Maersk announces strong performance for Q3 2025 with EBITDA at USD 2.7bn and EBIT at USD 1.3bn amid operational gains
COPENHAGEN : Maersk reported strong financial results in the third quarter of 2025, driven by operational improvements and proactive cost measures. The company achieved sequential growth across all business segments. Based on this, Maersk refines the full-year 2025 financial guidance.
Executive Summary
- Excellent Ocean performance with higher volumes and broadly stable loaded freight rates compared to Q2
- Record volumes and profitability in Terminals
- Continued margin improvement in Logistics & Services
- Distribution of cash to shareholders during the quarter was USD 578m, entirely from share buy-backs
- Maersk refines the full-year 2025 financial guidance by raising the lower end as per the table below.
- The expected global container market volume growth has also been revised to be around 4% (previously between 2% and 4%
- REVENUE: USD 14.2bn (USD 15.8bn in Q3 24), EBITDA: USD 2.7bn (USD 4.8bn), EBIT: USD 1.3bn (USD 3.3bn)
We have delivered a strong third quarter across our business. Our performance reflects our ability to execute and continuously improve, as well as the trust customers place in us. The new East-West network has strengthened our Ocean performance, delivering industry-leading reliability, higher volumes and lower costs. Terminals achieved another record quarter with strong volume growth, and Logistics & Services continued to enhance profitability. As market conditions fluctuate, we are well positioned to help our customers adapt and maintain stability across their supply chains.
Vincent Clerc
CEO at Maersk
Segment Performance
Ocean
- The Gemini Cooperation enabled significant cost savings and supported 7% loaded volumes growth year-on-year; freight rates were broadly stable quarter-on-quarter
- EBIT: USD 567m, up from USD 229m in the previous quarter. Was USD 2.8bn in Q3 24
Logistics & Services
- Profitability improved further to 5.5% (up from 4.8% in the previous quarter) driven by cost control and the performance in Fulfilled by Maersk, particularly in Warehousing
- EBIT: USD 218m, up from USD 175m in the previous quarter. Was USD 200m in Q3 24
Terminals
- Momentum continued with record-high volumes, revenue, EBITDA, and EBIT; Volumes grew 8.7% driven by strong demand across Americas, Europe, and Africa; high utilisation at 89% with some terminals nearing their full potential
- EBIT: USD 571m, up from USD 461m in the previous quarter. Was USD 338m in Q3 24
Financial Guidance
Maersk refines the full-year 2025 financial guidance by raising the lower end as per the table below. The expected global container market volume growth has also been revised to be around 4% (previously between 2% and 4%). The Red Sea disruption is expected to last for the full year.
| Guidance 2025 | EBITDA Underlying (6 February: 6.0-9.0) (7 August: 8.0-9.5) | EBIT Underlying (6 February: 0.0-3.0) (7 August: 2.0-3.5) | Free cash flow or higher (6 February: -3.0 or higher) (7 August: -1.0 or higher) | CAPEX 2024-2025 (6 February: 10.0-11.0) (7 August: Unchanged) | CAPEX 2025-2026 (Unchanged) |
|---|---|---|---|---|---|
| USDbn | 9.0-9.5 | 3.0-3.5 | 1.0 | ~10.0 | 10.0-11.0 |
Highlights Q3
Revenue
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 9,177 | 11,107 |
| Logistics & Services | 3,983 | 3,893 |
| Terminals | 1,448 | 1,183 |
| Unallocated activities, eliminations, etc. | -402 | -421 |
| A.P. Moller – Maersk consolidated | 14,206 | 15,762 |
EBITDA
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 1,787 | 4,002 |
| Logistics & Services | 468 | 431 |
| Terminals | 501 | 424 |
| Unallocated activities, eliminations, etc. | -70 | -60 |
| A.P. Moller – Maersk consolidated | 2,686 | 4,797 |
EBIT
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 567 | 2,834 |
| Logistics & Services | 218 | 200 |
| Terminals | 571 | 338 |
| Unallocated activities, eliminations, etc. | -72 | -63 |
| A.P. Moller – Maersk consolidated | 1,284 | 3,309 |
CAPEX
| USD million | 2025 | 2024 |
|---|---|---|
| Ocean | 897 | 561 |
| Logistics & Services | 141 | 211 |
| Terminals | 154 | 160 |
| Unallocated activities, eliminations, etc. | 12 | 9 |
| A.P. Moller – Maersk consolidated | 1,204 | 941 |
Sensitivity guidance
Financial performance for Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2025 for four key assumptions are listed below:
| Factors | Change | Effect on EBIT (Rest of 2025) |
|---|---|---|
| Container freight rate | +/- 100 USD/FFE | +/- USD 0.3bn |
| Container freight volume | +/- 100,000 FFE | +/- USD 0.01bn |
| Bunker price (net of expected BAF coverage) | +/- 100 USD/tonne | +/- USD 0.1bn |
| Foreign exchange rate (net of hedges) | +/- 10% change in USD | +/- USD 0.0bn |
About Maersk
A.P. Moller – Maersk is an integrated logistics company working to connect and simplify its customers’ supply chains. As a global leader in logistics services, the company operates in more than 130 countries and employs around 100,000 people. Maersk is aiming to reach net zero GHG emissions by 2040 across the entire business with new technologies, new vessels, and reduced GHG emissions fuels*.