1 April 2026
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.
The A.P. Moller Group developed satisfactorily in 2025 and largely in line with expectations. The Group ended the year with a revenue of DKK 401bn (USD 61bn), EBITDA of DKK 68bn (USD 10bn), a net result of DKK 24bn (USD 4bn), and total assets of DKK 770bn (USD 121bn). At the end of 2025, A.P. Moller Holding remained debt free, with a full year cash inflow of DKK 19bn (USD 3bn). The net asset value increased by 22% to DKK 281bn (USD 44bn), with our liquid public markets portfolio valued at DKK 52bn (USD 8bn).
CREATING LONG-TERM SHAREHOLDER VALUE
In the last ten years, since we restructured our Group and started building an investment organisation, A.P. Moller Holding’s net asset value has almost tripled, from DKK 107bn end 2015 to DKK 281bn end 2025 (or DKK 174bn created). During this period, the portfolio also became more diversified: In 2016, 100% of A.P. Moller Holding’s net asset value consisted of A.P. Moller – Maersk and Danske Bank, while today these two assets represent approximately 50% of our net asset value.
News from 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.
A.P. Moller Holding’s purchase offer for Svitzer successfully completed
The recommended voluntary purchase offer for all issued shares in Svitzer Group, made through A.P. Moller Holdings subsidiary APMH Invest A/S on April 2, 2025, has been successfully completed.