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A.P . Møller - Mærsk A/S Q3 2026 Investor Presentation FOR FINAL CHECK – ENSURE THINK-CELL CHARTS USE “,” for thousand separator
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Forward-looking statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of A.P. Møller - Mærsk A/S (APMM), may cause actual developments and results to differ materially from the expectations contained in this presentation. Comparative figures Unless otherwise stated, all comparisons refer to y/y changes. Unless otherwise stated, all figures in parentheses refer to the corresponding figures for the same period prior year. All figures in USD unless otherwise stated.
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Q3 2026 highlights .
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Highlights Q3 2026 Strong quarter with revenue growth across all segments 4 • Excellent results in Ocean driven by East Asia exports and high spot rates − Resilient demand, trade imbalance and typhoons in Asia contributed to congestion in key locations • Good momentum in Logistics & Services with continued growth • Continued strong performance in Terminals and investing for growth • EBITDA and EBIT of USD 4.7bn and USD 3.3bn, driven by higher spot rates in Ocean • Higher earnings leading to free cash flow of USD 2.4bn, showing progressive improvement through the year • Guidance upgraded: − Based on container market volume growth: About 4% (unchanged) − Underlying EBIT: USD 8.0-8.5bn − FCF: Greater than USD 3bn Macro and segments Financials Outlook APMM Q3 2026 Financial Results
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Highlights Q3 2026 Highlights by segment 5 Ocean Logistics & Services Terminals • High spot rates sustained throughout quarter • Ocean volume growth constrained by congestion and capacity • Investing in new vessels − 26 vessels of ~19k TEU announced in Sep ’26 • Strong growth momentum continues • Continued improvement in operational performance leads to strong EBIT performance • Ongoing focus on filling Warehousing whitespace in Solutions • Record revenue driven by existing base and opening of new location • High utilisation and continued strong delivery • Record EBITDA and also EBIT when Q3 ’25 adjusted for one-off APMM Q3 2026 Financial Results
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Highlights Q3 2026 Ocean | Update on 2026 strategic priorities Priority Status Grow • High utilisation (96%) now maintained for three quarters • Investment in fleet to capture growth Protect high asset turn • Congestion weighed on asset turn • Return to Suez expected to mitigate congestion impact Profitability • Higher spot rates from congestion giving upside • Higher bunker cost recovered through surcharges on contracts and spot rates • Bunker consumption savings from Red Sea return, typhoon disruption and network efficiencies 6APMM Q3 2026 Financial Results
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7 Current market conditions 0 1,500 2,000 2,500 Jan-26 Apr-26 3,500 Jul-26 4,000 Oct-26 3,000 Index 1000 (Oct ’09) +123% +13%Resilient third quarter demand Strong recovery post Golden Week with demand bounce-back and high utilisation Growing trade imbalance with head-haul > back-haul growth Underlying congestion due to landside under- investment worsened by recent Asian typhoons Q1 earnings release (May 7th) Q2 earnings release (Aug 13th) Resilient demand and congestion have driven rates up Spot rate development (SCFI Comprehensive) Struc- tural factors (longer- term) Current market demand (short- term) Highlights Q3 2026 Ocean | Resilient demand continues to support rates Continued strong demand supports full-year 2026 earnings guidance upgrade YTD QoQ APMM Q3 2026 Financial Results
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Highlights Q3 2026 Logistics & Services | Update on 2026 strategic priorities Priority Status Improve growth • Strong revenue growth of 13% driven around two thirds by volume growth and one third price • Prices supported by elevated rates due to fuel surcharges in e.g. First Mile • Landbridge solutions mitigated disruption Accelerate margin improvement • EBIT margin at 5.8% reflecting YoY improvement, most notably in First Mile, Air and Project Logistics • Margin down YoY in Solutions – Warehousing whitespace being addressed to improve margin and driving sequential improvement APMM Q3 2026 Financial Results 8
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Highlights Q3 2026 Logistics & Services | Strengthening PUMA’s US distribution network Description • Contract won with PUMA to manage 3 highly automated distribution centres in US • Sites fulfill for wholesale, PUMA own stores and end-consumers • Total floor space of 2.3m sqft Customer value proposition • Automation – Improve efficiency and reduce costs using existing floor space • Fast fulfillment – Automation and parcel integration support later cut-offs and quicker dispatch • Growth capacity – High-density storage supports SKU growth and peak demand
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Highlights Q3 2026 Terminals | Update on 2026 strategic priorities 10 Priority Status Grow through existing and new locations • Good revenue growth of 5% driven by higher revenue per move and ramp-up of new location in Rijeka, Croatia • Middle East situation impacting volume growth in Bahrain Terminal despite high utilisation in rest of portfolio • Investment into new capacity continues with new terminal in Suape, Brazil beginning operations in Sep ’26 Maintain long-term profitability • Continued strong ROIC of 13.8% moderated by growth investments APMM Q3 2026 Financial Results
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Description Delivery of new APMT terminal at Suape in Pernambuco, Brazil Strategic rationale • Connects growing logistics and industrial hub in Northeast Brazil to global markets • Expands Brazil’s port network beyond South and South-East regions Key facts & figures • USD 350m+ investment with fully- electric equipment and automation • 400k TEU (265k moves)(1) initial annual throughput capacity, representing >50% increase in port container capacity • Significant economic contribution with creation of >43k jobs Highlights Q3 2026 Terminals | Delivery of Latin America’s first fully electric container terminal by APMT Suape, Brazil 11APMM Q3 2026 Financial Results APMT Suape Brazil (1) Assuming TEU factor of 1.5.
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Q3 2026 Financial review .
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Q3 2026 Ocean drives significant earnings growth and USD 2.4bn free cash flow 13APMM Q3 2026 Financial Results Revenue 18.1bn (14.2bn) Profit for period 3.0bn (1.1bn) FCF 2.4bn (771m) NIBD -3.2bn (-2.6bn) ROIC (LTM) 8.5% (9.6%) P&L Cash and returns USD EBITDA 4.7bn (2.7bn) EBIT 3.3bn (1.3bn) Cash and deposits 20.6bn (20.9bn) Note: Prior corresponding period figures in parentheses.
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Q3 2026 Strong cash generation despite higher working capital 14 • Unfavourable NWC movement mainly due to receivables from higher Ocean rates • Lower cash conversion of 93% impacted by increase in net working capital (vs 97% for Q3 ’25) • Gross CAPEX of USD 1.2bn in line with annual guidance • Capital returns to shareholders of USD 249m relating to share buy-back APMM Q3 2026 Financial Results 4,710 1,000 2,000 3,000 4,000 5,000 0 2,389 Free cash flow 75 Gross CAPEX -1,163 Capitalised lease instalments -888 Operating cash flow 4,364 Taxes paid 207 -159 (Inc) / dec in NWC -394 Add back: Non-cash items EBITDA USDm Other
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Q3 2026 Ocean • Loaded freight rates up 46% driven by higher spot rates from strong demand and tighter market capacity • Volumes slightly down 0.8% YoY, driven by congestion and capacity constraint • Increase in unit cost at fixed energy of 4.8% driven by higher costs from congestion and lower volumes • Q3 EBIT up significantly by USD 2.0bn YoY to USD 2.6bn • CAPEX in line with annual guidance USDm Q3 ’26 Q2 ’26 Q3 ’25 Revenue 12,577 10,526 9,177 EBITDA 3,699 2,041 1,787 EBITDA margin 29.4% 19.4% 19.5% EBIT 2,591 935 567 EBIT margin 20.6% 8.9% 6.2% Gross CAPEX 835 663 897 567 -153 -192 935 2,591 USDm 6.2 % Q3 ’25 -1.8 % Q4 ’25 -2.3 % Q1 ’26 8.9 % Q2 ’26 20.6 % Q3 ’26 EBIT EBIT margin Rate product share Q3 ’26 2026e Long-term (> 3 months) 47% 46% 15 Q3 ’26 YoY QoQ Loaded volumes (000’s FFE) 3,370 -0.8% 0.3% Average loaded freight rate (USD per FFE) 3,287 46% 20%
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Q3 2026 Logistics & Services 16 • Strong revenue growth of 13% • EBIT margin up 0.3p.p. at 5.8% – Driven by top-line growth, cost control, productivity and efficiency gains – Margin improvements in Landside and Forwarding segments – Continued focus on Solutions to improve margin APMM Q3 2026 Financial Results USDm Q3 ’26 Q2 ’26 Q3 ’25 Segment revenue Forwarding 929 839 778 Solutions 1,332 1,233 1,215 Landside 2,435 2,301 2,182 Total revenue(1) 4,488 4,222 3,983 EBITDA 519 468 468 EBITDA margin 11.6% 11.1% 11.7% EBIT 259 217 218 EBIT margin 5.8% 5.1% 5.5% Gross CAPEX 150 116 141 218 194 173 217 259 5.5 % 4.9 % 4.6 % 5.1 % 5.8 %USDm Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 EBIT EBIT margin (1) Net of eliminations.
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Q3 2026 Logistics & Services | Continued good performance in Forwarding and Landside - further potential in Solutions 17APMM Q3 2026 Financial Results USDm Revenue EBIT EBIT margin Forwarding Air / Ocean Forwarding, Project Logistics 929 +19% YoY 40 (27) 4.3% (3.5%) Landside First Mile, Ground Freight, Depot, Customs 2,435 +12% YoY 177 (133) 7.3% (6.1%) Solutions Contract Logistics, Lead Logistics, E-commerce 1,332 +9.6% YoY 42 (60) 3.2% (4.9%) Note: Prior corresponding period figures in parentheses.
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Q3 2026 Terminals 18 • Revenue growth of 4.9%, driven mainly by revenue per move growth of 6.4% from improved rates, higher storage revenue and favourable mix impact • Cost per move increased by 5.7% driven by labour inflation, variable concession costs and depreciation, partly offset by lower SG&A costs • EBIT of USD 493m, up YoY with Q3 ’25 adjusted for concession-related impairment reversal • ROIC of 13.8% down on last year due to growth investments • CAPEX in line with previous year APMM Q3 2026 Financial Results Q3 ’26 YoY QoQ No. of gateway terminals Consolidated 30 29 29 Total 56 54 55 No. of moves (000’s) 3,800 3% 4% Per move (USD) (like-for-like) Revenue 393 6% 2% Cost 293 6% 0% 571 321 436 458 39.4 % 33.2 % 31.6 % 32.5 % USDm Q3 ’25 23.7 % Q4 ’25 Q1 ’26 Q2 ’26 493 Q3 ’26 EBIT EBIT margin USDm Q3 ’26 Q2 ’26 Q3 ’25 Revenue 1,519 1,448 1,448 EBITDA 551 517 501 EBITDA margin 36.3% 35.7% 34.6% EBIT 493 458 571(1) EBIT margin 32.5% 31.6% 39.4%(1) Gross CAPEX 157 122 154 (1) Includes concession-related impairment reversal of USD 108m. Note: Consolidated locations, number of moves, and revenue and cost per move based on financially consolidated locations only. (1)
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19 • Financial guidance based on volume growth outlook for the container market of about 4% for FY26: − Underlying EBITDA of USD 14.0bn to 14.5bn − Underlying EBIT(1) of USD 8.0bn to 8.5bn − Free cash flow (FCF) of greater than USD 3bn • Capex guidance of USD 10.0-11.0bn in 2025-2026, and USD 10.0-11.0bn in 2026-2027 USDbn Previous (Aug ’26) Current (Today) Underlying EBITDA 10.5 to 12.5 14.0 to 14.5 Underlying EBIT(1) 4.5 to 6.5 8.0 to 8.5 FCF > 0 > 3 CAPEX (cumulative) 2025-2026 10.0-11.0 10.0-11.0 2026-2027 10.0-11.0 10.0-11.0 APMM Q3 2026 Financial Results 2026 financial guidance upgraded (1) The underlying EBIT guidance includes the impact of a change in estimated useful lives of vessels from 20 to 25 years eff ective 1 January 2026, with an estimated impact of around USD 700m in reduced depreciation in 2026.
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Questions and answers . To ask a question, please press “*1” Reminder: ONE question per turn
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Summary . IR to update Q2 ‘26 • Strong second quarter as operational agility captured high spot rates to drive earnings in Ocean • Logistics & Services building momentum and Terminals continuing its strong trajectory • Structural changes in Ocean market dynamics supported by demand and imbalanced trade • Lack of investment into port capacity leading to congestion • Sharp increase in rates leading to full-year 2026 guidance upgrade • Strong quarter for all three segments • Fleet investment in Ocean underpinned by confidence in longer-term fundamentals • Momentum building in Logistics & Services • Terminals continued strong delivery and investing for growth • Full-year 2026 guidance upgraded
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Appendix
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Financial Highlights Q3 2026 23APMM Q3 2026 Financial Results Revenue EBITDA EBIT CAPEX Invested Capital USD million Q3 ‘26 Q3 ’25 YoY % Q3 ‘26 Q3 ’25 YoY % Q3 ‘26 Q3 ’25 YoY % Q3 ‘26 Q3 ’25 YoY % Q3 ’26 Q3 ’25 YoY % Ocean 12,577 9,177 37% 3,699 1,787 107% 2,591 567 357% 835 897 -6.9% 34,670 33,133 4.6% Logistics & Services 4,488 3,983 13% 519 468 11% 259 218 19% 150 141 6.4% 11,448 12,067 -5.1% Terminals 1,519 1,448 4.9% 551 501 10% 493 571 -14% 157 154 1.9% 9,669 9,486 1.9% Unallocated activities and eliminations, etc. -489 -402 22% -59 -70 -16% -74 -72 2.8% 21 12 75% 167 237 -30% A. P. Moller - Maersk consolidated 18,095 14,206 27% 4,710 2,686 75% 3,269 1,284 155% 1,163 1,204 -3.4% 55,954 54,923 1.9%
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Consolidated financial information 24 Income statement (USDm) Q3 ’26 Q3 ’25 FY25 Revenue 18,095 14,206 53,988 EBITDA 4,710 2,686 9,530 EBITDA margin 26.0% 18.9% 17.7% Depreciation, impairments etc. 1,591 1,579 6,671 Gain on sale of non-current assets, etc., net 29 47 138 Share of profit in joint ventures and associates 121 130 503 EBIT 3,269 1,284 3,500 EBIT margin 18.1% 9.0% 6.5% Financial items, net -58 -28 -29 Profit/loss before tax 3,211 1,256 3,471 Tax 164 160 556 Profit/loss for the period 3,047 1,096 2,915 Key figures and financials (USDm) Q3 ’26 Q3 ’25 FY25 Profit/loss for the period 3,047 1,096 2,915 Gain/loss on sale of non-current assets etc., net -29 -47 -138 Impairment losses, net. 1 -108 -41 Restructuring costs 8 -2 42 Tax on adjustments 4 - -4 Underlying profit/loss 3,031 939 2,774 Earnings per share (USD) 207 69 179 Lease liabilities (IFRS 16) 12,583 12,797 13,017 Net interest-bearing debt -3,213 -2,581 -2,947 Invested capital 55,954 54,923 53,745 Total Equity (APMM total) 59,174 57,537 56,696 Total market capitalisation 50,416 29,278 33,817 APMM Q3 2026 Financial Results
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Consolidated financial information 25 Cash flow statement (USDm) Q3 ’26 Q3 ’25 FY25 Profit/loss before financial items 3,269 1,284 3,500 Non-cash items, etc. 1,648 1,514 6,338 Change in working capital -394 5 552 Taxes paid -159 -185 -629 Cash flow from operating activities (CFFO) 4,364 2,618 9,761 CAPEX -1,163 -1,204 -4,799 Repayments of lease liabilities -888 -868 -3,502 Financial expenses paid on lease liabilities -179 -188 -728 Financial payments, net 45 170 724 Sale proceeds and dividends received 210 243 776 Free cash flow (FCF) 2,389 771 2,232 Acquisitions, net (incl. sales) -21 5 -628 Dividends and share buy-backs(1) -288 -603 -4,703 Repayments of/proceeds from borrowings, net 70 850 304 APMM Q3 2026 Financial Results (1) Dividends including to non-controlling interests.
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Balance sheet and capital allocation 26 Debt & cash position (USDm) Q3 ’26 Q2 ’26 Q3 ’25 Borrowings 5,306 5,290 5,918 Lease liabilities 12,583 12,182 12,797 Other -470 -483 -355 Total gross debt 17,419 16,989 18,360 Cash and bank balances 7,235 6,298 6,991 Short term deposits(1) 12,900 11,734 13,950 Securities 497 492 - Total cash and deposits 20,632 18,524 20,941 Net interest-bearing debt -3,213 -1,535 -2,581 APMM Q3 2026 Financial Results (1) Under "Receivables, etc." on the condensed balance sheet as at Sep ‘26 (see Note 2).
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Q3 2026 Logistics & Services segment summary financials 27APMM Q3 2026 Financial Results USDm Q3 ’26 Q3 ’25 Segment Key products Revenue EBIT EBIT Margin Revenue EBIT EBIT Margin Revenue growth % Forwarding • Air • LCL / FCL • Project Logistics • Cargo Risk Management 929 40 4.3% 778 27 3.5% 19% Solutions • Lead Logistics • Contract Logistics • Cold Chain Logistics • E-Commerce 1,332 42 3.2% 1,215 60 4.9% 9.6% Landside • First Mile • Ground Freight (NAM) • Depot • Customs 2,435 177 7.3% 2,182 133 6.1% 12% Total(1) 4,488 259 5.8% 3,983 218 5.5% 13% (1) Net of eliminations.
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IR Contact Information & Financial Calendar Martin Dunwoodie Head of Investor Relations +45 33 63 34 84 Mikkel Johansen Senior Investor Relations Officer +45 23 30 29 50 Ken Taro Madsen Senior Investor Relations Officer +45 60 52 91 95 Eila Bunton Investor Relations Analyst & Coordinator +45 31 68 11 50 E-mail: IR@maersk.com Webpage: investor.maersk.com Investor Relations Contacts Share Information Market Nasdaq Copenhagen Share classes A: Two votes per share B: No voting rights Sector Industrials Segment Large Financial Calendar 11 February 2027 Q4 2026 Interim and 2026 Annual Report