For the first quarter of 2025 A.P. Moller – Maersk A/S 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” said Vincent Clerc, CEO of Maersk.
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%.
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 |
|---|---|
| EBITDA Underlying (Unchanged) | 6.0-9.0 |
| EBIT Underlying (Unchanged) | 0.0-3.0 |
| Free cash flow or higher (Unchanged) | -3.0 |
| CAPEX (unchanged) 2024-2025 | 10.0-11.0 |
| CAPEX (unchanged) 2025-2026 | 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 |
|---|---|---|
| Ocean | 8,910 | 8,009 |
| Logistics & Services | 3,488 | 3,504 |
| Terminals | 1,231 | 999 |
| Unallocated activities, eliminations, etc. | -308 | -157 |
| A.P. Moller – Maersk consolidated | 13,321 | 12,355 |
EBITDA
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 1,903 | 956 |
| Logistics & Services | 383 | 266 |
| Terminals | 444 | 348 |
| Unallocated activities, eliminations, etc. | -20 | 20 |
| A.P. Moller – Maersk consolidated | 2,710 | 1,590 |
EBIT
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 743 | -161 |
| Logistics & Services | 142 | 54 |
| Terminals | 394 | 300 |
| Unallocated activities, eliminations, etc. | -26 | -16 |
| A.P. Moller – Maersk consolidated | 1,253 | 177 |
CAPEX
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 1,168 | 325 |
| Logistics & Services | 97 | 201 |
| Terminals | 126 | 127 |
| Unallocated activities, eliminations, etc. | 7 | 53 |
| A.P. Moller – Maersk consolidated | 1,398 | 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 (Rest of 2025) |
|---|---|---|
| Container freight rate | +/- 100 USD/FFE | +/- USD 1.0bn |
| Container freight volume | +/- 100,000 FFE | +/- USD 0.01bn |
| Bunker price (net of expected BAF coverage) | +/- 100 USD/tonne | +/- USD 0.2bn |
| Foreign exchange rate (net of hedges) | +/- 10% change in USD | +/- USD 0.2bn |