Denmark · Delayed Price · Currency is DKK A.P. Møller - Mærsk Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong demand and volume growth, but ocean rates fell due to oversupply, leading to lower earnings and negative free cash flow. Guidance for 2026 remains unchanged, with cost increases from energy shocks being passed through to customers and ongoing investments in logistics and terminals.
Fiscal Year 2025
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Strong 2025 results with EBITDA of $9.5B and EBIT of $3.5B, driven by operational improvements and Gemini network benefits. 2026 guidance reflects industry overcapacity and lower rates, with prudent capital allocation and continued focus on cost leadership and efficiency.
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Q3 2025 saw strong sequential growth in all segments, with EBITDA of $2.7B and EBIT of $1.3B, driven by the Gemini network's operational and cost benefits. Full-year guidance was raised, and robust demand, especially from China, supports a positive outlook.
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Q2 2025 saw strong financial results with EBITDA of $2.3B and EBIT of $845M, driven by robust segment performance and the successful Gemini network transition. Full-year guidance was upgraded on resilient demand, despite ongoing geopolitical and market uncertainties.
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Q1 2025 saw strong operational and financial performance, with EBIT up to $1.3B and ROIC at 14.3%. Guidance for 2025 is maintained despite macro and geopolitical uncertainty, with the Gemini network enhancing flexibility and cost control.
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The AGM highlighted strong financial results, a proposed dividend, and a new share buyback program. Strategic initiatives included the Gemini Cooperation, logistics integration, and investments in green technology. Key risks discussed were geopolitical instability, protectionism, and supply chain disruptions.
Fiscal Year 2024
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2024 saw record financial results with strong Q4 performance, margin gains in Logistics and Services, and robust Ocean and Terminal operations. 2025 guidance anticipates EBIT between break-even and $3B, with continued shareholder returns and the launch of the Gemini network.
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Q3 2024 delivered strong financial and operational results, with EBITDA of $4.8B and EBIT of $3.3B, driven by robust demand and higher freight rates. Full-year guidance was upgraded, and all segments showed improved margins and growth, despite ongoing Red Sea disruptions.
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Q2 2024 delivered strong volume and earnings growth across all segments, driven by robust market demand and ongoing Red Sea disruptions. Guidance for 2024 was raised, with higher expected EBITDA, EBIT, and free cash flow, while risks remain around Q4 demand and geopolitical factors.