XCSE:MAERSK-B ESEF Report
A.P. MØLLER - MÆRSK A/S (XCSE:MAERSK-B)
ESEF Report
2026-05-12
For: 2026-03-31
View Original
Added on
September 22, 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 Q1 2026 ................................................... 03
Summary financial information
....................................... 04
Review Q1 2026
....................................................... 05
Financial guidance and targets
........................................ 06
Market environment
................................................... 07
Segments:
Ocean
.................................................................. 08
Logistics & Services
.................................................... 11
Terminals
.............................................................. 13
Management’s statement
............................................. 22
Quarterly summary
.................................................... 23
Definition of terms
.................................................... 24
Financials
Condensed income statement ......................................... 15
Condensed statement of comprehensive income
...................... 15
Condensed balance sheet at 31 March
................................ 16
Condensed cash flow statement
....................................... 17
Condensed statement of changes in equity
............................ 18
Notes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
2
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Management Review
A.P. Moller - Maersk delivered EBITDA and EBIT of USD 1.8bn and USD 340m, respectively, down on
the previous year. These results came on the back of lower rates in Ocean, partly offset by strong
volume growth across the segments. The Middle East conflict had limited impact on the quarter's
realised financial results.
Ocean demonstrated strong operational delivery with significant volume growth. Rates declined during
the quarter due to continued capacity oversupply, before increasing significantly towards the quarter end
following the outbreak of the Middle East conflict. Logistics & Services showed good growth in revenue
and earnings, with the EBIT margin improving by 0.5 percentage points to 4.6%. Meanwhile, Terminals
showed solid volume performance and growth in earnings and profitability, as well as progress on several
growth investments for the future.
Outlook
A.P. Moller - Maersk (Maersk) maintains its full-year 2026 financial guidance as per the table below. The
expected global container market volume growth is maintained at between 2% and 4%, and Maersk expects
to grow in line with the market. The range below reflects industry overcapacity from new vessel deliveries
and different scenarios on the timing of the reopening of the Red Sea and Strait of Hormuz in 2026.
CAPEX
2025-2026
10.0-11.0
CAPEX
2026-2027
10.0-11.0
USDbn
EBITDA
Underlying
4.5-7.0
EBIT
Underlying
-1.5-1.0
Free cash flow
or higher
≥ -3.0
Highlights Q1 2026
Maersk’s results for Q1 were marked by increasing volumes while rates continued to be under pressure versus
previous year, resulting in revenue down by 2.6% year-on-year to USD 13.0bn (USD 13.3bn), led by a USD 732m
decline in Ocean’s revenue due to lower loaded freight rates, partially offset by increases of USD 305m and
USD 83m in Logistics & Services and Terminals, respectively. EBITDA decreased to USD 1.8bn (USD 2.7bn)
and EBIT decreased to USD 340m (USD 1.3bn), driven by lower revenue in Ocean. The EBIT margin reached
2.6%, reflecting a 1.7 percentage point improvement from 0.9% in Q4 2025, but down by 6.8 percentage
points year-on-year.
Ocean’s results were mostly impacted by continued pressure from lower loaded freight rates by 14%, leading
to EBIT of negative USD 192m (positive USD 743m) and an EBIT margin of negative 2.3% (positive 8.3%). Higher
volumes by 9.3% and stable operating costs, supported by efficiency efforts and reduced bunker costs by 15%,
partly offset lower rates, while high utilisation of 96% (92%) was maintained.
Logistics & Services’ business performance continued to improve with revenue up by 8.7% and EBIT up by 22%,
reaching an EBIT margin of 4.6% (4.1%). The increase was mainly driven by improved performance within
Fulfilled by Maersk and Transported by Maersk, continued cost discipline and structural efficiencies across
key products. Sequentially, the EBIT margin decreased by 0.3 percentage points.
Terminals delivered another strong quarter with higher volume by 4.3% and resilient earnings amid the
Middle East conflict. Revenue increased by 6.7% to USD 1.3bn (USD 1.2bn), and revenue per move rose by
3.4%, reflecting improved rates, favourable foreign exchange rate impacts and terminal mix, partly off-
set by lower storage revenue. The EBIT margin increased by 1.2 percentage points year-on-year to 33.2%
(32.0%) and 9.5 percentage points, sequentially.
Free cash flow of negative USD 874m (positive USD 806m) declined due to lower cash flow from operating
activities compared to Q1 2025 and higher lease repayments, partly offset by lower CAPEX. Free cash flow
also benefited from USD 231m of proceeds from the sale of aircraft.
Distribution of cash to shareholders during the quarter, including dividends and share buy-backs, was
USD 1.3bn (USD 2.5bn).
Highlights Q1 USD million
Revenue EBITDA EBIT CAPEX
2026 2025 2026 2025 2026 2025 2026 2025
Ocean 8,178 8,910 903 1,903 -192 743 716 1,168
Logistics & Services 3,793 3,488 433 383 173 142 84 97
Terminals 1,314 1,231 488 444 436 394 171 126
Unallocated activities, eliminations, etc. -315 -308 -71 -20 -77 -26 35 7
A.P. Moller - Maersk consolidated 12,970 13,321 1,753 2,710 340 1,253 1,006 1,398
Management Review I Highlights Q1 2026
3
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Summary financial information
Income statement
Q1
2026
Q1
2025
12M
2025
Revenue 12,970 13,321 53,988
Profit before depreciation, amortisation and impairment losses, etc.
(EBITDA) 1,753 2,710 9,530
Depreciation, amortisation and impairment losses, net 1,550 1,620 6,671
Gain on sale of non-current assets, etc., net 8 55 138
Share of profit in joint ventures and associated companies 129 108 503
Profit before financial items (EBIT) 340 1,253 3,500
Financial items, net -48 177 -29
Profit before tax 292 1,430 3,471
Tax 192 223 556
Profit for the period 100 1,207 2,915
A.P. Møller - Mærsk A/S’ share 53 1,162 2,725
Underlying profit
1
171 1,152 2,774
Balance sheet
Total assets 86,607 86,965 88,352
Total equity 55,218 56,455 56,696
Invested capital 54,069 51,591 53,745
Net interest-bearing debt -1,281 -5,206 -2,947
Cash flow statement
Cash flow from operating activities 1,039 2,766 9,761
Repayments of lease liabilities -1,179 -801 -3,502
CAPEX -1,006 -1,398 -4,799
Cash flow from financing activities
2
-3,515 -3,522 -8,878
Free cash flow -874 806 2,232
Financial ratios
Q1
2026
Q1
2025
12M
2025
Revenue growth −2.6% 7.8% −2.7%
EBITDA margin 13.5% 20.3% 17.7%
EBIT margin 2.6% 9.4% 6.5%
Cash conversion 59% 102% 102%
Return on invested capital after tax (ROIC) (last 12 months) 3.8% 14.3% 5.7%
Equity ratio 63.8% 64.9% 64.2%
Underlying EBITDA
1
1,829 2,710 9,572
Underlying EBIT
1
420 1,199 3,363
Stock market ratios
Earnings per share, USD 4 74 179
Diluted earnings per share, USD 4 74 178
Cash flow from operating activities per share, USD 71 177 641
Share price (B share), end of period, DKK 16,055 11,985 14,640
Share price (B share), end of period, USD 2,468 1,733 2,306
Total market capitalisation, end of period, USD 35,455 26,638 33,817
1 For definition of terms, see page 24.
2 Cash flow from financing activities comparative figures have been restated in Q1 2026. 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 Q1 | 7 May 2026
Amounts in USD million
Review Q1 2026
A.P. Moller - Maersk’s financial results for the quarter showed solid performance in Terminals
and strengthened Logistics & Services’ profitability, supported by strong volumes across all
segments, partly offset by continued freight rate pressure in Ocean.
Revenue declined by 2.6% to USD 13.0bn (USD 13.3bn), stemming from a decrease in Ocean of 8.2% or
USD 732m, mainly due to lower freight rates, partly offset by volume growth of 9.3%. Logistics & Services
contributed with an increase of 8.7% or USD 305m from broad-based volume increases. Terminals con-
tributed with an increase of 6.7% or USD 83m from higher volume and better rates, partially offset by lower
storage revenue.
USD
Ocean
(2025: 8.9bn)
8.2bn
Logistics & Services
(2025: 3.5bn)
3.8bn
Terminals
(2025: 1.2bn)
1.3bn
EBITDA decreased to USD 1.8bn (USD 2.7bn), with an EBITDA margin of 13.5% (20.3%), led by the impact
from Ocean with EBITDA down USD 1.0bn year-on-year, driven by the lower freight rates and higher costs
from increased volumes. In Logistics & Services, EBITDA increased by 13%, driven by Transported by Maersk
and Fulfilled by Maersk, and Terminals' EBITDA increased by 9.9% due to improved rates and higher volume.
In addition, as part of the group-wide restructuring programme announced on 5 February 2026, USD 77m
was recognised during the quarter.
USD
Ocean
(2025: 1.9bn)
903m
Logistics & Services
(2025: 383m)
433m
Terminals
(2025: 444m)
488m
EBIT decreased by USD 913m to USD 340m (USD 1.3bn), with an EBIT margin of 2.6% (9.4%). Ocean reported
EBIT of negative USD 192m (positive USD 743m), driven by the lower EBITDA, partly offset by lower depre-
ciation as a result of the change in the useful life of vessels, reflecting an EBIT margin of negative 2.3%
(positive 8.3%). In Logistics & Services, EBIT increased by USD 31m to USD 173m (USD 142m), driven by
Transported by Maersk and Fulfilled by Maersk, resulting in an EBIT margin of 4.6% (4.1%). In Terminals, EBIT
improved by USD 42m to USD 436m (USD 394m), with the share of profits in joint ventures and associated
companies contributing with an increase of 18%, resulting in an EBIT margin of 33.2% (32.0%).
USD
Ocean
(2025: 743m)
-192m
Logistics & Services
(2025: 142m)
173m
Terminals
(2025: 394m)
436m
Financial items, net amounted to an expense of USD 48m (income of USD 177m), mainly driven by
negative foreign exchange rate impacts from hedging of the dividend payment and share buy-backs, lower
interest income and higher interest expenses, partially offset by positive foreign exchange rate impacts on
working capital.
Tax decreased to USD 192m (USD 223m), primarily due to the lower taxable income.
The underlying profit was USD 171m (USD 1.2bn), reflecting the lower EBIT and adjusted for restructuring costs.
Cash flow from operating activities of USD 1.0bn (USD 2.8bn) was driven by the lower EBITDA and a cash
conversion of 59% (102%), primarily due to higher bunker inventory.
CAPEX amounted to USD 1.0bn (USD 1.4bn), declining by USD 392m due to lower investments in Ocean.
Free cash flow of negative USD 874m (positive USD 806m) was primarily driven by the decreased cash flow
from operating activities and higher lease repayments, partly offset by lower CAPEX. Free cash flow also
benefited from USD 231m of proceeds from the sale of aircraft.
Equity decreased to USD 55.2bn (USD 56.7bn at 31 December 2025), reflecting dividend payments and
share buy-backs, partly offset by net profit of USD 100m, resulting in an equity ratio of 63.8% (64.2% at
31 December 2025).
Capital structure and credit rating
Net interest-bearing debt amounted to a net cash position of USD 1.3bn (a net cash position of USD 2.9bn
at 31 December 2025). The decrease in the net cash position was primarily driven by the free cash flow of
negative USD 874m, dividends distributed to shareholders and share buy-backs of USD 1.3bn and acquisitions
of joint ventures and associated companies of USD 142m, which was partly offset by the net decrease in
lease liabilities of USD 697m. Excluding lease liabilities, the Group had a net cash position of USD 13.6bn
(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.
Management Review I Review Q1 2026
5
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Financial guidance
and targets
Financial guidance for 2026
A.P. Moller - Maersk (Maersk) maintains its full-year 2026 financial guidance as per the table below.
The expected global container market volume growth is maintained at between 2% and 4%, and
Maersk expects to grow in line with the market. The range below reflects industry overcapacity
from new vessel deliveries and different scenarios on the timing of the reopening of the Red Sea
and Strait of Hormuz in 2026.
CAPEX
2025-2026
10.0-11.0
CAPEX
2026-2027
10.0-11.0
USDbn
EBITDA
Underlying
4.5-7.0
EBIT
Underlying
-1.5-1.0
Free cash flow
or higher
≥ -3.0
Sensitivity guidance
Financial performance for A.P. Moller - Maersk 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 1.0bn
Container freight volume +/- 100,000 FFE +/- USD 0.01bn
Bunker price (net of expected FFF coverage) +/- 100 USD/FOE tonne +/- USD 0.2bn
Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.2bn
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.
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 with-
holding tax of approximately USD 135m will be paid in Q2 2026.
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 147m of share buy-backs by the end of Q1 2026. At 31 March 2026, Maersk owned
a total of 181,617 A shares and 1,090,204 B shares as treasury shares, corresponding to 8.04% of the
share capital.
The Annual General Meeting has authorised the Board of Directors to allow the company to acquire
treasury shares to the extent that the nominal value of the company’s total holding of treasury shares at no
time exceeds 15% of the company’s share capital at the market price applicable at the time of acquisition
with a deviation of up to 10%.
ESG update
To future-proof its fleet, in 2021 Maersk decided to exclusively order vessels with dual-fuel capabilities.
By the end of Q1 2026, 21 dual-fuel vessels were operating within the Maersk fleet and in February 2026,
Maersk ordered another eight large vessels to be delivered in 2029 and 2030. These vessels will be able to
operate on conventional bunker fuel or liquefied gas. Following this new order, Maersk now has 33 vessels
on order, with four scheduled for delivery in the remainder of 2026.
Maersk continues to explore options to diversify its low-emission fuel portfolio by testing ethanol in a
dual-fuel methanol engine. Following tests of 10% and 50% ethanol blends in a dual-fuel methanol engine
in 2025, which confirmed that ethanol can be safely and effectively integrated into the fuel mix, Maersk
successfully completed the first sailing on 100% ethanol during Q1 2026. Ethanol offers another scalable,
lower-emission fuel option for decarbonisation and the successful trial using 100% ethanol underscores
the potential to create greater optionality for Maersk’s dual-fuel methanol fleet.
Maersk’s current low-emission fuel portfolio includes bio- and e-methanol, and biodiesel. From 2027,
liquefied biomethane and LNG as the fossil alternative, will be added with the arrival of time-chartered
dual-fuel LNG vessels.
Management Review I Review Q1 2026 I Financial guidance and targets
6
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Market environment
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
80
100
140
120
Q3Q2Q1 Q4
2022 2023 2024 2025
Macroeconomic environment
Geopolitics is the dominant force shaping the
macroeconomic outlook, as well as the trade
and logistics environment. The conflict in
the Middle East, which began on 28 February
2026, has introduced an additional layer of
uncertainty.
Currently, fragile ceasefires are in place in
both Iran and Lebanon, negotiations proceed
slowly, and traffic at the Strait of Hormuz
remains at a near-standstill. The conflict has
already weighed on sentiment. Consumer con-
fidence deteriorated. In the US, the University
of Michigan measure of consumer sentiment
fell to a record low of 47.6 in April 2026.
Meanwhile, Euro Area consumer confidence
fell in April 2026 to its lowest level since
December 2022. In Asia, notable declines in
consumer sentiment were also witnessed in
Japan, South Korea and Taiwan.
Brent crude averaged 98 USD/bbl in
March and 101 USD/bbl in April 2026, up from
around 67 USD/bbl in January and February
2026. Assuming traffic through the Strait of
Hormuz recovers to roughly 50% in May and
June 2026, before gradually returning to nor-
mality over the following six months, Oxford
Economics projects global economic growth
of 2.4% in 2026, a substantial downward revi-
sion from their forecast earlier in the year.
Container trade environment
Against an unstable geopolitical environment, demand for container trade increased
in Q1 2026, supported by robust export growth out of China, which accelerated rela-
tive to the previous quarter. Global container demand is estimated to have expanded
between 3% and 5% year-on-year in Q1 2026. At the same time, the outbreak of
the conflict in the Middle East on 28 February 2026 weighed on demand growth in
the region toward the end of the quarter. Container import growth was strongest in
Africa and Europe, while import growth to North America remained slightly negative.
On the supply side, growth remained elevated in Q1 2026, driven by continued fleet
expansion, while inactive capacity was subdued. At the end of the quarter, the nominal
fleet was 6.3% larger than at the same point in 2025. Average spot freight rates, as
measured by the Shanghai Containerised Freight Index (SCFI), increased modestly in
Q1 2026 compared to Q4 2025 (+5%), but were well below Q1 2025 levels (-14%).
The outlook for global container demand in 2026 is highly uncertain. Higher energy
prices and constraints on trade in the Upper Gulf region, which in 2025 accounted for
around 6% of global container trade, pose downside risks to the growth momentum.
Assuming oil prices remain in the 90-100 USD/bbl range through 2026, and the con-
flict is resolved soon, global container demand is expected to still grow between 2%
and 4%, supported by strong exports out of Far East Asia. The balance of risks, how-
ever, is on the downside and more adverse outcomes cannot be ruled out.
Logistics environment
Global air freight demand remained solid in Q1 2026, with estimated
year-on-year growth in the range of 3.5% to 5.5%. Growth continues
to be driven by exports out of Far East Asia. On the import side, Far
East Asia, Europe and North America recorded robust demand, while
imports into Latin America and Oceania contracted. Since Q2 2025,
trade in AI- related goods has been the key driver of air cargo volumes.
Demand for a basket of around 100 AI-related goods, including semi-
conductors, servers and computing equipment, increased 22% year-
on-year in January and February 2026, with particularly strong flows
from Far East Asia to North America.
The international cargo load factor averaged 51.6% in Q1 2026, up 0.8
percentage points year-on-year. March 2026 data shows that after the
start of the conflict in the Middle East, utilisation increased sequentially,
with increases across most regions, particularly in Africa and Asia-Pacific,
while North America recorded a slight decline. Air freight rates averaged
2.1 USD/kg in Q1 2026, down 1.5% year-on-year. However, rates increased
in March, reaching 2.4 USD/kg by month-end.
Warehouse vacancy rates have broadly stabilised against a backdrop
of steady demand and moderating construction activity. The vacancy
rate stood at 7.0% in Q1 2026 in the US, unchanged from the previous
quarter as both demand and supply held broadly steady. In Europe,
average vacancy rates have also been more or less stable since Q2 2025,
coming in at 6.7% in Q4 2025.
Energy and shipping disruptions in the Strait of Hormuz are rapidly
reshaping global supply chains. Beyond energy, the Middle East is also
a key supplier of fertilisers, critical for global food security, minerals
fuelling high tech industries, and materials such as plastics and alu-
minium. Governments are increasingly treating access to critical inputs
as a matter of economic and national security. After the recent tariffs
on US imports, the conflict represents another wake-up call to deploy
new tools to make supply chains more resilient and develop new
strategies to mitigate future disruptions.
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)
Management Review I Market environment
7
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Ocean
Ocean reported an EBIT of negative USD 192m, driven by the continuing market pressure on rates.
The Middle East conflict had no material financial impact in the quarter given the timing of revenue and costs.
Volumes increased by 9.3%, driven by Asian exports; however, the 14% decline in the average loaded
freight rate led to both lower revenue and reduced profitability. Operating costs were stable at USD 7.0bn,
despite the higher volumes, reflecting continued efforts to drive efficiencies. Cost performance benefited
from a 16% lower average bunker price and a 5.3% reduction in bunker consumption. Unit cost at fixed energy
decreased by 7.1%, supported by stable operating costs despite a 2.9% increase in capacity and 9.3% higher
volumes, enabled by the Gemini Cooperation benefits in asset utilisation and bunker consumption.
Utilisation was high at 96% (92%), however supply chain disruptions stemming from the Middle East
conflict negatively impacted schedule reliability.
Q1
2026
Q1
2025
12M
2025
Freight revenue 6,673 7,579 29,634
Other revenue, including hubs 1,505 1,331 5,341
Revenue 8,178 8,910 34,975
Container handling costs 2,735 2,476 10,578
Bunker costs 1,357 1,601 6,135
Network costs, excluding bunker costs 1,931 1,713 7,378
Selling, general & administrative (SG&A) costs 628 594 2,584
Cost of goods sold and other operational costs 379 606 2,009
Total operating costs 7,030 6,990 28,684
Other income/costs, net -245 -17 7
EBITDA 903 1,903 6,298
EBITDA margin 11.0% 21.4% 18.0%
EBIT -192 743 1,386
EBIT margin −2.3% 8.3% 4.0%
Invested capital 33,111 31,647 32,621
CAPEX 716 1,168 3,632
Operational and financial metrics
Loaded volumes (FFE in ’000) 3,203 2,931 12,942
Loaded freight rate (USD per FFE) 2,081 2,427 2,237
Unit cost, fixed energy (USD per FFE incl. VSA income)
1
2,333 2,511 2,374
Bunker price, average (USD per FOE tonne)
1
486 577 541
Bunker consumption (FOE tonne in ’000)
1
2,511 2,652 10,618
Average operated fleet capacity (TEU in ’000) 4,607 4,477 4,566
Fleet owned (end of period) 330 313 324
Fleet chartered (end of period) 403 433 397
Ocean highlights USD million
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
8.9
8.6
9.2
8.3
8.2
Revenue
8.2 bn
(USD 8.9bn)
Revenue decreased by USD 732m to USD 8.2bn
(USD 8.9bn), driven by the lower freight revenue
of 12% as a result of the reduced average loaded
freight rate by 14%, partly offset by the higher
loaded volumes of 9.3%. In Q1 2025, revenue was
positively impacted by the timing effect of loaded
freight rates.
USDbn
EBIT
-192 m
EBIT decreased by USD 935m to negative USD 192m
(positive USD 743m), driven by the lower revenue.
EBIT margin decreased by 10.6 percentage points
to negative 2.3% (positive 8.3%).
USDm
(USD 743m)
Q1
2025
Q1
2026
Q4
2025
Q3
2025
Q2
2025
-500
-250
500
750
0
250
-5%
10%
15%
20%
0%
5%
1 2025 comparatives have been restated. Refer to the reporting change dashboard on page 10.
Management Review I Segments I Ocean
8
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
USD/FFE (’000) Q1
2026
Q1
2025
Change Change
%
East-West 2,115 2,498 −383 −15.3
North-South 2,692 3,113 −421 −13.5
Intra-regional 1,419 1,520 −101 −6.6
Total 2,081 2,427 −346 −14.3
FFE (’000) Q1
2026
Q1
2025
Change Change
%
East-West 1,465 1,341 124 9.2
North-South 1,034 957 77 8.0
Intra-regional 704 633 71 11.2
Total 3,203 2,931 272 9.3
Average loaded freight rate
2,081
The average loaded freight rate decreased by 14%
to 2,081 USD/FFE (2,427 USD/FFE) across all trades
due to the continued market pressure on rates.
Freight rates remained broadly stable throughout
the quarter, while compared to Q4 2025, the average
freight rate was up by 1.7%.
USD/FFE
(2,427 USD/FFE)
Loaded volumes
3.2 m
(2.9m FFE)
m FFE
The average operated capacity of 4,607k TEU
(4,477k TEU) increased by 2.9% to support the higher
volumes. The current order book for dual-fuel vessels
totalled 33 at the end of Q1 2026, and the fleet
consisted of 330 owned and 403 chartered vessels,
of which 86k TEU or 1.8% of the fleet were idle
(17 vessels).
Average operated capacity
733 Vessels
(end of period)
4,607k TEU
(average)
Unit cost at fixed energy
2,333
(2,511 USD/FFE)
Unit cost at fixed energy decreased by 7.1%
to 2,333 USD/FFE (2,511 USD/FFE), driven
by improved asset turn and lower bunker
consumption.
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
2,333 2,304 2,325 2,373 2,511
USD/FFE
Cost split
Operating costs are split across
five reporting categories.
Percent
39%
Container
handling costs
19%
Bunker
costs
27%
Network costs,
excluding bunker costs
6%
Costs of goods
sold and other
operational costs
9%
SG&A costs
Total operating costs remained stable at USD 7.0bn (USD 7.0bn).
Network costs excluding bunker increased by 13%, while container
handling costs rose by 10%. The increase was partly offset by the
lower bunker cost by 15% and lower other operational costs.
Operating costs
7.0 bn
(USD 7.0bn)
USDbn
EBITDA
903m
(USD 1.9bn)
EBITDA decreased by USD 1.0bn to USD 903m (USD 1.9bn),
and the EBITDA margin declined by 10.4 percentage points to
11.0% (21.4%).
USDm
Loaded volumes increased significantly by 9.3% to
3,203k FFE (2,931k FFE) across trades, led by Asian
exports. Loaded volumes decreased by 5.3% com-
pared to Q4 2025, in accordance with seasonality
due to the Chinese New Year.
Bunker costs
1.4 bn
(USD 1.6bn)
Bunker costs decreased by 15% to USD 1.4bn (USD 1.6bn), driven
by the lower bunker price of 16% to 486 USD/FOE tonne (577
USD/FOE tonne), supported by the reduced bunker consumption
of 5.3% despite the increased volumes. Bunker prices were not
impacted by the Middle East conflict during the quarter due to
the existing inventory. Bunker efficiency improved by 7.9% to
6.05 FOE kg/TEU day (6.57 FOE kg/TEU day).
USDbn
0
1,500
1,000
500
2,000
2,500
Q1
2025
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Management Review I Segments I Ocean
9
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Key initiatives in Q1
Maersk has placed an order for eight large vessels scheduled for delivery between 2029 and 2030 as part
of its ongoing fleet renewal strategy. All vessels will share common characteristics and feature dual-fuel
engines capable of operating on both conventional bunker fuel and liquefied gas. The new vessels are part
of a new series at 18,600 TEU, purposely designed to offer deployment flexibility across our current and
future network.
Middle East conflict
Q1 2026 was impacted by the Middle East conflict, including the closure of the Strait of Hormuz. The safety of
people, assets and cargo remains the top priority, and Maersk implemented targeted network adjustments,
including suspending sailings through the Hormuz and Suez and restricting bookings in the affected areas.
To maintain service continuity, Maersk offered alternative routings and interim storage solutions, with
special attention to cargo containing critical foodstuff, medicine and perishable goods. The adjustments
to operations combined with the higher fuel cost are expected to increase costs, which Maersk is working
to recover through commercial levers.
Reporting change
Effective Q1 2026, fuel oil equivalent tonnes (FOE tonnes) became the standard unit for
measuring bunker consumption, replacing metric tonnes (MT). This transition reflects the
company’s progress on its energy transition journey, as a growing share of energy con-
sumption now comes from lower-GHG-emission fuels with lower calorific value compared
to conventional fossil fuels.
The shift to fuel oil equivalent affects bunker price, unit cost at fixed bunker (hereafter
unit cost at fixed energy) and bunker efficiency metrics, all of which have been prospectively
adjusted to reflect the transition to lower-GHG-emission fuels. Bunker price and unit cost at
fixed energy exclude regulatory charges, such as the EU Emissions Trading System (EU ETS)
and Fuel EU maritime.
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Full year
2025
Unit cost
Unit cost at fixed bunker (old) 2,539 2,409 2,356 2,333 2,404
Unit cost at fixed energy (new) 2,511 2,373 2,325 2,304 2,374
Bunker price
in metric tonnes (old) 569 537 538 512 539
in fuel oil equivalent tonnes (new) 577 538 537 510 541
Bunker consumption
in metric tonnes (old) 2,702 2,727 2,730 2,635 10,794
in fuel oil equivalent tonnes (new) 2,652 2,678 2,680 2,608 10,618
Bunker efficiency
in g /TEU*NM (old) 36.7 36.3 34.1 33.8 35.4
in FOE kg/TEU day (new) 6.57 6.42 6.33 6.18 6.37
Management Review I Segments I Ocean
10
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Logistics & Services highlights USD million
Q1
2026
Q1
2025
12M
2025
Revenue 3,793 3,488 15,103
Direct costs (third-party costs) 2,560 2,367 10,281
Gross profit 1,233 1,121 4,822
Direct operating expenses 592 541 2,308
Selling, general & administrative (SG&A) costs 208 197 826
EBITDA 433 383 1,688
EBITDA margin 11.4% 11.0% 11.2%
EBIT 173 142 729
EBIT margin 4.6% 4.1% 4.8%
Invested capital 11,291 11,682 11,796
CAPEX 84 97 506
Operational and financial metrics
Managed by Maersk revenue 587 553 2,201
Fulfilled by Maersk revenue 1,432 1,322 5,674
Transported by Maersk revenue 1,774 1,613 7,228
Supply Chain Management volumes (CBM in ’000) 24,782 27,752 110,511
First Mile volumes (FFE in ’000) 1,756 1,606 7,028
Air freight volumes (tonne in ’000) 82 69 318
Logistics & Services
Logistics & Services started the first quarter of 2026 with a year-on-year revenue improvement across all
service models, supported by strong volume development within most products. For Managed by Maersk,
Project Logistics was the strongest contributor followed by Warehousing & E-Fulfilment and First Mile in
Fulfilled by Maersk and Transported by Maersk, respectively. This resulted in a strengthened EBIT margin of
4.6%, up 0.5 percentage points from Q1 2025 of 4.1%, demonstrating a year-on-year increase for the eighth
consecutive quarter. The margin increase was mainly driven by improved performance within Fulfilled by
Maersk and Transported by Maersk, supported by improved operating leverage, favourable product mix,
structural efficiencies across key products as well as continued cost discipline. This is further supported by
a continued focus on revenue management and productivity improvements.
Revenue
USDbn
3.8 bn
(USD 3.5bn)
Revenue increased by USD 305m or 8.7% to USD 3.8bn
(USD 3.5bn). Managed by Maersk delivered year-on-year
revenue growth for all products. Similarly, Fulfilled by
Maersk also improved, primarily driven by Warehousing,
Depot and Last Mile. Transported by Maersk saw
growth mainly from stronger First Mile performance.
Sequentially, revenue decreased by USD 171m.
Logistics & Services reorganisation
Effective 1 April 2026, the Logistics & Services product portfolio has been reorganised into three new segments:
Solutions, Landside and Forwarding, reflecting the updated Logistics & Services organisation. These new segments
will be presented externally from Q2 2026 onwards.
Managed by Maersk’s revenue increased by USD
34m or 6.1% to USD 587m (USD 553m), driven by
Project Logistics, which benefited from higher
activity with existing customers. Also Lead Logistics
delivered positive revenue growth through an
improved product mix, although partly offset by
a volume decline in Supply Chain Management by
11% to24,782k CBM (27,752k CBM). Customs sup-
ported the overall performance, with volumes up
1.8% to 1,782k declarations (1,749k).
Fulfilled by Maersk’s revenue increased by USD
110m or 8.3% to USD 1.4bn (USD 1.3bn), primarily
driven by new contracts and the uptrading of
existing contracts in Warehousing & E-fulfilment.
Depot and Last Mile also demonstrated an increase,
benefitting from increased volumes.
Transported by Maersk’s revenue increased by
USD 161m or 10% to USD 1.8bn (USD 1.6bn), driven
by stronger First Mile performance, where volumes
rose by 9.3% to 1,756k FFE (1,606k FFE), partly off-
set by rate normalisation. Full Container Load also
contributed with volumes increasing in all regions.
Similarly, Air freight volumes were up by 20% year-
on-year to 82k tonnes (69k tonnes), mainly driven
by improved transatlantic charter activity.
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
3.5
3.7
4.0
4.0
3.8
Management Review I Segments I Logistics & Services
11
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Key initiatives in Q1
Logistics & Services continued its strategic expansion and operational modernisation in Q1 2026.
A key milestone was the opening of World Gateway II in Singapore, a 1.1 million sq ft warehousing facility
that significantly expands Maersk’s logistics capabilities in the Asia-Pacific region.
The quarter also saw continued investment in warehouse automation across multiple global facilities,
improving operational efficiency and throughput.
Gross profit
1.2 bn
Gross profit increased by USD 112m
or 10% to USD 1.2bn (USD 1.1bn) with
increases across all service models,
particularly driven by Warehousing
& E-Fulfilment, Air and Middle Mile,
resulting in a gross profit margin of
32.5% (32.1%). However, gross profit
decreased sequentially by USD 15m
due to lower volumes as a result of
seasonality.
USDbn
(USD 1.1bn)
EBITDA
433m
(USD 383m)
USDm
EBITDA increased by USD 50m to USD
433m (USD 383m), and the EBITDA
margin was 11.4% compared to 11.0%
in Q1 2025. Sequentially, EBITDA
increased by USD 15m, reflecting a
margin increase by 0.9 percentage
points.
Managed by Maersk’s margins decreased, mainly impacted
by Cold Chain Logistics and Lead Logistics.
Fulfilled by Maersk’s margins improved year-on-year,
mainly driven by Middle Mile.
Transported by Maersk’s margins increased, mainly driven
by Air.
EBIT
USDm
173 m
(USD 142m)
EBIT increased by USD 31m or 22% to USD 173m (USD 142m).
The EBIT margin increased to 4.6% (4.1%).
0
200
150
100
50
0%
8%
6%
4%
2%
Q1
2025
Q1
2026
Q4
2025
Q3
2025
Q2
2025
250
10%
Management Review I Segments I Logistics & Services
12
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Terminals
Terminals delivered a solid start to 2026 with higher volume and resilient earnings. Volume increased by 4.3%,
supported by growth in North America. Utilisation was 77% (79%) and 78% (79%) on a like-for-like basis. Revenue
per move (like-for-like) increased by 2.2%, driven by increased rates, partially offset by lower storage revenue.
Cost per move (like-for-like) increased by 3.4% due to higher depreciation from recent investments, and main-
tenance and repair costs, partially offset by lower SG&A costs and impact from the higher volume.
The EBIT margin increased by 1.2 percentage points to 33.2% (32.0%). Terminals demonstrated resilience
amid the Middle East conflict and delivered robust performance. The EBITDA margin increased by 1.0 per-
centage points to 37.1% (36.1%). ROIC (LTM average) increased to 15.7% (14.5%). ROIC is expected to soften in
the near term as capital employed will increase following the recent growth investments, while earnings
continue to perform strongly.
Terminals highlights USD million
Q1
2026
Q1
2025
12M
2025
Revenue 1,314 1,231 5,339
Concession fees (excl. capitalised lease expenses) 91 99 406
Labour costs (blue collar) 397 359 1,548
Other operational costs 199 186 884
Selling, general & administrative (SG&A) costs 139 143 658
Total operating costs 826 787 3,496
EBITDA 488 444 1,843
EBITDA margin 37.1% 36.1% 34.5%
Result from joint ventures and associated companies 111 94 440
EBIT 436 394 1,747
EBIT margin 33.2% 32.0% 32.7%
Invested capital 9,540 8,086 9,325
CAPEX 171 126 573
Operational and financial metrics – financially consolidated
Volumes (moves in ’000) 3,470 3,326 14,254
Ocean segment 1,372 1,085 5,221
External customers 2,098 2,241 9,033
Revenue per move (USD) 377 365 364
Cost per move (USD) 287 275 279
Revenue
USDbn
1.3 bn
(USD 1.2bn)
Revenue increased by 6.7% to USD 1.3bn (USD 1.2bn),
driven by improved rates, higher volume and favour-
able foreign exchange rate impacts, partly offset by
lower storage revenue. Volume grew by 4.3%, driven
by strong growth of 11% in North America. Volume
from Ocean increased by 26%, and volume from
external customers decreased by 6.4%. The dispro-
portional growth in internal volume versus external
is driven by Ocean’s transition from the old 2M alli-
ance to the Gemini Cooperation.
Revenue per move increased by 3.4% to USD 377
(USD 365), driven by improved rates, favourable for-
eign exchange rate impacts and terminal mix, partly
offset by lower storage revenue. Cost per move
increased by 4.2% to USD 287 (USD 275) due to neg-
ative foreign exchange rate impacts, higher depre-
ciation and maintenance and repair costs, partially
offset by lower SG&A costs and the impact of higher
volume. At fixed foreign exchange rates, volume mix
and portfolio mix, revenue per move increased by
2.2% and cost per move increased by 3.4%.
EBIT
USDm
436m
(USD 394m)
EBIT increased by 11% to USD 436m (USD 394m).
The EBIT margin increased by 1.2 percentage
points to 33.2% (32.0%).
EBITDA
USDm
488 m
(USD 444m)
EBITDA increased by 9.9% to USD 488m (USD 444m),
driven by improved rates and higher volume, partly
offset by lower storage revenue, leading to the
EBITDA margin of 37.1% (36.1%).
0
600
400
500
200
300
100
0%
10%
60%
40%
50%
20%
30%
CAPEX
USDm
171 m
(USD 126m)
CAPEX increased to USD 171m (USD 126m), driven
by the construction of the new terminal in Suape,
Brazil, and construction of a liquid berth in Pipavav,
India, partly offset by lower spend in Callao, Peru, and
Rijeka, Croatia. The majority of CAPEX was related to
growth and optimisation initiatives reflecting a con-
tinued emphasis on capacity expansions, efficiency
and productivity improvements.
Q1
2025
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Management Review I Segments I Terminals
13
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Regional volume
1
Moves (’000)
Volumes
Q1
2026
Q1
2025
Growth
%
North America 1,007 908 10.9
Latin America 644 636 1.3
Europe 725 718 1.0
Africa 184 184 0.0
Asia 910 880 3.4
Total 3,470 3,326 4.3
Joint ventures
and associated
companies
USDm
111 m
(USD 94m)
The share of profits in joint ventures
and associated companies increased
by 18% to USD 111m (USD 94m),
primarily driven by West Africa and
Brazil.
ROIC
Percent
15.7 %
(14.5%)
ROIC (LTM average) increased to 15.7%
(14.5%).
0
10%
20%
30%
Q1
2025
Q1
2026
Q4
2025
Q3
2025
Q2
2025
1 Financially consolidated.
In North America, volume increased by 11%, primarily driven by
significant growth in Lazaro Cardenas, Mexico, and Los Angeles,
USA. Utilisation was at par 74% (73%).
In Latin America, volume increased by 1.3%, driven by strong
volume in Quetzal, Guatemala, and Buenos Aires, Argentina,
partly offset by weaker volume in Callao, Peru, and Yucatan,
Mexico. Utilisation was at par 89% (88%).
In Europe, volume increased by 1.0% (negative 5.9% like-for-like)
due to higher volume in the new terminal in Rijeka, Croatia, and
strong volume in Aarhus, Denmark, partly offset by weaker vol-
ume in Barcelona, Spain. Utilisation decreased by 10 percentage
points to 68% (78%) and decreased by 5.2 percentage points to
73% (78%) like-for-like.
In Africa, volume was at par, driven by strong growth in Monrovia,
Liberia, offset by weaker volume in San Pedro, Ivory Coast, and
Onne, Nigeria. Utilisation decreased by 4.3 percentage points to
66% (70%).
In Asia, volume increased by 3.4%, driven by Yokohama, Japan,
and Mumbai, India, partly offset by weaker volume in Bahrain.
Utilisation was at par 84% (85%). The temporary operational
suspension in Bahrain and heightened risk conditions in Aqaba,
Jordan, may impact Asia linked volume going forward.
Key initiatives in Q1
Terminals progressed on a number of key initiatives, reflecting the continued focus on strategic growth
and capacity expansion projects.
APM Terminals Suape, Brazil, entered into the final construction phase as USD 47m in equipment
arrived on site during the quarter. With a total estimated investment of USD 350m, the construction of
the Suape terminal is nearing completion, marking the transition into the next phase.
APM Terminals became a 49% minority shareholder and operating partner together with the Hateco
Group in Hai Phong, Vietnam, during the quarter.
APM Terminals Lázaro Cárdenas, Mexico, inaugurated the Phase II expansion of its container terminal
and announced the immediate start of construction of Phase III, a new stage of growth supported by an
investment of more than USD 350m (MXN 6.2bn).
DP World and APM Terminals have announced a strategic partnership at Jeddah Islamic Port’s Southern
Container Terminal, Saudi Arabia, where APM Terminals will acquire a 37.5% stake while DP World retains
operational control.
APM Terminals and Eurogate have agreed to enter into a long-term partnership to invest EUR 1bn in
modernising the North Sea Terminal Bremerhaven, Germany, increasing capacity from 3m TEU to 4m TEU.
Management Review I Segments I Terminals
14
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Condensed income statement Condensed statement of comprehensive income
Note
Q1
2026
Q1
2025
12M
2025
1 Revenue 12,970 13,321 53,988
1 Profit before depreciation, amortisation and impairment losses,
etc. (EBITDA) 1,753 2,710 9,530
5 Depreciation, amortisation and impairment losses, net 1,550 1,620 6,671
Gain on sale of non-current assets, etc., net 8 55 138
Share of profit in joint ventures and associated companies 129 108 503
1 Profit before financial items (EBIT) 340 1,253 3,500
Financial items, net -48 177 -29
Profit before tax 292 1,430 3,471
Tax 192 223 556
Profit for the period 100 1,207 2,915
Of which:
Non-controlling interests 47 45 190
A.P. Møller - Mærsk A/S’ share 53 1,162 2,725
Earnings per share, USD 4 74 179
Diluted earnings per share, USD 4 74 178
Q1
2026
Q1
2025
12M
2025
Profit for the period 100 1,207 2,915
Translation from functional currency to presentation currency -107 177 595
Reclassified to income statement, gain on sale of non-current
assets, etc., net -2 - -2
Cash flow hedges -96 45 81
Tax on other comprehensive income 2 9 10
Share of other comprehensive income of joint ventures and
associated companies, net of tax 4 - -2
Total items that have been or may be reclassified subsequently
to the income statement -199 231 682
Other equity investments -3 -17 -94
Actuarial gains/losses on defined benefit plans, etc. 59 - -115
Tax on other comprehensive income - 2 1
Total items that will not be reclassified to the income statement 56 -15 -208
Other comprehensive income, net of tax -143 216 474
Total comprehensive income for the period -43 1,423 3,389
Of which:
Non-controlling interests 31 50 197
A.P. Møller - Mærsk A/S’ share -74 1,373 3,192
Financials
Financials I Interim consolidated financial statements Q1 2026
15
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Amounts in USD million
Condensed balance sheet at 31 March
Note
31 March
2026
31 March
2025
31 December
2025
Intangible assets 10,313 9,805 10,420
Property, plant and equipment 30,600 28,781 30,138
Right-of-use assets 11,347 10,984 11,886
2 Financial non-current assets, etc. 4,737 4,518 4,815
Deferred tax 484 378 484
Total non-current assets 57,481 54,466 57,743
Inventories 1,819 1,465 1,391
2 Receivables, etc. 19,779 22,121 18,662
Securities 886 1,785 1,277
Cash and bank balances 6,642 7,128 9,042
Assets held for sale - - 237
Total current assets 29,126 32,499 30,609
Total assets 86,607 86,965 88,352
Note
31 March
2026
31 March
2025
31 December
2025
3 Equity attributable to A.P. Møller - Mærsk A/S 54,103 55,409 55,581
Non-controlling interests 1,115 1,046 1,115
Total equity 55,218 56,455 56,696
Lease liabilities, non-current 9,272 9,069 9,941
Borrowings, non-current 4,915 3,850 4,803
Other non-current liabilities 2,463 2,425 2,477
Total non-current liabilities 16,650 15,344 17,221
Lease liabilities, current 3,048 2,782 3,076
Borrowings, current 274 1,338 1,100
3 Other current liabilities 11,417 11,046 10,259
Total current liabilities 14,739 15,166 14,435
Total liabilities 31,389 30,510 31,656
Total equity and liabilities 86,607 86,965 88,352
Financials I Interim consolidated financial statements Q1 2026
16
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Amounts in USD million
Condensed cash flow statement
Cash and bank balances include USD 865 m (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.
Q1
2026
Q1
2025
12M
2025
Profit before financial items 340 1,253 3,500
Non-cash items, etc. 1,746 1,494 6,338
Change in working capital -913 157 552
Cash flow from operating activities before tax 1,173 2,904 10,390
Taxes paid -134 -138 -629
Cash flow from operating activities 1,039 2,766 9,761
Purchase of intangible assets and property, plant and equipment
(CAPEX) -1,006 -1,398 -4,799
Sale of intangible assets and property, plant and equipment 328 55 358
Acquisition of subsidiaries and activities - - -674
Sale of subsidiaries and activities - - 7
Acquisition of joint ventures and associated companies -142 - -11
Sale of joint ventures and associated companies - - 50
Dividends received 16 37 418
5 Financial income received 240 315 1,006
Sale of other equity investments - - 13
Purchase of term deposits -5,407 -5,211 -19,954
Proceeds from maturity of term deposits 5,638 7,675 24,752
Purchase of securities - -1,086 -2,360
Sale of securities 400 900 2,700
Financial investments etc., net - - -5
Cash flow from investing activities 67 1,287 1,501
Repayment of/proceeds from borrowings, net -721 -12 304
Repayments of lease liabilities -1,179 -801 -3,502
5 Financial expenses paid -136 -2 -282
Financial expenses paid on lease liabilities -176 -166 -728
Purchase of treasury shares -362 -328 -2,040
Dividends distributed -938 -2,197 -2,547
Dividends distributed to non-controlling interests -41 -27 -116
Other equity transactions 38 11 33
Cash flow from financing activities -3,515 -3,522 -8,878
Net cash flow for the period -2,409 531 2,384
Cash and cash equivalents, beginning of period 9,008 6,543 6,543
Currency translation effect on cash and bank balances -22 18 81
Cash and cash equivalents, end of period 6,577 7,092 9,008
Q1
2026
Q1
2025
12M
2025
Cash and cash equivalents
Cash and bank balances 6,642 7,128 9,042
Overdrafts 65 36 34
Cash and cash equivalents, end of period 6,577 7,092 9,008
Financials I Interim consolidated financial statements Q1 2026
17
A.P. Moller - Maersk Interim Report Q1 | 7 May 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 - -93 -4 -93 63 -127 -16 -143
Profit for the period - - - - 53 53 47 100
Total comprehensive income for the period - -93 -4 -93 116 -74 31 -43
Dividends to shareholders - - - - -1,083 -1,083 -42 -1,125
Value of share-based payments - - - - 8 8 - 8
Sale of non-controlling interests - - - - - - 1 1
3 Purchase of treasury shares - - - - -357 -357 - -357
3 Sale of treasury shares - - - - 28 28 - 28
Increase in non-controlling interests from capital contributions - - - - - - 10 10
Transfer of gain/loss on disposal of equity investments to retained earnings - - 11 - -11 - - -
Total transactions with shareholders - - 11 - -1,415 -1,404 -31 -1,435
Equity 31 March 2026 2,870 -815 40 -65 52,073 54,103 1,115 55,218
Equity 1 January 2025 2,870 -1,290 126 -79 55,290 56,917 1,030 57,947
Other comprehensive income, net of tax - 173 -17 54 1 211 5 216
Profit for the period - - - - 1,162 1,162 45 1,207
Total comprehensive income for the period - 173 -17 54 1,163 1,373 50 1,423
Dividends to shareholders - - - - -2,549 -2,549 -35 -2,584
Value of share-based payments - - - - 8 8 - 8
Sale of non-controlling interests - - - - -1 -1 1 -
3 Purchase of treasury shares - - - - -345 -345 - -345
3 Sale of treasury shares - - - - 6 6 - 6
Total transactions with shareholders - - - - -2,881 -2,881 -34 -2,915
Equity 31 March 2025 2,870 -1,117 109 -25 53,572 55,409 1,046 56,455
Financials I Interim consolidated financial statements Q1 2026
18
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Amounts in USD million
Note 1 Segment information
Ocean Logistics
& Services
Terminals Unallo-
cated
items
Elimina-
tions
Consoli-
dated
total
Q1 2026
External revenue 7,712 3,986 924 348 - 12,970
Inter-segment revenue 466 -193 390 100 -763 -
Total revenue 8,178 3,793 1,314 448 -763 12,970
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 903 433 488 -64 -7 1,753
Profit before financial items (EBIT) -192 173 436 -71 -6 340
Key metrics:
Invested capital 33,111 11,291 9,540 199 -72 54,069
CAPEX 716 84 171 41 -6 1,006
Ocean Logistics
& Services
Terminals Unallo-
cated
items
Elimina-
tions
Consoli-
dated
total
Q1 2025
External revenue 8,380 3,669 961 311 - 13,321
Inter-segment revenue 530 -181 270 48 -667 -
Total revenue 8,910 3,488 1,231 359 -667 13,321
Profit before depreciation, amortisation
and impairment losses, etc. (EBITDA) 1,903 383 444 -19 -1 2,710
Profit before financial items (EBIT) 743 142 394 -22 -4 1,253
Key metrics:
Invested capital 31,647 11,682 8,086 186 -10 51,591
CAPEX 1,168 97 126 11 -4 1,398
Segment Types of revenue Q1
2026
Q1
2025
12M
2025
Ocean Freight revenue 6,673 7,579 29,634
Other revenue, including hubs 1,505 1,331 5,341
Logistics & Services Managed by Maersk 587 553 2,201
Fulfilled by Maersk 1,432 1,322 5,674
Transported by Maersk 1,774 1,613 7,228
Terminals Terminal services 1,314 1,231 5,339
Unallocated activities
and eliminations Sale of containers and spare parts 203 173 742
Other shipping activities 21 19 85
Other services 224 167 713
Eliminations -763 -667 -2,969
Total revenue 12,970 13,321 53,988
Timing of revenue recognition
Recognised over time 11,971 12,398 50,078
Recognised at a point in time 1,762 1,590 6,879
Eliminations -763 -667 -2,969
Total revenue 12,970 13,321 53,988
Note 2 Term deposits and other receivables
Receivables, etc. amount to USD 19.8bn (USD 18.7bn at 31 December 2025) and primarily consist of term deposits with a
maturity of more than three months, amounting to USD 10.9bn (USD 11.1bn at 31 December 2025) and EU allowances (EUAs)
amounting to USD 347m (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 1.8bn (USD 1.9bn at 31 December 2025).
Financials I Interim consolidated financial statements Q1 2026
19
A.P. Moller - Maersk Interim Report Q1 | 7 May 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.
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 for the long-term incentive programmes are to be proposed cancelled at the Annual General
Meetings.
The disposals of treasury shares are related to the share option plan and the restricted shares plan.
From 1 January 2026 to 31 March 2026, A.P. Møller - Mærsk A/S bought back as treasury shares 14,359 B shares with
a nominal value of DKK 14m 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 withholding tax of approximately USD 135m is payable in Q2 2026. Payment of dividends to share-
holders 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
31 March 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
31 March 2026 9,756,388 206 6,072,390 122 15,829 2,870
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 24,777 29,746 25 30 0.16% 0.19%
31 March 181,617 29,746 182 30 1.15% 0.19%
B shares
1 January 1,004,574 120,307 1,005 120 6.35% 0.76%
Additions 121,047 168,292 121 168 0.76% 1.06%
Disposals 35,417 5,271 36 5 0.22% 0.03%
31 March 1,090,204 283,328 1,090 283 6.89% 1.79%
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 14.5bn (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 Q1 2026
20
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Amounts in USD million
Note 5 Accounting policies, judgements and significant estimates Note 6 Subsequent events
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 Q1
2025
12M
2025
Q1
2025
12M
2025
Cash flow from investing activities 972 495 1,287 1,501
Cash flow from financing activities -3,207 -7,872 -3,522 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 176m for Q1 2026.
After the balance sheet date, on 10 April 2026, A.P. Moller - Maersk, together with its joint venture partner Eurogate,
entered into an Investment and Participation Agreement relating to a long-term partnership to invest approximately
EUR 1bn in the modernisation of the North Sea Terminal Bremerhaven (“NTB”) in Germany, subject to the satisfaction of
customary closing conditions. The transaction builds on the parties’ announcement on 13 February 2026 of their intention
to modernise the terminal. The modernisation is expected to strengthen NTB’s position as a key container hub in Northern
Europe, increasing capacity to 4m TEU, with modernised terminal equipment and fully electrified operations. NTB will
continue to be reported under the Terminals segment.
On 25 April 2026, APM Terminals and Hateco Group signed an agreement with Da Nang City to develop, build and operate a
new terminal in Da Nang, the Lien Chieu Container Port. The agreement includes an estimated investment of over USD 1.7bn
to deliver a new deep-sea container terminal and related infrastructure, estimated to handle more than 5.7m TEU per year.
The investment will be reported under the Terminals segment.
Additionally, on 30 April 2026, the Group acquired a 37.5% minority interest in the Southern Container Terminal at Jeddah
Islamic Port under a strategic partnership with DP World. The investment strengthens the long-term collaboration between
the two organisations and is intended to support the development of Jeddah Islamic Port as a key gateway to Saudi Arabia
and an important Red Sea hub connecting trade flows between Asia, Europe and Africa. The investment will be reported
under the Terminals segment.
Financials I Interim consolidated financial statements Q1 2026
21
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Amounts in USD million
Management’s statement
Executive Board
Board of Directors
Management Review I Management’s statement
22
A.P. Moller - Maersk Interim Report Q1 | 7 May 2026
Quarterly summary
2026 2025
Income statement Q1 Q4 Q3 Q2 Q1
Revenue 12,970 13,331 14,206 13,130 13,321
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 1,753 1,836 2,686 2,298 2,710
Depreciation, amortisation and impairment losses, net 1,550 1,821 1,579 1,651 1,620
Gain/loss on sale of non-current assets, etc., net 8 11 47 25 55
Share of profit in joint ventures and associated
companies 129 92 130 173 108
Profit before financial items (EBIT) 340 118 1,284 845 1,253
Financial items, net -48 -67 -28 -111 177
Profit before tax 292 51 1,256 734 1,430
Tax 192 78 160 95 223
Profit for the period 100 -27 1,096 639 1,207
A.P. Møller - Mærsk A/S’ share 53 -70 1,047 586 1,162
Underlying profit
1
171 69 939 614 1,152
Balance sheet
Total assets 86,607 88,352 88,730 87,860 86,965
Total equity 55,218 56,696 57,537 57,069 56,455
Invested capital 54,069 53,745 54,923 54,619 51,591
Net interest-bearing debt -1,281 -2,947 -2,581 -2,454 -5,206
Cash flow statement
Cash flow from operating activities 1,039 2,518 2,618 1,859 2,766
Repayments of lease liabilities -1,179 -819 -868 -1,014 -801
CAPEX -1,006 -919 -1,204 -1,278 -1,398
Cash flow from financing activities
2
-3,515 -1,786 -868 -2,702 -3,522
Free cash flow -874 1,028 771 -373 806
1 For definition of terms, see page 24.
2 Cash flow from financing activities comparative figures have been restated in Q1 2026. Refer to note 5 in the interim consolidated financial
statements for details.
2026 2025
Financial ratios Q1 Q4 Q3 Q2 Q1
Revenue growth −2.6% −8.7% −9.9% 2.8% 7.8%
EBITDA margin 13.5% 13.8% 18.9% 17.5% 20.3%
EBIT margin 2.6% 0.9% 9.0% 6.4% 9.4%
Cash conversion 59% 137% 97% 81% 102%
Return on invested capital after tax (ROIC)
(last 12 months) 3.8% 5.7% 9.6% 13.7% 14.3%
Equity ratio 63.8% 64.2% 64.8% 65.0% 64.9%
Underlying EBITDA
1
1,829 1,880 2,684 2,298 2,710
Underlying EBIT
1
420 219 1,127 818 1,199
Stock market ratios
Earnings per share, USD 4 -5 69 38 74
Diluted earnings per share, USD 4 -5 69 38 74
Cash flow from operating activities per share, USD 71 170 173 121 177
Share price (B share), end of period, DKK 16,055 14,640 12,730 11,775 11,985
Share price (B share), end of period, USD 2,468 2,306 1,961 1,850 1,733
Total market capitalisation, end of period, USD 35,455 33,817 29,278 28,068 26,638
Management Review I Quarterly summary
23
A.P. Moller - Maersk Interim Report Q1 | 7 May 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.
Cash flow, operating activities per share
Maersk’s operating cash flow from continuing
operations divided by the number of shares of
DKK 1,000 each, excluding Maersk’s holding of
treasury shares.
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-emissions 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 alter-
native 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 lique-
fied 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 reduc-
tions 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.
Underlying ROIC
Underlying profit/loss before financial items for
the year (EBIT) less tax on EBIT divided by the
average invested capital, last twelve months.
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
24
A.P. Moller - Maersk Interim Report Q1 | 7 May 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 Q1 2026 Interim Report will be held on 7 May 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 Q1 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
13 August, Interim Report Q2 2026
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