A.P. Moller – Maersk A/S (Maersk) achieved strong results in the second quarter with revenue growth of 2.8% and EBIT reaching USD 845m. While down sequentially, Maersk results were in line with the previous year despite significant geopolitical uncertainty and continued rate pressure. The performance was driven by continued strong results in Terminals, volume growth in Ocean and increased profitability in Logistics & Services and further supported by continued operational improvements and ongoing cost discipline in all business segments. Given the more resilient market demand outside of North America, Maersk raises its full-year 2025 financial guidance as per the table below.
“We have had a strong first half of the year, driven by consistent follow through on our operational improvement plans and the successful launch of the Gemini Cooperation. Our new East-West network is raising the bar on reliability and setting new industry standards. It has been a key driver of increased volumes and solid delivery of our Ocean business. Even with market volatility and historical uncertainty in global trade, demand remained resilient, and we’ve continued to respond with speed and flexibility. As our customers navigate these complex challenges, we remain committed to helping them build stronger and more adaptable supply chains— making sure they are ready to not just weather disruption, but to grow through it” said Vincent Clerc, CEO of Maersk.
Ocean delivered good results in a quarter marked by significant volatility in demand and rates. Volumes grew 4.2% compared to the same quarter last year, mainly driven by exports out of Asia, with freight rates picking up in the quarter, while still being under pressure both sequentially and compared to previous year. The Gemini Cooperation was successfully phased in fully in June with reliability scores above the 90% target in its first few months of operation.
Logistics & Services continued to focus on operational efficiency and delivering sustainable profitability improvement. EBIT increased by 39% to USD 175m and EBIT margin was 4.8%, up from 3.5% in the same quarter last year. The margin growth was driven by strong cost discipline and increased productivity.
It was another strong quarter in Terminals with record-high volumes and revenue. Volumes increased 9.9% and were supported by the successful phase-in of the Gemini cooperation adding more Maersk Ocean volumes to the Terminals business. EBIT increased by 31% to USD 461m driven primarily by strong operational and joint venture performance. ROIC increased to 15.4%, up from 12.2% in the same quarter last year.
Financial guidance
Given the more resilient market demand outside of North America, Maersk raises its full-year 2025 financial guidance as per the table below. The expected global container market volume growth has been revised to between 2% and 4% (previously between -1% and 4%). At this time, disruption in the Red Sea is still expected to last for the full year.
| Guidance 2025 | EBITDA Underlying (Previously: 6.0-9.0) |
EBIT Underlying (Previously: 0.0-3.0) |
Free cash flow or higher (Previously: -3.0 or higher) |
CAPEX (Unchanged) 2024-2025 |
CAPEX (Unchanged) 2025-2026 |
|---|---|---|---|---|---|
| USDbn | 8.0-9.5 | 2.0-3.5 | -1.0 | 10.0-11.0 | 10.0-11.0 |
Maersk’s guidance for 2025 is subject to considerable macroeconomic and geopolitical uncertainties impacting container volume growth and freight rates.
Cash distribution to shareholders
Distribution of cash to shareholders during the quarter was USD 864m of which USD 514M was from share buy-backs.
Highlights Q2
Revenue
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 8,572 | 8,370 |
| Logistics & Services | 3,668 | 3,632 |
| Terminals | 1,307 | 1,089 |
| Unallocated activities, eliminations, etc. | -417 | -320 |
| A.P. Moller – Maersk consolidated | 13,130 | 12,771 |
EBITDA
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 1,443 | 1,407 |
| Logistics & Services | 419 | 348 |
| Terminals | 458 | 408 |
| Unallocated activities, eliminations, etc. | -22 | -19 |
| A.P. Moller – Maersk consolidated | 2,298 | 2,144 |
EBIT
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 229 | 470 |
| Logistics & Services | 175 | 126 |
| Terminals | 461 | 353 |
| Unallocated activities, eliminations, etc. | -20 | 14 |
| A.P. Moller – Maersk consolidated | 845 | 963 |
CAPEX
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 964 | 578 |
| Logistics & Services | 139 | 159 |
| Terminals | 141 | 135 |
| Unallocated activities, eliminations, etc. | 34 | 32 |
| A.P. Moller – Maersk consolidated | 1,278 | 904 |
Sensitivity guidance
Financial performance for Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2025 for four key assumptions are listed below:
| Factors | Change | Effect on EBIT (Rest of 2025) |
|---|---|---|
| Container freight rate | +/- 100 USD/FFE | +/- USD 0.7bn |
| Container freight volume | +/- 100,000 FFE | +/- USD 0.01bn |
| Bunker price (net of expected BAF coverage) | +/- 100 USD/tonne | +/- USD 0.1bn |
| Foreign exchange rate (net of hedges) | +/- 10% change in USD | +/- USD 0.1bn |