A.p. Moller - Maersk A/s Class A · OMXCOP:MAERSK_A
A.p. Moller - Maersk A/s Class A — A.P Moller - Maersk — Q4 2024 Earnings Presentation
30 slides from A.p. Moller - Maersk A/s Class A's earnings presentation, Feb 7, 2025
Slide 1: Q4 and FY 2024 Investor Presentation
A.P. Møller - Mærsk A/S Q4 and FY 2024 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: Q4 and FY 2024 Highlights
QA and FY 2024 Highlights MAERSK
Slide 4: Strong finish to 2024
Highlights 2024 Strong finish to 2024 • Strong fourth quarter leading to full-year EBITDA / EBIT of USD 12.1bn / 6.5bn with good momentum • Third-best financial year in APMM history (best year outside of pandemic-fuelled boom) • Clear progress in Logistics & Services with margin improvement (EBIT ma
Slide 5: Dividend proposal and share buy-back reinstatement
Highlights 2024 Dividend proposal and share buy-back reinstatement • Given the better than expected 2024, the strong balance sheet and outlook for 2025, the APMM Board has decided to: • Propose to the AGM on March 18, 2025, a dividend of DKK 1,120 per share for 2024, equivalent to a 40% pay-out in l
Slide 6: Strong performance on the back of strong demand and operational progress
Highlights Q4 2024 Strong performance on the back of strong demand and operational progress Logistics & Services Ocean Terminals Tracking positively Robust profitability Excellent performance USDm Index 100 Revenue (USDm) / ROIC (%) 3,860 3,891 3,542 250 999 1,194 3,016 1,089 1,019 200 177 872 161 2
Slide 7: Continued strategic progress – Focus on profitable growth and strong cost discipline
2021–2025 Continued strategic progress – Focus on profitable growth and strong cost discipline Segment KPI Targets(1) LTM Return on invested capital Every year APMM (ROIC) – (LTM) >7.5% 12.3% Return on invested capital Average 2021- 31.3%(2) (ROIC) – (Average) 25 >12.0% EBIT margin – under Ocean nor
Slide 8: Strategic priorities for 2025
Highlights Strategic priorities for 2025 Logistics & Services Ocean Terminals • Achieve 6% EBIT margin • Implement Gemini to reach • Enable Gemini network 90%+ schedule reliability through world-class hub • Continue growth trajectory once fully phased-in terminals from 2024 • Continue to bring down
Slide 9: Gemini network launched targeting industry-leading reliability
Highlights Gemini network launched targeting industry-leading reliability Operational collaboration between Maersk and Hapag-Lloyd Example of a typical route in current and new network launched on February 1st AE10 • Bookings into Gemini continuing as planned KWANG NINGBO ALGECIRAS YANG XINGANG BREM
Slide 10: 2025 likely to show greater supply-demand imbalance
Highlights 2025 likely to show greater supply-demand imbalance, but may be largely offset by strong market demand and other market drivers Market drivers Description Impact on supply (TEUs) New industry deliveries • TEU capacity increase +2m in 2025 • TEU capacity release from shorter route / +1.5m
Slide 11: 2025 financial guidance
Highlights 2025 financial guidance • APMM expects global container volume growth to be around 4% in USDbn FY25 guidance 2025 and to grow in line with the market Underlying EBITDA 6-9 • APMM provides its 2025 financial outlook based on Red Sea re- opening: Underlying EBIT 0-3 • Mid-year for guidance
Slide 12: Q4 2024 Financial review
Q4 2024 Financial review MAERSK
Slide 13: Resilient results in the fourth quarter across all segments
Financial review Resilient results in the fourth quarter across all segments USDbn (YoY % change) Q4 ‘24 FY 24 • Quarterly profitability increased with EBIT reaching USD 2.1bn (margin: 14.0%) compared to USD -537m in the previous year Revenue +24% +8.6% • Quarterly Free cash flow increased significa
Slide 14: FCF increase due to increased CFFO and good working capital development
Financial review FCF increase due to increased CFFO and good working capital development Cash flow bridge for Q4 ‘24, USDm • Operational cash flow of USD 4.4bn driven by higher EBITDA of USD 3.6bn in 4,415 4,500 combination with 4,000 -784 favorable working capital movements of USD 837m 3,500 • Cash
Slide 15: Ocean
Fourth quarter 2024 Development in EBIT (USDm) and EBIT margin (%) Ocean 5,000 45% 4,000 30% 3,000 • Volumes up YoY (+0.8%) but down QoQ (-1.3%) following normal seasonality 2,000 15% 1,000 • Rates lowered from Q3 peak as expected but at a 0% 0 slower pace which supported the results -1,000 -15% Q4
Slide 16: Ocean | Q4 '24 EBITDA benefitted from higher freight rates and lower bunker prices
Fourth quarter 2024 Ocean | Q4 ’24 EBITDA benefitted from higher freight rates and lower bunker prices USDm 2,900 2,821 2,800 2,700 78 221 2,600 445 2,500 30 292 2,400 2,300 Volumes up Bunker price down by +0.8% at USD 576 / 2,200 tonne Driven by Driven mainly by higher bunker 2,100 timing effect of
Slide 17: Ocean | Increased freight rates, stable volumes and costs
Fourth quarter 2024 Ocean | Increased freight rates, stable volumes and costs • Average freight rates increased by 38% reflecting Ocean KPIs Q4 ‘24 Q3 ‘24 QoQ % Q4 ’23 YoY % continued Red Sea situation and strong market demand Average freight rate (USD/FFE) 2,659 3,236 -18% 1,925 38% Unit cost, fixe
Slide 18: Logistics & Services
Fourth quarter 2024 Development in EBIT (USDm) and EBIT margin (%) Logistics & Services 200 6% 5% 150 4% 100 3% 2% • Revenue growth of 9.9% due to solid development 50 across all regions and most products, with largest 1% contributions from Air, LCL and Warehousing 0 0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23
Slide 19: Logistics & Services | Profitable growth in Managed by Maersk and Transported by Maersk
Fourth quarter 2024 Logistics & Services | Profitable growth in Managed by Maersk and Transported by Maersk Revenue | USDm Key products Q4 ‘24 Q4 ’23 YoY % • Managed by revenue increased by USD 99m to • Lead Logistics Managed by USD 584m, driven by Project Logistics and • Project Logistics 584 485 2
Slide 20: Terminals
Fourth quarter 2024 Development in EBIT (USDm) and EBIT margin (%) Terminals 400 35% 30% 300 25% • Revenue increased by 17% to USD 1.2bn 20% driven by 6.0% higher volume (6.7% like-for-like) 200 primarily by the Americas 15% 100 10% • Revenue per move increased by 9.0% (10.3% like- 5% for-like) driv
Slide 21: Terminals | Strong performance driven mainly by improved revenue per move and strong volumes
Fourth quarter 2024 Terminals | Strong performance driven mainly by improved revenue per move and strong volumes USDm 500 450 -58 421 113 17 400 350 Impact of inflation 303 45 and product mix 300 Select tariff 250 6.7% like-for-like increases, better increase, driven by product mix and 200 North Ame
Slide 22: Questions and answers
Questions and answers To ask a question, please press “*1” Reminder: ONE question per turn
Slide 23: Final remarks
Final remarks • Strong finish in fourth quarter – third-best financial year in APMM history • Progress in all segments with margin improve- ment in Logistics & Services, strong operations in Ocean and high performance in Terminals • Dividend of DKK 1,120 per share for 2024 proposed (40% pay-out), sh
Slide 24: Appendix
apnendial f | ALL THE WAY
Slide 25: Financial highlights FY 2024
Financial highlights FY 2024 Revenue EBITDA EBIT CAPEX USD million FY24 FY23 YoY % FY24 FY23 YoY % FY24 FY23 YoY % FY24 FY23 YoY % Ocean 37,388 33,653 11% 9,186 6,940 32% 4,743 2,227 113% 2,708 1,987 36% Logistics & Services 14,920 13,916 7.2% 1447 1,251 16% 538 446 21% 803 771 4.2% Terminals 4,465
Slide 26: Invested capital 2024
Invested capital 2024 Invested Capital USD million FY24 FY23 YoY % Ocean 30,864 29,851 3.4% Logistics & Services 11,631 10,779 7.9% Terminals 7,930 7,813 1.5% Unallocated activities and 139 1,987(1) -93% eliminations, etc. A. P. Moller - Maersk 50,564 50,430 0.3% consolidated 1) Includes Svitzer dem
Slide 27: Consolidated financial information
Consolidated financial information Income statement (USDm) Q4 ’24 Q4 ’23 FY24 FY23 Key figures and financials (USDm) Q4 ’24 Q4 ’23 FY24 FY23 Revenue 14,594 11,741 55,482 51,065 Profit/loss for the period 2,110 -456 6,232 3,908 EBITDA 3,597 839 12,128 9,591 Gain/loss on sale of non-current 9 -84 -222
Slide 28: Consolidated financial information
Consolidated financial information Cash flow statement (USDm) Q4 ’24 Q4 ’23 FY24 FY23 Profit/loss before financial items 2,050 -537 6,499 3,934 Non-cash items, etc. 1,725 1,370 5,878 5,973 Change in working capital 837 -513 -311 417 Taxes paid -197 -154 -658 -681 Cash flow from operating activities
Slide 29: Balance sheet and capital allocation
Balance sheet and capital allocation Debt & cash position (USDm) Q4 ’24 Q3 ’24 Q4 ’23 Borrowings 5,065 5,469 4,366 Lease liabilities 11,412 11,173 10,488 Other 172 -21 63 Total gross debt 16,649 16,621 14,877 Cash and bank balances 6,575 6,337 6,701 Short term deposits(1) 15,867 15,918 12,834 Securi
Slide 30: IR Contact Information & Financial Calendar
IR Contact Information & Financial Calendar Investor Relations Contacts Financial Calendar Stefan Gruber 18 March 2025 Annual General Meeting Head of Investor Relations +45 3363 3484 8 May 2025 Q1 2025 Interim Report Mikkel Johansen 7 August 2025 Q2 2025 Interim Report Senior Investor Relations Offi