A.P. Moller - Maersk A/S (Maersk) reported revenue growth of 2.8% in the second quarter of 2025, with EBIT reaching USD 845 million.
Despite sequential decline, results were in line with the same quarter of 2024 amid significant geopolitical uncertainty and continued pressure on freight rates.
Performance was supported by volume growth in Ocean, increased profitability in Logistics & Services, and strong results in Terminals, along with operational improvements and cost discipline.
Ocean segment volumes increased 4.2% year-over-year, primarily driven by exports from Asia. Freight rates rose during the quarter but remained under pressure both sequentially and compared to the prior year. The Gemini Cooperation was fully phased in by June, achieving reliability scores above 90%.
Logistics & Services recorded EBIT of USD 175 million, a 39% increase from the prior year. EBIT margin grew to 4.8%, up from 3.5%, due to strong cost control and productivity gains.
The Terminals segment delivered record-high volumes and revenue. Volumes rose by 9.9%, supported by the Gemini Cooperation’s impact on Ocean volumes. EBIT for Terminals increased 31% to USD 461 million, with ROIC at 15.4%, compared to 12.2% in Q2 2024.
Cash distribution to shareholders totaled USD 864 million in the quarter, including USD 514 million from share buy-backs.
In light of resilient demand outside North America, Maersk revised its full-year 2025 guidance. EBIT is now expected between USD 2.0 billion and USD 3.5 billion (previously 0.0–3.0 billion). EBITDA guidance is now USD 8.0–9.5 billion (previously 6.0–9.0 billion). Free cash flow is forecasted at USD -1.0 billion or higher (previously -3.0 billion or higher). CAPEX guidance remains unchanged at USD 10.0–11.0 billion for both 2024–2025 and 2025–2026.
The company noted that guidance remains subject to macroeconomic and geopolitical uncertainties, including container volume growth and freight rates. Ongoing disruption in the Red Sea is expected to persist through the end of the year.
A.P. Moller - Maersk A/S is a publicly listed Danish shipping and logistics conglomerate headquartered in Copenhagen. It operates under Danish corporate law and is traded on the Nasdaq Copenhagen stock exchange. The company’s legal structure includes multiple subsidiaries involved in container shipping, terminal operations, and supply chain management globally.