Investor Presentaiton

44 A.P. Moller-Maersk Annual Report 2020 Directors' Report Performance 2020 Terminals & Towage Terminals & Towage 2020 2019 =1 Revenue USD 3,807m USD 3,948m Terminals Financial and operational performance Revenue decreased by 3.9% to USD 3.2bn (USD 3.3bn), with lower volumes due to COVID-19. EBITDA increased by 8.3% to USD 989m (USD 913m), reflecting an increase in the EBITDA margin to 31% (28%), driven by higher revenue per move and cost reductions in several terminals. CAPEX was USD 327m (USD 441m). The terminal in Vado, Italy, began operations in Q1, and Pipavav, India, was fully consolidated as of June. Significant COVID-19 impact in especially Q2 led to a full year volume decrease of 3.6% (decrease of 6.6% like-for-like, adjusted for new terminal in Vado and Pipavav). The impact varied across regions, and volume volatility was high through- out the year. North America was impacted the most with 8.7% volume reduction, mainly driven by Los Angeles, USA, which handled just 447 moves in the worst week of March as compared to an average of 24k moves per week in Q4. EBITDA USD 1,205m USD 1,118m CAPEX USD 457m USD 532m Terminals & Towage highlights USD million Revenue Concession fees Labour cost (blue collar) 2020 2019 3,807 3,948 287 249 1,236 1,313 Other operational cost 520 628 Selling, General & Administration (SG&A) and other costs, etc. 559 640 Total operating costs 2,602 2,830 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) EBITDA margin 1,205 1,118 31.7 28.3 Gross capital expenditure, excl. acquisitions and divestments (CAPEX) 457 532 Operational and financial metrics Terminal volumes - financially consolidated (moves, m) Ocean segment External customers Terminals & Towage includes Terminals operating activities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities, and Towage operating activities under the Svitzer brand, a provider of offshore towage and salvage services. Terminal revenue per move - financially consolidated (USD) Terminal cost per move - financially consolidated (USD) Result from joint ventures and associated companies (USD m) Number of operational tug jobs (harbour towage) ('000) Annualised EBITDA per tug (terminal towage) (USD in '000) 11.5 11.9 4.1 4.1 7.4 7.8 275 272 232 233 236 206 138 134 956 889

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