#1MAERS MAEREK MAERSK MAERSK MAERSK MAERSK MADAK WERS MARRAK MAERSK MAERSK MAERSK MADREK WERS □MAERSK MAERSK MAERSK MAERSK ALL THE WAY TO ZERO MAERSK MAERSK MAERSK MAERSK MAERSK MAERSK A.P. Møller-Mærsk A/S FY & Q4 2023 Investor Presentation MAERSK MAERSK#2Forward-looking statements 2 APMM FY & Q4 2023 Financial Results 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 MAERSK#33 Full year and Q4 2023 Highlights APMM FY & Q4 2023 Financial Results MAERSK#44 Highlights A solid year delivering on the guidance in a difficult environment 2023 revenue of USD 51.1bn, with financial guidance achieved: Underlying EBITDA of USD 9.8bn (19.1% margin) • Underlying EBIT of USD 4.0bn (7.8% margin) ⚫. Net profit after tax of USD 3.9bn in 2023 (ROIC 7.4%) Decisive cost management in response to deteriorating market environment - APMM well positioned for 2024 2023 share buyback and dividend pay-out were the largest in the Company's history Ongoing Red Sea / Gulf of Aden conflict • Minimal financial impact on the fourth quarter Expected 2024 impact and uncertainty reflected in our guidance range APMM FY & Q4 2023 Financial Results SK MAERSK#5Highlights Dividend and share buyback update, Svitzer spin-off 1) 5 Given the uncertainties ahead and in line with the implementation of its Integrator strategy, APMM will exercise a prudent capital allocation As a consequence, the Board has decided to · • Propose a dividend of DKK 515 per share for 2023 Immediately suspend the share buyback programme, with a re- initiation to be reviewed once market conditions in Ocean have settled Initiate a demerger and spin-off of APMM's towage activities in Svitzer as standalone listed company with shares distributed pro- rata to APMM shareholders (tax-exempt for Danish tax purposes) - to be approved at EGM in April 20241 See separate stock exchange announcement APMM FY & Q4 2023 Financial Results MAERSK#66 Highlights Performing while transforming Logistics & Services Building for profitable growth USDM EBITDA EBIT Revenue 2,061 3,860 3,542 3,016 328 285 1,442 219 158 68 Q1'20 Q4'20 Q4'21 Q4'22 • . • Transitional year with normalisation affecting price and volumes following Covid-fuelled boom of 2021-2022 Integration of recent acquisitions expanded capabilities and coverage New customer wins demonstrating solid underlying demand for products APMM FY & Q4 2023 Financial Results Ocean Effective cost management Normalized to 100 Terminals Resilient returns Revenue (USDm) / ROIC (%) 1,089 999 1,019 202 872 184 12% 740 11%. 11% 8% 125 114 110 6% 100 108 5% 112 92 99 98 107 102 Revenue Loaded volumes Unit costs, fixed bunker* Q4'23 Q1'20 Q4'20 Q4'21 Q4'22 Revenue ROIC Q4'23 Q1'20 Q4'20 Q4'21 ROIC excl. Impairment in Russia Q4'22 Q4'23 Continued efforts on bringing costs down to 2019 levels eased headwinds from rapidly increasing supply Excellent asset utilisation with strong schedule reliability • • Minimal Q4 impact from Red Sea disruption • Fixed bunker price of 550 USD/FFE Very strong performance despite normalisation of storage revenue Excellent cost containment, tariff increases and high utilization resulted in ROIC (10.5%) ahead of mid-term targets Application of automation and lean methods with potential for further uplift MAERSK#72021-2025 Reinforcing our commitment to the strategic transformation 7 Segment ΚΡΙ Targets¹ LTM APMM Return on invested capital (ROIC) - (LTM) Every year >7.5% (Average 2021-25 >12.0%) 7.4% (37.7%²) Ocean EBIT margin - under normalised conditions Above 6% 6.6% Execute with the existing fleet size 4.1-4.3m TEU 4.2m Logistics Organic revenue growth Above 10% -15% & Services EBIT margin Above 6% 3.2% Terminals Return on invested capital (ROIC) – (LTM) Above 9% 10.5% 1) 2) 2021-2025 mid-term targets were introduced at the CMD in May 2021 2021-2023 average APMM FY & Q4 2023 Financial Results MAERSK#88 Highlights Clear strategic priorities for 2024 Logistics & Services Ocean Terminals Renew with growth and raise margins Build on baseline from 2023 and carry momentum with new customers Right-size fixed cost base and grow margins Further leverage capabilities of acquired companies to accelerate growth • Deliver best-in-class performance and prepare for the network of the future Defend best-in-class position, with focus on asset utilisation and cost management Maintain stable and reliable operations through Red Sea. disruption Gear up for new ocean network with industry-leading quality launching in 2025 • Sustain momentum on operational excellence and focus on growth Continue on new normal with strong performance Take advantage of new opportunities together with Logistics & Services Expand and extend existing terminals portfolio APMM FY & Q4 2023 Financial Results MAERSK#9Highlights Red Sea disruption affects only -1/3 of Maersk Ocean volumes and structural overcapacity challenges will prevail as the year progresses Over- supply Under- supply Supply-demand imbalance 10% 8% 6% 4% 2% 0% -2% -4% Asia-Europe headhaul rate | USD / FFE (Index 100 = Oct '23) 3 months' 180 disruption 160 140 12 months' disruption 120 In balance 100 3 months' disruption 12 months' disruption Scenarios eventually converge with reversion towards Dec-23 rate levels Q4-23 . Q1-24 Q2-24 Initial idle capacity available at ~2% of global fleet Q3-24 Q4-24 80 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 • More capacity Longer dwell time . Longer distance Higher speed Other costs • More equipment Increased carbon tax Network • Extra capacity requirement due to re-routings at ~6-7% of global fleet costs . Effect of new builds at -2-3% net growth per quarter Red Sea disruption will help alleviate Ocean losses in Q1 But overall effect will depend on duration and how quickly additional capacity comes into service, leading to wide range of scenarios for the year Note: Charts illustrative only#10Guidance 2024 financial guidance APMM expects global container volume growth to be 2.5-4.5% and to grow in line with the market • APMM provides its 2024 financial outlook against the backdrop of: . Significant oversupply challenge (as previously communicated in Nov '23) to materialise fully over the course of the year High uncertainty around duration and degree of Red Sea disruption - duration from one quarter to full year reflected in guidance range Considering these factors APMM expects for the full-year 2024, with a front-loading towards the start of the year: EBITDA underlying 1.0 to 6.0 USDbn EBIT underlying USDbn Free cash flow -5.0 to 0 -5.0 USDbn CAPEX guidance 2024-2025 9.0 to 10.0 USDbn CAPEX guidance 2023-2024 8.0 to 9.0 USDbn . Underlying EBITDA of USD 1.0bn to 6.0bn • Underlying EBIT of USD -5.0bn to Obn Free cash flow (FCF) of USD -5.0bn or higher 10 10 Unchanged 2023-2024 CAPEX guidance of USD 8.0-9.0bn and 2024-2025 expected at USD 9.0-10.0bn APMM FY & Q4 2023 Financial Results MAERSK#1111 Q4 2023 Financial review APMM FY & Q4 2023 Financial Results MAERSK#12Financial review A solid year in a difficult environment Q4 2023, USD FY 2023, USD EBITDA Revenue 0.8bn 51.1bn (-37.4%) (-87.2%) EBIT Free cash flow EBIT -0.5bn -1.7bn 3.9bn (-110.5%) (-126.5%) (-87.3%) EBITDA 9.6bn (-73.9%) Free cash flow 4.Obn (-85.4%) • Delivered financial results in line with guidance Q4 EBITDA decreased to USD 0.8bn, generating a margin of 7.1%, while EBIT decreased to USD -0.5bn reflecting a margin of -4.6% Revenue 11.7bn (-34.1%) • Net profit after tax for the fourth quarter of 2023 was USD -0.5bn resulting in USD 3.9bn for the year Free cash flow decreased to USD -1.7bn in Q4, resulting in USD 4.0bn for the whole year A record USD 14.1bn cash returned to shareholders in 2023 through dividends and share buy-back ROIC, LTM 7.4% NIBD -4.7bn • Total cash & deposits of USD 19.5bn with a net cash position of USD 4.7bn at the end of Q4 (-53ppts) (+8.0bn) 12 22 APMM FY & Q4 2023 Financial Results Net profit after tax 3.9bn (-86.7%) MAERSK#13Financial highlights Q4 2023 Negative FCF of USD 1.7bn mainly due to lower operational cash flow - capex for the full year in line with guidance Cash flow bridge for Q4 2023, USDM 166 200 -763 -600 -800 -1,000 -1,200 -1,251 -1,400 -1,600 -1,800 159 167 -1,714 -796 -2,000 -2,200 -2,400 Cash flow Capitalised Gross capex from operations lease instalments Financial Sale proceeds Free cash flow Acquisitions, payments, net and dividends net received Dividends and share buy-backs 13 APMM FY & Q4 2023 Financial Results 1,475 Financial investments and others, net 33 -843 Repayment Net cash flow of/proceeds from borrowings, net Operational cash flow of USD 166m (USD 8.2bn) impacted by lower EBITDA of USD 839m (USD 6.5bn) and negative net working capital of USD -513m (USD +1.7bn). Gross CAPEX of USD 1.3bn (USD 895m), mainly driven by Ocean and Terminals investments Free cash flow was USD -1.7bn (USD 6.5bn) with a cash conversion of 20% Sale of Höegh Autoliners shares completed in Q4 23, amounting to USD 168m Share buyback of USD 771m in Q4 23 offset by 1.5bn (USD 4.0bn) received from financial investment, translating into a net cash flow of USD -843m (USD 1.8bn) MAERSK#14Fourth quarter 2023 Ocean Development in EBIT (USDM) and EBIT margin (%) 10,000 8,000 6,000 4,000 - 50% 40% 30% 20% 10% 0% -10% -20% Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 EBIT EBIT margin • Revenue decreased by 46% to USD 7.2bn, mainly due to 50% lower freight rates partially offset by a volume increase of 11%. Sequentially, freight rates declined 8.1% EBIT decreased by USD 5.7bn to negative USD 920m due to lower freight rates, partly offset by lower operating costs, notably for bunker costs (lower bunker price and consumption), as well as container handling costs and slot charter costs Q4 financial impact from Red Sea disruption minimal 2,000 0 -2,000 Revenue EBITDA 14 APMM FY & Q4 2023 Financial Results Q4 2023 (USDM) Q4 2022 (USDM) FY 2023 (USDM) FY 2022 (USDm) 7,180 13,299 33,653 64,299 196 6,034 6,940 33,770 EBITDA margin 2.7% 45.4% 20.6% 52.5% EBIT -920 4,817 2,227 29,149 EBIT margin -12.8% 36.2% 6.6% 45.3% Gross capital expenditures 692 427 1,987 2,620 MAERSK#15Ocean Fourth quarter 2023 EBITDA decrease mainly due to lower freight rates EBITDA bridge for Ocean for Q4 2023, USDm USDM 7,000 6,500 6,034 6,000 1,500 1,000 500 0 964 -6,057 119 286 163 EBITDA Q4-22 Volume effect Freight rate effect Bunker price Container handling cost *Includes revenue recognition and bunker hedges 15 APMM FY & Q4 2023 Financial Results 196 Network cost exl. Bunker price -1,312 Other revenue, SG&A, net FX impacts and others* EBITDA Q4-23 MAERSK#16Ocean Fourth quarter 2023 Volumes increased but freight rates continue to decline at pace • Average freight rates decreased by 50%, with both. Ocean KPIs . contract rates and shipment rates declining. Sequentially, rates declined by 8.1% Loaded volumes were up 11% to 3,108k FFE Average freight rate (USD/FFE) 1,925 Q4 Q3 Q/Q Q4 Y/Y 2023 2023 change 2022 change 2,095 -8.1% 3,869 -50% Operated capacity ('000 TEU) 4,131 4,166 -0.8% 4,270 -3.3% • Average operated fleet capacity was 3.3% lower than in Q4 2022 resulting in high capacity utilisation Loaded volumes ('000 FFE) 3,108 3,166 -1.8% 2,807 11% • Our share of Ocean contract volumes for the full year is 68% (in line with 2022) Contract share definition 2020 2021 2022 2023 2024e Contracts 60% 65% 68% 68% 70% Total volume split Shipments 40% 35% 32% 32% 30% 16 APMM FY & Q4 2023 Financial Results MAERSK#17Ocean Fourth quarter 2023 Unit costs (USD per FFE) decreased throughout 2023 . Operating costs decreased by 3.2% driven by lower bunker USD/FFE prices, lower container handling costs and lower slot charter 4,000 costs . Total bunker costs decreased by 10% to USD 1.6bn, driven by a 9.0% decrease in average bunker price to USD 655 per tonne and a 1.3% decrease in bunker consumption 3,000 2,000 Operating costs excluding bunker decreased by 0.9% (year over year), which combined with 11% higher volumes, led to a unit cost at fixed bunker of USD 2,280, equivalent to a decrease of 13.6%. Sequentially, unit cost at fixed bunker decreased by 0.3% 17 APMM FY & Q4 2023 Financial Results 1,000 0 Q2 20 Q3 20 Q4 20 Loaded FFEK 3,500 3,000 2,500 2,000 1,500 1,000 500 σ ≈ 1 ☎ ~ ~ 1 & ~ ~ T Unit cost, fixed bunker* Loaded FFEK * Fixed bunker price of 550 USD/FFE MAERSK#18Fourth quarter 2023 Logistics & Services Development in EBIT (USDM) and EBIT margin (%) 8% 300 6% 200 Revenue decreased by 8.2% to USD 3.5bn (USD 3.9bn) with organic revenue declining 10%. Retail and Lifestyle sectors continued to be challenged, 4% 100 especially in North America 2% • Impact from lower rates in Air, Warehouse and 0 0% Distribution and Inland transportation services Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 . • EBIT was USD 60m incl. restructuring charges of USD 33m, generating an EBIT margin of 1.7%, down 1.9pts vs Q4 22 Profitability decreased compared to Q4 22, as a result of lower rates and partly offset by higher volumes EBIT EBIT margin Q4 2023 Q4 2022 FY 2023 (USDM) (USDM) (USDM) FY 2022 (USDM) Revenue 3,542 3,860 13,916 14,423 Gross Profit 1,050 1,029 4,222 3,706 EBITDA 285 328 1,251 1,378 EBITDA margin 8.0% 8.5% 9.0% 9.6% EBIT 60 139 446 814 EBIT margin 1.7% 3.6% 3.2% 5.6% Gross capital expenditures 224 174 771 657 18 APMM FY & Q4 2023 Financial Results MAERSK#19Logistics & Services - Fourth quarter 2023 Lower rate effect continues Managed by Maersk revenue decreased by USD 130m to USD 479m (USD 609m), affected by lower rates in Lead Logistics and Customs, while EBITA margin increased to 16.9% (14.0%) Fulfilled by Maersk revenue decreased by USD 119m to USD 1.5bn (USD 1.6bn), driven by lower volumes and rates in Warehouse and Distribution (WnD), primarily in transportation and middle mile in North America, offset by strong WnD performance in Asia. EBITA margin was -4.0% (-1.1%) Transported by Maersk revenue decreased by USD 69m to USD 1.6bn (USD 1.7bn), mainly due to lower rates in Air. EBITA margin was 4.9% (5.6%) 19 APMM FY & Q4 2023 Financial Results Revenue, USDM Q4 Q4 FY FY 2023 2022 2023 2022 Managed by Maersk 479 609 2,168 2,491 - growth % -21% -13% Fulfilled by Maersk 1,450 1,569 5,452 4,916 -growth % -7.6% 17% Transported by Maersk 1,613 1,682 6,296 7,016 - growth % -4.1% -10% Total 3,542 - growth % -8.2% 3,860 13,916 -3.5% 14,423 USDM Q4 2022 M&A impact Organic impact Q4 2023 Revenue 3,860 59 -377 3,542 Growth % 2% -10% EBITA 183 7 -86 104 FY M&A Organic FY USDM 2022 impact impact 2023 Revenue 14,423 1,713 -2,220 13,916 Growth % 12% -15% EBITA 944 55 -380 619 MAERSK#20Fourth quarter 2023 Terminals Development in EBIT (USDM) and EBIT margin (%) 400 40% 300 . Revenue increased by 2.0% to USD 1.0bn due to 3.2% higher volume (6.8% like-for-like) driven by the Americas and Africa 200 100 • EBIT on par at USD 234m, with decreasing storage revenue being offset by higher volume, tariff increases and inflation offsetting cost initiatives ROIC (LTM) increased to 10.5%, well above pre- congestions levels CAPEX increased to USD 220m (USD 132m) due to progress made on ongoing modernisation projects in Los Angeles and Port Elizabeth, USA and Barcelona, Spain EBITDA 0 Minu 30% 20% 10% 0% -100 Q4 21 Q122 Q3 22 Q3 22 Q4 22 EBIT Q1 23 EBIT margin Q2 23 Q3 23 Q4 23 -10% Q4 2023 (USDM) Q4 2022 FY 2023 FY 2022 (USDM) (USDM) (USDm) Revenue 1,019 999 3,844 4,371 303 288 1,278 1,535 EBITDA margin 29.7% 28.8% 33.2% 35.1% EBIT 234 232 980 832 EBIT margin 23.0% 23.2% 25.5% 19.0% Gross capital expenditures 220 132 541 516 20 APMM FY & Q4 2023 Financial Results MAERSK#21Terminals Fourth quarter 2023 Growing top-line and robust margins USDM Terminals' EBITDA bridge • Terminals' volume increased by 3.2% (6.8% like-for-like excluding exits) driven by the Americas, impacting EBITDA positively by USD 38m 350 325 ⚫ Revenue per move decreased by 1.8% with decreasing storage due to global supply chain decongestion being offset by increasing tariffs • Cost per move decreased by 2.4% due to exits and inflation offsetting cost initiatives • Utilization increased to 77% (74%) with the positive volume impact, being partially offset by increases in capacity from ongoing modernization programs 21 21 APMM FY & Q4 2023 Financial Results -6 38 -13 303 300 288 275 EBITDA Q4 2022 Volume effect Volume mix & FX effect Revenue, storage and exits Cost and Other, incl. one-off's EBITDA Q4 2023 MAERSK#22Fourth quarter 2023 Towage & Maritime Services ⚫ Revenue increased to USD 571m (USD 568m) mainly due. to higher market demand in Maersk Container Industry, increased activity in Svitzer partly offset by divestment of Maersk Supply Services • EBIT decreased to USD 107m (USD 122m) driven primarily by EBIT contribution of Höegh Autoliners AS Full divestiture of Höegh Autoliners AS completed in Q4 2023 with a net gain on sale before taxes of USD 39m ⚫ Board to initiate a demerger and spin-off of APMM's towage activities in Svitzer¹ 200 150 Development in EBIT (USDM) and EBIT margin (%) 40% 30% 100 20% 50 10% 0 0% -50 -10% -100 -20% -150 -30% Q4 21 Q1 22 Q2 22 Q3 22 EBIT Q4 22 Q1 23 EBIT margin Q2 23 Q3 23 Q4 23 Q4 2023 (USDM) Q4 2022 (USDm) FY 2023 (USDM) FY 2022 (USDM) Revenue EBITDA 571 568 2,160 2,293 88 82 320 369 Svitzer key figures (USDm) Revenue FY 2023 FY 2022 EBITDA margin 15.4% 14.4% 14.8% 16.1% 839 774 EBIT 107 122 457 307 EBITDA EBITDA margin 246 229 EBIT margin 18.7% 21.5% 21.2% 13.4% 29% 30% Gross capital expenditures 95 118 318 350 1) See separate stock exchange announcement 22 APMM FY & Q4 2023 Financial Results MAERSK#23Questions and answers To ask a question, please press 1 Reminder: ONE question per turn 23 APMM FY & Q4 2023 Financial Results MAERSK#2424 28 APMM FY & Q4 2023 Financial Results MAERSK Final remarks Concluded a transitional year with solid results in line with guidance Proposed dividend of DKK 515 per share, Svitzer spin-off to shareholders, share buyback programme suspended Guidance for 2024 reflecting high uncertainty around Red Sea disruption and significant oversupply challenges Focus on achieving best-in-class operations and cost control Well-positioned for 2024 and the uncertainties that lie ahead#25Appendix 25 25 APMM FY & Q4 2023 Financial Results MAERSK#2626 Spearheading sustainable change within our industry Maersk first in shipping to have climate targets validated by SBTI MAERSK MAERSK SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION validated by the Science Based Targets initiative (SBTi) Climate targets for 2030 and 2040 MAERSK MAERSK AERSK MAERSK AERSK MAERSK AERSK MAERSK MAERSK MAERSK MAERSK MAERSK Continued investments in end-to-end logistics decarbonization solutions with more than 100 electric heavy- duty trucks in operation III [43 World's first methanol-enabled container vessel delivered and 18 large methanol- enabled container vessels to be delivered between 2024 and 2025 APMM FY & Q4 2023 Financial Results ALL THE WAY TO ZERO MAERSK#27Financial highlights FY 2023 Revenue EBITDA EBIT CAPEX FY FY FY FY FY FY FY FY USD million %A %A %A %A 2023 2022 2023 2022 2023 2022 2023 2022 Ocean 33,653 64,299 -48% 6,940 33,770 -79% 2,227 29,149 -92% 1,987 2,620 -24% Logistics & Services 13,916 14,423 -3.5% 1,251 1,378 -9.2% 446 814 -45% 771 657 17% Terminals 3,844 4,371 -12% 1,278 1,535 -17% 980 832 18% 541 516 4.8% Towage & Maritime Services 2,160 2,293 -5.8% 320 369 -13% 457 307 49% 318 350 -9.1% Unallocated activities and -2,508 -3,857 -35% -198 -239 -17% -176 -242 -27% 29 20 45% eliminations, etc. A. P. Moller - Maersk 51,065 81,529 -37% 9,591 36,813 -74% 3,934 30,860 -87% 3,646 4,163 -12% consolidated 27 APMM FY & Q4 2023 Financial Results MAERSK#28Financial highlights Q4 2023 28 Revenue EBITDA EBIT CAPEX Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 USD million %A %A %A %A 2023 2022 2023 2022 2023 2022 2023 2022 Ocean 7,180 13,299 -46% 196 6,034 -97% -920 4,817 -119% 692 427 -62% Logistics & Services 3,542 3,860 -8.2% 285 328 -13% 60 139 -57% 224 174 29% Terminals 1,019 999 2.0% 303 288 5.2% 234 232 0.9% 220 132 67% Towage & Maritime Services 571 568 0.5% 88 82 7.3% 107 122 -12% 95 118 -19% Unallocated activities and -571 -906 -37% -33 -192 -83% -18 -188 -90% 20 44 -55% eliminations, etc. A. P. Moller - Maersk 11,741 17,820 -34% 839 6,540 -87% -537 5,122 -110% 1,251 895 40% consolidated APMM FY & Q4 2023 Financial Results MAERSK#29Financial highlights Consolidated financial information Income statement (USDm) Q4 2023 Q4 2022 FY 2023 FY 2022 Key figures and financials (USDm) Q4 2023 Q4 2022 FY 2023 FY 2022 Revenue 11,741 17,820 51,065 81,529 Profit/loss for the period -456 4,981 3,908 29,321 EBITDA 839 6,540 9,591 36,813 Gain/loss on sale of non-current assets etc., net -84 -33 -523 -101 EBITDA margin 7.1% 36.7% 18.8% 45.2% Impairment losses, net. 29 -64 371 455 Depreciation, impairments etc. 1,580 1,612 6,615 6,186 Transaction and integration cost 71 -18 180 31 Gain on sale of non-current 84 33 523 101 assets, etc., net Tax on adjustments -2 -3 18 -3 Share of profit in joint ventures 120 161 435 132 Underlying profit/loss -442 4,863 3,954 29,703 and associates EBIT -537 5,122 3,934 30,860 Earnings per share (USD) -27 278 227 1,600 EBIT margin -4.6% 28.7% 7.7% 37.9% Lease liabilities (IFRS 16) 10,448 11,614 10,448 11,614 Financial items, net 101 171 428 -629 Net interest-bearing debt -4,658 -12,632 -4,658 -12,632 Profit/loss before tax -436 5,293 4,362 30,231 Invested capital 50,430 52,410 50,430 52,410 Tax 20 312 454 910 Total Equity (APMM total) 55,090 65,032 55,090 65,032 Profit/loss for the period -456 4,981 3,908 29,321 Total market capitalisation 28,541 39,135 28,541 39,135 29 29 APMM FY & Q4 2023 Financial Results MAERSK#30Financial highlights Consolidated financial information Cash flow statement (USDm) Profit/loss before financial items Q4 2023 Q4 2022 FY 2023 FY 2022 -537 5,122 3,394 30,860 Non-cash items, etc. 1,370 1,643 5,973 6,225 Change in working capital -513 1,678 417 -1,808 Taxes paid -154 -243 -681 -801 Cash flow from operating activities (CFFO) 166 8,200 9,643 34,476 CAPEX -1,251 -895 -3,646 -4,163 Repayments of lease liabilities -763 -861 -3,226 -3,080 Financial expenses paid on lease liabilities -141 -141 -563 -518 Financial payments, net 108 29 853 -238 Sale proceeds and dividends received 167 130 906 630 Free cash flow (FCF) -1,714 6,462 3,967 27,107 Acquisitions, net (incl. sales) 159 -82 1,151 -4,599 Dividends and share buy-backs -796 -708 -14,088 -9,663 Repayments of/proceeds from borrowings, net 33 35 185 -717 30 APMM FY & Q4 2023 Financial Results MAERSK#31Financial highlights Balance sheet and capital allocation 31 Debt & cash position Q4 2023 Q3 2023 Q4 2022 • Borrowings 4,366 4,221 4,029 • Lease liabilities 10,448 10,632 11,614 Other 63 243 365 Total gross debt 14,877 15,096 16,008 Cash and bank balances 6,701 7,630 10,057 Short term deposits 12,834 14,310 17,641 Securities 942 Total cash and deposits 19,535 21,940 28,640 Net interest-bearing debt -4,658 -6,844 -12,632 APMM FY & Q4 2023 Financial Results Strong balance sheet maintained Commitment to shareholder returns and maintaining investment grade MAERSK#32Financial highlights - Ocean full year 2023 EBITDA decrease mainly due to lower freight rates EBITDA bridge for Ocean for FY 2023, USDm USDM 33,770 34,000 -79 33,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 EBITDA 2022 -27,149 838 926 1,436 Volume effect Freight rate effect Bunker price Container handling cost *Includes revenue recognition and bunker hedges 32 APMM FY & Q4 2023 Financial Results 6,940 -2,801 Network cost exl. Bunker price Other revenue, SG&A, net FX impacts and others* EBITDA 2023 MAERSK#33Financial highlights FY2023 Net interest-bearing debt bridge - FY 2022 to FY 2023 Development in net interest-bearing debt (NIBD) FY 2023, USD bn 0 -2 -4 -6 -8 -10 -12 -12.6 14.1 -14 -16 9.6 -18 -20 1.2 3.6 -22 0.4 0.4 0.9 -24 NIBD 2022A EBITDA Change in working Financial payments Sale proceeds Gross capex Acquisitions, and dividends capital & Tax paid received 1) 2) 3) New Capitalised leases (BS Impact) Other (2) NIBD 2023A Defined as cash and securities, term deposits, and undrawn committed facilities longer than 12 months less restricted cash and securities. Includes but not limited to: Sale/purchase of securities, Currency translation of debt balances, intercompany transactions involving debt as well as hedges on debt. Based on dividends and purchase of treasury shares. net Dividends and share buy-backs (3) 2.0 0.1 2.0 -4.7 11.6 3.2 10.4 Total Net New Lease Total Capitalised capitalised repayments Capitalised Leases (BS leases Leases (BS Impact) 2023A Impact) 2022A Liquidity reserve¹ decreased to USD 24.4bn by end Q4 2023. Investment grade credit rating of BBB+ (stable) from S&P and Baa2 (positive) from Moody's. Net interest-bearing debt decreased to a net cash position of USD 4.7bn (USD 12.6bn at year-end 2022), of which USD 10.4bn is capitalised leases. Net cash position end of 2023 was USD 15.1bn (excl. capitalised leases). 33 APMM FY2023 Financial Results MAERSK#34Financial highlights Q4 2023 Earnings distribution to shareholders DKK bn 100 95 90 85 80 75 70 65 60 55 50 55 1050 15 10 21.1 19.7 74.4 36.7 12.3 48.5 5.2 3.9 3.2 5.3 5.0 4.4 4.4 5.3 6.2 6.6 6.5 6.5 ■3.1] 3.1 3.1 3.1 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Extraordinary dividend (Danske Bank) Executed share buy back Dividends 34 Note: Dividend and share buy back in the year paid/repurchased. SBB excluding long-term incentive programme shares Based on dividends and purchase of treasury shares APMM FY & Q4 2023 Financial Results MAERSK#35IR Contact Information & Financial Calendar Investor Relations Contacts Stefan Gruber Head of Investor Relations +45 3363 3484 Mikkel Johansen Senior Investor Relations Officer +45 2330 2950 Ken Taro Madsen Senior Investor Relations Officer +45 6052 9195 Emilie Lillevang Bech Investor Relations Officer +45 4217 6675 Charlotte Singerholm Gert Hansen Investor Relations Coordinator +45 2296 3322 Financial Calendar 14 March 2024 2 May 2024 Annual General Meeting Q1 2024 Interim Report 7 August 2024 Q2 2024 Interim Report 31 October 2024 Q3 2024 Interim Report Share Information Market Share classes Nasdaq Copenhagen A: two votes per share B: no voting rights Industrials Sector Segment Large E-mail: [email protected] Webpage: investor.maersk.com 35 APMM FY & Q4 2023 Financial Results MAERSK