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Maersk (MAERSK) investor relations material

Maersk Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Strong Q3 2025 performance with EBITDA of $2.7B and EBIT of $1.3B, driven by robust execution, operational efficiency, and cost control across all segments.

  • Ocean segment benefited from higher volumes and Gemini network cost savings, despite a 31% year-over-year drop in freight rates.

  • Terminals achieved record revenues and profitability, supported by high demand, especially from China, and the Gemini network.

  • Logistics & Services improved EBIT margin to 5.5% year-over-year, with revenue growth and continued cost optimization.

  • Net profit after tax reached $1.1B, with $578M returned to shareholders via share buy-backs.

Financial highlights

  • Q3 2025 revenue was $14.2B, down 9.9% year-over-year, with EBITDA of $2.7B (18.9% margin) and EBIT of $1.3B (9% margin).

  • Free cash flow for Q3 was $771M, with cash and deposits at $20.9B at quarter end and net cash position of $2.6B.

  • Return on invested capital (ROIC, LTM) was 9.6% for the group and 17.2% for Terminals.

  • Ocean EBIT was $567M (6.2% margin), down year-on-year but up sequentially on 7% volume growth.

  • Logistics & Services EBIT rose to $218M, with margin improving to 5.5%.

Outlook and guidance

  • Full-year 2025 guidance raised: underlying EBITDA expected at $9B–$9.5B, EBIT at $3B–$3.5B, and free cash flow of at least $1B.

  • CapEx for 2024–2025 set at ~$10B.

  • Global container volume growth for 2025 forecast at ~4%, with strong demand outside North America.

  • Red Sea disruption expected to persist through the full year.

  • Q4 2025 expected to continue at current pace, with guidance skewed toward the higher end.

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Frequently asked questions

The Global Shipping Giant

A.P. Moller - Maersk, commonly known as Maersk, is a logistics company that has navigated the complex waters of global trade since its inception in 1904. Founded in Denmark, Maersk has grown to become one of the largest container shipping companies in the world, boasting a comprehensive end-to-end supply chain management system. Their services encompass a broad spectrum of logistics solutions, including shipping, warehousing, and distribution, making them a critical part of the global supply chain.

Maersk's Voyage Started in 1904

Maersk’s story begins in Svendborg, Denmark, where Arnold Peter Møller and his father Captain Peter Maersk Møller established the company in 1904. The aim was to establish a reliable, efficient, and flexible shipping service to facilitate international trade. This partnership laid the foundations for what later would become a titan of the shipping industry. Rapid expansion followed, and by 1928 Maersk launched its first ocean-going diesel ship, the M/S Selandia, a significant achievement in the industry. Although its operations are now truly global, Maersk’s headquarters are in Copenhagen. Today, the company is one of the biggest in Denmark together with names like LEGO and Carlsberg, and plays an important role in the Danish economy.

Further reading: The Family Behind Maersk

In the Heart of Global Commerce

Maersk has a significant influence on the ebb and flow of global trade. Their operations span more than 130 countries, allowing them to serve businesses large and small in various industries. With a fleet of over 700 ships, Maersk has the capacity to transport millions of twenty-foot equivalent unit (TEU) containers annually, making them a critical cornerstone in the world's supply chains. Their extensive network allows them to connect manufacturers and consumers across continents, enabling businesses to bring their goods to market in a timely and efficient manner. However, Maersk is not alone in the industry and other players include names like Hapag-Lloyd and Evergreen.

Steering Towards a Sustainable Future

The world of shipping is not immune to the sweeping changes brought about by concerns over climate change and sustainability. Recognizing these emerging trends, Maersk has taken significant steps to ensure that its operations align with a more sustainable future. The company has committed to achieving net-zero CO2 emissions by 2050 and is experimenting with the use of alternative fuels for its massive fleet. Additionally, Maersk is continuously exploring ways to make its supply chain operations more efficient, thus minimizing waste and reducing its overall environmental impact.

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