#1A.P. Møller-Mærsk A/S Full year 2020 investor and analyst presentation Date: 10 February 2021- Conference Calt: 11:00 CET Webcast: investor.maersk.com MAERSK MAERSK#2Forward-looking statements 2 Annual Report 2020 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. MAERSK#3Annual Report 2020 and Q4 2020 Key statements 3 Annual Report 2020 MAERSK#4● Key statements Highlights for FY 2020 Strong performance with significant progress in global integrator strategy Significant progress in the strategy to become the integrator of container logistics offering broad services from Ocean and air transport to port services, inland transportation to a broad set of logistical capabilities including warehousing, cold storage and supply chain management. 4 The COVID-19 pandemic significantly impacted our business, customer demands and global supply chains throughout the year and demanded a high degree of agility and flexibility in the operations. We delivered excellent, value creating results in 2020 with considerable improvement in ROIC and Free Cash Flow, driven by the significant increase in operational performance, particularly in Ocean and Logistics, leading to an underlying EBITDA of USD 8.3bn and by continued capital discipline. In 2020 USD 1.3bn has been distributed to shareholders, through dividends and share-buy back and for the financial year 2020 a dividend of DKK 330 per share up from DKK 150/share, is proposed by the Board of Directors to be approved at the AGM on the 23rd March. Annual Report 2020 Revenue 39.7bn (2.2%) CFFO 7.8bn cash conversion 95% ROIC underlying, LTM 9.6% (3.2%) EBITDA 8.2bn (+44%) Free cash flow* 4.6bn (+99%) NIBD (USD) 9.2bn (11.7bn) * Free cash flow (FCF) comprises of cash flow from operating activities, purchase/sale of intangible assets and property, plant and equipment, dividends received, repayments of lease liabilities, financial payments and financial expenses paid on lease liabilities. MAERSK#5Key statements 10th consecutive quarterly performance improvement Free cash flow USDm 2,900 2,600 2,300 2,000 1,700 1,400 1,100 Percent 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% 5 LTM EBITDA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 Annual Report 2020 USDm ROIC (LTM) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 USDm 2,000 1,500 1,000 500 0 -500 -1,000 -1,500 Percent 18% 15% 12% 9% 6% 3% 0% -3% parall Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 LTM CROIC (LTM) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 Note: 2016-2017 IFRS16 adjustments have been simulated based on 2018 and is for reference purposes only. The 2016-2017 adjustment is not audited. LTM = last twelve months. USDm 5000 3750 2500 1250 0 -1250 -2500 MAERSK#6Profitability accelerated driven by exceptional market conditions in Ocean and strong performance in Logistics & Services • The COVID-19 pandemic continued to impact the global economies, with rapid rebound in consumer goods leading to disrupted supply chains with bottlenecks and equipment shortage, which significantly drove up the short-term freight rates. ● Key statements Highlights for Q4 2020 ● 6 Revenue grew by 16% to USD 11.3bn due to higher demand across the businesses and EBITDA increased to USD 2.7bn reflecting a margin of 24.1%, with Ocean reporting record high earnings impacted by the exceptional higher freight rates. Logistics & Services grew revenue both organically and inorganically and crossing a quarterly revenue of USD 2.0bn for the first time, while both Logistics & Services and Terminals realised the highest quarterly EBITDA. Free cash flow improved significantly to USD 1.7bn continuing the positive quarterly development seen throughout the year, driven by the significant increase in CFFO and lower CAPEX. Annual Report 2020 Revenue 11.3bn (16%) CFFO 2.6bn cash conversion 95% ROIC underlying, LTM 9.6% (+6.4 percentage points) EBITDA 2.7bn (+85%) Free cash flow* 1.7bn (+108%) NIBD (USD) 9.2bn (11.7bn) * Free cash flow (FCF) comprises of cash flow from operating activities, purchase/sale of intangible assets and property, plant and equipment, dividends received, repayments of lease liabilities, financial payments and financial expenses paid on lease liabilities. MAERSK#7Key statements Strategic Transformation update FY 2020 Significant improvement in CROIC and ROIC, strong progress in Logistics & Services The acceleration of the strategic transformation and focus on cost management combined with the positive market conditions led to improvements across all the transformation metrics. ● 7 Strong improvements in profitability, continued high cash. conversion and strong capital discipline led to the significant increase in CROIC and ROIC to 16.6% and 9.6% respectively. Revenue in the Infrastructure and Logistics activities ¹ increased by 2.5% in 2020, despite negative impact from COVID-19, driven by organic growth and positive contribution from acquisitions in Logistics & Services. EBITDA in Logistics & Services² increased five fold in Q4 2020, supported by higher profitability in Intermodal and positive contribution from the integration of Performance Team and KGH, and a low base line with negative one-off's impacting in Q4 2019. Annual Report 2020 Cash return on invested capital - LTM Infrastructure and Logistics revenue ¹, USDm Logistics & Services², EBITDA, USDm Long-term metric Return on invested capital (ROIC) - LTM Underlying Return on invested capital (ROIC) - LTM Q4 2020 16.6% 10.0% 161 Q4 2019 9.4% 2,708 2,225 9,428 9.6% 33 3.1% FY 2020 3.2% 16.6% 470 9.4% 9.6% ¹ Infrastructure and Logistics revenue comprise of Terminals & Towage and Logistics & Services excluding Damco Freight Forwarding ² Logistics & Services EBITDA excludes Damco Freight Forwarding, and excludes restructuring costs of USD 40m in Q3 2020. FY 2019 10.0% 9,201 221 3.1% 3.2% MAERSK#8Key statements Strategic update - Maersk's strategic value creation model The value creation logic of the Global Integrator: A strong synergy case revolving around our leadership position in Ocean and strong growth and profitability opportunities in Logistics & Services and Terminals 8 Logistics & Services Annual Report 2020 Customer synergies ကာ III IIIIII Ocean Technology Financial & operational synergies Terminals MAERSK#9Key statements New strategic transformation metrics 2020-2025 Updating our transformation metrics to accommodate the strategic development • As we are accelerating the transformation towards becoming the integrator of container logistics, the following five transformation metrics have been set out as leading indicators for the strategic progress over the next five years, measuring our progress on; The overall value creation from the strategy measured in ROIC. Growing the business with the focus on the organic growth and profitability in Logistics & Service and organic growth in Gateway Terminals. ● ● 9 Progress in the commercial synergies from the integrator strategy, both organically and inorganically, from the revenue growth between Logistics & Services and the large Ocean customers. Progress, on the commercial digitalisation and the product offering in Ocean via Maersk SPOT, to be measured in first phase. We will report on the metrics on a quarterly basis starting in Q1 2021 and will introduce targets at the Capital Markets Day on 11th of May 2021. Annual Report 2020 Five-year transformation metrics ✓ Return on Invested Capital (ROIC LTM) ✓ Organic revenue in Logistics & Services and gateway terminals ✓ EBITA in Logistics & Services ✓ Logistics & Services revenue with top 200 Ocean customers Maersk SPOT volume share in % of total short-term volumes MAERSK#10Annual Report 2020 Financial highlights 10 Annual Report 2020 MAERSK#11Financial highlights Q4 2020 Strong improvements in profitability driven by all segments Profit/loss result bridge for Q4 2020, USDm 1,400 1,200 1,000 800 11 600 400 200 0 -200 -61 Profit Q4 2019 1,083 Ocean Annual Report 2020 127 Logistics & Services EBITDA effect 60 Terminals & Towage -24 Manufac- turing & Others 2 -62 29 Unallocated Depreciations, Disposals activities amortisations, impairments & elimi- nations 37 -60 JV's and Net associated financials companies expenses 170 Tax 1,301 Profit Q4 2020 Profitability improved in all segments, but particularly in Ocean, reaching an EBITDA margin of 24.1% (15.1%) and an EBIT margin of 14.2% (3.5%). Operational profitability in Q4 includes cost related to a group wide staff bonus (USD 80m) and negative non-cash effects from oil inventory hedges of USD 96m had a negative impact on earnings in Q4. Net result for Q4 2020 improved to USD 1,301m as a result of the improvements in profitability, including reduced net tax payments. FY net result was USD 2.9bn and the proposed dividend of DKK 330 per share reflects a payout ratio of 35%. MAERSK#12Financial highlights Q4 2020 Strong free cash flow allowing for debt repayments Cash flow bridge for Q4 2020, USDm 3,000 2,500 2,000 1,500 1,000 12 500 0 2,569 Cash flow from operations Annual Report 2020 -575 Capitalised lease instalments -370 Capex -175 Net financial expenses, incl. lease liabilities 217 1,666 Sale proceeds Free cash flow and dividend received -1 Acquisitions, net -130 Dividends and share buy- backs 68 Financial investments, dividends to minorities and others, net -1,582 20 Repayment/ Net cash flow proceeds from borrowings, net and Others Free cash flow was USD 1.7bn (USD 0.8bn) after net interests, capitalised lease payments and gross capex. Cash conversion was 95%. Net interest-bearing debt decreased by USD 1.6bn from Q3 2020 to USD 9.2bn and by USD 2.5bn from Q4 2019 (USD 11.7bn). Excluding lease liabilities, net interest- bearing debt equals USD 0.5bn. MAERSK#13Highlights Q4 2020 Ocean ● ● ● 13 The fourth quarter was impacted by volume growth driven by a rebound in demand, leading to disruptions in the supply chain and, as a consequence, significant higher short- term freight rates and lower reliability. Revenue grew 16% as volumes grew by 3.2%, while freight rates increased 18%, partly offset by a decline in other revenue. EBITDA improved 96% with a margin of 26.7% also driven by lower bunker cost, partly offset by higher operational cost. Maersk Spot sustained steady momentum, maintaining a 51% share of the Maersk brand short term volumes, despite the restriction of available capacity. Annual Report 2020 Development in EBITDA and EBITDA margin (%) 2,500 2,000 1,500 1,000 500 0 Revenue Q2 19 Q3 19 EBITDA EBITDA margin Gross capital expenditures || Q4 19 EBITDA Q2 20 EBITDA margin Q1 20 Q4 2020 (USDM) 8,257 2,208 26.7% 123 Q4 2019 (USDm) 7,148 1,125 15.7% 180 Q3 20 FY 2020 (USDM) 29,175 6,545 22.4% 653 Q4 20 30% 25% 20% 15% 10% 5% 0% FY 2019 (USDm) 28,782 4,436 15.4% 1,172 MAERSK#14Ocean highlights Q4 2020 Solid EBITDA progress in the quarter Quarter impacted significantly by higher freight rates, lower bunker price and increase in the operational cost 14 USDm 3,000 2,500 2,000 1,500 1,000 500 0 1,125 EBITDA Q4 2019 Annual Report 2020 124 Volume effect 1,127 Freight rates effect 173 Bunker price -127 Container handling cost, excl. volume effect -130 Network cost and bunker consumption 12 SG&A, net FX impacts and Others, incl. restructuring costs -96 Unrealised derivative losses on inventory hedges 2,208 EBITDA Q4 2020 MAERSK#15Ocean highlights Q4 2020 Increases on both freight rates and volumes ● ● 15 Average freight rates increased by 18% (20% adjusted for bunker prices), due to higher short-term freight rates, driven by demand surges from recovery especially in China-US trades combined with exceptional market conditions, leading to bottlenecks across the supply chain including vessel and equipment shortage. In line with our strategy, we continued to focus on facilitating our long- term customers' supply chains by alleviating bottlenecks and by increasing the capacity allocated to long term contracts. Total volumes in Q4 increased by 3.2% with headhaul volumes increasing by 4.6% driven by a 19% increase in North America and lower volumes on North-South. Backhaul volumes was nearly unchanged. Annual Report 2020 Average freight rates (USD/FFE) East-West North-South Intra-regional Total Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Q4 2020 2,243 1,769 2,746 1,443 1,359 Q4 2020 1,588 Q4 2019 1,034 778 2,375 3,400 2,192 1,862 330 Q4 2019 Change 474 371 735 84 Change 1,494 94 1,065 -31 43 3,294 106 Change FY % 2020 26.8 2,008 15.6 2,529 6.2 17.7 2,000 Change % 6.3 -2.9 5.9 1,345 3.2 FY 2020 5,948 3,900 2,786 12,634 FY 2019 1,760 2,347 1,366 1,853 FY 2019 6,194 4,268 2,834 13,296 MAERSK#16Ocean highlights Q4 2020 Operational challenges led to higher cost • Container handling costs increased due to higher volumes and bottlenecks in the supply chains, particular in the terminals, which led to a slight increase in total operating cost, to USD 6.0bn, partly offset by lower bunker cost and lower SG&A. ● ● 16 Unit cost at fixed bunker increased by 2.1% mainly driven by higher container handling costs, one-offs and adverse FX effects. Total bunker cost decreased 14% as the average bunker price decreased 16% to USD 323 per ton and bunker consumption increased 2.2% impacted by higher volumes and less efficiency in the network and increase in average speed. Annual Report 2020 Unit cost at fixed bunker* increased by 2.1% to 1,987 USD/FFE Bunker efficiency worsened by 0.2% Bunker cost decreased to USD 0.9bn (USD 1.1bn) * Fixed bunker price of 450 USD/FFE Unit cost at floating bunker price was 1,881 USD/FFE (1,890 USD/FFE) Utilisation on the deployed capacity increased to a record level of close to 96% SG&A decreased by USD 42m to USD 750m (USD 792m) MAERSK#17Highlights Q4 2020 Logistics & Services ● ● Revenue continued the positive momentum and increased 35% to a quarterly record level of USD 2.1bn. 17 Revenue was driven by supply chain management, airfreight forwarding, intermodal and positive contribution from the acquisitions of Performance Team and KGH. • Profitability increased significantly with 57% improvement in gross profit to USD 500m and EBITDA improved more than five times, from a low basis, reflecting a margin of 7.7%, driven by operational leverage from higher revenue and focus on increasing margins. Annual Report 2020 Development in gross profit and gross profit margin (%) 6 500 400 300 200 100 0 Q2 19 Q3 19 Revenue Gross profit EBITDA EBITDA margin Gross capital expenditures Q4 19 Gross profit Q2 20 Gross profit margin Q1 20 Q4 2020 (USDm) 2,061 500 158 7.7% 28 Q4 2019 (USDM) 1,529 318 31 2.0% Q3 20 Q4 20 FY 2020 (USDm) 6,963 1,635 454 6.5% 109 30% 25% 20% 15% 10% 5% 0% FY 2019 (USDM) 6,331 1,240 216 3.4% 126 MAERSK#18Logistics & Services - highlights Q4 2020 Significant growth and profitability improvement ● ● ● 18 The gross profit (GP) margin improved by 3.5%-points to 24.3%, supported by continued margin optimisation in intermodal, air freight forwarding and warehousing and distribution, led by the Performance Team acquisition. The acquisitions contributed positively to the revenue growth and increase in profitability and the integrations are progressing successfully. USDm Revenue Growth % EBITDA Q4 19 Annual Report 2020 1,529 31 M&A effect 197 13% 27 Organic growth 335 22% 99 Q4 20 2,061 35% 157 The EBIT conversion improved to 18.7%, lifting the LTM EBIT conversion to 17% with positive impact from higher volumes and improved mix of activities. USDm 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Gross profit & EBIT-conversion ratio, LTM - 7.6% Q2 2019 8.9% Q3 2019 IL&S GP LTM 7.5% 8.1% Q4 2019 Q1 2020 9.4% Q3 2020 EBIT conversion before special items LTM (RHS) 12.7% Q2 2020 17.0% Q4 2020 % 18% 16% 14% 12% 10% 8% 6% 2% 0% Note: EBIT conversion before restructuring and integration costs ratio = EBIT / Gross profit EBIT before restructuring and integration costs excludes impairments, restructurings costs, gains/losses on sales of assets and JV adjustments MAERSK#19Highlights Q4 2020 Terminals & Towage ● ● ● 19 Terminals & Towage continued the resilient performance from the recent quarters with EBITDA increasing 20% to USD 364m, mainly from gateway terminals. Gateway terminals reported 8.8% higher revenue of USD 872m, and EBITDA increased to USD 316m. The EBITDA margin went up by 4.8%-points to 36.3% as a result of higher volumes and one-off's leading to the best quarterly EBITDA to date. Revenue in Towage decreased by 1.7% to USD 175m (USD 178m) as activities remained subdued, while EBITDA decreased to USD 47m (USD 51m) due to restructuring costs in Australia partly offset by lower costs. Annual Report 2020 Development in EBITDA and EBITDA margin (%) 400 350 300 250 200 150 100 50 0 JIMI Q1 20 Q2 19 Revenue Q3 19 EBITDA EBITDA margin Gross capital expenditures Q4 19 EBITDA Q2 20 EBITDA margin Q4 2020 (USDM) 1,042 364 34.9% 138 Q4 2019 (USDM) 974 304 Q3 20 31.2% 219 Q4 20 FY 2020 (USDM) 3,807 1,205 31.7% 457 40% 35% 30% 25% 20% 15% 10% 5% 0% FY 2019 (USDM) 3,948 1,118 28.3% 532 MAERSK#20Terminals & Towage - highlights Q4 2020 Margin improvements from higher revenue growth • Gateway terminals volumes increased by 4.8% (like-for-like USDm 1.0%), mainly driven by the consolidation of the Pipavav, India terminal as volumes rebounded after the decline in the previous quarters. ● ● ● 20 As capacity increased in selected ports, utilisation decreased by 2%-points to 76%. Revenue per move increased by 1.9% to USD 279 mainly driven by higher revenue in North America, including higher storage income. Cost per move decreased by 4.6% to USD 220 mainly driven by a positive one-off and the increase in volumes. Annual Report 2020 350 300 250 200 150 100 50 0 253 EBITDA Q4 2019 5 Volume effect Gateway EBITDA bridge 5 Volume mix effect 58 Storage and non-storage revenue effect -5 Cost and Other, incl. one-off's 316 EBITDA Q4 2020 MAERSK#21Highlights Q4 2020 Manufacturing & Others ● ● 21 Revenue in Maersk Container Industry decreased to USD 156m (USD 164m), and EBITDA increased to USD 18m (USD 14m) mainly due to higher service sales and foreign rate of exchange. Maersk Supply Service reported lower revenue at USD 61m (USD 86m), and an EBITDA of negative USD 3m (USD 14m), reflecting lower activity partly offset by cost reductions. Annual Report 2020 Development in EBITDA and EBITDA margin (%) 60 50 40 30 20 10 0 Q2 19 Q3 19 Revenue EBITDA EBITDA margin Gross capital expenditures Q4 19 EBITDA Q2 20 -EBITDA margin Q1 20 Q4 2020 (USDM) 319 25 7.8% 13 Q4 2019 (USDm) 354 49 13.8% 10 III III Q3 20 Q4 20 FY 2020 (USDM) 1,254 165 13.2% 33 20% 15% 10% 5% 0% FY 2019 (USDm) 1,376 136 9.9% 204 MAERSK#222021 22 Full-year guidance Annual Report 2020 MAERSK#23Guidance Full-year guidance for 2021 Given the current outlook and high degree of uncertainty related to the continued impact from COVID-19 on the economic growth and global demand patterns, A.P. Moller-Maersk expects for the full-year 2021: Underlying EBITDA in the range of USD 8.5-10.5bn compared to USD 8.3bn in 2020 Underlying EBIT in the range of USD 4.3-6.3bn compared to USD 4.2bn in 2020 Free cash flow (FCF) above USD 3.5bn compared to USD 4.6bn in 2020 As part of the full-year guidance for 2021 A.P. Moller - Maersk expects the current exceptional situation with the demand surge leading to bottlenecks in the supply chain and equipment shortage, which contributed approximately USD 1.5bn to EBIT in 2020, to continue in Q1 and normalise thereafter. Consequently, A.P. Moller - Maersk expects profitability in the first quarter 2021 to be above Q4 2020. Ocean is expected to grow in line with the global container demand at an expected 3-5% in 2021, with the highest growth seen in the first half-year. For the years 2021-2022 the accumulated CAPEX is still expected to be USD 4.5-5.5bn. Underlying EBITDA: Earnings before interest, taxes, depreciation and amortisation adjusted for restructuring and integration costs Underlying EBIT: Operating profit before interest and taxes adjusted for restructuring and integration costs, net gains/losses from sale of non-current assets and net impairments 23 Annual Report 2020 Sensitivity guidance A.P. Moller - Maersk's financial performance for the full-year 2021 depends on several factors and is subject to uncertainties related to COVID-19, bunker fuel prices and freight rates given the uncertain macroeconomic conditions. All else being equal, the sensitivities for the full-year 2021 for four key assumptions are listed in the table below: Factors Container freight rate Container freight volume Bunker price (net of expected BAF coverage) Rate of exchange (net of hedges) Change +/- 100 USD/FFE +/- 100,000 FFE +/- 100 USD/tonne +/- 10% change in USD Effect on EBIT (Full-year 2021) +/- USD 1.3bn +/- USD 0.1bn -/+ USD 0.4bn +/- USD 0.2bn MAERSK#24Appendix 24 Annual Report 2020 MAERSK#25Financial highlights Consolidated financial information Income statement (USDm) Revenue EBITDA EBITDA margin Depreciation, impairments etc. Gain on sale of non-current assets, etc., net Share of profit in joint ventures and associates EBIT EBIT margin Financial items, net Profit/loss before tax Tax Profit/loss - continuing operations Profit/loss discontinued operations Profit/loss for the period 25 Annual Report 2020 Q4 2020 Q4 2019 11,255 9,668 2,711 1,463 24.1% 15.1% 1,222 1,160 30 75 1,594 14.2% -272 1,322 21 1,301 1,301 1 38 342 3.5% -212 130 FY 2020 299 4,186 10.5% -879 3,307 191 407 -61 2,900 -61 39,740 8,226 20.7% 4,541 202 2,900 Key figures and financials (USDm) Profit/loss continuing operations Gain/loss on sale of non-current assets etc., net Impairment losses, net. Transaction and integration cost Tax on adjustments Underlying profit/loss - continuing operations Cash flow from operating activities Gross capital expenditures Net interest-bearing debt Invested capital Total Equity (APMM total) Earnings per share (USD) Q4 2020 1,301 -30 108 -7 -11 1,361 2,569 370 9,231 40,121 30,854 66 Q4 2019 -61 -1 79 13 -1 29 1,535 469 11,662 40,555 28,837 -3 FY 2020 2,900 -202 29 78 1 2,960 7,828 1,322 9,232 40,121 30,854 145 MAERSK#26Financial highlights Consolidated financial information Income statement (USDm) Revenue EBITDA EBITDA margin Depreciation, impairments etc. Gain on sale of non-current assets, etc., net Share of profit in joint ventures and associates EBIT EBIT margin Financial items, net Profit/loss before tax Tax Profit/loss - continuing operations Profit/loss discontinued operations Profit/loss for the period 26 Annual Report 2020 FY 2020 39,740 8,226 20.7% 4,541 202 299 4,186 10.5% -879 3,307 407 2,900 2,900 FY 2019 38,890 5,712 14.7% 4,287 71 229 1,725 4.4% -758 967 458 509 -553 -44 Key figures and financials (USDm) Profit/loss continuing operations Gain/loss on sale of non-current assets etc., net Impairment losses, net. Transaction and integration cost Tax on adjustments Underlying profit/loss - continuing operations Cash flow from operating activities Gross capital expenditures Net interest-bearing debt Invested capital Total Equity (APMM total) Earnings per share (USD) FY 2020 2,900 -202 149 98 15 2,960 7,828 1,322 9,232 40,121 30,854 145 FY 2019 509 -71 29 78 1 546 5,919 2,035 11,662 40,555 28,837 23 MAERSK#27Financial highlights 2020 Strong improvements in profitability driven by all segments Profit/loss result bridge for 2020, USDm 3,500 3,000 2,500 2,000 1,500 1,000 27 500 0 509 Profit 2019 2,109 Ocean Annual Report 2020 238 Logistics & Services EBITDA effect 87 Terminals & Towage 29 Manufac- turing & Others 51 -254 131 Unallocated Depreciations, Disposals activities amortisations, & elimi- nations impairments 70 -121 Net JV's and associated financials companies expenses 51 Tax 2,900 Profit 2020 Profitability continued to improve with an EBITDA margin of 20.7% (14.7%) and an EBIT margin of 10.5% (4.4%). Net financial expenses were negatively impacted by foreign exchange rates and costs related to prepayment of borrowings. Net result for FY 2020 improved to USD 2,900m as a result of the improvements in profitability. The underlying net result increased to USD 2,960m (USD 546m), adjusted for restructuring costs, disposals and impairments. MAERSK#28Ocean highlights FY 2020 Significant EBITDA increase 2020 was significantly impacted by higher freight rates, lower bunker price and lower operational costs 28 USDm 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 4,436 EBITDA FY 2019 Annual Report 2020 -806 Volume effect 1,994 Freight rates effect 414 Bunker price 119 Container handling cost, excl. volume effect 285 Network cost and bunker consumption 58 SG&A, net FX impacts and Others, incl. restructuring costs 49 Unrealised derivative losses on inventory hedges 6,549 EBITDA FY 2020 MAERSK#29Financial highlights FY 2020 Strong free cash flow allowing for acquisitions and debt repayments Cash flow bridge for FY 2020, USDm 9,000 8,000 29 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 7,828 Cash flow from operations Annual Report 2020 -1,710 Capitalised lease instalments -1,322 Capex -760 Net financial expenses, incl. lease liabilities 612 4,648 -475 Sale proceeds Free cash flow Acquisitions, and dividend net received -1,327 Dividends and share buy- backs 220 Financial investments, dividends to minorities and others, net -1,880 1,186 Repayment/ Net cash flow proceeds from borrowings, net and Others Free cash flow was USD 4.6bn (USD 2.3bn) after net interests, capitalised lease payments and gross capex. Cash conversion was 95%. CAPEX was USD 1.3bn, which was lower than guidance of USD 1.5bn, while lease payments increased to USD 1.7bn. S&P and Moody's have both lifted their outlook on the credit rating to positive outlook. MAERSK#30Financial highlights 2020 Net interest bearing debt decreased further with net debt mostly composed of capitalised leases Development in net interest-bearing debt USDbn 12 11 10 9 8 7 6 LO 5 4 3 30 T T 11.7 NIBD Q4 2019 8.2 EBITDA 0.2 Change in working capital 1.2 Financial items and tax paid 1.3 Gross capex 0.6 0.5 1.3 Sales Acquisitions proceeds and dividends received 1) Defined as cash and securities, and undrawn committed facilities longer than 12 months less restricted cash and securities. Share buybacks 1.9 Net new capitalised leases 9.2 NIBD Q4 2020 8.6 Capitalised leases Q4 2019 1.9 1.7 Lease Net new captialised repayments leases 8.7 Capitalised leases Q4 2020 Liquidity reserve¹ of USD 11.0bn by end Q4 2020. Investment grade credit rating of BBB (positive) from S&P and Baa3 (positive) from Moody's. USD 8.8bn of net debt is composed of capitalized leases MAERSK#31Appendix MAERSK#32Financial highlights Q4 2020 USD million Ocean Logistics & Services Terminals & Towage Manufacturing & Others Unallocated activities and eliminations, etc. A. P. Moller-Maersk Consolidated - continuing operations 32 Appendix FY 2020 Revenue Q4 2020 8,257 2,061 1,042 319 -424 11,255 Q4 2019 7,148 1,529 974 354 -337 9,668 EBITDA Q4 2020 2,208 158 364 25 -44 2,711 Q4 2019 1,125 31 304 49 -46 1,463 CAPEX Q4 2020 123 28 138 13 68 370 Q4 2019 180 66 219 10 -6 469 MAERSK#33Smooth repayment profile with liquidity reserve of USD 11.0bn Debt maturity profile at the end of Q4 2020 USDbn 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 0.4 0.3 1.4 33 2021 0.2 1.2 2022 Leases 1.0 0.2 1.0 Appendix FY 2020 2023 Bank loans 0.5 0.2 0.9 2024 5.0 1.0 0.3 0.6 2025 Corporate bonds and PPs 1.2 1.0 0.5 2026 RCFs 1) Defined as cash and securities, and undrawn committed facilities longer than 12 months less restricted cash and securities. 2) Defined as amount of secured debt at APMM level plus debt in subsidiaries divided by total consolidated debt 0.2 0.4 2027 Funding as end of Q4 2020 BBB (positive) / Baa3 (positive) credit ratings from S&P and Moody's respectively ● ● ● Liquidity reserve¹ of USD 11.0bn Amortisation of debt in coming 5 years is on average USD 1.6bn per year. Average term to maturity about five years (excl. leases) Subordination ratio² is at 10%. Undrawn revolving facilities expiring in 2023 and 2025 include extension options of 1 + 1 years Funding Mix (USD 15.4bn) 24% 18% 58% Leases Bank loans Corporate bonds and PPs MAERSK#34Earnings distribution to shareholders DKK bn 40 10 5 34 0 1.4 2010 4.4 2011 Appendix FY 2020 4.4 Note: Dividend and share buy back in the paid year. 2012 1 5.3 2013 3.9 6.2 2014 36.7 5.2 6.6 2015 3.2 6.5 2016 3.1 2017 Ordinary dividend Executed share buy back Extraordinary dividend (Danske Bank) 3.1 2018 5.3 3.1 2019 5.4 3.1 2020 MAERSK#35Global container demand growth was negative in 2020, with only a few regions posting positive growth Inbound Classification: Confidential Outbound 3 North America Latin America FY 2020 y/y market growth by trade (%) -7 -2 Global -9 2 Intra America Africa Very strong 1 4 -4 Europe Intra Europe Strong Z Source: Internal market volume estimations as of January 2021. Note: 1. Actuals available until November 2020; 2. Colours embed information on the current dynamics relative to the 2011-19 average. West Central Asia 9 Neutral -1 1 Weak Intra Asia Far East Very weak -2 Oceania MAERSK#36Ocean Ocean activities are managed under the brands Maersk, Safmarine, Sealand - A Maersk Company together with Hamburg Süd brands (Hamburg Süd and Aliança) as well as strategic transhipment hubs under the APM Terminals brand. Source: Alphaliner (Dec-end 2020) 36 Appendix Q4 2020 Pacific 14% No. 3 No. 1 No. 1 Latin America 25% Atlantic 15% Intra America 28% No. 2 No. 3 No. 1 Africa 29% Intra Europe 16% East-West No. 3 West central Asia 12% North-South Asia-Europe 21% Intra Asia 10% Intra Regional Capacity market share by trade No. 1 No. 2 No. 3 Oceania 18% MAERSK#37The industry is moving towards more consolidation Capacity market share In % Maersk 37 MSC COSCO CMA CGM Hapag-Lloyd ONE Evergreen HMM YML ZIM Wan Hai PIL 0.0% Note: As at end-Dec 2020. Source: Alphaliner. 1.5% Appendix Q4 2020 1.3% 1.2% 3.0% 2.5% 5.0% 5.3% 7.1% 6.6% 10.0% 12.5% 12.4% 15.0% 17.0% 15.9% 20.0% 2M Ocean Alliance The Alliance MAERSK OOCL ERGRE EVERGREEN CMA CGM Hapag-Lloyd m SC HMM M YANG MING Coco ONE OCEAN NETWORK EXPRESS MAERSK#38The liner industry has consolidated and top 5 share has grown Consolidation wave is rolling again - 8 top 20 players disappeared in the last 4 years 96 CMA CGM 38 P&O Nedlloyd NOL APL 98 Wave 1 27% CMA CGM ANL 00 MAERSK Safmarine MAERSK SeaLand 31% Note: Long haul trades defined as non-intra-regional trades. Source: Alphaliner. Appendix Q4 2020 02 04 06 Hapag-Lloyd cpships CMA CGM A DELMAS Wave 2 MAERSK P&O Nedlloyd 36% CMA CGM USE CMA CGM کوماناف COMANAV 43% Top-5 market share 08 10 12 Top-5 market share long-haul trade 14 HANJIN Hapag-Lloyd CSAV HAMBURG SÜD ccni CMA CGM OPDR Wave 3 CMA CGM APL 16 45% 53% OOCL A Coco DER |中国海运 Hapag-Lloyd UASC MAERSK HAMBURG SÜD ONE OCEAN NETWORK EXPRESS 18 67% 72% 65% 72% 20 MAERSK#39Nominal supply growth remained broadly at just below 3% in Q4 2020, while effective supply returned to growth as idling fell sharply Global effective supply¹ and demand growth² Industry capacity (TEU) Growth y/y, (%) 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 39 -12% -14% Nominal capacity³ growth (%) 8.3% Q1 2015 6.1% Q2 2015 4.5% 0.2% Q3 2015 1.4% Q4 2015 Global effective capacity 3.4% Q1 2016 Appendix Q4 2020 4.6% Q2 2016 7.3 7.9 8.7 8.7 7.4 5.6 3.3 6.2% 6.2% Q3 2016 Q4 2016 Q1 2017 1.5 6.9% 7.7% Q2 2017 Global container demand 9.2% 9.1% U Q3 2017 Q4 2017 6.8% Q1 2018 4.6% Q2 2018 Q3 2018 3.9% Q4 2018 Q1 2019 Q2 2019 0.5% Q3 2019 0.8 1.4 2.9 4.1 5.9 6.6 6.0 5.8 4.6 3.7 3.9 T -0.4% Q4 2019 T -2.4% Q1 2020 T Q2 2020 -9,7% 3.5% -1.6% Q3 2020 T Q4 2020 4.1 3.6 3.1 2.8 2.9 East-West DOO North-South Note: 1. Effective capacity incorporates changes to idling, vessel speed, average length of trade and container network; 2. Q4 2020 is Maersk internal estimates where actual data is not available yet; 3. Global nominal capacity is deliveries minus scrapping. Source: Alphaliner, Maersk. Intra 58% Capacity (TEU) 22% Capacity (TEU) 20% Capacity (TEU) MAERSK#40Increase in net deliveries along with a sharp reversal in idling and blanked sailings pushed up effective capacity in H2 2020 relative to H1 Net deliveries TEU '000 600 500 400 300 200 100 0 -200 -100 -57 -300 440 40 465 501 -27 -28 Q1 2015 429 414 412 332 276 245 260 229 217 MurthWatchaho 195 186 184 -9 -17 319 -91 273 281 -138 154159 Q1 2016 Note: As at end-December 2020. Source: Alphaliner. Appendix Q4 2020 -214209 -86 Deliveries Q1 2017 -69-63 -22 Scrapping Q1 2018 -63 -93 364 -44 -52 Q1 2019 190 Net deliveries -19 110 -40 220 330 Q1 2020 -53 -104 196 -7 Idling Idle TEU as % of cellular fleet 12% 10% 8% 6% 4% 2% 0% 2010 2011 ли MM 2012 2013 2014 2015 2016 2017 2018 2019 2020 MAERSK#41External factors continue to be volatile... SCFI and CCFI index Index 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 100 41 Time charter rates¹ Index 80 60 Jan 40 Jan Feb Mar Apr SCFI 2020 Feb Mar May Jun Appendix FY 2020 CCFI 2020 Note: 1. Containership Time charter Rate Index, 1993 = 100. Source: Clarkson Research, Shanghai Shipping Exchange Apr May Jun 2018 Jul Aug SCFI 2019 Sep Oct Nov CCFI 2019 Jul Aug Sep Oct 2019 2020 Nov Dec Dec Bunker price USD/mt 700- 500 300 100 Jan Feb Mar USD-EUR exchange rates EUR/U 1.25 1.22 1.20 1.17 1.14 1.12 1.09 1.07 1.04 1.01 Jan Feb Apr May Jun Rot 0.1% LSMGO 2020 Mar Apr May Jun 2020 Jul Jul Sep Oct Rot 0.5% FO 2020 Aug Aug 2019 Sep Oct Nov Nov Dec Dec MAERSK#42however the volatility is lowered through contract coverage including bunker adjustment factors Volume split, 2020 By contract type III O O Note: 1. Oct 2009 = 1000 for SCFI, January 1998 = 1000 for CCFI. Source: Maersk, Shanghai Shipping Exchange 35-40% Spot (<1 month) By trade 22% Intra regional 42 31% North-South ~20% Short term (1-3 months) Appendix Q4 2020 45% Long term (>3 months) 47% East-West Average freight rate USD/FFE 4,800 4,400 4,000 3,600 3,200 2,800 2,400 2,000 1,600 1,200 800 400 Q1-14 Q2-14 Q3-14 Q4-15 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Ocean Freight Rate (USD/FFE) Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 SCFI (Index) Q3-18 1 Q4-18 Q1-19 Q2-19 1 CCFI (Index) Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 1 Q4-20 Index ¹ 2,500 2,000 1,500 1,000 500 MAERSK#43Freight rates increased by 17.7% with volumes up by 3.2% 43 ● ● Loaded volumes increased by 3.2% driven by higher headhaul volumes on the East-West network as backhaul volumes have decreased for both East- West and North-South compared with Q4 2019. North-South volumes declined, mainly driven by lower volumes in Africa and Oceania, while East-West volumes were positively impacted by the recovery of export out of Asia with stronger volumes on the transpacific trades. The average loaded freight rate increased by 17.7%, primarily driven by the significant short-term rate increases towards the end of the year. Appendix Q4 2020 Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Average freight rates (USD/FFE) East-West North-South Intra-regional Total Q4 2020 1,588 1,034 778 3,400 Q4 2020 2,243 2,746 1,443 2,192 Q4 2019 1,494 1,065 735 3,294 Q4 2019 1,769 2,375 1,359 1,862 Change 94 -31 43 106 Change 474 371 84 330 Change % 6.3% -2.9% 5.9% 3.2% Change % 26.8% 15.6% 6.2% 17.7% FY 2020 5,948 3,900 2,786 12,634 FY 2020 2,008 2,529 1,345 2,000 MAERSK#44Ocean average freight rate up 17.7% compared to Q4 2019 Freight rates USD/FFE 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 44 Q1 2019 Q2 2019 East-West Appendix Q4 2020 Q3 2019 North-South Q4 2019 Q1 2020 Intra-regional Q2 2020 Q3 2020 Average freight rate Q4 2020 Freight rates Q1 2019 = 100 140 130 120 110 100 90 80 Q1 2019 Q2 2019 East-West Q3 2019 Q4 2019 North-South Q1 2020 Intra-regional Q2 2020 Q3 2020 Average freight rate Q4 2020 MAERSK#45Q4 2020 vessel utilisation increased compared to prior periods Vessel utilisation In % 100% 90% 80% 70% 60% 50% 88% 45 66% 93% 70% Headhaul bottleneck 91% Appendix Q4 2020 68% 93% 71% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 93% Roundtrip 73% Yearly averages 02-20 95% 75% Note: Container turn is average number of times a container is shipped full per year (quarterly data annualised). Q3-20 Q4-20 Container turn Ratio 5.2 4.8 4.4 4.0 3.6 3.2 4.6 3.9 4.5 A 3.8 4.8 Dry 4.1 4.6 4.1 4.6 Reefer 4.2 4.6 Yearly averages 4.2 C Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 4.4 4.T MAERSK#46Container handling and network costs represent the majority of our unit cost base Unit cost base, 2020 1,909 USD/FFE 2020 unit base O Note: Unit cost base: EBIT costs including VSA income, Hub income and income related to vessel relets. Adjusted for restructuring costs, result from associated companies, gains/losses and derivatives. Container handling costs: Includes costs related to terminal operation (excluding hubs and transhipment); empty costs; container leasing, deprecation of owned and capitalised leased containers, and repair costs; Hamburg Süd Inland and feedering. Network costs excluding bunker: Includes hub cost, transhipment costs and hub depreciation incl. depreciations for capitalised leases; vessel costs related to port and canal fees (Suez and Panama), running costs and crewing of owned vessels, depreciation of owned vessels, depreciation of capitalised leased vessels, time charter of operating leased vessels, cost of slot (capacity) purchases and vessel sharing agreements (VSA) with partners. Bunker costs: Includes costs related to fuel consumption and fuel prices. SG&A and Other costs: Includes costs related to own and third party agents in countries, liner operation centres, vessel owning companies, onshore crew and ship management, service centres and headquarters; administration cost types such as staff, office, travel, training, consultancy, IT, legal and audit, depreciations for other capitalised leases (e.g. leased offices) etc.; Other costs covering bad debt, cargo claims, currency cash flow hedge, indirect tax, non-operational provisions and amortization of intangible assets. 46 Unit cost base, 2020 Appendix Q4 2020 29% Network costs excluding bunker 17% SG&A and other costs 37% Container handling costs 17% Bunker costs MAERSK#47We continue to strengthen the capacity management Development in average nominal capacity and number of vessels TEU '000 5,000 4,500 4,000 47 3,500 3,000 2,500 2,000 # of vessels, end of period # of owned vessels # of chartered vessels 3,224 639 284 3,311 355 646 668 282 3,523 364 Appendix Q4 2020 285 3,761 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 383 781 339 4,231 442 776 298 4,154 478 742 298 4,042 4,038 4,048 444 723 298 425 710 303 407 713 305 4,110 408 716 307 4,186 4,181 4,162 409 703 307 396 708 307 401 697 307 4,034 390 651 305 4,034 346 688 303 4,095 385 706 301 405 Ocean average nominal vessel capacity Ocean segment aims to continuously adjust capacity to match demand and optimise utilisation ● ● Average nominal vessel capacity in Q4 2020 decreased by 2.1% y/y, but increased by 1.5% to 4,095k TEU q/q Prior to the implementation of IFRS 16, only operating leased vessels were included in the chartered container vessel section while finance leased vessels were presented together with owned to match the classification on the balance sheet. With IFRS 16, all leased vessels are generally recognised as a right-of-use asset on the balance sheet. All leased vessels are included in the table within the chartered container vessel section from Q1 2018 onwards. MAERSK#48Industry average vessel size Average vessel size TEU '000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 9,986 48 HMM Note: As of end-December 2020. Source: Alphaliner. Appendix Q4 2020 7,256 ONE 7,234 6,920 Hapag-Lloyd Yang Ming 6,660 MSC 6,556 6,012 5,275 ni.. Maersk Line CMA CGM Evergreen 5,818 COSCO Group 4,392 Zim 3,090 PIL 2,711 Wan Hai MAERSK#49Industry orderbook rebounded a bit in Q4 2020 following order spree Industry orderbook Orderbook as % of current fleet (end of period) 30% 25% 20% 15% 10% 5% 49 0% 27.0% 28.0% 21.0% Note: As at end-December 2020. Source: Alphaliner. 22.6% Appendix Q4 2020 18.4% 20.1% 15.7% 12.7% 12.3% 10.4% 10.4% 9.4% 8.2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 Q3 Q4 2020 2020 2020 2020 10.9% New orders TEU '000 1,000 800 600 400 200 734 521 228 467 386 296 181 Q1 2013 Q1 2014 599 156 794 735 Q1 2015 181 122 81 26 Q1 2016 6444. 527 16 Q1 2017 642 270 84 326 Q1 2018 268 59 4 373 Q1 2019 140751 961 1224 Q1 2020 MAERSK#50Container market volumes saw great volatility in 2020 Global Container Volumes Container market volume index, Q4 2019 average=100 110 50 105 100 95 90 85 80 75 пр 2015 2016 2017 Note: Q4 2020 is Maersk internal estimates where actual data is not available yet. Source: Maersk. my Appendix Q4 2020 N 2018 2019 2020 MAERSK#51Terminals & Towage Gateway terminals, including landside activities being port activities where the customers are mainly the carriers, and towage services under the Svitzer brand. 51 Appendix Q4 2020 Towage Terminals Portfolio Overview MAERSK#52Diversified gateway terminal portfolio Container throughput by geographical region Equity weighted crane moves, % 17% North Americas SHUTOSO 30 Average remaining concession length in years Years 25 20 15 10 5 14% Latin Americas 20 52 14% Europe, Russia and Baltics Total throughput of 4.6m Moves in Q4 2020 13 Appendix Q4 2020 North America Latin America Europe, Russia and Baltics Note: Average concession lengths as of Q4 2020, arithmetic mean. 26 22 Asia 13% Africa & Middle East 15 41% Asia Africa and Middle East 20 Total portfolio Geographical split of terminals Number of terminals 25 15 5 -5 5 12% 8% 4% 0% -4% -8% -12% North America 57 Port Volume growth development In % 2014 No. of terminals 11 Latin America 55 2015 Europe, Russia and Baltics Existing terminals ■New terminal projects 65 18 2016 Equity Weighted 66 65 Note: Like for like volumes exclude divestments and acquisitions. 17 2017 Equity Weighted Like-for-like 2018 Asia 67 2019 15 Africa and Middle East 66 2020 Global market MAERSK#53Focusing on lower cost and higher efficiency Gateway terminal cost per move, Fin.Con ¹ USD/move 280 260 240 220 200 180 160 140 53 CAGR: -0.5% y/y: -4.6% 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 2001 2002 2003 2004 Appendix Q4 2020 Gateway terminal cost break down ² Q4 2020 7% Service and admin costs 19% Depreciation 11% Concession fees 1. Gateway terminal Cost per move for all operating terminals on financial consolidated basis; terminals under implementation are excluded. 2. Cost breakdown for all gateway terminals on financial consolidated basis. 15% Variable operational costs O 48% Labour costs MAERSK#54Revenue and cost per move (financially consolidated) 54 USD/move 280 260 240 220 200 180 264 234 2018 Q1 250 227-229- 2018 Q2 263 Appendix Q4 2020 2018 Q3 -270- 233 2018 Q4 279 241 2019 Q1 266 242 2019 Q2 CPM 269 220 2019 Q3 RPM 274. 230 2019 Q4 267 .233 2020 Q1 278 - 251 2020 Q2 277 229 2020 Q3 279 220 2020 Q4 MAERSK#55Equity weighted EBITDA in gateway terminals USDm 450 400 350 300 250 200 55 150 100 50 0 89 139 95 166 91 171 106 121 109 131 116 91 129 163 126 155 136 139 130 171 117 198 127 184 142 153 144 Note: 2016-2017 IFRS16 adjustment is a high level estimate for comparability use only. The estimate does not take into account differences in internal discount rate nor remaining length of concessions, but simply extrapolates numbers back from 2018. The 2016-2017 adjustment is not audited and no full restatement of figures to adjust for IFRS16 has been conducted prior to 2018. 2018 onwards all the numbers are restated with segment changes. Appendix Q4 2020 230 141 216 131 179 135 153 143 233 USDm 136 263 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 EBITDA equity weighted (LTM total) EBITDA equity weighted (Consolidated terminals excl. minority shares) EBITDA equity weighted (Share in JV & Associates) 1400 1200 1000 800 600 400 200 0 MAERSK#56Active portfolio management - gateway terminals Acquisitions and secured Projects Cotonou Santos 56 2010 Kaoshiung Dunkirk Oakland Yantian Monrovia Moin Callao Poti 2011 Divestments / stop operation Appendix Q4 2020 Lazaro Cardenas Gothenburg Talin Kotka / Helsinki Vostochny St. Petersburg 2012 Dailan Abidjan Ust Luga St. Petersburg 2 Izmir 2013 Oslo Namibe 2014 Le Havre Virginia Qingdao Vado reefer Cartagena Tema 2015 Charleston Houston Jacksonville Gioia Tauro Quetzal Yucatan Buenaventura Paranagua Valencia Gijon Castellon Barcelona 2016 Grup Marítim TCB Itapoa 2017 Tacoma Zeebrugge Dalian TB - Congo 2018 Paranagua Izmir 2019 Kobe Veos 2020 Douala MAERSK#57Gateway terminals operating at 36.3% EBITDA margin Operating businesses Q4 2020 Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) Project Abidjan, Ivory Coast 57 Appendix Q4 2020 Opening 2022 Consolidated businesses ● 2.6 3.1 872 316 36.3 JV & Associates 2.0 I I 4.6 3.1 872 316 36.3 Implementations Details The new terminal will be our second terminal in Abidjan, Ivory Coast, which is one of the busiest container ports in West Africa New facility will be able to accommodate vessels of up to 14,000 TEU in size 0.0 0.0 0.0 ΝΑ Total 4.6 3.1 872 316 36.3 Investment USD 0.5bn MAERSK#58Consolidated gateway terminals Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) Note: Consolidated businesses includes gateway terminals that are financially consolidated. Gateway terminals - JV and Associates Throughput (Moves m, equity weighted) 58 Appendix Q4 2020 Q4 2020 2.6 3.1 872 316 36.3 Q4 2020 2.0 Q4 2019 2.6 3.0 801 260 32.4 Q4 2019 2.0 Change 2.1% 4.8% 8.9% 21.8% 3.8pp Change 0.2% MAERSK#59Thank You Stig Frederiksen Head of Investor Relations [email protected] +45 3363 3106 59 Appendix FY 2020 Maja Schou-Jensen Senior Investor Relations Officer [email protected] +45 3363 3639 Jytte Resom Investor Relations Officer [email protected] +45 3363 3622 MAERSK