#1A.P. Møller - Mærsk A/S Q3 2020 investor and analyst presentation Date: 18 November 2020 Conference Call: 11:00 CET Webcast: investor.maersk.com m ERSK AERSK AERSK LAND MAERSK MAERSK SEALAND * MAERSK HMM MAERSK MAERSK SEALAND *MAERSK Phon 1 999 **** ZIM m Paold HAMBURG SÜD 1000 CAPITAL MAERSK go HAMBURG SÜD HAMBURG SOD *MAERSK CAI MAERSK MAERSK SEALAND MAERSK PRO velloyd MAERSK MAERSK SEALAND MAERSK All SEALAND MAERSK LINE HAMBURG SÜD MAERSK LINE *MAERSK PAO ed CAI HYUNDAI E EX m E E SC HYUNDAI HYUNDAI HYUNDAI HYUNDAI C C CO Ос CB CC СС I MPIRE MAERSK Seaco HMP Pao MA Sa MA MA#2Forward-looking statements 2 Q3 2020 interim report 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#3Q3 2020 Key statements 3 Q3 2020 interim report MAERSK#4● Strong Ocean business and growing Logistics & Services Further progress on implementing our integrator strategy with strong new customer offerings and organisational measures. Key statements Highlights for Q3 2020 • The COVID-19 pandemic continued to negatively impact the global demand in the third quarter, with revenue decreasing by 1.4% to USD 9.9bn with organic volumes down across most segments. ● ● 4 EBITDA increased to USD 2.4bn, before restructuring costs of USD 105m, driven by higher profitability in all segments. Free cash flow increased significantly driven by the significant increase in EBITDA and continued capital discipline. Full-year expectations for EBITDA is in the range of USD 8.0bn-8.5bn, before restructuring and integration costs, as announced 17 November (previously USD 7.5bn-8.0bn as announced 13 October). A new share buy back programme of DKK 10bn (~USD 1.6bn) was announced today with the first tranche to be initiated from 1 Dec. 2020. Q3 2020 interim report Q3 2020, USD Revenue 9.9bn (-1.4%) EBITDA 2.3bn (+39%) CFFO 2.2bn cash conversion (+57%) 95% 9M 2020, USD Revenue EBITDA 28.5bn 5.5bn (-2.5%) (+30%) Free cash flow* CFFO 1.5bn 5.3bn Free cash flow* 3.0bn cash conversion (+94%) 95% * Free cash flow (FCF) comprise 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 Building a strong track record USDm 2600 5 2300 2000 1700 1400 1100 2 0 Percent 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Q1 16 Q3 16 Q1 17 EBITDA alladull Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 Q3 2020 interim report LTM ROIC (LTM) USDm Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 8000 7000 6000 5000 4000 3000 2000 1000 0 USDm 2,000 1,500 1,000 500 -500 -1,000 -1,500 15% Percent 12% 9% 6% 3% 0 0% -3% Free cash flow Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 LTM wimply till CROIC (LTM) Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 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. Free cash flow (FCF) comprise 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. USDm 5000 3750 2500 1250 0 -1250 -2500 MAERSK#6Key statements Strategic Transformation update Earnings growth and disciplined capital allocation lead to continued improvements in CROIC and ROIC ● Earnings improvements, a continued high cash conversion and strong capital discipline led to the significant increase in CROIC and ROIC. • EBITDA in Logistics & Services² increased 71%, supported by higher earnings in intermodal and the integration of Performance Team. 6 Revenue in the Infrastructure and Logistics activities¹ increased despite being impacted by COVID-19, mainly driven by the acquisition of Performance Team. The acquisition of KGH Customs Services was completed in September 2020 and the integration is progressing as planned with a positive EBITDA contribution in September. Q3 2020 interim report Cash return on invested capital - LTM Infrastructure and Logistics revenue¹, USDm Logistics & Services², EBITDA, USDm Long-term metric Return on invested capital (ROIC) - LTM Underlying Return on invested capital (ROIC) - LTM Q3 2020 13.9% 9.9% 2,543 164 5.9% Q3 2019 6.2% 2,419 96 3.0% 3.2% 9M 2020 13.9% 309 6,721 6,976 5.9% 6.2% 9M 2019 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. 9.9% 188 3.0% 3.2% FY 2019 10.0% 9,201 221 3.1% 3.2% MAERSK#7Q3 interim report Financial highlights 7 Q3 2020 interim report MAERSK#8Financial highlights Q3 2020 Strong improvements in profitability driven by all segments Profit/loss result bridge for Q3 2020, USDm 8 1,400 1,200 1,000 800 600 400 200 0 520 Profit Q3 2019 511 Ocean Q3 2020 interim report 40 Logistics & Services EBITDA effect 12 Terminals & Towage 9 Manufac- turing & Others 69 -76 -28 Unallocated Depreciations, Disposals activities amortisations, impairments & elimi- nations 15 -12 JV's and Net associated financials companies expenses -113 Tax 947 Profit Q3 2020 Profitability continued to improve with an EBITDA margin of 23.2% (16.5%) and an EBIT margin of 13.0% (7.3%), including restructuring costs. Net financial expenses increased as lower borrowing costs were offset by negative FX impacts. Net result for Q3 2020 improved to USD 947m as a result of the improvements in profitability. The underlying net result increased to USD 1,043m (USD 452m), adjusted for restructuring costs, disposals and impairments. MAERSK#9Financial highlights Q3 2020 Strong free cash flow allowing for acquisitions and debt repayments. Cash flow bridge for Q3 2020, USDm 9 2,500 2,000 1,500 1,000 500 0 2,176 Cash flow from operations -397 Capitalised lease instalments Q3 2020 interim report -280 Capex -184 Net financial expenses, incl. lease liabilities 171 1,486 Sale proceeds Free cash flow and dividend received -241 Acquisitions, net -98 Dividends and share buy- backs 301 Financial investments, dividends to minorities and others, net -810 Repayment/ proceeds from borrowings, net and Others 638 Net cash flow Free cash flow was USD 1,486m (USD 946m) after net interests, capitalised lease payments and gross capex. Cash conversion was 95%. Net interest bearing debt decreased by USD 0.8bn from Q2 2020 to USD 10.8bn and by USD 0.9bn from Q4 2019 (USD 11.7bn). Excluding lease liabilities, net interest-bearing debt equals USD 2.0bn S&P and Moody's have both lifted their outlook on the credit rating to positive outlook. MAERSK#10Highlights Q3 2020 Ocean ● ● Revenue decreased 4.1% as volumes declined 3.6% due to impacts from COVID-19. 10 EBITDA improved 39% with a margin of 25.4% driven by continued focus on cost from agile capacity deployment, lower bunker cost and higher freight rates partly driven by a strong momentum in demand on certain routes. A restructuring cost of USD 65m was recognised as the organisational structure was simplified as a further step in our integrator strategy. • The digital guaranteed short term booking product Maersk Spot gained further traction in the quarter increasing the share of loaded short term volumes. Q3 2020 interim report Development in EBITDA and EBITDA margin (%) 2,000 1,500 1,000 500 0 Revenue Q1 19 Q2 19 EBITDA EBITDA margin Gross capital expenditures Q3 19 EBITDA Q4 19 Q1 20 EBITDA margin Q3 2020 (USDm) 7,118 1,805 25.4% 147 Q3 2019 (USDM) 7,423 1,294 17.4% 209 Q2 20 Q3 20 9M 2020 (USDM) 20,918 4,337 20.7% 530 30% 25% 20% 15% 10% 5% 0% 9M 2019 (USDM) 21,634 3,311 15.3% 992 MAERSK#11Ocean highlights Q3 2020 Solid EBITDA progress in the quarter Volume decline offset by agile capacity adjustments, strong freight rates and lower bunker price 11 USDm 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1,294 EBITDA Q3 2019 Q3 2020 interim report -155 Volume effect 284 Freight rates effect 312 Bunker price 90 Container handling cost, excl. volume effect 98 Network cost and bunker consumption -126 SG&A, net FX impacts and Others, incl. restructuring costs 8 Unrealised derivative losses on inventory hedges 1,805 EBITDA Q3 2020 MAERSK#12Ocean highlights Q3 2020 Higher freight rates more than mitigated lower volumes ● • Freight rates declined compared to Q2 due to the adjustments to the long-term contracts linked to the lower bunker fuel price and the exposure to trades with less positive market developments, such as Latin America and intra regional trades. ● Average freight rates increased by 4.4% (4.8% FX-adjusted and 10% adjusted for bunker prices), due to higher short-term freight rates, driven by demand recovery especially in China-US trades combined with vessel and equipment shortage. 12 In line with our strategy we focused on facilitating our customers supply chains, especially customers with long-term contracts to meet their requirements. Total volumes decreased by 3.6% with headhaul volumes declining by 0.1%, contracting across all trades, except North America. Backhaul volumes declined 11%. • While volumes recovered strongly from Q2 2020, particular on the Pacific, Latin America continued to be very negatively affected by COVID-19 with volumes declining 13%. Q3 2020 interim report Average freight rates (USD/FFE) East-West North-South Intra-regional Total Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Q3 2020 1,995 2,382 1,227 1,909 Q3 2020 1,553 1,011 719 Q3 2019 1,746 2,318 1,314 1,828 Q3 2019 1,561 1,118 726 3,283 3,405 Change 249 64 -87 81 Change -8 -107 -7 -122 Change % 14.3 2.8 -6.6 4.4 Change % -0.5 -9.6 -1.0 -3.6 FY 2019 1,760 2,347 1,366 1,853 FY 2019 6,194 4,268 2,834 13,296 MAERSK#13Ocean highlights Q3 2020 Lower cost from agile capacity deployment and lower bunker cost ● ● Focus on agile capacity deployment as volumes recovered combined and lower bunker cost led to a decrease in total operating cost of 13% to USD 5.3bn (USD 6.1bn). • Despite the negative development in volumes compared to last year, the unit cost at fixed bunker decreased by 2.9% as result of tight capacity deployment in line with the decline in volumes. leading to a higher utilisation. The volatility in demand led to a decrease in reliability. Total bunker cost decreased 34% as the average bunker price decreased 29% to USD 290 per ton. Keeping an agile capital deployment strategy meant that capacity was allocated to the right trades to facilitate the changing demand. The increased demand compared to Q2 meant that very few vessels were idled by the end of the quarter. 13 • The bunker consumption declined 6.5% impacted by blanked sailings and idle capacity. Q3 2020 interim report Unit cost at fixed bunker* decreased by 2.9% to 1,868 USD/FFE Bunker efficiency worsened by 0.8% Bunker cost decreased to USD 0.8bn (USD 1.2bn) * Fixed bunker price of 450 USD/FFE Unit cost at floating bunker price was 1,740 USD/FFE (1,890 USD/FFE) Utilisation on the deployed capacity increased to a record level of close to 96% SG&A increased by USD 27m to USD 689m (USD 662m) mainly due to restructuring costs of USD 65m MAERSK#14Ocean highlights Q3 2020 Maersk SPOT continues to grow ● • Maersk SPOT provides space and equipment guaranteed at price fixed at the time of booking. This combined with its digital engagement model allows in particular forwarders to serve their customers effectively and efficiently. More than 80% of the volume is booked by forwarders, followed by commodity shippers. ● Maersk SPOT continues to expand in Q3, and now accounts for 53% (end of October) on a four-weeks basis, from 24% in January, of the Maersk Brand short term businesses. 14 We will continue to expand into more markets and segments. Most recently SPOT went live in FMC regulated trades and met with strong support. Q3 2020 interim report 60% 50% 40% 30% 20% 24% 10% 0% Jan 2020 % share of the Maersk short term volumes 24% 25% 29% 36% 41% Feb Mar Apr May Jun 2020 2020 2020 2020 2020 Note: Maersk Spot % of all Maersk brands, excluding Sealand and Hamburg Süd 45% 46% 51% 53% Jul Aug Sep Oct 2020 2020 2020 2020 MAERSK#15Highlights Q3 2020 Logistics & Services ● • Gross profit increased by 35% and EBITDA increased by 44% driven by intermodal, air freight forwarding and warehousing and distribution. Revenue increased 11%, driven by supply chain management and Performance Team. • Implementing our integrator strategy to further strengthen customer offerings and to improve overall competitiveness have led to the initiative to close Damco Freight Forwarding and merge air freight forwarding and LCL into the Maersk brand. ● 15 KGH Customs Services acquisition was closed in September and the integration is progressing as planned. Q3 2020 interim report Development in gross profit and gross profit margin (%) 6 500 400 300 200 100 0 Q1 19 Q2 19 Revenue Gross profit EBITDA EBITDA margin Gross capital expenditures 11 Q3 19 Gross profit Q1 20 Gross profit margin Q4 19 Q3 2020 (USDm) 1,891 468 131 6.9% 23 Q3 2019 (USDm) 1,702 346 91 5.3% 23 Q2 20 Q3 20 9M 2020 (USDM) 4,902 1,135 296 6.0% 81 30% 25% 20% 15% 10% 5% 0% 9M 2019 (USDm) 4,802 922 185 3.8% 60 MAERSK#16Logistics & Services - highlights Q3 2020 Significant growth and profitability improvement ● • The gross profit (GP) margin improved by 4.4%-points to 24.7%, supported by continued margin optimisation in intermodal, air freight forwarding and warehousing and distribution, led by the Performance Team acquisition. • The EBIT conversion improved to 21.3% (16.1%) with positive impact of SG&A cost savings and optimised cost base. ● COVID-19 continued to impact volumes and revenue across all products and solutions. ● 16 USD 40m restructuring costs was recognised as the Damco Freight Forwarding brand was closed and air freight and LCL were integrated into Maersk Logistics & Services. The integration of Performance Team is on track and it contributed USD 58m to GP and USD 24m to EBITDA. Q3 2020 interim report USDm 1,600 1,400 1,200 1,000 800 600 400 200 0 Q1 2019 Gross profit & EBIT-conversion ratio, LTM Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 EBIT conversion before special items LTM (RHS) IL&S GP LTM % 14% 12% 10% 8% 6% 4% 2% 0% Note: EBIT conversion before special items ratio = EBIT / Gross profit EBIT before special items excludes impairments, restructurings costs, gains/losses on sales of assets and JV adjustments MAERSK#17Highlights Q3 2020 Terminals & Towage ● ● ● 17 EBITDA increased 4.1% to USD 328m, despite of a 2.3% revenue decline. Gateway terminals reported a 2.0% lower revenue of USD 816m, while focus on cost measures resulted in an EBITDA-margin increase of 2.0%-points to 33.6% and 4.2% increase in EBITDA to USD 274m (USD 263m). Revenue in Towage decreased by 2.9% to USD 167m (USD 172m), with EBITDA increasing to USD 54m (USD 52m) due to lower costs. Development in EBITDA and EBITDA margin (%) 350 300 250 200 150 100 50 0 Q1 19 Revenue Q2 19 Q3 19 Q4 19 EBITDA Q1 20 EBITDA margin EBITDA EBITDA margin Gross capital expenditures Q3 2020 (USDM) 976 328 33.6% 104 Q3 2019 (USDM) 999 315 Q2 20 Q3 20 31.5% 106 9M 2020 (USDM) 2,765 841 30.4% 319 40% 35% 30% 25% 20% 15% 10% 5% 0% 9M 2019 (USDM) 2,974 814 27.4% 313 MAERSK#18Terminals & Towage - highlights Q3 2020 Margin improvements from strong focus on cost efficiencies ● ● 18 Gateway terminals volumes declined by 3.7% (like-for- like 7.8%), driven by COVID-19 impacts, with significant variations across regions and supported by the consolidation of the Pipavav, India terminal. Volumes from external customers decreased by 5.7%, while volumes from Ocean was on par, which coupled with increase capacity in selected ports led to a 13%-points decrease in utilisation to 71%. Revenue per move increased by 2.8% to USD 277 mainly driven by mix changes, while cost per move increased 4.0% to USD 229 due to lower volumes and mix effect, as total operating cost declined 3.3%. In Towage, the Harbour towage activities was on par with last year, driven by positive impacts from the consolidation of Port Towage Amsterdam, partly offset by lower activity in Australia, UK and Scandinavia. Q3 2020 interim report USDm 300 250 200 150 100 50 0 263 EBITDA Q3 2019 -36 Volume effect Gateway EBITDA bridge 8 Volume mix effect 11 Storage and non-storage revenue effect 28 Cost and Other, incl. one-off's 274 EBITDA Q3 2020 MAERSK#19Terminals & Towage - highlights Q3 2020 Stable earnings and cash contribution from JV's and Associates ● ● ● 19 The equity weighted EBITDA was largely unchanged. In the last twelve months the JVs and Associates have generated USD 551m to the Equity weighted EBITDA of USD 1,331m. The cash contribution through dividends the last twelve months has been USD 189m, or 34% of the EBITDA with a pay-out ratio of 95% of the net result. Q3 2020 interim report USDm 400 350 300 250 200 150 100 50 0 89 139 95 91 166 171 106 121 109 131 Q2 Q3 Q4 Q1 Q2 2016 2016 2016 2017 2017 Equity weighted EBITDA for gateway terminals 116 91 129 163 126 155 136 139 130 171 117 198 127 184 142 153 144 230 141 216 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. EBITDA equity weighted (Share in JV & Associates) EBITDA equity weighted (Consolidated terminals excl. minority shares) EBITDA equity weighted (LTM total) 131 179 135 153 143 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 233 USDm 1400 1200 1000 800 600 400 200 0 MAERSK#20Highlights Q3 2020 Manufacturing & Others ● ● 20 Revenue in Maersk Container Industry increased to USD 153m (USD 150m), and EBITDA increased to USD 17m (USD 14m) positively impacted by higher activity and lower cost. Maersk Supply Service reported lower revenue at USD 65m (USD 81m), while EBITDA improved to USD 13m (USD 4m), reflecting lower activity offset by significant cost reductions. Q3 2020 interim report Development in EBITDA and EBITDA margin (%) 60 50 40 30 20 10 0 Q1 19 Revenue Q2 19 EBITDA EBITDA margin Gross capital expenditures Q3 19 EBITDA Q4 19 Q1 20 -EBITDA margin Q3 2020 (USDM) 324 48 14.8% 5 Q3 2019 (USDM) 339 39 11.5% 7 III III 11 Q2 20 Q3 20 9M 2020 (USDM) 935 140 15.0% 20 20% 15% 10% 5% 0% 9M 2019 (USDM) 1,022 87 8.9% 194 MAERSK#212020 21 Full-year guidance Q3 2020 interim report MAERSK#22Guidance Guidance Given the current momentum in the different businesses, A.P. Moller - Maersk expects earnings before interest, taxes, depreciation and amortisation (EBITDA) before restructuring and integration costs in the range of USD 8.0bn-8.5bn as announced on 17 November 2020 from previously between USD 7.5bn-8.0bn as announced 13 October 2020 The global demand growth for containers is expected to contract by 4-5% in 2020 due to COVID-19. Organic volume growth in Ocean is now expected to be slightly below the average market growth from previously in line with or slightly below the market. For 2020 the guidance on capital expenditures (CAPEX) is now expected to be USD 1.5bn, and with the expectation of a high cash conversion (cash flow from operations compared to EBITDA). For the years 2021-2022 the accumulated CAPEX is expected to be USD 4.5- 5.5bn with the expectation of a high cash conversion. The previous guidance on accumulated CAPEX for 2020-2021 was between USD 3.0-4.0bn. 22 Q3 2020 interim report Sensitivity guidance A.P. Moller - Maersk's financial performance for the full-year 2020 depends on several factors and is subject to uncertainties related to COVID-19, bunker fuel prices and freight rates combined with the weaker macroeconomic conditions and other external factors. Based on the expected earnings level and all else being equal, the sensitivities for the rest of 2020 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 EBITDA (Rest of year) +/- USD 0.3bn +/- USD 0.1bn -/+ USD 0.1bn +/- USD 0.Obn MAERSK#23Appendix MAERSK#24Financial 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 24 Appendix Q3 2020 interim report Q3 2020 Q3 2019 9,917 10,055 38,890 2,297 1,656 23.2% 16.5% 1,021 5,712 14.7% 1,097 4,287 8 81 1,289 13.0% -160 1,129 182 947 947 36 66 737 7.3% -148 589 69 520 FY 2019 520 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) Q3 2020 947 -8 -1 105 1,043 2,176 280 29,547 Q3 2019 48 520 -36 -42 10 452 1,732 10,804 12,056 40,404 40,938 28,879 343 24 FY 2019 509 -71 29 78 1 546 5,919 2,035 11,662 40,555 28,837 23 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 Appendix Q3 2020 interim report 9M 2020 9M 2019 28,485 29,222 38,890 5,515 4,249 5,712 19.4% 14.5% 14.7% 3,319 3,127 4,287 172 224 2,592 9.1% -607 1,985 386 1,599 1,599 FY 2019 70 71 191 229 1,383 1,725 4.7% 4.4% -546 -758 837 967 267 458 570 509 -553 -553 17 -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) 9M 2020 9M 2019 1,599 -172 41 105 26 1,599 5,259 952 10,804 40,404 29,547 79 570 -70 -50 65 2 517 FY 2019 26 509 -71 29 78 1 546 4,384 5,919 1,566 2,035 12,056 11,662 40,938 40,555 28,879 28,837 23 MAERSK#26Financial highlights Net interest bearing debt decreased further Development in net interest-bearing debt, USDbn 11.6 11.4 11.2 11.0 10.8 10.6 10.4 10.2 10.0 9.8 9.6 9.4 9.2 9.0 11.6 26 2.3 NIBD Q2 2020 EBITDA 0.1 Sales proceeds and dividends received 1) Defined as cash and securities, and undrawn committed facilities longer than 12 months less restricted cash and securities. Appendix Q3 2020 interim report 0.3 Change in working capital 0.3 Financial items and tax paid 0.2 Gross capex 0.2 Acquisitions 0.1 Share buybacks 0.7 Net new capitalized leases 10.8 NIBD Q3 2020 Liquidity reserve¹ of USD 10.9bn by end Q3 2020. Investment grade credit rating of BBB (positive) from S&P and Baa3 (positive) from Moody's. USD 8.8bn of NIBD are capitalised leases. MAERSK#27Financial highlights New share buy back programme DKK 10bn or around USD 1.6bn share buy back to be initiated on the 1 December 2020 • The Board of Directors of A.P. Møller-Mærsk A/S (APMM) has decided to exercise the authority given at the Annual General Meeting in April 2019 of acquiring up to 15% of the share capital over two years to initiate a share buy-back programme of up to DKK 10 billion (around USD 1.6 billion) and a maximum of 3.12 million shares to be acquired over a period of up to 15 months. The authority expires in April 2021, hence a new a new authority needs to be obtained at the AGM in March 2021. • The share buy-back will be carried out in several phases. The first phase of the share buy-back programme of DKK 3.3 billion (~USD 500m) is expected to run from 1th of December 2020 until April 2021. The remaining part of the programme will be initiated after approval by the Annual General Meeting in March 2021 of the proposed prolongation of the authority to acquire own shares. ● 27 This will conclude the distribution associated with the sale of Maersk Oil and any further distribution to shareholders will come from the continuous business activities. Appendix Q3 2020 interim report MAERSK#28Financial highlights CAPEX reduced significantly Capex excluding acquisitions and divestments, USDbn 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 28 4.0 USD 4.5-5.5bn in total 2.0 Hill 1.5 2017 3.2 2018 Appendix Q3 2020 interim report 2019 2020 2021 2022 guidance guidance guidance 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 0.3 Q3 2019 0.5 Q4 2019 0.3 İ Q1 2020 0.4 Q2 2020 0.3 Q3 2020 CAPEX for Q3 2020 was USD 280m down from USD 343m in Q3 2019, driven by the strong capital discipline and focus on generating free cash flow. For 2020 the guidance on capital expenditures now expected to be USD 1.5bn. For 2021 and 2022 the accumulated CAPEX is expected to be between USD 4.5-5.5bn. Total contractual capex commitments totalled USD 1.5bn end Q3 2020. MAERSK#29Revenue recognition Revenue is recognised based on the voyage days - Example of a container from Suzhou to Copenhagen Origin intermodal charge Recognised 100% in Q3 29 Origin Suzhou Shanghai Appendix Q3 2020 interim report 15 days Q3 revenue recognised = 15 days/56 days * Ocean freight revenue Q4 revenue recognised = 41 days/56 days * Ocean freight revenue Total journey from Shanghai to Aarhus 56 days Q3 ! Aarhus 41 days Destination Copenhagen Q4 Destination intermodal charge Recognised 100% in Q4 MAERSK#30Financial highlights Q3 2020 USD million Ocean Logistics & Services Terminals & Towage Manufacturing & Others Unallocated activities and eliminations, etc. A. P. Moller-Maersk Consolidated - continuing operations 30 Appendix Q3 2020 interim report Revenue Q3 2020 7,118 1,891 976 324 -392 9,917 Q3 2019 7,423 1,702 999 339 -408 10,055 EBITDA Q3 2020 1,805 131 328 48 -15 2,297 Q3 2019 1,294 91 315 39 -83 1,656 CAPEX Q3 2020 147 23 104 5 1 280 Q3 2019 209 23 106 7 -2 343 MAERSK#31Smooth repayment profile with liquidity reserve of USD 10.9bn Debt maturity profile at the end of Q3 2020 USDbn 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 0.5 31 0.3 0.3 Leases 1.3 ROY 2020 2021 0.5 0.8 1.1 2022 1.0 0.5 0.9 Appendix Q3 2020 interim report 2023 0.5 0.2 0.8 2024 Bank loans Corporate bonds and PPs 5.0 1.0 0.5 0.6 2025 1.1 1.0 0.5 2026 2) Defined as amount of secured debt at APMM level plus debt in subsidiaries divided by total consolidated debt 0.6 0.5 3.0 1) Defined as cash and securities, and undrawn committed facilities longer than 12 months less restricted cash and securities. 2027 + Undrawn revolving facilities Funding as end of Q3 2020 BBB (positive) / Baa3 (positive) credit ratings from S&P and Moody's respectively ● ● ● ● Liquidity reserve¹ of USD 10.9bn Amortisation of debt in coming 5 years is on average USD 1.9bn per year. Average term to maturity about four years (excl. leases) Subordination ratio² is at 12%. Undrawn revolving facilities expiring in 2023 and 2025 include extension options of 1 + 1 years Funding Mix (USD 17bn) 25% 23% 52% Leases Bank loans Corporate bonds and PPs MAERSK#32Earnings distribution to shareholders DKK bn 40 10 5 32 0 1.4 2010 4.4 2011 4.4 Note: Dividend and share buy back in the paid year. Appendix Q3 2020 interim report 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 4.7 3.1 2020 MAERSK#33Demand growth rebounded sharply in Q3 2020 driven by NAM and Intra Regional Inbound Outbound 14 North America Latin America July 20-September 20 y/y market growth by trade (%) -11 -13 3 Intra America 1 Global Africa 2 -2 -4 Intra Europe Very strong Strong Source: Internal market volume estimations as of November 2020. Note: 1. Actuals available until August 2020; 2. Colours embed information on the current dynamics relative to the 2012-18 average. 4 Europe Middle East Asia -2 Neutral Intra EMA 3 Weak 3 Intra Asia Very weak 5 Oceania MAERSK#34Ocean 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 (Sept-end 2020) 34 Appendix Q3 2020 Pacific 14% No. 3 No. 1 No. 1 Latin America 25% Atlantic 14% Intra America 29% No. 2 No. 3 No. 1 Africa 29% Intra Europe 17% East-West No. 3 West central Asia 13% North-South Asia-Europe 22% Intra Asia 9% Intra Regional Capacity market share by trade No. 1 No. 2 No. 3 Oceania 19% MAERSK#35The industry is moving towards more consolidation Capacity market share In % Maersk 35 MSC COSCO CMA CGM Hapag-Lloyd ONE Evergreen HMM Yang Ming ZIM PIL Wan Hai 0.0% Note: As at end-Sept 2020. Source: Alphaliner. 1.3% 1.3% 1.3% Appendix Q3 2020 3.0% 2.6% 5.0% 5.3% 7.1% 6.6% 10.0% 12.5% 12.0% 15.0% 17.1% 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#36The 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 36 CGM 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 Q3 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% 73% 20 MAERSK#37Nominal supply growth slowed further in Q3 2020, while the contraction. in effective supply eased Global effective supply¹ and demand growth² Growth y/y, (%) 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 37 -12% -14% Nominal capacity³ growth (%) 8.3% - Q1 2015 6.1% Q2 2015 7.3 7.9 4.5% Q3 2015 0.2% 8.7 Global effective capacity Q4 2015 1.4% 8.7 Q1 2016 Appendix Q3 2020 3.4% 7.4 Q2 2016 4.6% 5.6 Q3 2016 3.3 6.2% Q4 2016 6.2% 1.5 6.9% Q1 2017 7.7% Global container demand Q2 2017 9.2% 9.1% T Q3 2017 Q4 2017 6.8% 0.8 1.4 2.9 4.1 5.9 4.6% Q1 2018 Q2 2018 Q3 2018 6.6 6.0 3.9% 1 6% Q4 2018 5.8 Q1 2019 4.6 Q2 2019 3.7 0.5% Q3 2019 3.9 T -0.4% Q4 2019 T 4.1 -2.3% Q1 2020 T 3.6 -1.5% -9,4% Q2 2020 Q3 2020 3.1 2.8 Industry capacity (TEU) East-West North-South Note: 1. Effective capacity incorporates changes to idling, vessel speed, average length of trade and container network; 2. Q3 2020 is Maersk internal estimates where actual data is not available yet; 3. Global nominal capacity is deliveries minus scrapping. Source: Alphaliner, Maersk. C Intra 58% Capacity (TEU) 22% Capacity (TEU) 20% Capacity (TEU) MAERSK#38Increase in net deliveries along with a sharp reversal in idling and blanked sailings pushed up effective capacity in Q3 2020 relative to Q2 Net deliveries TEU '000 600 500 400 300 200 100 0 -100 -200 -300 38 421 383 367 -181 -128 296 -44-40 440 465 -57 501 -27-28 Note: As at end-September 2020. Source: Alphaliner. Appendix Q3 2020 319 Q1 Q3 Q1 Q3 2014 2014 2015 2015 -91 273281 195186 -138154159 217 Deliveries 332 -86 -214209 414 Q1 Q3 Q1 2016 2016 2017 229 -69-63 429 -22 Scrapping 412 276 184 -9 -17 245260 -63 -93 Net deliveries 364 -44-52 190 -19 110 -40 330 220 -53 -104 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2017 2018 2018 2019 2019 2020 2020 Idling Idle TEU as % of cellular fleet 12% 10% 8% 6% 4% 2% 0% M 2010 2011 2012 2013 MM 2014 2015 2016 2017 2018 2019 2020 MAERSK#39External factors continue to be volatile... SCFI and CCFI index Index 1,400 1,200 1,000 800 600 39 60 Time charter rates¹ Index 70 50 Jan 40 Feb Mar Jan Feb SCFI 2020 Apr May Jun CCFI 2020 Mar Apr Note: 1. Containership Time charter Rate Index, 1993 = 100. Source: Clarkson Research, Shanghai Shipping Exchange Appendix Q3 2020 May Jun 2018 Jul Aug SCFI 2019 Jul Aug 2019 Sep Oct Nov CCFI 2019 Sep Oct 2020 Nov Dec Dec Bunker price USD/mt 700- 500 300 100 1.22 1.20 Jan 1.17 1.14 1.12 1.09 1.07 1.04 1.01 Feb Mar Apr May Jun USD-EUR exchange rates EUR/USD Jan Feb t Mar Apr Rot 0.1% LSMGO 2020 May Jun Jul 2020 Jul Aug Sep Oct Rot 0.5% FO 2020 Aug -2019 Sep Oct Nov Nov Dec Dec MAERSK#40however the volatility is lowered through contract coverage including bunker adjustment factors Volume split, 2019 By contract type III ● 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 21% Intra regional 40 32% North-South ~20% Short term (1-3 months) Appendix Q3 2020 45% Long term (>3 months) 47% East-West Average freight rate USD/FFE 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 I Q3-17 I Q4-17 Q1-18 SCFI (Index) Q2-18 Q3-18 1 1 Q4-18 6L-LO Q2-19 CCFI (Index) Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Index ¹ 1,600 1,400 1,200 1,000 800 600 400 200 MAERSK#41Freight rates increased by 4.4% with volumes down by 3.6% 41 ● Loaded volumes decreased by 3.6% driven by lower backhaul volumes across most trades with total headhaul on par with Q3 2019. North-South volumes declined, mainly driven by lower volumes in Latin America, while East-West volumes were positively impacted by the recovery of export out of Asia with stronger headhaul volumes into North America, partly offsetting the overall drop for the trade. The average loaded freight rate increased by 4.4%, partly driven by short-term rate increases, but negatively impacted by the developments in fuel prices to the long- term contracts. Appendix Q3 2020 Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Average freight rates (USD/FFE) East-West North-South Intra-regional Total Q3 2020 1,553 1,011 719 3,283 Q3 2020 1,995 2,382 1,227 1,909 Q3 2019 1,561 1,118 726 3,405 Q3 2019 1,746 2,318 1,314 1,828 Change -8 -107 -7 -122 Change 249 64 -87 81 Change % -0.5% -9.6% -1.0% -3.6% Change % 14.3% 2.8% -6.6% 4.4% FY 2019 6,194 4,268 2,834 13,296 FY 2019 1,760 2,347 1,366 1,853 MAERSK#42Ocean average freight rate up 4.4% compared to Q3 2019 Freight rates USD/FFE 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 42 Q1 2019 Q2 2019 East-West Appendix Q3 2020 Q3 2019 North-South Q4 2019 Q1 2020 Intra-regional Q2 2020 Average freight rate Q3 2020 Freight rates Q1 2019 = 100 115 110 105 100 95 90 85 80 Q1 2019 Q2 2019 East-West Q3 2019 •North-South Q4 2019 Q1 2020 Intra-regional Q2 2020 Average freight rate Q3 2020 MAERSK#43Q3 2020 vessel utilisation increased compared to prior periods Vessel utilisation In % 100% 90% 80% 70% 60% 50% 88% 43 66% 93% === 70% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Headhaul bottleneck Appendix Q3 2020 91% 68% Roundtrip 93% 71% 93% 73% Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Note: Container turn is average number of times a container is shipped full per year (quarterly data annualised). Yearly averages Container turn Ratio 5.2 4.8 4.4 4.0 3.6 3.2 4.6 3.9 Q1-14 Q2-14 Q3-14 4.5 3.8 4.8 Dry 4.1 4.6 Reefer 4.1 4.6 4.2 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 4.6 Yearly averages 4.2 MAERSK#44Container handling and network costs represent the majority of our unit cost base Unit cost base, 2019 1,922 USD/FFE 2019 unit base 44 Unit cost base, 2019 Appendix Q3 2020 31% Network costs excluding bunker 12% SG&A and other costs O 39% Container handling costs 18% 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. Bunker costs MAERSK#45We continue to strengthen the capacity management Development in average nominal capacity and number of vessels TEU '000 5,000 4,500 4,000 45 3,500 3,000 2,500 2,000 # of vessels, end of period # of owned vessels # of chartered vessels 639 284 355 646 282 364 3,523 Appendix Q3 2020 3,311 3,224 il 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 668 285 3,761 383 781 339 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 4,034 390 651 305 346 688 303 385 Ocean average nominal vessel capacity Ocean segment aims to continuously adjust capacity to match demand and optimise utilisation ● Average nominal vessel capacity in Q3 2020 decreased by 3.6% y/y, staying stable at Q2 2020 level of 4,034k TEU 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#46Industry 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 10,147 46 HMM Note: As of end-September 2020. Source: Alphaliner. Appendix Q3 2020 7,322 ONE 7,318 6,925 Hapag-Lloyd Yang Ming 6,686 MSC 6,575 6,049 5,326 ni... 4,705 COSCO Group Maersk Line CMA CGM 5,982 Evergreen Zim 3,150 PIL 2,813 Wan Hai MAERSK#47Industry orderbook at a low level and almost no orders in Q3 2020 Industry orderbook Orderbook as % of current fleet (end of period) 30% 25% 20% 15% 10% 5% 47 0% 27.0% 28.0% 21.0% Note: As at end-September 2020. Source: Alphaliner. 22.6% Appendix Q3 2020 18.4% 20.1% 15.7% 12.7% 12.3% 10.4% 10.4% 9.4% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 Q3 2020 2020 2020 8.2% New orders TEU '000 1,000 800 600 400 200 734 521 228 467 386 296 181 599 156 794 735 181 122 81 26 64 44 527 16 642 270 84 326 268 59 373 140151 12 24 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 MAERSK#48Terminals & Towage Gateway terminals, including landside activities being port activities where the customers are mainly the carriers, and towage services under the Svitzer brand. 48 Appendix Q3 2020 Towage Terminals Portfolio Overview MAERSK#49Diversified gateway terminal portfolio Container throughput by geographical region Equity weighted crane moves, % 17% North Americas SHOEDSO 30 Average remaining concession length in years Years 25 20 15 10 5 0 14% Latin Americas 20 49 14% Europe, Russia and Baltics Total throughput of 4.5m Moves in Q3 2020 13 Appendix Q3 2020 North America Latin America Europe, Russia and Baltics Note: Average concession lengths as of Q3 2020, arithmetic mean. 25 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 Port Volume growth development In % 57 2014 I No. of terminals 11 55 Latin America Europe, Russia and Baltics Existing terminals ■New terminal projects 2015 65 18 2016 Equity Weighted 66 65 Note: Like for like volumes exclude divestments and acquisitions. 17 2018 2017 Equity Weighted Like-for-like Asia 65 2019 15 Africa and Middle East 66 2020 Global market MAERSK#50Gateway terminals - Project progress Project Abidjan, Ivory Coast 50 Opening Note: TEU and investment numbers are 100% of the projects. Appendix Q3 2020 2021 ultimo 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 Investment USD 0.5bn MAERSK#51Active portfolio management - gateway terminals Acquisitions and secured Projects Santos 51 2010 Kaoshiung Dunkirk Oakland Yantian Monrovia Moin Poti 2011 Divestments / stop operation Appendix Q3 2020 Lazaro Cardenas Gothenburg Talin Kotka / Helsinki St. Petersburg 2012 Dailan Abidjan Ust Luga Izmir 2013 Oslo Namibe 2014 Le Havre Virginia Qingdao Vado reefer Tema 2015 Charleston Houston Jacksonville Gioia Tauro Quetzal Yucatan Buenaventura Paranagua Valencia Gijon Barcelona 2016 Grup Marítim TCB Itapoa 2017 Tacoma Zeebrugge Dalian TB - Congo 2018 Paranagua Izmir 2019 Kobe Veos 2020 Douala MAERSK#52Focusing on lower cost and higher efficiency Gateway terminal cost per move, Fin.Con ¹ USD/move 280 260 240 220 200 180 160 140 52 CAGR: -0.2% 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 Appendix Q3 2020 y/y: 4.0% 19Q4 20Q1 20Q2 20Q3 Gateway terminal cost break down ² Q3 2020 11% 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. 12% Variable operational costs O 47% Labour costs MAERSK#53Gateway terminals operating businesses of 33.6% EBITDA margin Q3 2020 Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) 53 Consolidated businesses Appendix Q3 2020 2.5 3.0 816 274 33.6 Note: Gateway terminals Implementations include terminals currently under construction (Abidjan (TC2), Ivory Coast) JV & Associates 2.0 T Operating businesses Implementations 4.5 3.0 816 274 33.6 0.0 0.0 0.0 0 ΝΑ Total 4.5 3.0 816 274 33.6 MAERSK#54Consolidated 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) 54 Appendix Q3 2020 Q3 2020 2.5 3.0 816 274 33.6 Q3 2020 2.0 Q3 2019 2.7 3.1 833 268 32.2 Q3 2019 1.9 Change -5.5% -3.7% -2.1% 2.1% 1.4pp Change 2.2% MAERSK#55Gateway terminals under implementation Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) 55 Q3 2020 Appendix Q3 2020 0.0 0.0 0.0 0.0 Note: Implementations include terminals currently under construction (Abidjan (TC2), Ivory coast). Q3 2019 Implementations include Vado, Italy; Abidjan (TC2), Ivory coast. ΝΑ Q3 2019 0.0 0.0 0.0 -5.0 ΝΑ Change ΝΑ ΝΑ -100% -100% ΝΑ MAERSK#56Revenue and cost per move (financially consolidated) 56 USD/move 280 260 240 220 200 180 264 234 2018 Q1 250¯¯ -227- 2018 Q2 Appendix Q3 2020 263 -229 2018 Q3 270- 233 2018 Q4 279 241 2019 Q1 CPM - RPM 266 242 2019 Q2 269 220 2019 Q3 274. 230- 2019 Q4 267 -233. 2020 Q1 278 251- 2020 Q2 277 229 2020 Q3 MAERSK#57Thank You Stig Frederiksen Head of Investor Relations [email protected] +45 3363 3106 57 Appendix FY 2019 Maja Schou-Jensen Senior Investor Relations Officer [email protected] +45 3363 3639 Jytte Resom Investor Relations Officer [email protected] +45 3363 3622 MAERSK