Results were in line with the previous year despite significant geopolitical uncertainty
AP Moller-Maersk (Maersk) achieved strong results in the second quarter with revenue growth of 2.8% and EBIT reaching US$ 845mn.
While down sequentially, Maersk results were in line with the previous year despite significant geopolitical uncertainty and continued rate pressure. The performance was driven by continued strong results in Terminals, volume growth in Ocean and increased profitability in Logistics & Services and further supported by continued operational improvements and ongoing cost discipline in all business segments
“As our customers navigate these complex challenges, we remain committed to helping them build stronger and more adaptable supply chains, making sure they are ready to not just weather disruption, but to grow through it,” stated Vincent Clerc, CEO, Maersk.
Volatility
Ocean delivered good results in a quarter marked by significant volatility in demand and rates. Volumes grew 4.2% compared to the same quarter last year, mainly driven by exports out of Asia, with freight rates picking up in the quarter, while still being under pressure both sequentially and compared to previous year.
Logistics & Services continued to focus on operational efficiency and delivering sustainable profitability improvement. EBIT increased by 39% to US$ 175mn and EBIT margin was 4.8%, up from 3.5% in the same quarter last year. The margin growth was driven by strong cost discipline and increased productivity.
It was another strong quarter in Terminals with record-high volumes and revenue. Volumes increased 9.9% and were supported by the successful phase-in of the Gemini cooperation adding more Maersk Ocean volumes to the Terminals business.
EBIT increased by 31% to US$ 461mn driven primarily by strong operational and joint venture performance. ROIC increased to 15.4%, up from 12.2% in the same quarter last year.
