Copenhagen, Denmark – For the first quarter of 2025 A.P. Moller - Maersk A/S (Maersk) reports revenue growth of 7.8% to USD 13.3bn with EBIT increasing to USD 1.3bn from USD 177m a year ago. These results, while sequentially down as expected, represent a good start to the year and were driven by solid profitability in Ocean, operational improvements in Logistics & Services and higher volumes in Terminals. For the full year 2025, Maersk maintains its financial guidance despite the increased uncertainty leading to a more cautious container volume growth outlook.
We delivered strong results compared to the same quarter last year, driven by momentum in our operational efficiency and a global economy in good shape for the first three months. With trade tensions flaring up and uncertainty on the rise, global supply chains are once again in the spotlight. We are happy to be able to put the full strength of our product offering at our customers’ disposal. From the most reliable Ocean network to one of the best lead logistics and customs support teams, we are pulling every lever to help them make the best decisions for their business. At the same time, we are doubling down on the work underway on automation and cost management to remain fit for what lies ahead. These efforts give us the confidence to deliver a result in line with our guidance communicated in February.
Ocean saw improved profitability compared to the same quarter last year due to higher rates and stable volumes with an EBIT of USD 743m while the sequential decrease was as anticipated. Utilisation remained high and costs were stable due to continued high focus on optimisation. The new East-West network, which was launched in February, is on track to deliver on the reliability ambition and cost efficiencies once fully phased in.
The EBIT margin in Logistics & Services improved compared to the first quarter of last year and reached 4.1% driven by multiple products and the continued focus on costs and productivity. Revenue from freight management services grew 18% compared to the same quarter last year driven by Project Logistics. Ongoing operational improvements in fulfilment services also contributed significantly.
Terminals continued its great performance driven by strong volume growth, higher revenue per move and increased storage revenue, while costs were under control through automation and increased capacity utilization. Return on invested capital (ROIC) increased to 14.5%.
Financial guidance
Maersk maintains its full-year 2025 guidance of underlying EBITDA of USD 6-9bn, underlying EBIT of USD 0-3bn and free cash flow of at least negative USD 3.0bn. The global container market volume growth has been revised to -1% to 4% given the increased macroeconomic and geopolitical uncertainty. Maersk expects to grow in line with the market. The disruption in the Red Sea is expected to continue throughout the rest of the year.
Guidance | USDbn |
---|---|
Guidance
EBITDA Underlying
(Unchanged) |
USDbn
6.0-9.0
|
Guidance
EBIT Underlying
(Unchanged) |
USDbn
0.0-3.0
|
Guidance
Free cash flow or higher
(Unchanged) |
USDbn
-3.0
|
Guidance
CAPEX (unchanged)
2024-2025 |
USDbn
10.0-11.0
|
Guidance
CAPEX (unchanged)
2025-2026 |
USDbn
10.0-11.0
|
Maersk's guidance for 2025 is subject to considerable macroeconomic and geopolitical uncertainties impacting container volume growth and freight rates.
Cash distribution to shareholders
Distribution of cash to shareholders during the quarter, including dividends and share buy-backs, was USD 2.5bn.
Highlights Q1
Revenue
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
8,910
|
2024
8,009
|
USD million
Logistics & Services
|
2025
3,488
|
2024
3,504
|
USD million
Terminals
|
2025
1,231
|
2024
999
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-308
|
2024
-157
|
USD million
A.P. Moller - Maersk consolidated
|
2025
13,321
|
2024
12,355
|
EBITDA
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
1,903
|
2024
956
|
USD million
Logistics & Services
|
2025
383
|
2024
266
|
USD million
Terminals
|
2025
444
|
2024
348
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-20
|
2024
20
|
USD million
A.P. Moller - Maersk consolidated
|
2025
2,710
|
2024
1,590
|
EBIT
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
743
|
2024
-161
|
USD million
Logistics & Services
|
2025
142
|
2024
54
|
USD million
Terminals
|
2025
394
|
2024
300
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-26
|
2024
-16
|
USD million
A.P. Moller - Maersk consolidated
|
2025
1,253
|
2024
177
|
CAPEX
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
1,168
|
2024
325
|
USD million
Logistics & Services
|
2025
97
|
2024
201
|
USD million
Terminals
|
2025
126
|
2024
127
|
USD million
Unallocated activities, eliminations, etc.
|
2025
7
|
2024
53
|
USD million
A.P. Moller - Maersk consolidated
|
2025
1,398
|
2024
706
|
Sensitivity guidance
Financial performance for Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2025 for four key assumptions are listed below:
Factors | Change |
Effect on EBIT |
---|---|---|
Factors
Container freight rate
|
Change
+/- 100 USD/FFE
|
Effect on EBIT
+/- USD 1.0bn
|
Factors
Container freight volume
|
Change
+/- 100,000 FFE
|
Effect on EBIT
+/- USD 0.01bn
|
Factors
Bunker price (net of expected BAF coverage)
|
Change
+/- 100 USD/tonne
|
Effect on EBIT
+/- USD 0.2bn
|
Factors
Foreign exchange rate (net of hedges)
|
Change
+/- 10% change in USD
|
Effect on EBIT
+/- USD 0.2bn
|
Read more about the Q1 2025 interim report here.
About Maersk
A.P. Moller - Maersk is an integrated logistics company working to connect and simplify its customers’ supply chains. As a global leader in logistics services, the company operates in more than 130 countries and employs around 100,000 people. Maersk is aiming to reach net zero greenhouse gas (GHG) emissions by 2040 across the entire business with new technologies, new vessels, and reduced GHG emissions fuels.
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