Maersk Investor Presentation Deck

Key statements Financial highlights for Q4 Continuous improvement in profitability and strong free cash flow 4 Revenue declined 5.5% to USD 9.7bn, mainly due to front-loading to the US in Q4 2018 ahead of anticipated tariffs. Profitability improved with EBITDA of USD 1.5bn and an EBITDA margin increase of 0.9%-point to 15.1%. EBITDA margin of 15.5% in Ocean was stable due to continuing focus on capacity management and lower fuel cost. Logistics & Services delivered 14% increase in gross profit to USD 310m and EBITDA margin increased to 2.3%. Gateway terminals' EBITDA margin increased 7%-points to 31.9%. Strong cash generation with operating cash flow of USD 1.5bn, despite negative effects from build-up of fuel inventories and free cash flow of USD 0.7bn after capitalized lease payments. Return on invested capital improved slightly to 1.7% from 1.4%, including restructuring cost of USD 75m. Full-year guidance for 2020 of EBITDA around USD 5.5bn with a high cash conversion and reiterates disciplined capex guidance for 2020-21. Annual Report 2019 Revenue (USD) 9.7bn (5.5% decline) CFFO* (USD) 1.5bn (cash conversion 105%) Return on invested capital 1.7% (1.4%) *Before capitalised lease payments EBITDA (USD) 1.5bn (1.0% increase) Free cash flow* (USD) 1.1bn (USD 0.7bn after capitalised lease payments) NIBD (USD) 11.7bn (USD 12.1bn end of Q3 2019) MAERSK

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