A.p. Møller - Mærsk A/s Stock Earnings Reports

Key points for investors: Maersk reported Q1 2026 results with strong volume growth across most regions but materially lower ocean freight rates due to industry overcapacity. Group revenue was $13 billion, EBITDA $1.8 billion and EBIT $340 million; free cash flow was negative $874 million. Management kept full-year guidance unchanged: container market growth 2%–4%, underlying EBITDA $4.5bn–$7bn, underlying EBIT between -$1.5bn and +$1.0bn, and free cash flow of -$3bn or better. The Middle East conflict caused operational disruptions (suspended transits through the Strait of Hormuz and halted Red Sea reopening) but had limited Q1 P&L impact because of revenue/cost recognition timing; however, higher bunker costs are an ongoing headwind. Management estimates roughly $0.5 billion of incremental bunker-related cost per month and is implementing commercial measures (surcharges, bunker formulas) and operational responses (modular Gemini network, potential slow steaming) to recover these costs. Ocean benefited from Gemini: higher asset turns, 96% vessel utilization and a 7% year-on-year unit cost reduction at fixed energy. Logistics & Services showed continued margin improvement (eighth consecutive quarter) and 9% revenue growth; terminals delivered solid growth and a ~16% ROIC. Balance sheet remains strong with $18.4 billion cash/deposits and modest net cash of $1.3 billion after dividends and buybacks. Key risks: persistent elevated bunker prices, industry capacity overhang (large orderbook/deliveries in 2027–28), and potential demand softening that could pressure short-term pricing/EBITDA.