Maersk (MAERSK) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered solid results with EBIT of USD 1.3bn (9.4% margin), net profit after tax of USD 1.2bn, and EBITDA of USD 2.7bn, driven by operational improvements and cost management.

• Revenue increased 7.8% year-over-year to USD 13.3bn, with all segments contributing to growth and profitability.

• Free cash flow turned positive at USD 806m, supported by higher profitability and disciplined working capital.

• Guidance for 2025 maintained despite macroeconomic and geopolitical uncertainties, including Red Sea disruption.

• USD 2.5bn was distributed to shareholders via dividends and share buybacks.

Financial highlights

• Revenue: USD 13.3bn (+7.8% year-over-year); EBITDA: USD 2.7bn (+70%); EBIT: USD 1.3bn (vs. USD 177m); Net income: USD 1.2bn (vs. USD 208m).

• EBITDA margin: 20.3% (Q1 2025) vs. 12.9% (Q1 2024); EBIT margin: 9.4% (1.4%).

• Free cash flow: USD 806m (vs. negative USD 151m); CAPEX: USD 1.4bn.

• ROIC (LTM): 14.3% (vs. 3.2%); Earnings per share: USD 74 (vs. USD 11).

• Cash and deposits: USD 22.3bn; net cash position: USD 5.2bn.

Outlook and guidance

• Full-year 2025 guidance maintained: underlying EBITDA USD 6–9bn, EBIT USD 0–3bn, free cash flow at least negative USD 3bn.

• CAPEX guidance unchanged at USD 10–11bn for 2024–2026.

• Global container market volume growth outlook revised to -1% to 4% due to macro/geopolitical uncertainty.

• Red Sea disruption expected to persist through 2025, impacting supply chains.

• Sensitivity: +/- USD 1.0bn EBIT for every USD 100/FFE change in freight rates.