Interim report
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Q3 ALL THE WAY Interim Report 2026 A.P . Møller - Mærsk A/S | Interim Report | 5 November 2026 Esplanaden 50, DK-1263 Copenhagen K | Registration no. 22756214
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Improving life for all by integrating the world A.P . Moller - Maersk is an integrated logistics company connecting and simplifying its customers’ supply chains. As a global leader in logistics services, the company has 100,000+ customers, operates in almost 130 countries and employs 100,000+ people. Maersk delivers innovative, reliable ocean network solutions, offers truly integrated logistics products and operates advanced container terminals, both gateways and hubs, with 60+ locations globally. Contents Management review Highlights Q3 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Summary financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 Review Q3 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05 Financial guidance and targets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06 Review 9M 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Market environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Ocean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 09 Logistics & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Terminals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Management’s statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Quarterly summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Definition of terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Financials Condensed income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Condensed statement of comprehensive income . . . . . . . . . . . . . . . . . . . . . . 16 Condensed balance sheet at 30 September . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Condensed cash flow statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Condensed statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 2 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Management Review A.P . Moller - Maersk delivered EBITDA and EBIT of USD 4.7bn and USD 3.3bn, respectively, both significantly higher than the previous year and quarter. The increase was primarily led by Ocean, where strong commercial and operational execution captured higher freight rates, which were driven by capacity constraints from continued congestion. The higher earnings drove free cash flow of USD 2.4bn, partly offset by increased working capital requirements. Ocean delivered a strong performance, with EBIT increasing significantly year-on-year. Average loaded freight rates increased by 46%, driven by demand and tighter capacity, while loaded volumes were broadly flat as con- gestion and adverse weather conditions constrained capacity and loadings. Logistics & Services continued to translate strong revenue growth into higher profitability, supported by disciplined cost management and operational improvements. The EBIT margin increased to 5.8%, driven by improved performance in Forwarding and Landside. Terminals continued to deliver strong operational performance, with revenue per move increasing ahead of cost per move, supporting higher EBITDA and an improved EBITDA margin. Outlook A.P . Moller - Maersk (Maersk) updates the full-year 2026 financial guidance on the back of the actual per- formance in the third quarter of 2026 and improved visibility for the remainder of the year. This is based on global container market volume growth for the full year 2026 of around 4%. USDbn EBITDA Underlying (7 May: 4.5-7.0) (29 June: 8.0-10.0) (13 August: 10.5-12.5) 14.0-14.5 EBIT Underlying (7 May: -1.5-1.0) (29 June: 2.0-4.0) (13 August: 4.5-6.5) 8.0-8.5 Free cash flow greater than (7 May: > -3.0) (29 June: > -1.5) (13 August: > 0.0) 3.0 CAPEX 2025-2026 (Unchanged) 10.0-11.0 CAPEX 2026-2027 (Unchanged) 10.0-11.0 Highlights Q3 2026 Maersk’s Q3 results were positively impacted by higher loaded freight rates in Ocean and higher volumes and rates in Logistics & Services and Terminals. Revenue increased by 27% or USD 3.9bn to USD 18.1bn (USD 14.2bn), with Ocean accounting for USD 3.4bn of the increase. Logistics & Services and Terminals added USD 505m and USD 71m, respectively. The stronger performance, primarily in Ocean, lifted EBITDA to USD 4.7bn (USD 2.7bn) and EBIT to USD 3.3bn (USD 1.3bn). The EBIT margin reached 18.1%, up 9.1 percentage points year-on- year and 8.1 percentage points sequentially. Ocean delivered strong financial performance despite a challenging operating environment, with EBIT increasing to USD 2.6bn (USD 567m). The improvement was driven by a 46% increase in average freight rates amid industry-wide supply constraints. The continued closure of the Strait of Hormuz, adverse weather conditions in East Asia and widespread network congestion increased bunker, network and con- tainer handling costs and affected schedule reliability. Logistics & Services’ results reflected broad-based growth and improved profitability. Revenue increased by 13% to USD 4.5bn (USD 4.0bn), while EBIT increased by 19% to USD 259m (USD 218m), resulting in an EBIT margin of 5.8% (5.5%). Growth was led by Landside, particularly First Mile, supported by Landbridge solutions across the Gulf region. Forwarding contributed through Air and Project Logistics, while Solutions sustained top-line growth in Contract Logistics. Terminals achieved record-high revenue and EBITDA, demonstrating resilience of the portfolio despite the impact of the Middle East conflict, with an increase in volume of 2.6%. The EBITDA margin increased to 36.3% (34.6%). EBIT decreased by 14% to USD 493m (USD 571m). Excluding the concession-related impairment reversal recognised in 2025, EBIT increased by 6.5%. The EBIT margin was 32.5% (39.4%). Free cash flow increased to USD 2.4bn (USD 771m), mainly driven by a USD 1.7bn rise in cash flow from operating activities due to improved EBIT. Distribution of cash to shareholders during the quarter was USD 249m (USD 578m) and was entirely from share buy-backs. Highlights Q3 USD million Revenue EBITDA EBIT CAPEX 2026 2025 2026 2025 2026 2025 2026 2025 Ocean 12,577 9,177 3,699 1,787 2,591 567 835 897 Logistics & Services 4,488 3,983 519 468 259 218 150 141 Terminals 1,519 1,448 551 501 493 571 157 154 Unallocated activities, eliminations, etc. -489 -402 -59 -70 -74 -72 21 12 A.P . Moller - Maersk consolidated 18,095 14,206 4,710 2,686 3,269 1,284 1,163 1,204 Management Review I Highlights Q3 2026 3 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Summary financial information Income statement Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Revenue 18,095 14,206 46,822 40,657 53,988 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 4,710 2,686 9,455 7,694 9,530 Depreciation, amortisation and impairment losses, net 1,591 1,579 4,699 4,850 6,671 Gain on sale of non-current assets, etc., net 29 47 45 127 138 Share of profit in joint ventures and associated companies 121 130 379 411 503 Profit before financial items (EBIT) 3,269 1,284 5,180 3,382 3,500 Financial items, net -58 -28 -180 38 -29 Profit before tax 3,211 1,256 5,000 3,420 3,471 Tax 164 160 541 478 556 Profit for the period 3,047 1,096 4,459 2,942 2,915 A.P . Møller - Mærsk A/S’ share 2,986 1,047 4,302 2,795 2,725 Underlying profit1 3,031 939 4,499 2,705 2,774 Balance sheet Total assets 91,517 88,730 91,517 88,730 88,352 Total equity 59,174 57,537 59,174 57,537 56,696 Invested capital 55,954 54,923 55,954 54,923 53,745 Net interest-bearing debt -3,213 -2,581 -3,213 -2,581 -2,947 Cash flow statement Cash flow from operating activities 4,364 2,618 7,657 7,243 9,761 Repayments of lease liabilities -888 -868 -2,930 -2,683 -3,502 CAPEX -1,163 -1,204 -3,100 -3,880 -4,799 Cash flow from financing activities2 -1,375 -868 -6,234 -7,092 -8,878 Free cash flow 2,389 771 2,064 1,204 2,232 Financial ratios Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Revenue growth 27.4% −9.9% 15.2% −0.6% −2.7% EBITDA margin 26.0% 18.9% 20.2% 18.9% 17.7% EBIT margin 18.1% 9.0% 11.1% 8.3% 6.5% Cash conversion 93% 97% 81% 94% 102% Return on invested capital after tax (ROIC) (last 12 months) 8.5% 9.6% 8.5% 9.6% 5.7% Equity ratio 64.7% 64.8% 64.7% 64.8% 64.2% Underlying EBITDA1 4,718 2,684 9,536 7,692 9,572 Underlying EBIT1 3,249 1,127 5,229 3,144 3,363 Stock market ratios Earnings per share, USD 207 69 296 182 179 Diluted earnings per share, USD 206 69 295 181 178 Cash flow from operating activities per share, USD 302 173 528 471 641 Share price (B share), end of period, DKK 23,650 12,730 23,650 12,730 14,640 Share price (B share), end of period, USD 3,591 1,961 3,591 1,961 2,306 Total market capitalisation, end of period, USD 50,416 29,278 50,416 29,278 33,817 1 For definition of terms, see page 27. 2 Cash flow from financing activities comparative figures have been restated. Refer to note 5 in the interim consolidated financial statements for details. Management Review I Summary financial information 4 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Review Q3 2026 A.P . Moller - Maersk delivered strong financial performance in Q3, with significant year- on-year growth in revenue and earnings. The improvement was led by Ocean, benefiting from higher freight rates amid continued supply chain disruptions and network congestion, and supported by earnings growth in Logistics & Services and higher revenue and EBITDA in Terminals. Revenue increased by 27% or USD 3.9bn to USD 18.1bn (USD 14.2bn). The increase was primarily attributable to Ocean, where revenue grew by 37% or USD 3.4bn, following a 46% increase in average freight rates, while loaded volumes were broadly stable. Logistics & Services also delivered double-digit growth of 13% or USD 505m, with all segments contributing positively. In Terminals, revenue rose by 4.9% or USD 71m, driven by improved rates, higher storage revenue and favourable mix impact. USD Ocean (2025: 9.2bn) 12.6bn Logistics & Services (2025: 4.0bn) 4.5bn Terminals (2025: 1.4bn) 1.5bn EBITDA grew by 75% or USD 2.0bn to USD 4.7bn (USD 2.7bn), lifting the EBITDA margin to 26.0% (18.9%). Ocean accounted for most of the improvement, with higher freight rates driving an EBITDA increase of USD 1.9bn year-on-year, partly offset by the higher operating costs of USD 1.3bn. Logistics & Services recorded EBITDA growth of 11% or USD 51m, driven by Forwarding and Landside. Terminals’ EBITDA increased by 10% or USD 50m due to improved rates and higher storage revenue, with revenue per move growth outpacing the increased cost per move. USD Ocean (2025: 1.8bn) 3.7bn Logistics & Services (2025: 468m) 519m Terminals (2025: 501m) 551m EBIT rose significantly by 155% or USD 2.0bn to USD 3.3bn (USD 1.3bn), resulting in an EBIT margin of 18.1% (9.0%). In Ocean, higher freight rates, supported by lower depreciation due to the increase in the useful lives of vessels in 2026, drove EBIT to USD 2.6bn (USD 567m), with an EBIT margin of 20.6% (6.2%). In Logistics & Services, EBIT increased by 19% or USD 41m to USD 259m (USD 218m), driven by Landside, supported by First Mile growth and efficiency initiatives across Depot and Customs Brokerage, and Forwarding, with improvement in Air and Project Logistics. The EBIT margin reached 5.8% (5.5%). Terminals’ EBIT decreased by 14% to USD 493m (USD 571m). Excluding the concession-related impairment reversal recognised in 2025, EBIT increased by 6.5%. The EBIT margin was 32.5% (39.4%). USD Ocean (2025: 567m) 2.6bn Logistics & Services (2025: 218m) 259m Terminals (2025: 571m) 493m Financial items, net amounted to an expense of USD 58m (expense of USD 28m). The increase in the expense was mainly driven by negative foreign exchange rate impacts related to share buy-backs, partly offset by positive foreign exchange rate impacts on working capital. Tax increased to USD 164m (USD 160m), primarily due to the higher taxable income. The underlying profit increased to USD 3.0bn (USD 939m), mainly driven by higher EBIT. Cash flow from operating activities of USD 4.4bn (USD 2.6bn) was supported by the higher EBITDA, with cash conversion of 93% (97%) impacted by the receivables build-up in Ocean. CAPEX remained relatively flat year-on-year at USD 1.2bn (USD 1.2bn), with Ocean as the main contributor. Free cash flow increased to USD 2.4bn (USD 771m), mainly driven by a USD 1.7bn rise in cash flow from operating activities due to the improved EBIT. Share buy-back As announced on 5 February 2026, Maersk initiated a share buy-back programme of up to around USD 1bn to be executed over a period of 12 months. Of the total planned share buy-back of around USD 1bn, Maersk had executed USD 841m in share buy-backs by the end of Q3 2026. At 30 September 2026, Maersk owned a total of 47,448 A shares and 249,340 B shares as treasury shares, corresponding to 2.02% of the share capital. Management Review I Review Q3 2026 5 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Financial guidance and targets Financial guidance for 2026 A.P . Moller - Maersk (Maersk) updates the full-year 2026 financial guidance on the back of the actual performance in the third quarter of 2026 and improved visibility for the remainder of the year. This is based on global container market volume growth for the full year 2026 of around 4%. USDbn EBITDA Underlying (7 May: 4.5-7.0) (29 June: 8.0-10.0) (13 August: 10.5-12.5) 14.0-14.5 EBIT Underlying (7 May: -1.5-1.0) (29 June: 2.0-4.0) (13 August: 4.5-6.5) 8.0-8.5 Free cash flow greater than (7 May: > -3.0) (29 June: > -1.5) (13 August: > 0.0) 3.0 CAPEX 2025-2026 (Unchanged) 10.0-11.0 CAPEX 2026-2027 (Unchanged) 10.0-11.0 Sensitivity guidance Maersk’s financial performance for 2026 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 2026 for four key assumptions are listed below: Factors Change Effect on EBIT (full year 2026) Container freight rate +/- 100 USD/FFE +/- USD 0.3bn Container freight volume +/- 100,000 FFE +/- USD 0.02bn Bunker price (net of expected FFF coverage) +/- 100 USD/FOE tonne +/- USD 0.1bn Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.0bn Forward-looking statements The Interim Report contains forward-looking statements. Such statements are subject to risks and uncertainties as several factors, many of which are beyond Maersk’s control, may cause the actual development and results to differ materially from expectations contained in the Interim Report. ESG update During the third quarter of 2026, Maersk continued to advance its decarbonisation agenda through operational deployment and testing of alternative fuel pathways. A key milestone was the successful completion of the first ship-to-ship commercial ethanol bunkering of a deep-sea container vessel in the US, when Tangier Mærsk, a dual-fuel alcohol-enabled vessel, was bunkered with ethanol. The operation pro- vided valuable practical insights into the sourcing, infrastructure, operational and supply-chain requirements associated with ethanol as a marine fuel and supports Maersk’s ongoing efforts to evaluate scalable lower- emission fuel solutions for the shipping industry. The milestone builds on previous ethanol trials and reflects Maersk’s strategy of exploring multiple fuel pathways to support the maritime energy transition. Ethanol offers advantages, including an established production base, existing infrastructure and compatibility with alcohol-enabled vessels, while broader adoption will depend on fuel availability, regulatory developments and value-chain readiness. Through continued testing and deployment of alternative fuels, Maersk is strengthening the operational knowledge needed to support more sustainable logistics and advance progress towards long-term decarbonisation ambitions. Maersk will continue to ensure that alternative fuels we use, including ethanol, are certified and aligned with responsible sourcing practices. Management Review I Review Q3 2026 I Financial guidance and targets 6 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Review 9M 2026 A.P . Moller - Maersk’s results for the first nine months of the year were driven by higher freight rates and volumes in Ocean and continued growth in Logistics & Services and Terminals. Revenue increased by 15% or USD 6.2bn to USD 46.8bn (USD 40.7bn), driven by increases of USD 4.6bn in Ocean, USD 1.4bn in Logistics & Services and USD 295m in Terminals. Ocean revenue was positively supported by an 18% increase in freight rates and volume growth of 3.9%. Logistics & Services contributed USD 1.4bn to the revenue increase, reflecting growth across all segments and a 23% increase in Forwarding. In Terminals, the increase reflected improved rates, favourable foreign exchange rate impacts and volume growth of 3.0%. EBITDA rose by 23% or USD 1.8bn to USD 9.5bn (USD 7.7bn), while the EBITDA margin improved to 20.2% (18.9%). Ocean’s EBITDA increased by 29% or USD 1.5bn, driven by higher freight rates and improved volumes, partly offset by the higher operating costs of USD 2.7bn. In Logistics & Services, EBITDA grew by 12% or USD 150m, led by Landside and Forwarding. Terminals’ EBITDA increased by 11% or USD 153m, driven by improved rates and higher volumes, partly offset by higher operating costs. EBIT increased by 53% or USD 1.8bn to USD 5.2bn (USD 3.4bn), primarily driven by the improvement in Ocean. The EBIT margin grew to 11.1% (8.3%). Financial items, net amounted to a loss of USD 180m (income of USD 38m), reflecting unfavourable foreign exchange rate impacts from hedging of the dividend payment and share buy-backs and lower interest income, partly offset by positive foreign exchange rate impacts on working capital. Tax increased to USD 541m (USD 478m), primarily due to higher profit before tax. The underlying profit was USD 4.5bn (USD 2.7bn), reflecting the higher EBIT adjusted for restructuring costs. Cash flow from operating activities amounted to USD 7.7bn (USD 7.2bn), with a cash conversion of 81% (94%), impacted by unfavourable movements in net working capital of USD 1.7bn. CAPEX was USD 3.1bn (USD 3.9bn), reflecting lower Ocean investments. Free cash flow of USD 2.1bn (USD 1.2bn) reflected lower CAPEX, higher cash flow from operating activities, partly offset by higher lease payments. Highlights 9M USD million Revenue EBITDA EBIT CAPEX 2026 2025 2026 2025 2026 2025 2026 2025 Ocean 31,281 26,659 6,643 5,133 3,334 1,539 2,214 3,029 Logistics & Services 12,503 11,139 1,420 1,270 649 535 350 377 Terminals 4,281 3,986 1,556 1,403 1,387 1,426 450 421 Unallocated activities, eliminations, etc. -1,243 -1,127 -164 -112 -190 -118 86 53 A.P . Moller - Maersk consolidated 46,822 40,657 9,455 7,694 5,180 3,382 3,100 3,880 Equity increased to USD 59.2bn (USD 56.7bn at 31 December 2025), driven by net profit of USD 4.5bn, partly offset by the dividend payments and share buy-backs, resulting in an equity ratio of 64.7% (64.2% at 31 December 2025). Capital structure and credit rating Net interest-bearing debt amounted to a net cash position of USD 3.2bn (a net cash position of USD 2.9bn at 31 December 2025). The increase in the net cash position was primarily driven by free cash flow of USD 2.1bn for the first nine months of the year and a USD 434m net decrease in lease liabilities, partly offset by dividends distributed to shareholders and share buy-backs of USD 1.9bn and investments in joint ventures and associated companies of USD 236m. Excluding lease liabilities, the Group had a net cash position of USD 15.8bn (USD 16.0bn at 31 December 2025). A.P . Moller - Maersk (Maersk) remains investment grade-rated and holds a Baa1 (stable) from Moody’s and a BBB+ (stable) rating from Standard & Poor’s. The liquidity reserve decreased to USD 25.5bn (USD 26.4bn at 31 December 2025) and was composed of cash and bank balances (excluding restricted cash), term deposits and securities of USD 19.5bn (USD 20.4bn at 31 December 2025) and undrawn revolving credit facilities of USD 6.0bn (USD 6.0bn at 31 December 2025). The dividend of DKK 480 per A.P . Møller - Mærsk A/S share of nominally DKK 1,000, a total of USD 1.1bn, declared at the Annual General Meeting on 25 March 2026, was paid on 30 March 2026, of which the with holding tax of USD 138m was paid in Q2 2026. Management Review I Review 9M 2026 7 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Market environment Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 80 100 140 120 Q3Q2Q1 Q4 2022 2023 2024 20262025 Macroeconomic environment The global economy maintained resilient and broad-based growth in Q3 2026, with the Middle East conflict weighing less on economic activity outside the region than initially feared. The Global Composite PMI averaged 53.5 during the quarter, pointing to a strengthening in economic momentum compared with Q2 2026. However, global eco- nomic risks remain elevated, particularly from further Middle East escalation and associated energy price pressures. Brent crude oil averaged 91 USD/bbl in Q3 2026, down from 97 USD/bbl in Q2 2026, but has hovered above 100 USD/bbl since quarter-end. In the US, economic activity held strong, supported by resilient consumer spending, and continued strength in business investment, par- ticularly associated with the AI buildout. However, household finances remain under pressure. Headline inflation remained elevated at 3.7% in September 2026, keeping annual real wage growth negative and prompting households to draw on savings to support consumption. This support is being reflected in goods’ demand growth, which rose 2.3% year-on-year in Q3 2026, led by motor vehicles and parts, furni- ture and household appliances. Economic conditions also improved in the Euro Area. Household con- sumption was supportive, underpinned by a resilient labour market and a decline in household saving rates, with retail sales (excluding food and fuel) increasing by 1.2% year-on-year over July and August 2026. Never theless, renewed energy price pressures pose a risk to household purchasing power. By contrast, growth in China was constrained by sluggish domestic demand, with recent fiscal measures providing only a modest boost to activity. Manufacturing activity remained com paratively resilient, growing 5.1% year-on-year in Q3 2026, meanwhile investment and household demand remained weak. The prolonged property market downturn and persistent consumer caution remain important head- winds, limiting the extent to which stronger industrial activity is translating into a broader domestic recovery. Container trade environment In Q3 2026, global container demand grew between 2% and 4% year-on- year. Far East Asian exports saw a deceleration in July and August 2026 amidst weather- related disruptions. On the import side, softer demand growth in Europe and the drag exerted by Middle Eastern imports were partially offset by solid growth of above 5% in Africa, Latin America and North America. On the supply side, growth remained modest in the third quarter of 2026. At the end of the quarter, the nominal fleet was 5.1% larger than at the same period in 2025. Meanwhile, weather-related disruptions to port operations in Far East Asia resulted in substantial congestion that absorbed a sizeable amount of capacity. At its peak on 25 August 2026, global average port waiting times reached 16.6 hours, the highest level since January 2023 and up from 9.6 hours on average in the first half of 2026. Average spot freight rates, as measured by the Shanghai Containerised Freight Index (SCFI), were up 46% in Q3 2026 relative to Q2 2026, and were considerably higher year-on-year by 130%. Logistics environment Global air freight demand (excluding low-value goods) grew in the range of 9% and 11% in Q3 2026. Growth was supported by robust momentum in North American imports, which rose 20% year-on-year in July and August 2026. AI-related goods led the increase, but non-AI goods also saw solid demand. On the export side, Far East Asia continued to outperform. Meanwhile, Indian Sub- continent export growth held up despite the disruptions to Middle Eastern transit hubs. Across verticals globally, Technology and Machinery posted the strongest growth, while trade in Chemicals and Lifestyle also continued to gain traction in recent quarters. On the supply side, global air freight capacity measured in available tonne- kilometres, grew well below demand in Q3 2026 (1.9% year-on-year). Utilisation increased, averaging 52% in Q3 2026, with August and September recording the strongest year-on-year increases since June 2021. Global air freight rates, as measured by the TAC Index, fell 8.4% quarter- on-quarter in Q3 2026 from the highly elevated levels in Q2 2026. However, rates were 20% higher year-on-year, supported by elevated fuel costs, resilient demand and continued capacity constraints. The US warehouse vacancy rate slid to 6.8% in Q3 2026, its lowest level since year-end 2024, after demand outpaced new supply for two straight quarters. Meanwhile, average warehouse vacancy rates in Europe retreated from 6.9% in Q1 2026 to 6.7% in Q2 2026. That said, conditions varied consider ably by market, reflecting varying levels of speculative development and cautiousness surrounding occupier demand. Source: Maersk Strategic Insights Container trade volumes, by import region Africa Europe Asia-Pacific Latin America North America West-Central Asia Global Index (FY2019=100) Q2Q1 Management Review I Market environment 8 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Ocean Ocean delivered strong financial performance with EBIT increasing to USD 2.6bn (USD 567m), driven by higher freight rates amid industry-wide supply constraints. The operating environment remained challenging, reflecting the continued closure of the Strait of Hormuz and adverse weather conditions in East Asia causing widespread network congestions. The average loaded freight rate increased by 46% across trade lanes, while loaded volumes slightly decreased by 0.8%. Lower Middle East volumes were largely offset by growth in other trade lanes. Operating costs increased by 18%, primarily driven by higher bunker costs. The average bunker price rose by 49%, partly offset by 6.3% lower bunker consumption, also driven by the partial return to the Suez Canal. Network costs, excluding bunker costs, were up by 12%, while container handling costs increased by 9.3%, both driven by the Strait of Hormuz contingencies and terminal congestions. Consequently, unit cost at fixed energy increased by 4.8%. Utilisation remained high at 96% (94%), while the adverse weather conditions in East Asia and the industry- wide terminal congestions challenged schedule reliability across the industry. Revenue 12.6 bn (USD 9.2bn) Revenue increased by 37% or USD 3.4bn to USD 12.6bn (USD 9.2bn), driven by the higher loaded freight rates of 46%, supported by the increase in other revenue. USDbn EBIT 2.6 bn EBIT increased by USD 2.0bn to USD 2.6bn (USD 567m), supported by the upside from the change in the useful life of vessels in 2026. EBIT margin increased by 14.4 percentage points to 20.6% (6.2%). USDbn (USD 567m) Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Freight revenue 10,704 7,789 25,960 22,655 29,634 Other revenue, including hubs 1,873 1,388 5,321 4,004 5,341 Revenue 12,577 9,177 31,281 26,659 34,975 Container handling costs 3,039 2,781 8,653 7,840 10,578 Bunker costs 2,110 1,545 5,575 4,698 6,135 Network costs, excluding bunker costs 2,151 1,914 6,094 5,510 7,378 Selling, general & administrative (SG&A) costs 623 652 1,946 1,942 2,584 Cost of goods sold and other operational costs 780 481 1,987 1,518 2,009 Total operating costs 8,703 7,373 24,255 21,508 28,684 Other income/costs, net -175 -17 -383 -18 7 EBITDA 3,699 1,787 6,643 5,133 6,298 EBITDA margin 29.4% 19.5% 21.2% 19.3% 18.0% EBIT 2,591 567 3,334 1,539 1,386 EBIT margin 20.6% 6.2% 10.7% 5.8% 4.0% Invested capital 34,670 33,133 34,670 33,133 32,621 CAPEX 835 897 2,214 3,029 3,632 Operational and financial metrics Loaded volumes (FFE in ’000) 3,370 3,397 9,934 9,558 12,942 Loaded freight rate (USD per FFE) 3,287 2,244 2,715 2,305 2,237 Unit cost, fixed energy (USD per FFE incl. VSA income)1 2,437 2,325 2,376 2,398 2,374 Bunker price, average (USD per FOE tonne)1 798 537 688 551 541 Bunker consumption (FOE tonne in '000)1 2,512 2,680 7,587 8,010 10,618 Average operated fleet capacity (TEU in '000) 4,705 4,603 4,663 4,559 4,566 Fleet owned (end of period) 338 324 338 324 324 Fleet chartered (end of period) 416 408 416 408 397 Ocean highlights USD million 1 2025 comparatives have been restated, as fuel oil equivalent tonnes (FOE tonnes) became the standard unit for measuring bunker consumption, effective Q1 2026. For more details, see the Q1 2026 Interim Report. Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 9.2 8.3 8.2 10.5 12.6 -500 0 1,500 500 1,000 2,000 2,500 -15% 30% 45% 0% 15% 60% 75% Q3 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Management Review I Ocean 9 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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EBITDA 3.7 bn (USD 1.8bn) EBITDA doubled at USD 3.7bn (USD 1.8bn) as the result of the increased revenue by USD 3.4bn, partly offset by the higher operating costs of USD 1.3bn. The EBITDA margin increased by 9.9 percentage points to 29.4% (19.5%). USDbn Bunker costs 2.1 bn (USD 1.5bn) Bunker costs increased by 37% or USD 565m to USD 2.1bn (USD 1.5bn), associated with the global fuel supply disruption, leading to higher crude oil prices and elevated supply costs. The average bunker price increased by 49% to 798 USD/FOE tonne (537 USD/FOE tonne), partly offset by the lower bun- ker consumption of 6.3% supported by the partial return to the Suez Canal. Bunker efficiency improved by 8.2% to 5.81 FOE kg/TEU day (6.33 FOE kg/ TEU day). USDbn Loaded volumes 3.4 m (3.4m FFE) m FFE Loaded volumes slightly decreased by 0.8% to 3,370k FFE (3,397k FFE). The adverse volume impact in the Middle East following the Strait of Hormuz closure was largely offset by increased volumes in other trade lanes, including exports from Far East Asia and the Americas. How- ever, severe weather conditions have negatively impacted loadings from Asian ports. Volumes increased by 0.3% compared to Q2 2026. Q3 2026 Q3 2025 Change Change % East-West 1,519 1,588 -69 -4.3 North-South 1,087 1,093 -6 -0.5 Intra-regional 764 716 48 6.7 Total 3,370 3,397 -27 -0.8 Unit cost at fixed energy 2,437 (2,325 USD/FFE) Unit cost at fixed energy increased by 4.8% to 2,437 USD/FFE (2,325 USD/ FFE), reflecting higher costs related to the Strait of Hormuz contingencies and terminal congestions. USD/FFE Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 2,437 2,355 2,333 2,304 2,325 Average loaded freight rate 3,287 The average loaded freight rate increased by 46% to 3,287 USD/FFE (2,244 USD/FFE) across all trade lanes, supported by resilient market demand and tighter market capacity. Capacity constraints were driven by congestions related to adverse weather conditions in East Asia, adding on the existing constraints from the Strait of Hormuz closure. The average freight rate increased by 20% com- pared to Q2 2026. USD/FFE (2,244 USD/FFE) 0 1,500 1,000 500 2,000 2,500 3,500 3,000 Q3 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Total operating costs increased by 18% or USD 1.3bn to USD 8.7bn (USD 7.4bn), primarily driven by higher bunker costs, which increased by 37%. Network costs excluding bunker rose by 12%, reflecting network adjustments following the Strait of Hormuz closure, and higher canal costs due to the partial return to the Suez Canal. Container handling costs increased by 9.3%, driven by terminal congestions. Operating costs 8.7 bn (USD 7.4bn) USDbn 35% (38%) Container handling costs 25% (26%) Network costs, excluding bunker costs 9% (6%) Costs of goods sold and other operational costs 7% (9%) SG&A costs 24% (21%) Bunker costs Average operated capacity 754 Vessels (end of period) The average operated capacity of 4,705k TEU (4,603k TEU) increased by 2.2%. The current order book for dual-fuel vessels totalled 56 at the end of Q3 2026, and the fleet consisted of 338 owned and 416 chartered vessels, of which 58k TEU or 1.2% of the fleet were idle (14 vessels). 4,705k TEU (average) Q3 2026 Q3 20251 Change Change % East-West 3,631 2,204 1,427 64.8 North-South 4,104 3,038 1,066 35.1 Intra-regional 1,703 1,427 276 19.3 Total 3,287 2,244 1,043 46.5 1 The 2025 regional figures have been restated. Management Review I Ocean 10 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Maintaining supply chain resilience amid disruptions The operating environment remained challenging, reflecting the con- tinued closure of the Strait of Hormuz and severe typhoons in East Asia causing congestions across global supply chain networks. These events disrupted cargo flows and port operations, increased bunker costs and added complexity across network operations. In response, Maersk continued to prioritise the safety of employees, assets and cargo while leveraging its integrated logistics capabilities to support customers and maintain supply chain continuity. Alternative transport solutions, together with network adjustments and delivery guarantee offerings, helped mitigate the impact of disruptions and maintain cargo flows across the affected regions. Newbuild programme As part of its fleet renewal programme, Maersk has placed an order for 26 dual-fuel container vessels with a capacity of 18,600 TEU each. The vessels, capable of operating on liquefied gas, will be delivered between 2029 and 2030. Highlights Q3 Revenue increased by 17% or USD 4.6bn to USD 31.3bn (USD 26.7bn), driven by the higher freight rates of 18% and increased volumes by 3.9%. Profitability improved as the increase in revenue more than offset the increase in costs. EBITDA increased by 29% or USD 1.5bn to USD 6.6bn (USD 5.1bn) with the EBITDA margin increasing by 1.9 percentage points to 21.2% (19.3%). EBIT increased by USD 1.8bn to USD 3.3bn (USD 1.5bn) with the EBIT margin increasing by 4.9 percentage points to 10.7% (5.8%). Total operating costs increased by 13% or USD 2.7bn to USD 24.3bn (USD 21.5bn), driven by the higher bunker costs of 19% following the Middle East developments. Network adjustments led to 11% higher net- work costs excluding bunker costs, while container handling costs increased by 10%, driven by terminal congestions and higher volumes. Bunker costs increased by 19% or USD 877m to USD 5.6bn (USD 4.7bn), driven by the higher crude oil prices and additional supply costs result - ing from the Middle East conflict. The average bunker price increased by 25% to 688 USD/FOE tonne (551 USD/FOE tonne), partly offset by the optimised bunker consumption of 5.3% supported by the partial return to the Suez Canal. Unit cost at fixed energy decreased by 0.9% to 2,376 USD/FFE (2,398 USD/FFE) as the higher volumes more than offset the increased costs at fixed energy. Financial review 9M 2026 Management Review I Ocean 11 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Logistics & Services highlights USD million Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Revenue 4,488 3,983 12,503 11,139 15,103 Direct costs (third-party costs) 3,137 2,723 8,610 7,565 10,281 Gross profit 1,351 1,260 3,893 3,574 4,822 Direct operating expenses 618 582 1,823 1,674 2,308 Selling, general & administrative (SG&A) costs 214 210 650 630 826 EBITDA 519 468 1,420 1,270 1,688 EBITDA margin 11.6% 11.7% 11.4% 11.4% 11.2% EBIT 259 218 649 535 729 EBIT margin 5.8% 5.5% 5.2% 4.8% 4.8% Invested capital 11,448 12,067 11,448 12,067 11,796 CAPEX 150 141 350 377 506 Operational and financial metrics Supply Chain Management volumes (CBM in '000) 31,494 29,814 83,598 83,627 110,511 First Mile volumes (FFE in ’000) 2,003 1,870 5,659 5,177 7,028 Air freight volumes (tonne in ’000) 100 82 267 225 318 Logistics & Services Logistics & Services continued to deliver year-on-year revenue growth across all segments, supported by strong volume development across most products, elevated rates due to fuel surcharges and resilient demand despite a mixed macro economic environment. Landside was the largest contributor to growth, driven by Landbridge solutions across the Gulf region. Forwarding also performed strongly, supported by robust volume growth in Air and Project Logistics, while Contract Logistics maintained positive revenue growth within Solutions. Profitability improved year-on-year, with the EBIT margin increasing to 5.8% from 5.5% in Q3 2025. The improvement was primarily driven by Landside and Forwarding, reflecting strong revenue development, disciplined cost management and solid operational execution amid continued macro- economic uncertainty. Revenue 4.5 bn Revenue increased by 13% to USD 4.5bn (USD 4.0bn), with all segments and nearly all products delivering year-on-year growth. Sequentially, revenue increased by USD 266m. USDbn (USD 4.0bn) In Forwarding, revenue increased by 19% or USD 151m to USD 929m (USD 778m), driven by Air, benefiting from continued strong volume growth. Air freight volumes rose by 22% year-on-year to 100k tonnes (82k tonnes). Project Logistics also delivered strong revenue growth through increased activity levels within the renewable energy and auto motive verticals. Similarly, FCL benefited from higher rates and volume growth, mainly driven by the electronic vertical. Solutions’ revenue rose by 9.6% or USD 117m to USD 1.3bn (USD 1.2bn), primarily driven by Contract Logistics, reflecting volume growth from increased bundled service offerings, new customer implemen- tations and consequent strong growth across regions. Supply Chain Management volumes increased by 5.6% to 31,494k CBM (29,814k CBM), supporting revenue growth in Lead Logistics. Sequentially, revenue increased by 8.0% or USD 99m from USD 1.2bn in Q2 2026, driven by Contract Logistics. Landside’s revenue increased by 12% or USD 253m to USD 2.4bn (USD 2.2bn), driven by First Mile due to rate increases and volumes, which grew by 7.1% to 2,003k FFE (1,870k FFE). Customs decla- rations rose by 9.3% to 1,979k declarations (1,811k declarations). Q3 2026 Q3 2025 Change Change % Forwarding 929 778 151 19 Solutions 1,332 1,215 117 9.6 Landside 2,435 2,182 253 12 Eliminations -208 -192 -16 8.3 USD million Gross profit 1.4 bn Gross profit increased by 7.2% to USD 1.4bn (USD 1.3bn) with a gross profit margin of 30.1% (31.6%). Gross profit grew across all segments, driven by Contract Logistics, First Mile and Air. Similarly, gross profit increased sequentially by USD 42m, reflecting overall volume growth. USDbn (USD 1.3bn) EBITDA 519 m (USD 468m) USDm EBITDA rose by USD 51m to USD 519m (USD 468m), and the EBITDA margin was 11.6% (11.7%). Sequentially, EBITDA increased by USD 51m, resulting in a margin increase of 0.5 percentage points. Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 4.0 4.0 3.8 4.2 4.5 Management Review I Logistics & Services 12 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Revenue increased by 12% or USD 1.4bn to USD 12.5bn (USD 11.1bn), with revenue improvement across the business. Forwarding revenue increased by 23% or USD 469m, whereas Solutions and Landside saw similar increases of 10% or USD 352m and 10% or USD 638m, respectively. EBITDA increased by 12% to USD 1.4bn (USD 1.3bn). EBIT increased by 21% to USD 649m (USD 535m), mainly driven by Air in Forwarding and First Mile in Landside, resulting in an overall EBIT margin of 5.2% (4.8%) for the first nine months of the year. Financial review 9M 2026 Forwarding continued to execute its transformation agenda within Air, leveraging digitalisation to improve operational efficiency, service quality and cost performance. In Solutions, the focus is on improving returns through higher asset utilisation, stronger network integration and increased productivity, supported by automation. Within Landside, the digital and integrated product port - folio was advanced across Customs, First Mile and Depot, highlighted by the launch of Maersk Trade and Tariff Studio (TTS) in North America, alongside broader automation and platform rollouts to improve efficiency and connectivity despite ongoing operational constraints. Highlights Q3 Forwarding’s margin increased to 4.3% (3.5%), primarily driven by improvement in Air and Pro- ject Logistics, benefiting from higher volumes, strategic initia- tives and cost discipline. Solutions’ margin declined year- on-year to 3.2% (4.9%), driven by operational challenges leading to a lower-than-planned profit- ability on some contracts. These impacts were partially offset by improved utilisation across exist- ing and newly implemented facil- ities and cost discipline. Sequen- tially, the EBIT margin increased by 1.5 percentage points. Landside’s margin increased to 7.3% (6.1%), with Landbridge- related demand supporting First Mile growth, while efficiency initiatives across Depot and Customs Brokerage contributed to improved profitability. EBIT USDm 259 m (USD 218m) EBIT increased by 19% or USD 41m to USD 259m (USD 218m). The EBIT margin improved to 5.8% (5.5%). EBIT 9M USD million EBIT EBIT margin 2026 2025 2026 2025 Forwarding 141 85 5.6% 4.2% Solutions 99 144 2.6% 4.2% Landside 416 313 6.2% 5.1% Eliminations -7 -7 N/A N/A Revenue 9M USD million 2026 2025 Change Change % Forwarding 2,507 2,038 469 23 Solutions 3,787 3,435 352 10 Landside 6,740 6,102 638 10 Eliminations -531 -436 -95 22Q3 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 EBIT EBIT margin Q3 2026 Q3 2025 Change Change % Q3 2026 Q3 2025 Change % Forwarding 40 27 13 48 4.3% 3.5% 0.8 Solutions 42 60 -18 -30 3.2% 4.9% -1.7 Landside 177 133 44 33 7.3% 6.1% 1.2 Eliminations - -2 2 -100 N/A N/A N/A USD million 0 200 150 100 50 300 250 0% 8% 6% 4% 2% 12% 10% Management Review I Logistics & Services 13 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Terminals Terminals highlights USD million Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Revenue 1,519 1,448 4,281 3,986 5,339 Concession fees (excl. capitalised lease expenses) 127 103 336 308 406 Labour costs (blue collar) 426 401 1,240 1,147 1,548 Other operational costs 269 282 725 661 884 Selling, general & administrative (SG&A) costs 146 161 424 467 658 Total operating costs 968 947 2,725 2,583 3,496 EBITDA 551 501 1,556 1,403 1,843 EBITDA margin 36.3% 34.6% 36.3% 35.2% 34.5% Result from joint ventures and associated companies 111 115 330 363 440 EBIT 493 571 1,387 1,426 1,747 EBIT margin 32.5% 39.4% 32.4% 35.8% 32.7% Invested capital 9,669 9,486 9,669 9,486 9,325 CAPEX 157 154 450 421 573 Operational and financial metrics Volumes (moves in '000)1 3,800 3,704 10,933 10,614 14,254 Ocean segment 1,413 1,408 4,192 3,841 5,221 External customers 2,387 2,296 6,741 6,773 9,033 Revenue per move (USD)1 393 369 385 365 364 Cost per move (USD)1 293 277 291 277 279 Revenue USDbn 1.5 bn (USD 1.4bn) Revenue increased by 4.9% to USD 1.5bn (USD 1.4bn), driven by improved rates, higher storage revenue and a favourable mix impact. Volume grew by 2.6%, driven by strong growth of 14% in Africa and 6.7% in Europe. Volume from Ocean increased by 0.4%, and volume from external customers increased by 4.0%. Revenue per move increased by 6.4% to USD 393 (USD 369), driven by improved rates, storage revenue and favourable mix impact. Cost per move increased by 5.7% to USD 293 (USD 277), driven by labour inflation and var - iable concession costs, partly offset by lower SG&A costs. At fixed foreign exchange rates, volume mix and portfolio mix, revenue per move increased by 7.6% and cost per move increased by 6.4%. EBIT USDm 493 m (USD 571m) EBIT decreased by 14% to USD 493m (USD 571m). Adjusted for the concession-related impairment reversal recognised in 2025, EBIT increased by 6.5%. The EBIT margin decreased by 6.9 percentage points to 32.5% (39.4%), while the adjusted EBIT margin improved by 0.5 percentage points from 32.0% to 32.5%. EBITDA USDm 551 m (USD 501m) EBITDA increased by 10% to USD 551m (USD 501m), driven by improved rates and higher storage revenue, leading to an increase in the EBITDA margin to 36.3% (34.6%). 0 600 400 500 200 300 100 0% 10% 60% 40% 50% 20% 30% CAPEX USDm 157 m (USD 154m) CAPEX increased to USD 157m (USD 154m) due to expan- sion in Callao, Peru, partly offset by lower spend in Rijeka, Croatia, Suape, Brazil, and Lazaro Cardenas, Mexico. Q3 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2026 confirmed the strong position of Terminals, delivering record-high revenue and EBITDA, demon- strating the resilience of the portfolio despite the impact of the Middle East conflict. Volume increased by 2.6%, supported by growth in Africa and Europe. Utilisation was 85% (90%). Revenue per move (like-for-like) improved by 7.6%, driven by improved rates and higher storage revenue. Cost per move (like-for-like) increased by 6.4% due to labour inflation and variable concession costs, partly offset by lower SG&A costs. The EBIT margin decreased by 6.9 percentage points to 32.5% (39.4%) due to a concession extension- related impairment reversal recognised in 2025. Adjusted for this, the EBIT margin increased by 0.5 percentage points year-on-year. The EBITDA margin increased by 1.7 percentage points to 36.3% (34.6%). ROIC (LTM average) decreased to 13.8% (17.2%), reflecting higher capital employed following recent growth investments. ROIC is expected to moderate in the near term while earnings continue to remain stable. 1 Excluding joint ventures and associated companies. Management Review I Terminals 14 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Joint ventures and associated companies USDm 111 m (USD 115m) The share of profits in joint ventures and associ- ated companies decreased by 3.5% to USD 111m (USD 115m), primarily driven by Qingdao, China, and Bremerhaven, Germany. Regional volume1 Moves (’000) Volumes Q3 2026 Q3 2025 Growth % North America 1,085 1,089 -0.4 Latin America 692 692 0.0 Europe 839 786 6.7 Africa 218 191 14.1 Asia 966 946 2.1 Total 3,800 3,704 2.6 ROIC Percent 13.8 % (17.2%) ROIC (LTM average) decreased to 13.8% (17.2%), mainly driven by the continued increase in invested capital from ongoing expansion projects, while earnings remained strong. 1 Excluding joint ventures and associated companies. In North America, volume was at par, primarily driven by signifi- cant growth in Lazaro Cardenas, Mexico, partly offset by weaker volume in Los Angeles and Mobile, USA. Utilisation decreased by 8.1 percentage points to 83% (91%). In Latin America, volume remained stable, due to higher volume in the new terminal in Suape, Brazil, and strong performance in Buenos Aires, Argentina, partly offset by weaker volume in Callao, Peru. Utilisation decreased by 4.4 percentage points to 92% (96%). In Europe, volume increased by 6.7% due to higher volume in the new terminal in Rijeka, Croatia, and strong volume in Poti, Georgia, partly offset by weaker volume in Aarhus, Denmark. Utilisation decreased by 7.2 percentage points to 80% (87%). In Africa, volume increased by 14%, driven by strong growth in Onne and Apapa, Nigeria. Utilisation increased by 5.2 percentage points to 79% (73%). In Asia, volume increased by 2.1%, as strong performance in Aqaba, Jordan, and Mumbai, India, partly offset by weaker volume in Bahrain, driven by the continued temporary operational suspen- sion. Utilisation increased by 1.2 percentage points to 90% (89%). Terminals maintained strong momentum on strategic development initiatives, with key expansion projects progressing and aimed at increasing capacity, improving connectivity and supporting long-term growth. In late August, groundbreaking took place for APM Terminals’ new greenfield terminal project, Laldia, in Chattogram, Bangladesh. This landmark Bangladesh-Denmark partner- ship will add 900k TEU of port capacity. APM Terminals Suape, a new greenfield ter- minal in Pernambuco, Brazil, commenced operations in September 2026 with its first commercial vessel, increasing Suape Port Complex capacity by 55% and adding initially up to 400k TEU of annual handling capacity. Highlights Q3 Revenue increased by 7.4% to USD 4.3bn (USD 4.0bn), driven by improved rates and favourable foreign exchange rate impacts and 3.0% increase in volume. Capacity utilisation decreased to 81% (85%). Revenue per move increased by 5.7% to USD 385 (USD 365), mainly driven by improved rates and favourable foreign exchange rate impacts. Cost per move increased by 5.1% to USD 291 (USD 277) due to higher labour inflation and depreciation, partly offset by lower SG&A costs and impact of higher volume. EBITDA increased to USD 1.6bn (USD 1.4bn), driven by improved rates and higher volume. EBIT was in line with the prior year at USD 1.4bn (USD 1.4bn), as higher EBITDA was partly offset by lower results from joint ventures and associated companies. Financial review 9M 2026 0 10% 20% 30% Q3 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Management Review I Terminals 15 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Condensed income statement Condensed statement of comprehensive income Note Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 1 Revenue 18,095 14,206 46,822 40,657 53,988 1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 4,710 2,686 9,455 7,694 9,530 5 Depreciation, amortisation and impairment losses, net 1,591 1,579 4,699 4,850 6,671 Gain on sale of non-current assets, etc., net 29 47 45 127 138 Share of profit in joint ventures and associated companies 121 130 379 411 503 1 Profit before financial items (EBIT) 3,269 1,284 5,180 3,382 3,500 Financial items, net -58 -28 -180 38 -29 Profit before tax 3,211 1,256 5,000 3,420 3,471 Tax 164 160 541 478 556 Profit for the period 3,047 1,096 4,459 2,942 2,915 Of which: Non-controlling interests 61 49 157 147 190 A.P . Møller - Mærsk A/S’ share 2,986 1,047 4,302 2,795 2,725 Earnings per share, USD 207 69 296 182 179 Diluted earnings per share, USD 206 69 295 181 178 Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Profit for the period 3,047 1,096 4,459 2,942 2,915 Translation from functional currency to presentation currency -14 1 -112 567 595 Reclassified to income statement, gain on sale of non-current assets, etc., net - - -2 - -2 Cash flow hedges 16 -61 -44 118 81 Tax on other comprehensive income -2 - -9 7 10 Share of other comprehensive income of joint ventures and associated companies, net of tax -1 1 4 -3 -2 Total items that have been or may be reclassified subsequently to the income statement -1 -59 -163 689 682 Other equity investments -18 2 4 -26 -94 Actuarial gains/losses on defined benefit plans, etc. 44 - 103 -2 -115 Tax on other comprehensive income - - - 2 1 Total items that will not be reclassified to the income statement 26 2 107 -26 -208 Other comprehensive income, net of tax 25 -57 -56 663 474 Total comprehensive income for the period 3,072 1,039 4,403 3,605 3,389 Of which: Non-controlling interests 59 42 138 155 197 A.P . Møller - Mærsk A/S’ share 3,013 997 4,265 3,450 3,192 Financials Financials I Interim consolidated financial statements Q3 2026 16 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Condensed balance sheet at 30 September Note 30 September 2026 30 September 2025 31 December 2025 Intangible assets 10,187 10,424 10,420 Property, plant and equipment 31,486 30,204 30,138 Right-of-use assets 11,532 11,937 11,886 2 Financial non-current assets, etc. 4,303 5,055 4,815 Deferred tax 547 468 484 Total non-current assets 58,055 58,088 57,743 Inventories 2,043 1,455 1,391 2 Receivables, etc. 23,573 22,196 18,662 Securities 497 - 1,277 Cash and bank balances 7,235 6,991 9,042 Assets held for sale 114 - 237 Total current assets 33,462 30,642 30,609 Total assets 91,517 88,730 88,352 Note 30 September 2026 30 September 2025 31 December 2025 3 Equity attributable to A.P . Møller - Mærsk A/S 58,016 56,428 55,581 Non-controlling interests 1,158 1,109 1,115 Total equity 59,174 57,537 56,696 Lease liabilities, non-current 9,404 9,853 9,941 Borrowings, non-current 5,029 4,713 4,803 Other non-current liabilities 2,414 2,412 2,477 Total non-current liabilities 16,847 16,978 17,221 Lease liabilities, current 3,179 2,944 3,076 Borrowings, current 277 1,205 1,100 Other current liabilities 12,001 10,066 10,259 Liabilities associated with assets held for sale 39 - - Total current liabilities 15,496 14,215 14,435 Total liabilities 32,343 31,193 31,656 Total equity and liabilities 91,517 88,730 88,352 Financials I Interim consolidated financial statements Q3 2026 17 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Condensed cash flow statement Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Profit before financial items 3,269 1,284 5,180 3,382 3,500 Non-cash items, etc. 1,648 1,514 4,690 4,553 6,338 Change in working capital -394 5 -1,695 -170 552 Cash flow from operating activities before tax 4,523 2,803 8,175 7,765 10,390 Taxes paid -159 -185 -518 -522 -629 Cash flow from operating activities 4,364 2,618 7,657 7,243 9,761 Purchase of intangible assets and property, plant and equipment (CAPEX) -1,163 -1,204 -3,100 -3,880 -4,799 Sale of intangible assets and property, plant and equipment 92 106 492 218 358 Acquisition of subsidiaries and activities - - -12 -674 -674 Sale of subsidiaries and activities - 5 - 5 7 Acquisition of joint ventures and associated companies -21 - -236 -10 -11 Sale of joint ventures and associated companies - - - - 50 Dividends received 118 137 214 209 418 5 Financial income received 152 239 556 783 1,006 Sale of other equity investments - - - - 13 Purchase of term deposits -4,888 -6,868 -15,185 -16,709 -19,954 Proceeds from maturity of term deposits 3,721 5,834 13,337 18,640 24,752 Purchase of securities - - - -1,086 -2,360 Sale of securities - 750 800 2,700 2,700 Financial investments, etc., net -20 -2 -53 -4 -5 Cash flow from investing activities -2,009 -1,003 -3,187 192 1,501 Repayment of/proceeds from borrowings, net 70 850 -533 307 304 Repayments of lease liabilities -888 -868 -2,930 -2,683 -3,502 5 Financial expenses paid -107 -69 -294 -151 -282 Financial expenses paid on lease liabilities -179 -188 -531 -535 -728 Purchase of treasury shares -249 -578 -840 -1,420 -2,040 Dividends distributed - - -1,076 -2,547 -2,547 Dividends distributed to non-controlling interests -39 -25 -109 -80 -116 Other equity transactions 17 10 79 17 33 Cash flow from financing activities -1,375 -868 -6,234 -7,092 -8,878 Net cash flow for the period 980 747 -1,764 343 2,384 Cash and cash equivalents, beginning of period 6,232 6,168 9,008 6,543 6,543 Currency translation effect on cash and bank balances -15 12 -47 41 81 Cash and cash equivalents, end of period 7,197 6,927 7,197 6,927 9,008 Of which classified as assets held for sale -20 - -20 - - Cash and cash equivalents, end of period 7,177 6,927 7,177 6,927 9,008 Cash and cash equivalents Cash and bank balances 7,235 6,991 7,235 6,991 9,042 Overdrafts 58 64 58 64 34 Cash and cash equivalents, end of period 7,177 6,927 7,177 6,927 9,008 Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Cash and bank balances include USD 1.0bn (USD 819m at 31 December 2025) relating to cash and bank balances in countries with exchange control or other restrictions. These funds are not readily available for general use by the parent company or other subsidiaries. Financials I Interim consolidated financial statements Q3 2026 18 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Condensed statement of changes in equity A.P . Møller - Mærsk A/S Note Share capital Translation reserve Reserve for other equity investments Reserve for hedges Retained earnings Total Non- controlling interests Total equity Equity 1 January 2026 2,870 -722 33 28 53,372 55,581 1,115 56,696 Other comprehensive income, net of tax - -92 3 -56 108 -37 -19 -56 Profit for the period - - - - 4,302 4,302 157 4,459 Total comprehensive income for the period - -92 3 -56 4,410 4,265 138 4,403 Dividends to shareholders - - - - -1,083 -1,083 -107 -1,190 Value of share-based payments - - - - 27 27 - 27 3 Purchase of treasury shares - - - - -841 -841 - -841 3 Sale of treasury shares - - - - 67 67 - 67 3 Capital increases and decreases -205 - - - 205 - 12 12 Transfer of gain/loss on disposal of equity investments to retained earnings - - 17 - -17 - - - Total transactions with shareholders -205 - 17 - -1,642 -1,830 -95 -1,925 Equity 30 September 2026 2,665 -814 53 -28 56,140 58,016 1,158 59,174 Equity 1 January 2025 2,870 -1,290 126 -79 55,290 56,917 1,030 57,947 Other comprehensive income, net of tax - 560 -26 125 -4 655 8 663 Profit for the period - - - - 2,795 2,795 147 2,942 Total comprehensive income for the period - 560 -26 125 2,791 3,450 155 3,605 Dividends to shareholders - - - - -2,549 -2,549 -76 -2,625 Value of share-based payments - - - - 24 24 - 24 3 Purchase of treasury shares - - - - -1,435 -1,435 - -1,435 3 Sale of treasury shares - - - - 21 21 - 21 Total transactions with shareholders - - - - -3,939 -3,939 -76 -4,015 Equity 30 September 2025 2,870 -730 100 46 54,142 56,428 1,109 57,537 Financials I Interim consolidated financial statements Q3 2026 19 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Note 1 Segment information Ocean Logistics & Services Terminals Unallo- cated items Elimina- tions Consoli- dated total Q3 2026 External revenue 11,869 4,786 1,116 324 - 18,095 Inter-segment revenue 708 -298 403 77 -890 - Total revenue 12,577 4,488 1,519 401 -890 18,095 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 3,699 519 551 -55 -4 4,710 Profit before financial items (EBIT) 2,591 259 493 -71 -3 3,269 Key metrics: Invested capital 34,670 11,448 9,669 242 -75 55,954 CAPEX 835 150 157 27 -6 1,163 Ocean Logistics & Services Terminals Unallo- cated items Elimina- tions Consoli- dated total Q3 2025 External revenue 8,660 4,173 1,084 289 - 14,206 Inter-segment revenue 517 -190 364 100 -791 - Total revenue 9,177 3,983 1,448 389 -791 14,206 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,787 468 501 -62 -8 2,686 Profit before financial items (EBIT) 567 218 571 -68 -4 1,284 Key metrics: Invested capital 33,133 12,067 9,486 255 -18 54,923 CAPEX 897 141 154 27 -15 1,204 Logistics & Services Forwarding Solutions Landside Logistics & Services elimina- tions Q3 2026 External revenue 4,786 860 1,704 2,222 - Inter-segment revenue -298 69 -372 213 -208 Total revenue 4,488 929 1,332 2,435 -208 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 519 74 222 224 -1 Profit before financial items (EBIT) 259 40 42 177 - EBIT Margin 5.8% 4.3% 3.2% 7.3% N/A Key metrics: Invested capital 11,448 CAPEX 150 Logistics & Services Forwarding Solutions Landside Logistics & Services elimina- tions Q3 2025 External revenue 4,173 704 1,521 1,948 - Inter-segment revenue -190 74 -306 234 -192 Total revenue 3,983 778 1,215 2,182 -192 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 468 59 226 183 - Profit before financial items (EBIT) 218 27 60 133 -2 EBIT Margin 5.5% 3.5% 4.9% 6.1% N/A Key metrics: Invested capital 12,067 CAPEX 141 While Logistics & Services is no longer identified as an individual operating or reportable segment, it continues to be presented in the segment information table, including comparative periods, consistent with prior reporting and the presentation in Management Review. Logistics & Services comprises the operating segments Forwarding, Solutions and Landside, reflecting how performance is monitored and managed. Financial performance is reviewed both at the aggregate Logistics & Services level and at the level of the individual operating segments. Financials I Interim consolidated financial statements Q3 2026 20 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Note 1 Segment information – continued Ocean Logistics & Services Terminals Unallo- cated items Elimina- tions Consoli- dated total 9M 2026 External revenue 29,584 13,121 3,095 1,022 - 46,822 Inter-segment revenue 1,697 -618 1,186 273 -2,538 - Total revenue 31,281 12,503 4,281 1,295 -2,538 46,822 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 6,643 1,420 1,556 -146 -18 9,455 Profit before financial items (EBIT) 3,334 649 1,387 -177 -13 5,180 Key metrics: Invested capital 34,670 11,448 9,669 242 -75 55,954 CAPEX 2,214 350 450 103 -17 3,100 Ocean Logistics & Services Terminals Unallo- cated items Elimina- tions Consoli- dated total 9M 2025 External revenue 25,138 11,640 2,986 893 - 40,657 Inter-segment revenue 1,521 -501 1,000 226 -2,246 - Total revenue 26,659 11,139 3,986 1,119 -2,246 40,657 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 5,133 1,270 1,403 -96 -16 7,694 Profit before financial items (EBIT) 1,539 535 1,426 -114 -4 3,382 Key metrics: Invested capital 33,133 12,067 9,486 255 -18 54,923 CAPEX 3,029 377 421 63 -10 3,880 Logistics & Services Forwarding Solutions Landside Logistics & Services elimina- tions 9M 2026 External revenue 13,121 2,424 4,575 6,122 - Inter-segment revenue -618 83 -788 618 -531 Total revenue 12,503 2,507 3,787 6,740 -531 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,420 239 631 557 -7 Profit before financial items (EBIT) 649 141 99 416 -7 EBIT Margin 5.2% 5.6% 2.6% 6.2% N/A Key metrics: Invested capital 11,448 CAPEX 350 Logistics & Services Forwarding Solutions Landside Logistics & Services elimina- tions 9M 2025 External revenue 11,640 1,966 4,142 5,532 - Inter-segment revenue -501 72 -707 570 -436 Total revenue 11,139 2,038 3,435 6,102 -436 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 1,270 178 637 460 -5 Profit before financial items (EBIT) 535 85 144 313 -7 EBIT Margin 4.8% 4.2% 4.2% 5.1% N/A Key metrics: Invested capital 12,067 CAPEX 377 Financials I Interim consolidated financial statements Q3 2026 21 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Note 1 Segment information – continued Segment Types of revenue Q3 2026 Q3 2025 9M 2026 9M 2025 12M 2025 Ocean Freight revenue 10,704 7,789 25,960 22,655 29,634 Other revenue, including hubs 1,873 1,388 5,321 4,004 5,341 Logistics & Services Forwarding Freight forwarding services 929 778 2,507 2,038 2,843 Solutions Integrated contract logistics services 1,332 1,215 3,787 3,435 4,649 Landside Transportation and other landside services 2,435 2,182 6,740 6,102 8,157 Logistics & Services eliminations Eliminations -208 -192 -531 -436 -546 Terminals Terminal services 1,519 1,448 4,281 3,986 5,339 Unallocated activities and eliminations Sale of containers and spare parts 167 205 580 567 742 Other shipping activities 12 20 61 61 85 Other services 222 164 654 491 713 Eliminations -890 -791 -2,538 -2,246 -2,969 Total revenue 18,095 14,206 46,822 40,657 53,988 Timing of revenue recognition Recognised over time 17,065 13,160 43,784 37,798 50,078 Recognised at a point in time 1,920 1,837 5,576 5,105 6,879 Eliminations -890 -791 -2,538 -2,246 -2,969 Total revenue 18,095 14,206 46,822 40,657 53,988 Note 2 Term deposits and prepayments Receivables, etc. amount to USD 23.6bn (USD 18.7bn at 31 December 2025) and primarily consist of term deposits with a maturity of more than three months, amounting to USD 12.9bn (USD 11.1bn at 31 December 2025). Financial non-current assets, etc. include prepayments made for operational activities that will be utilised after 12 months of USD 1.1bn (USD 1.9bn at 31 December 2025). Financials I Interim consolidated financial statements Q3 2026 22 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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A-shares of B-shares of Nominal value DKK 1,000 DKK 500 DKK 1,000 DKK 500 DKK million USD million 1 January 2025 9,756,388 206 6,072,390 122 15,829 2,870 30 September 2025 9,756,388 206 6,072,390 122 15,829 2,870 1 January 2026 9,756,388 206 6,072,390 122 15,829 2,870 Cancellations 170,003 - 963,111 - 1,133 205 30 September 2026 9,586,385 206 5,109,279 122 14,696 2,665 The share buy-back programme is carried out with the purpose to adjust the capital structure of the company. Shares not used for hedging purposes in connection with the long-term incentive programmes are expected to be proposed cancelled at the Annual General Meetings. The disposals of treasury shares are related to the long-term incentive programme. From 1 January 2026 to 30 September 2026, A.P . Møller - Mærsk A/S bought back as treasury shares 32,031 B shares with a nominal value of DKK 32m from A.P . Møller og Hustru Chastine Mc-Kinney Møllers Familiefond, which is considered a related party. The dividend for 2025 of DKK 480 per share of DKK 1,000, a total of DKK 7.0bn, equivalent to USD 1.1bn excluding treasury shares, was declared at the Annual General Meeting on 25 March 2026. Of this, USD 938m was paid to shareholders on 30 March 2026, and the withholding tax of USD 138m was paid in Q2 2026. Payment of dividends to shareholders does not trigger taxes for the Group. All shares are fully issued and paid up. One A share of DKK 1,000 holds two votes. B shares have no voting rights. At the Annual General Meeting of A.P . Møller - Mærsk A/S on 25 March 2026, the shareholders decided on the cancellation of treasury shares, and the share capital was reduced by a total nominal amount of DKK 1,133,114,000, divided into 170,003 A shares and 963,111 B shares, with a nominal value of DKK 1,000 each. The cancellation was completed during Q2 2026. No. of shares of DKK 1,000 Nominal value DKK million % of share capital Treasury shares 2026 2025 2026 2025 2026 2025 A shares 1 January 156,840 - 157 - 0.99% 0.00% Additions 60,611 115,770 60 116 0.41% 0.73% Cancellations 170,003 - 170 - 1.08% 0.00% 30 September 47,448 115,770 47 116 0.32% 0.73% B shares 1 January 1,004,574 120,307 1,005 120 6.35% 0.76% Additions 264,383 655,902 264 656 1.80% 4.14% Cancellations 963,111 - 963 - 6.09% 0.00% Disposals 56,506 20,535 57 20 0.36% 0.13% 30 September 249,340 755,674 249 756 1.70% 4.77% Note 3 Share capital Development in the number of shares: Development in the holding of treasury shares: Note 4 Commitments The total commitments across segments of USD 19.5bn (USD 13.4bn at 31 December 2025) are related to investments in dual- fuel vessels, commitments towards terminal concession grantors and EU allowances (EUAs) future contracts. Financials I Interim consolidated financial statements Q3 2026 23 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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Note 5 Accounting policies, judgements and significant estimates The interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The accounting policies, judgements and significant estimates applied in the interim consolidated financial statements are consistent with those applied in the Annual Report 2025, except for the changes described below. Change in cash flow presentation Effective 1 January 2026, the Group reclassified financial income received from financing activities to investing activities in the condensed cash flow statement. Comparative figures have been restated accordingly, and the effects are presented below. This presentation change does not affect the Group’s free cash flow. Published in 2025 Restated in 2026 USD million Q3 2025 9M 2025 12M 2025 Q3 2025 9M 2025 12M 2025 Cash flow from investing activities -1,242 -591 495 -1,003 192 1,501 Cash flow from financing activities -629 -6,309 -7,872 -868 -7,092 -8,878 New financial reporting requirements The Group adopted the following amendments, all endorsed by the EU and effective from 1 January 2026, none of which had a material impact on the interim financial statements: • Amendments to IFRS 9 and IFRS 7 (Classification and Measurement of Financial Instruments), clarifying the derecognition of financial liabilities, including those settled through electronic payment systems, and introducing additional disclosure requirements for certain financial instruments. • Annual Improvements to IFRS Accounting Standards – Volume 11, which are clarificatory in nature and do not affect the Group’s accounting treatment. • Amendments to IFRS 9 and IFRS 7 on Contracts Referencing Nature-dependent Electricity, which do not apply to the Group as it does not enter into such contracts. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Change in accounting estimate Effective 1 January 2026, the Group increased the estimated useful lives of vessels from 20 to 25 years following the annual useful life review performed at the end of 2025. The change is applied prospectively as a change in accounting estimate and resulted in a reduction in depreciation expense of USD 176m for Q3 2026 and USD 527m for 9M 2026. Change in segment reporting and cash-generating unit assessment Effective 1 April 2026, Logistics & Services was reorganised into three new operating segments: Forwarding, Solutions and Landside. Management has applied judgement in determining the Group’s operating and reportable segments under IFRS 8, considering the revised organisational structure, the discrete financial information available and how operating r esults are monitored and resources are allocated. Based on this assessment, Forwarding, Solutions and Landside are presented as operating and reportable segments from Q2 2026. Logistics & Services no longer represents an operating or reportable segment itself but rather as a consolidated subtotal to reflect how the businesses are also reviewed collectively. The comparative figures in note 1 segment information have been restated. In presenting the segment information, Management has applied judgement in determining the allocation of revenue between Forwarding, Solutions and Landside, including the split between external and inter-segment revenue and the presentation of eliminations. Certain Logistics & Services eliminations that cannot yet be assigned to intra- or inter-segment trading flows are presented within Logistics & Services eliminations. For the 2025 comparatives, some transactional data is not available at the same level of granularity, allocation keys are applied to split external and inter-segment revenue across the new segments. These judgements have only a minor effect on the presentation of inter-segment revenue and eliminations between the new segments and do not affect segment EBITDA or EBIT. Management has also reassessed the cash-generating unit structure for impairment testing purposes under IAS 36. Judgement was applied in determining the lowest level at which largely independent cash inflows can be identified. Based on the revised operating model and management reporting structure, Forwarding, Solutions and Landside have each been identified as cash-generating units. Financials I Interim consolidated financial statements Q3 2026 24 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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The Board of Directors and the Executive Board have today discussed and approved the Interim Report of A.P . Møller - Mærsk A/S for the period 1 January 2026 to 30 September 2026. The Interim Report has not been audited or reviewed by the company’s independent auditors. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. In our opinion, the interim consolidated financial statements (pp. 16-24) give a true and fair view of A.P . Moller - Maersk’s consoli dated assets, liabilities and financial position at 30 September 2026 and of the results of A.P . Moller - Maersk’s con solidated operations and cash flows for the period 1 January 2026 to 30 September 2026. Furthermore, in our opinion, the Management Review (pp. 3-15) includes a fair review of the development in A.P . Moller - Maersk’s operations and financial conditions, the results for the period, cash flows and financial position as well as a description of the most significant risks and uncertainty factors that A.P . Moller - Maersk faces, relative to the disclosures in the Annual Report for 2025. Management’s statement Executive Board Vincent Clerc CEO Robert Erni CFO Board of Directors Robert Mærsk Uggla Chair Marc Engel Vice Chair Bernard L. Bot Marika Fredriksson Thomas Lindegaard Madsen Amparo Moraleda Kasper Rørsted Allan Thygesen Julija Voitiekute Xavier Urbain Copenhagen, 5 November 2026 Management Review I Management’s statement 25 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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Quarterly summary 2026 2025 Income statement Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenue 18,095 15,757 12,970 13,331 14,206 13,130 13,321 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 4,710 2,992 1,753 1,836 2,686 2,298 2,710 Depreciation, amortisation and impairment losses, net 1,591 1,558 1,550 1,821 1,579 1,651 1,620 Gain on sale of non-current assets, etc., net 29 8 8 11 47 25 55 Share of profit in joint ventures and associated companies 121 129 129 92 130 173 108 Profit before financial items (EBIT) 3,269 1,571 340 118 1,284 845 1,253 Financial items, net -58 -74 -48 -67 -28 -111 177 Profit before tax 3,211 1,497 292 51 1,256 734 1,430 Tax 164 185 192 78 160 95 223 Profit for the period 3,047 1,312 100 -27 1,096 639 1,207 A.P . Møller - Mærsk A/S’ share 2,986 1,263 53 -70 1,047 586 1,162 Underlying profit1 3,031 1,297 171 69 939 614 1,152 Balance sheet Total assets 91,517 87,906 86,607 88,352 88,730 87,860 86,965 Total equity 59,174 56,366 55,218 56,696 57,537 57,069 56,455 Invested capital 55,954 54,832 54,069 53,745 54,923 54,619 51,591 Net interest-bearing debt -3,213 -1,535 -1,281 -2,947 -2,581 -2,454 -5,206 Cash flow statement Cash flow from operating activities 4,364 2,254 1,039 2,518 2,618 1,859 2,766 Repayments of lease liabilities -888 -863 -1,179 -819 -868 -1,014 -801 CAPEX -1,163 -931 -1,006 -919 -1,204 -1,278 -1,398 Cash flow from financing activities2 -1,375 -1,344 -3,515 -1,786 -868 -2,702 -3,522 Free cash flow 2,389 549 -874 1,028 771 -373 806 1 For definition of terms, see page 27. 2 Cash flow from financing activities comparative figures have been restated. Refer to note 5 in the interim consolidated financial statements for details. 2026 2025 Financial ratios Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenue growth 27.4% 20.0% −2.6% −8.7% −9.9% 2.8% 7.8% EBITDA margin 26.0% 19.0% 13.5% 13.8% 18.9% 17.5% 20.3% EBIT margin 18.1% 10.0% 2.6% 0.9% 9.0% 6.4% 9.4% Cash conversion 93% 75% 59% 137% 97% 81% 102% Return on invested capital after tax (ROIC) (last 12 months) 8.5% 5.0% 3.8% 5.7% 9.6% 13.7% 14.3% Equity ratio 64.7% 64.1% 63.8% 64.2% 64.8% 65.0% 64.9% Underlying EBITDA1 4,718 2,989 1,829 1,880 2,684 2,298 2,710 Underlying EBIT1 3,249 1,560 420 219 1,127 818 1,199 Stock market ratios Earnings per share, USD 207 87 4 -5 69 38 74 Diluted earnings per share, USD 206 87 4 -5 69 38 74 Cash flow from operating activities per share, USD 302 155 71 170 173 121 177 Share price (B share), end of period, DKK 23,650 15,540 16,055 14,640 12,730 11,775 11,985 Share price (B share), end of period, USD 3,591 2,369 2,468 2,306 1,961 1,850 1,733 Total market capitalisation, end of period, USD 50,416 33,646 35,455 33,817 29,278 28,068 26,638 Management Review I Quarterly summary 26 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026 Amounts in USD million
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A A.P . Moller - Maersk (Maersk) A.P . Moller - Maersk or Maersk is referred to as the consoli dated group of companies and A.P . Møller - Mærsk A/S as the parent company. B Bunker efficiency Bunker consumption measured in kilograms of fuel oil equivalent (FOE) per TEU day. C CAPEX Cash payments for intangible assets and property, plant and equipment, excluding acquisitions and divestments. Cash conversion Cash flow from operating activities to EBITDA. CBM Cubic metre, the freight volume of the shipment for domestic and inter national freight. It’s calcu- lated by multiplying the width, height and length of the shipment. Cost per move (Terminals) Includes cost (EBITDA less revenue less other income), depreciation and excludes IFRIC12 con- struction cost, divided by quay lifting moves. D Dual-fuel vessel A dual-fuel vessel is a ship equipped with engines capable of operating on both conventional fuels (e.g. marine diesel or heavy fuel oil) and another type of lower-GHG-emission fuel (e.g. bio- or e-methanol, or liquefied biomethane). Dual-fuel methanol vessel/ methanol- capable vessel Refers to a vessel equipped with engines capable of running on both conventional fuels (e.g. marine diesel or heavy fuel oil) and methanol as an alternative fuel. E EBIT Earnings Before Interest and Taxes. EBITDA Earnings Before Interest, Taxes, Depreciation and Amortisation. Equity ratio Calculated as equity divided by total assets. F FCL (Logistics & Services) Full Container Load. FFE Forty Foot container Equivalent unit. FFF Fossil Fuel Fee, replaced the Bunker Adjustment Factor (BAF) and Low Sulphur Surcharge (LSS). First Mile volumes (FFE in ’000) (Logistics & Services) Previously known as intermodal volumes includes intermodal, barge, rail and trucking drayage moves from manufacturing to port and port to warehouse. Free cash flow (FCF) Cash flow from operating activities, purchase/ sale of intangible assets and property, plant and equip ment, dividends received, repayments of lease liabilities, financial payments and financial expenses paid on lease liabilities. Fuel oil equivalent (FOE) Bunker consumption metric that converts different fuel types into a common unit for comparison purposes. FOE tonnes measure fuel consumption by normalising the energy content of any fuel type to a standard reference fuel oil, based on its lower calorific value (LCV). G Gross profit The sum of revenue, less variable costs and loss on debtors. I IAS International Accounting Standards. Invested capital Segment operating assets less segment operating liabilities, including invest ments and deferred taxes related to the operation. L LCL (Logistics & Services) Less-than-Container Load. Loaded freight rate (Ocean) Average freight rate per FFE for all the Maersk con- tainers loaded in the period in either Maersk Line vessels or third parties (excluding intermodal). Loaded volumes (Ocean) Loaded volumes refer to the number of FFEs loaded on a shipment which is loaded on first load at vessel departure time excluding displaced FFEs. Lower-GHG-emission fuels Refers to fuels (e.g. bio- or e-methanol, or liquefied biomethane) with low to very low greenhouse (GHG) gas emissions over their lifecycle compared to fossil reference fuels. Different lower- GHG-emission fuels achieve different lifecycle reductions depending on their production pathway. ‘Low’ refers to fuels with a lifecycle GHG reduction of 60-80% compared to fossil fuels, and ‘very low’ refers to fuels with a life cycle GHG reduction of 80-95% compared to fossil fuels. N Net interest-bearing debt (NIBD) Equals interest-bearing debt, including lease liabilities, fair value of derivatives hedging the under lying debt, less cash and bank balances as well as other interest-bearing assets. R Return on invested capital after tax (ROIC) Profit/loss before financial items for the year (EBIT) less tax on EBIT divided by the average invested capital, last twelve months. Revenue per move (Terminals) Includes terminal revenue excluding IFRIC 12 construction revenue, divided by quay lifting moves. T TEU Twenty-foot container Equivalent Unit. Time charter Hire of a vessel for a specified period. Total market capitalisation Total number of shares – excluding A.P . Møller - Mærsk A/S’ holding of treasury shares – multiplied by the end-of-quarter share price quoted by Nasdaq Copenhagen. U Underlying EBIT Underlying EBIT is operating profit before interest and taxes adjusted for restructuring and inte gration costs, net gains/losses from sale of non-current assets and net impairment losses. Underlying EBITDA Underlying EBITDA is earnings before interest, taxes, depre ciation and amor tisation adjusted for re structuring and integration costs. Underlying profit/loss Underlying profit/loss is profit/loss for the year from continuing operations adjusted for net gains/ losses from sale of non- current assets, etc., and net impairment losses as well as trans action, restructuring and inte gration costs related to major trans actions. The adjust ments are net of tax and include Maersk’s share of mentioned items in joint ventures and associated companies. Unit cost, fixed energy (USD per FFE incl. VSA income) (Ocean) Cost per FFE, assuming a bunker price of USD 550 per FOE tonne, excluding regulatory charges and intermodal costs, and including hubs and time charter income. V VSA A vessel sharing agreement is usually reached between various partners within a ship ping consortium who agree to operate a liner service along a specified route using a specified number of vessels. Technical terms, abbreviations and definitions of key figures and financial ratios. Definition of terms Management Review I Definition of terms 27 A.P . Moller - Maersk Interim Report Q3 | 5 November 2026
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A.P . Møller - Mærsk A/S Esplanaden 50, DK-1263 Copenhagen K | Registration no. 22756214 www.maersk.com | IR@maersk.com | +45 33 63 33 63 Contacts for further information Vincent Clerc, CEO Robert Erni, CFO Investors Martin Dunwoodie, Head of Investor Relations Tel. +45 3363 3484 Media Jesper Lov, Head of Media Relations and Leadership Communication Tel. +45 6114 1521 Webcast and dial-in information A webcast relating to the Q3 2026 Interim Report will be held on 5 November 2026 at 11.00 (CET). Dial-in infor mation on investor.maersk.com. Presentation material for the webcast will be available on the same page. The Interim Report for Q3 2026 of A.P . Møller - Mærsk A/S (further referred to as A.P . Moller - Maersk as the consolidated group of companies) has been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The interim consolidated financial statements have not been subject to audit or review. Comparative figures Unless otherwise stated, all figures in parentheses refer to the corresponding figures for the same period prior year. Financial calendar 11 February, Annual Report 2026 ESEF data Domicile of entity Denmark Description of nature of entity’s operations and principal activities Logistics company Country of incorporation Denmark Principal place of business Global Legal form of entity A/S (Danish Limited Liability Company) Name of reporting entity or other means of identification A.P . Møller - Mærsk A/S Address of entity’s registered office Esplanaden 50, DK-1263 Copenhagen K Name of parent entity A.P . Møller Holding A/S