A.P. Moller – Maersk has announced a robust financial performance for 2025, demonstrating the company’s resilience and strategic advantage in integrated logistics. Despite a challenging market, Maersk achieved its financial guidance, driven by strong operational execution across its Ocean, Logistics & Services, and Terminals businesses. The company also outlined strategic initiatives for cost reduction and organisational streamlining.
Key Takeaways
- Maersk reported full-year revenue of USD 54.0bn and EBITDA of USD 9.5bn, reaching the upper end of its financial guidance.
- The Ocean business saw volume growth of 4.9%, though profitability was impacted by lower freight rates.
- Terminals delivered record financial results with a 20% revenue increase, driven by high volumes and improved rates.
- Logistics & Services continued to improve profitability, with a focus on further performance enhancement.
- Significant organisational cost reductions are planned, including the closure of approximately 1,000 corporate positions.
Financial Performance Overview
In 2025, Maersk’s integrated logistics, terminals, and ocean networks proved to be a competitive edge. The company’s full-year revenue stood at USD 54.0 billion, with EBITDA at USD 9.5 billion and EBIT at USD 3.5 billion, meeting the top end of its financial projections. The Ocean business experienced a 4.9% volume growth, in line with the market. However, profitability in this segment declined due to lower freight rates stemming from overcapacity in the shipping industry. Despite this, the new East-West network achieved industry-leading reliability with over 90% on-time arrivals and delivered cost savings exceeding expectations.
The Logistics & Services segment continued its investment and performance advancement, showing improved profitability and operational enhancements. While not yet at its full potential, further performance improvements remain a key priority.
Maersk further solidified its position as a global leader in terminal operations. The Terminals business accelerated growth, with revenue increasing by 20% propelled by record volumes, strong demand, improved rates, and higher storage revenue, leading to its best financial results on record.
Fourth Quarter 2025 Highlights
In the fourth quarter of 2025, the Ocean business saw strong volume growth of 8.0%, but freight rate pressures led to a negative EBIT of USD -153 million. The Logistics & Services segment reported a 1.9% revenue growth compared to the previous year, with its EBIT margin improving to 4.9%, particularly driven by Warehousing and E-fulfilment performance.
The Terminals business experienced a 13% revenue increase from Q4 2024, with volumes growing by 8.4%. The EBIT margin, excluding specific impairments, stood at 30.1%. However, EBIT for the quarter was USD 321 million, a decrease from the previous quarter due to one-off items.
Shareholder Returns and Cost Reductions
The Board of Directors will propose a dividend of DKK 480 per share, approximately USD 1.1 billion, representing a 40% pay-out ratio. Additionally, a share buy-back programme of up to DKK 6.3 billion (around USD 1 billion) will be initiated over 12 months.
To enhance productivity and maintain cost discipline, Maersk is implementing organisational changes to reduce corporate overhead by USD 180 million annually. This involves closing approximately 1,000 corporate positions out of around 6,000.
Logistics & Services Reorganisation
Maersk’s Logistics & Services product portfolio will be regrouped into three subsegments: Landside, Forwarding, and Solutions. This strategic adjustment aims to better reflect industry segmentation and value creation. Narin Phol has been appointed Head of Solutions, and Christoph Hemmann will lead Forwarding and join Maersk’s Executive Leadership Team.
Financial Guidance for 2026
Looking ahead to 2026, Maersk anticipates global container volume growth between 2% and 4%, with the company expected to grow in line with the market. The guidance accounts for industry overcapacity and potential scenarios for the Red Sea. A change in the estimated useful lives of vessels, from 20 to 25 years, is expected to reduce depreciation by around USD 700 million in 2026.
