Maersk raises 2026 guidance to US$14.5 billion EBITDA after record Q3
Logistics and Services revenue grew by 13%, and the EBIT margin improved to 5.8% from 5.5%.
GLOBAL – Maersk has raised its full-year 2026 guidance to underlying EBITDA of US$14.0-14.5 billion and underlying EBIT of US$8.0-8.5 billion, up from US$10.5-12.5 billion and US$4.5-6.5 billion, respectively, after reporting third-quarter EBITDA of US$4.7 billion and EBIT of US$3.3 billion, according to a company statement.
Revenue rose 27% year on year to US$18.1 billion, driven by all three businesses. The EBIT margin was 18.1%, up from the prior year.
Market conditions and segment performance
Global container demand grew by 2% to 4% year on year in the quarter. A severe typhoon season in Asia caused substantial port congestion, with global average port waiting times reaching 16.6 hours at the peak, the highest since January 2023.
The Shanghai Containerised Freight Index rose by 46% in the third quarter compared with the previous quarter.
Meanwhile, ocean EBIT rose to US$2.6 billion from US$567 million, with vessel utilisation at 96%. Logistics and Services revenue grew by 13%, and the EBIT margin improved to 5.8% from 5.5%. Terminals recorded record-high revenue, with volumes up 2.6% and utilisation at 85%.
Vincent Clerc, Chief Executive Officer at Maersk, said: “Despite continued geopolitical uncertainty and disruptions, global trade has remained remarkably resilient. Demand is being driven not only by consumer spending, but increasingly by major investments in electrification, energy and the rapid expansion of AI infrastructure, generating significant flows of industrial cargo around the world.”
Capital deployment and fleet investment
APM Terminals broke ground on the Laldia greenfield terminal in Chattogram, Bangladesh, in late August, adding 900,000 TEU of annual port capacity.
In September, APM Terminals Suape commenced operations in Pernambuco, Brazil, increasing the Suape Port Complex capacity by 55%, with an initial annual handling capacity of 400,000 TEU.
Moreover, Maersk ordered 26 dual-fuel container vessels, each with a capacity of 18,600 TEU, for delivery in 2029 and 2030. The company continued to execute its US$1.0 billion share buy-back programme.
The guidance upgrade of US$3.5 billion at the EBITDA midpoint reflects freight rates that exceeded expectations through the third quarter.
Finally, the key variable for the fourth quarter is whether congestion-driven capacity absorption continues.
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