A.p. Moller - Maersk A/s Class A · OMXCOP:MAERSK_A
A.p. Moller - Maersk A/s Class A — A.P Moller - Maersk — Q2 2026 Earnings Presentation
29 slides from A.p. Moller - Maersk A/s Class A's earnings presentation, Aug 13, 2026
Slide 1: Q2 2026 Investor Presentation
A.P. Møller - Mærsk A/S Q2 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: Q2 2026 highlights
Qe 2026 highlights MAERSK
Slide 4: Strong demand in container market, and volume growth in all segments
Highlights Q2 2026 Strong demand in container market, and volume growth in all segments Macro Financials Outlook • Strong market demand driven by • EBITDA and EBIT of USD 3.0bn • Upgraded: Far East exports, supporting and USD 1.6bn, driven by higher − Based on container market sustained increase in
Slide 5: Operational highlights by segment
Highlights Q2 2026 Operational highlights by segment Ocean Logistics & Services Terminals • Agility in network with • Broad commercial momentum • Growing the portfolio with operational adjustments to driving growth across segments greenfield investment (Da Nang) capture volumes – now back above pre-
Slide 6: Ocean | Update on 2026 strategic priorities
Highlights Q2 2026 Ocean | Update on 2026 strategic priorities Priority Status • Good volume growth of 4% Grow • Volume growth outpaced fleet growth by 2% points • Utilisation high at 96% Protect high asset turn • Higher spot rates from congestion giving upside • Cost increase from Middle East situa
Slide 7: Logistics & Services | Three new segments as of Q2 '26
Highlights Q2 2026 Logistics & Services | Three new segments as of Q2 ’26 Driving value for customers, simplifying and increasing comparability Segment Forwarding Solutions Landside • Air • Lead Logistics • First Mile • LCL / FCL • Contract Logistics • Ground Freight (NAM) Key products • Project Log
Slide 8: Logistics & Services | Update on 2026 strategic priorities
Highlights Q2 2026 Logistics & Services | Update on 2026 strategic priorities Priority Status • Very strong revenue growth of 15% in Q2 driven by volume growth in most products and higher rates Improve growth • Landbridge solutions mitigated disruption from Middle East situation • 9th consecutive qu
Slide 9: Terminals | Update on 2026 strategic priorities
Highlights Q2 2026 Terminals | Update on 2026 strategic priorities Priority Status • Strong revenue performance of 11% driven mainly by revenue per move Grow through existing and new • New locations including Rijeka (Croatia) ramping up, compensating locations for volume impact from Hormuz disruptio
Slide 10: Terminals | New greenfield deep-water terminal project in Vietnam
Highlights Q2 2026 Terminals | New greenfield deep-water terminal project in Vietnam Won 50-year concession to develop new Description multi-user facility covering the whole port at Da Nang in a high-growth region • Awarded to consortium following competitive tender process Background • Builds on pa
Slide 11: Structural shift in Ocean market dynamics leading to rates upside and guidance upgrade
Structural shift in Ocean market dynamics leading to rates upside and guidance upgrade Market dynamics Driving rates up to a structurally higher level SCFI Comprehensive Strong container market demand Index 1000 (Oct ’09) at around 4% for 2026 3,500 + Growing trade imbalance with 3,000 head-haul far
Slide 12: Q2 2026 Financial review
Q2 2026 Financial review MAERSK
Slide 13: Strong earnings and cash flow, driven by strong Ocean performance
Q2 2026 Strong earnings and cash flow, driven by strong Ocean performance USD Revenue EBITDA EBIT Profit for period P&L 15.8bn 3.0bn 1.6bn 1.3bn (13.1bn) (2.3bn) (0.8bn) (0.6bn) Cash FCF Cash and deposits NIBD ROIC (LTM) and 0.5bn 18.5bn -1.5bn 5.0% returns (-0.4bn) (19.9bn) (-2.5bn) (13.7%) Note: P
Slide 14: Improved cash flow generation in Q2 '26 driven by higher earnings
Q2 2026 Improved cash flow generation in Q2 ’26 driven by higher earnings • Unfavourable NWC USDm 2,992 movement mainly from 3,000 -125 build-up in receivables from -388 higher Ocean rates, and in 2,500 bunker inventory from -225 higher bunker prices 2,000 • Lower cash conversion of -863 75% impacte
Slide 15: Ocean
Q2 2026 Ocean USDm Q2 ’26 YoY QoQ 6.2 % 8.9 % Loaded volumes 2.7 % 3,361 4% 5% -1.8 % -2.3 % (000’s FFE) 935 Average loaded 567 229 freight rate 2,746 22% 32% -153 -192 (USD per FFE) Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 • Loaded freight rates up 22% driven by higher spot EBIT EBIT margin rates followi
Slide 16: Ocean | EBITDA increase driven by higher rates, partly offset by higher bunker prices
Q2 2026 Ocean | EBITDA increase driven by higher rates, partly offset by higher bunker prices, increased costs and timing effects Loaded freight Volumes up Bunker price up by Container handling USDm rates up by 22% by 4.1% 44% costs up driven by terminal congestion, increased storage costs Net netwo
Slide 17: Logistics & Services
Q2 2026 Logistics & Services USDm 4.8 % 5.5 % 4.9 % 4.6 % 5.1 % 218 217 194 175 173 • Very strong revenue growth of 15%, driven by volume Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 growth in most products and higher rates EBIT EBIT margin • EBIT margin up 0.3 p.p. at 5.1% USDm Q2 ’26 Q1 ’26 Q2 ’25 – Driven
Slide 18: Logistics & Services | Good performance in Forwarding and Landside
Q2 2026 Logistics & Services | Good performance in Forwarding and Landside – improvement needed in Solutions USDm Forwarding Solutions Landside Air / Ocean forwarding, Project Logistics Contract logistics, Lead Logistics, E-commerce First Mile, Ground Freight, Depot, Customs Revenue Revenue Revenue
Slide 19: Terminals
Q2 2026 Terminals USDm 39.4 % 35.3 % 33.2 % 31.6 % Q2 ’26 YoY QoQ 571 No. of terminals 23.7 % 461 436 458 Consolidated 29 28 29 321 Total no. of terminals 55 53 54 No. of moves (000’s) 3,663 2% 6% Per move (USD) Revenue 385 7% 2% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Cost 293 5% 2% EBIT EBIT margin • R
Slide 20: 2026 financial guidance upgraded
2026 financial guidance upgraded Previous Current USDbn (Jun ’26) (Aug ’26) • Financial guidance based on volume growth outlook for Underlying 8.0 to 10.0 10.5 to 12.5 the container market of about 4% for FY26: EBITDA − Underlying EBITDA of USD 10.5bn to 12.5bn Underlying 2.0 to 4.0 4.5 to 6.5 EBIT(
Slide 21: Questions and answers
Questions and answers To ask a question, please press “*1” Reminder: ONE question per turn
Slide 22: Summary
Summary • Strong second quarter as operational agility captured high spot rates to drive earnings in Ocean • Logistics & Services building momentum and Terminals continuing its strong trajectory • Structural changes in Ocean market dynamics supported by demand and imbalanced trade • Lack of investme
Slide 23: Appendix
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Slide 24: Financial Highlights Q2 2026
Financial Highlights Q2 2026 Revenue EBITDA EBIT CAPEX Invested Capital USD million Q2 ‘26 Q2 ’25 YoY % Q2 ‘26 Q2 ’25 YoY % Q2 ‘26 Q2 ’25 YoY % Q2 ‘26 Q2 ’25 YoY % Q2 ’26 Q2 ’25 YoY % Ocean 10,526 8,572 23% 2,041 1,443 41% 935 229 308% 663 964 -31% 33,556 32,918 1.9% Logistics & Services 4,222 3,668
Slide 25: Consolidated financial information
Consolidated financial information Income statement Key figures and financials Q2 ’26 Q2 ’25 FY25 Q2 ’26 Q2 ’25 FY25 (USDm) (USDm) Revenue 15,757 13,130 53,988 Profit/loss for the period 1,312 639 2,915 EBITDA 2,992 2,298 9,530 Gain/loss on sale of non-current -8 -25 -138 assets etc., net EBITDA mar
Slide 26: Consolidated financial information
Consolidated financial information Cash flow statement (USDm) Q2 ’26 Q2 ’25 FY25 Profit/loss before financial items 1,571 845 3,500 Non-cash items, etc. 1,296 1,545 6,338 Change in working capital -388 -332 552 Taxes paid -225 -199 -629 Cash flow from operating activities (CFFO) 2,254 1,859 9,761 CA
Slide 27: Balance sheet and capital allocation
Balance sheet and capital allocation Debt & cash position (USDm) Q2 ’26 Q1 ’26 Q2 ’25 Borrowings 5,290 5,189 5,024 Lease liabilities 12,182 12,320 12,666 Other -483 -361 -293 Total gross debt 16,989 17,148 17,397 Cash and bank balances 6,298 6,642 6,204 Short term deposits(1) 11,734 10,901 12,898 Se
Slide 28: Logistics & Services segment summary financials
Q2 2026 Logistics & Services segment summary financials USDm Q2 ’26 Q2 ’25 EBIT EBIT Revenue Segment Key products Revenue EBIT Margin Revenue EBIT Margin growth % • Air • LCL / FCL Forwarding 839 54 6.4% 636 43 6.8% 32% • Project Logistics • Cargo Risk Management • Lead Logistics • Contract Logistic
Slide 29: IR Contact Information & Financial Calendar
IR Contact Information & Financial Calendar Investor Relations Contacts Financial Calendar Martin Dunwoodie 5 November 2026 Q3 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 Office