A.P. Møller–Maersk closed 2025 with mixed results across its core businesses, as strong performances in Terminals and Logistics & Services helped offset significant pressure in the Ocean segment from falling freight rates. The group reported full-year EBITDA of US$9.5 billion and EBIT of US$3.5 billion, both at the upper end of guidance, underscoring resilience amid a volatile global trade environment.
In the fourth quarter of 2025, group revenue declined 8.7% year-on-year to US$13.3 billion, primarily due to weaker Ocean freight rates. EBITDA fell sharply by 49% to US$1.8 billion, while EBIT dropped to US$118 million from US$2.05 billion a year earlier. Net profit for the quarter slipped marginally into negative territory at US$27 million, reflecting continued rate pressure and higher costs.
For the full year, Maersk posted consolidated revenue of US$54.0 billion, down 2.7% from 2024. EBITDA declined 21% year-on-year, while EBIT fell 46% to US$3.5 billion. Net profit stood at US$2.9 billion, compared with US$6.2 billion in the previous year. Despite lower earnings, the group maintained strong shareholder returns, distributing US$2.0 billion through dividends and share buy-backs, and proposing a dividend of US$76 per share for 2025.
The Logistics & Services division continued its steady improvement, with full-year revenue rising 1.2% to US$15.1 billion. EBITDA increased 17% to US$1.7 billion, while EBIT surged 36% to US$729 million, driven by margin gains in warehousing, last-mile delivery and lead logistics. The division marked its seventh consecutive quarter of year-on-year margin expansion in Q4.
The Ocean segment remained under pressure throughout the year. Full-year revenue fell 6.5% to US$35.0 billion, EBITDA declined 31% to US$6.3 billion, and EBIT dropped 71% to US$1.4 billion. In Q4, Ocean EBIT turned negative at US$153 million as average freight rates fell 23%, despite an 8% increase in loaded volumes. The fully implemented Gemini Cooperation helped mitigate some of the impact, delivering cost savings and schedule reliability above 90%.
Terminals emerged as the standout performer in 2025. Revenue rose 20% to US$5.3 billion, EBITDA grew 15% to US$1.8 billion, and EBIT jumped 31% to US$1.7 billion, with ROIC reaching a strong 16.1%. High utilisation levels and robust volume growth across key regions underpinned the performance.
Looking ahead, Maersk enters 2026 focused on balancing growth and profitability, leveraging efficiency gains from Gemini, disciplined cost control, and continued expansion of its integrated logistics platform.
