Maersk (MAERSK) Q4 2024 earnings summary

Executive summary

• Achieved full year 2024 EBITDA of $12.1B and EBIT of $6.5B, marking the third-best year in company history outside the pandemic boom.

• Strong Q4 performance with EBIT of $2.1B and net profit of $2.1B, reversing a loss in the prior year.

• All segments contributed to margin improvements and operational progress, with robust Ocean operations despite Red Sea disruptions.

• Proposed dividend of DKK 1,120 per share and reinstated $2B share buyback, totaling $4.4B cash return to shareholders in 2025.

• Financial position strengthened with net cash of $7.4B and total cash/deposits of $24B.

Financial highlights

• FY24 revenue rose 8.6% to $55.5B; Q4 revenue up 24% year-over-year to $14.6B.

• FY24 EBITDA increased 26% to $12.1B; EBIT up 65% to $6.5B.

• Net profit for FY24 was $6.2B, up 69% year-over-year.

• Q4 EBITDA reached $3.6B and EBIT $2.1B, up from $839M and a $537M loss in Q4 2023.

• Free cash flow for FY24 reached $5.1B, up 29% year-over-year.

Outlook and guidance

• 2025 underlying EBIT expected between break-even and $3B, with EBITDA guidance of $6B–$9B.

• Free cash flow for 2025 projected at -$3B or higher; CapEx guidance for 2024–2026 remains $10B–$11B.

• Container volume growth forecast at ~4% for 2025, in line with market.

• Gemini network launched February 2025, targeting over 90% schedule reliability and $500M in cost savings.

• No imminent Red Sea reopening expected in 2025, but likelihood has increased.