#1Patrick Jany Chief Financial Officer Financial Update MAERSK#2Logistics & Services I I I Customer Synergies III |||| Ocean Technology Financial & Operational Synergies I F Terminals I I MAERSK#3Our value proposition to shareholders As we build the integrator we will create higher and more stable returns through: ● ● A more resilient, differentiated and profitable Ocean Asset-light profitable growth in Logistics & Services, expanding capabilities organically, and through acquisitions Best in class returns through being best operator in Terminals Remain capital disciplined, ensuring a stable invested capital Recurring positive cash flow and significantly improved balance sheet support a clear capital allocation allowing for growth investments and regular solid shareholder distributions. inancial & Operational /nergies वि Terminals MAERSK#4Building a more resilient and profitable Ocean business 2016 EBIT margin 2017 Classification: Internal Average EBIT margin of 3.1% 2016-2020 2018 2019 2020 Illustrative data 2021 2022 Normalised EBIT margin above 6% per year 2023 2016 to 2017 high level adjusted for IFRS16 impact; figures exclude extraordinary conditions in 2020, 2022-2025 indicative % 10% 0% We see evidence that the industry is improving its agility to match supply to demand Investing in customer value proposition with differentiated offerings: ● Enabling resilient customer supply chains through long term commitments (contracts, reliability, sustainability) Digital visibility Network efficiency and dimensioning EBIT margin above 6% a year, under normalised conditions MAERSK#5Strong growth in revenue and earnings in Logistics & Services USDbn 8 Revenue Average EBIT margin of 2.4% in 2016-2020 ||||| Classification: Internal EBIT margin 2019 >10% Organic revenue growth above 10% a year 2020 EBIT margin of 6.8% in Q1 2021 2021 2016 & 2017 high level adjusted for IFRS16 impact; 2018 - Q1 2021 as reported 2022 2023 >6% EBIT margin above 6% per year Illustrative data 2024 2025 % 10% 8% 6% 4% 2% 0% Unique growth opportunity in Logistics & Services by ● ● leveraging our Ocean business (cross-selling) addressing our customers' need for end-to-end services (expand reach) Organic revenue growth above 10% a year 50% of growth coming from top 200 Ocean customers EBIT margin above 6% Acquisitions to build capabilities and progressively scale MAERSK#6Creating value in Terminals by leveraging our best operator model to increase returne USDbn 8 ||||| 2016 Average ROIC of 3.9% in 2016-2020 2017 Classification: Internal 2018 Invested capital (Avg. LTM) 2019 ROIC (LTM) 2016 & 2017 high level adjusted for IFRS16 impact; Q1-21 ROIC of 7.4% is last twelve months ROIC 2020 ROIC of 7.4% in Q1-21 2021 2022 2023 >9% ROIC above 9% Illustrative data 2024 2025 % 10% 0% Infrastructure business with best in class return Closed profitability gap to peers at 35% EBITDA margin in Q1 2021 Further progress through continuous improvement and automation Capital discipline, with selective growth, de-risked by leveraging synergies with Ocean Target of ROIC above 9% MAERSK#7Step-change in value creation ROIC, % 30% 25% 20% 15% 10% 5% 0% -5% 7.5% 2016 Average ROIC of 2.3% in 2016-2020 2017 2018 2019 2020 2021 2022 2023 Reported ROIC, excluding extraordinary conditions Impacts from extraordinary conditions 2016 & 2017 high level adjusted for IFRS16 impact. Extraordinary conditions impact is USD 1.5bn in 2020 >12% Average ROIC above 12% 2024 2021 shown at mid-guidance for representation purposes only. 2022-2025 illustrative purposes only, based on organic assumptions *under normalised conditions 2025 Yearly ROIC >7.5%* Increased recurrent returns through shift in earnings quality: 1. Less volatility as Ocean is more resilient and differentiated 2. Continued growth in asset light Logistics & Services 3. Increased returns in Terminals Extraordinary earnings expected to abate during H2 2021 and to tail off in 2022 ROIC expected to exceed 7.5% every year*, with average ROIC in 2021- 2025 expected to be above 12% compared to an historical average of 2.3% (2016-2020) MAERSK#8Disciplined investments with focus on efficiency, sustainability and growth Towage & strategic brands, others Terminals, optimisation and automation Terminals replacement and expansion Logistics Growth investments Classification: Internal 7% 12% 15% 9% 14% USD 7bn 2021-2022 capex split 8% Ocean (IT, drydocking, retrofits and other) 7% Ocean, vessel replacement Sustainability Hubs 27% Ocean containers Focus on maintaining our assets, invest in efficiency, sustainability and growth in Logistics Capital discipline to be maintained with CAPEX and leases combined expected at depreciation level over the period Stable invested capital over the period MAERSK#9Consequent de-leveraging and solid balance sheet going forward ● ● Excess cash from earnings has significantly accelerated the deleveraging using disposal proceeds. Gross debt decreased from USD 21.6bn in 2016 to USD 14bn in Q1 2021 Net repayments of USD 3.5bn of debt in 2020-2021, while returning USD 3.6bn cash to shareholders in 2020-2021 ● Increased operational earnings and capital discipline allow for future free cash flow to be stable and recurring ● • Balance sheet significantly improved, strength to be maintained and allowing to invest in growth, keeping debt levels low and returning cash to shareholders Solidly anchored in BBB credit rating territory 2016 & 2017 high level adjusted for IFRS16 impact. Figures include impacts from extraordinary conditions. 2021 estimates for net repayments are around USD 1.6bn, while share buy-backs are USD 1.4bn High level credit ratings are internal estimates of our credit ratings based on NIBD/EBITDA levels. NIBD/EBITDA ratio 6,0 4,5 3,0 1,5 0,0 Non IG-level: +3x BBB+/Baal: -1.5x- 2016 2017 2018 2019 2020 2021 MAERSK#10Clear capital allocation and strong shareholder returns USDbn 5 3 N 1.4 0.5 2016 Share buy-backs 2017 Classification: Internal 0.5 2018 Dividends 1.3 2019 1.2 2020 2.4 2021 2.5 2022 2.5 2023 Timing of share buy-back figures in 2022 and 2023 are indicative, and dividends for 2022 and 2023 are illustrative Cash flow to be used for: Investing in organic growth, particularly in Logistics Repayment of debt Selected acquisitions Payment of dividends ● ● Dividend policy between 30-50% of underlying net profit Excess cash to be returned via share buy-back or extra-ordinary dividends Accelerated existing share buy- backs in 2021 New USD 5bn programme over two years (2022-2023) MAERSK#11Logistics & Services I I I A unique value proposition Customer Synergies III |||| Ocean Technology Financial & Operational Synergies I F Terminals I I MAERSK#12Summarising the roadmap to 2025 Logistics & Services Customer Synergies mill Ocean Financial & Operational Synergies F Terminals MAERSK#13||| Logistics & Services +10%, > 6% Organic revenue growth +10% per year, EBIT margin above 6% >7.5% ROIC Recurring value creation 2021-2025 average >12% Summarising the roadmap to 2025 Customer Synergies 50% Cross-selling synergies 50% of organic growth from top 200 Ocean customers III 111 Ocean >6% EBIT margin above 6% in normalised conditions USD 5bn Share buy-back USD 5bn over two years (2022-2023) Financial & Operational Synergies $ Continued focus on creating synergies # Terminals >9% ROIC above 9% Capex and leases at depreciation level MAERSK#14Q&A MAERSK