A.p. Moller - Maersk A/s Class A · OMXCOP:MAERSK_A
A.p. Moller - Maersk A/s Class A — A.P Moller - Maersk — Q1 2026 Earnings Presentation
27 slides from A.p. Moller - Maersk A/s Class A's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Investor Presentation
A.P. Møller - Mærsk A/S Q1 2026 Investor Presentation
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of A.P. Møller - Mærsk A/S (APMM), may cause actual developments and results to differ materially from the
Slide 3: Q1 2026 highlights
QI 2026 highlights MAERSK
Slide 4: Strong volume performance – limited impact from Middle East conflict
Highlights Q1 2026 Strong volume performance – limited impact from Middle East conflict Macro Financials Outlook • Continued strong demand growth • EBITDA and EBIT of USD 1.8bn and • Maintained at: across all segments and regions USD 340m impacted by lower − Container volume growth: except for North
Slide 5: Middle East conflict is mainly impacting Ocean
Highlights Q1 2026 Middle East conflict is mainly impacting Ocean • 6,000+ colleagues in GCC countries, 6 vessels stuck, and port facilities at APMT Bahrain and Port of Salalah Latest • Safety is number 1 priority situation • Operations through Strait of Hormuz suspended • Gradual return to Red Sea
Slide 6: Ocean | Update on 2026 strategic priorities
Highlights Q1 2026 Ocean | Update on 2026 strategic priorities Priority Status • Maintained high asset turn with strong volume growth (+9%) driven by Asian exports above fleet growth (+3%) Protect high asset turn • Utilisation high at 96% • Q1 growth above market • Against backdrop of pressure on ra
Slide 7: Ocean | Sustained decrease in unit cost driven by modular network
Highlights Q1 2026 Ocean | Strong operational performance reflected in sustained decrease in unit cost driven by modular network Unit cost at fixed energy (USD per FFE) -7% • 7% YoY decrease in unit cost since 2,511 2,373 2,325 2,304 2,333 Gemini inception thanks to modularity of new network • Trend
Slide 8: Logistics & Services | Update on 2026 strategic priorities
Highlights Q1 2026 Logistics & Services | Update on 2026 strategic priorities Priority Status • Clear improvements in challenged products, especially Air and Middle Mile • 8th consecutive quarter with YoY EBIT margin improvement Accelerate margin improvement • Focus on revenue management and product
Slide 9: Logistics & Services | Strengthening Asia Pacific logistics capabilities
Highlights Q1 2026 Logistics & Services | Strengthening Asia Pacific logistics capabilities World Gateway II, Singapore Opening of new 100,000 m² fully Description automated global and regional distribution centre • Major expansion of contract logistics and e-commerce capabilities in Asia Pacific •
Slide 10: Terminals | Update on 2026 strategic priorities
Highlights Q1 2026 Terminals | Update on 2026 strategic priorities Priority Status • Solid volume growth (+4% YoY) • Announcement of expansion at Bremerhaven, Germany(1) • Announcement of acquisition of stake in Jeddah, Saudi Arabia Grow through existing and new locations • Transfer of minority stak
Slide 11: Terminals | Strategic expansion plan to upgrade Bremerhaven
Highlights Q1 2026 Terminals | Strategic expansion plan to upgrade Bremerhaven North Sea Terminal Bremerhaven (NTB) EUR 1bn planned investment(1) by APM Description Terminals & Eurogate to upgrade NTB, delivering significant returns • Implement automation to bring down break-even based on learnings
Slide 12: Q1 2026 Financial review
Q1 2026 Financial review MAERSK
Slide 13: First quarter marked by lower rates in Ocean, partly offset by strong volume growth
First quarter marked by lower rates in Ocean, partly offset by strong volume growth across all segments USD Revenue EBITDA EBIT Profit for period P&L 13.0bn 1.8bn 340m 100m (13.3bn) (2.7bn) (1.3bn) (1.2bn) Cash FCF Cash and deposits NIBD ROIC (LTM) and -874m 18.4bn -1.3bn 3.8% returns (806m) (22.3bn
Slide 14: Cash flow generation in Q1 '26 impacted by lower earnings and NWC
Cash flow generation in Q1 ’26 impacted by lower earnings and unfavourable movements in net working capital • Unfavourable NWC movement mainly related to USDm bunker inventory and receivables 2,500 2,000 • Operational cash flow of 1,753 333 -913 USD 1.0bn mainly driven by 1,500 EBITDA of USD 1.8bn -
Slide 15: Ocean First quarter 2026
First quarter 2026 Ocean USDm Q1 ’26 YoY QoQ 8.3 % 6.2 % Loaded volumes 2.7 % 3,203 9% -5% -1.8 % (000’s FFE) -2.3 % 743 Average loaded 567 229 freight rate 2,081 -14% 2% -153 -192 (USD per FFE) • Financial impact in Q1 of Middle East conflict limited Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 given delayed
Slide 16: Ocean | EBITDA decrease driven by declining rates
First quarter 2026 Ocean | EBITDA decrease driven by declining rates USDm 3,500 3,000 Loaded freight rates down by 14% Container handling 2,500 Bunker price down cost stable excl. Network cost excl. by 16% volume effects and bunker stable excl. Volumes up FX volume effect and FX 2,000 1,903 by 9.3%
Slide 17: Logistics & Services First quarter 2026
First quarter 2026 Logistics & Services USDm 5.5 % 4.8 % 4.9 % 4.6 % 4.1 % 218 194 175 173 142 • Revenue up 8.7% YoY with growth across all service models but down 4.3% sequentially following peak season Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 EBIT EBIT margin • EBIT growth of 22%, and eighth consecutive
Slide 18: Terminals First quarter 2026
First quarter 2026 Terminals USDm 39.4 % 35.3 % 32.0 % 33.2 % Q1 ’26 YoY QoQ 571 No. of terminals 23.7 % 461 436 394 Consolidated 29 28 29 321 Total no. of terminals 54 53 53 No. of moves (000’s) 3,470 4% -5% Per move (USD) Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Revenue 377 3% 4% EBIT EBIT margin Cost 2
Slide 19: 2026 financial guidance maintained
2026 financial guidance maintained • We expect global container volume growth of 2-4% Maintained and APMM to grow in line with the market USDbn (May ’26) • Outlook for the full-year 2026: Underlying EBITDA 4.5 to 7.0 • Underlying EBITDA of USD 4.5bn to 7.0bn Underlying EBIT(1) -1.5 to 1.0 • Underlyi
Slide 20: Questions and answers
Questions and answers To ask a question, please press “*1” Reminder: ONE question per turn
Slide 21: Summary
Summary • Strong volume growth across all segments and strong cost containment • Over-supply in Ocean exerting downward pressure on rates • Volatile Ocean environment • Middle East conflict expected to be managed without material financial impact • Full-year 2026 guidance maintained
Slide 22: Appendix
Appendix
Slide 23: Financial highlights Q1 2026
Financial highlights Q1 2026 Revenue EBITDA EBIT CAPEX Invested Capital USD million Q1 ‘26 Q1 ’25 YoY % Q1 ‘26 Q1 ’25 YoY % Q1 ‘26 Q1 ’25 YoY % Q1 ‘26 Q1 ’25 YoY % Q1 ‘26 Q1 ’25 YoY % Ocean 8,178 8,910 -8.2% 903 1,903 -53% -192 743 -126% 716 1,168 -39% 33,111 31,647 4.6% Logistics & Services 3,793 3
Slide 24: Consolidated financial information
Consolidated financial information Income statement Key figures and financials Q1 ’26 Q1 ’25 FY25 Q1 ’26 Q1 ’25 FY25 (USDm) (USDm) Revenue 12,970 13,321 53,988 Profit/loss for the period 100 1,207 2,915 EBITDA 1,753 2,710 9,530 Gain/loss on sale of non-current -8 -55 -138 assets etc., net EBITDA mar
Slide 25: Consolidated financial information
Consolidated financial information Cash flow statement (USDm) Q1 ’26 Q1 ’25 FY25 Profit/loss before financial items 340 1,253 3,500 Non-cash items, etc. 1,746 1,494 6,338 Change in working capital -913 157 552 Taxes paid -134 -138 -629 Cash flow from operating activities (CFFO) 1,039 2,766 9,761 CAP
Slide 26: Balance sheet and capital allocation
Balance sheet and capital allocation Debt & cash position (USDm) Q1 ’26 Q4 ’25 Q1 ’25 Borrowings 5,189 5,903 5,188 Lease liabilities 12,320 13,017 11,851 Other -361 -490 78 Total gross debt 17,148 18,430 17,117 Cash and bank balances 6,642 9,042 7,128 Short term deposits(1) 10,901 11,058 13,410 Secu
Slide 27: IR Contact Information & Financial Calendar
IR Contact Information & Financial Calendar Investor Relations Contacts Financial Calendar Martin Dunwoodie 13 August 2026 Q2 2026 Interim Report Head of Investor Relations +45 3363 3484 Mikkel Johansen Senior Investor Relations Officer +45 2330 2950 Ken Taro Madsen Senior Investor Relations Officer