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1、A.P.Mller-Mrsk A/SQ1 2025Investor PresentationForward-lookingstatementsThis 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.Mller-Mrsk A/S(APMM),may cause actual developments and re

2、sults to differ materially from the expectations contained in this presentation.Comparative figuresUnless 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 2025highlightsHighli

3、ghts Q1 2025Q1 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 inc

4、rease 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 macroecon

5、omic and geopolitical uncertainty Red Sea disruption expected to last for the full year Full-year 2025 underlying EBIT guidance of USD 0 to 3bn maintainedAPMM Q1 2025 Financial Results5Logistics&ServicesTracking positivelyEBIT margin on track at 4.1%reflecting improved business performanceMargin upl

6、ift from operational improvements in Middle Mile and Last Mile as well as productivity gainsRevenue stable with volume growth across most products while Air and Middle Mile rebased to focus on marginsHighlights Q1 2025Operational improvements and proactive cost measuresDeclining rate environment as

7、expectedUtilisation of 92%following normal seasonality Gemini network launched successfully with early reliability results in line with expectations cost saving expectations unchangedOceanSolid profitabilityTerminalsExcellent performanceExcellent quarter with ROIC of 14.5%driven by strong volumes,an

8、d increased storage income leading to higher revenue per moveStrong asset utilisation at 79%Continued progress on automation and operational efficiencies136348-1617431.9%4.8%28.5%45.4%19.9%-2.0%8.3%USDmQ119Q1202,700Q1217,072Q1221,969Q123Q124Q125EBITEBIT Margin1.1%2.0%6.8%6.4%3.9%1.5%4.1%USDm17Q11929

9、Q120139Q121183Q122135Q12354Q124142Q125EBITEBIT MarginUSDm15416223941220730039418.4%Q11921.9%Q12026.1%Q12136.4%Q122(1)23.6%Q12330.0%Q12432.0%Q125EBITEBIT margin5.3%5.4%7.4%12.5%11.9%11.9%11.3%14.5%ROIC(LTM)ROIC ex.Russiaimpair.(LTM)1)Q1 22 figures exclude Russia impairment.SegmentKPITargets(1)LTMAPMM

10、Return on invested capital(ROIC)(LTM)Every year 7.5%14.3%Return on invested capital(ROIC)(Average)Average 2021-25 12.0%29.9%(2)OceanEBIT margin under normalised conditionsAbove 6%14.7%Execute with the existing fleet size 4.1-4.3m TEU4.4mLogistics&ServicesOrganic revenue growth Above 10%6.9%EBIT marg

11、in Above 6%4.2%TerminalsReturn on invested capital(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 2025.20212025Continued strategic progress amidincreasingly volatile externalenvironmentIR to

12、 updateMarket driversDescriptionEstimated impact on supply(TEUs)as at Feb 25Latest viewas at early May 25Supply-sideNew industry deliveriesin 2025 TEU capacity increase+2mUnchangedPotential Red Sea re-opening TEU capacity release from shorter route/lower TEU miles+1.5m to+2.0m(1)UnlikelyPotential co

13、ngestion followingre-opening Port congestion from vessels arriving simultaneouslyShort-termonlyUnlikelyOther supply-side drivers Scrapping,idling,slow steaming etc.-2.0m to-1.5mUnchangedDemand-sideStrong market demand Strong demand on back of 2024 continuing into 2025-1.5m to-1.0mMore uncertain7APMM

14、 Q1 2025 Financial Results1)5-6%of total global capacity in 2024.View on supply-demand imbalance remains unchanged,with delay of Red Sea re-opening vs more uncertain market demandLevel of uncertainty for rest of year has increased as a result of tariffs and continued trade tensions but so far largel

15、y US centricAPMM Q1 2025 Financial Results8Strengthening performance allows us to support customers in new ways New solutions to fit current circumstances Lead Logistics helping flex supply chain(both on sourcing and speed)Bonded solutions at destination Customs services advising how to comply with

16、tariffs changes Continued focus on cost management and productivity to protect and enhance margin Continued sales focus to secure growth in a slowing marketLogistics&ServicesGemini is offering an increased amount of flexibility China-US volumes(5%of total)have dropped 30-40%in April as customers wai

17、t and see how tariff situation resolves itself Rest of world(95%of total)continues with unchanged level of demand Modular network allows to swap capacity from lower to higher demand without disruption on reliability Cost synergies can be realized irrespective of China-US weak demand Low order book l

18、imits exposure from protracted trade tensionsOceanFacing uncertainties from a position of strength Geographically diversified portfolio Strong cost performance and operational excellenceTerminalsMaersk is well positioned to weather challenges ahead9 APMM now expects global container volume growth in

19、 a range of-1%to 4%in 2025,given the increased macroeconomic and geopolitical uncertainty.APMM expects to grow in line with the market Red Sea disruption expected to last for the full year Considering these factors APMM reiterates its outlook for the full-year 2025:Underlying EBITDA of USD 6bn to 9b

20、nUnderlying EBIT of USD 0bn to 3bnFree cash flow(FCF)of USD-3bn or higher Unchanged CAPEX guidance of USD 10.0-11.0bn in 2024-2025 and USD 10.0-11.0bn in 2025-2026USDbnFY25 guidance Underlying EBITDA6-9Underlying EBIT0-3FCF-3 or higherCapex(cumulative)2024-202510.0-11.02025-202610.0-11.0APMM Q1 2025

21、 Financial ResultsNote:APMMs outlook for 2025 is subject to considerable macroeconomic and geopolitical uncertainties impacting container volume growth and freight rates.Highlights2025 financial guidance unchangedQ1 2025Financial reviewInsert presentation title via Header&FooterFinancial reviewSolid

22、 delivery in the first quarter11 Sequentially,Ocean profitability down as expected given declining rates,L&S flat with continued operational progress,excellent Terminals performance Quarterly profitability increased year-on-year with EBIT reaching USD 1.3bn(margin:9.4%)compared to USD 177m in the pr

23、evious year(margin:1.4%)Free cash flow increased significantly to USD 806m,given higher profitability and supported by good working capital development in the quarter Net profit after tax of USD 1.2bn USD 2.5bn(USD 1.5bn)distributed to shareholders through dividends and share buy-backs.Total cash an

24、d deposits stood at USD 22.3bn with net cash of USD 5.2bn,higher than previous year(USD 3.1bn)Significant increase in return on invested capital(LTM)to 14.3%supported by strong earnings in the second half of last yearAPMM Q1 2025 Financial ResultsUSDmQ1 25Q4 24Q1 24Revenue13,32114,59412,355EBITDA 2,

25、7103,5971,590EBITDA margin20.3%24.6%12.9%EBIT 1,2532,050177EBIT margin9.4%14.0%1.4%Net profit1,2072,110208NIBD-5,206-7,373-3,092ROIC(LTM)14.3%12.3%3.2%Financial reviewStrong free cash flow significant dividend and share buy-back in Q112Operational cash flow of USD 2.8bn,driven mainly by EBITDA of US

26、D 2.7bnCash conversion of 102%for the quarterFree cash flow of USD 806m after gross capex of USD 1.4bn,primarily from Ocean investments,and capitalized lease instalments,also mainly related to OceanDividend of USD 2.2bn paid in March and share buy-back of USD 328mCash flow bridge for Q1 25,USDmAPMM

27、Q1 2025 Financial Results2,766806531-1,500-1,000-50001,0001,5002,0002,5003,000500-2,000-2,552Dividends and share buy-backs02,289Financial investments and others,netFree cash flow-12Repayment of/proceeds from borrowings,netNet cash flowSale proceeds and dividends received92147Gross capexFinancial pay

28、ments,net-1,398Capitalized lease instalments-801Cash flow from operationsAcquisitions,netFirst quarter 2025Ocean13Development in EBIT(USDm)and EBIT margin(%)Volumes stable YoY(+0.1%)but down QoQ(-6.5%)Freight rates 2.5%higher YoY while lower QoQ as expected as rate erosion continued Utilisation of 9

29、2%,following normal seasonality with schedule reliability up YoY Substantial YoY growth in profitability with EBIT at USD 743m(margin:8.3%)while sequentially down 54%following the rate glide path Capex increased YoY in line with guidance,reflecting first installments on vessel orders announced in 20

30、24 as well as equipment renewalAPMM Q1 2025 Financial Results-1,00001,0002,0003,000-15%0%15%30%Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24 Q4 24Q1 25EBITEBIT marginUSDmQ1 25Q4 24QoQ%Q1 24YoY%Revenue8,9109,902-10%8,00911%EBITDA 1,9032,821-33%95699%EBITDA margin21.4%28.5%-7.1pp11.9%9.5ppEBIT 7431,600-54%-161N

31、MEBIT margin8.3%16.2%-7.9pp-2.0%10.3ppGross capex1,1681,244-6%325NMFirst quarter 2025Ocean|EBITDA benefitted from higher freight rates,lower bunker prices and revenue recognitionAPMM Q1 2025 Financial Results149561,9032281501246955001,0001,50002,000USDmEBITDA Q1 24Freight rate effect(1)1Volume effec

32、tBunker priceContainer handling cost3Network cost exl.Bunker priceOther revenue,SG&A,net FX impacts and others(2)EBITDA Q1 25Volumes up by+0.1%Loaded freight rates up by+2.5%Bunker price down at USD 569/tonneDriven by higher Terminal and Empty costsDriven mainly by timing effect of rates and higher

33、Detention&Demurrage revenue1)Shows volume revenue impact net of volume-driven costs.2)Includes revenue recognition and bunker hedges.First quarter 2025Ocean|Increased freight rates,stable volumes and costs15APMM Q1 2025 Financial Results Average freight rates increased by 2.5%YoY but continued the d

34、eclining trajectory since July 2024 peak as a result of increasing supply Operating costs excluding bunker increased by 2.9%.Unit cost at fixed bunker increased by 2.5%to 2,539 USD/FFE.Bunker costs decreased 11%driven by lower prices and consumption Average operated fleet capacity was 6.9%higher YoY

35、,reaching 4.5m TEUs.Capacity utilisation was 92%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 yearOcean KPIsQ1 25Q4 24QoQ%Q1 24YoY%Average freight rate(USD/FFE)2,4272,659-8.7%2,3682.5%Unit cost,fixed bunker(USD/FFE

36、)2,5392,4314.4%2,4782.5%Average operated capacity(000 TEU)4,4774,3951.9%4,1876.9%Loaded volumes(000 FFE)2,9313,134-6.5%2,9280.1%Long/short-term rate product share(1)Q1 252025eLong-term(3 months)50%51%Short-term(3 months)50%49%1)New Ocean product classifications concern rate validity of terms and con

37、ditions 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.First quarter 2025Logistics&Services16Development in E

38、BIT(USDm)and EBIT margin(%)Revenue stable(-0.5%)based on volume growth across most products in particular Customs and Warehousing and E-Fulfilment Offset by rebasing of Middle Mile and Last Mile in North America and Air Sequentially stable EBIT margin supported by continued progress in Middle Mile Y

39、oY EBIT margin improvement driven by multiple products and continued focus on cost and productivityUSDmQ1 25Q4 24QoQ%Q1 24YoY%Revenue3,4883,891-10%3,504-0.5%Gross Profit1,1211,226-8.6%1,00711%EBITDA 383402-4.7%26644%EBITDA margin11%10%0.7pp7.6%3.4ppEBIT 142158-10%54163%EBIT margin4.1%4.1%0.0pp1.5%2.

40、6ppGross capex97232-58%201-52%APMM Q1 2025 Financial Results05010015020001%2%3%4%5%6%Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25EBITEBIT marginFirst quarter 2025Logistics&Services|Profitable growth in Managed by Maersk17Revenue|USDmKey productsQ1 25Q1 24YoY%Managed byMaerskLead LogisticsProject Lo

41、gisticsCustom ServicesCold Chain Logistics55346818%Fulfilled byMaerskWarehousingMiddle MileLast MileE-Fulfilment1,3221,423-7.1%Transported by MaerskLandside TransportationAirLCL1,6131,6130%Total Logistics&Services3,4883,504-0.5%APMM Q1 2025 Financial Results Freight Management revenue increased by U

42、SD 85m to USD 553m(18%)and EBITA margin increased to 21.0%(17.3%).Increases driven by Custom Services,Project Logistics and Cold Chain Logistics Fulfilment Services revenue decreased by USD 101m to USD 1.3bn(-7.1%)and EBITA margin improved to-2.5%(-6.2%).Margin improvements mainly driven by Warehous

43、ing and refocusing Middle Mile Transport Services revenue was on par with Q1 24 USD 1.6bn(0%)and EBITA margin was 6.4%(6.5%)First quarter 2025Terminals18Development in EBIT(USDm)and EBIT margin(%)Revenue increased by 23%to USD 1.2bndriven by 8.4%higher volume and a significantly improved revenue per

44、 move Revenue per move increased by 13%(14%like-for-like)driven by higher storage revenue and rate increases Cost per move increased by 8.5%(+6.2%like-for-like)driven by significant labour cost adjustments partly offset by higher utilisation ROIC(LTM)increased to 14.5%(11.3%)CAPEX of USD 126m(USD 12

45、7m)largely unchangedAPMM Q1 2025 Financial ResultsUSDmQ1 25Q4 24QoQ%Q1 24YoY%Revenue1,2311,1943.1%99923%EBITDA 4444215.5%34828%EBITDA margin36.1%35.3%0.8pp34.8%3.5ppEBIT 39433817%30031%EBIT margin32.0%28.3%3.7pp30.0%2.0ppGross capex126158-20%127-0.8%0%5%10%15%20%25%30%35%0100200300400Q123Q223Q323Q42

46、3Q124Q224Q324Q424Q125EBITEBIT marginFirst quarter 2025Terminals|Strong performance driven by an improved top line19APMM Q1 2025 Financial Results34844450142050100150200250300350400450500550USDmEBITDA Q124VolumeRevenue per move-81Cost per move-15FX,exits and othersEBITDA Q1258.4%increase,driven by No

47、rth America,Latin America and EuropeIncrease in storage revenue,rate increases and improved terminalmixHigher labour costs and revenue-driven concession feesQuestions and answersTo ask a question,please press“*1”Reminder:ONE question per turnFinal remarks Solid delivery,with continued operational im

48、provements 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 uncertai

49、nty Well positioned to weather challenges aheadIR to updateAppendix23Fully implement Gemini to reach 90%+schedule reliabilityContinue to bring down unit costAchieve volume growth in line with marketEnable Gemini network through world-class hub terminalsGrow in line with market on existing portfolioE

50、xpand portfolio through new concessionsAchieve 6%EBIT margin Continue growth trajectory from 2024Maintain recovery momentum in Fulfilled by Maersk by further improving operations and profitabilityContinued focus on productivity and costsLogistics&ServicesTerminalsOceanAPMM Q1 2025 Financial ResultsH

51、ighlightsWe carry on with our strategic priorities for 2025Financial highlights Q1 202524APMM Q1 2025 Financial ResultsRevenue EBITDAEBITCAPEXInvested Capital USD millionQ1 25Q1 24YoY%Q1 25Q1 24YoY%Q1 25Q1 24YoY%Q1 25Q1 24YoY%Q1 25Q1 24YoY%Ocean8,9108,00911%1,90395699%743-161NM1,168325259%31,64729,4

52、557.4%Logistics&Services3,4883,504-0.5%38326644%14254163%97201-52%11,682 11,3782.7%Terminals1,23199923%44434828%39430031%126127-1%8,086 7,7993.7%Unallocated activities and eliminations,etc.-308-157NM-2020-200%-26-16NM753-87%1761,798(1)-90.2%A.P.Moller-Maersk consolidated13,32112,3557.8%2,7101,59070%

53、1,253177608%1,39870698%51,59150,4302.3%1)Includes Svitzer demerged via spin-off in April 2024.Consolidated financial information25Income statement(USDm)Q1 25Q1 24FY24Revenue13,32112,35555,482EBITDA 2,7101,59012,128EBITDA margin 20.3%12.9%21.9%Depreciation,impairments etc.1,6201,5186,220Gain on sale

54、of non-current assets,etc.,net557222Share of profit in joint ventures and associates10898369EBIT1,2531776,499EBIT margin9.4%1.4%11.7%Financial items,net177151317Profit/loss before tax1,4303286,816Tax223120584Profit/loss for the period1,2072086,232Key figures and financials(USDm)Q1 25Q1 24FY24Profit/

55、loss for the period1,2072086,232Gain/loss on sale of non-current assets etc.,net-55-7-222Impairment losses,net.1-374Transaction and integration cost-75Tax on adjustments-156Underlying profit/loss 1,1522106,095Earnings per share(USD)7411387Lease liabilities(IFRS 16)11,85110,34511,412Net interest-bear

56、ing debt-5,206-3,092-7,373Invested capital51,59150,43050,564Total Equity(APMM total)56,45553,37357,947Total market capitalisation26,63820,34925,698APMM Q1 2025 Financial ResultsConsolidated financial information26Cash flow statement(USDm)Q1 25Q1 24FY24Profit/loss before financial items1,2531776,499N

57、on-cash items,etc.1,4941,5065,878Change in working capital157-474-311Taxes paid-138-114-658Cash flow from operating activities(CFFO)2,7661,09511,408CAPEX-1,398-706-4,201Repayments of lease liabilities-801-749-3,051Financial expenses paid on lease liabilities-166-139-611Financial payments,net31324973

58、2Sale proceeds and dividends received9299837Free cash flow(FCF)806-1515,114Acquisitions,net(incl.sales)-5750Dividends and share buy-backs-2,552-1,491-1,999Repayments of/proceeds from borrowings,net-121,0931,462APMM Q1 2025 Financial ResultsBalance sheet and capital allocation27Debt&cash position(USD

59、m)Q1 25Q4 24Q1 24Borrowings5,1885,0655,418Lease liabilities11,85111,41210,345Other78172114Total gross debt 17,11716,64915,877Cash and bank balances7,1286,5757,365Short term deposits(1)13,41015,86711,604Securities1,7851,580-Total cash and deposits22,32324,02218,969Net interest-bearing debt-5,206-7,37

60、3-3,092APMM Q1 2025 Financial Results1)Under“Receivables,etc.”on balance sheet(see note 2“Term deposits and other receivables”in quarterly report).IR Contact Information&Financial CalendarStefan GruberHead of Investor Relations+45 3363 3484Mikkel JohansenSenior Investor Relations Officer+45 2330 295

61、0Ken Taro MadsenSenior Investor Relations Officer+45 6052 9195Emilie Lillevang BechInvestor Relations Officer+45 4217 6675Charlotte Singerholm Gert HansenInvestor Relations Coordinator+45 2296 3322E-mail:IRWebpage:Investor Relations ContactsShare InformationMarketNasdaq CopenhagenShare classesA:Two votes per shareB:No voting rightsSectorIndustrialsSegmentLargeFinancial Calendar7 August 2025Q2 2025 Interim Report6 November 2025Q3 2025 Interim Report13 November 2025Capital Markets Day