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
Acquisition of Ocean Yield is complete
A.P. Moller Holding announced the acquisition of Ocean Yield on 2 July 2026. With all regulatory approvals obtained, the transaction has now been successfully completed. Ocean Yield holds interests in over 70 modern vessels across several core shipping sectors, including gas carriers, container ships, LNG carriers, crude, product and chemical tankers, and dry bulk carriers.
“We are impressed by Ocean Yield’s performance and its management team. We believe that combining Ocean Yield’s compelling platform with our century-long experience in the maritime industry will create a strong partnership. In addition, we see Ocean Yield’s business model, with its stable cash flow, as an excellent complement to our existing maritime portfolio,” says Martin Larsen, CFO of A.P. Moller Holding.
A.P. Moller Holding announces the acquisition of Ocean Yield from KKR
A.P. Moller Holding and KKR, a leading global investment firm, today announced that they have signed an agreement under which a subsidiary of A.P. Moller Holding will acquire 100% of Ocean Yield AS (Ocean Yield), a leading global ship leasing platform, from funds managed by KKR.
Annual Report 2025
A.P. Moller Holding delivered satisfactory results in 2025.