A.P. Møller - Mærsk

Annual Report (ESEF) • Aug 7, 2025

A.P. Møller - Mærsk A/S Q2 2025 ALL THE WAY A.P. Møller - Mærsk A/S | Interim Report | 7 August 2025 Esplanaden 50, DK-1263 Copenhagen K | Registration no. 22756214 Management Review Financials Highlights Q2 2025 ................................................... 03 Summary financial information ..................................... 04 Review Q2 2025 ....................................................... 05 Review 6M 2025 ...................................................... 06 Financial guidance and targets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Market environment .................................................. 08 Segments ............................................................... 09 – Ocean ............................................................... 09 – Logistics & Services ............................................... 11 – Terminals ........................................................... 13 Condensed income statement ....................................... 15 Condensed statement of comprehensive income ................. 15 Condensed balance sheet at 30 June ............................... 16 Condensed cash flow statement .................................... 17 Condensed statement of changes in equity ....................... 18 Notes .................................................................... 19 Management’s statement ............................................ 23 Quarterly summary ................................................... 24 Definition of terms .................................................... 25 Improving life for all by integrating the world 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 has 100,000+ customers, operates in almost 130 countries and employs 100,000+ people. Maersk is committed to reaching net-zero emissions by 2040 across the entire supply chain with new technologies, new vessels and alternative fuels. Contacts for further information Vincent Clerc, CEO Patrick Jany, CFO Investors Stefan Gruber, Head of Investor Relations Tel. +45 3363 3484 Media Jesper Lov, Head of Media Relations Tel. +45 6114 1521 Webcast and dial-in information A webcast relating to the Q2 2025 Interim Report will be held on 7 August 2025 at 11.00 (CET). Dial-in infor mation on investor.maersk.com. Presentation material for the webcast will be available on the same page. The Interim Report for Q2 2025 of A.P. Møller - Mærsk A/S (further referred to as A.P. Moller - Maersk as the consolidated group of companies) has been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The interim consolidated financial statements have not been subject to audit or review. Contents 2 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Comparative figures Unless otherwise stated, all figures in parentheses refer to the corresponding figures for the same period prior year. Financial calendar 06 November 2025, Interim Report Q3 2025 ESEF data Domicile of entity Denmark Description of nature of entity’s operations and principal activities Logistics company Country of incorporation Denmark Principal place of business Global Legal form of entity A/S (Danish Limited Liability Company) Name of reporting entity or other means of identification A.P. Møller - Mærsk A/S Address of entity’s registered office Esplanaden 50, DK-1263 Copenhagen K Name of parent entity A.P. Møller Holding A/S Management Review A.P. Moller - Maersk saw solid performance in the second quarter and delivered EBITDA and EBIT of USD 2.3bn and USD 845m, respectively. The results came on the back of continued focus on execution and operational improvements, despite the unprecedented geopolitical volatility and low visibility into macroeconomic developments. Ocean demonstrated good profitability, driven by the volume growth notwithstanding significant volatility in the quarter and adverse sequential rate developments. Logistics & Services showed continued progress with an EBIT margin improvement to 4.8%, driven by growth in key products, cost control and operational improvements. Terminals showed strong results from record-high volume, higher revenue per move supported by storage income, and cost per move mitigated through high utilisation as well as a higher share of profits from joint ventures and associates. June 2025 marked the first month of the Gemini cooperation being successfully phased in and it is on track to deliver the reliability and cost-saving ambitions. Outlook Given the more resilient market demand outside of North America, A.P. Moller - Maersk (Maersk) raises its full-year 2025 financial guidance as per the table below. The expected global container market volume growth has been revised to between 2% and 4% (previously between -1% and 4%). At this time, the disruption in the Red Sea is still expected to last for the full year. CAPEX (Unchanged) 2024-2025 10.0-11.0 CAPEX (Unchanged) 2025-2026 10.0-11.0 USDbn EBITDA Underlying (Previously: 6.0-9.0) 8.0-9.5 EBIT Underlying (Previously: 0.0-3.0) 2.0-3.5 Free cash flow or higher (Previously: -3.0 or higher) -1.0 Highlights Q2 2025 Maersk’s results continued to improve year-on-year with consolidated revenue of USD 13.1bn (USD 12.8bn) and EBITDA of USD 2.3bn (USD 2.1bn), while EBIT declined to USD 845m (USD 963m). The results were driven by volume and other revenue growth in Ocean, margin improvements in Logistics & Services and significant top line growth in Terminals, resulting in an EBITDA margin of 17.5% (16.8%) and an EBIT margin of 6.4% (7.5%). The underlying EBIT margin increased by 0.3 percentage points to 6.2% (5.9%). Ocean’s profitability is a result of solid volume growth of 4.2% and higher revenue from demurrage and detention, reflected in the higher revenue year-on-year of USD 8.6bn (USD 8.4bn) and an increased EBITDA by USD 36m or 2.6%. Performance was affected by the continued pressure on loaded freight rates, as expected, and higher container handling costs as a result of higher volumes, resulting in an EBIT margin of 2.7% (5.6%). Sequentially, EBIT decreased by USD 514m from USD 743m in Q1 2025, and the EBIT margin decreased by 5.6 percentage points from 8.3% in Q1 2025. Logistics & Services continued to progress in Q2 and reported revenue growth sequentially and year-on-year of 5.2% and 1.0%, respectively. The EBIT margin improved by 1.3 percentage points year-on-year and reached 4.8% (3.5%), driven by operational improvements and the continuation of overall cost control. Sequentially, EBIT increased by 23%, and the EBIT margin increased by 0.7 percentage points. Terminals contributed with a high top line and EBITDA, with revenue increasing by 20% to USD 1.3bn (USD 1.1bn), with strong volume growth supported by the Gemini cooperation, improved tariffs and higher storage revenue. As a result, the EBIT margin improved by 2.9 percentage points to 35.3% (32.4%) and ROIC (LTM) increased to 15.4% (12.2%). Sequentially, EBIT increased by 17% due to the higher revenue, and the EBIT margin improved by 3.3 percentage points. Free cash flow of negative USD 373m (positive USD 397m) decreased due to higher capital expenditures and lease repayments during the quarter, partly offset by higher cash flow from operating activities. Distribution of cash to shareholders during the quarter was USD 864m (USD 310m), of which USD 514m (USD 0m) was from share buy-backs. Highlights Q2 USD million Revenue EBITDA EBIT CAPEX 2025 2024 2025 2024 2025 2024 2025 2024 Ocean 8,572 8,370 1,443 1,407 229 470 964 578 Logistics & Services 3,668 3,632 419 348 175 126 139 159 Terminals 1,307 1,089 458 408 461 353 141 135 Unallocated activities, eliminations, etc. -417 -320 -22 -19 -20 14 34 32 A.P. Moller - Maersk consolidated 13,130 12,771 2,298 2,144 845 963 1,278 904 Management Review I Highlights Q2 2025 3 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Summary financial information Income statement Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Revenue 13,130 12,771 26,451 25,126 55,482 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,298 2,144 5,008 3,734 12,128 Depreciation, amortisation and impairment losses, net 1,651 1,481 3,271 2,999 6,220 Gain on sale of non-current assets, etc., net 25 208 80 215 222 Share of profit in joint ventures and associated companies 173 92 281 190 369 Profit before financial items (EBIT) 845 963 2,098 1,140 6,499 Financial items, net -111 13 66 164 317 Profit before tax 734 976 2,164 1,304 6,816 Tax 95 143 318 263 584 Profit for the period 639 833 1,846 1,041 6,232 A.P. Møller - Mærsk A/S’ share 586 798 1,748 975 6,109 Underlying profit 1 614 623 1,766 833 6,095 Balance sheet Total assets 87,860 80,745 87,860 80,745 87,697 Total equity 57,069 53,126 57,069 53,126 57,947 Invested capital 54,619 49,563 54,619 49,563 50,564 Net interest-bearing debt -2,454 -3,563 -2,454 -3,563 -7,373 Cash flow statement Cash flow from operating activities 1,859 1,626 4,625 2,721 11,408 Repayments of lease liabilities -1,014 -742 -1,815 -1,491 -3,051 CAPEX -1,278 -904 -2,676 -1,610 -4,201 Cash flow from financing activities -2,473 -368 -5,680 -1,426 -3,500 Free cash flow -373 397 433 246 5,114 Financial ratios Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Revenue growth 2.8% −1.7% 5.3% −7.6% 8.6% EBITDA margin 17.5% 16.8% 18.9% 14.9% 21.9% EBIT margin 6.4% 7.5% 7.9% 4.5% 11.7% Cash conversion 81% 76% 92% 73% 94% Return on invested capital after tax (ROIC) (last 12 months) 13.7% 2.0% 13.7% 2.0% 12.3% Equity ratio 65.0% 65.8% 65.0% 65.8% 66.1% Underlying ROIC 1 (last 12 months) 13.7% 1.5% 13.7% 1.5% 12.0% Underlying EBITDA 1 2,298 2,143 5,008 3,740 12,133 Underlying EBITDA margin 1 17.5% 16.8% 18.9% 14.9% 21.9% Underlying EBIT 1 818 756 2,017 930 6,356 Underlying EBIT margin 1 6.2% 5.9% 7.6% 3.7% 11.5% Stock market ratios Earnings per share, USD 38 51 113 62 387 Diluted earnings per share, USD 38 51 112 62 387 Cash flow from operating activities per share, USD 121 103 298 172 723 Share price (B share), end of period, DKK 11,775 12,105 11,775 12,105 11,905 Share price (B share), end of period, USD 1,850 1,736 1,850 1,736 1,668 Total market capitalisation, end of period, USD 28,068 26,992 28,068 26,992 25,698 1 For definition of terms, see page 25. Management Review I Summary financial information 4 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million Review Q2 2025 A.P. Moller - Maersk continued to deliver solid results in Q2, driven by sequential volume increases, operational improvements and supported by continued cost control. Revenue increased by 2.8% or USD 359m to USD 13.1bn (USD 12.8bn), stemming from growth in all segments. Ocean revenue increased by 2.4%, mainly attributed to higher volumes and higher revenue from demurrage and detention, despite a 9.6% year-on-year decline in loaded freight rates. Logistics & Services delivered a 1.0% increase, driven by Managed by Maersk and Transported by Maersk. Terminals contributed with an increase of 20% from higher volume, improved tariffs and higher storage revenue. USD Ocean (2024: 8.4bn) 8.6bn Logistics & Services (2024: 3.6bn) 3.7bn Terminals (2024: 1.1bn) 1.3bn EBITDA increased to USD 2.3bn (USD 2.1bn), with the EBITDA margin improving to 17.5% (16.8%), driven by higher revenue and cost management. Ocean’s EBITDA of USD 1.4bn (USD 1.4bn) slightly increased by USD 36m, and the EBITDA margin remained stable at 16.8% (16.8%). Logistics & Services contributed significantly with a USD 71m increase, largely due to operational improvements in Fulfilled by Maersk. Terminals’ EBITDA increased by USD 50m, driven by higher revenue and improved utilisation. USD Ocean (2024: 1.4bn) 1.4bn Logistics & Services (2024: 348m) 419m Terminals (2024: 408m) 458m EBIT decreased by USD 118m to USD 845m (USD 963m), with an EBIT margin of 6.4% (7.5%), mainly driven by Ocean which experienced a decrease of USD 241m, mainly due to lower gains on sale of assets and higher depreciation linked to capacity increases. Consequently, underlying EBIT increased by USD 62m and the underlying EBIT margin was 6.2% (5.9%). The Ocean EBIT decline was partly offset by the Terminals EBIT increase by USD 108m to USD 461m (USD 353m), supported by top line growth and strong results from joint ventures and associated companies. Logistics & Services’ EBIT increased by USD 49m to USD 175m (USD 126m), mainly driven by stronger profitability in Fulfilled by Maersk due to business refocusing efforts, resulting in an EBIT margin of 4.8% (3.5%). USD Ocean (2024: 470m) 229m Logistics & Services (2024: 126m) 175m Terminals (2024: 353m) 461m Financial items, net was an expense of USD 111m (income of USD 13m), primarily due to negative foreign exchange rate effects on working capital, increased interest expenses on leases and lower interest income. Tax decreased to USD 95m (USD 143m), primarily due to the decreased taxable income. The underlying profit was USD 614m (USD 623m). Cash flow from operating activities of USD 1.9bn (USD 1.6bn) was driven by the higher EBITDA, together with a solid cash conversion of 81% (76%). CAPEX of USD 1.3bn (USD 904m) was mainly driven by higher investments in Ocean. Free cash flow of USD negative 373m (positive USD 397m) was primarily impacted by increased capital expenditures and capitalised leases, as well as lower sale proceeds and dividends received, partly offset by higher cash flow from operating activities. Share buy-back As announced in February 2025, A.P. Moller - Maersk (Maersk) initiated a share buy-back programme of up to around USD 2bn to be executed over a period of 12 months. Of the total planned share buy-back of around USD 2bn, Maersk executed USD 857m of share buy-backs by 30 June 2025. For more details, see shareholder information in Maersk’s Annual Report 2024. At 30 June 2025, Maersk owned a total of 73,906 A shares and 525,651 B shares as treasury shares, corresponding to 3.79% of the share capital. ESG update Following the International Maritime Organization’s (IMO) milestone approval of the net-zero regulatory frame work for global shipping in April 2025, which is subject to formal adoption in October, Maersk continues to make progress on its climate transition plan to 2030 and the target of achieving net-zero greenhouse gas emissions by 2040. In May 2025, the world’s first large-scale commercial e-methanol facility, the Kassø facility near Aabenraa, Denmark, was inaugurated and started to supply e-methanol to Maersk. Maersk is using the fuel produced at Kassø to operate Laura Mærsk, the world’s first container vessel operating on methanol. In June 2025, Maersk took delivery of Berlin Mærsk, the first vessel in a series of 17,480 TEU vessels equipped with dual-fuel methanol propulsion and the 14th dual-fuel newbuild in Maersk’s fleet. Berlin Mærsk is the largest dual-fuel ship to date to join the Maersk fleet and will be followed by five additional vessels in this new class of container ships with delivery in 2025. For more details about Maersk’s climate transition plan towards 2030, see Maersk’s Annual Report 2024. Management Review I Review Q2 2025 5 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Review 6M 2025 A.P. Moller - Maersk delivered solid profitability in the first half of 2025 by focusing on execu- tion and operational improvements amid an unprecedented volatile global trade environment. Revenue increased by USD 1.3bn to USD 26.5bn (USD 25.1bn) in the first half of 2025, driven by all segments, with an increase of USD 1.1bn in Ocean, USD 20m in Logistics & Services and USD 450m in Terminals. Revenue in Ocean was positively impacted by higher loaded freight rates in Q4 2024 benefitting 2025 and a 2.2% increase in loaded volumes, although this was partly offset by a 3.9% decrease in loaded freight rates. Revenue in Logistics & Services increased, driven by Managed by Maersk and Transported by Maersk, partly offset by decreases in Last Mile and Middle Mile in Fulfilled by Maersk due to business refocusing efforts in 2025. The increased revenue in Terminals was driven by higher volume, tariffs and storage revenue. EBITDA also rose by USD 1.3bn to USD 5.0bn (USD 3.7bn), driven by improvements across all segments. Ocean’s EBITDA increased by USD 983m due to higher revenue, partly offset by higher network costs excluding bunker and higher container handling costs. Logistics & Services’ EBITDA increased by USD 188m with contributions from all service models and primarily from Fulfilled by Maersk. Terminals’ EBITDA improved by USD 146m due to increased revenue, partly offset by higher variable costs. EBIT increased by USD 958m to USD 2.1bn (USD 1.1bn), driven by the increased EBITDA partly offset by higher depreciation. The EBIT margin increased to 7.9% (4.5%). Financial items, net decreased to USD 66m (USD 164m), mainly due to higher interest expenses on leases. Tax increased to USD 318m (USD 263m), primarily due to higher profit before tax. The underlying profit of USD 1.8bn (USD 833m) was adjusted for net gains of USD 80m (USD 215m), mainly driven by container sales in Ocean. Cash flow from operating activities of USD 4.6bn (USD 2.7bn) was driven by the EBITDA of USD 5.0bn, slightly offset by taxes paid of USD 337m and unfavourable movements in net working capital of USD 175m, translating into a cash conversion of 92% (73%). CAPEX was USD 2.7bn (USD 1.6bn), mainly driven by higher Ocean investments. Free cash flow increased to USD 433m (USD 246m), driven by higher cash flow from operating activities and partly offset by higher capital expenditures and lease payments. Equity decreased to USD 57.1bn (USD 57.9bn on 31 December 2024) due to dividend payments and share buy-backs, partly offset by the net profit, resulting in an equity ratio of 65.0% (66.1% at 31 December 2024). Capital structure and credit rating Net interest-bearing debt amounted to a net cash position of USD 2.5bn (a net cash position of USD 7.4bn at 31 December 2024), positively impacted by free cash flow for the first six months of USD 433m and offset by dividends distributed to shareholders and share buy-backs of USD 3.4bn, acquisitions, net of USD 684m and net new lease liabilities of USD 1.3bn. Excluding lease liabilities, the Group had a net cash position of USD 15.1bn (USD 18.8bn at 31 December 2024). A.P. Moller - Maersk remains investment grade-rated and holds a Baa1 (stable) from Moody’s and a BBB+ (stable) rating from Standard & Poor’s. The liquidity reserve decreased to USD 24.7bn (USD 29.0bn at 31 December 2024) and was composed of cash and bank balances (excluding restricted cash), term deposits and securities of USD 18.6bn (USD 22.9bn at 31 December 2024) and undrawn revolving credit facilities of USD 6.1bn (USD 6.1bn at 31 December 2024). The dividend of DKK 1,120 per A.P. Møller - Mærsk A/S share of nominally DKK 1,000, a total of USD 2.5bn was declared at the Annual General Meeting on 18 March 2025, excluding treasury shares. Of this, USD 2.2bn was paid on 21 March 2025, and the withholding tax of USD 350m was paid during Q2 2025. Revenue EBITDA EBIT CAPEX 2025 2024 2025 2024 2025 2024 2025 2024 Ocean 17,482 16,379 3,346 2,363 972 309 2,132 903 Logistics & Services 7,156 7,136 802 614 317 180 236 360 Terminals 2,538 2,088 902 756 855 653 267 262 Unallocated activities, eliminations, etc. -725 -477 -42 1 -46 -2 41 85 A.P. Moller - Maersk consolidated 26,451 25,126 5,008 3,734 2,098 1,140 2,676 1,610 Highlights 6M USD million Management Review I Review 6M 2025 6 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Financial guidance and targets Financial guidance for 2025 Given the more resilient market demand outside of North America, A.P. Moller - Maersk (Maersk) raises its full-year 2025 financial guidance as per the table below. The expected global container market volume growth has been revised to between 2% and 4% (previously between -1% and 4%). At this time, the disruption in the Red Sea is still expected to last for the full year. CAPEX (Unchanged) 2024-2025 10.0-11.0 CAPEX (Unchanged) 2025-2026 10.0-11.0 Maersk’s guidance for 2025 is subject to considerable macroeconomic and geopolitical uncertainties impacting container volume growth and freight rates. USDbn EBITDA Underlying (Previously: 6.0-9.0) 8.0-9.5 EBIT Underlying (Previously: 0.0-3.0) 2.0-3.5 Free cash flow or higher (Previously: -3.0 or higher) -1.0 Sensitivity guidance Financial performance for Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain macro economic 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 0.7bn 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 0.1bn Roadmap towards 2025 The mid-term financial targets introduced at the Capital Markets Day in May 2021 relate to the trans formation towards becoming the integrator of container logistics. Consolidated The return on invested capital (ROIC) (LTM) was 13.7%, above the yearly target of 7.5% under normalised conditions. The strong result in the second half of 2024 supported by the continued solid profitability in the first half of 2025 positively impacted ROIC for the last 12 months. The average return on invested capital from the start of 2021 to Q2 2025 was 28.6%, well above the 12% target for the period 2021-2025. ROIC (each year) Target: >7.5% 13.7% ROIC (2021-2025) Target: >12% 28.6% Ocean The Ocean EBIT margin of 14.0% over the last 12 months exceeded the target of 6% under normalised conditions; however, the total average operated fleet capacity over the last 12 months exceeded the target range of 4.1-4.3 TEUm. EBIT margin Target: >6% 14.0% Fleet size Target: 4.1-4.3 TEUm 4.5 TEUm Logistics & Services The Logistics & Services organic revenue growth over the last 12 months of 5.3% was below the target of 10%. The EBIT margin for the last 12 months was 4.5%, still below the target but continuing to improve. Organic revenue growth Target: >10% 5.3% EBIT margin Target: >6% 4.5% Terminals The Terminals return on invested capital (ROIC) (LTM) of 15.4% continued to be significantly above the 9% target. ROIC Target: >9% 15.4% Forward-looking statements The Interim Report contains forward-looking statements. Such statements are subject to risks and uncertainties as several factors, many of which are beyond Maersk’s control, may cause the actual development and results to differ materially from expectations contained in the Interim Report. Management Review I Financial guidance and targets 7 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Market environment Macro environment At the onset of Q2, the US Administration introduced new import tariffs. Since 2 April, tariffs have followed a series of escalations and suspensions. The effective container- weighted import tariff on US imports is estimated at 24% as per the Presidential Executive Order dated 31 July, up from 5% in 2024. The uncertainty around US trade, and more broadly around its economic policy, has occupied the debate on the external environment. Meanwhile, tensions in the Middle East continue to run high, despite the de-escalation between Israel/US and Iran, and a resolution to the war in Ukraine remains elusive. In the face of persistent external volatility and prevailing negative sentiment, the global economy has shown resilience. The global Purchasing Managers Index (PMI) remained in expansionary territory (above 50) throughout Q2. Risks to the global outlook remain elevated. The consensus view is that economic growth will moderate in the second half of the year as the drag from the US tariffs, heightened uncertainty and the shift in sentiment begin to take hold. Global industry, which benefitted from the frontloading in the first half of the year, is expected to bear the brunt of the coming downshift in global demand growth. Driving the downshift in global activity is the US — where policy uncertainty made forecasters more pessi mistic about the outlook in the second half of 2025. Goods consumption, up 3.5% year-on-year in Q2, is expected to moderate, due to deteriorating consumer confidence, coupled with the risk of inflation edging up as tariff-induced price adjustments kick in. Heightened uncertainty also disrupts investment plans. On the other hand, the elevated fiscal deficit will prevent growth from slipping excessively. Growth in the Euro Area is predicted to remain modest, owing to a downgraded outlook for domestic consumption, a weaker global demand environment and the claw back from front-loaded exports in Q1. Easing inflation, at 2% in June, combined with the lagged impact from previous European Central Bank monetary easing and the fiscal sup- port in Germany will provide some offset. Euro Area retail sales (excluding food and fuel) remain challenged, with a 0.1% increase in the first two months of Q2 compared to Q1. In China, robust industrial output stands in contrast to the prolonged weakness in domestic demand. With support from 2024 fiscal stimulus fading, China is expected to contribute to the moderation in global growth in the second half of the year. Container trade environment In Q2, global container demand is estimated to have increased between 3% and 5% year-on-year, challenging the concerns of an immediate collapse in global trade after the US tariff announcements in April. The con- traction in North American imports was more than offset by the strong import growth into Europe, Latin America, West-Central Asia and Africa. On the supply side, growth remained elevated in Q2, driven by significant deliveries. At the end of the quarter, the nominal fleet was 8.2% larger than at the same time in 2024, demolition was close to non-existent, while inactive capacity remained subdued. Amid regional and month-on-month volatility resulting from the fluctuating tariffs, spot rates, measured by the Shanghai Containerized Freight Index (SCFI), declined in Q2 2025 compared to both Q1 2025 (-7%) and to Q2 2024 (-37%). The outlook for global container demand over the remainder of the year remains uncertain, shaped by a rapidly evolving tariff landscape and high policy uncertainty in the US. Unless new major shocks occur, global demand growth is expected to range between 2% and 4% for the full year. Logistics environment Supply chains showed a high degree of adaptability in Q2. In a highly politicised environment, and confronted with major disruptions, goods continued to flow across and within countries. Similarly to container trade, global air freight forwarding demand showed resilience in Q2, with an estimated year-on-year growth in the range of 3% and 5%. Exports out of Far East Asia remain the primary driver. Capacity growth, by measure of available tonne- kilometres, kept pace in the first half of the year, supported by an uptick in deliveries, resulting in a decline in cargo load factor in April and May. The TAC index measuring global rates, was down 3% year- on-year in Q2 and 4% compared to the previous quarter. Demand for ground freight in the US grew by 1.2% year-on-year in the first two months of Q2, driven by a recovery in manufacturing activity. Truckload supply showed early signs of stabilising after a period of decline. In Q2, truckload spot rates grew 3% year-on-year. Less Than Truckload rates were down in April and May compared to the same period in 2024. In Europe, road freight rates fell by 7.9% year-on-year in Q2 against a backdrop of subdued manufacturing activity. Vacancy rates in US warehousing edged up to 7.1% in Q2, as new supply continued to outpace net demand. However, with a thinning construction pipeline, vacancy rates are likely to remain close to the long-term 7% average. In Europe, vacancy rates rose to 6.6% in Q1 2025 (latest available figure) after staying flat in 2024. This was mainly driven by a stark increase in vacancy in Central and Eastern Europe. Source: Maersk Strategic Insights North America Latin America Far East Asia Europe Global Index (FY2019=100) Container trade volumes, by import region Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 70 100 90 80 130 120 110 Q3Q2Q1 Q4 2019 2020 2021 2022 2023 2024 2025 Management Review I Market environment 8 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Ocean Ocean delivered a good performance in a quarter marked by significant volatility in demand and rates. EBIT reached USD 229m (USD 470m) and volumes grew 10% sequentially, with freight rates picking up in the quarter, while still being under pressure both sequentially and compared to previous year. Compared to the same period last year, loaded volumes increased by 4.2%, driven by Asian exports, while the average freight rate decreased by 9.6% across most trades. The increased volumes led to higher operating costs, which were partly offset by 16% lower bunker price and the continued optimisation of bunker con sumption, which was reduced by 4.7%, despite the higher volumes. Unit cost increased slightly by 1.8%, impacted by the higher cost base, partly offset by the strong volume growth. As in the prior year, Ocean’s cost base remains impacted by the network re-routing south of the Cape of Good Hope as Red Sea passage is still deemed unsafe. Utilisation of 94% (97%) remains at high levels, improving by 1.8 percentage points compared to Q1 2025. Furthermore, with the successful implementation of the Gemini cooperation during Q2, the East-West net- work achieved a reliability higher than 90% and is on track to achieve the expected savings. Financial and operational performance Revenue increased by USD 202m to USD 8.6bn (USD 8.4bn), driven by the increase in other revenue, due to the higher revenue from demurrage and detention, supported by the increased hub income. Freight revenue remained stable at USD 7.3bn (USD 7.3bn) as the volume growth effect was offset by the freight rate decline. EBITDA of USD 1.4bn (USD 1.4bn) remained at the same level, slightly increasing by USD 36m. Similarly, the EBITDA margin remained stable at 16.8% (16.8%). EBIT decreased by USD 241m to USD 229m (USD 470m), impacted by the higher depreciation and amortisation linked to capacity investments to support the volume delivery, as well as the absence of gains on vessel and container sales recognised in Q2 2024 of USD 202m. Loaded volumes increased by 4.2% to 3,230k FFE (3,101k FFE), driven by strong performance in Intra-Asia, Africa, Asia-Europe, Middle East-Europe and Latin America trades. Compared to Q1 2025, loaded volumes increased by 10% across all trades. The average loaded freight rate decreased by 9.6% to 2,259 USD/FFE (2,499 USD/FFE) across most trades and by 6.9% compared to Q1 2025 (2,427 USD/FFE), following the ongoing and expected market pressure on rates. Segments Ocean highlights USD million Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Freight revenue 7,287 7,279 14,866 13,994 32,684 Other revenue, including hubs 1,285 1,091 2,616 2,385 4,704 Revenue 8,572 8,370 17,482 16,379 37,388 Container handling costs 2,583 2,423 5,059 4,810 9,744 Bunker costs 1,552 1,848 3,153 3,639 7,067 Network costs, excluding bunker costs 1,883 1,622 3,596 3,325 6,811 Selling, General & Administrative (SG&A) costs 696 657 1,290 1,260 2,626 Cost of goods sold and other operational costs 431 414 1,037 956 1,954 Total operating costs 7,145 6,964 14,135 13,990 28,202 Other income/costs, net 16 1 -1 -26 - Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,443 1,407 3,346 2,363 9,186 EBITDA margin 16.8% 16.8% 19.1% 14.4% 24.6% Profit before financial items (EBIT) 229 470 972 309 4,743 EBIT margin 2.7% 5.6% 5.6% 1.9% 12.7% Invested capital 32,918 29,930 32,918 29,930 30,864 CAPEX 964 578 2,132 903 2,708 Operational and financial metrics Loaded volumes (FFE in ’000) 3,230 3,101 6,161 6,029 12,338 Loaded freight rate (USD per FFE) 2,259 2,499 2,339 2,435 2,698 Unit costs, fixed bunker (USD per FFE incl. VSA income) 2,409 2,367 2,471 2,421 2,412 Bunker price, average (USD per tonne) 537 636 553 630 613 Bunker consumption (tonne in ’000) 2,727 2,862 5,429 5,658 11,262 Average operated fleet capacity (TEU in ’000) 4,587 4,282 4,536 4,235 4,307 Fleet owned (end of period) 318 304 318 304 308 Fleet chartered (end of period) 424 403 424 403 399 Management Review I Segments I Ocean 9 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Total operating costs increased by USD 181m to USD 7.1bn (USD 7.0bn). The increase was driven by the higher network costs excluding bunker and the higher container handling costs, which increased by 16% and 6.6%, respectively; however, the impact was partially offset by a 16% reduction in bunker costs. Bunker costs decreased by 16% to USD 1.6bn (USD 1.8bn), driven by the lower bunker price by 16% to 537 USD/tonne (636 USD/tonne), combined with the reduced bunker consumption by 4.7%, despite the volume increase. Costs relating to the EU Emissions Trading System (ETS) were USD 88m (USD 28m). Excluding the EU ETS effect, bunker costs decreased by 20%. Bunker efficiency improved by 5.5% to 36.3 g/TEUNM (38.4 g/TEUNM). Unit cost at fixed bunker increased by 1.8% to 2,409 USD/FFE (2,367 USD/FFE), driven by the increased costs and partly offset by the higher volumes. Compared to Q1 2025, unit cost at fixed bunker improved by 5.1%, driven by the strong volume growth. The average operated capacity of 4,587k TEU (4,282k TEU) increased by 7.1% in line with the increased demand and Gemini phase-in requirements. The current order book for dual-fuel vessels totalled 31 at the Loaded volumes FFE (’000) Q2 2025 Q2 2024 Change Change % East-West 1,477 1,417 60 4.2% North-South 1,055 999 56 5.6% Intra-regional 698 685 13 1.9% Total 3,230 3,101 129 4.2% Average freight rates USD/FFE Q2 2025 Q2 2024 Change Change % East-West 2,286 2,669 -383 -14.3% North-South 2,927 3,105 -178 -5.7% Intra-regional 1,520 1,435 85 5.9% Total 2,259 2,499 -240 -9.6% Fleet overview, end Q2 2025 Q2 2025 Q4 2024 TEU Own container vessels 2,564 2,440 Chartered container vessels 2,043 1,901 Total fleet 4,607 4,341 Number of vessels Own container vessels 318 308 Chartered container vessels 424 399 Total fleet 742 707 end of Q2 2025, and the fleet consisted of 318 owned and 424 chartered vessels, of which 151k TEU or 3.3% of the fleet were idle (20 vessels). Key initiatives in Q2 In February 2025, Maersk launched the Gemini cooperation, a strategic partnership with Hapag Lloyd, aiming to provide a more reliable and efficient customer experience, by utilising the East-West network. At the beginning of June 2025, the Gemini cooperation was fully phased in and is off to a good start. Within its first months, the Gemini cooperation has consistently exceeded the 90% schedule reliability ambition as measured by Sea Intelligence. Q2 marked a significant milestone in vessel deliveries, with the final two vessels (total of twelve) of the Ane Mærsk class handed over. In addition, Maersk named the first vessel of the 17,480 TEU Berlin Mærsk class. All new vessels are equipped with dual-fuel methanol propulsion, showcasing the continuous com- mitment to decarbonisation. Amid ongoing geopolitical tensions and an uncertain trade environment, Ocean remains committed to delivering strong customer outcomes, while actively exploring opportunities to streamline operations, mitigate risks and optimise costs. Financial review 6M 2025 Ocean delivered an EBIT of USD 972m (USD 309m) amid a dynamic and uncertain environment, due to the higher revenue by USD 1.1bn to USD 17.5bn (USD 16.4bn), driven by an increase in volumes by 2.2%, partly offset by 3.9% lower loaded freight rates, following the downward trend in 2025, compared to the upward trend in 2024. Revenue was positively impacted by the high loaded freight rates at the end of 2024, which benefitted Q1 2025. EBITDA increased by USD 983m to USD 3.3bn (USD 2.4bn), and the EBITDA margin increased by 4.7 percentage points to 19.1% (14.4%). EBIT increased by USD 663m to USD 972m (USD 309m), and the EBIT margin increased by 3.7 percentage points to 5.6% (1.9%) Total operating costs increased by USD 145m to USD 14.1bn (USD 14.0bn), driven by higher network costs excluding bunker and the higher container handling costs, which increased by 8.2% and 5.2%, respectively; however, the increase was mostly offset by the lower bunker cost by 13%, driven by the lower bunker price by 12%, combined with the reduced bunker consumption by 4.0%, despite the increased volumes. Unit cost at fixed bunker increased by 2.1% to 2,471 USD/FFE (2,421 USD/FFE), driven by higher costs at fixed bunker, partially offset by the volume growth. Management Review I Segments I Ocean 10 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Logistics & Services Logistics & Services continued to focus on profitability and finished the second quarter of 2025 by improving the EBIT margin by 1.3 percentage points year-on-year to 4.8% (3.5%), with an improvement of 0.7 percentage points compared to Q1 2025. Gross profit margin for the quarter also increased to 32.5% (30.0%). The year-on-year margin growth was driven by increased profitability and productivity in multiple products across ‘by Maersk’ service models through improving the customer offering and the continuation of overall cost control. Financial and operational performance Revenue increased by 1.0% or USD 36m to USD 3.7bn (USD 3.6bn). Managed by Maersk delivered a year- on-year revenue increase of 6.3%, supported by Transported by Maersk delivering growth of 1.7% year-on- year. Fulfilled by Maersk revenue decreased by 1.7%. Sequentially, revenue improved by 5.2% compared to USD 3.5bn in Q1 2025. Managed by Maersk’s revenue increased by 6.3% or USD 31m to USD 522m (USD 491m), driven by Lead Logistics through upselling value-added services. Supply Chain Management volumes decreased by 8.8% to 26,061k CBM (28,582k CBM), but were offset by higher rates. Revenue decreased by 5.6% compared to Q1 2025. Fulfilled by Maersk’s revenue decreased by 1.7% or USD 24m to USD 1.4bn (USD 1.4bn). The profitability refocusing efforts in Middle Mile and Last Mile in North America are progressing, and Warehousing & E-Fulfilment maintained the momentum year-on-year as a result of new customer wins in 2024, benefitting 2025. Sequentially, revenue increased by 4.8%, primarily driven by Middle Mile improvements. Transported by Maersk’s revenue increased by 1.7% or USD 29m to USD 1.8bn (USD 1.7bn), mainly driven by First Mile, supported by higher volumes by 1.7% of 1,701k FFE (1,672k FFE). Compared to Q1 2025, First Mile volumes increased by 5.9%. Air revenue declined year-on-year due to uncertainties from the macro- environment and the refocusing efforts to improve operational efficiency and margins. Air freight volumes declined by 12% to 74k tonnes (84k tonnes). Revenue improved by 9.2% compared to Q1 2025. Gross profit improved by 9.6% or USD 104m to USD 1.2bn (USD 1.1bn), resulting in a strong gross profit margin of 32.5% (30.0%) with increases across all service models. Gross profit also increased sequentially by 6.4% or USD 72m compared to Q1 2025. EBITDA increased by 20% or USD 71m to USD 419m (USD 348m), and the EBITDA margin was 11.4% compared to 9.6% in Q2 2024. Logistics & Services highlights USD million Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Revenue 3,668 3,632 7,156 7,136 14,920 Direct costs (third-party costs) 2,475 2,543 4,842 5,040 10,385 Gross profit 1,193 1,089 2,314 2,096 4,535 Direct operating expenses 551 557 1,092 1,092 2,258 Selling, General & Administration (SG&A) costs 223 184 420 390 830 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 419 348 802 614 1,447 EBITDA margin 11.4% 9.6% 11.2% 8.6% 9.7% Profit before financial items (EBIT) 175 126 317 180 538 EBIT margin 4.8% 3.5% 4.4% 2.5% 3.6% Invested capital 11,979 11,534 11,979 11,534 11,631 CAPEX 139 159 236 360 803 Operational and financial metrics Managed by Maersk revenue 522 491 1,075 959 2,167 Fulfilled by Maersk revenue 1,385 1,409 2,707 2,832 5,735 Transported by Maersk revenue 1,761 1,732 3,374 3,345 7,018 Supply chain management volumes (CBM in ’000) 26,061 28,582 53,813 55,419 120,137 First Mile volumes (FFE in ’000) 1,701 1,672 3,307 3,323 6,773 Air freight volumes (tonne in ’000) 74 84 143 169 327 Management Review I Segments I Logistics & Services 11 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 EBIT increased by 39% or USD 49m to USD 175m (USD 126m), and the EBIT margin increased to 4.8% (3.5%). Managed by Maersk’s margins increased, mainly driven by Lead Logistics and Cold Chain Logistics. Fulfilled by Maersk’s margins also improved year-on-year, mainly driven by Warehousing & E-Fulfilment and Middle Mile. Transported by Maersk’s margins improved year-on-year with good profitability progress in First Mile. Compared to Q1 2025, EBIT improved by USD 33m, and the EBIT margin improved by 0.7 percentage points. Key initiatives in Q2 Logistics & Services continued executing its operational improvement strategy in Q2 2025, focusing on targeted turnaround initiatives and cost optimisation. Contract Logistics achieved a sequential EBIT improvement with double- digit revenue growth while implementing facility optimisation programmes to reduce operational costs and improve asset utilisation. Amid challenging market conditions, including tariff impacts and regulatory changes, Logistics & Services remains focused on operational efficiency, cost optimisation and delivering sustainable profitability improve- ments through disciplined execution of controllable initiatives. Financial review 6M 2025 Revenue increased by USD 20m to USD 7.2bn (USD 7.1bn), driven by Managed by Maersk’s increase by USD 116m and offset by a decrease in Fulfilled by Maersk by USD 125m. Transported by Maersk maintained relatively similar revenue levels as the prior year with growth of 0.9%. EBITDA increased by 31% to USD 802m (USD 614m), driven by cost control. EBIT increased by 76% to USD 317m (USD 180m), driven by most products and supported by commercial progress and continued cost control, resulting in an EBIT margin of 4.4% (2.5%). Management Review I Segments I Logistics & Services 12 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Terminals Q2 2025 represented another strong quarter, where Terminals delivered record-high volume and revenue. Volume increased by 9.9% with strong demand across the entire portfolio. Accordingly, utilisation increased by 9.9 percentage points to 86% (76%) with a number of terminals operating near maximum capacity. As a result, the EBIT margin improved by 2.9 percentage points to 35.3% (32.4%). Financial and operational performance Revenue increased by 20% to USD 1.3bn (USD 1.1bn), driven by higher volume, improved tariffs and higher storage revenue. Volume grew by 9.9% with strong uplift across all regions. Volume from Ocean increased by 29% and volume from external customers increased by 0.9%. The disproportional growth in internal volume versus external is driven by Ocean’s transition from the old 2M alliance to the new East-West net- work (Gemini cooperation). Utilisation increased to 86% (76%) due to the increase in volume, with several terminals operating close to maximum capacity. Revenue per move increased by 8.9% to USD 360 (USD 330), driven by improved tariffs, an increase in storage revenue and improved terminal mix. Revenue per move (like-for-like) increased by 8.0%, driven by improved tariffs and higher storage revenue. Cost per move increased by 12% to USD 278 (USD 247) due to labour inflation, increasing congestion, SG&A and a negative terminal mix impact, partly offset by the impact of higher utilisation. Cost per move (like-for-like) increased by 8.1% with the impact of significant labour inflation being partly outweighed by the positive impact from higher utilisation. At fixed foreign exchange rates, volume mix and portfolio mix, revenue per move improved by 8.0% and cost per move increased by 8.1%. EBITDA increased by 12% to USD 458m (USD 408m) due to improved utilisation and higher storage revenue. Compared to Q1 2025, EBITDA increased by USD 14m despite a sequential decrease in storage revenue. The EBITDA margin decreased to 35.0% (37.5%) due to the increasing labour cost. EBIT increased by 31% to USD 461m (USD 353m) due to the higher EBITDA and higher results from joint ventures and associated companies. ROIC (LTM average) increased to 15.4% (12.2%). The strong performance has mitigated the adverse impact of the around USD 1bn increase in invested capital as a result of the Port Elizabeth concession extension, which was signed in Q2 2025. As ROIC is calculated as LTM average, the full effect of the extension will not be reflected for another 10 months. Terminals highlights USD million Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Revenue 1,307 1,089 2,538 2,088 4,465 Concession fees (excl. capitalised lease expenses) 106 87 205 170 347 Labour costs (Blue collar) 387 315 746 609 1,290 Other operational costs 193 143 379 288 658 Selling, General & Administration (SG&A) and other costs, etc. 163 136 306 265 569 Total operating costs 849 681 1,636 1,332 2,864 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 458 408 902 756 1,601 EBITDA margin 35.0% 37.5% 35.5% 36.2% 35.9% Profit before financial items (EBIT) 461 353 855 653 1,329 EBIT margin 35.3% 32.4% 33.7% 31.3% 29.8% Invested capital 9,405 7,887 9,405 7,887 7,930 CAPEX 141 135 267 262 580 Operational and financial metrics Volumes – financially consolidated (moves in ’000) 3,584 3,260 6,910 6,328 13,095 Ocean segment 1,348 1,043 2,433 2,028 4,200 External customers 2,236 2,217 4,477 4,300 8,895 Revenue per move – financially consolidated (USD) 360 330 362 327 337 Cost per move – financially consolidated (USD) 278 247 277 250 258 Result from joint ventures and associated companies 154 82 248 170 327 Management Review I Segments I Terminals 13 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 CAPEX increased to USD 141m (USD 135m), driven by the construction of the new terminals in Suape, Brazil, and Rijeka, Croatia, and the expansion of the terminal in Lazaro Cardenas, Mexico, offset by lower moderni- sation costs in the USA. In North America, volume increased by 11%, primarily driven by significant growth in Los Angeles, USA, and Lazaro Cardenas, Mexico, partly offset by weaker volume in Port Elizabeth and Mobile, USA. Utilisation increased by 6.2 percentage points to 82% (76%). In Latin America, volume increased by 20%, driven by Callao, Peru, Buenos Aires, Argentina, and Pecem, Brazil. Utilisation increased by 19 percentage points to 96% (77%) with some terminals operating above design capacity. In Europe, volume increased by 4.7%, driven by Vado, Italy and Aarhus, Denmark. Utilisation increased by 6.3 percentage points to 82% (76%). In Africa, volume increased by 12%, driven by Apapa and Onne, Nigeria. Utilisation increased by 15 percent- age points to 73% (58%). In Asia, volume increased by 6.3%, driven by Mumbai, India, and Aqaba, Jordan, which was heavily impacted by the Red Sea situation in 2024. Utilisation increased by 9.5 percentage points to 90% (80%). Results from joint ventures and associated companies The share of profits in joint ventures and associated companies increased by 88% to USD 154m (USD 82m), primarily driven by the recognition of a deferred tax asset and strong volume in both West Africa and Santos, Brazil. Key initiatives in Q2 In Haiphong, Vietnam, APM Terminals, together with its strategic partner Hateco Group, celebrated the grand opening of the Hateco Haiphong International Container Terminal (HHIT). The terminal, developed through the strategic partnership between Hateco Group and APM Terminals, provides two new deep-water berths capable of accommodating vessels of up to 18,000 TEU at Lach Huyen Port in Haiphong City. In Lazaro Cardenas, Mexico, APM Terminals acquired six state-of-the-art electric ARMG cranes. This acquisition is part of the terminal’s Phase II expansion, for which APM Terminals has invested USD 165m to date. The expansion includes increasing the terminal area by 65 hectares and doubling its annual capacity to 2.2m TEU, and highlights APM Terminals’ commitment to driving Mexico’s economic growth and transitioning towards more sustainable port operations. Financial review 6M 2025 Revenue increased by 22% to USD 2.5bn (USD 2.1bn), driven by a 9.2% increase in volume, improved tariffs and higher storage revenue. Capacity utilisation increased to 83% (73%). Revenue per move increased by 11% to USD 362 (USD 327), mainly driven by improved tariffs, storage revenue and improved terminal mix, partially offset by an unfavourable foreign exchange rate impact. Cost per move increased by 10% to USD 277 (USD 250) due to labour inflation, other costs, one-offs and revenue-driven concession fees, partly offset by higher utilisation and positive foreign exchange rate impact. EBITDA increased to USD 902m (USD 756m), driven by higher volume and higher storage revenue. EBIT increased to USD 855m (USD 653m), driven by the higher EBITDA and results from joint ventures and associated companies due to the recognition of a deferred tax asset. Q2 2025 Q2 2024 Growth % North America 1,018 919 10.8% Latin America 697 580 20.1% Europe 751 717 4.7% Africa 189 169 11.7% Asia 929 875 6.3% Total 3,584 3,260 9.9% 1 Financially consolidated. Regional volume 1 Moves (’000) Management Review I Segments I Terminals 14 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Financials Condensed income statement Condensed statement of comprehensive income Note Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 1 Revenue 13,130 12,771 26,451 25,126 55,482 1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,298 2,144 5,008 3,734 12,128 Depreciation, amortisation and impairment losses, net 1,651 1,481 3,271 2,999 6,220 Gain on sale of non-current assets, etc., net 25 208 80 215 222 Share of profit in joint ventures and associated companies 173 92 281 190 369 1 Profit before financial items (EBIT) 845 963 2,098 1,140 6,499 Financial items, net -111 13 66 164 317 Profit before tax 734 976 2,164 1,304 6,816 Tax 95 143 318 263 584 Profit for the period 639 833 1,846 1,041 6,232   Of which:   Non-controlling interests 53 35 98 66 123 A.P. Møller - Mærsk A/S’ share 586 798 1,748 975 6,109   Earnings per share, USD 38 51 113 62 387 Diluted earnings per share, USD 38 51 112 62 387 Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Profit for the period 639 833 1,846 1,041 6,232   Translation from functional currency to presentation currency 389 -39 566 -285 -447 Reclassified to income statement, gain on sale of non-current assets, etc., net - 1 - 6 5 Cash flow hedges 134 -19 179 -60 -82 Tax on other comprehensive income -2 1 7 -3 24 Share of other comprehensive income of joint ventures and associated companies, net of tax -4 - -4 2 -3 Total items that have been or may be reclassified subsequently to the income statement 517 -56 748 -340 -503  Other equity investments -11 4 -28 3 -60 Actuarial gains/losses on defined benefit plans, etc. -2 - -2 8 19 Tax on other comprehensive income - - 2 - 1 Total items that will not be reclassified to the income statement -13 4 -28 11 -40  Other comprehensive income, net of tax 504 -52 720 -329 -543  Total comprehensive income for the period 1,143 781 2,566 712 5,689  Of which:   Non-controlling interests 63 55 113 62 112 A.P. Møller - Mærsk A/S’ share 1,080 726 2,453 650 5,577 Financials I Interim consolidated financial statements Q2 2025 15 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million Condensed balance sheet at 30 June Note 30 June 2025 30 June 2024 31 December 2024 Intangible assets 10,512 9,916 9,824 Property, plant and equipment 29,739 27,130 28,245 Right-of-use assets 11,928 9,839 10,605 2 Financial non-current assets, etc. 4,660 4,264 4,586 Deferred tax 426 348 365 Total non-current assets 57,265 51,497 53,625 Inventories 1,571 1,640 1,601 2 Receivables, etc. 22,071 19,553 24,313 Securities 749 - 1,580 Cash and bank balances 6,204 8,055 6,575 Assets held for sale - - 3 Total current assets 30,595 29,248 34,072 Total assets 87,860 80,745 87,697 Note 30 June 2025 30 June 2024 31 December 2024 3 Equity attributable to A.P. Møller - Mærsk A/S 55,983 52,079 56,917 Non-controlling interests 1,086 1,047 1,030 Total equity 57,069 53,126 57,947 Lease liabilities, non-current 9,728 8,035 8,728 Borrowings, non-current 3,861 4,889 4,539 Other non-current liabilities 2,359 2,561 2,560 Total non-current liabilities 15,948 15,485 15,827 Lease liabilities, current 2,938 2,564 2,684 Borrowings, current 1,163 511 526 Other current liabilities 10,742 9,059 10,713 Total current liabilities 14,843 12,134 13,923 Total liabilities 30,791 27,619 29,750 Total equity and liabilities 87,860 80,745 87,697 Financials I Interim consolidated financial statements Q2 2025 16 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million Condensed cash flow statement Cash and bank balances include USD 1.0bn (USD 928m at 31 December 2024) relating to cash and bank balances in countries with exchange control or other restrictions. These funds are not readily available for general use by the parent company or other subsidiaries. Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Profit before financial items 845 963 2,098 1,140 6,499 Non-cash items, etc. 1,545 1,112 3,039 2,618 5,878 Change in working capital -332 -260 -175 -734 -311 Cash flow from operating activities before tax 2,058 1,815 4,962 3,024 12,066 Taxes paid -199 -189 -337 -303 -658 Cash flow from operating activities 1,859 1,626 4,625 2,721 11,408 Purchase of intangible assets and property, plant and equipment (CAPEX) -1,278 -904 -2,676 -1,610 -4,201 Sale of intangible assets and property, plant and equipment 57 280 112 324 466 4 Acquisition of subsidiaries and activities -674 -1 -674 -8 -8 Sale of subsidiaries and activities - 8 - 22 28 Acquisition of joint ventures and associated companies -10 - -10 -1 -21 Sale of joint ventures and associated companies - - - 51 51 Dividends received 35 57 72 112 371 Sale of other equity investments - - - - 3 Financial investments etc., net 1,549 -45 3,827 1,186 -4,614 Cash flow from investing activities -321 -605 651 76 -7,925 Repayment of/proceeds from borrowings, net -531 637 -543 1,730 1,462 Repayments of lease liabilities -1,014 -742 -1,815 -1,491 -3,051 Financial payments, net 149 224 462 473 732 Financial expenses paid on lease liabilities -181 -144 -347 -283 -611 Purchase of treasury shares -514 - -842 -443 -556 Dividends distributed -350 -310 -2,547 -1,333 -1,333 Dividends distributed to non-controlling interests -28 -20 -55 -45 -110 Other equity transactions -4 -13 7 -34 -33 Cash flow from financing activities -2,473 -368 -5,680 -1,426 -3,500 Net cash flow for the period -935 653 -404 1,371 -17 Cash and cash equivalents, beginning of period 7,092 7,381 6,543 6,730 6,730 Currency translation effect on cash and bank balances 11 -32 29 -99 -170 Cash and cash equivalents, end of period 6,168 8,002 6,168 8,002 6,543 Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Cash and cash equivalents Cash and bank balances 6,204 8,055 6,204 8,055 6,575 Overdrafts 36 53 36 53 32 Cash and cash equivalents, end of period 6,168 8,002 6,168 8,002 6,543 Financials I Interim consolidated financial statements Q2 2025 17 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million Condensed statement of changes in equity A.P. Møller - Mærsk A/S Note Share capital Translation reserve Reserve for other equity investments Reserve for hedges Retained earnings Total Non- controlling interests Total equity Equity 1 January 2025 2,870 -1,290 126 -79 55,290 56,917 1,030 57,947 Other comprehensive income, net of tax - 552 -27 185 -5 705 15 720 Profit for the period - - - - 1,748 1,748 98 1,846 Total comprehensive income for the period - 552 -27 185 1,743 2,453 113 2,566 Dividends to shareholders - - - - -2,549 -2,549 -58 -2,607 Value of share-based payments - - - - 12 12 - 12 Sale of non-controlling interests - - - - - - 1 1 3 Purchase of treasury shares - - - - -857 -857 - -857 3 Sale of treasury shares - - - - 7 7 - 7 Total transactions with shareholders - - - - -3,387 -3,387 -57 -3,444 Equity 30 June 2025 2,870 -738 99 106 53,646 55,983 1,086 57,069 Equity 1 January 2024 3,186 -1,148 189 -19 51,822 54,030 1,060 55,090 Other comprehensive income, net of tax - -211 3 -65 -52 -325 -4 -329 Profit for the period - - - - 975 975 66 1,041 Total comprehensive income for the period - -211 3 -65 923 650 62 712 Dividends to shareholders - - - - -1,191 -1,191 -44 -1,235 Value of share-based payments - - - - 15 15 - 15 Acquisition of non-controlling interests - - - - -14 -14 -19 -33 3 Purchase of treasury shares - - - - -416 -416 - -416 3 Sale of treasury shares - - - - 5 5 - 5 Capital increases and decreases -316 - - - 316 - 15 15 Distribution of shares in Svitzer to shareholders of A.P. Møller - Mærsk A/S - 224 - - -1,216 -992 -27 -1,019 Other equity movements - - - - −8 −8 - −8 Total transactions with shareholders -316 224 - - -2,509 -2,601 -75 -2,676 Equity 30 June 2024 2,870 -1,135 192 -84 50,236 52,079 1,047 53,126 Financials I Interim consolidated financial statements Q2 2025 18 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million Note 1 Segment information Ocean Logistics & Services Terminals Unallo- cated items 1 Elimina- tions Consoli- dated total Q2 2025 External revenue 8,098 3,798 941 293 - 13,130 Inter-segment revenue 474 -130 366 78 -788 - Total revenue 8,572 3,668 1,307 371 -788 13,130 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,443 419 458 -15 -7 2,298 Profit before financial items (EBIT) 229 175 461 -24 4 845 Key metrics: Invested capital 32,918 11,979 9,405 327 -10 54,619 CAPEX 964 139 141 25 9 1,278 Ocean Logistics & Services Terminals Unallo- cated items 1 Elimina- tions Consoli- dated total Q2 2024 External revenue 7,960 3,715 835 261 - 12,771 Inter-segment revenue 410 -83 254 76 -657 - Total revenue 8,370 3,632 1,089 337 -657 12,771 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,407 348 408 -23 4 2,144 Profit before financial items (EBIT) 470 126 353 8 6 963 Key metrics: Invested capital 29,930 11,534 7,887 226 -14 49,563 CAPEX 578 159 135 29 3 904 1 Following the demerger of Svitzer in Q2 2024, the Towage & Maritime Services segment is no longer separately reported. The remaining businesses in Towage & Maritime Services and the contribution from Svitzer until its demerger are reported under Unallocated items. Ocean Logistics & Services Terminals Unallo- cated items 1 Elimina- tions Consoli- dated total 6M 2025 External revenue 16,478 7,467 1,902 604 - 26,451 Inter-segment revenue 1,004 -311 636 126 -1,455 - Total revenue 17,482 7,156 2,538 730 -1,455 26,451 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 3,346 802 902 -34 -8 5,008 Profit before financial items (EBIT) 972 317 855 -46 - 2,098 Key metrics: Invested capital 32,918 11,979 9,405 327 -10 54,619 CAPEX 2,132 236 267 36 5 2,676 Ocean Logistics & Services Terminals Unallo- cated items 1 Elimina- tions Consoli- dated total 6M 2024 External revenue 15,543 7,285 1,591 707 - 25,126 Inter-segment revenue 836 -149 497 133 -1,317 - Total revenue 16,379 7,136 2,088 840 -1,317 25,126 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,363 614 756 -5 6 3,734 Profit before financial items (EBIT) 309 180 653 -8 6 1,140 Key metrics: Invested capital 29,930 11,534 7,887 226 -14 49,563 CAPEX 903 360 262 71 14 1,610 Financials I Interim consolidated financial statements Q2 2025 19 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million Segment Types of revenue Q2 2025 Q2 2024 6M 2025 6M 2024 12M 2024 Ocean Freight revenue 7,287 7,279 14,866 13,994 32,684 Other revenue, including hubs 1,285 1,091 2,616 2,385 4,704 Logistics & Services Managed by Maersk 522 491 1,075 959 2,167 Fulfilled by Maersk 1,385 1,409 2,707 2,832 5,735 Transported by Maersk 1,761 1,732 3,374 3,345 7,018 Terminals Terminal services 1,307 1,089 2,538 2,088 4,465 Unallocated activities and eliminations Towage 1 - 77 - 304 304 Sale of containers and spare parts 189 98 362 184 490 Other shipping activities 22 27 41 54 113 Other services 129 110 263 254 537 Unallocated activities and eliminations -757 -632 -1,391 -1,273 -2,735 Total revenue 13,130 12,771 26,451 25,126 55,482 Timing of revenue recognition Recognised over time 12,240 12,002 24,638 23,515 52,308 Recognised at a point in time 1,647 1,401 3,204 2,884 5,909 Unallocated activities and eliminations -757 -632 -1,391 -1,273 -2,735 Total revenue 13,130 12,771 26,451 25,126 55,482 Note 2 Term deposits and other receivables Receivables, etc. amount to USD 22.1bn (USD 24.3bn at 31 December 2024) and consist primarily of term deposits with a maturity of more than three months, amounting to USD 12.9bn (USD 15.9bn at 31 December 2024) and EU allowances (EUAs) amounting to USD 151m (USD 163m at 31 December 2024). Financial non-current assets, etc. primarily consist of prepayments made for operational activities that will be utilised after 12 months of USD 1.6bn (USD 1.9bn at 31 December 2024). 1 Revenue from Svitzer is included in Towage until demerger in Q2 2024. Note 1 Segment information – continued Financials I Interim consolidated financial statements Q2 2025 20 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million All shares are fully issued and paid up. One A share of DKK 1,000 holds two votes. B shares have no voting rights. The share buy-back programme is carried out with the purpose to adjust the capital structure of the company. Shares not used for hedging purposes for the long-term incentive programmes are to be proposed cancelled at the Annual General Meetings. The disposals of treasury shares are related to the share option plan and the restricted shares plan. From 7 February 2025 to 30 June 2025, A.P. Møller - Mærsk A/S bought back as treasury shares 48,443 B shares with a nominal value of DKK 48m from A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond, which is considered a related party. The dividend for 2024 of DKK 1,120 per share of DKK 1,000, a total of DKK 17.4bn, equivalent to USD 2.5bn excluding treasury shares was declared at the Annual General Meeting on 18 March 2025. Of this, USD 2.2bn was paid to shareholders on 21 March 2025, and withholding tax of USD 350m was paid during Q2 2025. Payment of dividends to shareholders does not trigger taxes for the Group. A-shares of B-shares of Nominal value DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million 1 January 2024 10,106,940 212 7,462,590 158 17,570 3,186 Conversions 3 -6 18 -36 - - Cancellations 350,555 - 1,390,218 - 1,741 316 30 June 2024 9,756,388 206 6,072,390 122 15,829 2,870 1 January 2025 9,756,388 206 6,072,390 122 15,829 2,870 30 June 2025 9,756,388 206 6,072,390 122 15,829 2,870 No. of shares of DKK 1,000 Nominal value DKK million % of share capital Treasury shares 2025 2024 2025 2024 2025 2024 A shares 1 January - 306,636 - 307 0.00% 1.75% Additions 73,906 43,919 74 44 0.47% 0.25% Cancellations - 350,555 - 351 0.00% 2.00% 30 June 73,906 - 74 - 0.47% 0.00%  B shares  1 January 120,307 1,279,120 120 1,279 0.76% 7.28% Additions 418,711 174,723 419 175 2.64% 1.03% Cancellations - 1,390,218 - 1,390 0.00% 7.91% Disposals 13,367 10,514 13 11 0.08% 0.06% 30 June 525,651 53,111 526 53 3.32% 0.34% Note 3 Share capital Development in the number of shares: Development in the holding of treasury shares: Financials I Interim consolidated financial statements Q2 2025 21 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million Note 5 Commitments The total commitments across segments of USD 7.4bn (USD 8.6bn at 31 December 2024) are related to investments in dual- fuel vessels, commitments towards terminal concession grantors and EU allowances (EUAs) future contracts. Note 6 Accounting policies, judgements and significant estimates The interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The accounting policies, judgements and significant estimates are consistent with those applied in the Annual Report 2024, except for the Amendments to IAS 21 on Lack of exchangeability. In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, which introduced requirements to assess when a currency is exchangeable into another currency and when it is not. The amendments had been adopted by the EU in November 2024. The amendments have had no material effect on the interim financial statements. Note 4 Acquisitions of subsidiaries Acquisitions during 6M 2025 Panama Canal Railway Company (Ocean) On 1 April 2025, the Group acquired 100% of the shares in Panama Canal Railway Company (PCRC) from Canadian Pacific Kansas City Limited and the Lanco Group/Mi-Jack. PCRC operates a 76-km single-line railway adjacent to the Panama Canal, mainly facilitating cargo movement between the Atlantic and Pacific Oceans. The acquisition will allow the Group to offer a broader range of services related to intermodal container movement to its global shipping customers. The total purchase price paid in cash amounts to USD 687m, of which USD 659m relates to intangible assets, primarily concession rights, and USD 13m to assumed cash and bank balances. Other assets acquired include property, plant and equipment, and deposits. The liabilities acquired primarily relate to debt and trade payables. From the acquisition date to 30 June 2025, PCRC contributed with revenue of USD 17m and an insignificant net profit. Had the acquisition occurred on 1 January 2025, the impact on the Group’s revenue would have been USD 30m. The net profit impact to the Group would have been insignificant. Acquisition-related costs of USD 5m have been recognised as operating costs in the income statement of the Ocean segment and as cash flow from operating activities in the cash flow statement. The accounting for the business combination is considered provisional as at 30 June 2025, subject to finalisation of the valuation of intangible assets. Acquisitions during 6M 2024 No material acquisitions took place during 6M 2024. Financials I Interim consolidated financial statements Q2 2025 22 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million The Board of Directors and the Executive Board have today discussed and approved the Interim Report of A.P. Møller - Mærsk A/S for the period 1 January 2025 to 30 June 2025. The Interim Report has not been audited or reviewed by the company’s independent auditors. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. In our opinion, the interim consolidated financial statements (pp. 15-22) give a true and fair view of A.P. Moller - Maersk’s consoli dated assets, liabilities and financial position at 30 June 2025 and of the results of A.P. Moller - Maersk’s con solidated operations and cash flows for the period 1 January 2025 to 30 June 2025. Furthermore, in our opinion, the Management Review (pp. 3-14) includes a fair review of the development in A.P. Moller - Maersk’s operations and financial conditions, the results for the period, cash flows and financial position as well as a description of the most significant risks and uncertainty factors that A.P. Moller - Maersk faces, relative to the disclosures in the Annual Report for 2024. Management’s statement Management Review I Management’s statement 23 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Copenhagen, 7 August 2025 Executive Board Vincent Clerc CEO Patrick Jany CFO Board of Directors Robert Mærsk Uggla Chair Marc Engel Vice Chair Bernard L. Bot Marika Fredriksson Thomas Lindegaard Madsen Amparo Moraleda Kasper Rørsted Allan Thygesen Julija Voitiekute Xavier Urbain Quarterly summary 2025 2024 Income statement Q2 Q1 Q4 Q3 Q2 Q1 Revenue 13,130 13,321 14,594 15,762 12,771 12,355 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 2,298 2,710 3,597 4,797 2,144 1,590 Depreciation, amortisation and impairment losses, net 1,651 1,620 1,651 1,570 1,481 1,518 Gain/loss on sale of non-current assets, etc., net 25 55 -9 16 208 7 Share of profit in joint ventures and associated companies 173 108 113 66 92 98 Profit before financial items (EBIT) 845 1,253 2,050 3,309 963 177 Financial items, net -111 177 204 -51 13 151 Profit before tax 734 1,430 2,254 3,258 976 328 Tax 95 223 144 177 143 120 Profit for the period 639 1,207 2,110 3,081 833 208 A.P. Møller - Mærsk A/S’ share 586 1,162 2,085 3,049 798 177 Underlying profit 1 614 1,152 2,165 3,097 623 210 Balance sheet Total assets 87,860 86,965 87,697 84,942 80,745 81,598 Total equity 57,069 56,455 57,947 56,497 53,126 53,373 Invested capital 54,619 51,591 50,564 50,846 49,563 50,430 Net interest-bearing debt -2,454 -5,206 -7,373 -5,634 -3,563 -3,092 Cash flow statement Cash flow from operating activities 1,859 2,766 4,415 4,272 1,626 1,095 Repayments of lease liabilities -1,014 -801 -784 -776 -742 -749 CAPEX -1,278 -1,398 -1,650 -941 -904 -706 Cash flow from financing activities -2,473 -3,207 -1,043 -1,031 -368 -1,058 Free cash flow -373 806 2,163 2,705 397 -151 1 For definition of terms, see page 25. 2025 2024 Financial ratios Q2 Q1 Q4 Q3 Q2 Q1 Revenue growth 2.8% 7.8% 24.3% 30.0% −1.7% −13.0% EBITDA margin 17.5% 20.3% 24.6% 30.4% 16.8% 12.9% EBIT margin 6.4% 9.4% 14.0% 21.0% 7.5% 1.4% Cash conversion 81% 102% 123% 89% 76% 69% Return on invested capital after tax (ROIC) (last 12 months) 13.7% 14.3% 12.3% 7.4% 2.0% 3.2% Equity ratio 65.0% 64.9% 66.1% 66.5% 65.8% 65.4% Underlying ROIC 1 (last 12 months) 13.7% 13.9% 12.0% 7.0% 1.5% 2.8% Underlying EBITDA 1 2,298 2,710 3,595 4,798 2,143 1,597 Underlying EBITDA margin 1 17.5% 20.3% 24.6% 30.4% 16.8% 12.9% Underlying EBIT 1 818 1,199 2,104 3,322 756 174 Underlying EBIT margin 1 6.2% 9.0% 14.4% 21.1% 5.9% 1.4% Stock market ratios Earnings per share, USD 38 74 133 193 51 11 Diluted earnings per share, USD 38 74 132 193 51 11 Cash flow from operating activities per share, USD 121 177 280 271 103 69 Share price (B share), end of period, DKK 11,775 11,985 11,905 11,260 12,105 8,994 Share price (B share), end of period, USD 1,850 1,733 1,668 1,691 1,736 1,305 Total market capitalisation, end of period, USD 28,068 26,638 25,698 26,027 26,992 20,349 Management Review I Quarterly summary 24 A.P. Moller - Maersk Interim Report Q2 | 7 August 2025 Amounts in USD million A A.P. Moller - Maersk (Maersk) A.P. Moller - Maersk or Maersk is referred to as the consoli dated group of companies and A.P. Møller - Mærsk A/S as the parent company. C CAPEX Cash payments for intangible assets and property, plant and equipment, excluding acquisitions and divestments. Cash conversion Cash flow from operating activities to EBITDA. Cash flow, operating activities per share Maersk’s operating cash flow from continuing operations divided by the number of shares of DKK 1,000 each, excluding Maersk’s holding of treas- ury shares. CBM Cubic metre, the freight volume of the shipment for domestic and inter- national freight. It’s calculated by multiplying the width, height and length of the shipment. Cost per move (Terminals) Includes cost (EBITDA less revenue less other income), depreciation and excludes IFRIC12 construction cost, divided by quay lifting moves. D Dual-fuel vessel A dual-fuel vessel is a ship equipped with engines capable of operating on both conventional fuels (e.g. marine diesel or heavy fuel oil) and a type of green fuel as an alternative fuel (e.g. green methanol or liquefied biomethane). Dual-fuel methanol vessel/ methanol- capable vessel Refers to a vessel equipped with engines capable of running on both conventional fuels (e.g. marine diesel or heavy fuel oil) and methanol as an alternative fuel. E EBIT Earnings Before Interest and Taxes. EBITDA Earnings Before Interest, Taxes, Depreciation and Amortisation. Equity ratio Calculated as equity divided by total assets. F First Mile volumes (FFE in ‘000) (Logistics & Services) Previously known as intermodal volumes includes intermodal, barge, rail and truck- ing drayage moves from manufacturing to port and port to warehouse. FFE Forty Foot container Equivalent unit. Free cash flow (FCF) Cash flow from operating activities, purchase/sale of intangible assets and property, plant and equip ment, dividends received, repayments of lease liabilities, financial payments and financial expenses paid on lease liabilities. G Green fuels Refers to fuels with low to very low green- house (GHG) gas emissions over their life- cycle compared to fossil reference fuels. Different green fuels achieve different lifecycle reductions depending on their production pathway. ‘Low’ refers to fuels with a life cycle GHG reduction of 60-80% compared to fossil fuels and ‘very low’ refers to fuels with a lifecycle GHG reduc- tion of 80-95% compared to fossil fuels. Gross profit The sum of revenue, less variable costs and loss on debtors. I Invested capital Segment operating assets less segment operating liabilities, including invest- ments and deferred taxes related to the operation. IAS International Accounting Standards. L Loaded freight rate (Ocean) Average freight rate per FFE for all the Maersk containers loaded in the period in either Maersk Line vessels or third parties (excluding intermodal). Loaded volumes (Ocean) Loaded volumes refer to the number of FFEs loaded on a shipment which is loaded on first load at vessel departure time excluding displaced FFEs. N Net interest-bearing debt (NIBD) Equals interest-bearing debt, including lease liabilities, fair value of derivatives hedging the under lying debt, less cash and bank balances as well as other interest-bearing assets. R Return on invested capital after tax (ROIC) Profit/loss before financial items for the year (EBIT) less tax on EBIT divided by the average invested capital, last twelve months. Revenue per move (Terminals) Includes terminal revenue excluding IFRIC 12 construction revenue, divided by quay lifting moves. T TEU Twenty-foot container Equivalent Unit. Time charter Hire of a vessel for a specified period. Total market capitalisation Total number of shares – excluding A.P. Møller - Mærsk A/S’ holding of treasury shares – multiplied by the end-of-year price quoted by Nasdaq Copenhagen. U Underlying EBITDA Underlying EBITDA is earnings before interest, taxes, depre ciation and amor tisation adjusted for re structuring and integration costs. Underlying EBIT Underlying EBIT is operating profit before interest and taxes adjusted for restructuring and integration costs, net gains/losses from sale of non-current assets and net impairment losses. Underlying profit/loss Underlying profit/loss is profit/loss for the year from continuing operations adjusted for net gains/losses from sale of non- current assets, etc., and net impairment losses as well as trans- action, restructuring and inte gration costs related to major trans actions. The adjust ments are net of tax and include Maersk’s share of mentioned items in joint ventures and associated companies. Underlying ROIC Underlying profit/loss before financial items for the year (EBIT) less tax on EBIT divided by the average invested capital, last twelve months. Unit cost, fixed bunker (USD per FFE incl. VSA income) (Ocean) Cost per FFE assuming a bunker price of USD 550/tonne excluding intermodal but including hubs and time charter income. Hamburg Süd is not excluding intermodal. V VSA A vessel sharing agreement is usually reached between various partners within a ship ping consortium who agree to operate a liner service along a specified route using a specified number of vessels. Technical terms, abbreviations and definitions of key figures and financial ratios. Definition of terms Management Review I Definition of terms 25 A.P. 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