The A.P. Moller Group developed satisfactory in 2024, despite economic headwinds in some of its bigger markets and an increasingly complex geopolitical landscape. The Group ended the year with a revenue of DKK 425bn (USD 62bn), EBITDA of DKK 91bn (USD 13bn), a net result of DKK 49bn (USD 7bn), and total assets of DKK 831bn (USD 116bn).

During the year, the parent company of the Group, A.P. Moller Holding, pursued investments and add-on acquisitions across its segments ‘public markets’, ‘principal holdings’, ‘growth equity’, and ‘scale-ups’. The principal, scale-up, and growth equity investments remain centred around the investment themes ‘global trade’, ‘the energy transition’, ‘circularity, water & waste recovery’, and ‘demographic & societal change’.

At the end of 2024, A.P. Moller Holding remained debt free, with a full year cash inflow of DKK 17bn (USD 2bn). The net asset value increased 7% to DKK 230bn (USD 32bn) with our liquid public markets portfolio valued at DKK 44bn (USD 6bn) recording a 16% return for the year.