Maersk posts FY2025 gains in terminals, logistics; Ocean hit by rates

A.P. Møller – Maersk closed 2025 with mixed results across its three core divisions. While Terminals delivered record financial performance and Logistics & Services continued to improve margins, the Ocean segment faced significant headwinds from declining freight rates despite strong volume growth. Overall, Maersk reported full‑year EBITDA of US$9.5 billion and EBIT of US$3.5 billion, at the upper end of its guidance, underscoring resilience in a volatile global trade environment.

Q4 2025 Performance
Group revenue in Q4 2025 stood at US$13.3 billion, down 8.7% year‑on‑year, reflecting weaker Ocean rates. EBITDA fell 49% to US$1.8 billion, while EBIT dropped sharply to US$118 million, compared to US$2.05 billion in Q4 2024. Net profit for the quarter was marginally negative at US$ -27 million, highlighting the impact of rate declines and cost pressures.

Full‑Year 2025 Results
For the full year, consolidated revenue reached US$54.0 billion, down 2.7% from 2024. EBITDA declined 21% to US$9.5 billion, while EBIT fell 46% to US$3.5 billion. Net profit stood at US$2.9 billion, compared to US$6.2 billion in 2024. Despite these declines, Maersk maintained strong cash returns to shareholders, distributing US$2.0 billion through dividends and buy‑backs, and proposed a dividend of US$76 per share for 2025.

Logistics & Services division
Logistics & Services continued to strengthen its portfolio, with full‑year revenue rising modestly by 1.2% to US$15.1 billion. EBITDA grew 17% to US$1.7 billion, while EBIT surged 36% to US$729 million, reflecting margin improvements in warehousing, last‑mile delivery, and lead logistics. In Q4, revenue was US$4.0 billion, up 1.9% year‑on‑year, with EBIT at US$194 million, a 23% increase. The EBIT margin improved to 4.9%, marking the seventh consecutive quarter of year‑on‑year margin progression.

Ocean division
The Ocean segment remained under pressure from falling freight rates. Full‑year revenue dropped 6.5% to US$35.0 billion, while EBITDA fell 31% to US$6.3 billion. EBIT plunged 71% to US$1.4 billion. In Q4 alone, Ocean revenue was US$8.3 billion, down 16% year‑on‑year, with EBIT turning negative at US$ -153 million. Average freight rates fell 23% year‑on‑year, though loaded volumes rose 8% to 3.38 million FFE. The Gemini Cooperation, fully implemented in 2025, delivered cost savings and improved schedule reliability above 90%, helping offset some of the rate pressure.

Terminals division
Terminals emerged as the standout performer in 2025. Full‑year revenue grew 20% to US$5.3 billion, EBITDA rose 15% to US$1.8 billion, and EBIT jumped 31% to US$1.7 billion. Return on invested capital (ROIC) reached 16.1%, well above target. In Q4, Terminals revenue climbed 13% to US$1.35 billion, driven by 8.4% volume growth across Europe, North America, and Latin America. EBIT was US$321 million, slightly lower than the prior year due to cost inflation, but adjusted EBIT margins remained strong at over 30%.

Strategic developments
2025 marked significant progress in Maersk’s transformation. The Gemini Cooperation in Ocean delivered estimated annual savings of US$820–1,100 million, while Terminals achieved record utilisation at 88%. Logistics & Services reorganised its portfolio to simplify reporting and enhance customer value.

Despite Ocean headwinds, Maersk closed 2025 with solid results in Logistics & Services and record performance in Terminals. With Gemini driving efficiency and a sharpened focus on cost control, the company enters 2026 aiming to balance growth with profitability across its integrated logistics platform.