Posted on February 11, 2025
Copenhagen, Denmark – A.P. Moller – Maersk reports strong financial results for 2024 with growth across all segments and significantly improved profitability with EBIT increasing 65% to USD 6.5 billion. Results were driven by higher container demand and elevated freight rates in Ocean, top line and volume growth in Terminals and solid improvements in most Logistics & Services products. Given the strong results and the strength of the balance sheet, the Board of Directors proposes a dividend of DKK 1,120/share and also separately announced the initiation of a share buy-back programme of up to around USD 2bn to be executed over a period of 12 months.
Profitability in Ocean improved compared to the previous year supported by a significant increase in freight rates reflecting the situation in the Red Sea and strong volume demand. High utilization and cost discipline ensured that Ocean operations were streamlined and able to tackle uncertainties. Operational costs were stable year-on-year, offsetting the increased costs and additional bunker consumption of re-routing the network south of the Cape of Good Hope.
Logistics & Services demonstrated resilience in 2024 with momentum building steadily each quarter culminating in volume growth, higher revenue and improved EBIT margin compared to 2023. Revenue grew 7% supported by solid growth in Warehousing, Air and First Mile product categories while profitability benefitted from progress in most products.
Terminals delivered its best ever financial results in 2024 with EBITDA and EBIT reaching record highs. This was driven by significant top line growth due to strong volumes along with inflation-offsetting tariffs increases, a better customer and product mix, and higher storage revenue.
Financial Guidance
Guidance is based on the expectation that global container volume growth in 2025 will be around 4% and Maersk will grow in line with the market. For the purpose of the financial guidance, Maersk assumes that the Red Sea re-opens mid-year for the low end of the guidance, and re-opens at year-end for the high-end. Maersk’s outlook for 2025 is subject to considerable macroeconomic uncertainties impacting container volume growth and freight rates.
Total shareholder return
Maersk returned USD 1.6bn to shareholders during 2024 through dividends and share buy-backs. The demerger and spin-off of Svitzer returned USD 1.1bn to shareholders through a dividend in-kind.
In February 2024, the Board of Directors decided to suspend the share buy-back programme, with a re-initiation to be reviewed once market conditions in Ocean are settled. The Board of Directors has decided to initiate a share buy-back programme of up to DKK 14.4bn (around USD 2bn), to be executed over a period of 12 months.
Highlights for the year
Sensitivity guidance
Financial performance for A.P. Moller – Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2025 for four key assumptions are listed below:
About Maersk
A.P. Moller – Maersk is an integrated logistics company working to connect and simplify its customers’ supply chains. As a global leader in logistics services, the company operates in more than 130 countries and employs around 100,000 people. Maersk is aiming to reach net zero greenhouse gas (GHG) emissions by 2040 across the entire business with new technologies, new vessels, and reduced GHG emissions fuels.
