XCSE:MAERSK-B ESEF Report
A.P. MØLLER - MÆRSK A/S (XCSE:MAERSK-B)
ESEF Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
Improving life for all by integrating the world
A.P. Moller - Maersk is an integrated logistics company connecting and simplifying its customers’ supply
chains. As a global leader in logistics services, the company has 100,000+ customers, operates in almost
130 countries and employs 100,000+ people. Maersk delivers innovative, reliable ocean network solutions,
offers truly integrated logistics products and operates advanced container terminals, both gateways and
hubs, with 60+ locations globally.
Contents
Management review
Highlights Q2 2026 ................................................... 03
Summary financial information
....................................... 04
Review Q2 2026
....................................................... 05
Financial guidance and targets
........................................ 06
Review 6M 2026
...................................................... 07
Market environment
................................................... 08
Ocean
.................................................................. 09
Logistics & Services
.................................................... 12
Terminals
.............................................................. 14
Management’s statement
............................................. 25
Quarterly summary
.................................................... 26
Definition of terms
.................................................... 27
Financials
Condensed income statement ......................................... 16
Condensed statement of comprehensive income
...................... 16
Condensed balance sheet at 30 June
.................................. 17
Condensed cash flow statement
....................................... 18
Condensed statement of changes in equity
............................ 19
Notes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
2
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Management Review
A.P. Moller - Maersk delivered EBITDA and EBIT of USD 3.0bn and USD 1.6bn, respectively, both up
on the previous year. The results were driven by an increase in Ocean volumes and spot rates,
supported by strong market demand. The higher earnings also contributed to free cash flow of
USD 549m, up on the previous year.
Ocean delivered a robust performance, with EBIT significantly higher year-on-year and returning to positive
territory sequentially. Volume growth was supported by strong market demand, particularly in the Far East.
Spot rates drove earnings, while elevated costs from the Middle East situation were recovered through
commercial measures. Logistics & Services showed strong revenue and EBIT growth, with the improvement
in its EBIT margin marking the ninth consecutive quarter of year-on-year progress. Meanwhile, Terminals
delivered continued strong earnings, supported by higher revenue per move and disciplined cost control,
while making progress on growth investments in existing and new locations.
Outlook
A.P. Moller - Maersk (Maersk) updates the full-year 2026 financial guidance on the back of the actual
performance in the second quarter of 2026 and improved visibility for the remainder of the year. This is
based on global container market volume growth for the full year 2026 of around 4%.
CAPEX 2025-2026
(Unchanged)
10.0-11.0
CAPEX 2026-2027
(Unchanged)
10.0-11.0
USDbn
EBITDA Underlying
(7 May: 4.5-7.0)
(29 June: 8.0-10.0)
10.5-12.5
EBIT Underlying
(7 May: -1.5-1.0)
(29 June: 2.0-4.0)
4.5-6.5
Free cash flow greater than
(7 May: -3.0 or higher)
(29 June: -1.5 or higher)
0.0
Highlights Q2 2026
Maersk’s Q2 results benefited from significantly higher freight rates and improved volumes across all
segments, culminating in a 20% year-on-year increase in revenue to USD 15.8bn (USD 13.1bn). Ocean was the
main contributor, increasing revenue by USD 2.0bn, while Logistics & Services and Terminals contributed
USD 554m and USD 141m, respectively. EBITDA rose to USD 3.0bn (USD 2.3bn) and EBIT increased to
USD 1.6bn (USD 845m), mainly due to the stronger performance in Ocean. The EBIT margin reached 10.0%,
improving by 3.6 percentage points year-on-year and 7.4 percentage points compared to 2.6% in Q1 2026.
Ocean achieved a good financial result, supported by strong commercial and operational execution, with
revenue up by 23% due to higher freight rates and volumes, while lower depreciation contributed to an
EBIT of USD 935m (USD 229m) and an EBIT margin of 8.9% (2.7%). Average loaded freight rates increased
by 22%, while loaded volumes grew by 4.1%, driven by Asian exports. Despite a 19% increase in operating
costs due to higher bunker prices, unit cost at fixed energy decreased by 0.8% as higher volumes counter-
balanced the increase in operating costs. Utilisation remained high at 96% (94%).
Logistics & Services delivered another quarter of continued improvement, with revenue increasing by 15%
year-on-year and 11% sequentially. Landside led the growth, supported by Landbridge solutions connecting
ports across the Gulf region, while Forwarding benefited from strong volume growth in Air and Project Logistics.
Solutions also contributed positively, driven by a favourable mix of new and existing contracts. EBIT increased
by 24% year-on-year, resulting in an EBIT margin of 5.1% (4.8%), up 0.5 percentage points sequentially.
Terminals showed strong performance more than offsetting the impact of the Middle East conflict.
Revenue increased by 11% to USD 1.4bn (USD 1.3bn), supported by volume growth of 2.2% and a 7.1% increase
in revenue per move, driven by higher rates and increased storage revenue. The EBITDA margin improved
year-on-year, while the lower EBIT margin of 31.6% (35.3%) was primarily due to one-offs in 2025.
Free cash flow of USD 549m (negative USD 373m) increased due to a USD 347m reduction in CAPEX and a
USD 395m increase in cash flow from operating activities, driven by improved EBITDA.
Distribution of cash to shareholders during the quarter, including dividends and share buy-backs,
was USD 367m (USD 864m).
Highlights Q2 USD million
Revenue EBITDA EBIT CAPEX
2026 2025 2026 2025 2026 2025 2026 2025
Ocean 10,526 8,572 2,041 1,443 935 229 663 964
Logistics & Services 4,222 3,668 468 419 217 175 116 139
Terminals 1,448 1,307 517 458 458 461 122 141
Unallocated activities, eliminations, etc. -439 -417 -34 -22 -39 -20 30 34
A.P. Moller - Maersk consolidated 15,757 13,130 2,992 2,298 1,571 845 931 1,278
Management Review I Highlights Q2 2026
3
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Summary financial information
Income statement
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Revenue 15,757 13,130 28,727 26,451 53,988
Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 2,992 2,298 4,745 5,008 9,530
Depreciation, amortisation and impairment losses, net 1,558 1,651 3,108 3,271 6,671
Gain on sale of non-current assets, etc., net 8 25 16 80 138
Share of profit in joint ventures and associated companies 129 173 258 281 503
Profit before financial items (EBIT) 1,571 845 1,911 2,098 3,500
Financial items, net -74 -111 -122 66 -29
Profit before tax 1,497 734 1,789 2,164 3,471
Tax 185 95 377 318 556
Profit for the period 1,312 639 1,412 1,846 2,915
A.P. Møller - Mærsk A/S’ share 1,263 586 1,316 1,748 2,725
Underlying profit
1
1,297 614 1,468 1,766 2,774
Balance sheet
Total assets 87,906 87,860 87,906 87,860 88,352
Total equity 56,366 57,069 56,366 57,069 56,696
Invested capital 54,832 54,619 54,832 54,619 53,745
Net interest-bearing debt -1,535 -2,454 -1,535 -2,454 -2,947
Cash flow statement
Cash flow from operating activities 2,254 1,859 3,293 4,625 9,761
Repayments of lease liabilities -863 -1,014 2,042 -1,815 -3,502
CAPEX -931 -1,278 -1,937 -2,676 -4,799
Cash flow from financing activities
2
-1,344 -2,702 -4,859 -6,224 -8,878
Free cash flow 549 -373 -325 433 2,232
Financial ratios
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Revenue growth 20.0% 2.8% 8.6% 5.3% −2.7%
EBITDA margin 19.0% 17.5% 16.5% 18.9% 17.7%
EBIT margin 10.0% 6.4% 6.7% 7.9% 6.5%
Cash conversion 75% 81% 69% 92% 102%
Return on invested capital after tax (ROIC) (last 12 months) 5.0% 13.7% 5.0% 13.7% 5.7%
Equity ratio 64.1% 65.0% 64.1% 65.0% 64.2%
Underlying EBITDA
1
2,989 2,298 4,818 5,008 9,572
Underlying EBIT
1
1,560 818 1,980 2,017 3,363
Stock market ratios
Earnings per share, USD 87 38 90 113 179
Diluted earnings per share, USD 87 38 90 112 178
Cash flow from operating activities per share, USD 155 121 226 298 641
Share price (B share), end of period, DKK 15,540 11,775 15,540 11,775 14,640
Share price (B share), end of period, USD 2,369 1,850 2,369 1,850 2,306
Total market capitalisation, end of period, USD 33,646 28,068 33,646 28,068 33,817
1 For definition of terms, see page 27.
2 Cash flow from financing activities comparative figures have been restated. Refer to note 5 in the interim consolidated financial statements
for details.
Management Review I Summary financial information
4
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Review Q2 2026
A.P. Moller - Maersk’s business performance demonstrated the strength of the integrator model
with Ocean benefiting from higher spot rates and volumes, Logistics & Services continuing its
margin progression and Terminals sustaining high returns while investing for growth.
The integrator model in action
The disruption in the Strait of Hormuz demonstrated the strength of A.P. Moller - Maersk’s (Maersk’s)
integrator logistics model. Ocean rerouted affected cargo to alternative ports outside the Gulf, while
Logistics & Services facilitated the onward movement through Landbridge solutions across the region.
As a result, approximately 44,000 of 47,000 impacted containers reached their destination, enabled by
Maersk’s end-to-end logistics solutions.
Revenue increased by 20% or USD 2.6bn to USD 15.8bn (USD 13.1bn), with each segment contributing
double-digit growth. Ocean led the way, adding USD 2.0bn, an increase of 23%, on the back of higher freight
rates and a volume growth of 4.1%. Logistics & Services contributed an additional USD 554m, representing
a 15% increase, driven by higher volumes and rates, and Terminals added USD 141m, an increase of 11%,
driven by higher volumes, improved rates and higher storage revenue.
USD
Ocean
(2025: 8.6bn)
10.5bn
Logistics & Services
(2025: 3.7bn)
4.2bn
Terminals
(2025: 1.3bn)
1.4bn
EBITDA grew by 30% or USD 694m to USD 3.0bn (USD 2.3bn), with the EBITDA margin expanding to
19.0% (17.5%). Ocean was the primary driver, with EBITDA up USD 598m year-on-year, as the higher freight
rates flowed through to the bottom line, partly offset by higher costs from volume growth and elevated
bunker prices. In Logistics & Services, EBITDA increased by 12%, driven by Landside and partly by Forwarding,
and Terminals’ EBITDA increased by 13% due to improved rates and higher volume, with margins sustained
year-on-year.
USD
Ocean
(2025: 1.4bn)
2.0bn
Logistics & Services
(2025: 419m)
468m
Terminals
(2025: 458m)
517m
EBIT increased by 86% or USD 726m to USD 1.6bn (USD 845m), with an EBIT margin of 10.0% (6.4%).
In Ocean, higher freight rates, combined with lower depreciation due to the change in the useful lives
of vessels, resulted in an EBIT of USD 935m (USD 229m) and an EBIT margin of 8.9% (2.7%). In Logistics
& Services, EBIT grew by USD 42m to USD 217m (USD 175m), with Landside and Forwarding as the key
contributors. The EBIT margin reached 5.1% (4.8%), marking the ninth consecutive quarter of year-on-
year improvement. In Terminals, EBIT was relatively flat at USD 458m (USD 461m). A USD 46m reduction
in the share of profits in joint ventures and associated companies, offset the underlying year-on-year
improvement, resulting in an EBIT margin of 31.6% (35.3%).
USD
Ocean
(2025: 229m)
935m
Logistics & Services
(2025: 175m)
217m
Terminals
(2025: 461m)
458m
Financial items, net amounted to an expense of USD 74m (expense of USD 111m). The decrease in the
expense was mainly driven by positive foreign exchange rate impacts on working capital, partly offset by
lower interest income and negative foreign exchange rate impacts from hedging of the dividend payment
and share buy-backs.
Tax increased to USD 185m (USD 95m), primarily due to the higher taxable income.
The underlying profit was USD 1.3bn (USD 614m), mainly driven by higher EBIT.
Cash flow from operating activities of USD 2.3bn (USD 1.9bn) was supported by the higher EBITDA,
though cash conversion of 75% (81%) reflected a build-up in bunker inventory and receivables, driven
by volume growth and higher freight rates.
CAPEX amounted to USD 931m (USD 1.3bn), primarily due to lower CAPEX in Ocean.
Free cash flow of USD 549m (negative USD 373m) increased due to a USD 347m reduction in CAPEX and
a USD 395m increase in cash flow from operating activities, driven by improved EBITDA.
Management Review I Review Q2 2026
5
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Financial guidance
and targets
Financial guidance for 2026
A.P. Moller - Maersk (Maersk) updates the full-year 2026 financial guidance on the back of the
actual performance in the second quarter of 2026 and improved visibility for the remainder
of the year. This is based on global container market volume growth for the full year 2026 of
around 4%.
CAPEX 2025-2026
(Unchanged)
10.0-11.0
CAPEX 2026-2027
(Unchanged)
10.0-11.0
USDbn
EBITDA Underlying
(7 May: 4.5-7.0)
(29 June: 8.0-10.0)
10.5-12.5
EBIT Underlying
(7 May: -1.5-1.0)
(29 June: 2.0-4.0)
4.5-6.5
Free cash flow greater than
(7 May: -3.0 or higher)
(29 June: -1.5 or higher)
0.0
Sensitivity guidance
Maersk’s financial performance for 2026 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 2026 for four key assumptions are listed below:
Factors Change Effect on EBIT
(full year 2026)
Container freight rate +/- 100 USD/FFE +/- USD 0.7bn
Container freight volume +/- 100,000 FFE +/- USD 0.01bn
Bunker price (net of expected FFF coverage) +/- 100 USD/FOE tonne +/- USD 0.1bn
Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.1bn
Forward-looking statements
The Interim Report contains forward-looking statements. Such statements are subject to risks and
uncertainties as several factors, many of which are beyond Maersk’s control, may cause the actual
development and results to differ materially from expectations contained in the Interim Report.
Share buy-back
As announced on 5 February 2026, Maersk initiated a share buy-back programme of up to around USD 1bn
to be executed over a period of 12 months. Of the total planned share buy-back of around USD 1bn, Maersk
executed USD 376m in share buy-backs by the end of Q2 2026. At 30 June 2026, Maersk owned a total of
30,448 A shares and 190,983 B shares as treasury shares, corresponding to 1.51% of the share capital.
At the Annual General Meeting of A.P. Møller - Mærsk A/S on 25 March 2026, the shareholders decided
on the cancellation of treasury shares, and the share capital was reduced by a total nominal amount of
DKK 1,133,114,000, divided into 170,003 A shares and 963,111 B shares, with a nominal value of DKK 1,000
each. The cancellation was completed during Q2 2026.
ESG update
Maersk continues to explore options to diversify its low-emission fuel portfolio by testing ethanol in
dual-fuel methanol engines. In June 2026, our pioneering vessel Laura Mærsk reached a milestone in
fuel trials when she completed her second successful run on 100% ethanol. In contrast to previous trials,
the bunkering, which took place in Rotterdam, Netherlands, involved a larger-scale delivery by barge,
allowing us to test operational handling, supply chains and procedures under conditions closer to those
in the real world.
With the inauguration of a new container terminal at the Port of Suape in Pernambuco, Brazil, in Q2 2026,
we took significant steps to reduce CO
2
emissions across terminal operations while increasing efficiency
and capacity. The terminal will be the first fully electrified facility in Latin America and will increase Suape’s
container handling capacity by 55%, initially managing up to 400,000 TEU annually.
Other examples of local investments with global potential in Q2 2026 include announced investments
in onshore power supply systems in Valencia, Spain; a long-term renewable power purchase agreement
in Yokohama, Japan; and the completion of the electrification of on-dock rail drayage operations in Los
Angeles, USA. By the end of Q2 2026, approximately 63% of electricity across Maersk’s terminals globally
was sourced from renewables, with a target of 100% by 2030.
Management Review I Review Q2 2026 I Financial guidance and targets
6
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Review 6M 2026
A.P. Moller - Maersk’s results for the first half of 2026 were characterised by volume growth,
cost discipline and continued margin improvement in Logistics & Services, against a backdrop
of geopolitical disruption and an evolving rate environment.
Revenue increased by 8.6% or USD 2.3bn to USD 28.7bn (USD 26.5bn), driven by all segments, with an
increase of USD 1.2bn in Ocean, USD 859m in Logistics & Services and USD 224m in Terminals. Revenue in
Ocean was positively impacted by higher freight rates and a 6.5% increase in volumes, partly offset by higher
costs. Revenue in Logistics & Services increased across all segments, led by a 25% increase in Forwarding.
The improved revenue in Terminals was driven by higher volume, improved rates and storage revenue.
EBITDA decreased by 5.3% or USD 263m to USD 4.7bn (USD 5.0bn), impacted by a decrease in Ocean.
Ocean’s EBITDA decreased by USD 402m due to higher costs. In Logistics & Services, EBITDA increased by
USD 99m, driven by Landside and Forwarding. Terminals’ EBITDA improved by USD 103m due to increased
revenue, partly offset by higher costs.
EBIT decreased by 8.9% or USD 187m to USD 1.9bn (USD 2.1bn), impacted by Ocean. The EBIT margin
decreased to 6.7% (7.9%).
Financial items, net amounted to a loss of USD 122m (income of USD 66m), reflecting unfavourable
foreign exchange rate impacts from hedging of the dividend payment and share buy-backs and lower
interest income, partly offset by positive foreign exchange rate impacts on working capital.
Tax increased to USD 377m (USD 318m), primarily reflecting a higher Pillar Two top-up tax charge.
The underlying profit was USD 1.5bn (USD 1.8bn), mainly due to adjustments for restructuring costs.
Cash flow from operating activities amounted to USD 3.3bn (USD 4.6bn), with a cash conversion of 69%
(92%), impacted by unfavourable movements in net working capital of USD 1.3bn.
CAPEX was USD 1.9bn (USD 2.7bn), reflecting lower Ocean investments.
Free cash flow of negative USD 325m (positive USD 433m) was mainly driven by lower cash flow from
operating activities, partly offset by lower CAPEX and lease payments.
Highlights 6M USD million
Revenue EBITDA EBIT CAPEX
2026 2025 2026 2025 2026 2025 2026 2025
Ocean 18,704 17,482 2,944 3,346 743 972 1,379 2,132
Logistics & Services 8,015 7,156 901 802 390 317 200 236
Terminals 2,762 2,538 1,005 902 894 855 293 267
Unallocated activities, eliminations, etc. -754 -725 -105 -42 -116 -46 65 41
A.P. Moller - Maersk consolidated 28,727 26,451 4,745 5,008 1,911 2,098 1,937 2,676
Equity decreased to USD 56.4bn (USD 56.7bn at 31 December 2025) due to dividend payments and share
buy-backs, resulting in an equity ratio of 64.1% (64.2% at 31 December 2025).
Capital structure and credit rating
Net interest-bearing debt amounted to a net cash position of USD 1.5bn (a net cash position of USD 2.9bn
at 31 December 2025). The decrease in the net cash position was primarily driven by negative free cash
flow for the first six months, dividends distributed to shareholders and share buy-backs of USD 1.7bn and
investments in joint ventures and associated companies of USD 215m, partly offset by a USD 835m net
decrease in lease liabilities. Excluding lease liabilities, the Group had a net cash position of USD 13.7bn
(USD 16.0bn at 31 December 2025).
A.P. Moller - Maersk (Maersk) remains investment grade-rated and holds a Baa1 (stable) from Moody’s and
a BBB+ (stable) rating from Standard & Poor’s.
The liquidity reserve decreased to USD 23.4bn (USD 26.4bn at 31 December 2025) and was composed of cash
and bank balances (excluding restricted cash), term deposits and securities of USD 17.4bn (USD 20.4bn at
31 December 2025) and undrawn revolving credit facilities of USD 6.0bn (USD 6.0bn at 31 December 2025).
The dividend of DKK 480 per A.P. Møller - Mærsk A/S share of nominally DKK 1,000, a total of USD 1.1bn,
declared at the Annual General Meeting on 25 March 2026, was paid on 30 March 2026, of which the
with holding tax of USD 138m was paid in Q2 2026.
Management Review I Review 6M 2026
7
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Market environment
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
80
100
140
120
Q3Q2Q1 Q4
2022 2023 2024 20262025
Macroeconomic environment
Geopolitics continued to dominate the external environment. The situation
in the Middle East took centre stage in the second quarter of 2026, with
ripple effects on the global economy from higher energy prices. Brent
crude oil averaged 96 USD/bbl in Q2 2026, up from 78 USD/bbl in Q1 2026,
leading to a rise in inflation and erosion in purchasing power. In the US,
for instance, real hourly earnings contracted in Q2 2026 for the first time
since April 2023. Unsurprisingly, consumer confidence took a hit globally,
resulting in softer consumption. US goods demand grew 2.3% year-on-
year in Q2 2026, down from 3.5% on average in 2025. Euro Area retail
sales (excluding food and fuel) also expanded at a slower pace compared
to the previous year. In China, retail sales grew 0.2% year-on-year in Q2
2026, amid elevated rates of cautionary saving.
Global industrial production continued to expand in Q2 2026, albeit
unevenly across regions. Emerging Asia is the main engine of growth, led
by Taiwan, South Korea and China, which grew 4.6% year-on-year in Q2
2026. US industrial production remains resilient (+1.3%). The resilience in
the US may be due to stock piling to get ahead of any further input price
increases, especially with the Section 122’s flat 10% tariff expiring on
24 July 2026 and oil prices facing upward pressures. In contrast, the
Euro Area continues to lag (-0.4% in April-May 2026), constrained by
structural challenges.
The Global Composite Purchasing Managers Index (PMI) averaged 51.9
in Q2 2026, reflecting continued expansion, albeit at a weaker pace than in
Q1 2026. Generous fiscal spending and AI-related investments have helped
offset the drag from higher energy prices, resulting in a more resilient global
economy than initially feared.
The breakdown of the Memorandum of Understanding signed by the
US and Iran in June 2026 created renewed uncertainty surrounding the
conflict. Geopolitical risks remain elevated, and the outlook continues to
be shaped by the evolving diplomatic and security landscape.
Container trade environment
Global container trade demand exceeded expectations in Q2 2026,
growing between 3% and 4% year-on-year. Demand proved to be very
resilient, despite the drag from the Middle East situation. Imports into the
Middle East contracted by 40% but were more than offset by import
growth in other regions. The fastest-growing were Africa (13%), Latin
America (7.0%) and North America (5.8%). Far East exports, especially out
of China, were once again, the main engine of trade growth.
This strength may extend into the third quarter of 2026, as exports
from China show no signs of abating. However, the unresolved conflict in
the Middle East continues to warrant caution.
On the supply side, the nominal fleet at the end of Q2 2026 was
5.4% larger than during the same period in 2025. Growth was driven by
deliveries of new vessels, while demolitions remained close to zero for
the sixth straight quarter. Average spot freight rates, as measured by the
Shanghai Containerised Freight Index (SCFI), increased by 55% in Q2 2026
compared to Q1 2026 and were notably above Q2 2025 levels (42%).
Logistics environment
Global air freight demand (excluding low-value
goods) is estimated to have grown by between 6%
and 8% in Q2 2026. Growth was driven by strong
imports into North America and Europe, up 18%
and 6.7% year-on-year, respectively, in April–May
2026, more than off setting the 14% contraction
in imports into the Middle East. Across verticals,
tech nology continues to under pin demand. Indeed,
US com panies are reportedly paying a premium to
fly in AI-related goods from Far East Asia to fuel the
data-centre construction boom across the country.
Trade in retail goods is also well above average and
has continued to gain momentum in recent quarters.
Conversely, air freight demand for low-value goods
has weakened since Q4 2025 as tighter regulation
reshapes cross- border e-commerce.
On the supply side, global air freight capacity
measured in available tonne-kilometres increased
1.6% year-on-year in Q2 2026 as capacity continued
to recover from Middle East-related disruptions,
while utilisation was 52% in Q2 2026, up 2.2 per-
centage points year-on-year. Strong demand, dis-
ruptions and higher jet fuel prices resulted in air
freight rates that were up 24% quarter-on-quarter
and 30% year-on-year on average in Q2 2026, well
above pre- conflict levels.
US warehouse vacancy appears to have passed its
cyclical peak as demand starts to outpace new supply.
The national vacancy rate fell 10 basis points to 6.9%
in Q2 2026. In Europe, average vacancy rates edged up,
from 6.7% in Q4 2025 to 7.0% in Q1 2026.
Source: Maersk Strategic Insights
Container trade volumes, by import region
Africa Europe Asia-Pacific Latin America
North America West-Central Asia Global Index (FY2019=100)
Q1 Q2
Management Review I Market environment
8
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Ocean
Ocean delivered a good financial result in the second quarter of 2026, supported by strong commercial
and operational execution. EBIT reached USD 935m (USD 229m), reflecting a sequential improvement,
driven by increased freight rates and higher volumes.
The average loaded freight rate increased by 22% with most trade lanes positively contributing, while
loaded volumes grew by 4.1%, driven by Asian exports. As anticipated, the Middle East situation led to a 19%
increase in operating costs, primarily driven by higher bunker costs. The average bunker price increased
by 44%, partly offset by the optimised bunker consumption of 4.3%. Unit cost at fixed energy decreased
by 0.8%, as higher volumes counterbalanced higher operating costs.
Utilisation remained high at 96% (94%), while schedule reliability improved, recovering from the
pressure experienced in Q1 2026.
Revenue
10.5 bn
(USD 8.6bn)
Revenue increased by 23% or USD 2.0bn
to USD 10.5bn (USD 8.6bn), driven by
the higher loaded freight rates of 22%,
increased loaded volumes of 4.1% and
higher other revenue.
USDbn
EBIT
935 m
EBIT increased by USD 706m to USD 935m (USD 229m),
supported by the upside from the change in the useful life
of vessels in 2026 of USD 175m.
EBIT margin increased by 6.2 percentage points to 8.9% (2.7%).
USDm
(USD 229m)
Q2
2025
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Freight revenue 8,583 7,287 15,256 14,866 29,634
Other revenue, including hubs 1,943 1,285 3,448 2,616 5,341
Revenue 10,526 8,572 18,704 17,482 34,975
Container handling costs 2,879 2,583 5,614 5,059 10,578
Bunker costs 2,108 1,552 3,465 3,153 6,135
Network costs, excluding bunker costs 2,012 1,883 3,943 3,596 7,378
Selling, general & administrative (SG&A) costs 695 696 1,323 1,290 2,584
Cost of goods sold and other operational costs 828 431 1,207 1,037 2,009
Total operating costs 8,522 7,145 15,552 14,135 28,684
Other income/costs, net 37 16 -208 -1 7
EBITDA 2,041 1,443 2,944 3,346 6,298
EBITDA margin 19.4% 16.8% 15.7% 19.1% 18.0%
EBIT 935 229 743 972 1,386
EBIT margin 8.9% 2.7% 4.0% 5.6% 4.0%
Invested capital 33,556 32,918 33,556 32,918 32,621
CAPEX 663 964 1,379 2,132 3,632
Operational and financial metrics
Loaded volumes (FFE in ’000) 3,361 3,230 6,564 6,161 12,942
Loaded freight rate (USD per FFE) 2,746 2,259 2,421 2,339 2,237
Unit cost, fixed energy (USD per FFE incl. VSA income)
1
2,355 2,373 2,344 2,439 2,374
Bunker price, average (USD per FOE tonne)
1
777 538 633 558 541
Bunker consumption (FOE tonne in ’000)
1
2,564 2,678 5,075 5,330 10,618
Average operated fleet capacity (TEU in ’000) 4,673 4,587 4,640 4,536 4,566
Fleet owned (end of period) 336 318 336 318 324
Fleet chartered (end of period) 403 424 403 424 397
Ocean highlights USD million
1 2025 comparatives have been restated, as fuel oil equivalent tonnes (FOE tonnes) became the standard unit for measuring bunker
consumption, effective Q1 2026. For more details, see the Q1 2026 Interim Report.
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
8.6
9.2
8.3
8.2
10.5
-500
-250
500
1,000
0
250
750
-5%
10%
15%
25%
0%
5%
20%
Management Review I Ocean
9
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
EBITDA
2.0 bn
(USD 1.4bn)
EBITDA increased by 41% or USD 598m to USD
2.0bn (USD 1.4bn), driven by the higher revenue of
USD 2.0bn, partly offset by the higher operating
costs of USD 1.4bn. The EBITDA margin increased
by 2.6 percentage points to 19.4% (16.8%).
USDbn
Bunker costs
2.1 bn
(USD 1.6bn)
Bunker costs increased by 36% or
USD 556m to USD 2.1bn (USD 1.6bn) as
disruptions in global fuel supply chains
led to higher crude oil prices and addi-
tional supply costs. The average bunker
price increased by 44% to 777 USD/FOE
tonne (538 USD/FOE tonne), partly off-
set by the lower bunker consumption
of 4.3% despite higher volumes. Bunker
efficiency improved by 5.9% to 6.04 FOE
kg/TEU day (6.42 FOE kg/TEU day).
USDbn
Loaded volumes
3.4 m
(3.2m FFE)
m FFE
Loaded volumes increased by 4.1% to 3,361k FFE
(3,230k FFE), driven by strong Asian exports.
The adverse volume impact in the Middle East
due to the Strait of Hormuz closure was effec-
tively offset by increased volumes on other
trade lanes. Compared to Q1 2026, volumes
were up by 4.9%.
Q2
2026
Q2
2025
Change Change
%
East-West 1,512 1,477 35 2.4
North-South 1,085 1,055 30 2.8
Intra-regional 764 698 66 9.5
Total 3,361 3,230 131 4.1
Unit cost
at fixed energy
2,355
(2,373 USD/FFE)
Unit cost at fixed energy decreased by
0.8% to 2,355 USD/FFE (2,373 USD/FFE),
reflecting the optimised bunker con-
sumption, improved asset turns and
increased volumes.
USD/FFE
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Q2
2025
2,355 2,333 2,304 2,325 2,373
Average loaded freight rate
2,746
The average loaded freight rate increased by 22%
to 2,746 USD/FFE (2,259 USD/FFE) across most
trade lanes. Compared to Q1 2026, the average
loaded freight rate increased by 32%.
USD/FFE
(2,259 USD/FFE)
0
1,500
1,000
500
2,000
2,500
3,000
Q2
2025
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Q2
2026
Q2
2025
Change Change
%
East-West 2,917 2,286 631 27.6
North-South 3,530 2,927 603 20.6
Intra-regional 1,585 1,520 65 4.3
Total 2,746 2,259 487 21.6
Total operating costs increased by 19%
or USD 1.4bn to USD 8.5bn (USD 7.1bn),
primarily driven by higher bunker costs,
which increased by 36%. Container handling
costs increased by 11%, driven by terminal
congestion, increased storage costs and
higher volumes, while network adjust-
ments led to 6.9% higher network costs
excluding bunker costs. Operating costs
are split across five reporting categories.
Operating costs
8.5 bn
(USD 7.1bn)
USDbn
34%
(36%)
Container
handling
costs
23%
(26%)
Network costs,
excluding
bunker costs
10%
(6%)
Costs of
goods sold
and other
operational
costs
8%
(10%)
SG&A
costs
25%
(22%)
Bunker costs
Average operated
capacity
739
Vessels
(end of period)
The average operated
capacity of 4,673k TEU
(4,587k TEU) increased by
1.9% to support the higher
volumes. The current
order book for dual-fuel
vessels totalled 31 at the
end of Q2 2026, and the
fleet consisted of 336
owned and 403 chartered
vessels, of which 98k TEU
or 2.1% of the fleet were
idle (20 vessels).
4,673k
TEU
(average)
Management Review I Ocean
10
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
The situation in the Middle East remains volatile, continuing to impact
logistics networks and customer supply chains. Restrictions on vessel
passage through the Strait of Hormuz have further disrupted cargo
flows and port operations, resulting in congestion, elevated bunker
and operating costs, and increased safety risks across the region.
Maersk is closely monitoring the situation, prioritising the safety
of people, assets and cargo, while remaining committed to delivering
strong customer outcomes. In response to the conflict and the closure
of the Strait of Hormuz, contingency measures have been implemented,
including network adjustments, alternative routing, Landbridge solutions
provided by Logistics & Services in the affected areas from ports not
directly impacted, deployment of additional charter capacity and storage
solutions. Following ongoing risk assessments, certain bookings from and
to high-risk areas have been suspended, while shipments containing
critical food supplies, medicines and other perishable goods are being
given special attention.
During the ceasefire period, Maersk successfully routed two vessels
out of the Strait of Hormuz.
Solutions amid volatility
Revenue increased by 7.0% or USD 1.2bn, driven by higher volumes of
6.5%, and increased freight rates of 3.5%, shifting from a downward
trend seen in 2025 to an upward trajectory during the first half of 2026.
Despite the increased revenue, profitability declined as a result of higher
costs. EBITDA decreased by 12% or USD 402m to USD 2.9bn (USD 3.3bn),
with the EBITDA margin down by 3.4 percentage points to 15.7% (19.1%).
EBIT decreased by 24% or USD 229m to USD 743m (USD 972m) following
the EBITDA development, partly offset by the upside from the change in
the useful life of vessels in 2026. The EBIT margin decreased by 1.6 per-
centage points to 4.0% (5.6%).
Total operating costs increased by 10% or USD 1.4bn to USD 15.6bn
(USD 14.1bn), driven by the higher bunker costs of 9.9% following the
Middle East situation. Container handling costs increased by 11%,
driven by terminal congestions, increased storage costs and higher
volumes, while network adjustments led to 9.6% higher network costs
excluding bunker costs.
Bunker costs increased by 9.9% or USD 312m to USD 3.5bn (USD 3.2bn),
driven by the higher crude oil prices and additional supply costs resulting
from the Middle East situation. The average bunker price increased by
13% to 633 USD/FOE tonne (558 USD/FOE tonne), partly offset by bunker
consumption optimisation of 4.8%.
Unit cost at fixed energy decreased by 3.9% to 2,344 USD/FFE (2,439
USD/FFE) reflecting the optimised bunker consumption, improved asset
turns and increased volumes.
Financial review 6M 2026
Management Review I Ocean
11
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Logistics & Services highlights USD million
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Revenue 4,222 3,668 8,015 7,156 15,103
Direct costs (third-party costs) 2,913 2,475 5,473 4,842 10,281
Gross profit 1,309 1,193 2,542 2,314 4,822
Direct operating expenses 613 551 1,205 1,092 2,308
Selling, general & administrative (SG&A) costs 228 223 436 420 826
EBITDA 468 419 901 802 1,688
EBITDA margin 11.1% 11.4% 11.2% 11.2% 11.2%
EBIT 217 175 390 317 729
EBIT margin 5.1% 4.8% 4.9% 4.4% 4.8%
Invested capital 11,362 11,979 11,362 11,979 11,796
CAPEX 116 139 200 236 506
Operational and financial metrics
Supply Chain Management volumes (CBM in ’000) 27,322 26,061 52,104 53,813 110,511
First Mile volumes (FFE in ’000) 1,900 1,701 3,656 3,307 7,028
Air freight volumes (tonne in ’000) 85 74 167 143 318
Logistics & Services
Logistics & Services continued its year-on-year revenue improvement across all segments, benefiting
from strong volume development within most products. Landside was the primary driver, boosted by
Landbridge solutions across the Gulf region. Additionally, Forwarding’s performance reflected strong
volume growth in Air and Project Logistics. In Solutions, Contract Logistics continued to deliver positive
top-line growth.
From an EBIT margin perspective, Q2 2026 marked the ninth consecutive quarter of year-on-year
improvement, with the margin reaching 5.1%, up 0.3 percentage points from 4.8% in Q2 2025. The margin
increase was driven by Landside and supported by clear top-line improvement across all segments, along
with cost discipline and operational effectiveness.
Reorganisation
Logistics & Services has been further
refined into three segments: Forwarding,
Solutions and Landside. This change
improves transparency and comparability
of the business mix and performance
drivers, provides clearer insight into the
underlying dynamics of each segment,
and supports the execution of our
strategic priorities.
The new structure reflects how services
are delivered to customers and how the
business is managed.
Forwarding
Covers global freight forwarding and
freight management activities and
comprises the following products:
• Air
• Full Container Load (FCL)
• Less-than-Container Load (LCL)
• Project Logistics
• Cargo Risk Management
Solutions
Represents integrated con tract logistics,
including warehousing, e-fulfilment
services and value-added supply chain
offerings and comprises the following
products:
• Contract Logistics
• Lead Logistics
• Cold Chain Logistics
• E-Commerce
Landside
Covers road transportation services,
including customs brokerage and
comprises the following products:
• First Mile
• Ground Freight
• Depot
• Customs Brokerage
Revenue
4.2 bn
Revenue increased by 15% to USD 4.2bn (USD 3.7bn), with all
segments delivering year-on-year growth, driven by increased
revenue across nearly all products. Sequentially, revenue
increased by USD 429m.
USDbn
(USD 3.7bn)
In Forwarding, revenue increased by 32% or USD 203m to
USD 839m (USD 636m), driven by Air, which benefited from
higher rates and strong volume growth. Air freight volumes
rose by 15% year-on-year to 85k tonnes (74k tonnes), mainly
driven by the lifestyle vertical. Project Logistics delivered
revenue growth through increased activity levels within
industrial projects, renewable energy and chemical verticals.
Solutions’ revenue increased by 11% or USD 126m to USD
1.2bn (USD 1.1bn), primarily driven by Contract Logistics,
reflecting a favourable mix from new contracts and
uptrading of existing contracts. Supply Chain Management
volumes increased by 4.8% to 27,322k CBM (26,061k CBM).
Landside’s revenue increased by 14% or USD 279m to
USD 2.3bn (USD 2.0bn), driven by First Mile, where volumes
grew by 12% to 1,900k FFE (1,701k FFE). Furthermore,
Customs Brokerage and Depot contributed positively,
driven by improved volume. Customs declarations rose by
13% to 1,891k declarations (1,670k declarations).
Q2 2026 Q2 2025 Change Change %
Forwarding 839 636 203 32
Solutions 1,233 1,107 126 11
Landside 2,301 2,022 279 14
Eliminations −151 −97 −54 56
USD million
Management Review I Logistics & Services
12
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Revenue increased by 12% or USD
859m to USD 8.0bn (USD 7.2bn), with
improvement across all segments.
Forwarding revenue increased by 25%
or USD 318m, whereas Solutions and
Landside saw similar increases of 11%
or USD 235m and 10% or USD 385m,
respectively.
EBITDA increased by 12% to USD 901m
(USD 802m).
EBIT increased by 23% to USD 390m
(USD 317m), driven by Forwarding and
Landside, resulting in an overall EBIT
margin of 4.9% (4.4%) for the first half
of the year.
Financial review 6M 2026
Forwarding continued to execute its Air
transformation agenda, improving efficiency
and growth through digital platform roll-
outs, stronger operational execution, and
innovations that optimise aircraft routing,
reduce fuel consumption, and support
sustainability ambitions.
Solutions continued to advance its
operational excellence agenda in Q2 2026.
Building on earlier infrastructure invest-
ments, the quarter saw further progress in
warehouse automation and platform and
system upgrades across the network. New
labour management capabilities were intro-
duced, improving efficiency and through-
put, to strengthen operational discipline and
service consistency. The focus on reducing
white space continues through the rest of
the year by rationalising the footprint and
new sales.
Landside’s products continued advan cing
a more integrated digital operating model
across Customs Brokerage, First Mile and
Depots in Q2 2026, increasing automation,
enhancing visibility and enabling more
insight-driven customer advisory services.
Addition ally, Landbridge, a transit- haulage
solution connecting ports across the Gulf
region, provides an alternative route amid
the ongoing Middle East crisis. Landbridge
solutions continue to evolve into resilient
multimodal corridors, strengthening
customer continuity, routing optionality
and end-to-end visibility.
Key initiatives in Q2
Forwarding’s margin declined to 6.4% (6.8%), primarily
impacted by Cargo Risk Management and Less-than-Container
Load, partly offset by Air due to higher volumes and improved
rates, together with strategic initiatives and cost discipline.
Solutions’ margin declined to 1.7% (3.8%), primarily driven
by weaker profitability in the China lifestyle vertical and
growth-related investments, including new site openings,
customer implementations and ramp-up activities.
Landside’s margin increased to 6.3% (5.1%). First Mile bene-
fited from newly taken initiatives related to the Landbridge
solutions across the Gulf region. The results were supported
by higher activity levels across the business, including in
Customs Brokerage during port disruptions, alongside con-
tinued improvements in Ground Freight, driven by operational
efficiencies and tighter cost management.
Gross profit
1.3 bn
Gross profit increased by 9.7% to USD 1.3bn (USD 1.2bn), with
a gross profit margin of 31.0% (32.5%). Gross profit improved
across all segments, driven by Contract Logistics, First Mile and
Air. Similarly, gross profit increased sequentially by USD 76m,
reflecting overall volume growth.
USDbn
(USD 1.2bn)
EBITDA
468 m
(USD 419m)
USDm
EBITDA rose by USD 49m to USD 468m (USD 419m)
and the EBITDA margin was 11.1% compared to 11.4% in
Q2 2025. Sequentially, EBITDA increased by USD 35m,
although the margin decreased by 0.3 percentage points.
EBIT
USDm
217 m
(USD 175m)
EBIT increased by 24% or USD 42m to USD 217m
(USD 175m).
The EBIT margin improved to 5.1% (4.8%).
EBIT EBIT margin
Q2 2026 Q2 2025 Change Change % Q2 2026 Q2 2025 Change %
Forwarding 54 43 11 26 6.4% 6.8% −0.4
Solutions 21 42 −21 −50 1.7% 3.8% −2.1
Landside 146 103 43 42 6.3% 5.1% 1.2
Eliminations −4 −13 9 −69 N/A N/A N/A
USD million
EBIT 6M USD million
EBIT EBIT margin
2026 2025 2026 2025
Forwarding 101 58 6.4% 4.6%
Solutions 57 84 2.3% 3.8%
Landside 239 180 5.6% 4.6%
Eliminations −7 −5 N/A N/A
Revenue 6M USD million
2026 2025 Change Change
%
Forwarding 1,578 1,260 318 25
Solutions 2,455 2,220 235 11
Landside 4,305 3,920 385 10
Eliminations −323 −244 −79 32
Q2 2025 Q2 2026Q1 2026Q4 2025Q3 2025
0
200
150
100
50
250
0%
8%
6%
4%
2%
10%
Management Review I Logistics & Services
13
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Terminals
Terminals highlights USD million
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Revenue 1,448 1,307 2,762 2,538 5,339
Concession fees (excl. capitalised lease expenses) 118 106 209 205 406
Labour costs (blue collar) 417 387 814 746 1,548
Other operational costs 257 193 456 379 884
Selling, general & administrative (SG&A) costs 139 163 278 306 658
Total operating costs 931 849 1,757 1,636 3,496
EBITDA 517 458 1,005 902 1,843
EBITDA margin 35.7% 35.0% 36.4% 35.5% 34.5%
Result from joint ventures and associated companies 108 154 219 248 440
EBIT 458 461 894 855 1,747
EBIT margin 31.6% 35.3% 32.4% 33.7% 32.7%
Invested capital 9,644 9,405 9,644 9,405 9,325
CAPEX 122 141 293 267 573
Operational and financial metrics
Volumes (moves in ’000)
1
3,663 3,584 7,133 6,910 14,254
Ocean segment 1,407 1,348 2,779 2,433 5,221
External customers 2,256 2,236 4,354 4,477 9,033
Revenue per move (USD)
1
385 360 381 362 364
Cost per move (USD)
1
293 278 290 277 279
Revenue
USDbn
1.4 bn
(USD 1.3bn)
Revenue increased by 11% to USD 1.4bn (USD 1.3bn),
driven by improved rates, higher storage revenue and
favourable foreign exchange rate impacts. Volume
grew by 2.2%, driven by strong growth of 8.0% in
Europe and 6.5% in North America which is partially
offset the decrease in Asia of 5.3%. Volume from
Ocean increased by 4.4%, and volume from external
customers increased by 0.9%. The disproportional
growth in internal volume versus external is driven
by Ocean’s transition from the old 2M alliance to the
Gemini Cooperation.
Revenue per move increased by 7.1% to USD 385
(USD 360), driven by improved rates, storage revenue
and favourable foreign exchange rate impacts. Cost
per move increased by 5.3% to USD 293 (USD 278),
driven by labour inflation, variable concession costs
and depreciation, partly offset by lower SG&A costs.
At fixed foreign exchange rates, volume mix and
portfolio mix, revenue per move increased by 7.7%
and cost per move increased by 7.4%.
EBIT
USDm
458 m
(USD 461m)
EBIT remained relatively flat year-on-year at
USD 458m (USD 461m) and increased by 9.9%
excluding the impact of the recognition
of a deferred tax asset in a joint venture in 2025.
The EBIT margin decreased by 3.7 percentage
points to 31.6% (35.3%).
EBITDA
USDm
517 m
(USD 458m)
EBITDA increased by 13% to USD 517m (USD 458m),
driven by improved rates and higher storage revenue,
partly offset by higher costs, leading to an increase
in the EBITDA margin to 35.7% (35.0%).
0
600
400
500
200
300
100
0%
10%
60%
40%
50%
20%
30%
CAPEX
USDm
122 m
(USD 141m)
CAPEX decreased to USD 122m (USD 141m) due
to lower spending in Rijeka, Croatia, Lazaro
Cardenas, Mexico, and Suape, Brazil, partly offset
by expansion project in Callao, Peru.
Q2
2025
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Q2 2026 represented another strong quarter for Terminals, with strong performance more than offsetting
the impact of conflict in the Middle East, resulting in strong revenue growth and record-high EBITDA.
Volume increased by 2.2%, supported by growth in Europe and North America. Utilisation was 81% (86%).
Revenue per move (like-for-like) improved by 7.7%, driven by increased rates and higher storage revenue.
Cost per move (like-for-like) increased by 7.4% due to labour inflation, variable concession costs and
depreciation, partly offset by lower SG&A costs.
The EBITDA margin increased by 0.7 percentage points to 35.7% (35.0%). ROIC (LTM average) decreased to
14.8% (15.4%) and is expected to moderate in the near term as capital employed continues to increase following
recent growth investments, while earnings remain strong. The EBIT margin decreased by 3.7 percentage points
to 31.6% (35.3%), primarily impacted by recognition of a deferred tax asset in a joint venture in 2025. Adjusted
for this, the EBIT margin decreased by 0.3 percentage points.
1 Excluding joint ventures and associated companies.
Management Review I Terminals
14
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Joint ventures and
associated companies
USDm
108 m
(USD 154m)
The share of profits in joint ventures and associated
companies amounted to USD 108m (USD 154m),
and was mainly flat year-on-year, excluding the
impact of a deferred tax asset in Q2 2025.
Regional volume
1
Moves (’000)
Volumes
Q2
2026
Q2
2025
Growth
%
North America 1,084 1,018 6.5
Latin America 696 697 −0.2
Europe 811 751 8.0
Africa 192 189 1.6
Asia 880 929 −5.3
Total 3,663 3,584 2.2
ROIC
Percent
14.8 %
(15.4%)
ROIC (LTM average) decreased to 14.8% (15.4%),
mainly driven by the continued increase in invested
capital from ongoing expansion projects, while
earnings remained strong.
1 Excluding joint ventures and associated companies.
In North America, volume increased by 6.5%, primarily driven
by significant growth in Los Angeles, USA, and Lazaro Cardenas,
Mexico. Utilisation decreased by 2.2 percentage points to 80% (82%).
In Latin America, volume remained stable, as weaker performance
in Callao, Peru, and Yucatan, Mexico, was partly offset by strong
volume in Quetzal, Guatemala. Utilisation decreased to 95% (96%).
In Europe, volume increased by 8.0% due to higher volume in the
new terminal in Rijeka, Croatia, and strong volume in Poti, Georgia,
partly offset by weaker volume in Valencia, Spain. Utilisation
decreased by 6.0 percentage points to 76% (82%).
In Africa, volume increased by 1.6%, driven by strong growth in
Onne, Nigeria, partly offset by weaker volume in Apapa, Nigeria.
Utilisation decreased by 3.4 percentage points to 69% (73%).
In Asia, volume decreased by 5.3%, driven by weaker volume in
Yokohama, Japan, and Bahrain, partly offset by strong volume in
Mumbai, India. Utilisation decreased by 8.4 percentage points to
81% (90%). The temporary operational suspension in Bahrain and
heightened risk conditions in Aqaba, Jordan, negatively affected
volume in Asia.
Terminals made further progress on several key
initiatives, reflecting its ongoing commitment
to strategic growth and capacity expansion.
APM Terminals and Hateco Group signed
an agreement with Da Nang City, Vietnam,
to develop, build and operate the Lien Chieu
Container Terminal. The project represents an
investment of over USD 1.7bn and is expected
to handle up to 5.7m TEU annually.
APM Terminals Port of Suape in Northeast
Brazil is now entering the final stages before
operations. It is expected to begin operations
in August 2026, subject to receipt of the final
license by the end of July 2026.
Key initiatives in Q2
Revenue increased by 8.8% to USD 2.8bn
(USD 2.5bn), driven by improved rates,
favourable foreign exchange rate impacts
and a 3.2% increase in volume. Capacity
utilisation decreased to 79% (83%).
Revenue per move increased by 5.3%
to USD 381 (USD 362), mainly driven by
improved rates and favourable foreign
exchange rate impacts.
Cost per move increased by 4.8% to USD
290 (USD 277) due to labour inflation and
depreciation, partly offset by lower SG&A
costs and the impact from higher volume.
EBITDA increased to USD 1.0bn (USD 902m),
driven by improved rates and higher volume.
EBIT increased to USD 894m (USD 855m),
driven by the higher EBITDA, partly offset
by lower results from joint ventures and
associated companies.
Financial review 6M 2026
0
10%
20%
30%
Q2
2025
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Management Review I Terminals
15
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Condensed income statement Condensed statement of comprehensive income
Note
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
1 Revenue 15,757 13,130 28,727 26,451 53,988
1 Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 2,992 2,298 4,745 5,008 9,530
5 Depreciation, amortisation and impairment losses, net 1,558 1,651 3,108 3,271 6,671
Gain on sale of non-current assets, etc., net 8 25 16 80 138
Share of profit in joint ventures and associated
companies 129 173 258 281 503
1 Profit before financial items (EBIT) 1,571 845 1,911 2,098 3,500
Financial items, net -74 -111 -122 66 -29
Profit before tax 1,497 734 1,789 2,164 3,471
Tax 185 95 377 318 556
Profit for the period 1,312 639 1,412 1,846 2,915
Of which:
Non-controlling interests 49 53 96 98 190
A.P. Møller - Mærsk A/S’ share 1,263 586 1,316 1,748 2,725
Earnings per share, USD 87 38 90 113 179
Diluted earnings per share, USD 87 38 90 112 178
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Profit for the period 1,312 639 1,412 1,846 2,915
Translation from functional currency to presentation
currency 9 389 -98 566 595
Reclassified to income statement, gain on sale of
non-current assets, etc., net - - -2 - -2
Cash flow hedges 36 134 -60 179 81
Tax on other comprehensive income -9 -2 -7 7 10
Share of other comprehensive income of joint
ventures and associated companies, net of tax 1 -4 5 -4 -2
Total items that have been or may be reclassified
subsequently to the income statement 37 517 -162 748 682
Other equity investments 25 -11 22 -28 -94
Actuarial gains/losses on defined benefit plans, etc. - -2 59 -2 -115
Tax on other comprehensive income - - - 2 1
Total items that will not be reclassified to the
income statement 25 -13 81 -28 -208
Other comprehensive income, net of tax 62 504 -81 720 474
Total comprehensive income for the period 1,374 1,143 1,331 2,566 3,389
Of which:
Non-controlling interests 48 63 79 113 197
A.P. Møller - Mærsk A/S’ share 1,326 1,080 1,252 2,453 3,192
Financials
Financials I Interim consolidated financial statements Q2 2026
16
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Condensed balance sheet at 30 June
Note
30 June
2026
30 June
2025
31 December
2025
Intangible assets 10,265 10,512 10,420
Property, plant and equipment 30,870 29,739 30,138
Right-of-use assets 11,184 11,928 11,886
2 Financial non-current assets, etc. 4,686 4,660 4,815
Deferred tax 555 426 484
Total non-current assets 57,560 57,265 57,743
Inventories 1,981 1,571 1,391
2 Receivables, etc. 21,575 22,071 18,662
Securities 492 749 1,277
Cash and bank balances 6,298 6,204 9,042
Assets held for sale - - 237
Total current assets 30,346 30,595 30,609
Total assets 87,906 87,860 88,352
Note
30 June
2026
30 June
2025
31 December
2025
3 Equity attributable to A.P. Møller - Mærsk A/S 55,231 55,983 55,581
Non-controlling interests 1,135 1,086 1,115
Total equity 56,366 57,069 56,696
Lease liabilities, non-current 9,146 9,728 9,941
Borrowings, non-current 5,024 3,861 4,803
Other non-current liabilities 2,417 2,359 2,477
Total non-current liabilities 16,587 15,948 17,221
Lease liabilities, current 3,036 2,938 3,076
Borrowings, current 266 1,163 1,100
Other current liabilities 11,651 10,742 10,259
Total current liabilities 14,953 14,843 14,435
Total liabilities 31,540 30,791 31,656
Total equity and liabilities 87,906 87,860 88,352
Financials I Interim consolidated financial statements Q2 2026
17
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Condensed cash flow statement
Cash and bank balances include USD 1.0 bn (USD 819 m at 31 December 2025) relating to cash and bank balances in
countries with exchange control or other restrictions. These funds are not readily available for general use by the parent
company or other subsidiaries.
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Profit before financial items 1,571 845 1,911 2,098 3,500
Non-cash items, etc. 1,296 1,545 3,042 3,039 6,338
Change in working capital -388 -332 -1,301 -175 552
Cash flow from operating activities before tax 2,479 2,058 3,652 4,962 10,390
Taxes paid -225 -199 -359 -337 -629
Cash flow from operating activities 2,254 1,859 3,293 4,625 9,761
Purchase of intangible assets and property, plant and
equipment (CAPEX) -931 -1,278 -1,937 -2,676 -4,799
Sale of intangible assets and property, plant and
equipment 72 57 400 112 358
Acquisition of subsidiaries and activities -12 -674 -12 -674 -674
Sale of subsidiaries and activities - - - - 7
Acquisition of joint ventures and associated companies -73 -10 -215 -10 -11
Sale of joint ventures and associated companies - - - - 50
Dividends received 80 35 96 72 418
5 Financial income received 164 229 404 544 1,006
Sale of other equity investments - - - - 13
Purchase of term deposits -4,894 -4,630 -10,297 -9,841 -19,954
Proceeds from maturity of term deposits 4,060 5,133 9,616 12,808 24,752
Purchase of securities - - - -1,086 -2,360
Sale of securities 400 1,048 800 1,948 2,700
Financial investments, etc., net -111 -2 -33 -2 -5
Cash flow from investing activities -1,245 -92 -1,178 1,195 1,501
Repayment of/proceeds from borrowings, net 118 -531 -603 -543 304
Repayments of lease liabilities -863 -1,014 -2,042 -1,815 -3,502
5 Financial expenses paid -51 -80 -187 -82 -282
Financial expenses paid on lease liabilities -176 -181 -352 -347 -728
Purchase of treasury shares -229 -514 -591 -842 -2,040
Dividends distributed -138 -350 -1,076 -2,547 -2,547
Dividends distributed to non-controlling interests -29 -28 -70 -55 -116
Other equity transactions 24 -4 62 7 33
Cash flow from financing activities -1,344 -2,702 -4,859 -6,224 -8,878
Net cash flow for the period -335 -935 -2,744 -404 2,384
Cash and cash equivalents, beginning of period 6,577 7,092 9,008 6,543 6,543
Currency translation effect on cash and bank balances -10 11 -32 29 81
Cash and cash equivalents, end of period 6,232 6,168 6,232 6,168 9,008
Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Cash and cash equivalents
Cash and bank balances 6,298 6,204 6,298 6,204 9,042
Overdrafts 66 36 66 36 34
Cash and cash equivalents, end of period 6,232 6,168 6,232 6,168 9,008
Financials I Interim consolidated financial statements Q2 2026
18
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Condensed statement of changes in equity
A.P. Møller - Mærsk A/S
Note
Share
capital
Translation
reserve
Reserve for
other equity
investments
Reserve
for
hedges
Retained
earnings
Total Non-
controlling
interests
Total
equity
Equity 1 January 2026 2,870 -722 33 28 53,372 55,581 1,115 56,696
Other comprehensive income, net of tax - -82 22 -67 63 -64 -17 -81
Profit for the period - - - - 1,316 1,316 96 1,412
Total comprehensive income for the period - -82 22 -67 1,379 1,252 79 1,331
Dividends to shareholders - - - - -1,083 -1,083 -71 -1,154
Value of share-based payments - - - - 17 17 - 17
3 Purchase of treasury shares - - - - -586 -586 - -586
3 Sale of treasury shares - - - - 50 50 - 50
Capital increases and decreases -205 - - - 205 - 12 12
Transfer of gain/loss on disposal of equity investments to retained earnings - - 13 - -13 - - -
Total transactions with shareholders -205 - 13 - -1,410 -1,602 -59 -1,661
Equity 30 June 2026 2,665 -804 68 -39 53,341 55,231 1,135 56,366
Equity 1 January 2025 2,870 -1,290 126 -79 55,290 56,917 1,030 57,947
Other comprehensive income, net of tax - 552 -27 185 -5 705 15 720
Profit for the period - - - - 1,748 1,748 98 1,846
Total comprehensive income for the period - 552 -27 185 1,743 2,453 113 2,566
Dividends to shareholders - - - - -2,549 -2,549 -58 -2,607
Value of share-based payments - - - - 12 12 - 12
Sale of non-controlling interests - - - - - - 1 1
3 Purchase of treasury shares - - - - -857 -857 - -857
3 Sale of treasury shares - - - - 7 7 - 7
Total transactions with shareholders - - - - -3,387 -3,387 -57 -3,444
Equity 30 June 2025 2,870 -738 99 106 53,646 55,983 1,086 57,069
Financials I Interim consolidated financial statements Q2 2026
19
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Note 1 Segment information
Ocean Logistics
& Services
Terminals Unallo-
cated
items
Elimina-
tions
Consoli-
dated
total
Q2 2026
External revenue 10,003 4,349 1,055 350 - 15,757
Inter-segment revenue 523 -127 393 96 -885 -
Total revenue 10,526 4,222 1,448 446 -885 15,757
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 2,041 468 517 -27 -7 2,992
Profit before financial items (EBIT) 935 217 458 -35 -4 1,571
Key metrics:
Invested capital 33,556 11,362 9,644 345 -75 54,832
CAPEX 663 116 122 35 -5 931
Ocean Logistics
& Services
Terminals Unallo-
cated
items
Elimina-
tions
Consoli-
dated
total
Q2 2025
External revenue 8,098 3,798 941 293 - 13,130
Inter-segment revenue 474 -130 366 78 -788 -
Total revenue 8,572 3,668 1,307 371 -788 13,130
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 1,443 419 458 -15 -7 2,298
Profit before financial items (EBIT) 229 175 461 -24 4 845
Key metrics:
Invested capital 32,918 11,979 9,405 327 -10 54,619
CAPEX 964 139 141 25 9 1,278
Logistics
& Services
Forwarding Solutions Landside Logistics
& Services
elimina-
tions
Q2 2026
External revenue 4,349 850 1,408 2,091 -
Inter-segment revenue -127 -11 -175 210 -151
Total revenue 4,222 839 1,233 2,301 -151
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 468 83 201 188 -4
Profit before financial items (EBIT) 217 54 21 146 -4
EBIT margin 5.1% 6.4% 1.7% 6.3% N/A
Key metrics:
Invested capital 11,362
CAPEX 116
Logistics
& Services
Forwarding Solutions Landside Logistics
& Services
elimina-
tions
Q2 2025
External revenue 3,798 655 1,281 1,862 -
Inter-segment revenue -130 -20 -173 160 -97
Total revenue 3,668 636 1,107 2,022 -97
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 419 75 205 152 -13
Profit before financial items (EBIT) 175 43 42 103 -13
EBIT margin 4.8% 6.8% 3.8% 5.1% N/A
Key metrics:
Invested capital 11,979
CAPEX 139
While Logistics & Services is no longer identified as an individual operating or reportable segment, it continues to be
presented in the segment information table, including comparative periods, consistent with prior reporting and the
presentation in Management Review. Logistics & Services comprise the operating segments Forwarding, Solutions
and Landside, reflecting how performance is monitored and managed. Financial performance is reviewed both at the
aggregate Logistics & Services level and at the level of the individual operating segments.
Financials I Interim consolidated financial statements Q2 2026
20
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Note 1 Segment information – continued
Ocean Logistics
& Services
Terminals Unallo-
cated
items
Elimina-
tions
Consoli-
dated
total
6M 2026
External revenue 17,715 8,335 1,979 698 - 28,727
Inter-segment revenue 989 -320 783 196 -1,648 -
Total revenue 18,704 8,015 2,762 894 -1,648 28,727
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 2,944 901 1,005 -91 -14 4,745
Profit before financial items (EBIT) 743 390 894 -106 -10 1,911
Key metrics:
Invested capital 33,556 11,362 9,644 345 -75 54,832
CAPEX 1,379 200 293 76 -11 1,937
Ocean Logistics
& Services
Terminals Unallo-
cated
items
Elimina-
tions
Consoli-
dated
total
6M 2025
External revenue 16,478 7,467 1,902 604 - 26,451
Inter-segment revenue 1,004 -311 636 126 -1,455 -
Total revenue 17,482 7,156 2,538 730 -1,455 26,451
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 3,346 802 902 -34 -8 5,008
Profit before financial items (EBIT) 972 317 855 -46 - 2,098
Key metrics:
Invested capital 32,918 11,979 9,405 327 -10 54,619
CAPEX 2,132 236 267 36 5 2,676
Logistics
& Services
Forwarding Solutions Landside Logistics
& Services
elimina-
tions
6M 2026
External revenue 8,335 1,564 2,871 3,900 -
Inter-segment revenue -320 14 -416 405 -323
Total revenue 8,015 1,578 2,455 4,305 -323
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 901 165 409 333 -6
Profit before financial items (EBIT) 390 101 57 239 -7
EBIT margin 4.9% 6.4% 2.3% 5.6% N/A
Key metrics:
Invested capital 11,362
CAPEX 200
Logistics
& Services
Forwarding Solutions Landside Logistics
& Services
elimina-
tions
6M 2025
External revenue 7,467 1,262 2,621 3,584 -
Inter-segment revenue -311 -2 -401 336 -244
Total revenue 7,156 1,260 2,220 3,920 -244
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 802 119 411 277 -5
Profit before financial items (EBIT) 317 58 84 180 -5
EBIT margin 4.4% 4.6% 3.8% 4.6% N/A
Key metrics:
Invested capital 11,979
CAPEX 236
Financials I Interim consolidated financial statements Q2 2026
21
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Note 1 Segment information – continued
Segment Types of revenue Q2
2026
Q2
2025
6M
2026
6M
2025
12M
2025
Ocean Freight revenue 8,583 7,287 15,256 14,866 29,634
Other revenue, including hubs 1,943 1,285 3,448 2,616 5,341
Logistics & Services
Forwarding Freight forwarding services 839 636 1,578 1,260 2,843
Solutions Integrated contract logistics
services 1,233 1,107 2,455 2,220 4,649
Landside Transportation and other landside
services 2,301 2,022 4,305 3,920 8,157
Logistics & Services
eliminations Eliminations -151 -97 -323 -244 -546
Terminals Terminal services 1,448 1,307 2,762 2,538 5,339
Unallocated activities
and eliminations
Sale of containers and spare parts 210 189 413 362 742
Other shipping activities 28 22 48 41 85
Other services 208 160 433 327 713
Eliminations -885 -788 -1,648 -1,455 -2,969
Total revenue 15,757 13,130 28,727 26,451 53,988
Timing of revenue recognition
Recognised over time 14,748 12,240 26,719 24,638 50,078
Recognised at a point in time 1,894 1,678 3,656 3,268 6,879
Eliminations -885 -788 -1,648 -1,455 -2,969
Total revenue 15,757 13,130 28,727 26,451 53,988
Note 2 Term deposits and other receivables
Receivables, etc. amount to USD 21.6bn (USD 18.7bn at 31 December 2025) and primarily consist of term deposits with a
maturity of more than three months, amounting to USD 11.7bn (USD 11.1bn at 31 December 2025) and EU allowances (EUAs)
amounting to USD 321m (USD 3m at 31 December 2025).
Financial non-current assets, etc. include prepayments made for operational activities that will be utilised after 12 months
of USD 1.5bn (USD 1.9bn at 31 December 2025).
Financials I Interim consolidated financial statements Q2 2026
22
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
All shares are fully issued and paid up.
One A share of DKK 1,000 holds two votes. B shares have no voting rights.
At the Annual General Meeting of A.P. Møller - Mærsk A/S on 25 March 2026, the shareholders decided on the cancella-
tion of treasury shares, and the share capital was reduced by a total nominal amount of DKK 1,133,114,000, divided into
170,003 A shares and 963,111 B shares, with a nominal value of DKK 1,000 each. The cancellation was completed during
Q2 2026.
The share buy-back programme is carried out with the purpose to adjust the capital structure of the company. Shares not
used for hedging purposes in connection with the long-term incentive programmes are expected to be proposed cancelled
at the Annual General Meetings.
The disposals of treasury shares are related to the long-term incentive programme.
From 1 January 2026 to 30 June 2026, A.P. Møller - Mærsk A/S bought back as treasury shares 23,652 B shares with
a nominal value of DKK 24m from A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond, which is considered a
related party.
The dividend for 2025 of DKK 480 per share of DKK 1,000, a total of DKK 7.0bn, equivalent to USD 1.1bn excluding treasury
shares, was declared at the Annual General Meeting on 25 March 2026. Of this, USD 938m was paid to shareholders on
30 March 2026, and the withholding tax of USD 138m was paid in Q2 2026. Payment of dividends to shareholders does
not trigger taxes for the Group.
A-shares of B-shares of Nominal value
DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million
1 January 2025 9,756,388 206 6,072,390 122 15,829 2,870
30 June 2025 9,756,388 206 6,072,390 122 15,829 2,870
1 January 2026 9,756,388 206 6,072,390 122 15,829 2,870
Cancellations 170,003 - 963,111 - 1,133 205
30 June 2026 9,586,385 206 5,109,279 122 14,696 2,665
No. of shares of DKK 1,000 Nominal value DKK million % of share capital
Treasury shares 2026 2025 2026 2025 2026 2025
A shares
1 January 156,840 - 157 - 0.99% 0.00%
Additions 43,611 73,906 43 74 0.30% 0.47%
Cancellations 170,003 - 170 - 1.08% 0.00%
30 June 30,448 73,906 30 74 0.21% 0.47%
B shares
1 January 1,004,574 120,307 1,005 120 6.35% 0.76%
Additions 196,383 418,711 196 419 1.34% 2.64%
Cancellations 963,111 - 963 - 6.09% 0.00%
Disposals 46,863 13,367 47 13 0.30% 0.08%
30 June 190,983 525,651 191 526 1.30% 3.32%
Note 3 Share capital
Development in the number of shares: Development in the holding of treasury shares:
Note 4 Commitments
The total commitments across segments of USD 14.6bn (USD 13.4bn at 31 December 2025) are related to investments
in dual- fuel vessels, commitments towards terminal concession grantors and EU allowances (EUAs) future contracts.
Financials I Interim consolidated financial statements Q2 2026
23
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Note 5 Accounting policies, judgements and significant estimates
The interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting
as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure
requirements for interim financial reporting of listed companies.
The accounting policies, judgements and significant estimates applied in the interim consolidated financial statements
are consistent with those applied in the Annual Report 2025, except for the changes described below.
Change in cash flow presentation
Effective 1 January 2026, the Group reclassified financial income received from financing activities to investing activities
in the condensed cash flow statement. Comparative figures have been restated accordingly, and the effects are presented
below. This presentation change does not affect the Group’s free cash flow.
Published in 2025 Restated in 2026
USD million Q2
2025
6M
2025
12M
2025
Q2
2025
6M
2025
12M
2025
Cash flow from investing activities -321 651 495 -92 1,195 1,501
Cash flow from financing activities -2,473 -5,680 -7,872 -2,702 -6,224 -8,878
New financial reporting requirements
The Group adopted the following amendments, all endorsed by the EU and effective from 1 January 2026, none of which
had a material impact on the interim financial statements:
• Amendments to IFRS 9 and IFRS 7 (Classification and Measurement of Financial Instruments), clarifying the derecognition
of financial liabilities, including those settled through electronic payment systems, and introducing additional disclosure
requirements for certain financial instruments.
• Annual Improvements to IFRS Accounting Standards – Volume 11, which are clarificatory in nature and do not affect the
Group’s accounting treatment.
• Amendments to IFRS 9 and IFRS 7 on Contracts Referencing Nature-dependent Electricity, which do not apply to the
Group as it does not enter into such contracts.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Change in accounting estimate
Effective 1 January 2026, the Group increased the estimated useful lives of vessels from 20 to 25 years following the
annual useful life review performed at the end of 2025. The change is applied prospectively as a change in accounting
estimate and resulted in a reduction in depreciation expense of USD 175m for Q2 2026 and USD 351m for 6M 2026.
Change in segment reporting and cash-generating unit assessment
Effective 1 April 2026, Logistics & Services was reorganised into three new operating segments: Forwarding, Solutions and
Landside. Management has applied judgement in determining the Group’s operating and reportable segments under
IFRS 8, considering the revised organisational structure, the discrete financial information available and how operating
r esults are monitored and resources are allocated. Based on this assessment, Forwarding, Solutions and Landside are
presented as operating and reportable segments from Q2 2026. Logistics & Services no longer represents an operating or
reportable segment itself but rather as a consolidated subtotal to reflect how the businesses are also reviewed collectively.
The comparative figures in note 1 segment information have been restated.
In presenting the segment information, Management has applied judgement in determining the allocation of revenue
between Forwarding, Solutions and Landside, including the split between external and inter-segment revenue and the
presentation of eliminations. Certain Logistics & Services eliminations that cannot yet be assigned to intra- or inter-segment
trading flows are presented within Logistics & Services eliminations. For the 2025 comparatives, some transactional data
is not available at the same level of granularity, allocation keys are applied to split external and inter-segment revenue
across the new segments. These judgements have only a minor effect on the presentation of inter-segment revenue and
eliminations between the new segments and do not affect segment EBITDA or EBIT.
Management has also reassessed the cash-generating unit structure for impairment testing purposes under IAS 36.
Judgement was applied in determining the lowest level at which largely independent cash inflows can be identified.
Based on the revised operating model and management reporting structure, Forwarding, Solutions and Landside have
each been identified as cash-generating units.
Note 6 Subsequent events
On 7 August 2026, A.P. Moller - Maersk announced that it has entered into an agreement to sell Maersk Training and
its subsidiary Maersk H2S Safety Services to Open Gate Capital. The transaction remains subject to customary closing
conditions and regulatory approvals and is expected to close later in 2026. The financial impact of the transaction is not
expected to be material to the Group.
Financials I Interim consolidated financial statements Q2 2026
24
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
Management’s statement
Executive Board
Board of Directors
Management Review I Management’s statement
25
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Quarterly summary
2026 2025
Income statement Q2 Q1 Q4 Q3 Q2 Q1
Revenue 15,757 12,970 13,331 14,206 13,130 13,321
Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 2,992 1,753 1,836 2,686 2,298 2,710
Depreciation, amortisation and impairment
losses, net 1,558 1,550 1,821 1,579 1,651 1,620
Gain/loss on sale of non-current assets, etc., net 8 8 11 47 25 55
Share of profit in joint ventures and associated
companies 129 129 92 130 173 108
Profit before financial items (EBIT) 1,571 340 118 1,284 845 1,253
Financial items, net -74 -48 -67 -28 -111 177
Profit before tax 1,497 292 51 1,256 734 1,430
Tax 185 192 78 160 95 223
Profit for the period 1,312 100 -27 1,096 639 1,207
A.P. Møller - Mærsk A/S’ share 1,263 53 -70 1,047 586 1,162
Underlying profit
1
1,297 171 69 939 614 1,152
Balance sheet
Total assets 87,906 86,607 88,352 88,730 87,860 86,965
Total equity 56,366 55,218 56,696 57,537 57,069 56,455
Invested capital 54,832 54,069 53,745 54,923 54,619 51,591
Net interest-bearing debt -1,535 -1,281 -2,947 -2,581 -2,454 -5,206
Cash flow statement
Cash flow from operating activities 2,254 1,039 2,518 2,618 1,859 2,766
Repayments of lease liabilities -863 -1,179 -819 -868 -1,014 -801
CAPEX -931 -1,006 -919 -1,204 -1,278 -1,398
Cash flow from financing activities
2
-1,344 -3,515 -1,786 -868 -2,702 -3,522
Free cash flow 549 -874 1,028 771 -373 806
1 For definition of terms, see page 27.
2 Cash flow from financing activities comparative figures have been restated. Refer to note 5 in the interim consolidated financial statements
for details.
2026 2025
Financial ratios Q2 Q1 Q4 Q3 Q2 Q1
Revenue growth 20.0% −2.6% −8.7% −9.9% 2.8% 7.8%
EBITDA margin 19.0% 13.5% 13.8% 18.9% 17.5% 20.3%
EBIT margin 10.0% 2.6% 0.9% 9.0% 6.4% 9.4%
Cash conversion 75% 59% 137% 97% 81% 102%
Return on invested capital after tax (ROIC)
(last 12 months) 5.0% 3.8% 5.7% 9.6% 13.7% 14.3%
Equity ratio 64.1% 63.8% 64.2% 64.8% 65.0% 64.9%
Underlying EBITDA
1
2,989 1,829 1,880 2,684 2,298 2,710
Underlying EBIT
1
1,560 420 219 1,127 818 1,199
Stock market ratios
Earnings per share, USD 87 4 -5 69 38 74
Diluted earnings per share, USD 87 4 -5 69 38 74
Cash flow from operating activities per share, USD 155 71 170 173 121 177
Share price (B share), end of period, DKK 15,540 16,055 14,640 12,730 11,775 11,985
Share price (B share), end of period, USD 2,369 2,468 2,306 1,961 1,850 1,733
Total market capitalisation, end of period, USD 33,646 35,455 33,817 29,278 28,068 26,638
Management Review I Quarterly summary
26
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
Amounts in USD million
A
A.P. Moller - Maersk (Maersk)
A.P. Moller - Maersk or Maersk is referred to
as the consoli dated group of companies and
A.P. Møller - Mærsk A/S as the parent company.
B
Bunker efficiency
Bunker consumption measured in kilograms of
fuel oil equivalent (FOE) per TEU day.
C
CAPEX
Cash payments for intangible assets and property,
plant and equipment, excluding acquisitions and
divestments.
Cash conversion
Cash flow from operating activities to EBITDA.
CBM
Cubic metre, the freight volume of the shipment
for domestic and inter national freight. It’s calcu-
lated by multiplying the width, height and length
of the shipment.
Cost per move (Terminals)
Includes cost (EBITDA less revenue less other
income), depreciation and excludes IFRIC12 con-
struction cost, divided by quay lifting moves.
D
Dual-fuel vessel
A dual-fuel vessel is a ship equipped with engines
capable of operating on both conventional fuels
(e.g. marine diesel or heavy fuel oil) and another
type of lower-GHG-emission fuel (e.g. bio- or
e-methanol, or liquefied biomethane).
Dual-fuel methanol vessel/
methanol- capable vessel
Refers to a vessel equipped with engines
capable of running on both conventional
fuels (e.g. marine diesel or heavy fuel oil) and
methanol as an alternative fuel.
E
EBIT
Earnings Before Interest and Taxes.
EBITDA
Earnings Before Interest, Taxes, Depreciation
and Amortisation.
Equity ratio
Calculated as equity divided by total assets.
F
First Mile volumes (FFE in ’000)
(Logistics & Services)
Previously known as intermodal volumes includes
intermodal, barge, rail and trucking drayage
moves from manufacturing to port and port to
warehouse.
FFE
Forty Foot container Equivalent unit.
FFF
Fossil Fuel Fee, replaced the Bunker Adjustment
Factor (BAF) and Low Sulphur Surcharge (LSS).
Free cash flow (FCF)
Cash flow from operating activities, purchase/
sale of intangible assets and property, plant and
equip ment, dividends received, repayments of
lease liabilities, financial payments and financial
expenses paid on lease liabilities.
Fuel oil equivalent (FOE)
Bunker consumption metric that converts different
fuel types into a common unit for comparison
purposes. FOE tonnes measure fuel consumption
by normalising the energy content of any fuel type
to a standard reference fuel oil, based on its lower
calorific value (LCV).
G
Gross profit
The sum of revenue, less variable costs and loss
on debtors.
I
Invested capital
Segment operating assets less segment operating
liabilities, including invest ments and deferred
taxes related to the operation.
IAS
International Accounting Standards.
L
Loaded freight rate (Ocean)
Average freight rate per FFE for all the Maersk
containers loaded in the period in either Maersk
Line vessels or third parties (excluding inter-
modal).
Loaded volumes (Ocean)
Loaded volumes refer to the number of FFEs
loaded on a shipment which is loaded on first
load at vessel departure time excluding
displaced FFEs.
Lower-GHG-emission fuels
Refers to fuels (e.g. bio- or e-methanol, or liquefied
biomethane) with low to very low greenhouse (GHG)
gas emissions over their lifecycle compared to fossil
reference fuels. Different lower- GHG-emission
fuels achieve different lifecycle reductions
depending on their production pathway. ‘Low’
refers to fuels with a lifecycle GHG reduction of
60-80% compared to fossil fuels, and ‘very low’
refers to fuels with a life cycle GHG reduction of
80-95% compared to fossil fuels.
N
Net interest-bearing debt (NIBD)
Equals interest-bearing debt, including lease
liabilities, fair value of derivatives hedging the
under lying debt, less cash and bank balances as
well as other interest-bearing assets.
R
Return on invested capital after tax (ROIC)
Profit/loss before financial items for the year
(EBIT) less tax on EBIT divided by the average
invested capital, last twelve months.
Revenue per move (Terminals)
Includes terminal revenue excluding IFRIC 12
construction revenue, divided by quay lifting
moves.
T
TEU
Twenty-foot container Equivalent Unit.
Time charter
Hire of a vessel for a specified period.
Total market capitalisation
Total number of shares – excluding
A.P. Møller - Mærsk A/S’ holding of treasury
shares – multiplied by the end-of-quarter
share price quoted by Nasdaq Copenhagen.
U
Underlying EBITDA
Underlying EBITDA is earnings before interest,
taxes, depre ciation and amor tisation adjusted
for re structuring and integration costs.
Underlying EBIT
Underlying EBIT is operating profit before interest
and taxes adjusted for restructuring and inte gration
costs, net gains/losses from sale of non-current
assets and net impairment losses.
Underlying profit/loss
Underlying profit/loss is profit/loss for the year
from continuing operations adjusted for net gains/
losses from sale of non- current assets, etc., and
net impairment losses as well as trans action,
restructuring and inte gration costs related to
major trans actions. The adjust ments are net of
tax and include Maersk’s share of mentioned
items in joint ventures and associated companies.
Unit cost, fixed energy
(USD per FFE incl. VSA income) (Ocean)
Cost per FFE, assuming a bunker price of USD 550
per FOE tonne, excluding regulatory charges and
intermodal costs, and including hubs and time
charter income.
V
VSA
A vessel sharing agreement is usually reached
between various partners within a ship ping
consortium who agree to operate a liner service
along a specified route using a specified number
of vessels.
Technical terms, abbreviations and definitions of key figures and financial ratios.
Definition of terms
Management Review I Definition of terms
27
A.P. Moller - Maersk Interim Report Q2 | 13 August 2026
A.P. Møller - Mærsk A/S
Esplanaden 50, DK-1263 Copenhagen K | Registration no. 22756214 www.maersk.com | [email protected] | +45 33 63 33 63
Contacts for further information
Vincent Clerc, CEO
Robert Erni, CFO
Investors
Martin Dunwoodie, Head of Investor Relations
Tel. +45 3363 3484
Media
Jesper Lov, Head of Media Relations and Leadership Communication
Tel. +45 6114 1521
Webcast and dial-in information
A webcast relating to the Q2 2026 Interim Report will be held on 13 August
2026 at 11.00 (CET). Dial-in infor mation on investor.maersk.com.
Presentation material for the webcast will be available on the same page.
The Interim Report for Q2 2026 of A.P. Møller - Mærsk A/S (further referred
to as A.P. Moller - Maersk as the consolidated group of companies) has been
prepared in accordance with IAS 34 Interim Financial Reporting as issued by
the International Accounting Standards Board (IASB) and adopted by the EU
and additional Danish disclosure requirements for interim financial reporting
of listed companies.
The interim consolidated financial statements have not been subject to audit
or review.
Comparative figures
Unless otherwise stated, all figures in parentheses refer to the corresponding
figures for the same period prior year.
Financial calendar
5 November, Interim Report Q3 2026
ESEF data
Domicile of entity
Description of nature of entity’s operations
and principal activities
Country of incorporation
Principal place of business
Legal form of entity
Name of reporting entity or other means
of identification
Address of entity’s registered office
Name of parent entity