#1A.P. Møller-Mærsk A/S Q2 2023 Results 33 MAERSK MRSU 650 057 1 4561 MAERSK MAU 65 051 451 VOL MAX GROSS 32.500 KG 71.550 18 TARE 3.720 G 8.200 18 PAYLOAD 28.780 KG $2.450 18 CUBE 76.4 M 2.700 FT maersk.com 특장차 13 MAERSK www#2Forward-looking statements 2 APMM Q2 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 Q2 2023 Key statements APMM Q2 2023 Financial Results MAERSK#4• Key statements Robust second quarter results in difficult market conditions Group revenue of USD 13.0bn, with EBIT margin of 12.4% Q2 volume and rate environment stabilizing at a lower level, in line with expectations Segment performance affected by lower volumes, yet supported by strong cost control Given the prolonged destocking, full year global container volume outlook reduced to -4% to -1% compared to -2.5% to +0.5% previously Full-year financial guidance raised reflecting strong H1 performance MAER MAE 4 APMM Q2 2023 Financial Results MAERSK#5Key statements Ocean Profitability reverting to normalised pattern • Customer focus and contract adherence cushion the effect of rate normalisation • Dynamic capacity management and proactive cost containment led to strong results, despite lower rate environment ⚫ In H2, we expect the market to face continued lower volumes combined with increased supply Normalized to 100 300 5 250 200 150 50 650 100 EBIT margin (%) 55% 45% 35% 25% 15% 5% -5% -15% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 18 18 18 18 19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 Revenue Loaded Volumes APMM Q2 2023 Financial Results Total Operating Costs EBIT Margin MAERSK#6Key statements Logistics & Services Key sectors of Retail and Lifestyle, in particular in Asia Pacific and North America, remain challenged due to continued destocking Transported by Maersk affected by lower rates in Air and Landside transport as well as weaker volumes Lower level of activity implies increased focus on cost management given the expanded footprint • L&S expects progressive recovery of margins going forward EBITDA (USDM) 500 400 300 200 100 -100 Revenue (USDm) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 18 18 18 18 19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 EBIT 6 APMM Q2 2023 Financial Results EBITDA Revenue (RHS) 1,000 500 ALL THE WAY MAERSK#7Key statements Terminals • • . Terminals demonstrates deep resilience as volumes drop 6.5% as congestion and storage levels normalise Effective cost control and contractual price increases reduced the EBITDA impact of lower revenue and inflation ROIC (LTM) of 11.4% remains significantly above 2021 levels as robust, attractive returns continue ROIC to remain above 9% threshold, even as quarters with high extraordinary storage income annualize out Revenue (USDm) ROIC (%) 1,200 1,089 1,131 1,124 1,117 25 1,027 969 999 1,000 915 950 876 20 20 800 12.5 13.1 12.8 15 12.3 11.9 600 10.9 11.4 10.0 8.7 8.2 7.4 400 7.1 7.4 7.6 10 5 UT 200 7 Q1 Q2 Q3 Q4 Q1 21 21 21 21 22 222 Q2 Q3 Q4 Q1 22 22 23 232 Q2 23 | Revenue ROIC ROIC excl. Impairment in Russia APMM Q2 2023 Financial Results ERSK MAERSK#8Key statements Delivering on the roadmap for 2021-2025 Continued progress on the strategic transformation APMM: Return on invested capital (ROIC) - (LTM) Ocean: EBIT margin under normalised conditions - Execute with the existing fleet size Logistics & Services: Targets LTM Every year >7.5% Average 2021-25 >12.0% 34.3% Above 6% 33.5% 4.1-4.3m TEU 4.2m Organic revenue growth Above 10% -3% - hereof from top 200 Ocean customers Min. 50% N/A EBIT margin Above 6% 4.3% Terminals: Return on invested capital (ROIC) - (LTM) Above 9% 11.4% Mid-term targets were introduced at the CMD in May 2021 8 APMM Q2 2023 Financial Results MAERSK MAERSK#9Guidance Full-year 2023 financial guidance raised On the agenda for 2023 . The inventory correction observed since Q4 2022 appears to be prolonged and is now expected to last through year end Based on the prolonged destocking, APMM now sees global container volume growth in the range of -4% to -1% compared to -2.5% to +0.5% previously. APMM expects to grow in-line with the market ⚫ For the full-year 2023, A.P. Moller-Maersk raises its financial outlook and now expects underlying EBITDA of USD 9.5 - 11.0bn (previously USD 8.0 - 11.0bn), underlying EBIT of - USD 3.5 5.0bn (previously USD 2.0 - 5.0bn) and free cash flow (FCF) of at least USD 3.0bn (previously at least USD 2.0bn) APMM now expects CAPEX to be at the lower end of the previously communicated ranges of USD 9.0 - 10.0bn (for 2022-2023) and USD 10.0 - 11.0bn (for 2023-2024) Ocean III Logistics & Services • • • · 命 • • Terminals . • • APMM Earnings stabilisation Supply side risk in H2 given industry order book Continue focus on strong BCO relationships Focus on gaining share of customer logistics spend Re-gain momentum towards 6% EBIT margin in H2 Deepen integrator value proposition Lower global port congestion will affect revenues Maintain robust pricing power Focus on automation and best practices Lean in to the digital transformation Invest in technology, automation and decarbonization Accelerate the integrator strategy as a differentiator 9 APMM Q2 2023 Financial Results MAERSK#10Q2 2023 Key statements 10 10 APMM Q2 2023 Financial Results MAERSK#11Key statements Financial highlights of Q2 2023 • Robust second quarter results, reflecting expected volume and rate development supported by strong cost control ⚫ Q2 EBITDA decreased to USD 2.9bn, generating a margin of 22.4%, while • EBIT decreased to USD 1.6bn reflecting a margin of 12.4% Net profit after tax for the second quarter of 2023 was USD 1.5bn compared to USD 8.6bn (Q2 2022) and USD 2.3bn (Q1 2023) Revenue 13.0bn (-40.0%) EBIT 1.6bn (-82.1%) Q2 2023, USD EBITDA 2.9bn (-71.9%) Free cash flow 1.6bn (-76.9%) • Free cash flow of USD 1.6bn, driven by lower cash flow from operating activities Cash returns to shareholders* were USD 2.4bn during the quarter, which included USD 1.5bn of withholding tax paid out ⚫ Net cash position of 7.1bn in Q2, supporting planned growth and share buyback plans ROIC, LTM 34.3% (-28.2ppts) NIBD (USD) -7.1bn (improvement of 3.7bn) *includes both dividends and share buybacks 11 APMM Q2 2023 Financial Results MAERSK#12Financial highlights Q2 2023 Cash conversion of 95% led to a free cash flow of USD 1.6bn Cash flow bridge for Q2 2023, USDM 2,758 2,800 2,600 2,400 -822 2,200 2,000 1,800 1,600 -738 1,400 1,200 0 -200 -400 -600 -800 -1,000 -1,200 -1,400 Cash flow from operations Capitalised lease instalments Gross capex 12 APMM Q2 2023 Financial Results Note: Sum may differ due to rounding 761 1,581 347 36 Financial Sale proceeds Free cash flow Acquisitions payments, net and dividends received -2,392 -995 Dividends net and share buy-backs Financial investments and others, net -162 -1,207 Repayment Net cash flow of/proceeds from borrowings, net Gross CAPEX was lower in Q2-23 compared to Q2-22, mainly driven by Ocean. Free cash flow was USD 1.6bn (USD 6.8bn) with a cash conversion of 95%. Proceeds of MSS divestment were USD 685m in Q2 offset by USD 1.5bn from withholding tax on dividends and a USD 995m placement of mainly short-term deposits, translated into a net cash flow of USD -1.2bn. Net interest-bearing debt was on par with end of Q1 2023 with a net cash position of USD 7.1bn. Leading to total cash and deposits of USD 22.1bn MAERSK#13Highlights Q2 2023 Ocean Revenue decreased by 50% to USD 8.7bn, mainly due to 51% lower freight rates coupled with a volume decrease of 6.1%, as the normalisation in the Ocean industry continued from the 2022 peak EBIT decreased by USD 7.3bn to USD 1.2bn driven by the decrease in revenue, partly offset by lower operating costs which decreased by USD 1.3bn 13 APMM Q2 2023 Financial Results Development in EBIT (USDM) and EBIT margin (%) 10,000 50% 8,000 40% 6,000 30% 4,000 20% 2,000 10% 0 0% ទស Q2 Q3 Q4 Q1 21 21 21 22 222 222 Q2 Q3 Q4 Q1 22 22 22 23 23 222 Q2 EBIT EBIT margin Q2 2023 (USDM) Q2 2022 (USDm) Revenue EBITDA 8,703 17,412 2,259 9,598 EBITDA margin 26.0% 55.1% EBIT 1,205 8,526 EBIT margin 13.8% 49.0% Gross capital expenditures 314 517 MAERSK#14Ocean highlights Q2 2023 EBITDA decrease mainly due to lower rates EBITDA bridge for Ocean for Q2 2023, USDm USDM 10,000 9,598 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 EBITDA Q2-22 -814 -7,206 271 195 570 Volume effect Freight rates effect Bunker price Container handling unit cost *Includes revenue recognition and hedges of bunker 14 APMM Q2 2023 Financial Results -356 2,259 Network cost exl. Bunker price Other revenue, SG&A net FX impacts and others * EBITDA Q2-23 MAERSK#15Ocean highlights Q2 2023 Average rates continue to normalise • Average freight rates decreased y/y by 51.0%, driven by lower contract and shipment rates. Q- o-Q rates declined by 14.9% Ocean KPIs Q2 2023 Q1 2023 Q/Q change Y/Y Q2 2022 change Average freight rate (USD/FFE) 2,444 2,871 -14.9% 4,983 -51.0% Average operated fleet capacity was 3.4% lower than in Q2 22 Operated capacity ('000 TEU) 4,136 4,217 -1.9% 4,282 -3.4% • Continued lower demand driven by prolonged destocking led to a decline of 6.1% in loaded volumes to 2,906k FFE Loaded volumes ('000 FFE) 2,906 2,724 6.7% 3,095 -6.1% . Based on H1 volumes, our share of Ocean contract volumes for the full year is now anticipated to be 68% Contract share definition 2021 2022 2023e Contracts 65% 68% 68% At the end of Q2 2023, 1.5m FFES were signed on multi-year contracts Total volume split* Shipments 35% 32% 32% 15 APMM Q2 2023 Financial Results *) According to new definition since Q1 2023 MAERSK#16• Ocean highlights Q2 2023 Cost containment led to decrease of unit cost Operating costs decreased by 17% driven by lower bunker prices and lower container handling costs 3,000 Total bunker costs decreased 34% to USD 1.4bn, driven by a 28% decrease in average bunker price to USD 592 per tonne and an 8.3% decrease in bunker consumption 2,000 Operating costs excluding bunker decreased by 11% (year over year) and 1% (sequentially) to USD 5.0bn, which combined with 6.1% lower volumes, led to a unit cost at fixed bunker of USD 2,389, equivalent to a decrease of 1% (year over year) and 6% (sequentially) 16 APMM Q2 2023 Financial Results 1,000 0 Q2 21 Q3 21 USD/FFE 4,000 * Fixed bunker price of 550 USD/FFE Q4 21 Q1 22 Q2 22 Q3 22 22 Unit cost, fixed bunker* (lhs) - Loaded FFEK (rhs) Q4 22 Q1 23 Q2 23 MAERSK Loaded FFEK 4,000 3,000 2,000 1,000#17Highlights Q2 2023 Logistics & Services Development in EBIT (USDM) and EBIT margin (%) Revenue decreased by 3% to USD 3.4bn (USD 3.5bn), driven primarily by lower volumes in the Retail and Lifestyle sectors, in particular in Asia Pacific and North America Additional impact from lower Air and Road freight rates. Organic revenue declined 19.3% EBIT was USD 115m (USD 234m), generating an EBIT margin of 3.4% EBIT decline was driven by lower volumes and lower rates combined with an increased cost base reflecting the larger footprint of the business Revenue Gross Profit 17 APMM Q2 2023 Financial Results 300 10% 250 200 150 5% 100 50 0 0% Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 EBIT Q3 22 EBIT margin Q4 22 Q123 Q2 23 Q2 2023 (USDm) Q2 2022 (USDm) 3,386 3,502 1,045 892 EBITDA 311 337 EBITDA margin 9.2% 9.6% EBIT 115 234 EBIT margin 3.4% 6.7% Gross capital expenditures 223 286 MAERSK#18Logistics & Services - highlights Q2 2023 Lower volume effect continues . • • Managed by Maersk revenue decreased by USD 73m to USD 535m (USD 608m), affected by 13% lower volumes from existing customers in retail and lifestyle in supply chain management. EBITA Margin was 11.9% (13.3%) Fulfilled by Maersk revenue increased by USD 152m to USD 1.3bn (USD 1.1bn), primarily driven by the consolidation of LF Logistics and Pilot. EBITA Margin was -1.5% (3.3%) Transported by Maersk revenue decreased by USD 195m to USD 1.6bn (USD 1.8bn), driven by lower rates and volumes in Air and Air and LCL. EBITA Margin was 7.3% (8.2%) Revenue, USDM Managed by Maersk - growth % Q2 2023 Q2 2022 535 608 (12)% Fulfilled by Maersk 1,295 1,143 -growth % 13% Transported by Maersk 1,556 1,751 (17)% 3,386 3,502 (3)% - growth % Total - growth % Q2 Acquisition Highlights USDM Revenue Q2 2022 M&A Organic Q2 impact impact 2023 3,502 560 -676 3,386 Growth % 16% -19% EBITA 262 21 -125 158 18 APMM Q2 2023 Financial Results MAERSK#19Highlights Q2 2023 Terminals Development in EBIT (USDM) and EBIT margin (%) 400 40% 300 • Revenue decreased by 15% to USD 950m driven by 200 lower storage and 6.5% lower volume (-3.4% like- for-like) 100 • Strong EBIT margin at 28.3% despite EBIT 0 IMIM 30% 20% 10% 0% decreasing to USD 269m, driven by lower volume and storage revenue -100 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 EBIT Q3 22 EBIT margin -10% Q4 22 Q1 23 Q2 23 • ⚫ ROIC (LTM) remains strong at 11.4%, 2.7 percentage points above Q2 2021 Q2 2023 (USDm) Q2 2022 (USDm) Revenue EBITDA EBITDA margin EBIT 950 1,124 331 400 34.8% 35.6% 269 EBIT margin 28.3% 316 28.1% Gross capital expenditures 97 105 19 APMM Q2 2023 Financial Results MAERSK#20Terminals highlights Q2 2023 - Continued strong profitability, despite lower revenue • USDM Terminals' EBITDA bridge 500 Terminals' volume decreased by 6.5% (-3.4% like-for-like), primarily driven by a weak market in North America, where volumes declined by 12%. Utilization dropped to 72% (79%) 400 400 -36 5- 331 -75 37 Revenue per move decreased by 9.3% (-6.4% like-for-like) to USD 310, driven by the normalisation of storage income, partly offset by CPI-related tariff increases 300 200 Cost per move decreased by 7.6% (-3.1% like-for-like) to USD 245 as Terminals was able to match lower activity level with cost saving initiatives, offsetting inflation 20 APMM Q2 2023 Financial Results 100 0 EBITDA Q2 2022 Volume effect Volume mix & FX Revenue per move effect Cost per move & others EBITDA Q2 2023 MAERSK#21Highlights Q2 2023 Towage & Maritime Services. Development in EBIT (USDM) and EBIT margin (%) 150 30% 100 20% . Maersk Supply Services divestiture completed in Q2 2023 50 10% 0 0% -50 • Revenue decreased to USD 504m (USD 579m) driven by MSS divestment in May, partly offset by continued favorable performance of Svitzer -10% -100 -20% -150 -30% Q2 21 Q3 21 Q4 21 Q1 22 EBIT increased to USD 71m (USD 16m) driven by strong results of Höegh Autoliners compared to an impairment of the same activity in Q2 2022 Q2 22 EBIT Q3 22 Q4 22 EBIT margin Q1 23 Q2 23 Q2 2023 (USDM) Q2 2022 (USDM) Revenue EBITDA EBITDA margin EBIT 504 579 59 11.7% 81 14.0% 71 16 EBIT margin 14.1% 2.8% Gross capital expenditures 99 93 22 21 APMM Q2 2023 Financial Results MAERSK#22Questions and answers To ask a question, please press 01 Reminder: ONE question per turn 22 APMM Q2 2023 Financial Results MAERSK#23Final remarks Improving life for all by integrating the world MQA AMRIT ХЕЯЗАМ Robust second quarter financial results Intensified focus on cost management Destocking prolonged throughout the year, impacting activity in H2 Full-year financial guidance raised reflecting strong H1 Customer needs in the current environment validate integrator strategy 23 APMM Q2 2023 Financial Results ХЕЯЗАМ REAM ХЕЙЗАМ ОНАЛАЗЕ NEREAM XBREAM ХЕЙЗАМ OMA MARB XBREA#2424 Appendix APMM Q2 2023 Financial Results MAERSK#25Financial highlights Q2 2023 Revenue EBITDA EBIT CAPEX USD million Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Ocean 8,703 17,412 2,259 9,598 1,205 8,526 314 517 Logistics & Services 3,386 3,502 311 337 115 234 223 286 Terminals 950 1,124 331 400 269 316 97 105 Towage & Maritime Services 504 579 59 81 71 16 99 93 Unallocated activities and eliminations, etc. -555 -967 -55 -89 -53 -104 5 7 A. P. Moller-Maersk consolidated 12,988 21,650 2,905 10,327 1,607 8,988 738 1,008 25 APMM Q2 2023 Financial Results MAERSK#26Financial highlights Consolidated financial information Income statement (USDm) Q2 2023 Q2 2022 H1 2023 H1 2022 Key figures and financials (USDm) Q2 2023 Q2 2022 H1 2023 H1 2022 Revenue EBITDA 12,988 2,905 21,650 10,327 27,195 40,942 Profit/loss for the period 1,487 8,621 3,810 15,429 6,874 19,411 Gain/loss on sale of non-current assets etc., net -163 -37 -303 -64 EBITDA margin 22.4% 47.7% 25.3% 47.4% Impairment losses, net. 20 10 321 598 Depreciation, impairments etc. 1,571 1,418 3,451 2,925 Transaction and integration cost 3 -41 79 59 Gain on sale of non-current assets, 163 37 303 64 etc., net Tax on adjustments -1 Share of profit in joint ventures 110 42 207 -289 Underlying profit/loss 1,346 8,553 3,907 16,022 and associates EBIT 1,607 8,988 3,933 EBIT margin 12.4% 41.5% 14.5% 16,261 39.7% Earnings per share (USD) 85 466 217 830 Lease liabilities (IFRS 16) 85 464 216 827 Financial items, net -16 -203 174 -497 Profit/loss before tax 1,591 8,785 4,107 15,764 Net interest-bearing debt Invested capital -7,090 -3,356 -7,090 -3,356 49,343 49,195 49,343 49,195 Tax 104 164 297 335 Profit/loss for the period 1,487 8,621 3,810 15,429 Total Equity (APMM total) Total market capitalisation 56,427 52,586 56,427 52,586 29,273 42,108 29,273 42,108 26 APMM Q2 2023 Financial Results MAERSK#27Financial highlights Consolidated financial information 27 Cash flow statement (USDm) Q2 2023 Q2 2022 H1 2023 H1 2022 Profit/loss before financial items 1,607 8,988 3,933 16,261 Non-cash items, etc. Change in working capital 1,240 1,113 3,166 3,228 145 -1,210 1,365 -2,279 Taxes paid -234 -280 -372 -378 Cash flow from operating activities (CFFO) 2,758 8,611 8,092 16,832 CAPEX -738 -1,008 -1,576 -2,362 Capital lease instalments - repayments of lease liabilities -822 -762 -1,647 -1,408 Financial expenses paid on lease liabilities -144 -124 -283 -242 Financial payments, net 180 -59 631 -211 Sale proceeds and dividends received 347 186 588 249 Free cash flow (FCF) 1,581 6,844 5,805 12,858 Acquisitions, net (incl. sales) 761 -1,551 655 -1,535 Dividends and share buy-backs -2,392 -1,506 -12,507 -8,085 Repayments of/proceeds from borrowings, net -162 -631 -262 -647 APMM Q2 2023 Financial Results MAERSK#28Financial highlights Q2 2023 Balance sheet and capital allocation Debt & cash position Q2 2023 Q1 2023 Borrowings 3,847 3,995 Q2 2022 4,176 Lease liabilities 10,968 11,137 Other 244 250 11,336 353 Total gross debt 15,059 15,382 15,865 Cash and bank balances 10,423 11,652 9,730 Short term deposits 11,478 10,487 9,491 Securities 248 245 Total cash and deposits 22,149 22,384 Net interest-bearing debt (7,090) (7,002) 19,221 (3,356) 28 APMM Q2 2023 Financial Results We maintained a strong balance sheet over the quarter Capital allocation will prioritize continued investment in our Integrator strategy, with focus on growth, automation, and decarbonization, despite the subdued economic outlook We reiterate our commitment to shareholder returns, including our existing share buyback program of approximately USD 3bn annually until 2025 which effectively returns most of our cash position over time We anticipate a progressive re-leveraging of our balance sheet MAERSK#290 -2 -4 -6 Financial highlights Q2 2023 Free cash flow of USD 1.6bn and MSS divestment decreasing NIBD despite USD 2.4bn from Dividend WHT and SBB Development in net interest-bearing debt Q2 2023, USD bn -7.0 -8 -2.9 -10 2.4 0.1 0.2 0.7 -0.8 -0.3 0.7 11.1 -0.8 11.0 0 0.7 -7.1 Q1-23 Total Net New Lease Total Capitalised capitalised repayments Capitalised Leases (BS leases Leases (BS Impact) Impact) Q2-23 -12 NIBD Q1 2023 EBITDA Change in working capital Financial payments Sale proceeds Gross capex Acquisitions, and dividends net & Tax paid received Dividends and share buy-backs (3) New Capitalised leases (BS Impact) Other (2) NIBD Ultimo Q2 2023 1) 2) 3) 29 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 APMM Q2 2023 Financial Results Liquidity reserve¹ decreased to USD 26.9bn by end Q2 2023. Investment grade credit rating of BBB+ (stable) from S&P and Baa2 (positive) from Moody's. USD -7.1bn of net interest bearing debt (NIBD) of which USD 11.0bn is capitalised leases, net cash position of USD 18.1bn (excl. capitalised leases). MAERSK#3085 80 Financial highlights Q2 2023 Earnings distribution to shareholders DKK bn 75 70 65 60 55 50 36.7 19.7 10.6 74.4* 15 10 OGG 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 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD Extraordinary dividend (Danske Ban Executed share buy back Dividends 30 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 * Increase in dividends from Q1 2023 due to withholding taxes of 10.2bn being paid out in the second quarter. APMM Q2 2023 Financial Results MAERSK#31New versus old definition Contract share definition Contract share definition 2021 2022 2023e Contracts 65% 68% 68% New definition (Total volume split) Shipments 35% 32% 32% Contracts, 71% 70% 71% Old definition (Long Haul Long-Haul volume split) Shipments, 29% 30% 29% Long-Haul 31 APMM Q2 2023 Financial Results MAERSK#32Global Shipped Volumes & Port Congestion. Congestions dissipates while import volumes normalise • Port congestion back to pre-pandemic levels in almost all geographies North American and European import volumes at or above pre-pandemic levels FFEM FFEM North American Import Volumes 1.2 TEUm at port, normalized Global Port Congestion 1.5 1.1 111 300 1.3 1.0 250 1.1 200 0.9 150 0.7 100 50 1/7/2018 1/11/2018 1/3/2019 1/7/2019 1/11/2019 1/3/2020 1/7/2020 1/11/2020 1/3/2021 1/7/2021 1/11/2021 1/3/2022 1/7/2022 1/11/2022 1/3/2023 1/7/2023 January US EC US WC EU UK China Source: Clarkson's NA EC/WC, N Eur & China port congestion data, 60 day MA February March April May June 2017-2019 AVG 2022 2023 Source: Maersk estimates including CTS Data, excluding intraregional volumes July August September October November December 0.9 0.8 32 APMM Q2 2023 Financial Results European Import Volumes January February March April May June July August October September November 2017-2019 AVG Source: Maersk estimates including CTS Data, excluding intraregional volumes 2022 2023 December MAERSK#33Thank You Stefan Gruber Head of Investor Relations [email protected] +45 5357 1650 Mikkel Johansen Senior Investor Relations Officer [email protected] +45 2330 2950 33 APMM Q2 2023 Financial Results 0 MAERSK