A.P Moller - Maersk A/S (AMKBY) Q3 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 third quarter results for 2025. My name is Vincent Clercq, I'm the CEO of Epimolar Maersk and with me in the room today is our CFO Patrick Yanni. As usual, we start with the highlights of the quarter just passed. We are pleased with the strong execution shown during the quarter in all businesses. We improved our performance across the board and delivered on an EBITDA of $2.7 billion and an EBIT of $1.3 billion up from the previous quarter. All segments showed strong sequential volume progression while costs were kept under tight control. These efforts paved the way for the strong results notwithstanding the external environment. Specifically, in logistics and services, we're staying the course, focusing on operational margin improvements on both prior year and quarter to maintain the streak of good progress in 2025. We also registered good underlying and seasonal volume growth, which more than offset the softening observed in North America. For Ocean, this third quarter was the first full and clean quarter of the Gemini cooperation. While we kept delivering reliability at 90-plus percent, we also generated cost benefits well above the target we had communicated. This excellent performance was supported by strong volumes and high asset utilization, as well as asset turns. As expected, rates softened during the period as new capacity continued to be inflated ahead of demand. Finally, our terminal business delivered again record high revenues and profitability, driven by strong volumes, not least the ones delivered as a consequence of the Gemini implementation and the highest ever utilization across our portfolio of gateway terminals. With another quarter of sustained high demand,...