A.P. Moller - Maersk A/S

A.P. Moller - Maersk A/S Earnings Recaps

AMKBY Industrials 2 recaps
Q1 2026 May 9, 2026

Shares of A.P. Møller - Maersk fell 6.6% after the quarter as investors were disappointed by continued margin pressure in Ocean due to persistent oversupply, lower freight rates, and a cautious full-year EBIT outlook spanning a wide negative-to-positive range.

Key takeaways
  • Q1 EBITDA stood at $1.8 billion with EBIT of only $340 million, severely impacted by the lowest year-on-year ocean freight rates.
  • Ocean segment rates declined 14% YoY, driven by new fleet deliveries outpacing demand and contract re-pricing, despite a 9% volume growth above market.
  • Free cash flow was negative $874 million for the quarter, with full-year guidance maintained at a wide underlying EBIT range from -$1.5 billion to +$1 billion and negative $3 billion cash flow or better.
  • The Middle East conflict added approximately $0.5 billion a month in extra costs, largely mitigated so far by commercial surcharges and operational adjustments but creating ongoing uncertainty.
  • Operational improvements, including a 96% vessel utilization and cost efficiencies from the Gemini network, have partially offset pressures but were insufficient to stabilize margins.
Full recap
Q3 2025 Nov 8, 2025

A.P. Møller - Maersk demonstrated solid financial performance in Q3 2025, with EBITDA rising to $2.7 billion and EBIT increasing to $1.3 billion, underpinned by robust execution across all segments and effective cost management.

Key takeaways
  • EBITDA increased sequentially to $2.7 billion, and EBIT rose to $1.3 billion.
  • Logistics & Services improved EBIT margin from 4.8% to 5.5%, driven by asset utilization and cost management.
  • Ocean reported a 7% year-on-year volume growth, achieving over 90% reliability and significant cost savings following the Gemini implementation.
  • Terminal operations delivered record revenues and profitability, with return on invested capital rising to 17.2%.
  • Full-year EBIT guidance narrowed to $3 billion - $3.5 billion, reflecting sustained demand growth, particularly from China.
Full recap