A.P. Moller – Maersk delivered a strong performance across its businesses in 2025, with volume growth, operational execution, and proactive cost measures supporting results at the top end of the company’s financial guidance for the year.
Full-year revenue reached USD 54.0 billion, while EBITDA totalled USD 9.5 billion and EBIT amounted to USD 3.5 billion, reflecting a year marked by volatile markets and continued pressure on freight rates.
The Ocean business grew volumes 4.9% in 2025, in line with the overall market, supported by high asset utilisation and the launch of a new East–West network that delivered average on-time arrival reliability of over 90%. However, profitability declined due to lower freight rates caused by industry overcapacity.
Logistics & Services continued to improve profitability following targeted refocusing efforts, although Maersk said the segment has not yet reached its full potential and remains a priority area for further improvement.
Terminals delivered their strongest financial performance on record, supported by record volumes, higher rates, and increased storage revenue. Terminal revenues rose 20% year on year, underpinned by strong demand and continued investment in new sites and modernisation of existing facilities.
In the fourth quarter of 2025, Ocean volumes grew 8.0%, but EBIT fell to USD -153 million, compared with USD 567 million in the previous quarter and USD 1.6 billion in Q4 2024. Logistics & Services posted EBIT of USD 194 million, compared with USD 218 million in the previous quarter, while Terminals recorded EBIT of USD 321 million, down quarter on quarter due to one-off items.
Maersk’s Board will propose a dividend of DKK 480 per share, corresponding to approximately USD 1.1 billion, representing a payout ratio of 40%. The company has also initiated a share buy-back programme of up to DKK 6.3 billion, equivalent to around USD 1.0 billion, to be executed over 12 months starting 9 February 2026.
As part of its cost discipline efforts, Maersk announced plans to reduce corporate overhead costs by USD 180 million annually. This will involve the closure of approximately 1,000 positions, or around 15% of corporate roles, out of a total of roughly 6,000 positions.
The company will also regroup its Logistics & Services products into three segments: Landside, Forwarding, and Solutions, aligning its structure more closely with industry standards.
Looking ahead, Maersk expects global container market volume growth of 2% to 4% in 2026. For 2026, the company has guided for underlying EBITDA of USD 4.5 billion to USD 7.0 billion, underlying EBIT of between USD -1.5 billion and USD 1.0 billion, and free cash flow of at least USD -3.0 billion. Capital expenditure guidance remains unchanged at USD 10.0–11.0 billion for both 2025–2026 and 2026–2027.
The guidance assumes continued industry overcapacity and includes the impact of extending the estimated useful life of vessels from 20 to 25 years, effective 1 January 2026, which is expected to reduce depreciation by approximately USD 700 million in 2026.
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