Maersk 2025: terminals shine, logistics steady as ocean earnings squeezed by weak freight rates

A.P. Møller – Maersk closed 2025 with a contrasting performance across its core businesses, with terminals and logistics delivering stronger results even as the Ocean segment struggled under sustained rate pressure. The group reported full‑year EBITDA of US$9.5 billion and EBIT of US$3.5 billion, at the upper end of guidance, highlighting resilience amid a volatile global trade backdrop.

Q4 2025 snapshot

• Q4 2025 revenue was US$13.3 billion, down 8.7 percent year‑on‑year, largely due to weaker Ocean freight rates.
• Quarterly EBITDA slumped 49 percent to US$1.8 billion, while EBIT dropped to US$118 million from US$2.05 billion a year earlier.
• Maersk posted a small net loss of US$27 million for the quarter, reflecting margin compression and cost headwinds.

Full‑year 2025 performance

• Consolidated revenue for 2025 came in at US$54.0 billion, a 2.7 percent decline versus 2024.
• EBITDA fell 21 percent to US$9.5 billion and EBIT was down 46 percent at US$3.5 billion, with net profit nearly halving to US$2.9 billion from US$6.2 billion.
• Despite lower earnings, Maersk returned US$2.0 billion to shareholders via dividends and buy‑backs and has proposed a dividend of US$76 per share for 2025.

Logistics & Services: margins improve

• Logistics & Services posted full‑year revenue of US$15.1 billion, up 1.2 percent year‑on‑year.
• EBITDA increased 17 percent to US$1.7 billion, while EBIT rose 36 percent to US$729 million, supported by better margins in warehousing, last‑mile and lead logistics.
• In Q4 2025, the division generated US$4.0 billion in revenue, a 1.9 percent uptick, with EBIT at US$194 million and an EBIT margin of 4.9 percent, marking a seventh straight quarter of year‑on‑year margin gains.

Ocean: volume up, rates down

• The Ocean business remained under clear pressure from declining freight rates, with full‑year revenue falling 6.5 percent to US$35.0 billion.
• EBITDA dropped 31 percent to US$6.3 billion and EBIT plunged 71 percent to US$1.4 billion.
• In Q4 alone, Ocean revenue stood at US$8.3 billion, down 16 percent year‑on‑year, and EBIT turned negative at US$153 million.
• Average freight rates fell 23 percent over the year, though loaded volumes increased 8 percent to 3.38 million FFE, partly supported by efficiencies from the Gemini Cooperation, which lifted schedule reliability above 90 percent and delivered significant cost savings.

Terminals: standout performer

• Terminals emerged as the bright spot, with 2025 revenue rising 20 percent to US$5.3 billion.
• EBITDA was up 15 percent at US$1.8 billion, while EBIT surged 31 percent to US$1.7 billion, pushing ROIC to 16.1 percent, well above the segment’s target.
• Q4 2025 terminal revenue grew 13 percent to US$1.35 billion on the back of 8.4 percent volume growth across Europe, North America and Latin America.
• EBIT for the quarter came in at US$321 million, slightly below the prior year due to cost inflation, though adjusted EBIT margins remained robust at above 30 percent.

Strategy and 2026 outlook

• 2025 was a pivotal year in Maersk’s transformation into an integrated logistics player, with the Gemini Cooperation in Ocean delivering an estimated US$820–1,100 million in annual savings and terminals operating at record utilisation of around 88 percent.
• Logistics & Services streamlined its portfolio and reporting structure to sharpen customer focus and enhance end‑to‑end value.
• Entering 2026, Maersk is positioning its integrated platform to balance growth and profitability, leveraging Gemini‑driven efficiencies, a high‑performing terminals business and improving logistics margins to offset continued volatility in container freight rates.