has most of its debt denominated in USD and EUR, but part of the debt (e.g. issued bonds) is in other currencies such as NOK. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December 2025 was 55% (51%), excluding IFRS 16 Leases.A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 162m (positively by USD 161m) and positively by approx. USD 119m (positively by USD 121m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value and cash flow hedging is applied when cross-currency swaps are entered into to swap fixed-rate debt denominated in currencies other than USD into floating rate USD. Each hedge relationship is split into a fair value hedge of the benchmark interest rate component and a foreign currency hedge of the implied credit margin. The change in the currency basis spread is treated as a cost of hedging and transferred to the income statement over the term of the hedge relationship. The carrying amount of bonds is adjusted with the fair value change of the bonds attributable to the benchmark interest rate and is adjusted and recognised in the income statement together with the fair value change of the swap attributable to the change in the interest benchmark rate. Value changes attributable to the credit margin are recognised in other com-prehensive income and included in the cash flow hedging reserve. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 2m (USD 0m). An economic relationship is established through critical terms match. The source of ineffectiveness is the credit risk of the hedging instruments. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to USD 9m (USD 0m).Borrowings and lease liabilities by interest rate Carrying Next interest rate fixinglevels inclusive of interest rate swapsamount0-1 year 1-5 years 5- years20250-3% 1,074 250 137 6873-6% 12,658 2,818 3,608 6,2326%- 5,188 879 1,503 2.806Total 18,920 3,947 5,248 9,725Of which:Bearing fixed interest 16,455Bearing floating interest 2,46520240-3% 1,370 544 279 5473-6% 9,428 2,133 2,533 4,7626%- 5,679 2,830 1,692 1,157Total 16,477 5,507 4,504 6,466Of which:Bearing fixed interest 14,120Bearing floating interest 2,357Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsthousand price per durationmetric tonnesmetric tonne2025Oil swaps -893 0-1 year 21 18 3 Buy 11,468 395 -282 -280 -2 Sell -12,361 375 303 298 5 Oil futures -382 0-1 year 2 1 1 Buy 258 386 - - - Sell -640 391 2 1 1 Total -1,275 23 19 42024Oil swaps -1,221 0-1 year 1 0 1Buy 11,885 456 123 113 10Sell -13,106 485 -122 -113 -9Oil futures -284 0-1 year -5 -5 - Buy 26 524 0 0 - Sell -310 491 -5 -5 - Total -1,505 -4 -5 1The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2025, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to a +/-10% change in the oil price, all else being equal is estimated to have a symmetrical impact with immaterial difference on profit and equity before tax negatively by approx. USD 46m (USD 62m) with an increase and decrease leading to a positive impact of the same magnitude. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__177-1": {
"value": "Note 4.4 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2025 2024Hedging foreign exchange risk on revenue -2 -4Hedging foreign exchange risk on operating costs 101 -50Hedging interest rate risk -35 -32Total effective hedging 64 -86Ineffectiveness recognised in financial expenses -3 1Total reclassified from equity reserve for hedges 61 -85Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 510 -129Interest rate derivatives recognised directly in financial income/expenses 17 23Oil prices and freight rate derivatives recognised directly in other income/costs 1 -32Net gains/losses recognised directly in the income statement 528 -138Total 589 -223The Group\u2019s derivatives are presented at fair value in the balance sheet.The Group\u2019s activities expose it to a variety of financial risks:\u2022 Market risks, i.e., currency risk, interest rate risk and oil price risk\u2022 Credit risk\u2022 Liquidity riskThe Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by a central finance department under policies approved by the Board of Directors.The finance department identifies, evaluates and hedges financial risks in close cooperation with the Group\u2019s entities. Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s profit or the value of its holdings of financial instruments. The sensitivity analyses in the currency risk and interest rate risk sections relate to the position of financial instruments at 31 December 2025. The sensitivity analyses for currency risk and interest rate risk have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies remain unchanged from hedge designations in place at 31 December 2025. Furthermore, it is assumed that the exchange rate and interest rate sensitivities have a symmetric impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. The sensitivity analyses show the effect on profit and equity of a reasonably possible change in exchange rates and interest rates. Hedges comprise primarily currency derivatives and interest rate derivatives, which are further described in the following sections.Currency riskThe Group\u2019s currency risk relates to the fact that while income from Ocean activities is denominated mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as EUR, DKK, CNY and BRL. As the net income is in USD, this is also the primary financing currency. Income and expenses from other activities including Terminals are mainly denominated in local currencies, thus reducing the Group\u2019s exposure to these currencies. The main purpose of hedging the Group\u2019s currency risk is to hedge the USD value of the Group\u2019s net cash flow and reduce fluctuations in the Group\u2019s profit. The Group uses various financial derivatives, including forwards and cross-currency swaps to hedge these risks. The key aspects of the currency hedging policy are:\u2022 Net cash flows in significant currencies other than USD are hedged using a layered model with a 12-month horizon.\u2022 Significant capital commitments or divestments in currencies other than USD are hedged.\u2022 Most non-USD debt is hedged, however, depending on the asset-liability match and the currency of the generated cash flow.Currency derivatives hedge future revenue, operating costs and investments/divestments, and are recognised on an ongoing basis in the income statement and the cost of property, plant and equipment, respectively. There is not any proxy hedging for the currency risk hedging, and therefore the economic relationship between the hedged exposure and the hedge is high. Effectiveness is assessed using the critical terms match approach according to IFRS 9. Hedges of future revenue and operating costs matures within a year (matures within a year). For hedges related to operating cash flows, a gain of USD 136m (loss of USD 127m) is recognised in other comprehensive income, and the cash flow hedge reserve amounted to a gain of USD 52m at 31 December 2025 (loss of USD 84m). For hedges where the cost of hedging is applied, the forward points are recognised in other comprehensive income and trans-ferred with the effective hedge when the hedged transaction occurs. The cost of hedging reserve amounts to USD 0m (USD 0m). There was no ineffectiveness (no ineffectiveness). Besides the designated cash flow hedges in the table, the Group uses derivatives to hedge currency exposures that do not qualify for hedge accounting. These derivatives are classified as fair value through profit or loss. The average FX hedge rates for swaps in cash flow hedge were EUR/USD 1.14 (EUR/USD 1.13). The average FX hedge rates for swaps in combined fair value hedge were EUR/USD 1.18 (EUR/USD 1.18) and USD/NOK 8.28 (USD/NOK 8.25).Derivatives recognised at fair value in the balance sheet 2025 2024Non-current receivables 93 2Current receivables 102 47Non-current liabilities 30 333Current liabilities 82 225Liabilities, net -83 509Hedge of operating cash flows Fair value, Fair value, Nominal Average in foreign currenciesassetliabilityamount of hedge ratederivativeMain currencies hedged2025EUR 17 4 1,004 EUR/USD 1.17DKK 3 1 261 USD/DKK 6.36CNY 5 - 225 USD/CNY 7.02BRL 6 4 232 USD/BRL 5.86Other currencies 36 6 1,554 N/ATotal 67 152024EUR 7 36 1,006 EUR/USD 1.08DKK 1 10 247 USD/DKK 6.84CNY 2 3 239 USD/CNY 7.12BRL - 19 223 USD/BRL 5.85Other currencies 13 39 1,362 N/ATotal 23 107Fair valueOther hedges recognised at fair value through profit and loss 2025 2024Currency derivatives 6 14Total 6 14The Group\u2019s sensitivity to an increase in the USD exchange rate of 10% against all other significant currencies to which the Group is exposed is estimated to have the following symmetrical impact. The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression of the Group\u2019s total currency risk.Profit before tax Equity before taxCurrency sensitivity for financial instruments 2025 2024 2025 2024DKK 20 63 -3 41EUR 14 50 -80 -40Other -94 16 -264 -137Total -60 129 -347 -136Interest rate riskMaturityFair Fair Nominal 0-1 year 2-5 years 5- years Gain/loss Gain/loss Average value, value, amount on on hedge assetliabilityof hedged hedging rateInterest rate hedging deriva-iteminstru-of borrowingstivement2025Combined fair value hedge, hedge of borrowingsEUR 21 37 829 441 - 388 2 -11 5.5%NOK - 5 23 23 - - - - 6.3%Fair value hedge, hedge of borrowingsUSD 6 22 650 - 400 250 17 -16 6.1%Cash flow hedge, hedge of borrowingsEUR 62 23 2,581 441 82 2,058 - -32 4.2%USD - - 20 - - 20 - - 3.1%Total 89 87 4,103 905 482 2,716 19 -592024Combined fair value hedge, hedge of borrowingsEUR - 112 737 - 392 345 -6 -14 6.2%GBP - 21 88 88 - - 1 -3 6.9%JPY - 26 79 79 - - - -1 6.2%NOK - 85 194 - 194 - 8 -12 6.9%Fair value hedge, hedge of borrowingsUSD - 39 650 - 400 250 39 -39 6.8%Cash flow hedge, hedge of borrowingsEUR - 120 1,698 - 392 1,306 - -26 4.2%GBP - 33 160 160 - - - 1 4.6%USD 1 - 36 10 26 - - 1 2.8%Total 1 436 3,642 337 1,404 1,901 42 -93The Group has most of its debt denominated in USD and EUR, but part of the debt (e.g. issued bonds) is in other currencies such as NOK. The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting expectations and risks. Interest rate risk is managed within a range set for the percentage of gross debt carrying fixed interest, net of hedging. The level at 31 December 2025 was 55% (51%), excluding IFRS 16 Leases.A general increase in interest rates by 1 percentage point is estimated, all else being equal, to affect profit before tax and equity, excluding tax effect, positively by approx. USD 162m (positively by USD 161m) and positively by approx. USD 119m (positively by USD 121m), respectively. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The hedging of the interest rate risk is done by cross-currency swaps and interest rate swaps. The hedging is a mix of fair value hedging, combined fair value hedging and cash flow hedging. Combined fair value and cash flow hedging is applied when cross-currency swaps are entered into to swap fixed-rate debt denominated in currencies other than USD into floating rate USD. Each hedge relationship is split into a fair value hedge of the benchmark interest rate component and a foreign currency hedge of the implied credit margin. The change in the currency basis spread is treated as a cost of hedging and transferred to the income statement over the term of the hedge relationship. The carrying amount of bonds is adjusted with the fair value change of the bonds attributable to the benchmark interest rate and is adjusted and recognised in the income statement together with the fair value change of the swap attributable to the change in the interest benchmark rate. Value changes attributable to the credit margin are recognised in other com-prehensive income and included in the cash flow hedging reserve. Ineffectiveness from cash flow hedges due to buy-back of issued bonds is recognised in the income statement with a cost of USD 2m (USD 0m). An economic relationship is established through critical terms match. The source of ineffectiveness is the credit risk of the hedging instruments. If the hedged transaction is prepaid, the change in basis spread will be recognised in profit or loss as ineffectiveness. The cost of hedging reserve amounts to USD 9m (USD 0m).Borrowings and lease liabilities by interest rate Carrying Next interest rate fixinglevels inclusive of interest rate swapsamount0-1 year 1-5 years 5- years20250-3% 1,074 250 137 6873-6% 12,658 2,818 3,608 6,2326%- 5,188 879 1,503 2.806Total 18,920 3,947 5,248 9,725Of which:Bearing fixed interest 16,455Bearing floating interest 2,46520240-3% 1,370 544 279 5473-6% 9,428 2,133 2,533 4,7626%- 5,679 2,830 1,692 1,157Total 16,477 5,507 4,504 6,466Of which:Bearing fixed interest 14,120Bearing floating interest 2,357Oil price riskMaturityQuantity, Average trade Average Fair value 0-3 months 4-12 monthsthousand price per durationmetric tonnesmetric tonne2025Oil swaps -893 0-1 year 21 18 3 Buy 11,468 395 -282 -280 -2 Sell -12,361 375 303 298 5 Oil futures -382 0-1 year 2 1 1 Buy 258 386 - - - Sell -640 391 2 1 1 Total -1,275 23 19 42024Oil swaps -1,221 0-1 year 1 0 1Buy 11,885 456 123 113 10Sell -13,106 485 -122 -113 -9Oil futures -284 0-1 year -5 -5 - Buy 26 524 0 0 - Sell -310 491 -5 -5 - Total -1,505 -4 -5 1The majority of the Group\u2019s trading of commodity products is related to inventory stocks of crude oil and bunker oil, as the products are bought in larger quantities and stored for processing and re-sale. The oil price risk arising from these oil price exposures is mitigated by entering into commodity derivative agreements. The overall exposure limit is set in the Group\u2019s risk policy, defining a maximum net open position for the Group. On 31 December 2025, the Group entered into oil derivative positions as shown in the table. The Group\u2019s sensitivity to a +/-10% change in the oil price, all else being equal is estimated to have a symmetrical impact with immaterial difference on profit and equity before tax negatively by approx. USD 46m (USD 62m) with an increase and decrease leading to a positive impact of the same magnitude. The sensitivities are based on the impact of financial instruments that are outstanding at the balance sheet date.Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged transactions are recognised. The effective portion of changes in the value of deriva-tive financial instruments used to hedge the value of rec-ognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and rec-ognised in other comprehensive income and deferred in equity until realisation.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__169": {
"value": "Note 4.4 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2025 2024Hedging foreign exchange risk on revenue -2 -4Hedging foreign exchange risk on operating costs 101 -50Hedging interest rate risk -35 -32Total effective hedging 64 -86Ineffectiveness recognised in financial expenses -3 1Total reclassified from equity reserve for hedges 61 -85Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 510 -129Interest rate derivatives recognised directly in financial income/expenses 17 23Oil prices and freight rate derivatives recognised directly in other income/costs 1 -32Net gains/losses recognised directly in the income statement 528 -138Total 589 -223",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__168": {
"value": "Note 4.4 Financial instruments and risksThe gain/losses of the derivatives are recognised as follows: 2025 2024Hedging foreign exchange risk on revenue -2 -4Hedging foreign exchange risk on operating costs 101 -50Hedging interest rate risk -35 -32Total effective hedging 64 -86Ineffectiveness recognised in financial expenses -3 1Total reclassified from equity reserve for hedges 61 -85Derivatives accounted for as held for trading:Currency derivatives recognised directly in financial income/expenses 510 -129Interest rate derivatives recognised directly in financial income/expenses 17 23Oil prices and freight rate derivatives recognised directly in other income/costs 1 -32Net gains/losses recognised directly in the income statement 528 -138Total 589 -223",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__173": {
"value": "Credit riskMaturity analysis of trade receivables 2025 2024Receivables not due 4,264 4,331Less than 90 days overdue 994 1,33091-365 days overdue 185 292More than 1 year overdue 94 161Receivables, gross 5,537 6,114Provision for bad debt 231 265Carrying amount 5,306 5,849The loss allowance provision for trade receivables as at 31 December 2025 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2025 20241 January 265 226Provision made 302 363Amount used 231 114Amount reversed 113 205Acquired in business combinations 2 - Exchange rate adjustments and others 6 -531 December 231 265Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 37% (55%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__174": {
"value": "The loss allowance provision for trade receivables as at 31 December 2025 reconciles to the opening loss allowance as follows:Change in provision for bad debt 2025 20241 January 265 226Provision made 302 363Amount used 231 114Amount reversed 113 205Acquired in business combinations 2 - Exchange rate adjustments and others 6 -531 December 231 265Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 37% (55%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__175": {
"value": "Trade receivablesThe Group has exposure to financial and commercial counterparties but has no particular concentration of customers or suppliers. To minimise the credit risk, financial vetting is undertaken for all major customers and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions and key commercial counterparties. The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. In accordance with IFRS 9, non-due trade receivables have also been considered for impairment. Approximately 37% (55%) of the provision for bad debt is related to trade receivables overdue by more than one year.Other financial assets at amortised costOther financial assets at amortised cost comprise loans receivable, finance lease receivables and other receivables. These financial assets are considered to have low credit risk, and thus the impairment provision calculated based on 12 months of expected losses is considered immaterial. The financial assets are considered to be low risk when they have a low risk of default, and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.Financial institutionsDeposits and bank balances are primarily held in relationship banks with a credit rating of at least A-. No individual expo-sure is above 10%. Maersk has ISDA agreements for trading of derivatives, under which the Group has a right to net settle-ment in the event of certain credit events. This results in the credit risk being limited to the net position per counterparty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__183": {
"value": "For information about cash and bank balances in countries with exchange control or other restrictions, refer to the consolidated cash flow statement and note 5.5 cash flow specifications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__182": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged transactions are recognised. The effective portion of changes in the value of deriva-tive financial instruments used to hedge the value of rec-ognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and rec-ognised in other comprehensive income and deferred in equity until realisation.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__181": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged transactions are recognised. The effective portion of changes in the value of deriva-tive financial instruments used to hedge the value of rec-ognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and rec-ognised in other comprehensive income and deferred in equity until realisation.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__180": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged transactions are recognised. The effective portion of changes in the value of deriva-tive financial instruments used to hedge the value of rec-ognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and rec-ognised in other comprehensive income and deferred in equity until realisation.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__178": {
"value": "Derivative financial instruments are recognised on the trading date and measured at fair value using generally acknowledged valuation techniques based on relevant observable swap curves and exchange rates. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. At that time, the accumulated gains/losses are transferred to the items in which the hedged transactions are recognised. The effective portion of changes in the value of deriva-tive financial instruments used to hedge the value of rec-ognised financial assets and liabilities is recognised in the income statement together with changes in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship. Currency basis spread and forward points are considered a cost of hedging and rec-ognised in other comprehensive income and deferred in equity until realisation.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instru-ments, which do not qualify for hedge accounting, are recognised in the income statement as financial income or expenses for interest and currency-based instruments, and as other income/costs for oil price hedges and for-ward freight agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__190": {
"value": "Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy. The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy. Investments in money market funds (MMFs) are also within level 2, valued using the daily published net asset value (NAV) with observable underlying prices, but there is no active market quote for the fund units. The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.Other equity investments (FVOCI)The Group has investments in equity shares of both listed and non-listed companies. The Group holds non-controlling interests (between 0.1% and 15%) in these companies. These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__189": {
"value": "Note 4.5 Financial instruments by category3Carrying amount Fair value2025 2024 2025 2024Carried at amortised costLoan receivables 11,204 15,999 11,217 16,020Lease receivables 227 31Other interest-bearing receivables and deposits 115 100Trade receivables 5,306 5,849Other receivables (non-interest-bearing) 3,205 3,557Cash and bank balances 9,042 6,575Financial assets at amortised cost 29,099 32,111Derivatives 195 49Carried at fair value through other comprehensive income1Equity investments (FVOCI)281 3592Securities1,277 1,580Financial assets at fair value through OCI 1,558 1,939Total financial assets 30,852 34,099Carried at amortised costBank and other credit institutions 1,345 926 1,346 937Lease liabilities 13,017 11,412Issued bonds 4,558 4,139 4,611 4,187Trade payables 6,847 6,698Other payables 1,523 1,676Financial liabilities at amortised cost 27,290 24,851Derivatives 112 558Carried at fair valueOther payables 17 11Financial liabilities at fair value 17 11Total financial liabilities 27,419 25,4201 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__187-1": {
"value": "Note 4.5 Financial instruments by category3Carrying amount Fair value2025 2024 2025 2024Carried at amortised costLoan receivables 11,204 15,999 11,217 16,020Lease receivables 227 31Other interest-bearing receivables and deposits 115 100Trade receivables 5,306 5,849Other receivables (non-interest-bearing) 3,205 3,557Cash and bank balances 9,042 6,575Financial assets at amortised cost 29,099 32,111Derivatives 195 49Carried at fair value through other comprehensive income1Equity investments (FVOCI)281 3592Securities1,277 1,580Financial assets at fair value through OCI 1,558 1,939Total financial assets 30,852 34,099Carried at amortised costBank and other credit institutions 1,345 926 1,346 937Lease liabilities 13,017 11,412Issued bonds 4,558 4,139 4,611 4,187Trade payables 6,847 6,698Other payables 1,523 1,676Financial liabilities at amortised cost 27,290 24,851Derivatives 112 558Carried at fair valueOther payables 17 11Financial liabilities at fair value 17 11Total financial liabilities 27,419 25,4201 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__186": {
"value": "Note 4.5 Financial instruments by category3Carrying amount Fair value2025 2024 2025 2024Carried at amortised costLoan receivables 11,204 15,999 11,217 16,020Lease receivables 227 31Other interest-bearing receivables and deposits 115 100Trade receivables 5,306 5,849Other receivables (non-interest-bearing) 3,205 3,557Cash and bank balances 9,042 6,575Financial assets at amortised cost 29,099 32,111Derivatives 195 49Carried at fair value through other comprehensive income1Equity investments (FVOCI)281 3592Securities1,277 1,580Financial assets at fair value through OCI 1,558 1,939Total financial assets 30,852 34,099Carried at amortised costBank and other credit institutions 1,345 926 1,346 937Lease liabilities 13,017 11,412Issued bonds 4,558 4,139 4,611 4,187Trade payables 6,847 6,698Other payables 1,523 1,676Financial liabilities at amortised cost 27,290 24,851Derivatives 112 558Carried at fair valueOther payables 17 11Financial liabilities at fair value 17 11Total financial liabilities 27,419 25,4201 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2025 335 - 335 11 11Additions 4 - 4 - - Disposals 11 - 11 - - Gains/losses recognised in the income statement - - - -10 -10Gains/losses recognised in other comprehensive income -79 - -79 15 15Transfers 8 - 8 - - Exchange rate adjustments, etc. - - - 1 1Carrying amount 31 December 2025 257 - 257 17 17Carrying amount 1 January 2024 377 - 377 16 16Additions 23 - 23 - - Disposals 1 - 1 - - Gains/losses recognised in the income statement - - - -5 -5Gains/losses recognised in other comprehensive income -64 - -64 - - Carrying amount 31 December 2024 335 - 335 11 11Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy. The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy. Investments in money market funds (MMFs) are also within level 2, valued using the daily published net asset value (NAV) with observable underlying prices, but there is no active market quote for the fund units. The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.Other equity investments (FVOCI)The Group has investments in equity shares of both listed and non-listed companies. The Group holds non-controlling interests (between 0.1% and 15%) in these companies. These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__185": {
"value": "Note 4.5 Financial instruments by category3Carrying amount Fair value2025 2024 2025 2024Carried at amortised costLoan receivables 11,204 15,999 11,217 16,020Lease receivables 227 31Other interest-bearing receivables and deposits 115 100Trade receivables 5,306 5,849Other receivables (non-interest-bearing) 3,205 3,557Cash and bank balances 9,042 6,575Financial assets at amortised cost 29,099 32,111Derivatives 195 49Carried at fair value through other comprehensive income1Equity investments (FVOCI)281 3592Securities1,277 1,580Financial assets at fair value through OCI 1,558 1,939Total financial assets 30,852 34,099Carried at amortised costBank and other credit institutions 1,345 926 1,346 937Lease liabilities 13,017 11,412Issued bonds 4,558 4,139 4,611 4,187Trade payables 6,847 6,698Other payables 1,523 1,676Financial liabilities at amortised cost 27,290 24,851Derivatives 112 558Carried at fair valueOther payables 17 11Financial liabilities at fair value 17 11Total financial liabilities 27,419 25,4201 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2025 335 - 335 11 11Additions 4 - 4 - - Disposals 11 - 11 - - Gains/losses recognised in the income statement - - - -10 -10Gains/losses recognised in other comprehensive income -79 - -79 15 15Transfers 8 - 8 - - Exchange rate adjustments, etc. - - - 1 1Carrying amount 31 December 2025 257 - 257 17 17Carrying amount 1 January 2024 377 - 377 16 16Additions 23 - 23 - - Disposals 1 - 1 - - Gains/losses recognised in the income statement - - - -5 -5Gains/losses recognised in other comprehensive income -64 - -64 - - Carrying amount 31 December 2024 335 - 335 11 11Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy. The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy. Investments in money market funds (MMFs) are also within level 2, valued using the daily published net asset value (NAV) with observable underlying prices, but there is no active market quote for the fund units. The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.Other equity investments (FVOCI)The Group has investments in equity shares of both listed and non-listed companies. The Group holds non-controlling interests (between 0.1% and 15%) in these companies. These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__184": {
"value": "Note 4.5 Financial instruments by category3Carrying amount Fair value2025 2024 2025 2024Carried at amortised costLoan receivables 11,204 15,999 11,217 16,020Lease receivables 227 31Other interest-bearing receivables and deposits 115 100Trade receivables 5,306 5,849Other receivables (non-interest-bearing) 3,205 3,557Cash and bank balances 9,042 6,575Financial assets at amortised cost 29,099 32,111Derivatives 195 49Carried at fair value through other comprehensive income1Equity investments (FVOCI)281 3592Securities1,277 1,580Financial assets at fair value through OCI 1,558 1,939Total financial assets 30,852 34,099Carried at amortised costBank and other credit institutions 1,345 926 1,346 937Lease liabilities 13,017 11,412Issued bonds 4,558 4,139 4,611 4,187Trade payables 6,847 6,698Other payables 1,523 1,676Financial liabilities at amortised cost 27,290 24,851Derivatives 112 558Carried at fair valueOther payables 17 11Financial liabilities at fair value 17 11Total financial liabilities 27,419 25,4201 Designated at initial recognition in accordance with IFRS 9.2 Investments in bonds measured at fair value through OCI.3 Where no fair value is stated, the amount equals carrying amount.Movement during the year Other equityOther Total Other Total in level 3investmentsreceivablesfinancial payablesfinancial (FVOCI)assetsliabilitiesCarrying amount 1 January 2025 335 - 335 11 11Additions 4 - 4 - - Disposals 11 - 11 - - Gains/losses recognised in the income statement - - - -10 -10Gains/losses recognised in other comprehensive income -79 - -79 15 15Transfers 8 - 8 - - Exchange rate adjustments, etc. - - - 1 1Carrying amount 31 December 2025 257 - 257 17 17Carrying amount 1 January 2024 377 - 377 16 16Additions 23 - 23 - - Disposals 1 - 1 - - Gains/losses recognised in the income statement - - - -5 -5Gains/losses recognised in other comprehensive income -64 - -64 - - Carrying amount 31 December 2024 335 - 335 11 11Financial instruments measured at fair valueFinancial instruments measured at fair value can be divided into three levels:Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 \u2013 Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data.The fair value of listed securities is within level 1 of the fair value hierarchy. Non-listed shares and other securities are within level 3 of the fair value hierarchy. The fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives is within level 1 of the fair value hierarchy. Investments in money market funds (MMFs) are also within level 2, valued using the daily published net asset value (NAV) with observable underlying prices, but there is no active market quote for the fund units. The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows.A reasonably possible change in the discount rate is not estimated to affect the Group\u2019s profit or equity significantly.Financial instruments carried at amortised costThe fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not materially different from the carrying amount. In general, fair value is determined primarily based on the present value of expected future cash flows. Where a market price was available, however, this was deemed to be the fair value. The fair value of listed issued bonds is within level 1 of the fair value hierarchy. The fair value of the remaining borrowing items and financial assets are within level 2 of the fair value hierarchy and is calculated based on discounted future cash flows.Debt instruments (FVOCI)The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments and are included under Securities in the balance sheet. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the income statement and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss.Other equity investments (FVOCI)The Group has investments in equity shares of both listed and non-listed companies. The Group holds non-controlling interests (between 0.1% and 15%) in these companies. These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__194": {
"value": "Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2025 2024 2025 2024 2025 2024Intangible assets 16 41 554 552 538 511Property, plant and equipment 48 42 356 304 308 262Right-of-use assets 227 111 50 - -177 -111Provisions, etc. 363 270 75 90 -288 -180Tax loss carry-forwards 96 103 - - -96 -103Other 85 53 195 143 110 90Total 835 620 1.230 1,089 395 469Offsets -351 -255 -351 -255 - - Total 484 365 879 834 395 469Change in deferred tax, net, during the year 2025 20241 January 469 423Intangible assets 18 -2Property, plant and equipment 43 26Right-of-use assets -62 -8Provisions, etc. -98 13Tax loss carry-forwards 11 -29Other 11 49Recognised in the income statement -77 49Transfer to held for sale - - Other including business combinations 3 -331 December 395 469Unrecognised deferred tax assets 2025 2024Deductible temporary differences 58 103Tax loss carry-forwards 677 599Unused tax credits 11 9Total 746 711The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__196-1": {
"value": "Note 5.1 Tax and deferred tax2025 2024Tax recognised in the income statementCurrent tax on profits for the year 600 500Adjustment for current tax of prior periods -105 -9Utilisation of previously unrecognised deferred tax assets -2 -90Total current tax 493 401Origination and reversal of temporary differences 32 85Adjustment for deferred tax of prior periods 3 -70Recognition of previously unrecognised deferred tax assets -113 22Reassessment of recoverability of deferred tax assets, net 1 12Total deferred tax -77 49Total income tax 416 450Tonnage and freight tax 140 134Total tax expense 556 584Tax reconciliationProfit/loss before tax 3,471 6,816Profit/loss subject to Danish and foreign tonnage taxation, etc. -1,583 -5,283Share of profit/loss in joint ventures -222 -151Share of profit/loss in associated companies -281 -218Profit/loss before tax, adjusted 1,385 1,164Tax using the Danish corporation tax rate (22%) 305 257Tax rate deviations in foreign jurisdictions 43 103Pillar Two tax expenses 40 18Non-taxable income -20 -39Non-deductible expenses 24 55Adjustment to previous years\u2019 taxes -102 -79Change in recoverability of prior years\u2019 deferred tax assets -114 -56New deferred tax asset not recognised 114 34Withholding taxes 123 156Other differences, net 3 1Total income tax 416 450Effective tax rate 16.0% 8.6%Tax recognised in other comprehensive income and equity -11 -25Of which:Current tax -10 -24Deferred tax -1 -1Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2025 2024 2025 2024 2025 2024Intangible assets 16 41 554 552 538 511Property, plant and equipment 48 42 356 304 308 262Right-of-use assets 227 111 50 - -177 -111Provisions, etc. 363 270 75 90 -288 -180Tax loss carry-forwards 96 103 - - -96 -103Other 85 53 195 143 110 90Total 835 620 1.230 1,089 395 469Offsets -351 -255 -351 -255 - - Total 484 365 879 834 395 469Change in deferred tax, net, during the year 2025 20241 January 469 423Intangible assets 18 -2Property, plant and equipment 43 26Right-of-use assets -62 -8Provisions, etc. -98 13Tax loss carry-forwards 11 -29Other 11 49Recognised in the income statement -77 49Transfer to held for sale - - Other including business combinations 3 -331 December 395 469Unrecognised deferred tax assets 2025 2024Deductible temporary differences 58 103Tax loss carry-forwards 677 599Unused tax credits 11 9Total 746 711The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.Deferred tax assetsJudgement has been applied with respect to Maersk\u2019s ability to utilise deferred tax assets. Management con-siders the likelihood of utilisation based on the latest business plans and the recent financial performances of the individual entities. Net deferred tax assets recog-nised in entities having recognised an accounting loss in either the current or preceding period amount to USD 134m (USD 181m). These assets mainly relate to unused tax losses or deductible temporary differences generated during the construction of terminals, where taxable prof-its have been generated either in the current period or are expected to be generated within the foreseeable future.Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__192": {
"value": "Note 5.1 Tax and deferred tax2025 2024Tax recognised in the income statementCurrent tax on profits for the year 600 500Adjustment for current tax of prior periods -105 -9Utilisation of previously unrecognised deferred tax assets -2 -90Total current tax 493 401Origination and reversal of temporary differences 32 85Adjustment for deferred tax of prior periods 3 -70Recognition of previously unrecognised deferred tax assets -113 22Reassessment of recoverability of deferred tax assets, net 1 12Total deferred tax -77 49Total income tax 416 450Tonnage and freight tax 140 134Total tax expense 556 584Tax reconciliationProfit/loss before tax 3,471 6,816Profit/loss subject to Danish and foreign tonnage taxation, etc. -1,583 -5,283Share of profit/loss in joint ventures -222 -151Share of profit/loss in associated companies -281 -218Profit/loss before tax, adjusted 1,385 1,164Tax using the Danish corporation tax rate (22%) 305 257Tax rate deviations in foreign jurisdictions 43 103Pillar Two tax expenses 40 18Non-taxable income -20 -39Non-deductible expenses 24 55Adjustment to previous years\u2019 taxes -102 -79Change in recoverability of prior years\u2019 deferred tax assets -114 -56New deferred tax asset not recognised 114 34Withholding taxes 123 156Other differences, net 3 1Total income tax 416 450Effective tax rate 16.0% 8.6%Tax recognised in other comprehensive income and equity -11 -25Of which:Current tax -10 -24Deferred tax -1 -1Recognised deferred tax assets and liabilities are attributable to the following:Assets Liabilities Net liabilities2025 2024 2025 2024 2025 2024Intangible assets 16 41 554 552 538 511Property, plant and equipment 48 42 356 304 308 262Right-of-use assets 227 111 50 - -177 -111Provisions, etc. 363 270 75 90 -288 -180Tax loss carry-forwards 96 103 - - -96 -103Other 85 53 195 143 110 90Total 835 620 1.230 1,089 395 469Offsets -351 -255 -351 -255 - - Total 484 365 879 834 395 469Change in deferred tax, net, during the year 2025 20241 January 469 423Intangible assets 18 -2Property, plant and equipment 43 26Right-of-use assets -62 -8Provisions, etc. -98 13Tax loss carry-forwards 11 -29Other 11 49Recognised in the income statement -77 49Transfer to held for sale - - Other including business combinations 3 -331 December 395 469Unrecognised deferred tax assets 2025 2024Deductible temporary differences 58 103Tax loss carry-forwards 677 599Unused tax credits 11 9Total 746 711The unrecognised deferred tax assets have no significant time limitations. There are no substantial unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.Taxation of activitiesAs a global integrator of container logistics, Maersk generates profits from ocean, air and land-based activities. The land-based activities, which are subject to normal corporate income tax, include terminals, logistics, services and shipping agencies through which the Group operates one of the world\u2019s most comprehensive port and integrated logistics service networks. The logistics products include transportation, warehousing and distribution including cold storage, customs services and supply chain management services. This expanding land-based activity has prompted the estab-lishment and acquisition of entities in numerous countries. On the ocean, Maersk moves millions of TEUs every year and operates hundreds of vessels delivering cargo to every corner of the globe, including dry cargo commodities, refrigerated cargo and dangerous cargo. This ocean activity, which represents the vast majority of the Group\u2019s current revenues, may be subject to special shipping tax rules, including tonnage and freight taxes.Global Minimum Taxation (OECD Pillar Two)In an effort to end tax avoidance and to address concerns about the erosion of the global corporate tax base, a global framework for corporate taxation has been formed by the OECD/G20 Inclusive Framework. One of the key elements is to introduce a global minimum tax rate of 15%, based on group accounting income per jurisdiction. The minimum tax rules are designed as a hierarchy of the right to claim income tax. If the income is not subject to a minimum effective tax rate of 15% in the country where it is earned, then the remaining tax payment (top-up tax) can be picked up by another jurisdiction where the Group is active. For the Group, Denmark will add top-up tax if not applied locally as the ultimate parent entity of the Group, A.P. M\u00f8ller Holding A/S, is located in Denmark. The Danish implementation of Council Directive (EU) 2022/2523 of 14 December 2022 is effective from 1 January 2024. This means that Maersk\u2019s income is subject to the minimum tax rules for all jurisdictions via Danish implementation for the financial year 2024 and onwards. Because the Danish implementation covers the Group\u2019s global activities, it is not expected that other national implemen-tations will have a significant additional impact on the global tax payments of the Group. It may, however, have an impact on the location where potential top-up taxes will be paid. Three elements are key to understanding how the rules will impact the Group. 1) The Group does not set up artificial structures in low-tax jurisdictions for tax purposes or earn significant profits in such jurisdictions, which means that the Group\u2019s business structure itself is not impacted significantly by the rules, but some additional tax may become payable where services are provided in low-tax jurisdictions. 2) Tax incentives given to capital projects, such as critical infrastructure, will be considered less effective going forward as it will impact the effective tax rate and thereby the basis for potential top-up tax. 3) Although the rules exclude \u2018international shipping income\u2019, the definition is more restrictive than the global definitions usually applied under a tax treaty following the OECD Model Tax Convention or under Danish tonnage tax.For example, inland transportation is not a part of the international shipping income under the global Minimum Tax Rules. This is relevant for the part of the Group\u2019s land transport provided together with ocean transportation which is recognised as shipping income for tax treatment in the OECD Model Tax Convention. The Group still awaits further guidance on the application of the shipping income provision from the OECD Secretariat. Contrary to the purpose of the rules, top-up tax could be triggered by the shipping classification in years where shipping net income is negative. Due to the design of ton-nage taxation, the Group\u2019s effective tax rate fluctuates significantly depending on the yearly results. In accordance with the Global Minimum Taxation rules, the effective tax rate is calculated on a consolidated basis also including non-shipping activities in the individual countries. For 2025, the Group top-up tax expense amounted to USD 40m. The top-up tax expense globally amounted to USD 31m, which includes a prior year adjustment of a USD 9m benefit, and is included in total current tax reported. SIGNIFICANT ACCOUNTING ESTIMATES Deferred tax assetsJudgement has been applied with respect to Maersk\u2019s ability to utilise deferred tax assets. Management con-siders the likelihood of utilisation based on the latest business plans and the recent financial performances of the individual entities. Net deferred tax assets recog-nised in entities having recognised an accounting loss in either the current or preceding period amount to USD 134m (USD 181m). These assets mainly relate to unused tax losses or deductible temporary differences generated during the construction of terminals, where taxable prof-its have been generated either in the current period or are expected to be generated within the foreseeable future.Uncertain tax positionsMaersk is engaged in a number of disputes with tax authorities of varying scope. Appropriate provisions and recognition of uncertain tax positions have been made where the probability of the tax position being upheld in individual cases is considered less than 50%. Claims for which the probability of Maersk\u2019s tax position being upheld is assessed by Management to be at least 50%, are not provided for. Such risks are instead evaluated on a portfolio basis by geographical area and country risk. Provisions and uncertain tax liabilities are recognised when the aggregated probability of the tax position being upheld is considered less than 50%. MATERIAL ACCOUNTING POLICIES Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years\u2019 taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation. Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__195": {
"value": "Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years\u2019 taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__193": {
"value": "Tax comprises an estimate of current and deferred in-come tax as well as adjustments to previous years\u2019 taxes. Income tax is tax on taxable profits, and consists of corporation tax, withholding tax of dividends, etc. Tax is recognised in the income statement to the extent that it arises from items recognised in the income statement, including tax on gains on intra-group transactions that have been eliminated in the consolidation. Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__199": {
"value": "Deferred tax is calculated on temporary differences be-tween the carrying amounts and tax bases of assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets or liabilities, where at the time of the transaction neither accounting nor tax-able profit/loss is affected, unless the differences arise in a business combination. In addition, no deferred tax is recognised for undistributed earnings in subsidiaries, when Maersk controls the timing of dividends. No taxable dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that it can be utilised within a foreseeable future. Maersk applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and lia-bilities related to Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__200": {
"value": "Note 5.2 Share-based paymentsMembers of Employees Total Total fair the Executive value at BoardgrantOutstanding performance shares No. No. No. USD million1 January 2025 5,048 9,405 14,453Granted 2,516 21,111 23,627 40Forfeited - 712 712Outstanding 31 December 2025 7,564 29,804 37,3681 January 2024 2,028 4,040 6,068Granted 2,799 4,951 7,750 10Granted in connection with the Svitzer demerger 221 414 635 1Outstanding 31 December 2024 5,048 9,405 14,453Performance share planPerformance shares are granted to members of the Executive Board and certain key employees. Each performance share granted is a right to potentially receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the fulfilment of certain performance criteria being met, which may include, but are not limited to return on invested capital, ESG elements and total shareholder return. Vesting is also contingent upon the employee still being employed and not under notice of termination when three years have passed from the date of grant. Employees are entitled to dividend equivalents during the vesting period in the form of additional performance shares. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the performance shares plan. The fair value per performance share is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per performance share is DKK 12,073 (DKK 9,045) for members of the Executive Board and employees. The recognised remuneration expense related to the performance share plan is USD 17m (USD 6m). The average remaining contractual life of the performance shares as of 31 December 2025 is 1.7 years (1.8 years).Members of Employees Total Total fair the Executive value at BoardgrantOutstanding restricted share units No. No. No. USD million1 January 2025 4,898 33,024 37,922Granted - 1,116 1,116 2Exercised and vested 1,698 5,783 7,481Forfeited - 1,902 1,902Outstanding 31 December 2025 3,200 26,455 29,6551 January 2024 5,616 24,512 30,128Granted - 14,468 14,468 17Granted in connection with the Svitzer demerger 208 926 1,134 2Exercised and vested 926 5,437 6,363Forfeited - 1,410 1,410Cancelled - 35 35Outstanding 31 December 2024 4,898 33,024 37,922Restricted share units planRestricted share units are granted to members of the Executive Board and certain key employees. Each restricted share unit granted is a right to receive an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The transfer of B shares is contingent upon the employee still being employed and not under notice of termination and takes place when three years have passed from the date of grant. For members of the Executive Board, the vesting period is five years. Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure, etc. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 treasury B shares will be used to meet the company\u2019s obligations in connection with the restricted share units plan. The fair value per restricted share unit is equal to the volume-weighted average share price on the date of grant, i.e. 1 April 2025 (1 April 2024), adjusted for expected dividends during the vesting period. The fair value per restricted share unit is DKK 10,681 (DKK 8,255) for employees. No restricted share units were granted to members of the Executive Board in 2025 or 2024. The weighted average share price at the settlement date was DKK 12,073 (DKK 9,045). The recognised remuneration expense related to the restricted shares plan is USD 12m (USD 18m). The average remaining contractual life of the restricted shares as of 31 December 2025 is 0.8 years (1.5 years).Members of Employees Total Average Total fair the Executive exercise value at 1Boardprice grantOutstanding share options No. No. No. DKK USD million1 January 2025 14,072 96,121 110,193 13,1482Granted- -10 -10 9,493 -Exercised 5,284 16,488 21,772 10,6093Forfeited- -93 -93 26,777Outstanding 31 December 2025 8,788 79,716 88,504 13,788Exercisable 31 December 2025 8,788 35,596 44,384 16,5371 January 2024 15,161 78,626 93,787 14,318Granted - 22,630 22,630 9,566 8Granted in connection with the Svitzer demerger 650 4,422 5,072 13,003 21Exercised1,739 5,216 6,955 8,380Forfeited - 3,686 3,686 14,150Lapsed - 655 655 11,292Outstanding 31 December 2024 14,072 96,121 110,193 13,148Exercisable 31 December 2024 10,374 37,486 47,860 10,9891 The weighted average exercise prices for the 2024 stock option movements reflect the exercise prices after the 2024 Svitzer modification. The opening balance for the 1 January 2024 disclosure has not been restated and is based on exercise prices before the 2024 Svitzer modification.2 The share options granted in 2025 relate to the correction of share options erroneously recorded as granted in 2024.3 The share options forfeited in 2025 relate to the correction of share options erroneously recorded as forfeited in 2024, partly offset by 2025 forfeitures. Share options planUntil 2024, share options were granted to members of the Executive Board and certain key employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. M\u00f8ller - M\u00e6rsk A/S. The share options were granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 most recent Annual Report, or the first five trading days following the Annual General Meeting for the 2024 and 2023 grants. Exercise of the share options is contingent upon the option holder still being employed at the time of vesting, which takes place when three years have passed from the date of grant. The share options can then be exercised when at least three years and no more than six years (seven years for share options granted to employees not members of the Executive Board) have passed from the date of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company\u2019s capital structure etc. The share options can only be settled in shares. A part of A.P. M\u00f8ller - M\u00e6rsk A/S\u2019 holding of treasury B shares will be used to meet the company\u2019s obligations in respect of the share option plan. The weighted average share price at the dates of exercise was DKK 13,771 (DKK 12,606). The recognised remuneration expense related to the share option plan is USD 7m (USD 12m). The average remaining contractual life of the outstanding share options as of 31 December 2025 is 3.5 years (4.1 years), and the range of exercise prices for the outstanding share options as of 31 December 2025 is DKK 7,271 to DKK 23,994 (DKK 7,271 to DKK 23,994).The following principal assumptions are used in the 2025 granted share options valuation:Share options granted to employees2025 2024Share price, volume-weighted average at the date of grant, 1 April, DKK 9,022Share price, five days volume-weighted average after the Annual General Meeting, DKK 9,026Exercise price, DKK 9,929Expected volatility (based on historic volatility) 37%Expected term (years) 5.75Expected dividend per share, DKK 2.6%Risk-free interest rate 2.41%Fair value per option at grant date, DKK N/A 2,540 The fair value of the options granted is based on the Black-Scholes option pricing model using the assumptions in the table above. No share options were granted to members of the Executive Board in 2025 and 2024 or to employees in 2025.Modification in 2024In May 2024, as a result of the Svitzer demerger in April 2024, Maersk modified the outstanding performance shares, restricted share units and share options. Refer to note 5.2 share-based payments in the 2024 Annual Report for more details. MATERIAL ACCOUNTING POLICIES Equity-settled performance shares, restricted shares At the end of each reporting period, Maersk revises its and share options granted to members of the Executive estimated number of awards that are expected to vest Board and to employees of Maersk as part of Maersk\u2019s based on the non-market vesting conditions and service long-term incentive programme are recognised as conditions. Any impact of the revision is recognised in remuneration expenses over the vesting period as per the income statement with a corresponding adjustment the estimated fair value at the grant date and result in to equity.a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__201": {
"value": "Equity-settled performance shares, restricted shares At the end of each reporting period, Maersk revises its and share options granted to members of the Executive estimated number of awards that are expected to vest Board and to employees of Maersk as part of Maersk\u2019s based on the non-market vesting conditions and service long-term incentive programme are recognised as conditions. Any impact of the revision is recognised in remuneration expenses over the vesting period as per the income statement with a corresponding adjustment the estimated fair value at the grant date and result in to equity.a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__206": {
"value": "Note 5.3 CommitmentsOcean Logistics Terminals Unallocated Total& Services2025Lease commitmentsWithin one year 268 24 9 - 301Total lease commitments 268 24 9 - 301Capital and contractual commitmentsCapital commitments relating to acquisition of non-current assets 5,109 - 358 6 5,473Commitments towards concession grantors - - 1,185 - 1,185Commitments towards purchase of e- and bio-methanol fuel 5,900 - - - 5,900Commitments towards EUA contracts 526 - - - 526Total capital and contractual commitments 11,535 - 1,543 6 13,084Total commitments 11,803 24 1,552 6 13,3852024Lease commitmentsWithin one year 317 32 9 - 358Total lease commitments 317 32 9 - 358Capital and contractual commitmentsCapital commitments relating to acquisition of non-current assets 6,944 - 524 3 7,471Commitments towards concession grantors - - 864 - 864Commitments towards EUA contracts 80 - - - 80Total capital and contractual commitments 7,024 - 1,388 3 8,415Total commitments 7,341 32 1,397 3 8,773As part of the Group\u2019s activities, customary agreements are entered into regarding charter and operating leases of vessels, containers, port facilities etc. Maersk entered into several long-term e- and bio-methanol offtake and supply agreements with an aggregate com-mitted value of approximately USD 5.9bn, with contractual terms of 5-10 years. These offtake agreements satisfy the con-ditions for the \u2018own use\u2019 exemption and are off-balance sheet items representing purchase commitments for the physical supply of e- and bio-methanol and related/other alternative lower-emission fuels supporting Maersk\u2019s decarbonisation ambitions. Newbuilding programme at 2026 2027 2028 2029 Total31 December 2025, and beyondnumber of assetsContainer vessels 6 1 6 14 27Total 6 1 6 14 27Capital commitments relating to 2026 2027 2028 2029 Totalthe newbuilding programme at and beyond31 December 2025Container vessels 572 301 1,291 2,126 4,290Total 572 301 1,291 2,126 4,290Commitments related to the newbuilding programme amounted to USD 4.3bn (USD 6.0bn) for container vessels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__205-1": {
"value": "Note 5.3 CommitmentsOcean Logistics Terminals Unallocated Total& Services2025Lease commitmentsWithin one year 268 24 9 - 301Total lease commitments 268 24 9 - 301Capital and contractual commitmentsCapital commitments relating to acquisition of non-current assets 5,109 - 358 6 5,473Commitments towards concession grantors - - 1,185 - 1,185Commitments towards purchase of e- and bio-methanol fuel 5,900 - - - 5,900Commitments towards EUA contracts 526 - - - 526Total capital and contractual commitments 11,535 - 1,543 6 13,084Total commitments 11,803 24 1,552 6 13,3852024Lease commitmentsWithin one year 317 32 9 - 358Total lease commitments 317 32 9 - 358Capital and contractual commitmentsCapital commitments relating to acquisition of non-current assets 6,944 - 524 3 7,471Commitments towards concession grantors - - 864 - 864Commitments towards EUA contracts 80 - - - 80Total capital and contractual commitments 7,024 - 1,388 3 8,415Total commitments 7,341 32 1,397 3 8,773As part of the Group\u2019s activities, customary agreements are entered into regarding charter and operating leases of vessels, containers, port facilities etc. Maersk entered into several long-term e- and bio-methanol offtake and supply agreements with an aggregate com-mitted value of approximately USD 5.9bn, with contractual terms of 5-10 years. These offtake agreements satisfy the con-ditions for the \u2018own use\u2019 exemption and are off-balance sheet items representing purchase commitments for the physical supply of e- and bio-methanol and related/other alternative lower-emission fuels supporting Maersk\u2019s decarbonisation ambitions. Newbuilding programme at 2026 2027 2028 2029 Total31 December 2025, and beyondnumber of assetsContainer vessels 6 1 6 14 27Total 6 1 6 14 27Capital commitments relating to 2026 2027 2028 2029 Totalthe newbuilding programme at and beyond31 December 2025Container vessels 572 301 1,291 2,126 4,290Total 572 301 1,291 2,126 4,290Commitments related to the newbuilding programme amounted to USD 4.3bn (USD 6.0bn) for container vessels.Note 5.4 Contingent liabilitiesContingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany, as well as to a tax investigation in India concerning a deemed supply of services between Indian GST registrations of Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome, and considers the risk related to these disputes remote, and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 813m (USD 857m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities, etc. comprising volume commitments, including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__211": {
"value": "Cash flow from operating activities includes all cash transactions other than cash flows arising from investing and financing activities such as investments and divest-ments, received dividends, principal payments of loans, instalments on lease liabilities, paid and received financial items and equity transactions. Capitalisation of borrowing costs is considered a non-cash item, and the actual pay-ments of these borrowing costs are included in cash flow from financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__212": {
"value": "Cash and cash equivalents comprise cash and bank balances net of bank overdrafts where overdraft facilities form an integral part of Maersk\u2019s cash management. It also includes investments in money market funds (MMFs) that provide same-day liquidity, are readily convertible to known amounts of cash and carry an insignificant risk of changes in value. MMFs are measured at fair value through profit or loss under IFRS 9 but presented as cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__208": {
"value": "Note 5.4 Contingent liabilitiesContingent liabilities consist of legal cases, tax issues, custom bonds, volume commitments and other disputes. LegalThe Group is involved in several legal cases and other disputes. Some of these involve significant amounts and are subject to considerable uncertainty. Management continuously assesses the risks associated with the cases and disputes, and their likely outcome. It is the opinion of Management that, apart from items recognised in the financial statements, the outcome of these cases and disputes are not probable or cannot be reliably estimated in terms of amount or timing. The Group does not expect these to have a material impact on the consolidated financial statements.TaxThe Group is subject to a tax audit in Germany concerning allocation of taxation rights to shipping income between Denmark and Germany, as well as to a tax investigation in India concerning a deemed supply of services between Indian GST registrations of Maersk in India. The Group is also involved in various other tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome, and considers the risk related to these disputes remote, and therefore does not expect these to have a material impact on the consolidated financial statements. Through participation in a joint taxation scheme with A.P. M\u00f8ller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. OtherCustom bonds of USD 813m (USD 857m) have been provided to various port authorities in India. Maersk Line and APM Terminals have entered into a number of agreements with terminals and port authorities, etc. comprising volume commitments, including an extra payment in case minimum volumes are not met. Except for customary agreements within the Group\u2019s activities, no material agreements have been entered into that will take effect, change, or expire upon changes of the control over the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__284": {
"value": "A.P. M\u00f8ller Holding A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__285": {
"value": "A.P. M\u00f8ller og Hustru Chastine Mc-Kinney M\u00f8llers Fond til almene Formaal",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__216": {
"value": "SubsidiariesCompany Country of incorporation Owned shareA.P. Moller Singapore Pte. Ltd. Singapore 100%Alian\u00e7a Navega\u00e7\u00e3o e Log\u00edstica Ltda. Brazil 100%APM Terminals - Aarhus A/S Denmark 100%APM Terminals Algeciras S.A. Spain 100%APM Terminals Apapa Ltd. Nigeria 94%APM Terminals B.V. Netherlands 100%APM Terminals Bahrain B.S.C. Bahrain 64%APM Terminals Barcelona S.L.U. Spain 100%APM Terminals Callao S.A. Peru 64%APM Terminals China Co. Ltd. Hong Kong 100%APM Terminals Elizabeth, LLC United States 100%APM Terminals Espagna Holding SL Spain 100%APM Terminals Gothenburg AB Sweden 100%APM Terminals India Pvt. Ltd. India 100%APM Terminals Lazaro Cardenas S.A. de C.V. Mexico 100%APM Terminals Maasvlakte II B.V. Netherlands 100%APM Terminals Management B.V. Netherlands 100%APM Terminals MedPort Tangier S.A. Morocco 80%APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100%APM Terminals Pacific LLC United States 90%APM Terminals Panama Rail LP United States 100%1 In accordance with paragraph 264b HGB (German commercial code), Damco Germany GmbH, Hamburg, Hamb\u00fcrg Sudamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG, Hamburg, and Maersk Deutschland A/S & Co. KG, Hamburg, are exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with German commercial law.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals Quetzal S.A. Guatemala 85%APM Terminals Spain Gateways S.L.U. Spain 100%APM Terminals Spain Railway, S.L.U. Spain 100%APM Terminals Tangier SA Morocco 90%APM Terminals Valencia S.A. Spain 75%Aqaba Container Terminal Company Ltd Jordan 50%1Damco Germany GmbHGermany 100%Damco Logistics Mexico S.A. de C.V. Mexico 100%Damco Pakistan Pvt. Ltd. Pakistan 100%Damco Spain S.L. Spain 100%Frey A/S Denmark 99%Frey Commodities USA Inc United States 99%Gateway Terminals India Pvt. Ltd. India 74%GRINDROD LOGISTICS (PTY) LTD South Africa 51%Gujarat Pipavav Port Ltd. India 44%1Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KGGermany 100%LF (Philippines), Inc. Philippines 100%Maersk A/S Denmark 100%Maersk Agency U.S.A. Inc. United States 100%Maersk Air Cargo A/S Denmark 100%Maersk Arabia Logistics Services Saudi Arabia 100%Maersk Aviation Holding A/S Denmark 100%Maersk Container Industry A/S Denmark 100%Maersk Container Industry Qingdao Ltd. China 100%Maersk Contract Logistics (China) Co., Ltd. China 100%Maersk Contract Logistics (Hong Kong) Limited Hong Kong 100%Maersk Contract Logistics (Jiangsu) Co., Ltd. China 100%Maersk Contract Logistics Holdings (Bermuda) Limited Bermuda 100%Maersk Contract Logistics Management (Asia) Limited Hong Kong 100%Maersk Denizcilik A.S. Turkey 100%1Maersk Deutschland A/S & Co. KGGermany 100%Maersk Eastern Europe ApS Denmark 100%Maersk Global Service Centres (India) Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100%Maersk Insurance A/S Denmark 100%Maersk Line, Limited United States 100%Maersk Line Agency Holding A/S Denmark 100%SubsidiariesCompany Country of incorporation Owned share2Maersk Line Crewing Hamburg ApS & Co KGGermany 100%Maersk Logistics & Services (Hong Kong) Limited Hong Kong 100%Maersk Logistics & Services Australia Pty Ltd Australia 100%Maersk Logistics & Services Brasil Ltda. Brazil 100%Maersk Logistics & Services Canada Inc. Canada 100%Maersk Logistics & Services Chile S.p.A Chile 100%Maersk Logistics & Services China Limited China 100%Maersk Logistics & Services Denmark A/S Denmark 100%Maersk Logistics & Services International A/S Denmark 100%Maersk Logistics & Services Japan K.K. Japan 100%Maersk Logistics & Services Netherlands B.V. Netherlands 100%Maersk Logistics & Services Peru S.A. Peru 100%Maersk Logistics & Services Poland Sp. z o.o. Poland 100%Maersk Logistics & Services Sweden AB Sweden 100%Maersk Logistics & Services USA Inc United States 100%Maersk Logistics & Services Vietnam Company Limited Vietnam 100%Maersk Logistics & Services UK Ltd United Kingdom 100%Maersk Oil Trading and Investments A/S Denmark 100%Maersk Oil Trading Inc. United States 100%Maersk Oil Trading Panama S.A. Panama 100%Maersk Oil Trading Singapore Pte. Ltd. Singapore 100%Maersk Oil Trading Spain, S.L Spain 100%Maersk Shipping Hong Kong Ltd. Hong Kong 100%Maersk Warehousing & Distribution Services USA LLC United States 100%Panama Canal Railway Company Cayman Islands 100%Pilot Air Freight, LLC United States 100%Rijeka Gateway d.o.o. Croatia 51%Sealand Maersk Asia Pte. Ltd. Singapore 100%Senator International Freight Forwarding LLC Florida United States 100%3Senator International Spedition GmbHGermany 100%Sociedad Portuaria Terminal de Contenedores de Buenaventura S.A. Colombia 62%Suez Canal Container Terminal SAE Egypt 55%Terminal 4 S.A. Argentina 100%2 In accordance with paragraph 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg, is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with German commercial law.3 In accordance with paragraph 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg, is exempt from preparing notes to financial statements and a management report in accordance with German commercial law.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__215": {
"value": "SubsidiariesCompany Country of incorporation Owned shareA.P. Moller Singapore Pte. Ltd. Singapore 100%Alian\u00e7a Navega\u00e7\u00e3o e Log\u00edstica Ltda. Brazil 100%APM Terminals - Aarhus A/S Denmark 100%APM Terminals Algeciras S.A. Spain 100%APM Terminals Apapa Ltd. Nigeria 94%APM Terminals B.V. Netherlands 100%APM Terminals Bahrain B.S.C. Bahrain 64%APM Terminals Barcelona S.L.U. Spain 100%APM Terminals Callao S.A. Peru 64%APM Terminals China Co. Ltd. Hong Kong 100%APM Terminals Elizabeth, LLC United States 100%APM Terminals Espagna Holding SL Spain 100%APM Terminals Gothenburg AB Sweden 100%APM Terminals India Pvt. Ltd. India 100%APM Terminals Lazaro Cardenas S.A. de C.V. Mexico 100%APM Terminals Maasvlakte II B.V. Netherlands 100%APM Terminals Management B.V. Netherlands 100%APM Terminals MedPort Tangier S.A. Morocco 80%APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100%APM Terminals Pacific LLC United States 90%APM Terminals Panama Rail LP United States 100%1 In accordance with paragraph 264b HGB (German commercial code), Damco Germany GmbH, Hamburg, Hamb\u00fcrg Sudamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG, Hamburg, and Maersk Deutschland A/S & Co. KG, Hamburg, are exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with German commercial law.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals Quetzal S.A. Guatemala 85%APM Terminals Spain Gateways S.L.U. Spain 100%APM Terminals Spain Railway, S.L.U. Spain 100%APM Terminals Tangier SA Morocco 90%APM Terminals Valencia S.A. Spain 75%Aqaba Container Terminal Company Ltd Jordan 50%1Damco Germany GmbHGermany 100%Damco Logistics Mexico S.A. de C.V. Mexico 100%Damco Pakistan Pvt. Ltd. Pakistan 100%Damco Spain S.L. Spain 100%Frey A/S Denmark 99%Frey Commodities USA Inc United States 99%Gateway Terminals India Pvt. Ltd. India 74%GRINDROD LOGISTICS (PTY) LTD South Africa 51%Gujarat Pipavav Port Ltd. India 44%1Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KGGermany 100%LF (Philippines), Inc. Philippines 100%Maersk A/S Denmark 100%Maersk Agency U.S.A. Inc. United States 100%Maersk Air Cargo A/S Denmark 100%Maersk Arabia Logistics Services Saudi Arabia 100%Maersk Aviation Holding A/S Denmark 100%Maersk Container Industry A/S Denmark 100%Maersk Container Industry Qingdao Ltd. China 100%Maersk Contract Logistics (China) Co., Ltd. China 100%Maersk Contract Logistics (Hong Kong) Limited Hong Kong 100%Maersk Contract Logistics (Jiangsu) Co., Ltd. China 100%Maersk Contract Logistics Holdings (Bermuda) Limited Bermuda 100%Maersk Contract Logistics Management (Asia) Limited Hong Kong 100%Maersk Denizcilik A.S. Turkey 100%1Maersk Deutschland A/S & Co. KGGermany 100%Maersk Eastern Europe ApS Denmark 100%Maersk Global Service Centres (India) Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100%Maersk Insurance A/S Denmark 100%Maersk Line, Limited United States 100%Maersk Line Agency Holding A/S Denmark 100%SubsidiariesCompany Country of incorporation Owned share2Maersk Line Crewing Hamburg ApS & Co KGGermany 100%Maersk Logistics & Services (Hong Kong) Limited Hong Kong 100%Maersk Logistics & Services Australia Pty Ltd Australia 100%Maersk Logistics & Services Brasil Ltda. Brazil 100%Maersk Logistics & Services Canada Inc. Canada 100%Maersk Logistics & Services Chile S.p.A Chile 100%Maersk Logistics & Services China Limited China 100%Maersk Logistics & Services Denmark A/S Denmark 100%Maersk Logistics & Services International A/S Denmark 100%Maersk Logistics & Services Japan K.K. Japan 100%Maersk Logistics & Services Netherlands B.V. Netherlands 100%Maersk Logistics & Services Peru S.A. Peru 100%Maersk Logistics & Services Poland Sp. z o.o. Poland 100%Maersk Logistics & Services Sweden AB Sweden 100%Maersk Logistics & Services USA Inc United States 100%Maersk Logistics & Services Vietnam Company Limited Vietnam 100%Maersk Logistics & Services UK Ltd United Kingdom 100%Maersk Oil Trading and Investments A/S Denmark 100%Maersk Oil Trading Inc. United States 100%Maersk Oil Trading Panama S.A. Panama 100%Maersk Oil Trading Singapore Pte. Ltd. Singapore 100%Maersk Oil Trading Spain, S.L Spain 100%Maersk Shipping Hong Kong Ltd. Hong Kong 100%Maersk Warehousing & Distribution Services USA LLC United States 100%Panama Canal Railway Company Cayman Islands 100%Pilot Air Freight, LLC United States 100%Rijeka Gateway d.o.o. Croatia 51%Sealand Maersk Asia Pte. Ltd. Singapore 100%Senator International Freight Forwarding LLC Florida United States 100%3Senator International Spedition GmbHGermany 100%Sociedad Portuaria Terminal de Contenedores de Buenaventura S.A. Colombia 62%Suez Canal Container Terminal SAE Egypt 55%Terminal 4 S.A. Argentina 100%2 In accordance with paragraph 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg, is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with German commercial law.3 In accordance with paragraph 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg, is exempt from preparing notes to financial statements and a management report in accordance with German commercial law.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d'Ivoire 49%Brigantine Services Ltd. Hong Kong 30%Congo Terminal SA Congo 15%Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20%Itapoa Terminais Portuarios S.A. Brazil 30%Kanoo Terminal Services Ltd. Saudi Arabia 50%Meridian Port Services Ltd Ghana 35%Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30%Qingdao Qianwan United Container Terminal Co., Ltd. China 10%Salalah Port Services Company SAOG Oman 30%South Asia Gateway Terminals Pvt Ltd Sri Lanka 33%Joint venturesCompany Country of incorporation Owned shareBlue Dragon Logistics Co., Ltd. China 50%Brasil Terminal Portuario S.A. Brazil 50%Cai Mep International Terminal Co. Ltd. Vietnam 49%Cote D'Ivoire Terminal SA C\u00f4te d'Ivoire 49%LCB Container Terminal 1 Ltd. Thailand 35%LCMT Company Ltd. Thailand 32%North Sea Terminal Bremerhaven GmbH and Co KG Germany 50%Qingdao New Qianwan Container Terminal Co. Ltd. China 19%Qingdao Qianwan Container Terminal Co. Ltd. China 20%Seayard SASU France 42%Shanghai East Container Terminal Co. Ltd. China 49%Smart International Logistics Company Ltd. China 49%South Florida Container Terminal LLC United States 49%Xiamen Songyu Container Terminal Co. Ltd. China 25%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__214": {
"value": "SubsidiariesCompany Country of incorporation Owned shareA.P. Moller Singapore Pte. Ltd. Singapore 100%Alian\u00e7a Navega\u00e7\u00e3o e Log\u00edstica Ltda. Brazil 100%APM Terminals - Aarhus A/S Denmark 100%APM Terminals Algeciras S.A. Spain 100%APM Terminals Apapa Ltd. Nigeria 94%APM Terminals B.V. Netherlands 100%APM Terminals Bahrain B.S.C. Bahrain 64%APM Terminals Barcelona S.L.U. Spain 100%APM Terminals Callao S.A. Peru 64%APM Terminals China Co. Ltd. Hong Kong 100%APM Terminals Elizabeth, LLC United States 100%APM Terminals Espagna Holding SL Spain 100%APM Terminals Gothenburg AB Sweden 100%APM Terminals India Pvt. Ltd. India 100%APM Terminals Lazaro Cardenas S.A. de C.V. Mexico 100%APM Terminals Maasvlakte II B.V. Netherlands 100%APM Terminals Management B.V. Netherlands 100%APM Terminals MedPort Tangier S.A. Morocco 80%APM Terminals Mobile, LLC United States 100%APM Terminals Moin S.A. Costa Rica 100%APM Terminals North America Inc. United States 100%APM Terminals Pacific LLC United States 90%APM Terminals Panama Rail LP United States 100%1 In accordance with paragraph 264b HGB (German commercial code), Damco Germany GmbH, Hamburg, Hamb\u00fcrg Sudamerikanische Dampfschifffahrts-Gesellschaft A/S and Co KG, Hamburg, and Maersk Deutschland A/S & Co. KG, Hamburg, are exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with German commercial law.SubsidiariesCompany Country of incorporation Owned shareAPM Terminals Quetzal S.A. Guatemala 85%APM Terminals Spain Gateways S.L.U. Spain 100%APM Terminals Spain Railway, S.L.U. Spain 100%APM Terminals Tangier SA Morocco 90%APM Terminals Valencia S.A. Spain 75%Aqaba Container Terminal Company Ltd Jordan 50%1Damco Germany GmbHGermany 100%Damco Logistics Mexico S.A. de C.V. Mexico 100%Damco Pakistan Pvt. Ltd. Pakistan 100%Damco Spain S.L. Spain 100%Frey A/S Denmark 99%Frey Commodities USA Inc United States 99%Gateway Terminals India Pvt. Ltd. India 74%GRINDROD LOGISTICS (PTY) LTD South Africa 51%Gujarat Pipavav Port Ltd. India 44%1Hamburg S\u00fcdamerikanische Dampfschifffahrts-Gesellschaft A/S & Co KGGermany 100%LF (Philippines), Inc. Philippines 100%Maersk A/S Denmark 100%Maersk Agency U.S.A. Inc. United States 100%Maersk Air Cargo A/S Denmark 100%Maersk Arabia Logistics Services Saudi Arabia 100%Maersk Aviation Holding A/S Denmark 100%Maersk Container Industry A/S Denmark 100%Maersk Container Industry Qingdao Ltd. China 100%Maersk Contract Logistics (China) Co., Ltd. China 100%Maersk Contract Logistics (Hong Kong) Limited Hong Kong 100%Maersk Contract Logistics (Jiangsu) Co., Ltd. China 100%Maersk Contract Logistics Holdings (Bermuda) Limited Bermuda 100%Maersk Contract Logistics Management (Asia) Limited Hong Kong 100%Maersk Denizcilik A.S. Turkey 100%1Maersk Deutschland A/S & Co. KGGermany 100%Maersk Eastern Europe ApS Denmark 100%Maersk Global Service Centres (India) Pvt. Ltd. India 100%Maersk Holding B.V. Netherlands 100%Maersk Insurance A/S Denmark 100%Maersk Line, Limited United States 100%Maersk Line Agency Holding A/S Denmark 100%SubsidiariesCompany Country of incorporation Owned share2Maersk Line Crewing Hamburg ApS & Co KGGermany 100%Maersk Logistics & Services (Hong Kong) Limited Hong Kong 100%Maersk Logistics & Services Australia Pty Ltd Australia 100%Maersk Logistics & Services Brasil Ltda. Brazil 100%Maersk Logistics & Services Canada Inc. Canada 100%Maersk Logistics & Services Chile S.p.A Chile 100%Maersk Logistics & Services China Limited China 100%Maersk Logistics & Services Denmark A/S Denmark 100%Maersk Logistics & Services International A/S Denmark 100%Maersk Logistics & Services Japan K.K. Japan 100%Maersk Logistics & Services Netherlands B.V. Netherlands 100%Maersk Logistics & Services Peru S.A. Peru 100%Maersk Logistics & Services Poland Sp. z o.o. Poland 100%Maersk Logistics & Services Sweden AB Sweden 100%Maersk Logistics & Services USA Inc United States 100%Maersk Logistics & Services Vietnam Company Limited Vietnam 100%Maersk Logistics & Services UK Ltd United Kingdom 100%Maersk Oil Trading and Investments A/S Denmark 100%Maersk Oil Trading Inc. United States 100%Maersk Oil Trading Panama S.A. Panama 100%Maersk Oil Trading Singapore Pte. Ltd. Singapore 100%Maersk Oil Trading Spain, S.L Spain 100%Maersk Shipping Hong Kong Ltd. Hong Kong 100%Maersk Warehousing & Distribution Services USA LLC United States 100%Panama Canal Railway Company Cayman Islands 100%Pilot Air Freight, LLC United States 100%Rijeka Gateway d.o.o. Croatia 51%Sealand Maersk Asia Pte. Ltd. Singapore 100%Senator International Freight Forwarding LLC Florida United States 100%3Senator International Spedition GmbHGermany 100%Sociedad Portuaria Terminal de Contenedores de Buenaventura S.A. Colombia 62%Suez Canal Container Terminal SAE Egypt 55%Terminal 4 S.A. Argentina 100%2 In accordance with paragraph 264b HGB (German commercial code), Maersk Line Crewing Hamburg ApS & Co. KG, Hamburg, is exempt from preparing, auditing and disclosing statutory financial statements and a management report in accordance with German commercial law.3 In accordance with paragraph 264 Abs.3 HGB (German commercial code), Senator International Spedition GmbH, Hamburg, is exempt from preparing notes to financial statements and a management report in accordance with German commercial law.Associated companiesCompany Country of incorporation Owned shareAbidjan Terminal SA C\u00f4te d'Ivoire 49%Brigantine Services Ltd. Hong Kong 30%Congo Terminal SA Congo 15%Guangzhou South China Oceangate Container Terminal Co. Ltd. China 20%Itapoa Terminais Portuarios S.A. Brazil 30%Kanoo Terminal Services Ltd. Saudi Arabia 50%Meridian Port Services Ltd Ghana 35%Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30%Qingdao Qianwan United Container Terminal Co., Ltd. China 10%Salalah Port Services Company SAOG Oman 30%South Asia Gateway Terminals Pvt Ltd Sri Lanka 33%Joint venturesCompany Country of incorporation Owned shareBlue Dragon Logistics Co., Ltd. China 50%Brasil Terminal Portuario S.A. Brazil 50%Cai Mep International Terminal Co. Ltd. Vietnam 49%Cote D'Ivoire Terminal SA C\u00f4te d'Ivoire 49%LCB Container Terminal 1 Ltd. Thailand 35%LCMT Company Ltd. Thailand 32%North Sea Terminal Bremerhaven GmbH and Co KG Germany 50%Qingdao New Qianwan Container Terminal Co. Ltd. China 19%Qingdao Qianwan Container Terminal Co. Ltd. China 20%Seayard SASU France 42%Shanghai East Container Terminal Co. Ltd. China 49%Smart International Logistics Company Ltd. China 49%South Florida Container Terminal LLC United States 49%Xiamen Songyu Container Terminal Co. Ltd. China 25%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__286": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__287": {
"value": "Logistics company",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__288": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__289": {
"value": "Global",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__290": {
"value": "A/S (Danish limited liability company)",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__291": {
"value": "A.P. M\u00f8ller - M\u00e6rsk A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__8__294": {
"value": "Esplanaden 50, DK-1263 Copenhagen K",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300D2K6PKKKXVNN73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}