We have had a strong first half of the year, driven by consistent follow through on our operational improvement plans and the successful launch of the Gemini Cooperation. Our new East-West network is raising the bar on reliability and setting new industry standards. It has been a key driver of increased volumes and solid delivery of our Ocean business. Even with market volatility and historical uncertainty in global trade, demand remained resilient, and we’ve continued to respond with speed and flexibility. As our customers navigate these complex challenges, we remain committed to helping them build stronger and more adaptable supply chains— making sure they are ready to not just weather disruption, but to grow through it.
Ocean delivered good results in a quarter marked by significant volatility in demand and rates. Volumes grew 4.2% compared to the same quarter last year, mainly driven by exports out of Asia, with freight rates picking up in the quarter, while still being under pressure both sequentially and compared to previous year. The Gemini Cooperation was successfully phased in fully in June with reliability scores above the 90% target in its first few months of operation.
Logistics & Services continued to focus on operational efficiency and delivering sustainable profitability improvement. EBIT increased by 39% to USD 175m and EBIT margin was 4.8%, up from 3.5% in the same quarter last year. The margin growth was driven by strong cost discipline and increased productivity.
It was another strong quarter in Terminals with record-high volumes and revenue. Volumes increased 9.9% and were supported by the successful phase-in of the Gemini cooperation adding more Maersk Ocean volumes to the Terminals business. EBIT increased by 31% to USD 461m driven primarily by strong operational and joint venture performance. ROIC increased to 15.4%, up from 12.2% in the same quarter last year.
Financial guidance
Given the more resilient market demand outside of North America, Maersk raises its full-year 2025 financial guidance as per the table below. The expected global container market volume growth has been revised to between 2% and 4% (previously between -1% and 4%). At this time, disruption in the Red Sea is still expected to last for the full year.
Guidance 2025 |
EBITDA Underlying (Previously: 6.0-9.0) |
EBIT Underlying (Previously: 0.0-3.0) |
Free cash flow or higher (Previously: -3.0 or higher) |
CAPEX (Unchanged) 2024-2025 |
CAPEX (Unchanged) 2025-2026 |
---|---|---|---|---|---|
Guidance 2025
USDbn
|
EBITDA Underlying
(Previously: 6.0-9.0)
8.0-9.5
|
EBIT Underlying
(Previously: 0.0-3.0)
2.0-3.5
|
Free cash flow or higher
(Previously: -3.0 or higher)
-1.0
|
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 was USD 864m of which USD 514M was from share buy-backs.
Highlights Q2
Revenue
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
8,572
|
2024
8,370
|
USD million
Logistics & Services
|
2025
3,668
|
2024
3,632
|
USD million
Terminals
|
2025
1,307
|
2024
1,089
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-417
|
2024
-320
|
USD million
A.P. Moller - Maersk consolidated
|
2025
13,130
|
2024
12,771
|
EBITDA
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
1,443
|
2024
1,407
|
USD million
Logistics & Services
|
2025
419
|
2024
348
|
USD million
Terminals
|
2025
458
|
2024
408
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-22
|
2024
-19
|
USD million
A.P. Moller - Maersk consolidated
|
2025
2,298
|
2024
2,144
|
EBIT
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
229
|
2024
470
|
USD million
Logistics & Services
|
2025
175
|
2024
126
|
USD million
Terminals
|
2025
461
|
2024
353
|
USD million
Unallocated activities, eliminations, etc.
|
2025
-20
|
2024
14
|
USD million
A.P. Moller - Maersk consolidated
|
2025
845
|
2024
963
|
CAPEX
USD million | 2025 | 2024 |
---|---|---|
USD million
Ocean
|
2025
964
|
2024
578
|
USD million
Logistics & Services
|
2025
139
|
2024
159
|
USD million
Terminals
|
2025
141
|
2024
135
|
USD million
Unallocated activities, eliminations, etc.
|
2025
34
|
2024
32
|
USD million
A.P. Moller - Maersk consolidated
|
2025
1,278
|
2024
904
|
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) |
---|---|---|
Factors
Container freight rate
|
Change
+/- 100 USD/FFE
|
Effect on EBIT (Rest of 2025)
+/- USD 0.7bn
|
Factors
Container freight volume
|
Change
+/- 100,000 FFE
|
Effect on EBIT (Rest of 2025)
+/- USD 0.01bn
|
Factors
Bunker price (net of expected BAF coverage)
|
Change
+/- 100 USD/tonne
|
Effect on EBIT (Rest of 2025)
+/- USD 0.1bn
|
Factors
Foreign exchange rate (net of hedges)
|
Change
+/- 10% change in USD
|
Effect on EBIT (Rest of 2025)
+/- USD 0.1bn
|
Read more about the Q2 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 GHG emissions by 2040 across the entire business with new technologies, new vessels, and reduced GHG emissions fuels*.
*Maersk defines "reduced GHG emissions fuels" as fuels with at least 65% reductions in GHG emissions on a lifecycle basis compared to fossil of 94 g CO2e/MJ.
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