Copenhagen, Denmark – A.P. Moller - Maersk A/S (Maersk) achieved strong results in the second quarter with revenue growth of 2.8% and EBIT reaching USD 845m. While down sequentially, Maersk results were in line with the previous year despite significant geopolitical uncertainty and continued rate pressure. The performance was driven by continued strong results in Terminals, volume growth in Ocean and increased profitability in Logistics & Services and further supported by continued operational improvements and ongoing cost discipline in all business segments. Given the more resilient market demand outside of North America, Maersk raises its full-year 2025 financial guidance as per the table below.

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.

Vincent Clerc
CEO of Maersk

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.

For more information, please contact:

Morten Buttler profile
Morten Buttler
Senior Media Relations Advisor, Finance

Anything you need, we’re here to help

Solutions

Logistics services

We meet customer needs from one end of the supply chain to the other.
Headset

Contact us

Our dedicated team of experts are here for you.
Find Prices

Ready to ship?

Look up rates for new shipments and inland tariffs.
Stay informed
Sign up for news and insights
Stay ahead of the curve with valuable supply chain trends sent directly to your inbox

By submitting this form, I agree to receive logistics related news and marketing updates from A. P. Moller-Maersk and its affiliated companies via e-mail. I understand that I can opt out of such Maersk communications at any time. To see how we process your personal data, please see our Privacy Notification.

Thank you for signing up
You have now signed up for newsletters. You will shortly receive an email which will explain how to set your newsletter preferences.
Subscribed
You can unsubscribe anytime.