Danish shipping group A.P. Moller – Maersk closed 2025 at the top end of its financial guidance, but the results point to a clear shift in where value is now being generated inside the group. While terminals delivered record earnings, profitability in ocean shipping deteriorated sharply towards the end of the year, highlighting the growing gap between operational performance and financial returns in a normalised and increasingly volatile container market.
Maersk reported full‑year revenue of USD 54.0bn, down from USD 55.5bn in 2024, while EBIT fell to USD 3.5bn from USD 6.5bn a year earlier. Despite this decline, the group emphasised resilience, operational discipline and high asset utilisation. A closer reading of the figures shows that this resilience relied increasingly on terminals and inland infrastructure, as freight rate pressure continued to erode margins at sea.
| Business segment | 2025 revenue change | 2025 volume change | EBIT margin / result (2025) | Key note |
|---|---|---|---|---|
| Ocean | n/a | +4.9% | Q4 EBIT: –USD 153m | High reliability, margins under pressure |
| Terminals | +20% | +8.4% (Q4) | ~30% EBIT margin | Record earnings, profit anchor |
| Logistics & Services | n/a | n/a | EBIT margin ~4.9% (Q4) | 7th consecutive quarter of improvement |
Source: A.P. Moller – Maersk annual results and company overview, 2025.
Terminals and inland infrastructure take centre stage
Maersk’s terminals business delivered its strongest financial performance on record in 2025, emerging as the group’s main profit anchor. Segment revenue rose by 20% year on year to USD 5.3bn, driven by record container volumes, improved pricing and higher storage income.
In the fourth quarter alone, terminal volumes increased by 8.4%, with Europe playing a major role. Volume growth of around 9% was reported across European terminals, supported by activity at Vado in Italy and Aarhus in Denmark, as well as the official launch of the Rijeka Gateway terminal in Croatia. The division achieved a return on invested capital of 16.1%, well above its long‑term target of 9%.
Even after accounting for impairments in Europe and a write‑down in Asia, EBIT margins in the terminals segment remained just above 30%. The figures underline how port infrastructure and inland connectivity are becoming central to value creation in global supply chains. Unlike ocean transport, terminals benefit from steady throughput, storage demand and congestion‑related revenues, making them less exposed to freight rate volatility. For Europe, where port capacity and hinterland connections are recurring constraints, the results reinforce the growing economic weight of terminals within integrated logistics groups.
Ocean reliability no longer guarantees profitability
The contrast with Maersk’s ocean business is stark. Container volumes in the segment grew by 4.9% in 2025, broadly in line with the global market, while the full phase‑in of the Gemini Cooperation in June helped lift schedule reliability to more than 90% on average, setting a new benchmark for operational performance.
Financially, however, the segment came under heavy pressure as freight rates fell in an oversupplied market. This tension became particularly visible in the final quarter of the year, when ocean EBIT slipped into negative territory at USD –153m. That compares with a profit of USD 567m in the previous quarter and USD 1.6bn in the same period a year earlier.
The results illustrate a structural shift in container shipping. High reliability and network efficiency have become baseline expectations for customers, while excess capacity limits carriers’ ability to translate service quality into sustainable margins. For European shippers and forwarders, this helps explain why service levels can improve even as carriers’ financial performance weakens.
Indicative comparison of profitability signals across Maersk’s business segments in 2025. Source: A.P. Moller – Maersk annual results and company overview, 2025.
Logistics & Services improves, but remains a work in progress
Maersk’s Logistics & Services segment continued its gradual improvement in 2025, with revenue reaching USD 15.1bn and profitability improving year on year for the seventh consecutive quarter by the end of the year. In the fourth quarter, EBIT stood at USD 194m, supported primarily by warehousing and e‑fulfilment activities.
Despite this progress, Maersk acknowledged that the segment has not yet reached its full potential. To address this, the group announced a reorganisation of its logistics portfolio into three sub‑segments: Landside, Forwarding and Solutions. Landside activities will be managed locally at country level, while Forwarding and Solutions will operate as global product organisations.
The restructuring reflects a push for clearer accountability and closer alignment with industry practice as Maersk continues to expand beyond ocean transport into integrated logistics services.
Cost pressure returns to the forefront
Alongside operational improvements, Maersk signalled a renewed focus on cost discipline. The group announced plans to reduce annual corporate overheads by USD 180m, involving the closure of around 1,000 positions, equivalent to roughly 15% of its corporate workforce across headquarters, regions and countries.
The move underlines the cautious tone underpinning the results. While terminals delivered record earnings, weaker shipping margins and an uncertain market environment have prompted the company to prioritise productivity improvements and organisational simplification.
Geopolitics and rising European carbon costs
Geopolitical disruption remained a defining feature of 2025. Continued security risks in the Red Sea forced Maersk to maintain vessel re‑routing around the Cape of Good Hope, increasing sailing distances, fuel consumption and total greenhouse gas emissions.
For Europe, the cost impact of decarbonisation became more tangible. Maersk’s expenses related to the EU Emissions Trading System nearly doubled year on year, rising from USD 161m in 2024 to USD 316m in 2025. Despite longer routes, the group improved its ocean energy efficiency to a record low of 10.8 gCO₂ per tonne‑nautical mile, reflecting gains from network design and operational measures.
A volatile outlook for 2026
Looking ahead, Maersk expects global container demand to grow by 2–4% in 2026, with the group expanding broadly in line with the market. The guidance is based on the assumption of a gradual reopening of the Red Sea during the year, alongside continued industry overcapacity.
