MAERSK LINE has joined Ocean Network Express in recording a quarterly loss but that failed to undermine a solid result for 2025 for the A.P. Moller-Maersk Group.
While the Ocean division’s container volumes grew by 8% in the October-December 2025 quarter, ahead of the market, continued pressure on freight rates drove EBIT to a USD 153 million loss, down from a USD 567 million profit in the previous quarter and a USD 1.6 billion profit in Q4 24.
In Maersk’s Logistics & Services division revenue grew 1.9% from Q4 2024, profitability improved year-on-year for the seventh consecutive quarter with the EBIT margin increasing 0.8 percentage points to 4.9%, with improvements driven particularly by the performance in Warehousing and E-fulfilment. EBIT was USD 194 million, down from USD 218 million in the previous quarter, and USD 158 million in Q4 24.
Terminals’ revenue grew 13% from Q4 2024; volumes grew 8.4% driven by strong demand across Americas and Europe. The EBIT margin (excluding impairment in Europe and a write-down in Asia) was 30.1%; EBIT was USD 321 million, down from USD 571 million in the previous quarter due to one-offs. EBIT was USD 338 million in Q4 24.
Full-year revenue for 2025 stood at USD 54.0 billion (USD 55.5bn in 2024), EBITDA was USD 9.5 billion (USD 12.1bn), and EBIT was USD 3.5 billionn (USD 6.5bn) reaching the top-end of the financial guidance, Maersk said.
“The Ocean business drove increased competitiveness through high asset utilisation and volumes growth in line with market at 4.9%, while profitability declined due to lower freight rates caused by supply overcapacity. The new East-West network was launched and delivered industry-leading reliability with more than 90% on-time arrivals on average and has enabled cost savings above expectations.
“The Logistics & Services business continued to invest and to advance performance delivering improved profitability and operational improvements. Despite this progress, the segment is not yet at full potential and further improved performance remains a priority.
“Maersk continued to strengthen its position as a global leader in terminal operations and critical port infrastructure — the backbone of any country’s exports and imports. Terminals accelerated growth by developing new sites, modernising existing facilities, and securing key concessions across strategic locations. Terminals revenue increased by 20% propelled by record-high volumes from strong demand, improved rates and higher storage revenue. This underpinned the delivery of the best financial results on record,” Maersk said.
The Group announced a cost-cutting and organisational simplification program that will see corporate costs across headquarters, regions, and countries slashed by USD 180 million annually. Out of approximately 6,000 corporate positions, around 15% — or approximately 1,000 positions — will be closed. The required notification and consultation processes have been initiated, Maersk said.
Simultaneously, Maersk’s Logistics & Services product portfolio will be regrouped into three subsegments: Landside, Forwarding, and Solutions. “This grouping reflects the general product segmentation in the industry and the fundamental differences across logistics products in how they create value for customers. Consequently, the organization is adjusted with Landside products managed locally at a country level, while Forwarding and Solutions will operate as global product organisations,” the Group said.
Turning to the immediate future, Maersk said its guidance is based on the expectation that global container volume growth will be between 2% and 4% in 2026 and that A.P. Moller-Maersk will grow in line with the market.
“The ranges reflect the expected overcapacity in the shipping industry and scenarios of a gradual Red Sea reopening in 2026. The underlying EBIT guidance also includes the impact of a change in estimated useful lives of vessels from 20 to 25 years effective 1 January 2026, with an estimated impact of around USD 700 million in reduced depreciation in 2026.”
Underlying EBITDA in 2026 is expected to be in the USD 4.5 billion-7.0 billion range, but underlying EBIT projection is -1.5 billion- -1.0 billion.
Commenting on the results, chief executive Vincent Clerc said the company "delivered a strong performance and high value for our customers in a year where supply chains and global trade continued to be reshaped by evolving geopolitics".
“Across our operations, volumes grew and asset utilisation was very high. Our Ocean business set a new benchmark for reliability, Terminals delivered record results, and Logistics & Services continued to advance," he said.
“The year highlighted the need to strengthen, and modernise global supply chains and critical infrastructure, further emphasising the relevance of our strategy,” Mr Clerc said. “Our key to success remains to grow in close partnership with our customers, leveraging our unique asset footprint, and a continuous drive for operational excellence and cost discipline.”