Q4 2025 AP Moeller - Maersk A/S Earnings Call Transcript
Key Points
- A P Moller Maersk AS (AMKAF) achieved a full-year EBITDA of $9.5 billion and EBIT of $3.5 billion for 2025, reaching the upper end of their financial guidance.
- The Logistics & Services segment improved its EBIT margin to 4.8% for the year, marking a 1.2 percentage point increase from 2024.
- The Gemini implementation in Ocean delivered significant cost benefits and improved reliability, contributing to a 5% volume growth.
- Terminals experienced a record year with a 20% revenue growth and a 31% EBIT growth, driven by strong volumes and higher pricing.
- A P Moller Maersk AS (AMKAF) announced a continuation of their share buyback program, with a new tranche of approximately $1 billion, reflecting confidence in their financial position.
- The company anticipates a challenging 2026 with a guidance range for EBIT between negative $1.5 billion to positive $1 billion, reflecting industry overcapacity.
- Freight rates in Ocean declined by 23% year on year, contributing to a negative profitability in the fourth quarter.
- Logistics & Services still fell short of the 6% EBIT margin target, with modest revenue growth due to challenges in middle mile and warehousing.
- The company expects a free cash flow of negative $3 billion or higher for 2026, indicating potential cash flow challenges.
- A P Moller Maersk AS (AMKAF) reduced the level of their share buyback program compared to the previous year, reflecting a more cautious approach amid market uncertainties.
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Welcome, everyone, and thank you for joining us on this earnings call today, where we present our fourth-quarter and full-year results for 2025. My name is Vincent Clerc. I'm the CEO of A.P. Moller - Maersk. And with me in the room today for the last time is our CFO, Patrick Jany.
Before we start, I'd like to thank Patrick for all of his hard work and support over the past six years here at A.P. Moller - Maersk and wish him the very, very best in the next steps of his career. As we announced back in December, Robert Erni will succeed Patrick in the coming days. We look forward to introducing you to Robert on our upcoming roadshows and conferences.
If we start with the highlights from 2025, notwithstanding a challenging external environment, especially in Ocean, we are pleased with a strong year overall in which we made good operational progress across all of our business segments. We closed 2025 with a full-year EBITDA and EBIT of $9.5 billion and $3
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