A.P. Moller – Maersk AS (AMKBY) Q4 2024 Earnings Call Transcript

A.P. Moller – Maersk AS (OTCPK:AMKBY) Q4 2024 Earnings Call Transcript February 6, 2025 5:00 AM ET

Company Participants

Vincent Clerc – Chief Executive Officer
Patrick Jany – Chief Financial Officer

Conference Call Participants

Alexia Dogani – J.P. Morgan
Dan Togo Jensen – Carnegie
Robert Joynson – BNP Paribas Exane
Omar Nokta – Jefferies
Lars Heindorff – Nordea
Alex Irving – Bernstein
Ulrik Bak – SEB
Parash Jain – HSBC
Jacob Lacks – Wolfe Research
Muneeba Kayani – Bank of America

Vincent Clerc

Welcome everyone, and thank you for joining us for this earnings call today as we present our Fourth Quarter and Full Year Results for 2024. My name is Vincent Clerc, I’m the CEO of A.P. Moller – Maersk, and with me today in the room is our CFO, Patrick Jany.

We start with the highlights from the year that just passed. On the back of a strong fourth quarter, we closed the books for 2024 with a full year EBITDA of $12.1 billion and an EBIT of $6.5 billion. This figure marks the best financial year in Maersk’s history, outside the pandemic fueled boom of the years 2021 and 2022. As important as these financial results are the great strides that we have made internally in making the business better, stronger and more resilient notwithstanding the high uncertainty we saw in our external environment and I want to thank all of the team for achieving this.

We made clear and tangible progress in our growth segment Logistics & Services with a sustainable step change in margin during the year from 2.5% in the first half to 4.6% in the second half. This step change owes to our continued focus on productivity and cost management while achieving close to 10% growth here in the last quarter. We are not yet where we want to be, but