Maersk (MAERSK) Q1 2026 earnings summary

Executive summary

• Strong volume growth across all segments, with Ocean volumes up 9% year-over-year, driven by Asian exports, despite ongoing rate pressure and a volatile environment.

• EBITDA and EBIT fell to $1.8B and $340M, respectively, due to lower Ocean rates, partially offset by strong volume growth.

• Revenue declined 2.6% year-over-year to $13B, mainly from an 8.2% drop in Ocean revenue, while Logistics & Services and Terminals saw increases.

• Middle East conflict required operational adjustments but had limited financial impact in Q1 due to delayed revenue and cost recognition.

• Guidance for 2026 maintained, reflecting business resilience and adaptability amid industry overcapacity and geopolitical risks.

Financial highlights

• Q1 2026 revenue was $12.97B, down 2.6% year-over-year; EBITDA fell 35% to $1.75B; EBIT dropped 73% to $340M.

• Net profit for the period was $100M, down from $1.2B in Q1 2025.

• Free cash flow was negative $874M, impacted by lower earnings and unfavorable working capital movements.

• Ended Q1 with $18.4B in cash and deposits, net cash position of $1.3B.

• $1.3B returned to shareholders via dividends and buybacks.

Outlook and guidance

• 2026 guidance unchanged: underlying EBITDA $4.5B–$7B, EBIT $-1.5B to $1B, free cash flow $-3B or better.

• Global container volume growth expected at 2%–4%, with company growth in line with market.

• CapEx guidance for 2025–2026 and 2026–2027 set at $10B–$11B each period.

• Guidance range reflects industry overcapacity and uncertainty around Red Sea/Strait of Hormuz reopening.

• Sensitivities: +/- $1B EBIT for every $100/FFE change in freight rates.