A.P.

Møller - Mærsk A/S

Q1 2025
Investor Presentation
Forward-looking
statements

This presentation contains forward-looking statements. Such

statements are subject to risks and uncertainties as various factors,
many of which are beyond the control of A.P. Møller - Mærsk A/S
(APMM), may cause actual developments and results to differ
materially from the expectations contained in this presentation.

Comparative figures
Unless otherwise stated, all comparisons refer to y/y changes. Unless
otherwise stated, all figures in parentheses refer to the corresponding
figures for the same period prior year.
Q1 2025
highlights
Highlights Q1 2025
Q1 – solid delivery in an increasingly
volatile environment
• Operational improvements and proactive cost measures
showing impact, resulting in first quarter EBITDA of USD 2.7bn
and EBIT of 1.3bn
• Logistics & Services on track with EBIT margin improvement to
4.1%, representing significant YoY increase
• Solid profitability in Ocean despite expected sequential rate
decrease
• Continued strong results in Terminals driven by good volumes
and higher revenue per move
• Financial guidance maintained
• Container market volume growth for 2025 now expected
in a range of -1% to 4%, given the increased
macroeconomic and geopolitical uncertainty
• Red Sea disruption expected to last for the full year
• Full-year 2025 underlying EBIT guidance of USD 0 to 3bn
maintained
Highlights Q1 2025
Operational improvements and proactive cost measures

Logistics & Services Ocean Terminals

Tracking positively Solid profitability Excellent performance 14.5%
USDm USDm USDm 12.5% 11.9%
45.4% 11.3%
6.8% 7.4%
6.4% 5.3% 5.4%
4.1% 28.5% 36.4%
3.9% 19.9% 8.3% 26.1% 30.0% 32.0%
2.0% 23.6%
1.1% 1.5% 18.4% 21.9%
4.8% 7,072 412 394
183 1.9% -2.0% 300
17 29 139 135 142 743 239 207
54 2,700 154 162
136 348 1,969

-161
Q1’19 Q1’20 Q1’21 Q1’22 Q1’23 Q1’24 Q1’25 Q1’19 Q1’20 Q1’21 Q1’22(1) Q1’23 Q1’24 Q1’25
Q1’19 Q1’20 Q1’21 Q1’22 Q1’23 Q1’24 Q1’25
EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT margin ROIC (LTM) ROIC ex. Russia
impair. (LTM)
• EBIT margin on track at 4.1% reflecting • Declining rate environment as expected • Excellent quarter with ROIC of 14.5% driven by
improved business performance • Utilisation of 92% following normal strong volumes, and increased storage income
• Margin uplift from operational improvements seasonality leading to higher revenue per move
in Middle Mile and Last Mile as well as • Gemini network launched successfully with • Strong asset utilisation at 79%
productivity gains early reliability results in line with • Continued progress on automation and
• Revenue stable with volume growth across expectations – cost saving expectations operational efficiencies
most products while Air and Middle Mile unchanged
rebased to focus on margins

1) Q1 ’22 figures exclude Russia impairment.

APMM Q1 2025 Financial Results 5

 IR to update
2021–2025
Continued strategic progress amid
increasingly volatile external
environment
Segment KPI Targets(1) LTM

Return on invested capital Every year

APMM (ROIC) – (LTM) >7.5%
14.3%

Return on invested capital Average 2021-

29.9%(2)
(ROIC) – (Average) 25 >12.0%

EBIT margin – under

Ocean normalised conditions
Above 6% 14.7%

Execute with the existing

4.1-4.3m TEU 4.4m
fleet size

Logistics
Organic revenue growth Above 10% 6.9%
& Services

EBIT margin Above 6% 4.2%

Return on invested capital

Terminals (ROIC) – (LTM)
Above 9% 14.5%

1) 2021-2025 mid-term targets were introduced at the CMD in May 2021.

2) Average return on invested capital for the period Q1 2021 to Q1 2025.
View on supply-demand imbalance remains unchanged, with
delay of Red Sea re-opening vs more uncertain market demand
Estimated impact on
supply (TEUs) Latest view
Market drivers Description as at Feb ’25 as at early May ’25

New industry deliveries

• TEU capacity increase +2m Unchanged
in 2025

• TEU capacity release from shorter route +1.5m to

Potential Red Sea re-opening Unlikely
/ lower TEU miles +2.0m(1)
Supply-
side
Potential congestion following • Port congestion from vessels arriving Short-term
Unlikely
re-opening simultaneously only

-2.0m to
Other supply-side drivers • Scrapping, idling, slow steaming etc. Unchanged
-1.5m

Demand- • Strong demand on back of 2024 -1.5m to

Strong market demand More uncertain
side continuing into 2025 -1.0m

1) 5-6% of total global capacity in 2024.

APMM Q1 2025 Financial Results 7

Level of uncertainty for rest of year has increased as a result of tariffs
and continued trade tensions – but so far largely US centric
Logistics & Services Ocean Terminals
Strengthening performance allows Gemini is offering an increased Facing uncertainties from a position
us to support customers in new ways amount of flexibility of strength
• New solutions to fit current • China-US volumes (~5% of total) have • Geographically diversified portfolio
circumstances dropped 30-40% in April as customers
wait and see how tariff situation resolves • Strong cost performance and operational
– Lead Logistics helping flex supply itself excellence
chain (both on sourcing and speed)
• Rest of world (~95% of total) continues
– Bonded solutions at destination with unchanged level of demand
– Customs services advising how to • Modular network allows to swap capacity
comply with tariffs changes from lower to higher demand without
disruption on reliability
• Continued focus on cost management
and productivity to protect and enhance • Cost synergies can be realized
margin irrespective of China-US weak demand
• Continued sales focus to secure growth in • Low order book limits exposure from
a slowing market protracted trade tensions

Maersk is well positioned to weather challenges ahead APMM Q1 2025 Financial Results 8
Highlights
2025 financial guidance unchanged

• APMM now expects global container volume growth in a range of -1%

USDbn FY25 guidance
to 4% in 2025, given the increased macroeconomic and geopolitical
uncertainty. APMM expects to grow in line with the market Underlying EBITDA 6-9

Underlying EBIT 0-3

• Red Sea disruption expected to last for the full year
FCF -3 or higher

Capex (cumulative)
• Considering these factors APMM reiterates its outlook for the full-year
2025: 2024-2025 10.0-11.0
• Underlying EBITDA of USD 6bn to 9bn 2025-2026 10.0-11.0
• Underlying EBIT of USD 0bn to 3bn
• Free cash flow (FCF) of USD -3bn or higher
Note:
APMM’s outlook for 2025 is subject to considerable macroeconomic
• Unchanged CAPEX guidance of USD 10.0-11.0bn in 2024-2025 and USD and geopolitical uncertainties impacting container volume growth
10.0-11.0bn in 2025-2026 and freight rates.

APMM Q1 2025 Financial Results 9

Q1 2025
Financial
review
Financial review

Solid delivery in the first quarter

USDm Q1 ‘25 Q4 ‘24 Q1 ’24
• Sequentially, Ocean profitability down as expected given declining rates,
L&S flat with continued operational progress, excellent Terminals Revenue 13,321 14,594 12,355
performance

• Quarterly profitability increased year-on-year with EBIT reaching USD 1.3bn EBITDA 2,710 3,597 1,590
(margin: 9.4%) compared to USD 177m in the previous year (margin: 1.4%)
EBITDA margin 20.3% 24.6% 12.9%
• Free cash flow increased significantly to USD 806m, given higher
profitability and supported by good working capital development in the
quarter EBIT 1,253 2,050 177

• Net profit after tax of USD 1.2bn

EBIT margin 9.4% 14.0% 1.4%
• USD 2.5bn (USD 1.5bn) distributed to shareholders through dividends and
share buy-backs. Total cash and deposits stood at USD 22.3bn with net cash Net profit 1,207 2,110 208
of USD 5.2bn, higher than previous year (USD 3.1bn)

• Significant increase in return on invested capital (LTM) to 14.3% supported NIBD -5,206 -7,373 -3,092
by strong earnings in the second half of last year
ROIC (LTM) 14.3% 12.3% 3.2%

APMM Q1 2025 Financial Results 11

Financial review
Strong free cash flow – significant dividend and share buy-back in Q1

Cash flow bridge for Q1 ‘25, USDm • Operational cash flow of

USD 2.8bn, driven mainly
by EBITDA of USD 2.7bn
3,000
2,766
• Cash conversion of 102%
2,500
-801 for the quarter
2,000
• Free cash flow of USD
1,500
-1,398
806m after gross capex of
1,000 806
USD 1.4bn, primarily from
147
92 0
531 Ocean investments, and
-12
500
capitalized lease
0 instalments, also mainly
related to Ocean
-500 -2,552
2,289

-1,000
• Dividend of USD 2.2bn paid
in March and share buy-
-1,500 back of USD 328m
-2,000
Cash flow Capitalized Gross capex Financial Sale proceeds Free cash Acquisitions, Dividends Financial Repayment Net cash flow
from lease payments, net and dividends flow net and share investments of/proceeds
operations instalments received buy-backs and others, from
net borrowings,
net

APMM Q1 2025 Financial Results 12

First quarter 2025
Development in EBIT (USDm) and EBIT margin (%)
Ocean 3,000 30%

2,000
• Volumes stable YoY (+0.1%) but down QoQ (-6.5%) 15%
1,000
• Freight rates 2.5% higher YoY while lower QoQ as 0%
expected as rate erosion continued 0

• Utilisation of 92%, following normal seasonality -1,000 -15%

Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
with schedule reliability up YoY
EBIT EBIT margin
• Substantial YoY growth in profitability with EBIT at
USD 743m (margin: 8.3%) while sequentially down
USDm Q1 ‘25 Q4 ‘24 QoQ % Q1 ’24 YoY %
54% following the rate glide path
Revenue 8,910 9,902 -10% 8,009 11%
• Capex increased YoY in line with guidance, EBITDA 1,903 2,821 -33% 956 99%
reflecting first installments on vessel orders EBITDA margin 21.4% 28.5% -7.1pp 11.9% 9.5pp
announced in 2024 as well as equipment renewal
EBIT 743 1,600 -54% -161 NM
EBIT margin 8.3% 16.2% -7.9pp -2.0% 10.3pp
Gross capex 1,168 1,244 -6% 325 NM

APMM Q1 2025 Financial Results 13

First quarter 2025
Ocean | EBITDA benefitted from higher freight rates, lower bunker
prices and revenue recognition
USDm

2,000
1,903

695
1,500

150 124
1 3
228
1,000 956
Driven by
Volumes up Bunker price down
higher Terminal
by +0.1% at USD 569 / Driven mainly by
and Empty
tonne timing effect of
Loaded costs
rates and higher
freight rates Detention &
up by +2.5% Demurrage
500
revenue

0
EBITDA Q1 ’24 Freight rate effect(1) Volume effect Bunker price Container Network cost Other revenue, EBITDA Q1 ’25
handling cost exl. Bunker price SG&A, net FX
impacts and others(2)

1) Shows volume revenue impact net of volume-driven costs.

2) Includes revenue recognition and bunker hedges.

APMM Q1 2025 Financial Results 14

First quarter 2025
Ocean | Increased freight rates, stable volumes and costs

• Average freight rates increased by 2.5% YoY but

continued the declining trajectory since July 2024 Ocean KPIs Q1 ‘25 Q4 ‘24 QoQ % Q1 ’24 YoY %
peak as a result of increasing supply Average freight rate (USD/FFE) 2,427 2,659 -8.7% 2,368 2.5%

• Operating costs excluding bunker increased by 2.9%. Unit cost, fixed bunker (USD/FFE) 2,539 2,431 4.4% 2,478 2.5%
Unit cost at fixed bunker increased by 2.5% to 2,539 Average operated capacity (‘000 TEU) 4,477 4,395 1.9% 4,187 6.9%
USD/FFE. Bunker costs decreased 11% driven by lower Loaded volumes (‘000 FFE) 2,931 3,134 -6.5% 2,928 0.1%
prices and consumption
Long/short-term rate product share(1) Q1 ’25 2025e
• Average operated fleet capacity was 6.9% higher YoY,
reaching 4.5m TEUs. Capacity utilisation was 92% Long-term (> 3 months) 50% 51%
Short-term (≤ 3 months) 50% 49%
• Loaded volumes were slightly up 0.1% to 2,931k FFE

• Equal split of volumes between long- and short-term

products expected for the full year

1) New Ocean product classifications concern rate validity of terms and conditions that can extend across multiple shipments and
time periods. Short-term includes volumes previously classified as shipments. See the quarterly report for further explanation and
comparison with the previous contracts/shipments volumes split.
APMM Q1 2025 Financial Results 15
First quarter 2025
Development in EBIT (USDm) and EBIT margin (%)
Logistics & Services 200 6%
5%
150
4%
100 3%

• Revenue stable (-0.5%) based on volume growth 2%

50
across most products in particular Customs and 1%
Warehousing and E-Fulfilment 0 0
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
• Offset by rebasing of Middle Mile and Last Mile in EBIT EBIT margin
North America and Air

• Sequentially stable EBIT margin supported by USDm Q1 ‘25 Q4 ‘24 QoQ % Q1 ’24 YoY %
continued progress in Middle Mile Revenue 3,488 3,891 -10% 3,504 -0.5%
Gross Profit 1,121 1,226 -8.6% 1,007 11%
• YoY EBIT margin improvement driven by multiple
EBITDA 383 402 -4.7% 266 44%
products and continued focus on cost and
productivity EBITDA margin 11% 10% 0.7pp 7.6% 3.4pp
EBIT 142 158 -10% 54 163%
EBIT margin 4.1% 4.1% 0.0pp 1.5% 2.6pp
Gross capex 97 232 -58% 201 -52%

APMM Q1 2025 Financial Results 16

First quarter 2025
Logistics & Services | Profitable growth in Managed by Maersk

• Freight Management revenue increased by Revenue | USDm Key products Q1 ‘25 Q1 ’24 YoY %
USD 85m to USD 553m (18%) and EBITA • Lead Logistics
margin increased to 21.0% (17.3%). Increases Managed by • Project Logistics
driven by Custom Services, Project Logistics 553 468 18%
Maersk • Custom Services
and Cold Chain Logistics • Cold Chain Logistics
• Warehousing
• Fulfilment Services revenue decreased by
Fulfilled by • Middle Mile
USD 101m to USD 1.3bn (-7.1%) and EBITA 1,322 1,423 -7.1%
Maersk • Last Mile
margin improved to -2.5% (-6.2%). Margin
• E-Fulfilment
improvements mainly driven by Warehousing
and refocusing Middle Mile • Landside Transportation
Transported
• Air 1,613 1,613 0%
• Transport Services revenue was on par with by Maersk
• LCL
Q1 ‘24 USD 1.6bn (0%) and EBITA margin was
6.4% (6.5%) Total Logistics & Services 3,488 3,504 -0.5%

APMM Q1 2025 Financial Results 17

First quarter 2025
Development in EBIT (USDm) and EBIT margin (%)
Terminals 400 35%
30%
• Revenue increased by 23% to USD 1.2bn 300 25%
driven by 8.4% higher volume and a significantly
improved revenue per move 20%
200
15%
• Revenue per move increased by 13% (14% like-for- 10%
100
like) driven by higher storage revenue and rate
5%
increases
0 0%
Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25
• Cost per move increased by 8.5% (+6.2% like-for-
EBIT EBIT margin
like) driven by significant labour cost adjustments
partly offset by higher utilisation

• ROIC (LTM) increased to 14.5% (11.3%) USDm Q1 ’25 Q4 ‘24 QoQ % Q1 ’24 YoY %
Revenue 1,231 1,194 3.1% 999 23%
• CAPEX of USD 126m (USD 127m) largely unchanged
EBITDA 444 421 5.5% 348 28%
EBITDA margin 36.1% 35.3% 0.8pp 34.8% 3.5pp
EBIT 394 338 17% 300 31%
EBIT margin 32.0% 28.3% 3.7pp 30.0% 2.0pp
Gross capex 126 158 -20% 127 -0.8%

APMM Q1 2025 Financial Results 18

First quarter 2025
Terminals | Strong performance driven by an improved top line

USDm
550

500 -81
142 444
450 -15

400
Higher labour
50 costs and
348
350 revenue-driven
Increase in storage
revenue, rate concession fees
300 increases and
8.4% increase, driven
improved terminal
by North America,
250 mix
Latin America and
Europe
200

150

100

50

0
EBITDA Q1’24 Volume Revenue per move Cost per move FX, exits and others EBITDA Q1’25

APMM Q1 2025 Financial Results 19

Questions
and answers
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Reminder: ONE question per turn

 IR to update

Final remarks

• Solid delivery, with continued operational

improvements and proactive cost measures in
an increasingly uncertain environment

• L&S on track with EBIT margin improvement,

solid profitability in Ocean and continued strong
results in Terminals

• Deploying all levers to improve operational

efficiency e.g. Gemini

• Guidance maintained amid greater uncertainty

• Well positioned to weather challenges ahead

Appendix
Highlights
We carry on with our strategic priorities for 2025

Logistics & Services Ocean Terminals

• Achieve 6% EBIT margin • Fully implement Gemini to • Enable Gemini network
reach 90%+ schedule through world-class hub
• Continue growth trajectory
reliability terminals
from 2024
• Continue to bring down unit • Grow in line with market on
• Maintain recovery
cost existing portfolio
momentum in Fulfilled by
Maersk by further improving • Achieve volume growth in • Expand portfolio through
operations and profitability line with market new concessions
• Continued focus on
productivity and costs

APMM Q1 2025 Financial Results 23

Financial highlights Q1 2025

Revenue EBITDA EBIT CAPEX Invested Capital

USD million Q1 ‘25 Q1 ‘24 YoY % Q1 ‘25 Q1 ‘24 YoY % Q1 ‘25 Q1 ’24 YoY % Q1 ‘25 Q1 ‘24 YoY % Q1 ‘25 Q1 ’24 YoY %

Ocean 8,910 8,009 11% 1,903 956 99% 743 -161 NM 1,168 325 259% 31,647 29,455 7.4%

Logistics & Services 3,488 3,504 -0.5% 383 266 44% 142 54 163% 97 201 -52% 11,682 11,378 2.7%

Terminals 1,231 999 23% 444 348 28% 394 300 31% 126 127 -1% 8,086 7,799 3.7%

Unallocated
activities and -308 -157 NM -20 20 -200% -26 -16 NM 7 53 -87% 176 1,798(1) -90.2%
eliminations, etc.
A. P. Moller -
Maersk 13,321 12,355 7.8% 2,710 1,590 70% 1,253 177 608% 1,398 706 98% 51,591 50,430 2.3%
consolidated

1) Includes Svitzer demerged via spin-off in April 2024.

APMM Q1 2025 Financial Results 24

Consolidated financial information

Income statement (USDm) Q1 ’25 Q1 ’24 FY24 Key figures and financials (USDm) Q1 ’25 Q1 ’24 FY24
Revenue 13,321 12,355 55,482 Profit/loss for the period 1,207 208 6,232
EBITDA 2,710 1,590 12,128 Gain/loss on sale of non-current
-55 -7 -222
assets etc., net
EBITDA margin 20.3% 12.9% 21.9%
Impairment losses, net. 1 -3 74
Depreciation, impairments etc. 1,620 1,518 6,220
Gain on sale of non-current Transaction and integration cost - 7 5
55 7 222
assets, etc., net Tax on adjustments -1 5 6
Share of profit in joint
108 98 369 Underlying profit/loss 1,152 210 6,095
ventures and associates
Earnings per share (USD) 74 11 387
EBIT 1,253 177 6,499
Lease liabilities (IFRS 16) 11,851 10,345 11,412
EBIT margin 9.4% 1.4% 11.7%
Net interest-bearing debt -5,206 -3,092 -7,373
Financial items, net 177 151 317
Profit/loss before tax Invested capital 51,591 50,430 50,564
1,430 328 6,816
Tax Total Equity (APMM total) 56,455 53,373 57,947
223 120 584
Profit/loss for the period Total market capitalisation 26,638 20,349 25,698
1,207 208 6,232

APMM Q1 2025 Financial Results 25

Consolidated financial information

Cash flow statement (USDm) Q1 ’25 Q1 ’24 FY24

Profit/loss before financial items 1,253 177 6,499

Non-cash items, etc. 1,494 1,506 5,878

Change in working capital 157 -474 -311

Taxes paid -138 -114 -658

Cash flow from operating activities (CFFO) 2,766 1,095 11,408

CAPEX -1,398 -706 -4,201

Repayments of lease liabilities -801 -749 -3,051

Financial expenses paid on lease liabilities -166 -139 -611

Financial payments, net 313 249 732

Sale proceeds and dividends received 92 99 837

Free cash flow (FCF) 806 -151 5,114

Acquisitions, net (incl. sales) - 57 50

Dividends and share buy-backs -2,552 -1,491 -1,999

Repayments of/proceeds from borrowings, net -12 1,093 1,462

APMM Q1 2025 Financial Results 26

Balance sheet and capital allocation

Debt & cash position (USDm) Q1 ’25 Q4 ’24 Q1 ’24

Borrowings 5,188 5,065 5,418
Lease liabilities 11,851 11,412 10,345
Other 78 172 114
Total gross debt 17,117 16,649 15,877
Cash and bank balances 7,128 6,575 7,365
Short term deposits(1) 13,410 15,867 11,604
Securities 1,785 1,580 -
Total cash and deposits 22,323 24,022 18,969
Net interest-bearing debt -5,206 -7,373 -3,092

1) Under “Receivables, etc.” on balance sheet (see note 2 “Term deposits and other receivables” in quarterly report).

APMM Q1 2025 Financial Results 27

IR Contact Information &
Financial Calendar
Investor Relations Contacts Financial Calendar

Stefan Gruber 7 August 2025 Q2 2025 Interim Report

Head of Investor Relations
+45 3363 3484 6 November 2025 Q3 2025 Interim Report

Mikkel Johansen 13 November 2025 Capital Markets Day

Senior Investor Relations Officer
+45 2330 2950

Ken Taro Madsen

Senior Investor Relations Officer
+45 6052 9195

Emilie Lillevang Bech Share Information

Investor Relations Officer
+45 4217 6675 Market Nasdaq Copenhagen
Share classes A: Two votes per share
Charlotte Singerholm Gert Hansen
B: No voting rights
Investor Relations Coordinator
+45 2296 3322 Sector Industrials

E-mail: [email protected] Segment Large

Webpage: investor.maersk.com