28 March 2025
Annual Report 2024
A.P. Moller Holding delivered strong results in 2024
Copenhagen 28 March 2025 – A.P. Moller Holding ended 2024 with a revenue of DKK 425bn (USD 62bn), EBITDA of DKK 91bn (USD 13bn), a net result of DKK 49bn (USD 7bn), consolidated assets of DKK 831bn (USD 116bn) and a net asset value of DKK 230bn (USD 32bn).
“We ended the year on a positive note, despite a challenging geopolitical landscape and headwinds in some of the Group’s bigger markets. We have worked diligently to strengthen the resilience of our Group and A.P. Moller Holding over the last years; in 2016, 100% of our portfolio’s net asset value consisted of A.P. Moller - Maersk and Danske Bank, today we hold a more diversified portfolio and with less debt in A.P. Moller Holding.”
Highlights of the year:
- The A.P. Moller Group ended 2024 with an EBITDA of DKK 91bn (USD 13bn) and a net result of DKK 49bn (USD 7bn). The Group’s parent company A.P. Moller Holding ended the year with consolidated assets of DKK 831bn (USD 116bn) and increased its net asset value to DKK 230bn (USD 32bn)
- A.P. Moller – Maersk delivered its third best result ever, positively impacted by higher demand and increased freight rates.
- Danske Bank delivered its best result ever and reported a net profit of DKK 24bn (USD 3bn).
- The merger of Maersk Supply Service and DOF was successfully completed in Q4, leading to A.P. Moller Holding taking a significant holding in the combined company.
- A.P. Moller Holding’s Principal Holdings concluded the acquisition of Concentric and delisted the company from the Swedish stock exchange.
- A.P. Moller Holding’s Public Markets portfolio, valued at DKK 44bn (USD6bn), delivered a return of 16% in 2024.
- A.P. Moller Holding’s Growth Equity team pursued several investments now comprising 9 investments.
For further information, please visit apmoller.com or contact Mika Bildsøe Lassen, Head of Branding and Corporate Communications, Mika.Lassen@apmoller.com, +45 2055 2655
News from the A.P. Moller Group
Letter from the CEO
In connection with the publication of A.P. Moller Holding’s Annual Report 2025, our CEO, Robert M. Uggla shares his reflections on last year’s activities and highlights from across the A.P. Moller Group.
Annual Report 2025
A.P. Moller Holding delivered satisfactory results in 2025
A.P. Moller Holding leads the $60 million Series C equity financing in Upway
Upway is a leading e-commerce platform for buying refurbished e-bikes, driving the transition to sustainable urban mobility.
“We are excited to support Upway on its journey to revolutionize the global market for refurbished e-bikes. Upway’s ability to industrialize second-hand e-bike refurbishment and deliver the highest level of customer trust globally truly sets them apart. Today’s investment also reflects our confidence in Upway’s sustainable and scalable business model that aligns with our commitment to sustainable, long-term growth,” said Chetan Mehta, Head of Growth Equity at A.P. Moller Holding.