Investor Presentaiton

14 A.P. Moller-Maersk Annual Report 2020 Directors' Report Five-year summary Five-year summary 1/2 Income statement 2020 2019 2018¹ 20175 20165 Revenue 39,740 38,890 39,257 31,189 27,646 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 8,226 5,712 4,998 3,546 Depreciation, amortisation and impairment losses, net 4,541 4,287 4,756 3,263 2,579 3,851 Gain on sale of non-current assets, etc., net 202 71 166 153 Share of profit/loss in joint ventures and associated companies 299 229 1 -30 Profit/loss before financial items (EBIT) Financial items, net Profit/loss before tax Tax Profit/loss for the year - continuing operations Profit/loss for the year - discontinued operations' Profit/loss for the year A.P. Møller-Mærsk A/S' share 4,186 1,725 409 406 -879 -758 -766 -620 3,307 967 -357 -214 189 75 -1,008. -549 -1,557 407 458 398 232 2,900 509 -755 -446 -553 3,787 -719 2,900 -44 3,032 -1,165 2,850 -84 2,985 -1,205 146 -1,703 -194 -1,897 -1,939 Underlying profit/loss - continuing operations² 2,960 546 -61 286 Balance sheet Total assets Total equity Invested capital Net interest-bearing debt³ Investments in non-current assets - continuing operations Amounts in USD million = -547 1 Following the classification of Maersk Oil, Maersk Tankers, Maersk Drilling and Maersk Supply Service as discontinued operations in 2017, the businesses are pre- sented separately on an aggregated level in the income statement, balance sheet and cash flow statements. In accordance with IFRS, the income statement and cash flow statement have both been restated in previous periods, while the balance sheet has not been restated in previous periods. The Maersk Tankers transaction was closed 10 October 2017, the Maersk Oil transaction 8 March 2018 and Maersk Drilling was demerged on 2 April 2019. 2018 is presented as if IFRS 16 had been implemented in 2018. 2 Underlying profit/loss is profit/loss for the period from continuing operations adjusted for net gains/losses from sale of non-current assets, etc. and net impairment losses as well as transaction, restructuring and integration costs related to acquisitions/divestments. The adjust- ments are net of tax and include A.P. Moller-Maersk's share of mentioned items in associated companies and joint ventures. 3 Compared to prior periods, the definition of net interest- bearing debt has been adjusted to include fair value of the derivatives hedging the underlying debt. The adjust- ment is not reflected in 2016 and 2017. 4 Excluding Hamburg Süd for comparison purposes end of December 2017. 5 2016 and 2017 are presented without impact of IFRS 16. 56,117 55,399 62,690 30,854 28,837 33,205 63,227 31,425 40,121 40,555 49,255 46,297 61,118 32,090 43,491 9,232 11,662 14,953 14,971 4,430 9,809 10,772 9,656 11,420 4,710 Cash flow statement Cash flow from operating activities4 7,828 5,919 4,442 3,115 1,675 Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 1,322 2,035 3,219 4,050 2,105 Cash flow from financing activities 5,618 4,800 8,080 532 725 Free cash flow 4,648 2,340 -295 -1,273 -696 Net cash flow from discontinued operations -372 3,968 1,824 822

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