A.P Moller - Maersk A/S (AMKBY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome, everyone, and thank you for joining us on this earning call today as we present our results for the first quarter of 2025. My name is Vincent Clerc. I'm the CEO of Epimore Maersk, and with me in the room today is our CFO, Patrick Yanni. We start with the highlight from the first quarter just passed. The quarter saw solid delivery across all of our businesses within an increasingly volatile environment. Specifically, on the back of good asset utilization, operational improvement, and proactive cost measures, we generated an EBITDA of $2.7 billion and an EBIT of $1.3 billion for the quarter. In logistics and services, we remained on track as reflected in the significant year-on-year improvement in the EBIT margin to 4.1%, owing to continued operational improvement and cost management. On our ocean business, we saw continued decline in rates in line with our expectation and demonstrated solid profitability as vessel utilizations remained high and contracts had a stabilizing effect. In terminals, we delivered strong results, yet again driven by strong volumes and higher revenue per move. The increased macroeconomic and geopolitical uncertainty since we shared our guidance in February inevitably affects our outlook for the rest of the year. Against this new backdrop, and especially on the back of the escalation we saw of the U.S.-China trade relation, as well as the unresolved questions around the other tariffs currently under a 90-days reprieve, We revised our expectation of container market volumes growth to be in the range of minus 1 to plus 4% from the about 4% which we had communicated previously. On the other hand, despite the lower volume outlook, we confirm our full year 2025 EBIT guidance of $0 to $3 billion. I will get more into the details of this late...