Maersk (MAERSK) investor relations material

Executive summary

• Achieved full-year EBITDA of $9.5B and EBIT of $3.5B, at the upper end of guidance, with strong operational progress and segment performance.

• Q4 EBITDA was $1.8B and EBIT $118M, with margins of 13.8% and 0.9% respectively, despite a significant sequential decline due to lower Ocean rates.

• Logistics & Services improved EBIT margin to 4.8% YoY; Terminals achieved record revenue and EBIT growth.

• Gemini network implementation drove reliability, cost benefits, and 5% volume growth in Ocean segment.

• Announced CFO transition and continued focus on cost leadership and organizational simplification.

Financial highlights

• FY25 revenue was $53.99B, down 2.7% YoY; Q4 revenue was $13.33B, down 8.7% YoY.

• FY25 net profit was $2.9B, down 53% YoY; Q4 net profit was near zero.

• Free cash flow for FY25 was $2.2B, with $1.0B in Q4; full-year cash conversion: 102%.

• Total cash and deposits at year-end: $21.4B; net cash: $2.9B.

• Return on Invested Capital (ROIC) for 2025 was 5.7%, down YoY due to higher investments and strong prior-year earnings.

Outlook and guidance

• FY26 guidance: underlying EBITDA of $4.5B–$7B, EBIT of -$1.5B to $1.0B, and free cash flow above -$3B.

• CapEx for 2026–27: $10B–$11B.

• Dividend proposal for 2025: DKK 480/share (40% payout ratio), subject to AGM approval.

• Share buyback for 2026 set at $1B; total cash return to shareholders for 2026 expected at $2.1B.

• Global container demand expected to grow 2%–4% in 2026; company aims to match market growth.