For the first quarter of 2025 A.P. Moller - Maersk A/S (Maersk) reports revenue growth of 7.8% to $13.3 billion with EBIT increasing to $1.3 billion from $177 million a year ago.
The company states that these results, while sequentially down as expected, represent a good start to the year and were driven by solid profitability in Ocean, operational improvements in Logistics & Services and higher volumes in Terminals.
For the full year 2025, Maersk maintains its financial guidance despite the increased uncertainty leading to a more cautious container volume growth outlook, says Vincent Clerc, CEO of Maersk.
“We delivered strong results compared to the same quarter last year, driven by momentum in our operational efficiency and a global economy in good shape for the first three months. With trade tensions flaring up and uncertainty on the rise, global supply chains are once again in the spotlight.
“We are happy to be able to put the full strength of our product offering at our customers’ disposal. From the most reliable Ocean network to one of the best lead logistics and customs support teams, we are pulling every lever to help them make the best decisions for their business. At the same time, we are doubling down on the work underway on automation and cost management to remain fit for what lies ahead. These efforts give us the confidence to deliver a result in line with our guidance communicated in February.”
Ocean saw improved profitability compared to the same quarter last year due to higher rates and stable volumes with an EBIT of $743 million while the sequential decrease was as anticipated. Utilisation remained high and costs were stable due to continued high focus on optimisation. The new East-West network, which was launched in February, is on track to deliver on the reliability ambition and cost efficiencies once fully phased in.
The EBIT margin in Logistics & Services improved compared to the first quarter of last year and reached 4.1% driven by multiple products and the continued focus on costs and productivity.
Revenue from freight management services grew 18% compared to the same quarter last year driven by Project Logistics. Ongoing operational improvements in fulfilment services also contributed significantly.
Terminals continued its high performance driven by strong volume growth, higher revenue per move and increased storage revenue, while costs were under control through automation and increased capacity utilization. Return on invested capital (ROIC) increased to 14.5%.
Maersk maintains its full-year 2025 guidance of underlying EBITDA of $6-9 billion, underlying EBIT of $0-3 billion and free cash flow of at least negative $3.0 billion. The global container market volume growth has been revised to -1% to 4% given the increased macroeconomic and geopolitical uncertainty. Maersk expects to grow in line with the market.
The disruption in the Red Sea is expected to continue throughout the rest of the year.
