A.P. Moller - Maersk A/S Q2 2026 Earnings Recap

Shares surged 19% as Maersk capitalized on strong market demand and spot rate increases, driving better-than-expected earnings and an upgraded EBIT guidance range.

Key Takeaways

• Ocean segment EBITDA reached $3 billion with EBIT at $1.6 billion, supported by higher spot rates due to imbalanced trade flows and port congestions.
• Free cash flow turned positive at $549 million despite working capital build from increased receivables and bunker inventory costs.
• Full-year underlying EBIT guidance was raised to $4.5 billion–$6.5 billion, reflecting sustained volume growth (~4%) and stronger pricing.
• Logistics & Services grew revenue 15%, with continued margin improvement led by Forwarding and Landside segments; Solutions segment margins remain a work in progress.
• Terminal segment revenue rose 11% through price gains and portfolio expansion, partly offsetting Middle East-related volume disruptions.