A.P. Moller - Maersk A/S Earnings Recaps
Q1 2026
May 9, 2026
Shares fell 7.1% following earnings as investors reacted negatively to an ongoing deceleration in ocean freight rates and the resulting margin compression despite resilient volume growth and operational efficiencies.
Key takeaways
- Ocean freight rates declined 14% year-over-year, driven by persistent industry oversupply despite volume growth outpacing fleet growth by 6 percentage points.
- EBITDA reached $1.8 billion, but EBIT was only $340 million, reflecting significant margin pressure in the core Ocean segment.
- Free cash flow turned negative at $874 million for the quarter due largely to lower earnings and elevated costs.
- The Middle East conflict added roughly $0.5 billion in monthly extra costs; while commercial levers are recovering these costs, the impact compressed margins in the near term.
- Guidance was maintained for full-year underlying EBIT between negative $1.5 billion and positive $1 billion, highlighting ongoing uncertainty and cautious outlook.
Q3 2025
Nov 8, 2025
A.P. Møller - Maersk delivered strong third-quarter results, with EBITDA of $2.7 billion and EBIT of $1.3 billion, driven by strong volume growth and cost control across all segments despite a challenging external environment.
Key takeaways
- Logistics & Services recovered with a year-on-year EBIT margin increase to 5.5%, supported by improved asset utilization and productivity.
- The Ocean segment achieved high reliability above 90%, with volumes rising 7% year-on-year, even amid softening freight rates.
- Terminal revenues and profitability hit record levels, bolstered by the successful implementation of the Gemini cooperation and high utilization rates at terminals.
- Full-year 2025 EBIT guidance has been narrowed to between $3 billion and $3.5 billion, reflecting sustained demand growth, particularly from China.