“We delivered strong results compared to the same quarter last year, driven by momentum in our operational efficiency and a global economy in good shape for the first three months. With trade tensions flaring up and uncertainty rising, global supply chains are again in the spotlight," says Vincent Clerc, CEO of Maersk.

Clerc added they are happy to be able to put the full strength of their product offering at their customers’ disposal.

"From the most reliable Ocean network to one of the best lead logistics and customs support teams, we are pulling every lever to help them make the best decisions for their business. At the same time, we are doubling down on the work underway on automation and cost management to remain fit for what lies ahead. These efforts give us the confidence to deliver a result aligned with our guidance communicated in February,” added Clerc.

Ocean saw improved profitability compared to the same quarter last year due to higher rates and stable volumes, with an EBIT of USD 743m, while the sequential decrease was as anticipated. Utilisation remained high and costs were stable due to continued focus on optimisation. The new East-West network, which was launched in February, is on track to deliver on the reliability ambition and cost efficiencies once fully phased in. 

The EBIT margin in Logistics & Services improved compared to the first quarter of last year and reached 4.1% driven by multiple products and the continued focus on costs and productivity. Revenue from freight management services grew 18% compared to the same quarter last year, driven by Project Logistics. Ongoing operational improvements in fulfilment services also contributed significantly. 

Terminals continued its great performance, driven by strong volume growth, higher revenue per move, and increased storage revenue. Costs were under control through automation and increased capacity utilization. Return on invested capital (ROIC) increased to 14.5%.

Financial guidance

Maersk maintains its full-year 2025 guidance of underlying EBITDA of USD 6-9bn, underlying EBIT of USD 0-3bn, and free cash flow of at least negative USD 3.0bn. Given the increased macroeconomic and geopolitical uncertainty, the global container market volume growth has been revised to -1% to 4%. Maersk expects to grow in line with the market. The disruption in the Red Sea is expected to continue throughout the rest of the year.