A.p. Moller - Maersk A/s Class A · OMXCOP:MAERSK_A
A.p. Moller - Maersk A/s Class A — A.P Moller - Maersk — Q4 2025 Earnings Presentation
30 slides from A.p. Moller - Maersk A/s Class A's earnings presentation, Feb 5, 2026
Slide 1: Q4 and FY 2025 Investor Presentation
A.P. Møller - Mærsk A/S Q4 and FY 2025 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 t
Slide 3: Q4 and FY 2025 highlights
Q4 and FY 2025 highlights
Slide 4: Strong year with progress in all businesses
Highlights 2025 Strong year with progress in all businesses • Full - year EBITDA and EBIT of USD 9.5bn and USD 3.5bn (upper end of FY25 guidance) • Logistics & Services: Strengthened portfolio with good performance from majority of products. Improved EBIT margin (4.8% vs 3.6%) despite modest revenue
Slide 5: Dividend proposal and share buy-back
Highlights 2025 Dividend proposal and share buy-back • A dividend of DKK 480 per share for 2025 to be proposed at AGM, equivalent to 40% pay - out (compared to DKK 1,120 per share at 40% pay - out for 2024 dividend) in line with policy • Total return to shareholders in 2025 was 35% (1) • Continue sh
Slide 6: Operational improvements and proactive cost measures
Highlights Q4 2025 Operational improvements and proactive cost measures Logistics & Services Ocean Terminals Tracking positively Substantial volume increase and Gemini savings Solid quarter in record year 16.1% USDm USDm 12.3% 13.5% USDm 10.9% 4.5% 10.5% 43.5% 4.5% 4.1% 6.5% 3.6% 4.9% 5.8% 6,346 36.
Slide 7: Ocean | Reap further Gemini benefits
Highlights Ocean | Reap further Gemini benefits – now estimated at USD 820- 1,100m with schedule reliability at +90% Lever Bunker Asset turn Terminals 9% bunker consumption Outcome Volume growth outpaces capacity Increased throughput from improvement adjusted for growth by ~4p.p. additional volumes
Slide 8: Significant strategic progress made over 5-year mid-term period
2021–2025 Significant strategic progress made over 5-year mid-term period Terminals Segment KPI Targets(1) LTM Overall for 5-year mid-term period(1) APMM Return on invested capital (ROIC) – (LTM) Every year >7.5% 5.7% Above target for 14/19 quarters ✓ Return on invested capital (ROIC) – (Average) Av
Slide 9: Strategic priorities for 2026
Highlights Strategic priorities for 2026 Logistics & Services Ocean Terminals • Accelerate margin improvement • Protect high asset turn • Grow through existing and new • Improve growth • Grow with market locations • Focus on profitability • Maintain long - term profitability Drive further efficiency
Slide 10: Logistics & Services | Reorganisation to drive value for customers
Highlights Logistics & Services | Reorganisation to drive value for customers, increase comparability and simplify Moving to three new product segments with effect from Q2 ’26 reporting Product segments Landside Forwarding Solutions • Drayage • Air • Supply Chain Management • Ground Freight (North A
Slide 11: 2026 financial guidance
2026 financial guidance USDbn FY26 guidance • We expect global container volume growth of 2- 4% and APMM to Underlying EBITDA 4.5 to 7.0 grow in line with the market Underlying EBIT (1) - 1.5 to 1.0 • Outlook for the full - year 2026: FCF ≥ -3 • Underlying EBITDA of USD 4.5bn to 7.0bn CAPEX (cumulat
Slide 12: Q4 2025 Financial review
Q4 2025 Financial review MAERSK
Slide 13: Fourth quarter marked by solid operating performance in the context of receding Ocean rates
Fourth quarter marked by solid operating performance in the context of receding Ocean rates USD bn (YoY % change) Q4 ‘25 FY 25 • Good operational delivery with EBITDA of USD 1.8bn and EBIT of USD 118m (margin: 0.9%), albeit significantly down sequentially Revenue 13.3 - 8.7% 54.0 - 2.7% given shift
Slide 14: Solid FCF supported continuation of share buy-back
Solid FCF supported continuation of share buy-back • Operational cash flow of USD 2.5bn mainly driven Cash flow bridge for Q4 ‘25, USDm by EBITDA of USD 1.8bn supported by favourabl e 2,600 2,518 NWC movement. Strong 2,400 cash conversion of 137% for the quarter (vs 123% 2,200 - 819 -3 2,041 for Q4
Slide 15: Ocean
Fourth quarter 2025 Development in EBIT (USDm) and EBIT margin (%) Ocean 3,000 60% • Substantial volume increase YoY (+8.0%) across 2,000 40% trade lanes driven by Asian exports, with 11% higher volumes in our East - West trade cluster. Broadly 1,000 20% stable sequentially ( - 0.4%) 0 0% • Lower fr
Slide 16: Ocean | EBITDA decrease driven by declining rates
Fourth quarter 2025 Ocean | EBITDA decrease driven by declining rates USDm Loaded freight 3,500 rates down by - 23% 3,000 2,821 Driven by 2,500 higher Terminal Driven mainly by Driven mainly by Bunker price down the timing effect and Empty lower bunker Volumes up at USD 512 / tonne of rates costs co
Slide 17: Ocean | Substantial volume increase, improved unit cost at fixed bunker, ongoing pressure on rates
Fourth quarter 2025 Ocean | Substantial volume increase, improved unit cost at fixed bunker, ongoing pressure on rates • Loaded volumes were up by 8.0% to 3,384k FFE Ocean KPIs Q4 ’25 Q3 ‘25 QoQ % Q4 ’24 YoY % • Average freight rates decreased by 23% YoY, and Average freight rate (USD/FFE) 2,046 2,2
Slide 18: Logistics & Services
Fourth quarter 2025 Development in EBIT (USDm) and EBIT margin (%) Logistics & Services 250 6% 200 5% 4% 150 3% 100 2% • Revenue grew by 1.9% YoY but was down - 0.5% sequentially 50 1% 0 0% • Seventh consecutive quarter of YoY EBIT margin Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 improve
Slide 19: Logistics & Services | Revenue and profitability improvement driven by Fulfilled by Maersk
Fourth quarter 2025 Logistics & Services | Revenue and profitability improvement driven by “Fulfilled by Maersk” • Freight Management (MbM) revenue Revenue | USDm Key products Q4 ’25 Q4 ’24 YoY % decreased by USD 52m to USD 532m ( - 8.9%) • Lead Logistics and EBITA margin increased to 19.0% (18.2%).
Slide 20: Terminals
Fourth quarter 2025 Development in EBIT (USDm) and EBIT margin (%) Terminals 600 40% 35% 500 • Revenue increased by 13% to USD 1.4bn, driven by 30% 8.4% volume growth mainly in Europe, North America 400 25% and Latin America and mainly through Gemini , 300 20% alongside higher rates 15% 200 10% • Ut
Slide 21: Terminals | Strong performance driven by an improved top line
Fourth quarter 2025 Terminals | Strong performance driven by an improved top line USDm 500 16 - 48 450 52 Improved rates and 440 1 favourable FX impact partially offset by lower 421 storage revenue Labour inflation, SG&A costs and FX impact 400 Volume grew by 8.4%, mainly driven by Europe, 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 TO BE UPDATED • Guidance delivered in 2025 • Operational progress in all segments: Gemini implementation in Ocean, margin improvement in Logistics & Services, and record year in Terminals • Significant capital returns to shareholders with share buy - back and dividends • Continued focu
Slide 24: Appendix
ALL THE WAY
Slide 25: Financial highlights Q4 2025
Financial highlights Q4 2025 Revenue EBITDA EBIT CAPEX Invested Capital USD million Q4 ‘25 Q4 ’24 YoY % Q4 ‘25 Q4 ‘24 YoY % Q4 ’25 Q4 ’24 YoY % Q4 ’25 Q4 ’24 YoY % Q4 ’25 Q4 ’24 YoY % Ocean 8,316 9,902 - 16% 1,165 2,821 - 59% - 153 1,600 - 110% 603 1,244 - 52% 32,621 30,864 5.7% Logistics & Services
Slide 26: Financial highlights FY 2025
Financial highlights FY 2025 Revenue EBITDA EBIT CAPEX Invested Capital USD million 2025 2024 YoY % 2025 2024 YoY % 2025 2024 YoY % 2025 2024 YoY % 2025 2024 YoY % Ocean 34,975 37,388 - 6.5% 6,298 9,186 - 31% 1,386 4,743 - 71% 3,632 2,708 34% 32,621 30,864 5.7% Logistics & Services 15,103 14,920 1.2
Slide 27: Consolidated financial information
Consolidated financial information Income statement Key figures and financials Q4 ’25 Q4 ’24 FY25 FY24 Q4 ’25 Q4 ’24 FY25 FY24 (USDm) (USDm) Revenue 13,331 14,594 53,988 55,482 Profit/loss for the period - 27 2,110 2,915 6,232 EBITDA 1,836 3,597 9,530 12,128 Gain/loss on sale of non - current - 11 9
Slide 28: Consolidated financial information
Consolidated financial information Cash flow statement (USDm) Q4 ’25 Q4 ’24 FY25 FY24 Profit/loss before financial items 118 2,050 3,500 6,499 Non - cash items, etc. 1,785 1,725 6,338 5,878 Change in working capital 722 837 552 - 311 Taxes paid - 107 - 197 - 629 - 658 Cash flow from operating activi
Slide 29: Balance sheet and capital allocation
Balance sheet and capital allocation Debt & cash position (USDm) Q4 ’25 Q3 ’25 Q4 ’24 Borrowings 5,903 5,918 5,065 Lease liabilities 13,017 12,797 11,412 Other - 490 - 355 172 Total gross debt 18,430 18,360 16,649 Cash and bank balances 9,042 6,991 6,575 Short term deposits (1) 11,058 13,950 15,867
Slide 30: IR Contact Information & Financial Calendar
IR Contact Information & Financial Calendar Investor Relations Contacts Financial Calendar Martin Dunwoodie 25 March 2026 Annual General Meeting Head of Investor Relations +45 3363 3484 7 May 2026 Q1 2026 Interim Report Mikkel Johansen 6 August 2026 Q2 2026 Interim Report Senior Investor Relations O