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Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	88352000000	usd
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Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	53988000000	usd
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   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s9__8__5-1" xml:lang="en">STRATEGY§40a e-gOur businessIn 2025, A.P. Moller - Maersk (Maersk) accelerated its journey as the global integrator of container logistics in a year of persistent market volatility. We advanced efforts to streamline and connect supply chains, enabling customers to gain stronger visibility, control and resilience in response to disruptions such  as the Red Sea closure and renewed trade barriers. The launch  of the Gemini Cooperation (Gemini) further strengthened this ambition, delivering reliability that is essential to realising Maersk’s integrator strategy. Doubling down on the Integrator strategy amid persistent volatilityGlobal trade in 2025 continued to be shaped by unprecedented and persisting volatility. The continued closure of the Red Sea, renewed tariff measures and ongoing geopolitical tensions disrupted supply chains and amplified uncertainty. These challenges reaffirm the importance of Maersk’s purpose of integrating the world. Our strategy remains unchanged and firmly at the centre of our trans-formation. By connecting and simplifying supply chains, we enable customers to navigate complexity with greater trans parency, control and resilience. In 2025, we doubled down on this ambition, taking decisive steps to strengthen our integrated offering and deliver  end-to-end solutions tailored to evolving customer needs.   A key driver of this year’s progress was the full integration of Gemini across our Ocean network. Gemini’s efficiencies strengthen synergies between Ocean, Logistics &amp; Services and Terminals, rein-forcing our Integrator strategy and enabling seamless flows across  the segments. These gains were complemented by operational  excellence milestones.  In 2025, we introduced a standardised problem- solving method-ology to our leadership community and piloted solutions to tackle recurring global challenges, such as improving volume delivery con-sistency and enhancing invoice and file management systems, while ensuring we remain focused on cost competitiveness and quality.   Looking ahead, we will continue to invest in technology, data-driven solutions and automation to enhance integration and unlock new value for our customers. Our commitment to people remains central, equipping teams with the skills and capabilities needed to lead in a rapidly evolving industry. On ESG, we maintain a strong focus on decar-bonisation and responsible practices, ensuring that our Integrator model delivers not only operational excellence at a competitive cost to our customers, but also sustainable growth.   Despite the challenging environment, our integrated approach  continues to prove its value. Customers increasingly recognise the  tangible benefits of Maersk’s model – from cost efficiency to resilience – validating our commitment to lead the industry transformation.OUR PURPOSEImproving life for all  by integrating the worldMaersk is an integrated logistics company connecting and simplifying its customers’ supply chains. As a global leader in logistics services, the company has 100,000+ customers, operates in almost 130 countries and employs 100,000+ people. Maersk delivers innovative, reliable ocean network solutions, offers truly integrated logistics products and operates advanced container terminals, both gateways and hubs, with 60+ locations globally.The road from a conglomerate to the integrator of logistics Bringing our strategy to life2017The visionMaersk’s vision to become the integrator of container logistics was introduced, and  the Hamburg Süd  acquisition was closed2018Sale and demerger  of entitiesMaersk Tankers (2017) and Maersk Oil (2018) sold and Maersk Drilling (2019) demerged to focus the company towards container  logistics2019Simplified customer  experienceCommercial frontlines of Ocean and Logistics &amp; Services merged, improving customer interaction and acceler-ating organic growth 2020ReorganisationOcean and Logistics &amp; Services reorganised with integration of the Safmarine brand, Damco air freight and LCL to improve customer  experience and end-to-end service deliveryAcquisitions bridging  capability gaps Performance Team and KGH Customs Services2021e-commerce  capabilities acquiredAcquisitions to bridge capability gaps within the e-commerce space with Visible, B2C Europe and HUUB 2022Integrated logistics,  air and contract logistics  offerings expandedAcquisitions of Pilot  and Senator, adding to  supply chain and air capabilities. LF Logistics acquired, complement-ing contract logistics2023First methanol-capable  vessel in the worldDelivery of Laura Mærsk  marked the commis-sioning of the world’s  first  methanol- capable vessel, a key part of our ambition of net-zero emissions2024Svitzer demergerTowage business Svitzer, demerged  and separately listed, continuing the focus  on core business as an integrated logistics company2025Gemini Cooperation launchedThe Gemini Cooperation with Hapag-Lloyd is fully phased in, delivering expected savings and demonstrating remarkable schedule reliabilityBUSINESS MODELSBM-1 §40A I-IISBM-1 §42 SBM-1 §42a SBM-1 §42bHow we create valueMaersk is a purpose-driven company. The increasing complexity in global supply chains drives the need for integrated logistics.  We aim to fulfil that need by responsibly delivering better, simpler and more reliable outcomes for our customers. Customers and growthCustomer  Operational  synergiessynergiesLogistics &amp; Ocean TerminalsServicesOperational excellenceOperational excellence is achieved through the enablers of ESG, Technology and People. Customer and operational synergies are unleashed from the integrated  businesses of Ocean, Logistics &amp; Services and Terminals. See page 11.What we depend on  •  Purpose-driven people and our  culture Our talented, diverse team  of 100,000+ employees across  more than 165 nationalities.•  Our brand For over a century,  we have built partnerships with  cus tomers, enabling them to  prosper by facilitating global trade.•  Natural resources Our business relies on natural resources such  as steel for our assets and fossil fuels and biomass for conventional and e- and bio-methanol fuels.•  Stakeholder relationships  and  partnerships We rely on construc-tive relationships  with customers, suppliers, employees  and authorities as well as other key stakeholders.•  Assets and end-to-end delivery  network Our assets, supplier rela-tionships and logistics expertise ensure resilient supply chains.•  Financial capital We have a strong balance sheet and  are committed to remaining investment grade-rated.•  Technology and data Technology and data are key to connecting and simplifying supply chains.Value created for •  Our customers We aspire to  provide truly integrated logistics  for 100,000+ customers’ supply chains, while helping them meet their decarbonisation targets.•  Our people We keep our people safe and engaged while offering equita-ble and interesting career paths.•  Society By integrating global  logistics, we improve the flow of goods and materials that sustain people, businesses and economies all over the world and contribute  to improved quality of life and  prosperity.•  The planet Maersk is a signifi - cant emitter of greenhouse gases,  and we target realising net-zero emissions by 2040.•  Shareholders In our transforma-tion to become the integrator of container logistics, we continue to innovate and grow shareholder value.OceanLarge dual-fuel methanol vessels  delivered in 202510Containers per annum (m FFE),  serving over 500 ports worldwide12.9Container vessels deployed721Logistics  &amp; Services9,300k+ sqm warehousing  capacity worldwide across500+ sitesCountries  with  EV  truck    solutions 14in operation or under trialFirst Mile volumes  7.0managed (m FFE)*TerminalsMoves in 202514.3mVessel calls13,780+Operating facilities across  5329 countries; 3 new port projects* Gateway terminalsSBM-1 §40E-GLogistics &amp; ServicesDelivering in a disrupted environment In 2025, the global logistics landscape continued to be shaped by significant disruptions, including the ongoing conflict in Ukraine, persistent challenges in the Red Sea and the imposition of new tariffs. While these factors have not halted global trade, they have required businesses to adapt, whether by diversifying sourcing strategies or absorbing increased costs. Throughout this period  of volatility, Maersk has remained committed to customers, acting as a trusted partner and delivering resilient, flexible and agile end-to-end supply chain solutions. Our approach empowers customers to navigate uncertainty and thrive in a rapidly evolving market.  The events of 2025 and recent years have underscored that  disruption is now a constant in global supply chains, reinforcing the value of our strategy to deliver reliable, agile and customer- centric solutions.Driving for excellenceOperational excellence remains at the core of Maersk’s focus in 2025. We have continued to strengthen our core capabilities and invest in advanced technologies, enhancing our service delivery and operational efficiency. This disciplined execution and commit-ment to innovation have translated into improved margins. In an increasingly disrupted and volatile world, adaptability, resilience and agility are essential. Our ongoing pursuit of operational excel-lence and continuous improvement ensure we deliver value to our customers and position Maersk for long-term, sustainable growth. Our environmental ambitions are a critical part of our operational excellence, and we are driving momentum forward. This includes the deployment of electric trucks, improving energy efficiency across land-based logistics facilities such as warehouses, distri-bution centres, and depots as well as incorporating lower-impact design features in new sites.  Together with our colleagues, partners and customers, we are shaping a connected and sustainable future for global trade.OceanDriving the future with the Gemini Cooperation2025 was a defining year for Ocean with the successful launch and implementation of Gemini. From day one, Gemini delivered unprecedented, industry-leading schedule reliability, setting a  new benchmark for quality in global shipping. At the same time,  it broke the traditional quality-cost paradigm: Through network efficiencies, we proved that higher reliability can be achieved at lower cost, creating significant value for customers.  Looking ahead, we will ensure that Gemini will continuously deliver successful and sustainable results. This includes maintain-ing best-in-class reliability while embedding continuous improve-ments across the network. Simultaneously, we are exploring new avenues to expand network modularity, leveraging advanced tech-nology, predictive analytics and automation to further enhance resilience and efficiency.Positioning for sustainable growthAt the same time, we will continue our fleet renewal programme, maintaining a disciplined approach to capital allocation while renewing and optimising our fleet to ensure that we can serve our customers and adapt to evolving market dynamics.  Our commitment extends beyond operations. We are investing in people, equipping teams with the skills and capabilities needed to lead in a rapidly evolving industry. On ESG, while the deferral  of the IMO Net-Zero Framework introduces headwinds, we will continue to offer lower-GHG-emissions transport and logistics solutions to our customers and drive GHG emission reduction  initiatives in our operations.  Technology, talent and responsible practices will remain at  the heart of Ocean’s transformation. By combining operational excellence with innovation and collaboration, Maersk is positioned not only to deliver today but to shape the future of global ship-ping, creating a network that is more reliable, cost-efficient and sustainable.TerminalsSuccessfully executing on our value-creation logicTerminals plays a dual role in the Integrator strategy. First, our proprietary Hub operating model enables Ocean’s modular net-work. Second, gateways deliver consistent, resilient and growing earnings. Around 63% of Terminals’ revenue comes from customers  other than Ocean, demonstrating the competitiveness of our product to external customers.  Terminals’ performance is built on the back of our Lean  operating model, leveraging continuous improvement, where every colleague contributes by focusing on our four customer- facing priorities: Safety, Quality, Delivery and Cost (SQDC). Our value creation logic generates value to customers, both shipping lines and landside, delivering a reliable, efficient and productive  terminal product. Additionally, it addresses the needs of host countries and local communities, by operating critical infrastruc- ture with professionalism and contributing to local economic development.Fuelling our long-term growth2025 was a year of meaningful progress across all our growth levers. We strengthened our global footprint through key renewals, ensuring continuity of our long-term presence. We advanced expan-sion projects across several terminals and continued modernising  our facilities, with a strong focus on electrification, green-grid solutions and infrastructure resilience.  At the same time, we added new opportunities to our pipeline and invested in new terminal locations where our differentiated capabilities create competitive advantage. Across all markets,  we keep focusing on our ambition to be the preferred partner to governments and customers, working closely with local stake-holders and partners to develop infrastructure, which supports national trade ambitions and enables long-term economic growth.Composition and diversity of the Board of Directors,  cf. section 107f of the Danish Financial Statements ActRef. Indicator  Unit 2025GOV-1 §21a Number of executive members # 0GOV-1 §21a Number of non-executive members # 10Non-executive members who are employed GOV-1 §21b# 2by the companyGOV-1 §21e Percentage of independent Board members % 70GOV-1 §21d Percentage of women % 30GOV-1 §21d Percentage of men % 70Skills and expertise within ESG-related mattersWhen considering Board candidates, the Nomination Committee takes into account the competences of both the potential candidates and the current Board members with regards to ESG-related matters to GOV-1 §23a,bensure that the Board as a whole has a relevant level of expertise.   In 2025, the Board established an Energy Transition Committee to focus on A.P. Moller - Maersk's (Maersk) Energy Transition, replacing the ESG Committee. The Board oversees ESG-related topics including safety, diversity, equity and inclusion and business conduct, and can draw on the expertise of internal and external experts when exercising GOV-1 §23a,bG1.GOV-1 §5bGOV-2 §26coversight of these topics.   The Audit Committee oversees sustainability reporting- related mat-ters related to external reporting, e.g. in connection with the discussion of Maersk’s CSRD double materiality assessment, which increases the Committee members’ expertise with regards to material impacts, risks GOV-1 §17and opportunities related to sustainability. This includes sustain abilityreporting, where work to mature our ESG KPIs was undertaken during 2024 and 2025 with a focus on improving and implementing controls to support completeness and accuracy of reported ESG data. This process also includes sustainability reporting risks, including addressing risks of incompleteness and inaccuracy of reported ESG data by ensuring that clear definitions and procedures are in place and that process maps, risk assessments and internal controls have been implemented.including internal controls that are performed by relevant functions in relation to ESG KPIs. The Board of Directors and Audit Committee receive reports from the Executive Board and Group Internal Audit on compliance with the guidelines, including in relation to ESG reporting.GOV-1 §21cQualifications Leadership experience within transportation,  infrastructure and investment-related activities.GOV-1 §21cQualifications International experience in general management, sustainability, procurement and supply chain. Insight from a customer’s perspective in both  shipping and broader logistics space.GOV-1 §21cQualifications Experience within the transport and logistics  sector and listed companies. Technical financial skills, knowledge of global business-to- business technology and customer markets.GOV-1 §21cQualifications International experience as CFO and member  of the boards of directors of listed companies  within the construction sector.GOV-1 §21cQualifications Captain in Maersk Line since 2011 and Chief  Officer in Maersk Line from 2004-2011.  Technical, maritime and operational knowledge.GOV-1 §21cQualifications Board experience from international listed  technology, chemical, aerospace, transportation, automotive and innovation companies and from  the financial sector. Management experience  from global, listed IT and electric utility companies. Digital transformation and strategy experience.GOV-1 §21cQualifications Experience as global CEO and board member in listed international companies in the IT, consumer goods and chemicals sectors. Strong competencies in digital transformation, leader ship  development, sustainability and global business trends.GOV-1 §21cQualifications Experience as global CEO and board member  in several listed international companies in the IT sector, at the senior level in a global leader in  digital information and entertainment services and as a partner in a global private equity firm. Strong competencies in digital transformation, leadership development, sustainability and  global business trends.GOV-1 §21cQualifications Executive experience from various leading global logistic companies within supply chain, contract logistics and distribution. Board experience from listed industry companies and private equity.GOV-1 §21cQualifications Knowledge of ship operation, technical  management, future trends and innovation.GOV-1 §21cQualifications Vincent has held various roles in North America and Copen hagen. In December 2015, Vincent was appointed Chief Commercial Officer of Maersk Line before being appointed as member of the Executive Board as Chief Commercial Officer of Maersk in 2017. In December 2019, Vincent Clerc was appointed CEO of Ocean &amp; Logistics at Maersk.GOV-1 §21cQualifications Before joining Maersk, Patrick was CFO  and member of the Executive Committee in  Clariant AG, Switzerland. Prior to his role as CFO, Patrick held several leadership positions within finance, general management and corporate  development in Clariant in Germany, Mexico,  Singapore, Indonesia and Spain.Sustainability statement  General information  Environmental information  Social information  Governance information AppendixThe industry’s  first e-methanol  bunkeringLaura Mærsk, Maersk’s first dual-fuel methanol vessel, received the first e-methanol from the newly inaugurated Kassø facility in Denmark in May 2025. Developed by European Energy in collab-oration with Mitsui &amp; Co., Kassø is the world’s largest commercial e-methanol plant and the first of its kind to produce e-methanol at scale. Kassø operates entirely on renewable energy sources using biogenic CO₂ from biogas and waste incineration combined with renewable electricity.Executive summaryA.P. Moller - Maersk (Maersk) continued to work towards its sustainability targets in 2025 while navigating a challenging operating environment marked by disruptions and geo-political volatility. Maersk took tangible steps in our energy transition plan during 2025, including taking delivery of 10 new dual-fuel methanol vessels, and the successful imple-mentation of the Gemini Cooperation, that amplified efficiency improvements. The year was marked by the need to continue re-routing vessels around the Cape of Good Hope, which resulted in longer sailing distances and increased fuel consumption throughout 2025.  In 2025, we recorded an increase in total greenhouse gas emissions, landing at 85.4m tonnes, and above our 2022 baseline of 82.8m tonnes. The increase is attributed to our scope 3 value chain emissions and mainly driven by an increased sale of marine fuels and containers to third parties and from taking delivery of 10 new dual-fuel methanol vessels.   We had no fatalities among our own or contracted workers (non-employee workers) working under our responsibility across all operations. We deepened our commitment to  providing a safe and inspiring work environment through our people and culture programmes and strengthened safety and security standards. Maersk also continued to ensure that we operate based on responsible business practices across our global scope, from protecting the environment and ecosystems to expanding sustainable procurement integration and further developing our data ethics and AI approach.   Our progress on these topics is unfolded in the respective sections of the following chapters.General information  Sustainability strategy and governance  Double materiality assessment  Sustainability due diligence  Stakeholder engagement  Basis of preparation ESRS 2, ESRS G1Sustainability strategy  and governanceOur sustainability efforts are anchored in our business strategy, our Purpose and Core Values, and informed by our material sustain ability impacts, risks and opportunities. In 2025, we ini-tiated a review of our sustainability strategy to ensure that our commitments and efforts remain fit for purpose, considering key changes in the external context, our customers’ need for  resilient supply chains and our ambition to do better in a  constantly changing world. 2025 was characterised by significant geopolitical volatility, putting pressure on international institutions and collaboration, and elevating levels of conflict. Tariffs and trade tensions took centre stage in policy discussions about global trade and logistics, bringing increased focus on the resilience of global supply chains, while the momentum of the shipping industry’s energy transition remained challenged.   Against a backdrop of rapid change, we worked closely with  customers to enhance supply chain resilience, supported by the  reach and adaptability of our global network. Geopolitical tensions and conflict- affected areas continued to require heightened focus on due diligence related to trade controls, sanctions screening and export compliance to identify and manage risks when operating in conflict zones.  Security disruptions in the Red Sea continued well into 2025, extending the re-routing of our network via the Cape of Good Hope and adding significantly to transit times and fuel consumption. As was the case in 2024, this has led to an increase in greenhouse gas (GHG) emissions from shipping and continued reliance on higher emission transport modes.2025 was also one of the warmest years on record. Both frequency and severity of extreme weather events, such as floods, wildfires and droughts continued to increase, further affecting global supply chains. In Panama, for example, drought-driven restrictions at the Panama Canal disrupted just-in-time supply chains, forcing vessels to seek longer routes, while drought-induced low water levels caused schedule dis-ruptions in Northern Europe.  Widely different expectations continue to evolve around the con-tributions and responsibilities of companies in addressing broader societal issues, from climate action and environmental sustain ability to human rights, social impact and inclusive workplace practices. As a global company, we work with a diverse range of stakeholders from all parts of the world and operate in accordance with local regulations. We continue to act in accordance with our fundamental values and culture, accommodating and embracing differences in values, opinions and perspectives, and doing what is meaningful for our business and customers.  Against this backdrop, A.P. Moller - Maersk (Maersk) continues to pursue our sustainability ambitions with a clear focus on long-term business value, while supporting customers as they turn their prior-ities into practical, scalable solutions across diverse regulatory and reporting environments.Our sustainability  strategyBy integrating global logistics, we improve the flow of the foods, goods and materials that sus-tain people, businesses and economies across the world.In line with our integrator strategy and guided by our values, our sustainability priorities focus on issues that matter to our business, our customers, our society and where we can make  a meaningful impact.•  We act as a catalyst for the energy transition in shipping  and logistics •  We ensure a safe and inspiring environment for our people  to grow, develop and thrive •  We operate based on responsible business practicesNo company can drive transformative change alone. We depend on collaborative innovation and supply chain partnerships  with customers, suppliers, peers and regulators that share our ambition to do better in a constantly changing world.  Sustainability governance model Responsibility for sustainability and ESG is anchored with Maersk's Board of Directors, which endorses the overall sustainability strategy and targets.   At the Board level, three committees are responsible for sustainability and ESG-related aspects as reflected in the committee charters:   The Energy Transition Committee, which replaced the previous ESG Committee in 2025 and supports the development of the company’s strategic direction on energy transition-related matters including our net-zero ambition, while securing competitive operating margins, acting both as a sounding board to management and supporting the Board. The Board oversees other ESG-related matters.  The Audit Committee oversees Maersk’s double materiality assessment, external ESG reporting, data quality and internal controls.   The Remuneration Committee reviews sustainability-linked targets as part of the long-term incentive programme for the Executive Leadership Team (ELT). Read more in the Remuneration Report.   At the executive level, dedicated sponsors are allocated to Maersk’s material sustainability categories. This sponsorship includes driving initia-tives forward and accountability to the full ELT and the Board of Directors for the development of and delivering on targets and policies. Responsibility for executing on the sustainability strategy resides with dedicated teams within relevant functional areas reporting to the respective ELT sponsors. Risk and Compliance CommitteeThe Risk and Compliance Committee (RCC) is the main executive governance forum for sustainability and ESG as well as other key risk and compliance processes and topics across Maersk, including our internal Commit gov-ernance framework and the Enterprise Risk Management (ERM) process. To facilitate oversight and support decision making for strategic dilemmas and risks through the year, progress up dates are compiled quarterly for strategic and prioritised targets and KPIs. These updates, as well as deep dives into individual categories are overseen at the quarterly meetings of the RCC and subsequently, if relevant, discussed with the full ELT.   On an operational level, cross-functional steering committees and working groups facilitate coordination, ensuring that relevant functional and business areas are included in strategic decisions and supporting implementation across business areas. Sustainability governance in A.P. Moller - Maersk in 2025Board committeesSustainability relevant •   Audit  Committee•   Energy  Transition Committee•   Remuneration   CommitteeBoard of DirectorsEndorses sustainability strategyExecutive Leadership TeamDefines sustainability strategy and oversees implementationELT committeesSustainability relevant •  Risk and Compliance Committee•   Investment   CommitteeKey corporate functions (cross-category)Strategy | Sustainability | FinanceFacilitates sustainability strategy and oversight,  guides and enables category ownersCategory-specific governanceEnvironmentEnergy transitionRabab Boulos, Chief Operating OfficerEnergy transitionEnvironment and ecosystemsRabab BoulosSafety and resilience    ELT sponsor  Responsible departmentSocialPeople and cultureSusana Elvira, Chief People OfficerPeople functionHuman rightsCaroline Pontoppidan, Chief  Corporate Affairs Officer SustainabilityEmployee relations and labour rightsSusana ElviraPeople functionSafety and security Rabab BoulosSafety and resilienceGovernanceBusiness ethicsCaroline PontoppidanComplianceSustainable procurementRabab BoulosAsset strategyResponsible taxPatrick Jany, Chief Financial OfficerTaxCitizenshipCaroline PontoppidanSustainabilityData and AI ethicsNavneet Kapoor, Chief Technology and Information OfficerTechnology Sustainability integration in governance and risk frameworksIn addition to the dedicated sustainability governance model outlined above, some sustainability topics are also integrated into other internal governance processes, including Commit, Maersk’s governance frame-work. Sustainability is integrated into Commit through the Code of Conduct and specific Commit rules in relation to Health, Safety, Security and Environment (HSSE), global employee relations, anti-corruption, sustainable procurement as well as data privacy and data ethics. Each rule has a designated owner in the organisation who is responsible for compliance. Progress oversight on implementation and compliance is performed on an ongoing basis through impact and risk assessments such as self-assessments performed for the Global Employee Relations Rule, compliance checks for Anti-Corruption Rule and site inspections for the HSSE Rule. Executive oversight of compliance with Commit is managed through the annual internal assurance process, anchored with the RCC.  In addition, the ERM process also incorporates sustainability- related risks as part of the annual risk assessment covering the entire business and overseen by the RCC and the Audit Committee.ESRS 2, ESRS S1, ESRS S2, ESRS S3Double materiality assessmentA.P. Moller - Maersk’s (Maersk's) sustainability strategy and reporting is anchored in a double materiality assessment (DMA) aligned with the European Sustainability Reporting Standards (ESRS). It captures the material sustainability-related impacts, risks and opportunities across our operations and value chain.Maersk’s DMA is used to identify, define and assess material impacts, risks and opportunities within the areas of environment, social and governance across our own operations and value chain. For more infor-mation on the scope of and approach for Maersk’s DMA, see Basis of preparation on page 58. The DMA is reviewed annually to ensure that our material IROs and associated topics continue to adequately reflect changes in our business model and the external environment. Since the previous assessment in 2024, our internal context has remained largely unchanged, while external developments prompted a revalidation of the assessment to confirm continued relevance of the results.   The process involved internal impact and risk owners, and subject- matter experts reviewing and adjusting the assessments, where necessary. The updated assessment was approved by Executives in our Risk and Com-pliance Committee and the Audit Committee. Climate change remains a key material topic for Maersk, with two main climate-related risks identified: transition risks, which have for a long time been part of our enterprise risk landscape, and physical risks, assessed through detailed analyses. As such, the assessment reconfirmed materiality of climate change mitigation and adaptation. For social topics, the assessment reconfirmed the materiality of human capital, employee relations, labour rights and safety. In 2025, we have amended our IROs related to diversity, equity, and inclusion to focus on equal rights and equal treatment. While most topics are material from an impact perspective, remediation costs, reputational risks and the ability to attract and retain critical talent are also financially material. Within governance, the assessment reconfirmed business ethics, sustainable pro-curement, data and AI ethics, and responsible tax as material categories.  While no significant changes to material topics were identified, adjust-ments were made to individual IROs particularly for nature- related topics.   These adjustments were triggered due to our effort to strengthen the LEAP framework that also informs the DMA, which provided a more granular view of impact hotspots across our activities and segments. This refinement led to targeted scope adjustments for certain impacts iden-tified in 2024. For example, we expanded the scope of impacts of spread of invasive species to cover more transport modes, including air and rail freight. Moreover, we refined our scope of impacts related to ecosystem degradation and biodiversity loss caused by construction of land-based assets to focus only on construction and expansion activities, rather than all locations. The scope adjustments have not changed the disclo-sures included in the report for 2025, however, more emphasis has been put on the environmental and social impact assessments that we com-plete in connection with our construction and expansion activities com-pared to the previous report. While our LEAP assessment is more gran-ular this year, IROs for pollution, water use and the circular economy were assessed through a desktop study at group level, not at location level.  In 2025, we continued efforts to align and streamline processes between our DMA and Enterprise Risk Management (ERM) framework. This work resulted in the full integration of the financial risk assessment dimension of the DMA into Maersk’s ERM process, creating stronger governance and the embedding of sustainability-related risks in our overall risk oversight.   Maersk reports on 29 IROs representing the areas where Maersk has material impact on people and the planet or faces material financial risks and opportunities. Given our global presence and the diversity of our operations, this list does not provide an exhaustive overview of all IROs relevant to Maersk. We continue to actively monitor and address additional topics below the threshold.   None of the identified material risks are expected to cause material adjustments to carrying amounts of liabilities reported in the financial statements in the next annual reporting period.OUR MATERIAL CATEGORIES AND MATERIAL IMPACTS, RISKS AND OPPORTUNITIESEnvironment Climate change  Climate change mitigation Greenhouse gases emitted from our operations, suppliers  and business partners in the value chain Transition risks related to policies and market demand  for decarbonisation of the shipping industry Climate advocacy/lobbying for policy interventions on energy  transition in shipping and logisticsClimate change adaptationFinancial risks due to physical impacts of climate change  to assets and operationsEnvironment and ecosystemsPollutionAir pollutants from vessels and landside/air transportationPollution from hydrocarbon spills from vessels and landside  operations and from containers lost at sea Discharged wastewater to the sea  (e.g., scrubber, bilge, sewage and grey water)Ecosystem health and biodiversityDisturbance of species due to vessel traffic and underwater  radiated noiseEcosystem degradation and biodiversity loss caused by land use and habitat disruption resulting from construction of land-based assets Spread of invasive speciesWaste managementWaste generation during operationsResponsible ship recyclingEnvironmental impacts during decommissioning of vesselsSourcing of critical resourcesEnvironmental impacts resulting from the steel value chainEnvironmental impacts resulting from the fossil fuel  and biofuel value chainSocialPeople and culture Attracting and retaining critical talentInability to retain and attract the right workforce  for key critical capabilitiesDiscrimination and harassment in the workforceNegative impacts of harassment creating an unsafe working environment for vulnerable groups in our workforceLack of equal treatmentSafety &amp; securitySafety of our workforceRisks of work-related injuries, life-altering incidents  and fatalitiesExposure to global/local security risksExposure to global/local security risksEmployee relations and labour rightsForced labour Forced labour, such as debt bondage and withholding of passportsWorking hours and adequate wagesExcessive hours worked for contracted frontline workers Ensuring that workers are paid an adequate wageAdequate housing and sanitationAdequate housing and sanitation facilities for own and contracted workforceGovernanceBusiness ethics Legal and regulatory complianceImpact and risk of cases of noncompliance on anti-corruption laws, international sanctions or transport of illegal goodsGrievance and remedy Access to grievance and remedy for affected stakeholdersSustainable procurementSupplier relationship managementRisks of noncompliance with Maersk’s standards by  our suppliersPayment practicesEnsuring timely and fair payment practices to suppliersData and AI ethicsEthical use of data and AIEthical use of our stakeholders’ data and protection  of individuals’ right to privacyResponsible taxTax governanceRisk of different interpretations and tax controversyOur sustainability strategy also includes the categories of Human rights and Citizenship, which are not shown in our material IROs above. For details on Human rights, which cuts across many of the IROs above, see page 55. For more information on our work with Citizenship, see page 57.ESRS 2, ESRS S1, ESRS S2, ESRS S3Sustainability due diligenceA.P. Moller - Maersk (Maersk) is committed to conducting business responsibly and respecting human rights, which is embedded in our Values, Purpose and Code of Conduct and guided by international standards. Due diligence is a corner-stone of our approach to responsible business: It enables us to identify, mitigate and monitor potential adverse environ-mental and social impacts linked to business activities in our  operations and value chain.While regulatory uncertainty remains at EU and global levels, stake-holder expectations are clear: customers, suppliers, investors and civil society increasingly expect that companies are identifying and managing social and environmental risks across the value chain. We welcome regulatory measures that align national specific requirements for responsible business conduct, and create a level playing field.   We remain committed to continuously improving our practices to ensure that human rights and environmental considerations are inte-grated into relevant due diligence processes and sustainability govern-ance mechanisms. We see this not only as a responsibility for global companies like Maersk, reinforcing trust in our brand, but also as an opportunity to support our customers in strengthening the resilience of their supply chains. Human rightsRespect for people is anchored in our Purpose and Core Values. We are committed to respecting human rights across our operations and value chain in line with the UN Guiding Principles on Business &amp; Human Rights, the OECD Guidelines for Multinational Enterprises on Respon-sible Business Conduct, and the UN Global Compact. These commit-ments are formally reflected in our public human rights policy state-ment, Code of Conduct and Supplier Code of Conduct, available  on Maersk.com. Our risk-based approach to human rights due diligence combines stand-alone human rights assessments plus integrating human rights into existing due diligence processes, including operational governance and risk frameworks such as Commit, upstream supplier and third-party labour risk assessments, third-party management integrity screening of high risk suppliers, low-emissions fuel sourcing due diligence, internal audit and downstream measures like customer screening, cargo due diligence, responsible ship recycling and mergers and acquisitions (M&amp;A) reviews.   The Corporate sustainability function centrally governs human rights due diligence and acts as business and human rights advisors to the business, whilst managing salient risks is anchored within relevant functions across the organisation.Assessing salient human rights issuesHuman rights assessments are key to understanding our human rights risks at a corporate level and prioritising our mitigation efforts. Apply-ing the methodology outlined in the UN Guiding Principles, our approach serves two purposes; first, to identify salient impacts on people across our operations and value chain; and secondly, to prioritise specific issues for action (see table to the right), informed by the risk saliency and current management maturity.   In 2025, we began work to refresh our corporate human rights saliency assessment, with support from external experts, to validate existing risks and capture emerging risks, mainly driven by a shifting external environment with increased geopolitical tensions and con-flicts. This assessment will be finalised in early 2026, and work will then continue to review, update and/or develop action plans to address our salient issues. We actively monitor and work to address our salient issues, understanding that progress often requires long-term focus and commitment, especially when operating in difficult environments or with systemic challenges. Downstream due diligenceAs a global company with a footprint all over the world, we serve all types of customers, including companies, institutions and states, and are present in many geographies. In an increasingly complex world, with conflicts and high-risk areas, our due diligence on our services has increased in line with the changing context. Keeping our people safe has always been our primary priority. In addition, we have continued strengthening our compliance screening policies and procedures to support our downstream due diligence framework. This work will continue in 2026.Prioritised salient  Potentially affected stake- Reference in human rights risksholder group (at highest risk)the reportWorking conditions, Non-employee workers and  Read more on including wages, benefits, value chain workers working  page 93working hours and  on Maersk sitesadequate accommodationHealth &amp; safety Value chain workers working on Read more on Maersk sitespage 91Violence &amp; harassment  Employees, non-employees and Read more on at workvalue chain workers working on page 103Maersk sitesAccess to remedy Employees, non-employees and Read more on workers in our supply chainpage 102Just transition for local Communities connected to the Read more on communities and workers land used in the sourcing of bio-page 66connected to ourfuels, workers in the biofuels decarbonisation journeysupply chain, employees and third-party labour working on Maersk sitesESRS 2, ESRS E1, ESRS E2, ESRS E4, ESRS E5, ESRS S1, ESRS S2, ESRS S3, ESRS G1 Stakeholder  engagementProactive engagement with stakeholders is essential to delivering on our strategic ambitions and creating long-term value. Listening to and acting on stakeholder input helps shape our priorities, inform decisions and strengthens our ability to manage risks and opportunities. Our stakeholder landscape spans seven key stakeholder groups consisting of both affected groups and users of our published information and including vulnerable populations such as indigenous communities and underrepresented groups in our workforce. A detailed overview is provided in the table to the right.  Across A.P. Moller - Maersk (Maersk), engagement responsibilities  sit with key functions that regularly report insights to the executive leadership team and relevant committees. For example, workforce engagement is anchored in the People function and Safety &amp; Resil-ience, or in Sustainable procurement, depending on the topic and whether input comes from Maersk’s own employees, employees of our suppliers or unions representing broader workforce populations. In 2025, Maersk hosted its first Sustainable Procurement Awareness Week, engaging suppliers, customers and industry experts to share knowledge and strengthen ESG collaboration. The event raised aware-ness and emphasised the inter dependence of customer outcomes and supplier commitments, reinforcing the shared responsibility in driving sustainability across the value chain.   For parts of our business that interact directly with local commu-nities, for example our terminal operations, proactive engagement is vital to maintaining our license to operate by understanding local needs and creating opportunities for shared value. At Pier 400 in Los Angeles, local outreach prompted APM Terminals to intensify engage-ment around workforce development, environmental stewardship and emergency preparedness. By listening and responding to community input, we addressed operational challenges, built trust and reinforced our commitment to responsible business conduct.Key stakeholders and how we engage with themStakeholder expectations of Maersk Key engagement channelsHow stakeholder input is usedEmployees, contingent workers and value chain workersMeaningful work, fair treatment  and wages, safe working conditions, a sense of belonging for all and good development opportunities.•  Daily manager/colleague interactions•  Engagement and inclusion surveys•  Grievance mechanisms•  Engagement with unions and interest groups•  Supplier auditsProvide valuable input to ESG programmes and  shape actions and improvement plans to address any issues.Customers Solutions that can ensure responsible business practices and lower supply chain emissions.•  Regular business interactions and ongoing  supplier assessment •  Strategic customer council and customer  satisfaction surveys •  Partnerships and collective action alliancesInforms product development and shapes  solutions. Customer feedback on providing greater value is directly linked to our integrator strategy.Authorities, regulators  and standard settersCompliance with regulation and  industry leadership on the trans-formation to net-zero.•  Engagement with local, national and  international agencies and authorities•  Standard-setter collaboration on topic-specific research, pilots and implementations•   Industry associations, collective action alliances and strategic partnershipsEnsure we adhere to regulations. Help us identify opportunities for collaboration and initiatives across the ESG agenda and to push for regulations towards industry-wide decarbonisation.Suppliers  and business partnersFair and transparent business  opportunities and partnerships  on strategic issues.•  Contract management•   Supplier relationship management framework•   Supplier surveys, workshops and capability- building programmes•   Industry forums and associationsBuild understanding of the effectiveness of  supplier practices and engagement. Enhance value chain visibility, including fair working conditions  and supplier ethical business conduct.Investors and analystsStrategies, plans and actions to  mitigate short and long-term risk  to the business model.•   Regular engagement through, e.g., earnings calls, conferences, events, roadshows and meetings, including the Annual General Meeting•   Investor surveys and ESG ratings•   Collective action alliancesHelps us understand how the company is perceived in comparison to other investment opportunities. ESG ratings additionally help identify gaps in ESG management and emerging trends.Local  communities  and natureResponsibility and accountability  towards material issues in areas  of highest impact.•  Environmental and social impact assessments, corporate social responsibility initiatives •   Engagement with community representatives and employees•   Collective action alliances and partnerships•   Scientific  studiesLocal communities help us better understand the needs and constraints of nature where we operate,  informing decisions to invest and procure resources and to mitigate negative impacts in operations and the value chain.Civil society organisationsResponsibility and accountability towards material issues and positive contributions in areas of highest  impact and leverage.•   Bilateral engagement with local, national  and international agencies•   Collective action alliancesAccess to valuable insights, expertise and best  practices which help us identify potential risks or opportunities and shape ambitions and actions.We take an active role in standard setting, development of solutions and advancement of the sustainability agenda through participation in cross-industry partnerships such as the UN Global Compact, Smart Freight Centre and the World Business Council for Sustainable Develop-ment, on topics core to the energy transition, environmental and social responsibility of shipping and logistics. One example is ocean health and the impact of the shipping industry in this regard, where we have provided input to organisations such as World Economic Forum and the Taskforce on Nature-Related Financial Disclosures on frameworks to assess the shipping industry’s impact.  Insights gathered through such engagements inform our strategy refresh, reaffirming that even amid a rapidly changing global land-scape, our commitments remain fit for purpose. We continue to align with stakeholder expectations while delivering on our sustainability ambitions and supporting customers and investors in achieving theirs, while ensuring that we safeguard the rights and needs of our people, communities, and the environment wherever we operate.Engaging with customersIn a rapidly changing environment, we work closely with customers to strengthen the resilience of their supply chains, and collaborate on shaping solutions and practices that support both Maersk’s sustaina-bility ambitions and those of our customers.   Decarbonisation remain the key focus of customer engagement. Across industries, customers seek logistics partners that match their own climate ambitions. More than 50% of Maersk’s top 200 customers have now set, or committed to setting, emission reduction targets, including science-based, net-zero or other targets – reflecting a shared urgency to act on climate change. In 2025, Maersk engaged with many customers from varying industries, for example actively supporting customers such as Inditex, Sabic, Nestlé, Bridgestone and others in transitioning to lower-GHG-emission supply chains through Maersk's decarbonisation solutions. Our long-standing partnership with HP was recently recognised when Maersk was awarded the Sustainable Impact Champion at HP’s 2025 Supplier Summit for our joint work on logistics decarbonisation.Several initiatives in 2025 aimed specifically to adapt solutions to  the diverse needs of customer segments at different stages of matu-rity in their sustainability journey. Based on customer feedback, we developed blended ECO Delivery Ocean products spanning different fuel blend options, allowing our customers to balance cost consider-ations with decarbonisation ambitions. Also in 2025, the ECO Delivery Ocean products were added to Maersk.com, and with the go-live on Maersk.com in June 2025 the overall number of customers opting for ECO Delivery Ocean offerings increased to 460 during 2025, a 34% year-on-year increase.  While this growth is encouraging, the current cost of GHG emission abatement remains a significant barrier for many customers, under-scoring the need for effective global climate regulation to close the price gap between traditional fossil fuels and low-emission alterna-tives.  Beyond ocean transport, Maersk supports increased customer demand for end-to-end decarbonised logistics through a continued expansion of inland decarbonisation solutions such as electric trucks and rail options in multiple countries. In Chile, for example, Maersk launched a third-party fleet of electric trucks in 2025 together with Sotraser, capable of hauling up to 25 tonnes on urban and interurban routes. With Grundfos, our collaboration spans both ocean and land-side decarbonisation – combining ECO Delivery Ocean to reduce ocean emissions with the deployment of electric trucks in Denmark. We also engage with customers on innovative solutions for hard-to-abate sector decarbonisation. CitizenshipMaersk’s approach to corporate citizenship is rooted in meaningful engagement at global and local levels with partners and communities, guided by Our Purpose, Core Values and stakeholder expectations.  We take an active role in supporting local communities, non-profit organisations and customers on environmental and social initiatives.   Our efforts are focused on five priority areas aligned with our  business model and global presence: disaster relief and preparedness, empowering people to trade, protecting the natural environment and oceans, education and health and safety. In early 2025, devastating wildfires struck Los Angeles, and Maersk mobilised to support affected communities. This included donations to local initiatives supporting impacted business and workers, and to the LA Fire Department Foundation. Maersk also provided forklifts to the California Office of Emergency Services, supplied containers to non-profits for resource distribution and delivered meals to local fire stations.   In Vietnam, APM Terminals sponsored the construction of a swimming pool for students at Doan Duc Thai school in Cat Hai District – an initia-tive targeted at addressing a local safety risk and promoting well-being for children.   On the environmental front, one example in 2025 was a partnership with Garbage In Value Out (GIVO), a climate tech start-up in Nigeria that reduces plastic waste and promotes circularity. The partnership con-verts recycled materials into products such as flowerpots and personal protective equipment, while creating a sustainable waste management system in Apapa Wharf and Onne Community.   Maersk’s annual Go Green campaign aims to engage colleagues across our operations on environmental stewardship topics, raise awareness and create a platform for collective action with the com-munities where we operate. The theme for 2025 was ‘Green Every Day’, and initiatives at local offices and sites focused on for example energy and water conservation, waste segregation and reforestation, with on- and off-site volunteer events carrying out trash clean-ups and recycling competitions.   In addition to local initiatives, Maersk engages in global partner-ships that leverage our expertise and resources to address systemic challenges while strengthening stakeholder relationships. A notable example is Maersk’s membership of the United Nations-led Logistics Emergency Teams (LET), joining forces with industry peers to provide pro bono support during humanitarian crises and natural disasters.   In 2025, Maersk contributed to LET activations related to humani-tarian relief for Gaza, through the donation of a logistics hub in Amman, and in South Sudan, supporting the transport of foodstuffs in response to the severe hunger crisis in this conflict-affected region.ESRS 2Basis of preparationA.P. Moller - Maersk (Maersk) has prepared this sustainability statement in accordance with the EU's Corporate Sustainability Reporting Directive (CSRD), the European Sustainability Reporting Standards (ESRS) and section 99a of the Danish Financial Statements Act.The report focuses on material sustainability topics identified through our double materiality assessment (DMA), which was updated in 2025. The DMA results have shaped the scope and content of this statement, ensuring alignment with regulatory requirements and stakeholder expectations. In 2025, we have continued to apply the phase-provisions as per the EU regulation.ScopeAs part of our DMA, Maersk evaluates material impacts, risks and opportunities (IROs) across our operations and value chain. Our business model spans Ocean transportation, Logistics &amp; Services and Terminals, connecting global supply chains.  The assessment covered both upstream partners, such as shipyards, fuel suppliers, equipment manufacturers and manning agencies, and downstream stakeholders, including retailers, manufacturers, freight forwarders, customs authorities and port operators. It also considered communities impacted by our operations and workers within Maersk’s own and contracted workforce. Selected policies, actions and targets extend to our value chain, where relevant.  Material IROs identified through the DMA have been mapped to ESRS disclosure requirements to determine the information included in this report. For IROs covered by topical standards, we report the material data points specified in the ESRS. For entity-specific topics, minimum disclosure requirements form the basis for reporting on policies, actions, targets and metrics. Where data visibility is limited, we apply industry analyses, scientific research and stakeholder insights to identify high-risk areas and vulnerable groups. No material IROs were identified for con-sumers and end-users, as Maersk operates a business-to-business model.Time horizonsMaersk applies time horizons as per ESRS 1 when assessing IROs: short-term (reporting year), medium-term (1–5 years) and long-term (beyond 5 years). For some material IROs like climate-related physical risks, impacts occur on the short, medium and long term. In this report, we state the time horizon as the first occurrence of the impact, i.e. short-term for climate-related physical risk.Identification and assessment of material impacts To determine impact materiality, Maersk uses an internally developed scoring methodology for each of the 10 ESRS topical standards. Impacts are assessed across the value chain, considering stakeholder groups and high-risk areas, informed by our human rights impact assessment. For social topics, scoring is differentiated for own employees, non- employee workers and value chain workers to capture stakeholder- specific impacts.  Where possible, we build on existing due diligence processes such as the recent human rights assessments and internal management systems. Environ mental impacts are informed by Maersk’s 2025 LEAP assessment, which identified dependencies and impacts using scientific studies and databases.  Severity (scale, scope and irremediable character) and likelihood are scored from 1 to 5 and weighted 50/50 for most topics. For human rights- related topics, severity carries a higher weight (75%). A threshold score of 3 ensures inclusion of significant or critical impacts in external reporting.Identification and assessment of material risks and opportunitiesAs part of the DMA, Maersk assesses sustainability-related risks that could lead to financial or reputational impacts, including those linked to environmental and social dependencies.   Risk assessment aligns with our ERM framework, considering mag-nitude and likelihood. In 2025, we advanced scenario-based modelling to quantify ESG risks, including inherent and residual risk scores, and applied thresholds to capture the highest monetary exposures. While emerging risks are monitored, such as increased water use for biofuel production, none are currently material. Work continues to refine data, expand modelling and include modelling of financial opportunities in future assessments.Engaging with key external stakeholdersOur assessment incorporates insights from internal experts and external stakeholders, including specialists in climate, nature, governance and human rights. Through ongoing engagement channels, we gather input on priority topics, which informs materiality assessments and guides the development of ESG initiatives and KPIs.Data consolidationUnless otherwise stated, the ESG performance data and information included in the sustainability statement are reported based on the same consolidation principles as the financial statements. Thus, the ESG performance data include consolidated data from the parent company, A.P. Møller - Mærsk A/S, and subsidiaries controlled by A.P. Møller - Mærsk A/S. Similarly, unless otherwise stated, our policies apply to all Maersk entities, employees and everyone working under Maersk’s control. Data are collected per legal entity and per activity and consolidated in Maersk’s financial consolidation system.  For entities and assets under Maersk’s operational control but not consolidated within the parent company or its subsidiaries, the finan-cial consolidation principles outlined above do not apply. Operational control refers to situations where Maersk or one of its subsidiaries  has full authority to establish and implement operating policies at the entity, such as operationally controlled investees in associates, joint ventures or unconsolidated subsidiaries. This authority is assessed based on contractual arrangements. These entities and assets are included in the sustainability statement for reporting.   For GHG emissions reporting, we follow the GHG Protocol and include scope 3 value chain emissions in our reporting as well.Uncertainties and estimatesPreparation of ESG performance data requires Management to make estimates in some areas, which affect the reported data. Management forms its estimates based on historical experi-ence, independent advice, external data points, in-house specialists and other information believed to be reasonable under the circum-stances. Read more about uncertainties and estimates in the accounting policies relating  to the ESG performance data.  To minimise risks of reporting errors in relation to ESG performance data, including areas with uncertainty, internal controls and validation processes are established.Page Key accounting Estimate / Impactestimates  Judgementand judgements74 GHG emissions from Estimateupstream transportation and distribution activity estimates85 Waste estimates Estimate97 Average working hours Estimateestimate used to calculate gender pay gap97 Annual total Estimateremuneration estimates98 Exposure hours Estimateestimates used when preparing the lost time incident frequencyLevel of potential impact to the reported data:LowMediumHighChanges affecting the ESG performance data in 2025 Environment Waste dataWe enhanced waste reporting from vessels by using actual amounts recorded in electronic logs for all Maersk Line vessels (320+). This provides a more accurate basis for extrapolating waste from owned and time-chartered vessels compared to previous sample- based methods. We also updated conversion factors from m³ to tonnes for all MARPOL Annex V categories and improved hazardous/non-  hazardous waste classification. Waste data reported in prior years have not been restated as we did  not have electronic logs for all Maersk Line vessels at that time.Total weight of steel consumedWe revised the KPI methodology to reflect steel procured during the year, replacing the previous approach based on container production and bill of material weights. Figures for 2024 have been restated accordingly.Assets at material physical risk In 2025, we are using the Swiss Re Risk Data Services platform to assess our exposure to climate-related physical risks. With the Swiss Re Risk tool, we can update our material risks on an annual basis. This is a change compared to previous years, where our reporting was based on a Cambridge Centre for Risk Studies assessment from 2022. As such, the num-bers reported in prior years are not comparable. Social Diversity, equity and inclusionBy the end of 2025, our KPIs and targets expired. For the period since 2021, we had KPIs and targets for women in management (job level 4+), women  in leadership (job level 6+), target nationalities  in executive leadership (job levels 8 and 9) and diversity in teams. Against our targets of having 40% women in management and 30% target nationalities in executive leadership by 2025, we landed at 36% and 19%, respectively. Going for-ward, we will continue to report KPIs in accordance with regulatory requirements. As such, we have restated the KPI ‘Gender distribution at top man-agement level’ in accordance with the definition  of the Danish Financial Statements Act.Safety For 2025, we have added breakdowns on the number of lost time incidents (LTIs) and lost time incident frequency (LTIf) for own employees and non-employees (contractors) to comply with ESRS. Numbers for 2024 have been restated accordingly.Engagement surveyIn 2025, we changed our survey provider. This means that while the KPI and target of being in the top quartile of the global benchmark remained the same, and the 2025 result of 83 put us in the top 10% of the global benchmark, it is not directly com-parable with the numbers reported in the previous year. Maersk’s score for 2025 will be the baseline for measuring engagement going forward, and prior years data have been removed from the reporting. GovernanceWhistleblower reportsWhistleblower cases reported now exclude ‘out- of-scope’ cases. These have previously been reported separately, therefore indicating no change in the methodology for classification. The prior year figures for ‘count of whistle-blower cases’ has been restated to align with the updated definition.Discontinued KPIsFor 2025, we have discontinued the following KPIs: ‘employee relations and labour rights training’, ‘data and AI ethics training’, ‘operating expendi-tures (OPEX) in conjunction with major incidents and deposits’, and ‘% of operations covered by a risk assessment on compliance and business ethics risks’.  The employee relations and labour rights and data and AI ethics training KPI have been discon-tinued as the topics are now an integrated part of our Code of Conduct training. The operating expenditures (OPEX) in conjunction with major incidents and deposits KPI have been discontinued due to the immaterial amounts of operational expenditures Maersk has in relation to such activi-ties. The % of operations covered by a risk assess-ment has been discontinued as more dynamic and function-specific assessments are being rolled out in the coming years.  Climate change  Environment and ecosystems   Performance  dataEnvironmentalinformation2025 TargetClimate changeTargets by 2030Absolute reduction in total  1scope 1 emissions1% 35 %Share of renewable electricity 38% 100 %sourcingAbsolute reduction in total  21scope 3 emissions-7%22 %Net-zero targets by 2040 Absolute reduction in total  1scope 1 and 2 emissions  2% 96 %Absolute reduction in total  21scope 3 emissions-7%90 %Environment  and ecosystemsAnnual targetNo major uncontained hydro-carbon spills and releases  0  03(&gt;10 m) to the environment1  Compared to baseline year 20222  Increase of 7% in scope 3 emissions compared to baselineESRS 2EnvironmentalinformationOverview of our material impacts, risks and opportunities related  to Environment.Climate change   E1Climate change mitigation NO CHANGE  Greenhouse gases emitted  from our operations, suppliers and  business partners in the value chainOur operations and value chain activities result in direct and indirect emissions of greenhouse gases (GHG) impacting the environment. Climate change caused by emission of GHGs may also have adverse negative impacts on people’s livelihoods and well-being and on nature/biodiversity.NO CHANGE  Transition risks related to  policies and market demand for decarbonisation of the shipping industryLack of political and market support for decarbonisation of the shipping industry present a reputational risk to Maersk of not being able to transition fast enough  to meet our science- based targets.NO CHANGE  Climate advocacy/lobbying for policy interventions on energy transition  in shipping and logisticsFinancial opportunity related to stricter and more ambitious regulation towards industry- wide decarbonisation and a just and equitable transition to support our decarbonisation targets.Climate change adaptationNO CHANGE  Financial risks due to physical impacts of climate change to assets  and operationsFinancial exposure of our assets towards climate-related physical risks/hazards and disruption of operations and networks.Environment and ecosystems   E2 E4 E5PollutionNO CHANGE  Air pollutants from vessels  and landside/air transportationAdverse impacts on air quality due to emissions of NOx, SOx, PM, BC, CO and NMVOCs, primarily from our vessels.NO CHANGE  Pollution from hydrocarbon  spills from vessels and landside operations  and from containers lost at seaAdverse impacts to the environment and people related to hydrocarbon spills to  the ocean, aquifers and soil from vessels and at our land-based facilities, and impacts from the loss of containers at sea, resulting in the release of pollutants into the ocean and accompanying costs for Maersk to clean up polluting materials.NO CHANGE  Discharged wastewater to the sea (e.g. scrubber, bilge, sewage and grey water)Adverse impacts arising from the discharge of wastewater from vessels, including  scrubber water, bilge water, cargo bilge  water, wash water, grey water, treated  and untreated sewage and boiler water.Ecosystem health and biodiversityAMENDED1  Ecosystem degradation and biodiversity loss caused by land use  and habitat disruption resulting from  construction of land-based assetsThe construction of warehouses and terminals can harm biodiversity and eco-systems, particularly when these are located in biodiversity-sensitive areas.NO CHANGE  Disturbance of species due to vessel traffic and underwater radiated noiseVessel speed, underwater noise and disturbances from concentrated ship traffic can disrupt ecosystems and species, negatively affecting the development and reproduction of marine species. These impacts may lead to biodiversity loss and direct harm to species, such as whales.AMENDED2  Spread of invasive speciesAdverse impact of vessels transporting organisms (via biofouling) spread across large areas. The spread of invasive alien species can lead to the disruption of coastal ecosystems and contribute to  the spread of disease.Waste managementNO CHANGE  Waste generation during  operationsAdverse impact related to waste generation and disposal from operations, particularly in locations with inadequate waste management infrastructure.Responsible ship recyclingNO CHANGE  Environmental impacts  during decom missioning of vesselsAdverse impacts related to breaking and recycling of own vessels, including waste generation and pollution as well as worker safety. Inability to recycle ships due to  regulatory changes or increased number of vessels in the pipeline can also pose a financial risk to Maersk through increased cost of recycling.Sourcing of critical resourcesNO CHANGE  Environmental impacts  resulting from the steel value chainActual and potential adverse impact from the procurement of non-recycled steel for production of containers and vessels. The impacts are related to pollution, water use, eco system degradation, disturbance of species and potential biodiversity loss.NO CHANGE  Environmental impacts  resulting from the fossil fuel and  biofuel value chainActual and potential adverse impact from the procurement of fossil-based fuels and biofuels. The impacts are related to pollution, water use, ecosystem degradation, disturbance of species  and potential biodiversity loss.1  Amendment: Scope narrowed to focus on construction and expansion projects, where we potentially have  the biggest impact. Previously, operation of assets  were also in scope. 2  Amendment: Scope expanded to also include land and  air transpor tation. Previously, only spread of species  from ocean transportation was in scope. ESRS 2, ESRS E1Climate changeIn 2025, A.P. Moller - Maersk (Maersk) continued driving the investments and actions that under-pin our transition plan towards our 2030 and 2040 validated science-based targets. While it is our firm belief that the energy transition is to the benefit of our customers and society at large, and to our shareholders and our business while mitigating transition risks, our progress comes with clear understanding of the complexity and dependencies of this journey. Our ability to progress against these targets remains greatly dependent on externalities that affected the entire transportation and logistics sector this year.Ongoing attacks on commercial shipping in the Red Sea and Gulf of Aden necessitated the continued re-routing of Asia-Europe trade around the Cape of Good Hope for the safety of people, vessels and cargo. Similar to 2024, this led to longer voyages, capacity shortages and port congestion, which all contributed to increased fuel consumption and GHG emissions.  Trade tensions, tariff and policy volatility, as well as shipping rate fluctuations and inflationary pressures also created significant uncertainty in 2025. Climate-related disruptions further plagued supply chains, from flooding and drought to record heatwaves in Europe and severe storms in the US and Asia. These demanding realities challenged our customers’ ability to prioritise decarbonisation efforts.  The most significant dependency for decarbonisation at an industry level, however, remains the need for effective global climate regulation to close the price gap between traditional fossil fuels and low emission alternatives. The current cost of GHG emission abatement is simply too high for many customers, and closing this gap is critical to ensuring and accelerating shipping’s energy transition.  The decision of member states at the IMO Marine Environment Protection Committee meeting in October 2025 to postpone a vote on its Net-Zero Framework (NZF) for marine fuel standards and GHG emission pricing by one year – after previously approving draft regulations in April – illustrates the complexity of this challenge. The postponement represents a loss of momentum for the shipping industry’s efforts to decarbonise.  Maersk continues working to understand the implications of the delay of the NZF and to what extent it will impact our transition plan towards 2030. Against this complex backdrop, Maersk maintains its 2030 climate targets, fully aware of the difficulty and scale of the work ahead, as well as the critical dependency on global regulation. Our strategy is to act and invest decisively in areas we control, including network and asset efficiency, as outlined in our transition plan, while driving stakeholder engagement and advocating for progress in areas with external dependencies.Climate transition planIROsClimate change mitigationGreenhouse gases emitted from our operations,  suppliers and business partners in the value chainTransition risks related to policies and market demand  for decarbo nisation of the shipping industryClimate advocacy/lobbying for policy interventions on energy transition in shipping and logisticsMaersk’s climate transition plan is built upon the key levers and scenarios that will enable us to achieve our climate transition plan targets for 2030 and 2040, while accounting for critical uncertainties and opera-tional complexities. The plan covers GHG emissions from both our own operations and our broader value chain, encompassing our end-to-end logistics offerings across ocean, land and air.  With our current climate transition trajectory, we are aware that we have gaps, and we depend on certain external factors for successfully reaching our near-term 2030 climate targets. Our level of control varies across our decarbonisation levers, therefore our management approach to climate change mitigation must accommodate these dependencies as a key consideration.  Our transition plan encompasses two fundamental decarbonisa-tion drivers – efficiency measures and energy shifts. Within energy efficiency, the first two levers focus on improving the efficiency of our network and assets – our largest contributors of shorter-term emissions reductions and areas where we have the greatest opera-tional control. Strengthening efficiency across our Ocean network, including the Gemini Cooperation, launched in 2025, and our fleet of owned and time-chartered vessels and ongoing fleet renewal plan, are central to achieving our 2030 targets. While efficiency measures will deliver significant progress, they are only one part of the equa-tion, and in isolation they will not be sufficient to reach net-zero emissions by 2040. The other critical driver of decarbonisation is energy shifts, covering three levers: electrification of owned assets, energy shifts of business partners, and fuel shifts. Electrification, while for now a smaller contributor to Maersk’s transition plan, is central to reducing scope 1 emissions in logistics and terminal operations and scope 2 emissions where renewable electricity is availa-ble. We directly control the electrification of owned sites and assets in Logistics &amp; Services and APM Terminals but depend on local infrastruc-ture, technology and policy readiness for availability of renewable elec-tricity. For non-owned assets, including third-party trucking, progress relies on local partners and EV charging and renewable grid capacity.  The fuel shift lever targets vessel emissions through alternative lower- emission fuels such as biodiesel, bio- and e-methanol and lique-fied bio methane. Its success depends on scaling lower-GHG-emission fuels supply and infrastructure, which is in turn dependent on stronger global regulations such as the IMO Net-Zero Framework to close the cost gap with fossil fuels.   Towards 2030, efficiency measures will have the greatest impact on reducing GHG emissions in our transition plan. From 2030 to 2040, fuel shifts toward lower-emission energy solutions such as alternative marine fuels and electrified transport will become increasingly impor-tant. Finally, achieving our long-term 2040 goals is now more than ever dependent on developments in international policies and standards, fuel markets, infrastructure and renewable investments, and available technology.   Our transition plan is approved by the Executive Leadership Team and the Board of Directors. The transition plan includes three possible scenarios for the IMO Net-Zero Framework, optimistic, base case and pessimistic, each with different implications for lower-GHG-emission fuels scaling and demand and therefore a corresponding need to adapt our transition plan. With the postponement of IMO’s adoption of its NZF, uncertainty on pricing of fuels remain and while we are working to understand the implications of this to our plan, we see a possible move from a base-case fuel shift scenario towards a more pessimistic fuel shift scenario in our transition plan.  The levers and the current actions supporting our progress are unfolded in the respective sections of this chapter, with greater details on our impacts, risks and opportunities. The ‘Gaps to targets’ shown on the transition plan illustration pertain to emission reduction measures that rely on consensus in international policies and standards, acknowl-edgement and adoption of market-based mechanisms such as book-and-claim, and technological advancements.Financing  our transition planClimate ambitions are central to our sustainability strategy and embedded in annual business planning. Required CAPEX and OPEX for achieving climate targets are allocated through business and financial planning for relevant segments.  The Chief Operating Officer owns the transition plan and execution, and the ELT and Board regularly discuss key market trends, progress against science-based targets, and the impli-cations of IMO regulation to integrate the energy transition into business planning.Transition lever Expendi tures  2025   USDmNetwork efficiency N/AAsset efficiency Approx. 1,700Electrification of own assets Approx. 200Energy shifts of business partners N/AFuel shifts Approx. 200Our Green Finance Framework (GFF) enables funding for emission- reduction projects through various instruments.  It aligns with EU Taxonomy criteria and covers areas such as newbuild and retrofitted vessels, warehouses, terminals and electrified equipment. Read more about the Green Finance Framework here.  Since 2021, Maersk has applied an internal shadow carbon price of USD 75 per tonne of GHG in investment decisions.  This price, based on abatement costs and future carbon tax expectations, is used for projections – not actual emissions  – to ensure regulatory and carbon cost considerations in all investment committee decisions.Efficiency measuresThe first and most impactful lever of our transition plan towards 2030 is improving the efficiency of our Ocean  network. Asset efficiency is another lever for decarbonisation, which focuses on advancing the design, technology, and  composition of our global fleet of more than 700 owned  and time-chartered vessels.Network efficiencyThroughout 2025, Maersk continued sailing around the Cape of Good Hope in Africa due to regional conflicts in the Middle East necessitat-ing a further detour from the most efficient route. Red Sea re-routing and the longer journey has remained a challenge for our decarbonisa-tion performance in terms of additional fuel consumption during the reporting year. Despite the challenges, in 2025, we improved the Energy Efficiency Operational Indicator (EEOI) to 10.8 gCO2/t nm, compared to 11.1 in 2024, marking a record low for the third consecutive year and bringing our fuel spend to a level closer to our 2022 baseline. The EEOI is a key measure of efficiency in Ocean operations, expressing emissions of CO2 per unit of transport work (tonne cargo times nautical mile).   2025 was also the year where Maersk made a significant transition from one ocean network operation to another. With the successful implementation of the Gemini Cooperation (Gemini), we have a  continued focus on operational excellence and ensuring efficient  execution of our entire network i.e. covering both Gemini and our remaining network. Gemini implementationIn 2025, Gemini became fully operational in collaboration with our partner Hapag-Lloyd, who shares a net-zero emissions ambition. The new East-West network is built on an innovative design and includes 29 mainliner services and an extensive network of inter regional shuttle services transshipping in strategically located hubs.Our Gemini services nearly halve port calls per service compared to  traditional networks, significantly reducing the number of stops a con-tainer makes from origin to destination. With its new modular design, it is better at absorbing disruptions without consuming additional fuel, i.e. if a vessel is delayed at one port, it does not need to speed across the entire service string to recover its schedule. In 2025, we continued exploring how the network supports our science-based targets and our customers’ decarbonisation goals.Network execution Our network execution efforts aim to maximise efficiency across both Gemini and the traditional Maersk ocean network by planning vessel journeys and managing sailing speeds. In terminals, Port Moves Per Hour (PMPH) is an important productivity measure of port call turn-around times. PMPH improvements allow vessels to maximise sailing times at lower speeds, which consumes less fuel, and to avoid too much speed variation. APM Terminals hubs have boosted productivity by 14% over two years, cutting time of port stays by 15-20%.  Beyond physical assets, digital tools are also key efficiency drivers. Our Star Connect AI-driven fleet energy efficiency platform lets us improve journey planning and managing vessels while sailing. APM Terminals uses AI solutions like Port Mirror – a digital twin for simulat-ing operations and predicting congestion – and Berth Planner for vessel line-ups and berth optimisation. Significant efficiency synergies also exist between our vessel and terminals operations, i.e. Gemini hubs will use the most efficient berth opportunities to further maximise sailing times and reduce sailing speeds.DependenciesMaersk maintains strong control over its ocean network  and APM Terminals, enabling independent and continuous  efficiency improvements through operational excellence.The Energy Efficiency Operational Indicator (EEOI) is a key measure of efficiency in Ocean operations, expressing emissions of CO2 per unit of transport work (tonne cargo times nautical mile).   Since 2021, we have improved our EEOI from 13.0 to  10.8 in 2025, indicating an efficiency improvement of  17%, primarily due to improved network and operational efficiency, stronger vessel utilisation and consumption  of lower-GHG-emission fuels.Integrating social impacts  into the transition planMaersk’s transition plan is supported by strong policies and governance to manage the social implications of decarbonisation. This includes addressing workforce impacts from electrification and mitigating risks to local communities from lower-GHG-emission fuel development. Maersk also retains audit rights under offtake agreements during methanol facility construction and production.Asset efficiencyAsset efficiency is the second lever of our transition plan to mitigate climate change. The scope of our work within asset efficiency includes the overall design, onboard energy efficiency optimisation, technology and composition of our fleet, including a mix of owned and time-char-tered vessels, and the operational flexibility this provides in reducing GHG emissions while also meeting network demand. Our ongoing fleet renewal strategy is another key factor for Maersk to ensure a gradual and continuous upgrade of our shipping capacity to dual-fuel vessels capable of sailing on lower-emission fuels. In addition to using lower- emission fuels, the new vessels are more efficient in terms of fuel and energy consumption and replace less efficient older tonnage. Efficiency retrofits of Maersk’s owned and time-chartered vesselsIn 2025, Maersk progressed on its asset efficiency journey and com-pleted more than 425 fuel saving initiatives on 230 of its owned vessels. During 2025, Maersk took delivery of 10 highly efficient dual-fuel methanol vessels, bringing our total fleet of dual fuel vessels to 19, with an additional six vessels scheduled for delivery in 2026.   Our engagement with time-chartered (TC) vessel owners has proven more impactful to our asset decarbonisation efforts than initially expected and we have in addition to retrofitting our own fleet rolled out a large-scale efficiency programme for our time-chartered fleet in 2025. In total, we have completed approximately 215 retrofit initia-tives on 150 TC vessels during the year. The TC vessels are not owned by Maersk and the investment cost for these initiatives is split between Maersk and the vessel owners. We will also take delivery of eight highly efficient dual-fuel TC vessels on long-term agreements in 2026.  Key vessel efficiency retrofits include changing propellers, adding pre-swirl devices that improve propulsive efficiency of the vessel, and replacing bulbous bows designed to match vessels actual operational hence minimising waves generated by vessels and lowering fuel con-sumption. Other retrofit initiatives include technologies that either minimise vessels required auxiliary energy demand or improve cost of producing energy. Examples include auxiliary engine waste heat recovery systems which enable steam generation from engine heat, and installation of shaft generator systems contributing to significant  fuel savings.Onboard energy and voyage optimisationAnother key driver for vessel efficiency is Maersk’s ongoing work to reduce fuel consumption from onboard energy production and to opti-mise voyages for both safety and energy efficiency. During 2025, new features were added to our suite of vessel performance products and sea, and shore colleagues have delivered strong progress in our focus areas of improving main engine specific fuel oil consumption, reduc-ing the load of vessel operational activities (e.g., pumps, ventilation, heating/cooling, lights and auxiliary systems), and boosting the level of utilisation of onboard fuel saving technologies like waste-heat- recovery systems and shaft generators.DependenciesWe rely on our TC owners for operating our 397 (as of 31 December 2025)chartered vessels with fuel efficiencies in mind. With the current scaling of our fleet renewal programme, we will have more of our TC fleet sailing on dual-fuel vessels from 2027 and onwards.Energy shiftsThe second part of our transition plan is shifting to energy with lower climate impact. In our Ocean business, this includes securing and switching to new fuels like biodiesel, e- and bio- methanol and liquefied bio methane. In Logistics &amp; Services and Terminals, we switch from using fossil fuel- powered trucks, warehouse vehicles and terminal container handling equipment to electric alternatives. This shift also includes the use of renewable electricity to reduce scope 2 emissions.Global regulation needed to support the energy transition Our transition plan is significantly dependent on the regulatory land-scape, especially our ability to shift to lower-GHG-emission fuels. At an extraordinary session of the International Maritime Organization’s (IMO) Marine Environment Protection Committee in October 2025, member states decided to postpone a vote on the its Net-Zero Frame-work until later in 2026. This signature regulatory framework – the first of its kind in any sector – would lay the foundation for closing the price gap between lower-GHG-emission fuels and fossil-based fuels.  The decision represents a loss of momentum in addressing climate change in the ocean supply chains that deliver 80% of the world’s goods. At the same time, the continued negotiations indicate that a majority of IMO member states back global regulation. Maersk will continue contributing its technical and industry expertise to these ongoing discussions throughout 2026, with the hope of reaching a positive vote later in the year.  Many companies, including Maersk, are acting on their targets.  But with regulatory uncertainty delaying investments in vessels, fuel production and infrastructure, the price gap for low-GHG fuels is likely  to persist. Maersk continues working to understand the implications  of the delay to our transition plan.Fuel shiftsDuring 2025, we have seen low appetite for investments into fuel-shift projects and we expect continued slowdown in momentum for at least a year pending IMO’s decision in 2026. One significant milestone in 2025 was the first e-methanol bunkering of Laura Mærsk – the world’s first methanol-capable container vessel – at the opening of the world’s largest commercial e-methanol plant in Kassø, Denmark. The Kassø facility pro-duces e-methanol using biogenic CO₂ from biogas and waste incineration combined with renewable electricity. As such, 2025 has been a year of learning for Maersk, since we now have hands-on experience in sourcing, taking delivery of, and operating vessels on e-methanol.  In 2025, regional GHG regulatory frameworks, including FuelEU Maritime and EU ETS, have increased the complexity of operating a global network. With each regulation having different standards and criteria, the need for allocation of lower-GHG-emission fuels to cover the compliance requirements of different regulations and customer demands in the most cost-effective manner, complexity is added. To reduce complexity and create a level playing field, Maersk continues to support rules at a global level.Advocating for ambitious global regulationDuring 2025, Maersk has provided technical and industry expertise advocating for an ambitious IMO NZF agreement that will create a level playing field for all parts of the value chain and support closing the price gap between lower-GHG-emission and fossil fuels. More over, we have supported the development of fuel standards that ensures that broader sustainability impacts are considered, covering not only climate, but also critical environmental and social topics.Developing our fuel portfolioAt Maersk, we pursue a multi-fuel and technology pathway approach, and during 2025, we continued to expand and execute our fuel port-folio strategy. With high uncertainty in the lower-GHG-emission fuels market, we recognise the need to keep expanding our portfolio while preserving a fuel-agnostic strategy to ensure continued relevance.  We will continue our approach for fuel testing, including exploring the use of ethanol, and in the longer term we expect that our portfolio will also include other fuels and technologies such as ammonia.Maersk’s requirements  for lower-GHG-emission fuels1)   All lower-GHG-emission fuels must be certified by a third  party to ensure credibility and have a proof of sustainability. 2)  We look at lifecycle GHG savings; all fuels must meet the  minimum reductions of the EU Renewable Energy Directive which is 65% for biofuels and 70% for e-fuels compared  to referenced fossil fuel.3) Maersk’s preference is for second-generation feedstocks   such as wastes and residues.As part of our ongoing efforts to secure a robust and responsi-ble pathway toward full decarbonisation, in 2025 we initiated a targeted review of our fuel sustainability policies to assess the potential role of selected first-generation, crop-based fuels such as ethanol in our transitional fuel mix. This review is being con-ducted under robust sustainability criteria covering life cycle greenhouse-gas emissions, traceability, certification standards and responsible sourcing practices, and reflects our efforts to secure reliable access to low-GHG-emissions fuels during the global scale-up of e- and bio-methanol and other advanced alternatives. The review aims to strengthen resilience in our fuel strategy and ensure alignment with evolving regulatory frame-works while upholding our climate ambition to reach net-zero greenhouse gas emissions by 2040.In addition to climate impacts, when assessing the lifecycle impact of new fuels, we consider a broad range of indicators  such as deforestation. We use lifecycle assessment and also  consider indirect effects of fuel use such as indirect land use.  Our life cycle analysis of prioritised current and possible future lower-GHG-emission fuels for ocean shipping is governed by  two policies, which are available online:Maersk methanol sustainability requirementsMaersk biofuel sustainability requirementsSecuring lower-GHG-emission fuels for current and future operations As part of our multi-fuel portfolio approach, Maersk signed an initial framework fuel supply agreement with UK based Avenir Marine Limited which is a wholly owned subsidiary of Avenir LNG Limited in H2 2025 to deliver liquefied biomethane, a lower-GHG-emission fuel also known as bio-LNG. The first volumes are expected in 2027 in alignment with the first dual-fuel liquefied gas vessels entering Maersk’s time-chartered fleet.   Trials onboard Laura Mærsk also took place in 2025 with e-metha-nol fuel blends mixed with 10% and 50% ethanol. The goal is to create flexibility so customers with different abatement cost sensitivities can continue working towards their decarbonisation targets. The trials will continue in 2026, as Maersk learns the impacts of different fuel blends on vessel engines and operations.   In 2026, Maersk will receive the first volumes of bio- and e-metha-nol from our 2023 landmark offtake agreement with Goldwind in China as the facility nears commercial production. Maersk’s target to offtake a significant 500,000 tonnes of fuel from Goldwind annually creates market demand certainty, enabling technology and cost effi-ciency investments that will bring scale to lower-GHG-emission fuel markets which does not exist today. Maersk also signed a long-term bio methanol offtake agreement with LONGi Green Energy Technology Co., Ltd. in 2024 which is in development.DependenciesAdoption of a global framework via the IMO. The availability and  flexibility of lower-GHG-emission fuel blends that are allowed in  different regional markets is a second external dependency. Electrification of owned assetsOur Terminal and Logistics &amp; Services operations are not significant contributors to Maersk’s overall GHG emissions, however electrifica-tion of terminal, warehousing, and land transportation activities are key levers that contribute to our science-based targets as part of our energy transition plan. Electrification also brings benefits far beyond emissions. Cleaner air means healthier communities. Less equipment noise creates better working conditions for operators. And energy independence reduces reliance on diesel imports, which is vital in some markets.Electrification of terminalsFor APM Terminals, the main levers for reducing GHG emissions are:  1) the switch from fossil-fuelled equipment to electric container handling equipment, targeting scope 1 emissions; 2) enabling a reliable supply of renewable energy for our terminals, targeting scope 2 emissions; and 3) the deployment of shore-to-ship power solutions for vessels at berth to reduce GHG emissions from auxiliary engines.  From 2023 to 2024, APM Terminals conducted pilots to stream-line operations for large scale adoption of Battery Electric Container Handling Equipment (BE-CHE), including training employees how to safely operate BE-CHE equipment. In 2025, the focus shifted to broader deployment. This includes the procurement of individual BE-CHE in, e.g., Kalundborg, Denmark and Khalifa Bin Salman Port, Bahrain, to replace assets at end of life. It also includes the milestone of our new-build Rijeka Gateway terminal in Croatia in September 2025, which is fully powered by renewable electricity and run almost entirely with electric equipment.   Several types of BE-CHE, e.g., electric trucks, have become stand-ardised and reached technical maturity. Other key terminal equipment, such as straddle-carriers, remain challenging due to a lack of industry standards on, e.g., charging solutions. To accelerate adoption, APM Ter-minals continues to run straddle-carrier pilots and, together with the Zero Emission Port Alliance, published industry guides on standardising battery electric Straddle Carriers, battery safety and battery circularity.  APM Terminals also signed a landmark agreement with SANY Marine in June 2025 to replace some 500 diesel-powered terminal tractors with battery-electric models by 2030, and entered a strategic partnership with Contemporary Amperex Technology Co., Limited – a global leader in electric battery technology – to develop high-perfor-mance batteries and system-level solutions for BE-CHE.  To address our scope 2 emissions, APM Terminals is targeting to shift to 100% renewable electricity by 2030. In 2025, approx. 62% of APM Terminals’ electricity was powered through renewable sources, up from 46% in 2024. This progress was mostly driven by securing a Power Purchase Agreement covering our APM Terminals Tangier TC1 and MEDPort Tangier terminals in Morocco.  These initiatives have resulted in a reduction of more than 16% in absolute scope 1 and 2 emissions in our Terminals in 2025 compared to our 2022 baseline, up from 8% in 2024.  Moving towards 2030, the focus will be 1) deploying BE-CHE equip-ment at scale in all terminals; 2) enabling a reliable and renewable supply of electricity and 3) designing and building efficient shore power solu-tions in partnership with port authorities.Electrification of Logistics &amp; Services activitiesIn 2025 we completed deployment of the planned incremental 17 own electric trucks in Germany coupled with the expansion of charging infrastructure deployments, with our location in Duisburg being a prime example. We also made a first-time investment into 2 heavy duty electric trucks in Vietnam. Both cases with daily operation run by local trucking partners. We continue to see market demand for elec-tric trucks, but the business case for cost parity is still not a given in all cases and require further market pressure from the full eco-system. Further it underlines the importance of a cross-party collaboration with our trucking partners to keep expanding and scaling our offerings across locations.  Improving the energy efficiency of our land-based logistics facili-ties including warehouses, distribution centres and depots, is another key action area. It includes the electrification of equipment such mate-rial and container handling equipment, and addressing the energy effi-ciency of our buildings. Maersk opened two state-of-the-art warehouse facilities in Asia during 2025 featuring advanced technologies to mini-mise their environmental footprint, as well as sophisticated warehouse management and automation systems. 2  In Lin-gang, Shanghai, we opened a 113,000 m omni-channel fulfil-ment logistics centre to serve customers in China, across Asia-Pacific, and beyond. A Maersk Mega Distribution Centre (DC) also opened in Malaysia, boosting our local warehouse footprint by over 30% and creating our largest Asia Pacific contract logistics facility. Both sites incorporate solutions for energy efficiency, water conservation and lower-impact design, including solar panel rooftop installations, smart LED lighting and rainwater harvesting systems. Lin-gang expects its solar panels to meet 70% of its electricity demand and has applied for LEED Gold certification. The Mega DC is Green Building Index (GBI) Gold and LEED Gold certified.  We continue to forecast that the transition to renewable electricity is expected to generate savings compared to traditional electricity sources in aggregate across our Terminals and Logistics &amp; Services portfolio.DependenciesElectrification of terminalsElectrifying terminal equipment is dependent on standardisation and technical maturity, which drives cost parity and therefore scale. The ability to operate electric equipment is dependent on the stability and reliability of the local grid infrastructure, which may require investments to ensure sufficient capacity and back up in case of outages.   Terminals are dependent on the availability of renewable electricity from local grid operators to reach its renewable energy targets.  Many terminals are located in areas where renewable energy markets  are not mature.Electrification of Logistics &amp; Services activitiesFor Logistics &amp; Services, our ‘asset light’ approach to trucking and rail places a high dependence on local partners to add capacity and develop local low-emission offerings. In many locations, Maersk leases logistics facility space or does not operate the buildings. Therefore, we are dependent on building/property owners and facility management companies to make efficiency investments. Energy shifts of business partnersIn our landside logistics business, we continued working with our business partners to provide low emission transport and customer emission visibility in 2025. The two main customer value drivers are to get reliable and as low emitting transport as possible; and to have emission visibility for their own reporting.  Energy shifts of our business partners is a key lever in Maersk’s transition plan to reduce our scope 3 emissions. As Maersk follows an ‘asset light’ approach to road transportation investments, we are highly reliant on local partners to add lower-emission landside transport. The current ecosystem is diverse and scattered, however the industry is approaching a tipping point and the business case for local partners to invest in EV assets is improving and is expected to drive adoption at scale in the coming years.   In Latin America, Maersk partnered with a local transportation provider to introduce electric trucks into its service offerings in 2025, including 24 tonne capacity cargo trucks with a range of 220-300 km per charge. These electric trucks are supported by 100% renewable energy charging stations, and designed for urban, interurban, and port routes.  In Denmark, Maersk is in the process of implementing electric vehicles for the customer Bestseller in close collaboration with several local trucking partners. The first electric trucks were deployed in 2025 with scaling plans in place for 2026.  In Czech Republic, Maersk continued expanding our offerings of transportation with electric trucks to new customers. Together with a local trucking partner, we deployed several vehicles for the cus-tomer Škoda Auto a.s. These trucks, with a range of 500+ km on a sin-gle charge, have demonstrated that technology is now at a stage where electric trucks can be deployed without daily operational impact.Partnering for changeMaersk has during 2025 partnered with the Smart Freight Center (SFC) and contributed to its Fleet Electrification Coalition that pro-motes the electrification of trucking to reduce GHG emissions of road transportation. As an example of this, we are supporting an SFC pilot to create a long-haul EV truck corridor along the key trade route between Los Angeles, California, and El Paso, Texas, and have published a guide for suppliers on how to implement EV trucking solutions, including planning, process, and risk and cost avoidance.  Together with SFC, Maersk also supported and co-created an EV Deployment Guideline to be openly shared with SME truckers to take advantage of the learnings made by Maersk in own early technology investment and deployments and build confidence to make the energy transition with their own fleets.DependenciesOur ability to deploy solutions for our customers is dependent on three interrelated factors; cost parity vs. traditional fossil fuel transport, which lowers costs and thereby creates demand certainty. Demand certainty lowers investment risks, which catalyses grid capacity and charging  infrastructure investments, which in turn drives cost parity.Especially legislators play a key role in setting ambitious but firm medium to long-term emission reduction targets that will act as guiding directive for demand certainty leading to cost parity, enabling investments into scaling across the eco-system from cost of the vehicle to grid capacity and public charging infrastructure.Physical climate risks exposure IROClimate change adaptationFinancial risks due to physical impacts of climate change  to assets and operationsThe global socio-economic cost of climate-induced severe weather events is staggering, and 2025 was marked by devastating wildfires in North America and Europe and flooding in many countries in Africa and Asia.  In 2025, Maersk conducted a climate risk assessment to evaluate phys-ical impacts on land-based assets and operations. The study covered more than 1,400 own and third-party assets, including terminals, warehouses, offices, and data centres, to identify exposure to hazards such as flooding, storm surge, windstorms, heatwaves and water stress. The assessment was conducted in partnership with Swiss Re using its Risk Data Services platform, which enabled hazard modelling and risk quantification.  The study applied three climate scenarios based on shared socio-economic pathways (SSPs), namely SSP1–2.6 representing a sustaina-bility trajectory with 1-2°C warming, SSP2–4.5 as a middle-of-the-road scenario with 2-3°C warming, and SSP5–8.5 reflecting fossil-fuelled development with 3-5°C warming. The primary modelling was based on SSP2–4.5. Assets were mapped against prevailing hazards, and Annual Expected Loss (AEL) was calculated for property damage and business interruption, including projections for 2050 and 2100.  The assessment combined portfolio-level and asset-level analysis, identifying the top 100 assets by value and highlighting localised expo-sures and regional hotspots in the United States, Europe and China. Based on these findings, Maersk is developing resilience strategies, site-specific assessments and mandatory climate risk reviews for new projects. On-site assessments at three APM Terminals, including Lázaro, Mobile and Pipavav, led to a focus for future actions such as topographical surveys, infrastructure reviews, evaluation of off-site dependencies, enhanced maintenance and emergency response plans, and expanded property programs supported by a central climate documentation repository.  While we do not have a specific target for physical climate risks, our ability to deliver on our customer commitments requires us to ensure that our network is operational. As such, we have contingency plans in place for hubs and assets across our operations.Top 5 assets exposed  to physical  climate risksAPM Terminals Lázaro CárdenasLazaro, MexicoUSDmMaterial damage and 1revenue loss 2025 (AEL)19.8 mEstimated total revenue loss and asset damage in 2050:SSP121.4SSP222.5SSP523.6Key climate risks Flood 25%  Cyclone 75%Brasil Terminal PortuárioPortuario, BrazilUSDmMaterial damage and 1revenue loss 2025 (AEL)12.6 mEstimated total revenue loss and asset damage in 2050:SSP113.6SSP214.3SSP515.0Key climate risks Flood 100%Port of  Tanjung PelepasTanjung Pelepas, MalaysiaUSDmMaterial damage and 1revenue loss 2025 (AEL)10.8 mEstimated total revenue loss and asset damage in 2050:SSP111.7SSP212.3SSP512.9Key climate risks Flood 100%South China Oceangate  Container Terminal Guangzhou, ChinaUSDmMaterial damage and 1revenue loss 2025 (AEL)10.8 mEstimated total revenue loss and asset damage in 2050:11.7SSP1SSP212.3SSP512.9Key climate risks Flood 15%  Cyclone 85%South Florida  Container TerminalMiami, USAUSDmMaterial damage and 1revenue loss 2025 (AEL)10.4 Estimated total revenue loss and asset damage in 2050:SSP111.3SSP211.9SSP512.5Key climate risks Cyclone 100%EU Taxonomy reportingThe EU Taxonomy is a classification system for which economic activi-ties can be considered environmentally sustainable. The EU Taxonomy regulation is evolving, and our reporting is evolving accordingly. For 2025, Maersk has applied new simplified reporting tables and guidance for screening our maritime transport activities. These changes have impacted both our presentation and numbers. See the full overview of the results on pages 116-118.  For 2025, our aligned revenue increased to 9%, up from 5% in 2024. Similarly, our taxonomy-aligned CAPEX reached 19% in 2025, on par with 2024. Taxonomy-related OPEX is less material to Maersk due to the way it is defined under the regulation, as it is limited to repair and maintenance costs and does not include running costs such as fuel, which represent Maersk’s most material operating expenditures.  Of the aligned revenue, 5% or USD 2.4bn relates to Ocean transpor-tation activities. A further USD 17m (0.03%) originates from activities in Logistics &amp; Services, such as road and rail transport. The remaining 4%, or USD 2.2bn, has been generated by our Terminals.  Of the aligned CAPEX, 15% or USD 1.3bn relates to Ocean transpor-tation. This includes USD 1.3bn milestone payments for new vessel con-struction and USD 19m in CAPEX additions for enhancements of exist-ing aligned vessels. In addition, we invested USD 2m in EU Taxonomy aligned retrofits of our existing fleet.  Lastly, while there was no aligned CAPEX in Logistics &amp; Services, the electrification of Terminals contributed 4%, or USD 332m, of aligned CAPEX in 2025.  All of Maersk’s aligned OPEX 11%, or USD 106m relates to the repair and maintenance of aligned, revenue generating assets such as vessels, trucks and terminals.  Although taxonomy-aligned activities continue to increase, Maersk is still in the early stages of its journey to decarbonise the end-to-end value chain. We therefore see a high share of eligible revenue, CAPEX and OPEX, but a significantly lower share of revenue, CAPEX and OPEX, related to taxonomy-aligned activities. As aligned assets come into operation, we see a modest, gradual increase of taxonomy-aligned revenue and a continued, steady increase in the taxonomy-aligned CAPEX in line with our decarbonisation strategy and transition plan going forward.1Activities included in Maersk’s EU Taxonomy reportingOcean6.10   Sea and coastal freight water transportAligned revenue in the Ocean segment is related to 22 conventional vessels as well as  19 dual-fuel vessels that meet the technical screening criteria. Aligned CAPEX relates to  1) capital expenses in relation to existing vessels; and 2) milestone payments for the ordered dual-fuel vessels incurred during the year. Aligned OPEX is the repair and maintenance expenditures in relation to aligned vessels incurred during the year. Non-eligible Ocean activities include revenue related to Maersk Energy Markets (marine fuel sourcing and sales) and any CAPEX/OPEX related to containers, which fall outside the scope of eligible maritime transport activities.6.12 Retrofitting of sea and coastal freight and passenger water transportAligned CAPEX represents efforts to improve our existing fleet with regards to efficiency and dual-fuel capabilities.Logistics &amp; Services6.6  Freight transport services by road 6.19 Passenger and freight air transportFreight transport by road and air are anchored within Logistics &amp; Services segment.  Only freight done by electrified assets is considered aligned in relation to road transport. Non- eligible Logistics &amp; Services activities consist of a broad range of logistics, fulfilment, ware housing, customs, cold-chain, depot, and IT-enabled supply-chain services that support and optimise customer operations but fall outside taxonomy-defined transport activities.Terminals 6.1 &amp; 6.2  Passenger interurban and freight rail transportPassenger and freight rail transport is anchored with the Terminals (and Logistics &amp; Services) segment. Only transport done by electrified assets is considered aligned.6.16  Infrastructure enabling low-carbon water transportAligned revenue, CAPEX and OPEX in the Terminals segment, represent efforts to decarbonise  port infrastructure, supporting ocean-based transportation, and are linked to electrical equipment used to operate the terminals.Non-eligible activities relate to terminal concession rights and operational software.Cross segments7.4 Installation, maintenance and repair of charging stationsAligned CAPEX represents investments into charging stations across all business segments.7.6 Installation, maintenance and repair of renewable energy technologiesAligned CAPEX represents investments into on-site renewable electricity installations across all business segments.7.7 Acquisition and ownership of buildingsEligible CAPEX and OPEX reflect our expenditures for leased and owned buildings across the business, such as logistics facilities, warehouses, and office buildings.1  For more details on what is included in EU Taxonomy reporting please see our accounting policies on page 118.Performance dataGross scopes 1, 2, 3 and total GHG emissions EFRAG IDRetrospective Milestones and target yearsE1-6_01  E1-6_02  E1-6_04  E1-6_07 E1-6_08  E1-6_09  E1-6_10  E1-6_11   Base Com-2025 % 2025 2025 2030 2040 Annual % E1-6_12  E1-6_13  E1-6_14  E1-6_27year para tive /2024target/MDR-T_13(2022)(2024)Base yearScope 1 GHG emissionsGross scope 1 GHG emissions  96% (1,000 tonnes CO2e) 34,416 33,939 33,953 0% N/A 35%(S1 &amp; S2) 4%Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) - 16% 15% - N/A N/A N/A -Scope 2 GHG emissionsGross location-based scope 2  GHG emissions (1,000 tonnes CO2e) 441 431 470 9% N/AGross market-based scope 2  96% GHG emissions (1,000 tonnes CO2e) 421 356 313 -12% N/A 100%(S1 &amp; S2) 13%Significant scope 3 GHG emissionsTotal gross indirect (scope 3)  GHG emissions (1,000 tonnes CO2e) 47,980 49,232 51,183 4% N/A 22% 90% 3%1) Purchased goods and services 3,248 5,383 4,667 -13% N/A N/A N/A N/A2) Capital goods 1,502 2,520 3,658 45% N/A N/A N/A N/AFuel and energy-related activities  3)(not included in scope 1 or scope 2) 5,949 6,036 5,893 -2% N/A N/A N/A N/A Upstream  transportation  and 4)distribution 26,574 23,759 22,103 -7% N/A N/A N/A N/A5) Waste generated in operations 9 3 3 25% N/A N/A N/A N/A6) Business traveling 156 134 120 -11% N/A N/A N/A N/A7) Employee commuting 21 20 24 23% N/A N/A N/A N/A8) Upstream leased assets 121 624 242 -61% N/A N/A N/A N/A11) Use of sold products 8,799 9,699 13,424 38% N/A N/A N/A N/A12) End-of-life treatment of sold products 313 298 548 84% N/A N/A N/A N/A13) Downstream leased assets 531 178 166 -7% N/A N/A N/A N/A15) Investments 757 578 334 -42% N/A N/A N/A N/ATotal GHG emissions (1,000 tonnes CO2e)Total GHG emissions (location-based) 82,837 83,602 85,605 2% N/A N/A N/A N/ATotal GHG emissions (market-based) 82,817 83,527 85,449 2% N/A N/A N/A N/AIn 2025, there has been a 2% increase in total GHG emissions. This is primarily driven by an increase Scope 3 emissions by 4% compared to 2024. Scope 1 emissions remained stable in 2025 compared to 2024. The achieved efficiency in the ocean network and implementation of the Gemini Cooperation (Gemini) during the year as well as retrofitting of vessels and voyage optimisation was offset by the continued need for re-routing of vessels around the Cape of Good Hope and increased fuel consumption from air cargo transportation.   The increase in scope 3 was driven mainly by increased emissions in Category 2, Capital goods, Category 11, Use of sold products and Category 12, End of life treatment of sold products, related to Maersk taking delivery of an increased number of vessels, and increased volumes of traded maritime fuels, and containers sold in 2025 compared to 2024.  Our location-based scope 2 emissions have increased in 2025 compared to 2024 due to our electrifi-cation efforts. At the same time, our market-based scope 2 emissions showed a reduction of 12% due to switching to renewable sources of electricity in Morocco and increased usage of solar power in Bahrain.   ACCOUNTING POLICIES Scope and consolidationThe consolidation of greenhouse gas (GHG) emissions data is based on the financial consolidation approach and stated in accordance with the GHG Protocol: direct emissions from owned and long-term leased-in assets as defined by IFRS 16 (scope 1), indirect emissions from purchased electricity and district heating (scope 2), and value chain emissions (scope 3), which include emissions related to short-term leased-in and long-term leased out assets as defined by IFRS 16.Emissions reporting for operational controlled entitiesIn 2025, it has been assessed that Maersk does not have operationally controlled investees in e.g., associates, joint ventures or unconsolidated subsidiaries. This implies that the scope and treatment of entities under financial con-trol and operation control do not differ for 2025.   Thus, no separate disclosures are provided for Maersk’s GHG emissions, including operationally controlled investees in e.g., associates, joint ventures or unconsolidated sub-sidiaries. Maersk is annually reviewing its contractual arrangements in line with CSRD requirements.Emission conversions and calculationsGHG emissions are calculated using conversion factors for energy consumption and other GHG gases. Primary schemes used for activity-based calculations are Sixth Assessment Report (AR6, 2022), European Monitoring and Evaluation Programme/European Economic Area (EMEP/EEA air pollutants database, 2023), International Energy Agency (IEA, 2024), Global Logistics Emissions Council (GLEC) framework, (updated 2025), and Depart-ment for Environment, Food and Rural Affairs (UK) (2025). The Comprehensive Environmental Data Archive 6 (CEDA 6) (2022) is used for spend-based estimates.  Relevant spend emissions are adjusted using the latest data from Oxford Economics (Q3 2025) to ensure comparability with the base year of the spend-based emissions factors, adjusting for inflation rates. The principles for choosing among the schemes for default conversion factors are:•   The most recent and internationally recognised  schemes are preferred•  Specific industry schemes can be included when  not in conflict with the above. Gross scope 1 GHG emissionsGross scope 1 GHG emissions is the sum of all UNFCCC/Kyoto gases converted to CO₂ equivalents. UNFCCC/Kyoto gases comprise: CO₂, CH₄ and N₂O, which are calculated based on amount of direct energy (i.e. the fuels stated un-der ‘Energy consumption’) that are consumed/combusted, and HFCs, PFCs, SF₆ and NF₃, which are based on direct consumption at entities/vessels controlled by Maersk.Percentage of scope 1 GHG emissions from regulated emission trading schemesPercentage of scope 1 GHG emissions from regulated emission trading schemes is the share of Maersk’s gross scope 1 GHG emissions covered by the EU ETS.Gross location-based scope 2 GHG emissionsGross location-based scope 2 GHG emissions is the CO₂ equivalents’ converted sum of CO₂, CH₄ and N₂O, calcu-lated based on consumed electricity and district heating bought from a third party and using location-based IEA emission factors.Gross market-based scope 2 emissionsGross market-based scope 2 GHG emissions is the CO₂ equivalents’ converted sum of CO₂, CH₄ and N₂O, calcu-lated based on consumed electricity and district heating bought from a third party and using country-specific market-based factors for EU countries and the US and IEA factors for other countries. In markets where Maersk pro-cures renewable electricity, this is used as part calculating the gross market-based scope GHG emissions, provided appropriate EAC documentation is available.Significant scope 3 GHG emissionsValue chain GHG emissions (scope 3) are the CO₂ equiva-lents’ converted sum of CO₂, CH₄ and N₂O from Maersk’s value chain activities. Scope 3 emissions are calculated primarily using activity data, and when not available, complemented with spend data. Activity data such as transport work and energy quantities are used to cal-culate the most material categories such as 3, 4 and 11. Categories 1, 2 and 4 (services where no direct activity data) are computed using spend data. Of the 15 scope 3 categories in the GHG Protocol, 12 categories are cur-rently determined as applicable to Maersk’s business model and activities. The excluded categories are: •  Category 9 – downstream transportation and  distribution, since we do not produce products  that we need transportation for.•  Category 10 – processing of sold products, since  our business model is transport and logistics services for our customers’ goods. •  Category 14 – franchises, since we do not have  franchises. Thus, value chain GHG emissions comprise of emissions relating to: •  Category 1 – purchased goods and services, which are reported based on financial data and includes goods and services for our operations. •  Category 2 – capital goods, which is reported based  on life cycle assessments (based on LCA methodology) and reported capital expenditure (spend based). This category covers capital investments such as new asset purchases, retrofit of vessels and dry docking. We in-clude the full scope 3 impact in the year of investment. •  Category 3 – fuel and energy-related activities,  which is reported based on actual fuel procured and consumed. •  Category 4 – upstream transportation and distribution, which is reported based on transportation data re-corded in operational systems. The resulting emissions are estimated following the Global Logistics Emissions Council (GLEC) methodology per transport type. For supporting logistics-related activities like towage ser-vices, financial data is multiplied by relevant emission factors. •  Category 5 – waste generated in operations, which is reported based on amounts and types of waste. The enhanced waste reporting using actual amounts from Maersk A/S vessels has helped improve the cor-responding scope 3 emissions, both hazardous (incl. sludge) and non-hazardous waste.•  Category 6 – business travel, which is reported based on activity-data for our direct air travel and procure-ment data for other business travel related activities. •  Category 7 – employee commuting, which is reported based on employee headcounts per location, estimated commuting distance and transportation modes.•  Category 8 – upstream leased assets, which is a spend-based estimate of emissions from leased assets that is not reported in scope 1 and 2. •  Category 11 – use of sold products, is based on activity data for fossil fuels distributed by Maersk to third par-ties, estimated fuel use of liners calling APM Terminals, and estimated emissions from the use of refrigerated containers produced by Maersk Container Industry. •  Category 12 – end-of-life treatment of sold products, which is reported based on activity data for end of life and retreatment of sold new and second-hand reefers.•  Category 13 – downstream leased assets, which is  reported based on fuel consumption from vessels,  tugs and planes leased to third parties. •  Category 15 – investments, emissions are calculated  to the extent of the equity share in non-controlled  joint ventures and associates using financial data and corresponding factors. Total gross scope 3 emissions  is the emissions related to the 12 significant scope 3  categories outlined above.Total GHG emissionsTotal GHG emissions have been stated as both the sum of scope 1, scope 2 – location-based and scope 3 emissions as well as scope 1, scope 2 – market-based and scope 3 emissions.Annual % target /base yearThe annual % target/base year is the percent average annual emission reduction per year required to meet Maersk’s 2030 target. The annual % target/base year  is calculated using the following formula:  emissions in target year 1 -     emissions in target base year   target year – base year Uncertainties and estimatesGHG emissions from upstream transportation and dis-tribution activities are modelled using the EcoTransIT World (ETW) online tool. In cases, where Maersk does not have access to information of the actual fuel con-sumption and/or route information of third-party trans-portation activities, we use the ETW and its worldwide transportation route network and vehicle model data set to estimate the emissions from such activities. Maersk uses actual activity data from its transport management systems for the GHG modelling in ETW.  The actual data from Maersk’s systems that are used for the modelling are:•  Origin and destination details.•  Carrier mode to be considered for segregation of  transport mode. Presently it can contain ocean,  air, trucks, rail and vans.•  Carrier actual weight.When using spend data to estimate emissions in pur-chased goods and services, as well as some procured services and transport, the uncertainty of using adjusted spend factors as proxy for activity is higher. Maersk is working on reducing the reliance on spend based data by upgrading its systems and accounting processes, and will limit the use of these sources to improve the accuracy of its calculations.The share of Maersk’s total scope 3 emissions for 2025 that have been modelled using the ETW tool is 30.44%.Progress towards Maersk’s 2030 and 2040 targetsRetrospective Change Targets Gap to target1EFRAG IDUnit 202220232024 2025 2025 2025 2030 Gap MDR-T_13(base vs. vs. vs. 2030year)202220242022Scope 1 Scope 1 1,000 tonnes CO2e  34,416   32,404   33,939  33,953 -1% 0% -35% -34%Scope 2 Renewable electricity sourcing %  21% 25% 29% 38% - - 100% 62%Scope 3 Scope 3 1,000 tonnes CO2e  47,980   44,938   49,232   51,183 7% 4% -22% -29%Maritime operations Scope 1 and scope 3  well-to-wake emissions from own container shipping 1,000 operationstonnes CO2e  38,134   35,884   38,079   37,913  -1% 0% -35% -34%Maritime operations Scope 3 well-to-wake  emissions from sub contracted 1,000 container shipping operationstonnes CO2e  11,725   8,531   10,921  10,522  -10% -4% -17% -7%Other operations Scope 1 emissions from all  1,000 other sourcestonnes CO2e  1,937   1,697   1,667   1,733 -11% 4% -42% -31%Other operations Scope 3 Fuel and energy-related activities and upstream 1,000 transportationtonnes CO2e  15,143   12,983   13,069   11,781 -22% -10% -25% -3%Other operations Scope 3 emissions from use of sold products covering 1,000 distributed fossil fuelstonnes CO2e  6,450   7,932   8,105   10,421 62% 29% -42% -104%Other operations Scope 3 emissions from  1,000 all other sourcestonnes CO2e  9,006   10,314   11,331   12,765  42% 13%1  Not covered by the Independent Auditor’s limited assurance report.During 2025, Maersk’s absolute scope 1 emissions remained stable, our renewable electricity sourcing increased to 38%, compared to 29%, and our scope 3 emissions increased by 4%, compared to 2024.  Compared to Maersk’s baseline in 2022, we have reduced our absolute scope 1 emissions by 1% and scope 2 market-based emissions by 26%. Our scope 3 emissions have increased by 7% in the same period, primarily driven by an increased amount of maritime fuel volumes traded and containers sold, as well as taking delivery of more dual-fuel vessels during 2025 compared to previous years.  With regards to Maersk’s sub-targets regarding maritime operations, we had a 1% reduction in scope 1 and scope 3 WTW emissions from own container shipping operations and a 10% reduction from subcon-tracted container shipping operations, compared to our 2022 baseline. The scope 1 emission reduction from all other sources was 11% and 22% for fuel and energy-related activities combined with upstream transportation, owing primarily to a decrease in marine diesel oil consumption.  ACCOUNTING POLICIES Main targets Absolute reduction in total scope 1 emissionsThe absolute reduction in total scope 1 emissions is stated as a percentage reduction of scope 1 in the reporting year (2025) compared to the base year (2022) and previous year.Renewable electricity sourcing (scope 2)Renewable electricity sourcing is stated as the percentage of renewable electricity consumption of the total elec-tricity consumption in the reporting year.Absolute reduction in total scope 3 emissionsThe absolute reduction in total scope 3 emissions is stated as a percentage reduction of scope 3 in the reporting year (2025) compared to the base year (2022) and previous year.Sub-targets – Marine operations Absolute reduction in scope 1 and scope 3 well-to-wake emissions from own container shipping operationsThe absolute reduction in scope 1 and scope 3 well-to-wake emissions from own container shipping operations  is stated as the percentage reduction of scope 1 and scope 3 well-to-wake emissions from own container  shipping operations in the reporting year (2025)  compared to the base year (2022) and previous year.Absolute reduction in scope 3 well-to-wake emissions from subcontracted container shipping operationsThe absolute reduction in scope 3 well-to-wake emissions from subcontracted container shipping operations is stated as the percentage reduction of scope 3 well-to-wake emissions from subcontracted container shipping operations in the reporting year (2025) compared to the base year (2022) and previous year.Sub-targets – Other operations Absolute reduction in scope 1 emissions  from all other sourcesThe absolute reduction in scope 1 emissions from all other sources is stated as the percentage reduc tion of scope 1 emissions for all other (non-maritime) operations, including emissions from terminals, landside logistics and air freight operations in the reporting year (2025) com-pared to the base year (2022).Absolute reduction in scope 3 Fuel and energy- related activities and upstream transportationThe absolute reduction in scope 3 Fuel and energy- related activities and Upstream transportation emissions is stated as the percentage reduction of scope 3 Fuel and energy related activities (Category 3) and Upstream transportation (Category 4) for all other (non-maritime) operations in the reporting year (2025) compared to the base year (2022) and previous year.Absolute reduction in scope 3 emissions from the use of sold products covering distributed fossil fuelsThe absolute reduction in scope 3 Use of sold products covering distributed fossil fuels is stated as the percentage reduction of scope 3 Use of sold products (Category 11)  relating to distributed fossil fuels in the reporting year (2025) compared to the base year (2022) and previous year.Absolute reduction in scope 3 emissions from all other sourcesAbsolute reduction in scope 3 emissions from all  other sources is stated as the percentage reduction  of scope 3 emissions for all other (non-maritime) oper-ations in the reporting year (2025) compared to the base year (2022) and previous year.Annual % target/base yearThe annual % target/base year is the percent average annual emission reduction per year required to meet Maersk’s 2030 target. The annual % target/base year is calculated using the following formula:  emissions in target year 1 -     emissions in target base year   target year – base year How Maersk ensures consistency of GHG emission  reduction targets with GHG inventory boundariesMaersk has validated near-term and net-zero climate targets by Science Based Targets initiative (SBTi), a widely recognised global standard for corporate target setting. Maersk’s climate inventory follows the require-ments of the Greenhouse Gas Protocol, covering all greenhouse gas emissions.   Maersk’s climate inventory follows the financial control approach for target setting, which translates to a 100% inclusion of emissions from activities by subsidi-aries and an equity share of emissions for joint ventures and associates included under scope 3.15 Investments.  Maersk currently has near-term and net-zero climate targets for scope 1, 2 and 3, and complementary sub targets in line with the requirements of SBTi’s maritime sector decarbonisation guidance. Maersk’s near-term target covers &gt;95% of scope 1 and 2 and &gt;66% of scope 3; the net-zero coverage is &gt;95% and &gt;90% respectively. These thresholds are in line with SBTi requirements. The emissions reduction targets are gross targets, meaning that GHG removals, carbon credits or avoided emissions are not currently considered as means of achieving the GHG emission reductions.  Maersk ensures its climate targets are relevant and follow the latest climate standards by means of a recal-culation policy of climate inventories and targets. The recalculation policy is publicly available and follows the latest requirements of the Greenhouse Gas Protocol and Science Based Targets initiative (SBTi), outlining the types of changes and thresholds that trigger a recalculation and restatement of previously reported greenhouse gas emis-sions. Please see the Maersk recalculation policy. Maersk endeavours to ensure consistency, accuracy, completeness and comparability in public reporting of emissions and  externally committed greenhouse gas reduction targets.GHG emission intensityEFRAG ID Indicator Unit 2025 2024E1-6_30 GHG emission intensity (location-based) 1,000 tonnes CO₂e/USDm 1.59 1.51E1-6_31 GHG emission intensity (market-based) 1,000 tonnes CO₂e/USDm 1.58 1.51The GHG emission intensity has increased compared to 2024, with location-based GHG emission intensity being 1.59k CO2e/USDm and a slightly lower market-based emission intensity 1.58k CO2e/USDm. This change is due to an increase in total GHG emissions compared to 2024 along with a corresponding decrease in revenue for the year.  ACCOUNTING POLICIES GHG emission intensityGHG emission intensity is the GHG emissions expressed per unit of revenue (million) – based on total GHG emissions (sum of reported scope 1, scope 2 – location- based and scope 3 emissions) and revenue as stated in the income statement of the consolidated financial statements.Ocean energy efficiency (EEOI)1120222021EFRAG ID Indicator Unit 2025 2024 2023Entity specificEnergy efficiency operational indicator (EEOI) Intensity 10.8 11.1 11.7 13.0 13.01  Not covered by the Independent Auditor’s limited assurance report.In 2025, Maersk continued to increase the energy efficiency of our fleet, despite the continued fuel con-sumption increase due to longer distances around the Cape of Good Hope for part of the fleet. The full implementation of East-West network (via the Gemini Cooperation) produced a significant EEOI improve-ment in the second half of the year, stemming from a more efficient network design and execution.  Additionally, Maersk has continuously focused on network optimisation and maintained a relentless focus on vessel utilisation within our operations, resulting in year-on-year efficiency improvement (measured in grams CO2 per tonne-nautical mile). Maersk has also continued to invest in and expand proven initiatives, including operational efficiency via Star-Connect, and driving improved performance with terminals. Retro-fits focused on energy efficiency and shore power enablement in both owned and time-chartered vessels have also continued successfully.   These initiatives have delivered efficiencies at a scale to significantly reduce the impact of increased fuel consumption caused by longer routes and have enabled us to continue driving down EEOI, achieving a record of 10.8 in 2025, down from 11.1 in 2024  ACCOUNTING POLICIES Energy efficiency operational indicator (EEOI)The energy efficiency operational indicator (EEOI) covers container vessels under Maersk’s operation. EEOI is  defined by IMO in MEPC.1/Circ.684 and is calculated as gCO₂/(Tonne cargo x Nm). In practice, we calculate EEOI  on voyage level and aggregate it in the following way:(g CO222 voy 'n1' + g CO voy 'n2' +...+ g CO voy 'nx')((Tonne cargo x Nm)voy 'n1' + (Tonne cargo x Nm)voy 'n2' +...+ (Tonne cargo x Nm)voy 'nx')The reported data from vessels is transmitted ashore on  a 24 hour basis and consolidated into consumption reports. Calculations are then made to ascertain the tonnes of cargo moved as well as distance sailed. Further, fuel consumption is converted into CO2 emissions using relevant emission factors per fuel type reported. Calcu-lations are made on a per voyage level and aggregated afterwards across voyages and divided by the aggregated transport work for the period to arrive at the EEOI figure for the reporting period.The data sources are:•   g CO₂ – Based on fuel consumption, from departure voyage 1, to departure voyage 2, multiplied with  relevant CO₂ factor (3.114 for HFO and LFO, 3.206  for MDO and 0 for biofuels).•   Tonne cargo – Calculated via draft and displacement tables, subtracting vessel weight and ballast water  and fuel stock.•   Nm – GPS distance from departure voyage 'n1',  to departure voyage 'n2'.Biogenic emissionsEFRAG ID Indicator Unit 2025 2024E1-6_17 Biogenic emissions not included in scope 1 1,000 tonnes CO2e 417 828For 2025, Maersk recorded 417k tonnes CO2e biogenic emissions not included in its scope 1 inventory, a 50% decrease compared to 2024. This is primarily related to a lower consumption of biofuels in Maersk’s Ocean operations.   ACCOUNTING POLICIES Biogenic emissions not included in scope 1Biogenic CO2 emissions result from the combustion or biodegradation of biomass. Biomass is defined as any material or fuel produced by biological processes of  living organisms, including organic non-fossil material  of biological origin (such as plant material), biofuels (such as liquid fuels produced from biomass feedstocks), biogenic gas (such as landfill gas) and biogenic waste (such as municipal solid waste from biogenic sources).  In Maersk’s current inventory, the calculation of biogenic CO2 is limited to the combustion of fuels based on bio-genic feedstock in Maersk’s scope 1 GHG emissions. This may expand based on evolving international standards detailing the treatment of biogenic emissions in corpo-rate inventories.Energy consumption12022EFRAG ID Indicator Unit 2025 2024 2023E1-5_01Total energy consumption GWh  120,161 121,008 116,272 124,070E1-5_19E1-5_02Fossil energy consumption GWh 118,197 117,664 113,831  121,734E1-5_11Fuel oils  GWh 116,654 116,789 112,971 120,761E1-5_12Gas fuels GWh 135 101 106 75E1-5_13Other fuels GWh 681 14 14 6E1-5_14Electricity and heating from fossil fuel sources GWh 727 760 740 893E1-5_05Renewable energy consumption GWh 1,964 3,344 2,441 2,336E1-5_07Renewable electricity GWh 415 303 231 230E1-5_06Fuels from renewable sources GWh 1,524 3,034 2,204 2,106E1-5_08Self-generated non-fuel renewable energy GWh 25 7 6 01  Not covered by the Independent Auditor’s limited assurance report.For 2025, the total energy consumption decreased by 1% compared to 2024. This decrease was mainly driven by increased efficiency in the ocean network, implementation of the Gemini Cooperation, voyage optimisation and increased asset efficiency. In 2025, changes in our fuel mix resulted in a significant decrease in consumption of fuels from renewable sources and a corresponding increase in consumption of gas fuels and other fuels, including grey methanol. During the year, Maersk increased its consumption of self-generated renewable energy by more than three times compared to 2024, primarily due to the increased usage of solar power in Bahrain.  ACCOUNTING POLICIES Scope and consolidationEnergy consumption data is collected per legal entity per energy type, and the figures are consolidated line by line. To ensure completeness in reported data from our offices within legal entities, office standards have been developed, which can be used for offices with no production or ware-houses. The office standards define average consumption values per FTE and are only used if other more accurate information is not available. Total energy consumptionTotal energy consumption is the sum of fossil energy  consumption and renewable energy consumption.Fossil energy consumptionFossil energy consumption encompasses all fossil-based energy consumption that is consumed/combusted at Maersk controlled entities/vessels. Fossil energy con-sumption includes the following: •   Fuel oil, including heavy fuel oil, marine diesel oil,  gasoline, diesel and kerosene•   Gas fuels, including liquefied petroleum gas (LPG),  liquefied natural gas (LNG) and natural gas•  Other fuels, including heating oil and cylinder oil•  Electricity and heatingRenewable energy consumptionRenewable energy consumption encompasses all renew-able energy consumption, including renewable electricity, heating and fuels from renewable sources that are con-sumed at Maersk-controlled entities/vessels. Renewable electricity includes electricity from solar panels, wind tur-bines and batteries, covering on-site self-generated and purchased renewable electricity from the grid. Fuels from renewable sources include biofuels and e- and bio-meth-anol. Thus, renewable energy consumption is reported as:•   Renewable  electricity•   Fuels from renewable sources•   Self-generated non-fuel renewable energyEnergy intensity and mix12022EFRAG ID Indicator Unit 2025 2024 2023E1-5_18 Energy intensity GWh/USDm 2.23 2.18 2.28 1.52E1-5_09 Share of renewable energy consumption % 2 3 2 2Share of fossil fuel sources in energy E1-5_15consumption % 98 97 98 981  Not covered by the Independent Auditor’s limited assurance report.For 2025, the energy intensity was 2.23 GWh/USDm, a slight increase from 2.18 compared to 2024.  This was driven by a lower revenue compared to energy consumption for the year.   The share of renewable energy consumption reduced to 2 in 2025 compared to 3 in 2024, primarily  due to the decrease in the consumption of fuels from renewable sources. 98% of Maersk’s total energy  consumption was derived from fossil fuel sources in 2025.  ACCOUNTING POLICIES Energy intensity (based on revenue)Energy intensity is the total energy consumption in high climate impacts sectors per unit of revenue (USDm),  as stated in the income statement of the consolidated  financial statements. All of Maersk’s energy con-sumption is considered as related to high climate  impact sectors. Share of renewable energy consumptionThe share of renewable energy is the percentage of total energy consumption that is derived from renewable energy sources.Share of fossil fuel sources in energy consumption The share of fossil fuel sources in energy consumption is the percentage of total energy consumption that is derived from fossil-based energy sourcesRenewable energy productionEFRAG ID Indicator Unit 2025 2024E1-5_17 Renewable energy production GWh 30 9Maersk’s renewable energy production has increased 3 times compared to 2024 and is related to on-site solar installations that produce electricity, which is used on-site. Electrification of assets and investments  in on-site renewable energy installations are part of Maersk’s transitions.   ACCOUNTING POLICIES Renewable energy productionRenewable energy production is the total amount  of renewable energy produced in Maersk’s operations during the reporting year. The total reported production comprises of the consumption, storage and sale of  renewable electricity to the grid.ESRS – E2, E4, E5Environment  and ecosystemsA.P. Moller - Maersk (Maersk) is committed to conducting business safely and responsibly while minimising environmental impact. This includes the careful use of natural resources – such as land and raw materials – alongside proactive management of biodiversity and eco system risks. It also extends across our value chain, covering critical resource sourcing and responsible ship recycling. In 2024, Maersk initiated an assessment using the Taskforce on Nature-related Financial Disclosure’s LEAP (Locate, Evaluate, Assess, Prepare) framework to identify and evaluate key nature-related issues. This work laid the foundation for strengthening environmental initiatives across our global operations and aligning our actions with international standards. In 2025, we advanced this approach by integrating LEAP findings more deeply into our environment management frameworks.  These efforts position Maersk to meet upcoming environmental and biodiversity requirements, including the UN High Seas Treaty, and the revised ISO 14001:2026 Environmental Management Standard. The updated ISO standard introduces explicit consideration of biodiversity and climate resilience, as well as stronger requirements for supply chain environmental accountability.  Environmental and ecosystem management at Maersk spans multiple functions and business segments, supported by dedicated teams responsible for compliance and initiatives addressing the specific risks of each operation. Key activities include standardised waste management across our landside businesses, global standards such as our Environmental and Social Impact Assessment process, and integrated Health, Safety, Security and Environment management frameworks. These efforts often address interconnected environmental topics and create synergies with our energy transition and social responsibility objectives, particularly in areas such as responsible ship recycling and sourcing of critical resources, including steel and fuels.ESRS – E5Ecosystem health  and biodiversityMaersk strives to minimise impacts on ecosystems and  bio diversity and actively participates in mitigating risks to the  world oceans and restoring land health in critical habitats.  The LEAP framework is a cornerstone of our approach to  managing nature-related risks, enabling us to identify and understand impacts as well as risks. IROsEcosystem health and biodiversityEcosystem degradation and biodiversity loss caused by land use and  habitat disruption resulting from construction of land-based assetsDisturbance of species due to vessel traffic and underwater radiated noiseSpread of invasive species  Targets and progressCurrently, Maersk does not have group-wide targets specifically addressing ecosystem health and biodiversity. However, we con-tinuously monitor performance across both landside and ocean  operations to better understand our impacts.  Key actionsMaturing our LEAP approachMaersk’s business segments vary significantly in their nature-related risks and in the maturity of their LEAP implementation. APM Terminals is currently the most advanced, as its fixed locations make it easier to identify risks and conduct detailed evaluations and assessments.  Logistics &amp; Services faces ecosystem and biodiversity risks primarily linked to land expansion at existing and greenfield sites, as well as con-struction-related impacts. In 2025, we focused on laying the groundwork to mature the LEAP approach across all segments. This foundation will enable expanded efforts in 2026, as Maersk aims to embed LEAP as a strategic tool and value driver for the business.Assessing ecologically sensitive locationsTo evaluate our presence in ecologically sensitive areas, we utilised data from the World Database on Protected and Conserved Areas, the World Database of Key Biodiversity Areas as well as the IUCN Red List of Threatened Species. Initial findings based on the geolocations of our sites per 1 October 2025, indicate that 61 (of 62) terminals, 888 (of 919)  inland logistics facilities, and 407 (of 420) offices are in or near ecolog-ically sensitive locations. Our key biodiversity impacts from locations come from greenfield construction and expansion projects of existing sites. In 2025, we had 22 of such projects, where environmental assessments were performed in accordance with local regulatory requirements.Building an improved Ocean base-level risk understanding In 2025, our Ocean segment contributed to the TNFD’s new guidance for assessing material nature-related risks in the maritime sector. Trials using the new guidelines are underway and will continue into 2026. We also continued improving our StarConnect AI-powered fleet energy efficiency platform’s capabilities to monitor our presence in marine protected areas and particularly sensitive sea areas, integrating new updates to the World Shipping Council’s Whale Chart.   Maersk continued to actively engage with regulators, states, ship-ping associations, scientific institutions and NGOs in the development of Underwater Radiated Noise (URN) Management, in line with IMO guidelines. Furthermore, at the 2025 UN Ocean Conference (UNOC3), Maersk committed its entire operated fleet to the 10,000 Ships for the Ocean initiative, enabling our vessels to serve as voluntary observation stations. This allows us to provide real-time oceanographic data that supports improved climate models, maritime safety and global ocean monitoring.  Policies and approachMaersk’s Environment &amp; Ecosystems Policy Architecture provides a uni-fied framework that guides employees in minimising material environ-mental impacts. It sets out principles aligned with our environmental  management systems and global policies, covering key areas such as pollution prevention, ecosystem health and biodiversity protection, and responsible waste management. This architecture ensures consist-ency across our operations and supports compliance with international standards and local regulations.Maersk enforces a strict zero-tolerance policy against the transporta-tion of illegal wildlife and timber, as outlined on Maersk.com. We also prohibit the carriage of any products derived from sharks or whales. In addition, we maintain rigorous internal controls to prevent misdec-laration and unauthorised transboundary movement of hazardous waste, including plastic scrap, battery waste, and industrial waste. Maersk complies with international conventions to perform pest con-trol, ensuring vessels adhere to the Company Pest Control Plan and actions are taken to ensure the spread of invasive pests are managed during their respective high seasons. With regards to the spread of species via biofouling, Maersk is committed to improving anti-fouling performance whereby all vessels are coated with anti-fouling paint and regular inspections are performed in line with vessel’s Biofouling Management Plan. In addition, to improve environmental friendliness of anti-fouling paints, a switch to ultralow biocide antifouling systems has been initiated for the fleet. These measures reflect our efforts to protecting biodiversity, supporting global conservation efforts and ensuring compliance with international environmental regulations.ESRS – E2, E5Pollution and wasteAs a global logistics provider operating across ocean, land, and air, we acknowledge our responsibility to minimise environ-mental impacts, particularly in pollution and waste management. We are also seeing growing expectations from customers and port authorities for zero spills into the marine environment.IROsPollutionAir pollutants from vessels and landside/air transportationPollution from hydrocarbon spills from vessels and landside  operations and from containers lost at seaDischarged wastewater to the sea  (e.g., scrubber, bilge, sewage and grey water)Waste management Waste generation during operations  Targets and progressPollutionNo major uncontained hydrocarbon spills and releases to the environ-3ment. In 2025, Maersk did not record any major spills (above 10 m) to the environment. WasteWhile we do have Ocean-related ISO 14001 targets in place for waste and pollution, we do not have any long-term waste targets at Maersk, we work with continuous improvement of our waste management practices across all our business segments.   Key actionsImproved incident management process for spillsIn 2025, APM Terminals improved their incident management process for spills, combining previously separate incident reporting and incident management standards for increased transparency and response con-sistency. Updates were also made to the spill prevention and manage-ment standard for landside businesses in Maersk, ensuring risk-based prevention measures and updated training for facility personnel. Improved waste managementIn 2025, for the first time, all Maersk-operated vessels had available gar-bage e-logbooks to capture actual waste generated from vessels, which improved efficiency and accuracy of waste data management. Further actions are ongoing with shore side waste reception facilities to improve line of sight of eventual waste handling and treatment. In line with our objective to reduce overall waste generation onboard, we have set clear goals to minimise plastic waste across our fleet. In 2025, we successfully piloted circular economy-based projects with focus on plastic/polymer and electronic waste to further minimise the environmental impact.  At our landside operations, and following the 2024 Global Waste Assessment conducted across landside business segments, APM Ter-minals focused on setting up a global waste management governance framework and conducting gap analyses at their respective sites to these standards in 2025. In Logistics &amp; Services, we rolled out an updated Waste Management standard, Waste Management Plans, and training modules for operational personnel through the new Waste Coordinator program. Both segments conducted waste assessments workshops during the year while engaging with local HSSE teams in waste inven-tories, segregation and responsible disposal.APM Terminals zero-waste framework in Los AngelesThere are also increasing customer expectations and regulatory require-ments to reduce waste. A key achievement for Maersk during 2025 was the establishment of a zero-waste framework in Pier 400 in Los Angeles, as part of its broader net-zero emission ambition. It is likely that such local policies will increase and require additional compliance actions and reporting across our businesses. Container handling practicesTo mitigate the risk of lost containers at sea and improve safety, in 2025, Maersk rolled out a parametric roll risk management solution that enables crews to optimise route planning by incorporating real-time weather forecasts, along with an alert system thereby avoiding adverse seas that could cause dangerous rolling conditions. In addi-tion, advanced technology lashing systems, equipment and soft-ware to compute nonlinear real-world conditions that impact lashing forces and container stability were developed and installed onboard. Maersk has made key contributions, as active participants, in the Top-Tier Joint Industry Project since its launch in May 2021. This science and research-based project was successfully concluded at end-2024 and submitted the final report to the IMO in 2025. To complement the TopTier work, Maersk conducted own technical research and model testing to identify the key contributing factors for container loss and shared these findings at the IMO and remains engaged in the regula-tory improvements and development.   Policies and approachMaersk’s Environment &amp; Ecosystems Policy Architecture provides a uni-fied framework that guides employees in minimising material environ-mental impacts. It sets out principles aligned with our environmental  management systems and global policies, covering key areas such as pollution prevention, ecosystem health and biodiversity protection, and responsible waste management. This architecture ensures consist-ency across our operations and supports compliance with international standards and local regulations.  Maersk actively mitigates pollution risks by following a compre-hensive management framework and strict guidelines for prevention and response across all land and sea operations. These measures include air quality management, chemical handling protocols, spill prevention standards and detailed emergency response procedures,  In Maersk’s Ocean business, pollution is regulated through the International Convention for the Prevention of Pollution from Ships (MARPOL) and International Maritime Organization (IMO) regulations. ESRS – E5Responsible  ship recyclingMaersk is committed to responsible ship recycling, ensuring all end-of-life vessels are dismantled safely, ethically and with minimal environmental impact, protecting workers, supporting certified yards and reducing harm. As global demand for large-vessel recy-cling grows, financially robust and responsible practices are critical to enable the fleet’s transition to lower emissions by introducing new vessels and retiring old ones. Channelling these retired assets back into production also helps the shipping industry, including Maersk, to decarbonise the global steel value chain.IROResponsible ship recyclingEnvironmental impacts during decom missioning of vessels  Targets and progressIncreasing global capacity for responsible ship recyclingIncrease the global capacity for the responsible and financially viable recycling of post-Panamax vessels.  In 2025, we continued our advocacy work and efforts to increasing global capacity for responsible ship recycling. We welcome the Hong Kong Convention as the global baseline for responsible ship recycling.  Key actionsPromoting global regulation for responsible ship recyclingIn 2025, the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (the Hong Kong Convention) entered into force to provide the shipping industry a base legal docu-ment for responsible ship recycling. Nevertheless, complexity remains as several other regulatory frameworks also exist. Maersk supports the Hong Kong Convention and engages with institutions and regulators to establish it as the global legal standard for ship recycling. Increasing global capacity for recycling large vesselsMaersk is collaborating with partners to develop commercially viable solutions for the scaling of ship recycling facilities capable of handling post-Panamax vessels, including Memorandums of Understanding and Letters of Intent at locations including Bahrain and Egypt in 2025.Continued engagement in Alang, IndiaDuring 2025, we have not had any ship recycling projects in Alang, India. However, in 2025, we were still active at the yards and continued to sup-port facility workers with complementary health care access and health training. As part of our engagement, the Mobile Health Unit provided 13,000+ outpatient consultations, supported by diagnostics and spe-cialty camps addressing prevalent skin and musculoskeletal disorders.  In parallel, NGO-led preventive health initiatives trained 10,000+ workers on personal hygiene and ergonomics and supported oral cancer screen-ing and diagnostics, enabling early detection and timely intervention.   Policies and approachMaersk’s Responsible Ship Recycling StandardMaersk’s Responsible Ship Recycling Standard (Maersk’s RSRS) estab-lishes comprehensive requirements to ensure that all ship recycling activities are carried out in a safe, ethical and environmentally sound manner. This standard aims to prevent, reduce and eliminate accidents, injuries, and any other adverse impacts on human health or the environ-ment associated with ship recycling operations. Maersk’s RSRS meets the different global regulatory sets of requirements, including those in and outside of EU. Our responsible ship standard is available here.  We also advocate for creating global opportunities for responsible post-Panamax ship recycling, where recycling capacity shortfalls can only be addressed through global consensus on the approval of more yards with appropriate safety and environmental standards. This includes opportunities for EU-flagged vessels to be responsibly  recycled at approved facilities outside of the EU.ESRS – E5Sourcing of  critical resourcesWe work to use critical resources efficiently across our business, exploring impact reduction in the upstream supply chain, espe-cially for critical materials like steel and fuels, which we depend on to serve our customers. While Maersk directly sources and uses steel in our own operations for container manufacturing, much of the equipment we use across our operations and broader value chain, including vessels, terminal cranes, ware-houses and trucks, also contains significant amounts of steel.IROsSourcing of critical resourceEnvironmental impacts resulting from the steel value chainEnvironmental impacts resulting from the fossil fuel and biofuel value chain  Targets and progressWe do not currently have targets to address the wider environmental impacts from the steel and fuel value chains aside from our GHG emis-sions targets. As members of Climate Group’s SteelZero coalition, we have made a commitment to use 50% lower-emission steel by 2030  on a pathway to using 100% net-zero emission steel by 2040.  Key actionsCollaborating through the SteelZero coalitionWe are active members in the Climate Group’s SteelZero coalition  – a global initiative bringing together leading value-chain stakeholders to speed up the transition to a net-zero steel industry. Again in 2025, we reported our yearly steel consumption to the SteelZero Coalition.  Policies and approachMaersk’s approach to sourcing steel and lower-GHG-emissions fuels is governed by our Environment &amp; Ecosystems Policy Architecture, which outlines our sustainability requirements for lower-GHG-emis-sions fuels and our efforts to understand and mitigate negative impacts across fuel and steel value chains.  Steel is essential for shipbuilding, containers and generally a major infrastructure across our operations, yet it carries significant environ-mental impacts. To address this, Maersk is working to increase the use of lower-GHG-emissions steel through collaboration with key indus-try stakeholders. The lack of globally consistent standards across the steel value chain, as well as the unavailability of lower-GHG-emis-sions steel in specific locations, are major barriers. To increase align-ment, we partner with industry actors such as the Climate Group’s SteelZero coalition, and others to develop criteria for responsible steel sourcing and to promote common standards and certifications for lower-GHG-emissions steel.Performance dataEnvironmental incidents1120222021EFRAG ID Indicator Unit 2025 2024 2023E2-4_033Hydrocarbon spills &gt; 10 mNumber 0 0 0 0 2E2-4_03Containers lost at sea Number 0 5 52 118 -1  Not covered by the Independent Auditor’s limited assurance report.For the fourth consecutive year, we had no significant oil spills from our operations during 2025.  We also did not have any container loss at sea, indicating that our continued efforts including the roll-out of a parametric roll risk management solution along with the development and installation of advanced lashing systems are yielding positive results.  ACCOUNTING POLICIES 3Hydrocarbon spills &gt; 10 mSpills are reported as the number of uncontained 3 hydrocarbon liquids spills greater than 10 m, resulting from any unintended, irreversible release associated with current operations.Containers lost at seaContainers lost at sea is based on the number of con-tainers (independent of size) lost at sea during the year.  This includes containers lost at sea from owned and time-chartered vessels, but does not include containers falling overboard in ports and other cases where  containers will be picked up. Air pollutants1120222021EFRAG ID Indicator Unit 2025 2024 2023E2-4_02SOx1,000 tonnes 94 97 90 100 107E2-4_02NOx1,000 tonnes 699 704 672 611 887E2-4_02NMVOCs 1,000 tonnes 18 16 16 27 -E2-4_02CO 1,000 tonnes 125 80 77 55 -E2-4_02PM10 1,000 tonnes 55 58 49 51 -E2-4_02PM2.5 1,000 tonnes 43 40 38 43 -E2-4_02Black Carbon 1,000 tonnes 3 3 3 3 -1  Not covered by the Independent Auditor’s limited assurance report.For 2025, Maersk’s air pollutant emissions followed the trend in the energy mix and consumption. SOx and NOx emissions decreased as a result of lower bunker consumption. The significant increase in CO emissions is a result of increased air freight activity and related kerosene consumption.  ACCOUNTING POLICIES Air pollutionAir pollution is the amount of air pollutants emitted in relation to Maersk’s operations, besides GHG emissions. The air pollutants included are SOx, NOx, Non-Methane Volatile Organic Compounds (NMVOCs), carbon monoxide (CO), Particulate Matter (PM10 and PM2.5, and Black Carbon (BC)). By default, PM10 also includes smaller par-ticles (hereunder PM2.5 and BC), which are also reported separately because these fractions of particulate matters have differing impacts on environment and health than the coarser fractions. Air pollutants have been prepared and stated based on the first version of the Stockholm Environment Institute’s (SEI) reporting guide, except for BC and PM10 reporting from the fleet of Maersk, which is based on the methods outlined by IMO in MEPC 75/7/15 as our data availability allows for IMO’s more accurate assessment. In case of scrubber use, SOx pollutants are reported based on Clean Cargo guidelines, where SOx output is assumed to be  maximum for the operating area in which the vessel spends 80% of time.Waste generated1120222021EFRAG ID Indicator Unit 2025 2024 2023E5-5_07Waste 1,000 tonnes 535 556 517 553 357E5-5_15– Hazardous waste 1,000 tonnes 368 236  218  229 216E5-5_10– Non-hazardous waste 1,000 tonnes 167 320 299 324 1411  Not covered by the Independent Auditor’s limited assurance report.In 2025, Maersk recorded a 5% decrease in waste generated compared to last year. This is primarily driven by the improved data quality from vessels (actual waste data from 320+ vessels extrapolated to our total fleet), which has had a significant impact on the overall waste. The increase in hazardous waste primarily derives from the sludge reported from vessels, and the subsequent reduction in non-hazardous waste a direct outcome of better reporting and estimation practices for our Ocean segment and Logistics &amp; Services sites. Due to the improved methodology applied this year, the waste reported is not directly comparable to 2024.  ACCOUNTING POLICIES WasteWaste is reported as the sum of all waste types generated, with further bifurcation in hazardous and non-hazardous waste types. Non-hazardous waste primarily consists of municipal and industrial waste, such as food waste, pallets, cardboard, general trash and metal and wood scrap.Uncertainties and estimatesWaste data is reported by entities and is based on a com-bination of actual numbers and estimates.  For land-based operations, waste data is sourced from billing and accounting systems or from the procurement/supply management department. For some offices and minor sites, where it is challenging to obtain actual waste data, estimates based on FTE counts and Facility-wise sqm are used to ensure completeness in waste reporting.  The waste reporting from vessels has been enhanced in 2025, by using actual amounts for all Maersk Line  vessels. This provides a more accurate basis for extra-polating waste numbers for the entire fleet, including owned and time-chartered vessels. The conversion factors  for  MARPOL Annex V categories were updated from  m³ to tonnes.Resource inflowsEFRAG ID Indicator Unit 2025 2024E5-4_02Total weight of steel consumed Tonnes 102,525 73,118Steel consumption in Maersk is related to container production activities in Maersk. In 2025, we have updated the methodology for preparing the Total weight of steel consumed KPI. We now report the weight of steel procured during the year. In prior years, we prepared the KPI by combining bill of material data and number of containers produced. In 2025, we have increased the number of containers produced; conse-quently, the weight of steel sourced has increased from 73,118 tonnes in 2024 to 102,525 tonnes in 2025.  ACCOUNTING POLICIES Total weight of steel consumedTotal weight of steel consumed is the weight of steel used for producing containers. The weight is based on the pro-cured amounts of steel during the year and is collected directly from Maersk’s procurement systems. The scope is limited to steel we directly source and does not include steel from our value chain. Considering the change in the calculation methodology compared to 2024, we have restated the prior year numbers from 73,394 to 73,118 tonnes for 2024.  Our people  People and culture  Safety and security   Employee relations and labour rights   Performance  dataSocialinformation2025 TargetPeople and culture Target by 2026Engagement score83 84Safety and securityAnnual targetLearning teams completed  following a high potential  incident100% 100%ESRS 2SocialinformationOverview of our material impacts, risks and opportunities related  to Social.People and cultureAttracting and retaining critical talent NO CHANGE  Inability to retain and attract  the right workforce for key critical capabilitiesInability to retain and attract key critical capabilities could impact the ambition  to deliver on the integrator strategy.Discrimination and harassment  in the workforceNO CHANGE  Negative impacts of harassment creating an unsafe working environment  for vulnerable groups in our workforceVulnerable groups at risk of harassment and violence as defined in internationally recognised human rights standards. Harassment and violence can take  place in office environments, on ships,  in warehouses, but in particular for frontline workers and in environments with disparate workforce composition.  An unsafe working environment can  result in an inability to attract talent  and in remediation costs related to harassment cases.AMENDED1  Lack of equal treatmentPotential discrimination across the organisation’s operations, employment practices or oversight – particularly the right to work in conditions of equal opportunity and equal treatment – is a high risk, given a large global workforce across our various operations, including seafarers. Potential negative impact related to equality, pay equity and inclusion, given fast-paced environment for frontline and office-based workers. Third-party labour can also be subject to different managerial and behavioural standards being applied. Cases of discrimination can result in an inability  to attract talent and in remediation costs related to harassment cases.Safety and securitySafety of our workforceNO CHANGE  Risks of work-related lost time and life-altering incidents and fatalitiesRisks of work-related lost time and life-altering incidents and fatalities for workers  given the nature of the trans port and logistics sectors. This can pose a financial risk to A.P. Moller - Maersk in terms of costs of remediation and reputational damage.Exposure to global/local security risksNO CHANGE  Exposure to global/ local security risksGlobal and local geopolitical instability  and conflicts result in security risks, where criminals, terrorists and/or others with ill intent expose our employees to health and safety risks, e.g., piracy, contraband goods, theft and terrorism. Financially, this can cause disruptions to our operations, which may also impact our ability to decarbonise and costs related to safety incidents.Employee relations and labour rightsForced labourNO CHANGE  Forced labour such as debt bondage and withholding of passportsRisk of debt bondage and withholding  of passports for contracted workforce  and value chain workers. This risk is  higher for large infrastructure projects with a migrant workforce.Working hours and adequate wagesNO CHANGE  Excessive hours worked  for contracted frontline workersImpacts related to working hours  and overtime for contracted frontline  workers, such as truck drivers, seafarers and migrant workers.NO CHANGE  Ensuring that workers  are paid an adequate wageIn some supplier categories, there is  a potential risk of inadequate wages being paid for contracted labour.Adequate housing and sanitationNO CHANGE  Adequate housing and  sanitation facilities for own and  contracted workforceFor contracted workers and in the broader value chain, on-site housing is provided to workers at, e.g., terminal constructions, warehousing, shipyards and shipbreaking  yards. These spaces can potentially be substandard, crowded and not adequately hygienic – aggravated in some contexts  by the lack of gender segregation.1  Amendment: IRO description updated to focus  on lack of equal treatment across the workforceOur peopleThe people of A.P. Moller - Maersk (Maersk) are the foundation for our success and responsible for every day delivering on our customer promises, including our sustainability commitments. Our workforce is a crucial factor in maintaining and strengthening global supply chains. The efficiency and productivity of ports, ware-house activities, rail/road/air cargo systems, etc. depend on our own employees and our third-party employees. We invest in the motiva-tion and engagement of our workforce and aim to create a stable working environment, to safeguard the availability and reliability of cargo flows within the supply chains of our customers.  Our People approach is to support that every team member – regard-less of business, position or geography – can grow, develop and thrive at work in a safe and inspiring environment. At Maersk, we focus on the following people topics: People and culture, safety and security, employee relations and labour rights, which are all underpinned by our commitment to respecting human rights.   At Maersk, we employ 100,000+ people across almost 130 coun-tries in the world. Across our operations, we have a mix of office-based and frontline workers in landside logistics and terminal locations as well as 11,500+ seafarers that man our fleet of more than 700 con-tainer vessels. In addition to our own employees, we also rely on a large extended workforce of third-party contracted labour (non-em-ployee workers) who are not directly employed by Maersk but work on our premises, especially in Logistics &amp; Services and Terminals. These non-employees are working under Maersk’s responsibility and super-vision and are primarily workers hired through agencies to support our frontline operations. Beyond our own and non-employee workers, Maersk also relies on a diverse range of workers in our extended  value chain.  Our global operations span diverse labour markets, cultural norms and regulatory environments, requiring proactive risk management across our footprint. This includes ensuring fair and safe working conditions and creating opportunities for meaningful contributions through growth and learning.Employees and non-employee workers under Maersk’s duty of care face health and safety risks inherent to the transport and logistics sector, including work-related injuries, life-altering incidents and fatalities. Our global presence also exposes assets, employees and customer cargo to security risks, driven by geopolitical shifts, con-flicts, climate-related extreme weather and theft.  We remain vigilant in managing risks of harassment, discrimination or violence that could create physically or psychologically unsafe envi-ronments. Labour rights require active oversight, including preventing excessive working hours or overtime for employees and contracted workers. Contracted workers may also face restrictions on freedom of movement, such as passport retention. Other labour rights risks include ensuring fair wages, adequate housing and proper sanitation facilities.  Our policies, actions, and targets for addressing these risks are  detailed in the following sections.Maersk’s People StrategyOur People Strategy outlines the people principles which are our north star for all people practices and policies. It includes employee attraction, development and engagement activities to ensure work-force continuity and stability, while unleashing employees’ energy, focus and commitment to executing our strategy.  Our People Strategy focused on three priorities for 2025:•  Leadership Excellence•  Organisational Agility; and•  Consistent High PerformanceThese priorities were operationalised through initiatives that enhance leadership development, simplify managerial tools, strengthen talent and succession planning and improve workforce planning – creating transparent career pathways and robust pipelines that help attract and retain critical talent.  Our People Strategy is available to all employees on Maersk’s intranet and other internal channels. Every year, the People priorities, with specific focus areas, are set and communicated to the entire organisation.  We actively listen to employee voices through regular engagement surveys, using insights to strengthen inclusion, leadership and overall employee experience.Our people100,000+ employees165+ nationalitiesTOP 6 EMPLOYEE NATIONALITIES20%Indian11%Chinese9%Filipino8%US American3%Brazilian3%DanishESRS 2, ESRS S1People and cultureMaersk is committed to continuing to build an inclusive, high- performing culture by empowering colleagues, simpli fying work, strengthening leadership and driving continuous improvement. A culture that can support delivery of our business strategy while ensuring a safe, respectful, inclusive and engaging work-place that complies with local laws.IROsAttracting and retaining critical talentInability to retain and attract the right workforce for key critical capabilitiesDiscrimination and harassment in the workforce Negative impacts of harassment creating an unsafe working  environment for vulnerable groups in our workforceLack of equal treatment  Targets and progressEmployee engagement For 2025, we had a target of achieving an engagement score in the top quartile of our survey provider’s global norm. In 2025, we introduced a new survey approach, the PeoplePulse, designed to better reflect and measure the lived experience of our diverse workforce. The new survey does not allow for direct comparisons to prior year results due to changes in survey methodology. However, it is possible to estimate an indicative, approximate trend compared to 2024, which shows that engagement has improved compared to 2024. Maersk’s score for 2025 will be the baseline for measuring engagement going forward. In 2025, we had a high participation rate of 89% and achieved a score of 83, placing us in the top 10 percentile of the global norm.Engagement score in 2025 83InclusionAs the DE&amp;I targets set towards 2025 have concluded and we made meaningful progress regarding our diversity and inclusion activities, the next steps will be informed by the ongoing work on our broader, long-term Culture &amp; Inclusion efforts.  Key actionsPerformance-driven growthWe are accelerating efforts to strengthen our global talent pipeline through MPACT - our Performance Management System designed to maximise performance, alignment and career growth. To secure future leadership and operational excellence, we have identified critical posi-tions across the business. These positions are closely assessed on key measures to ensure we retain the best talent in those positions, and  we build a strong and global bench of succession candidates.  Turnover remains within expected levels despite market challenges. Our focus is on retaining critical capabilities, and trends are positive. In 2025, turnover for this category is 4.9%, reflecting a fair, performance- driven culture. We continue to take proactive steps to sustain this position.Implementation of a new PeoplePulse survey With PeoplePulse, Maersk takes the next step in its engagement journey. The new survey addresses key learnings from the previous approach: while engagement levels remain high, only 4 in 10 employees felt suffi-cient progress after past surveys. Leaders have received survey results and are accountable for acting with their teams, while we track progress through the twice-yearly survey cadence, complemented by internal campaigns on performance tools and training.Evolving our commitment to excellence and inclusionA Culture of Excellence is at the heart of our People Strategy and essential to achieving our business ambitions by fostering proactive ownership, driving continuous improvement, and embedding excel-lence as a shared mindset across the organisation. As we conclude our 2020–2025 journey, inclusion continues to be an important topic for Maersk going forward, fully supported and led by the Executive Leadership Team. Our goal remains consistent and clear – to create an inclusive workplace supported by robust policies and practices that attract, develop and retain talent at every level. In 2025, we established a Culture and Inclusion team to drive our continued efforts.Empowering through AI upskillingIn 2025, we advanced enterprise-wide AI fluency by investing in up - skilling and reskilling initiatives. Through foundational and advanced GenAI courses, we equipped colleagues to thrive amid rapid techno-logical change, reinforcing our commitment to agility, faster problem- solving and stronger innovation.  Policies and approachWe are committed to fostering a flexible and inclusive work environ-ment with employee-related policies and practices in place to promote well- being in support of talent attraction and retention.   Our approach is anchored in our Anti-Discrimination, Harassment, Bullying and Violence Policy, designed to proactively foster a culture of respect, as well as mitigating potential harm. The policy is available on Maersk.com and accessible via our intranet, alongside comprehensive training resources.  This policy is further reinforced by our Commit governance rules, Code of Conduct and aligned with international frameworks and stand-ards such as the UN Global Compact and the UN Guiding Principles on Business and Human Rights.   The key principle of equal opportunity is implemented in practice through development of internal guidelines like our Internal Hiring Policy, which lays the grounds for fairly giving opportunity to internal talent and our efforts on narrowing the gender pay gap. We report on the gender pay gap on page 97 in the social performance data of this report.ESRS 2, ESRS S1Safety and securityMaersk has a duty of care to ensure the basic human rights  of health, safety and security for everyone who works with us. Our Health &amp; Safety approach is based on the core pillars: imple menting and assuring global standards across our organisation, while ensuring we have a leadership-led culture that puts safety at the heart of opera-tional decision making. These pillars are further supported by ongoing, individualised efforts to identify and manage the specific HSSE (Health, Safety, Security, and Environment) risks within our business segments, including those in our standard operations and non-standard work, which occurs daily. These elements work in unison to provide a strong and scalable HSSE foun dation that provides a safe, secure and adapt-able work environment for future growth and customer needs.IROsSafety of our workforce Risks of work-related lost time and life-altering incidents and fatalitiesExposure to global/local security risksExposure to global/local security risks  Targets and progress100% Learning teams following a high potential incidentIn 2025, we successfully completed 100% Learning Teams to under-stand and learn from the high potential incidents that were recorded across Maersk’s operations. Completion of Learning Teams and acting on the learnings helps us applying a contextual and systemic under-standing of what caused the incident to happen and bring the risks under control before someone gets injured. In Logistics &amp; Services, multiple Learning Teams identified insufficient traffic management as a key risk, prompting this critical control to be the global safety  flagship programme delivering targeted safety risk reduction in 2026. Similarly, in APM Terminals and fleet, the focus will be on lashing inci-dents and cargo fires respectively with sub sequent mitigations.100% of learning teams completed following  a high potential incident in 2025 (2024: 99%)100%  Key actionsGlobal standardisationWe continued our multi-year ‘Protected By Maersk’ standardisation programme in 2025 to strengthen global implementation of our HSSE Management Framework, while also conducting 146 warehouse and depots HSSE audits and closing over 1,850 improvement actions towards our standards. Maersk also launched a new digitally enabled HSSE platform for audits and inspections in 2025. In 2026, it will expand to digitise incident management and HSSE actions, enabling consistent global performance, accountability and stronger cultural integration across Logistics &amp; Services and Terminals once fully  implemented.Safety cultureIn 2025, we continued initiatives to strengthen and expand our leader-led culture of care, curiosity and continuous improvement. More than 15,000 safety and security Gemba walks were conducted by leaders across our business segments, and our ‘Leading With Care’ programme trained frontline operational leaders in a people and safety-first approach that embeds safety and a continuous focus on learning into everyday decisions. This programme will further expand across global operations in 2026.  In Ocean, we launched a series of initiatives including training modules, Safety Observation Cards, briefing/debriefing, vessel audits, strengthening the Vessel Scorecard and targeted campaigns shaped by problem-solving insights. This process will continue into 2026 along with a new digital platform implementation for Asset Management and HSSE.NumberFatalities in 20250(1)Safety outcomes improved in 2025, with Maersk recording zero fatalities involving our own employees and contractors (non- employees) working under our responsibility and super vision, representing a clear improvement compared to prior years.  Tragically, four fatal incident involving value chain workers that were not working under Maersk’s supervision or respon-sibility were recorded within Maersk’s operations.  On 18 March, at a Maersk warehouse in Santa Fe Springs, California, a forklift mechanic with an external supplier suffered a fatal incident, while repairing a forklift.  On 7 November, an explosion occurred on the Kyparissia, a time-chartered vessel which is owned and operated by an external company, at the Port of Tanjung Pelepas (PTP), Malaysia, resulting in 3 fatalities.  Though each of these incidents was not preventable by Maersk management, each loss of life is deeply regrettable and reinforces our commitment to improving safety across the wider value chain.LTIfLost time incident frequency rate1.67(1.53 LTIf)The Lost Time Incident Frequency (LTIF) increased to 1.67, compared to 1.53 in 2024, due to a higher number of reported incidents in Logistics &amp; Services and APM Terminals.Security and business continuityGiven the increased global risks of disruption, from severe weather to geopolitical shifts and cybercrimes, continuity planning and crisis management is essential to Maersk and its stakeholders. We deployed global resilience and intelligence tools to standardise and better enable threat identification. This includes site-level business continuity plan-ning for business-critical sites, with 100 sites inducted in the system during 2025, and continued implementation for 2026.  Policies and approachOur dedication to health, safety, security and the environment (HSSE) is deeply rooted in our company values and formalised through Maersk’s HSSE Policy. Available publicly on Maersk.com, the policy outlines our commitment to operate our business in a healthy, safe, secure, and environmentally responsible manner.   It applies globally across all Maersk's entities, employees and any-one working under Maersk’s supervision, including non-employee work-ers (contracted workers). This ensures that all supervised individuals on our sites are covered by Maersk’s safety management systems. The HSSE Policy is further expounded in our HSSE Commit Rule and the Maersk HSSE Management Framework. Additionally, our Supplier Code of Conduct sets clear expectations for suppliers to uphold responsible practices, including safety and security.  The HSSE commitments and culture are mature in our Ocean and Terminals businesses, where there is a strong understanding of stand-ardised operational risks. Maersk’s landside Logistics &amp; Services busi-ness, however, does not have this legacy and has been the focus of rapid expansion in support of our integrated logistics strategy. This fast growth, along with entry into new locations with varying safety prac-tices and cultures, has broadened our HSSE risk landscape. Addressing this gap is a priority, in terms of compliance with global standards and policies, and driving the right safety culture to ensure their success-ful implementation. Hence, we are accelerating efforts globally to align our landside assets with the Maersk HSSE management framework and continue to integrate them into the long-established Maersk values of constant care for our people, assets and cargo.Our safety culture is guided  by four core principles:We lead with care: Leaders engage with frontline col-leagues, listen and respond to their needs to ensure safe and healthy work conditions.We learn and adapt:We build capacity by learning from everyday work and adapting our solutions to the reality of work. This helps us manage serious risks through effective ways of working and safeguards, that protect people while enhancing efficiency, using innovation and safety-by-design.Our people are the experts:We foster a learning and psycho-logically safe culture to uncover risks in daily work, by amplifying employee voices, encouraging engagement and sharing insights across the organisation.We are resilient:We plan for supply chain disruptions and maintain backup capa bilities to keep cargo moving for our custom-ers. Further, we continuously assess and manage our evolving safety and security risk exposure. ESRS 2, ESRS S1Employee relations  and labour rightsThe way we treat employees and their representatives is  fundamental to responsible business practices and grounded in respect for internationally recognised labour rights in all of our workplaces. Respect for fundamental labour rights is an essential part of Maersk’s responsible business practices, which include offering decent, fair and equitable working  conditions for all employees.IROsForced labourForced labour such as debt bondage and withholding of passportsWorking hours and adequate wagesExcessive hours worked for contracted frontline workersEnsuring that workers are paid an adequate wageAdequate housing and sanitation Adequate housing and sanitation facilities for own  and contracted workforce  Targets and progressWhile we do not have separate targets for employee relations and labour rights, these topics are part of Maersk’s Code of Conduct, which all Maersk’s office-based employees are trained in annually. Please refer to the Business ethics section of this report for more information on the completion rate of the Code of Conduct training.  Key actionsDuring 2025, Maersk undertook various activities to manage our  engagement and impacts on our workforce, including:Implementation of Third-Party Labour standardsWe further integrated the Global Standards on Third-Party Labour into APM Terminals’ Project Execution department, developing a tailored approach for greenfield and brownfield projects with multiple short-term third-party contributors. We launched a standardised monitoring process for Logistics &amp; Services and joint business reviews at Terminals to strengthen compliance, and rolled out a compliance tracking app across APM Terminals and Logistics &amp; Services as a single source of truth for documenting due diligence compliance.Engaging with unions on labour topicsWe met with the International Transport Workers Federation (ITF)  regularly to discuss a variety of topics, including migrant labour con-siderations within our Malaysia Logistics and Services operations, labour topics in multiple countries in Latin America, facilitation of a successful new collective bargaining agreement in Liberia. Following a meeting with ITF’s global leadership team, we are planning a joint workshop on the future of work (automation/AI) and supply chain due diligence. Moreover, Maersk was actively involved in negotiating the new six-year Master Contract for ports on the US East and Caribbean Coasts, and many other CBA negotiations.Fair wages We have advanced our pay transparency and pay equity readiness, with a multi disciplinary project team to prepare for upcoming EU requirements. While initially focusing on Europe, this work is expected to drive broader improvements in pay transparency and equity across the company.  Policies and approachMaersk has two main employee relations and labour rights policies: The Commit Rule applies to our own employees and describes the fundamental rights of employees as foundation of a positive working environment.   Maersk Global Standards on Third-Party Labour applies to contract/third-party labour and further clarifies the labour expectations out-lined in our Supplier Code of Conduct.   These policies are aligned with international standards, such as the UN International Labour Organisation core conventions and the UN Global Compact and cover all fundamental labour rights, including guidelines on forced and child labour, adequate housing and sanitation, wages and working hours. They are further supported by internal guide-lines for flexible working, a global employee benefits and rewards policy and other topic-specific policies on, e.g., safety, culture and inclusion, which all apply to the working conditions for Maersk employees.The employee relations and labour rights programme focuses on:Supply chain due diligence: Managing risks to employee rights in our supply chain is critical to growth in Logistics &amp; Services and projects in Terminals, which depends on third-party partners and operates in regions with higher risks. For this reason, we focus on robust systems to identify, manage and mitigate these risks in the expansion projects.   Freedom of association and right to collective bargaining: At Maersk, we support freedom of association and collective bargaining. While union representation in our company is generally considered to be strong and collective bargaining widespread, work is ongoing to establish complete visibility on union representation and collective bargaining agreements (CBAs) in local business entities.  Fair wages: Maersk is adopting a risk-based approach to fair wages, identifying high-risk areas and tailoring solutions in context to local labour markets. Our goal is to ensure all employees earn enough to meet basic needs for themselves and their immediate families. Our 2025 assessment, based on CSRD guidance and benchmarks, con-firmed no employees are below adequate wage levels. However, some high-risk locations exist, and we are developing customised solutions for these.Performance dataNumber of employeesEFRAG IDNumber of employees Number of employees S1-06_01in 2025 (headcount)in 2024 (headcount)SBM-1_03SBM-1_04S1-6_09S1-6_10S1-6_03Total number of employees 107,638 108,1601S1-6_03 Average number of employees 106,890106,6261  Refer also to the most representative average number of employees (FTEs) number in note 2.2 Operating costs of the consolidated financial statements. Average number of employees (headcount) is the average number of individual employees during the year while FTEs (as stated in note 2.2 operating costs of the consolidated financial statements) is calculated based on working hours and reported as an average  for the full-year.At year-end 2025, Maersk employed 107,638 employees, and the average number of employees during the year was 106,890.  ACCOUNTING POLICIES Total number of employeesTotal number of employees is the headcount of  employees with an employment contract with Maersk, who are on payroll regardless of the type of contract at year end. Excluded are employees on garden leave  and unpaid leave, contractors and third-party workers.  The number of employees is based on registrations in Maersk’s HR systems. Average number of employeesThe average number of employees is calculated as average number of employees (headcount) per month during the year.Number of employees by genderEFRAG IDGender Number of employees  Number of employees  S1-06_01in 2025 (headcount)in 2024 (headcount)S1-06_01Male 69,662 70,100S1-06_01Female 37.261  37,459S1-06_01Other 1 3S1-06_01Not disclosed 714 598At year-end 2025, of the 107,638 employees employed by Maersk, 69,662 were recorded as male, 37,261 were recorded as female, 1 was recorded as other and 714 were recorded as not disclosed.  ACCOUNTING POLICIES Number of employees by genderThe number of employees by gender is the number  of males, females, other and not disclosed in the total  number of employees at 31 December in the reporting year. The gender categorisation is based on registrations in Maersk’s HR systems.Number of employees by contract type by gender2025EFRAG ID Female Male Other Not disclosed TotalNumber of employees S1-6_0737,261 69,662 1  714  107,638(headcount)Number of permanent S1-6_0731,187 55,254 1 711 87,153employees (headcount)Number of temporary S1-6_076,074 14,408 0 3 20,485employees (headcount)Number of non-guaranteed S1-6_070 0 0 0 0hours employees (headcount)2024EFRAG ID Female Male Other Not disclosed TotalNumber of employees S1-6_0737,459 70,100 3  598  108,160(headcount)Number of permanent S1-6_0731,039 56,301 3 563 87,906employees (headcount)Number of temporary S1-6_076,420 13,799 0 35 20,254employees (headcount)Number of non-guaranteed S1-6_070 0 0 0 0hours employees (headcount)Maersk does not employ any employees on non-guaranteed hours contracts, and the majority of Maersk’s workforce is on permanent contracts.  ACCOUNTING POLICIES Number of employees (headcount) by contract typeThe number of employees (headcount) by contract type by gender is the number of permanent, temporary and non-guaranteed hours employees in the total number  of employees at 31 December in the reporting year.  The contract type and gender categorisation are based  on registrations in Maersk’s HR systems.Number of employees by countryEFRAG ID  Country Number of employees  Number of employees  in 2025 (headcount)in 2024 (headcount)S1-6_04India 15,388 16,159S1-6_05S1-6_04Denmark 15,145 15,820S1-6_05S1-6_04China 11,610 11,908S1-6_05S1-6_04USA 10,552 11,126S1-6_05In 2025, both India and China each account for more than 10% of Maersk’s global workforce, while the  USA accounts for just under 10%. Denmark has been included in the list as Maersk’s seafarer population  is employed by a Danish legal entity and thus has been allocated to Denmark. The seafarer population totals more than 11,500 employees.  ACCOUNTING POLICIES Number of employees by countryThe number of employees by country is the number of employees in countries where Maersk has more than 50 employees, representing at least 10% of the total number of employees at 31 December in the reporting year.  The employees by country specification is based on  registrations in Maersk’s HR systems.Number of employees by contract type by region2025EFRAG ID Asia  Europe Indian subcontinent, Latin North PacificMiddle East, AfricaAmericaAmericaS1-6_07 Number of employees S1-6_08(headcount) 26,781 32,737 23,184 11,286 13,650S1-6_07 Number of permanent S1-6_08employees (headcount) 19,499 21,205 22,823 10,064 13,562S1-6_07 Number of temporary S1-6_08employees (headcount) 7,282 11,532 361 1,222 88S1-6_07 Number of non-guaranteed S1-6_08hours employees (headcount) 0 0 0 0 02024EFRAG ID Asia  Europe Indian subcontinent, Latin North PacificMiddle East, AfricaAmericaAmericaS1-6_07 Number of employees S1-6_08(headcount) 27,015 32,781 23,770  10,526 14,068S1-6_07 Number of permanent S1-6_08employees (headcount) 19,138 21,959 23,400 9,448 13,961S1-6_07 Number of temporary S1-6_08employees (headcount) 7,877 10,822 370 1,078 107S1-6_07 Number of non-guaranteed S1-6_08hours employees (headcount) 0 0 0 0 0At year-end 2025, the share of employees in Maersk’s regions of Asia Pacific, Europe and the Indian subcontinent – Middle East and Africa were 25%, 30% and 22%, respectively, with the Latin America  and North America regions combined accounting for 23% of the employees in Maersk.  ACCOUNTING POLICIES Number of employees (headcount) by contract  type by regionThe number of employees (headcount) by contract type by region is the number of employees by contract type by region at 31 December in the reporting year. The employee contract type and region specifications are based on registrations in Maersk’s HR systemsEmployee attraction and retentionEFRAG ID Unit 2025 2024Entity specificEmployee engagement survey score Number 83 -S1-6_11Number of employees who left the company Number 15,294 11,835S1-6_12Total employee turnover rate % 14 11In 2025, we changed our engagement survey provider from Gallup to Glint. This means that while the KPI and target of being in the top quartile of the global benchmark remained the same, and the 2025 result of 83 put us in the top 10% of the global benchmark, it is not directly comparable with the numbers reported in the previous year. Maersk’s employee turnover remains within expected levels despite market challenges.  ACCOUNTING POLICIES Employee engagement survey scoreThe employee engagement survey score is the average score on the eSAT question "How happy are you working at Maersk?" in Maersk’s PeoplePulse survey. We use the Glint platform to prepare the employee engagement sur-vey score, including the conversion of responses received to a standardised average score on a 100-point scale, which allows for simpler, more meaningful tracking of progress over time.Number of employees who left the companyThe number of employees who left the company is the number of employees who left the organisation voluntarily or due to dismissal, retirement or death while employed by Maersk during the year. The number of employees  who left during the year is based on registrations in Maersk’s HR systems.Total employee turnover rateThe total employee turnover is calculated based on  the average number of employees and the number of  employees who left the company during the year.Diversity of our workforceEFRAG ID Unit 2025 2024S1-9_01# 5 4Gender distribution at top management levelS1-9_02% 36 31# 21,302 23,909S1-9_03Employees under 30 years old% 20 22# 73,050 71,946S1-9_04Employees between 30-50 years old% 68 67# 13,286 12,305S1-9_05Employee over 50 years old% 12 11In 2025, the share of women at top management level increased to 36%, up from 31% in 2024. At year-end 2025, 20% of employees were under 30 years, 68% between 30 and 50 years old,  and 12% older than 50 years old.  ACCOUNTING POLICIES Gender distribution at top management levelGender distribution at top management is the number and share of women at Board of Directors (BoD) minus 2 level, compared to the total headcount at the same levels. At Maersk, BoD minus 2 level is CEO and the direct reports to the CEO that are people leaders, excluding executive assistants and other administrative staff. 2024 numbers have been restated accordingly. Had we contin-ued to report using prior-year definitions (JL6+) - the %of Women in leadership in 2025 would have been 29% (27% in 2024).Employee age diversity The employee age diversity is the number and share of employees that are under 30 years old, between 30 and 50 years old (30 and 50 included), and over 50 years old. Age is defined as the chronological age, i.e. the total period in years a person/employee has existed. Age distri-bution of employees is based on registrations in Maersk’s HR systems.Compensation metricsEFRAG ID Unit 2025 2024S1-16_01 Gender pay gap % 4 5S1-16_02 Annual total remuneration ratio ratio 215 205For 2025, the gender pay gap for Maersk is 4. This unadjusted gender pay gap does not measure  a difference in compensation between men and women at the same job level or in the same countries,  but it is a broad average across our business. We work constantly to ensure fairness for all our colleagues. The annual total remuneration ratio result for 2025 landed at 215. In the coming years, we will continue to refine our approach, which may also impact the outcome of the KPIs.  ACCOUNTING POLICIES Gender pay gapThe gender pay gap is calculated as the difference of average annual total remuneration between female and male employees, expressed as a percentage of the average annual total remuneration of male employees. The annual total remuneration for all own employees is calculated using the fully loaded cost index. Fully loaded cost is calculated per job level and country, and is an esti-mation of the benefits, guaranteed allowances, employer liabilities, on-target short-term incentives, on-target long-term incentives and recognition costs for 2025. The calculation is based on number of employees and their estimated annual total remuneration during the reporting year. Excluded from the calculation are learners, interns, graduates, students, cadets, long-term assignees and inactive employees on unpaid or garden leave.Annual total remuneration ratioThe annual total remuneration ratio is calculated by  comparing the annual total remuneration of the highest paid employee in Maersk with the annual median total remuneration of the rest of the own employees in Maersk. The annual total remuneration for all own employees is calculated using the fully loaded cost index. Fully loaded cost is calculated per job level and country, and is an esti-mation of the benefits, guaranteed allowances, employer liabilities, on-target short-term incentives, on-target long-term incentives and recognition costs for 2025.  The calculation is based on number of employees and their estimated annual total remuneration during the reporting year. Excluded from the calculation are learners, interns, graduates, students, cadets, long-term assignees and inactive employees on unpaid or garden leave.Uncertainties and estimatesWhen preparing the gender pay gap, employees with  annual salaries and part-time salaries are converted to full-time equivalents as part of the calculation method-ology. In order to ensure cross-country comparability, we apply a standard formula to calculate the hourly rate for all employees. The calculation is based on 2,103 hours  per year for all employees. This is the current weighted average contractual working hours across Maersk. When preparing the annual total remuneration ratio and the gender pay gap, the fully loaded cost index is used as the basis of calculation. The fully loaded cost includes benefits, guaranteed allowances, employer liabilities, on- target short-term incentives, on-target long-term incen-tives and recognition costs for Maersk’s own employees for 2025. The on-target costs for short and long-term incentives/bonus are estimates as the actual costs are dependent on various factors not fully known at the time of reporting.  Both metrics are prepared in USD, with local currency values converted accordingly. These currency conversions may affect the annual results and comparability over time.Employees paid below the applicable adequate wage benchmarkEFRAG ID Country Unit 2025 2024S1-10_03 N/A % 0 0For 2025, our assessment shows that we have no employees in any country that are paid below the applicable adequate wage benchmark.  ACCOUNTING POLICIES Percentage of employees paid below the applicable  adequate wage benchmarkThe percentage of employees paid below the applicable adequate wage benchmark is prepared and reported as the percentage of employees in any country where not all Maersk employees are paid an adequate wage, and is based on the total number of employees during the reporting year. Where a country has a single national minimum wage, that rate is applied for all employees. In countries with multiple minimum wage benchmarks, varying by region or industry, the highest minimum wage is initially used to identify employees earning below this threshold. This is subsequently followed by a detailed assessment based on the minimum wages applicable to each employee’s specific location or industry. Adequate wages is determined as: In the European Economic Area (EEA): The minimum wage set in accordance with Directive (EU) 2022/2041 of the European Parliament and of the Council on adequate minimum wages in the European Union. In the period until Directive (EU) 2022/2041 enters into force, where there is no applicable minimum wage determined by legislation or collective bargaining in an EEA country, Maersk uses an adequate wage benchmark from a neighbouring country with a similar socio-eco-nomic status or not lower than a commonly referenced international norm such as 60% of the country’s median wage and 50% of the gross average wage.Outside of the EEA:i.   The wage level established in any existing interna-tional, national or sub-national legislation, official norms or collective agreements, based on an assess-ment of a wage level needed for a decent standard  of living;ii.   If none of the instruments identified in (i) exist, any national or sub-national minimum wage established  by legislation or collective bargaining; oriii.  Living Wage benchmark (typical family law) as  provided by Wage Indicator.Excluded from the calculation are learners, interns, graduates, students, cadets, long-term assignees and inactive employees on unpaid or garden leave.Safety and security1120222021EFRAG ID Unit 2025 2024 2023S1-14_02 Fatalities Number 0 1 4 9 4S1-14_04 Lost time incidents (LTIs) Number 552 493S1-14_04Lost time incidents  - own employees Number 353 377 - - -S1-14_04Lost time incidents  - contractors (non-employees) Number 199 116 - - -S1-14_04Lost time incident frequency (LTIf) Rate 1.67 1.53 1.14 0.93 0.93S1-14_05Lost time incident frequency  - own employees Rate 1.29 1.39 - - -S1-14_05Lost time incident frequency  - contractors (non-employees) Rate 3.49 2.28 - - -Entity specificLearning teams completed  Completion  following a high potential incidentrate 100 99 99 83 -1  Not covered by the Independent Auditor’s limited assurance report.In 2025, we recorded zero work-related fatal incidents, reflecting our continued focus on preventing serious harm and strengthening safety performance across operations.  For 2025, the Lost Time Incident Frequency (LTIF) increased to 1.67, compared with 1.53 in 2024, due  to a higher number of reported Lost Time Incidents in certain business areas. In Logistics &amp; Services, the increase primarily reflects improvements in safety reporting practices, supporting greater transparency  and pro active risk management. At APM Terminals, the standardisation of reporting processes enabled  a single, consistent approach and leading to more comprehensive and transparent reporting in 2025.  In Fleet operations, incidents were mainly associated with slips, trips, falls and pinch-point injuries, which  was addressed through targeted training and campaigns, leading to positive trend by end year.  In line with our commitment to learning and continuous improvement, 100% of learning teams were completed following high-potential incidents.  ACCOUNTING POLICIES FatalitiesFatalities is the headcount of work-related accidents leading to the death of the employee regardless of time between injury and death. Fatalities include own em-ployees and contractors (non-employees) working under Maersk’s responsibility and supervision.Lost time incidentsA lost time incident is a work-related injury, which re-sults in an individual being unable to return to work and carry out any of his/her duties within 24 hours following the injury, unless caused by delays in getting medical treatment. Excluded from LTIs are suicide or attempted suicide, ‘natural causes’, incidents during the commute to and from the regular place of work and incidents which occur off the ship, but where the consequences appear onboard at a later point in time. LTIs are recorded separately for Maersk’s own employees and contractors (non-employees) working under Maersk’s responsibility and supervision. Beyond our own and non-employee workers, Maersk also relies on a diverse range of workers in our extended value chain, which are not included in our safety numbers. Lost time incident frequency (LTIf)Lost time incident frequency is the number of lost time incidents per million exposure hours. LTIs used to cal-culate the LTIf follows the definition for LTIs. Exposure hours are the total number of work hours in which an employee is exposed to work-related hazards and risks. Leave and non-work-related sickness are excluded from exposure hours.Uncertainties and estimatesWhen preparing the lost time incident frequency, the exposure hours performed by Maersk’s own and non-employees (contractors) are used as the basis for calcu-lating the frequency. Since actual exposure hours are not registered for all employees across Maersk’s operations, Maersk applies estimates where actual exposure hours are not available. The estimates are based on the type of work and employee contracts, e.g. certain number of exposure hours for seafarers aboard a vessel and certain number of exposure hours for office-based employees.Learning teams completed  following a high potential incidentLearning teams completed following a high potential incident is calculated as the share of learning teams completed following a high potential incident has been recorded. The number of high potential incidents and learning teams completed is based on reporting by brands and maintained and quality-assured by the Group Safety &amp; Resilience team of Maersk. To give the organisa-tion sufficient time to complete a learning team and main-tain completeness in our reporting, the reporting period runs from 31 October in the previous year to 31 October in the reporting year, i.e. for 2025 the reporting period is 1 November 2024 to 31 October 2025.  A high potential incident is defined as an incident or near miss with the potential to cause a life-altering injury or a fatality, and assessed using Maersk’s incident severity matrices.   A high potential incident may be exempted from con-ducting a learning team in cases where a full-scale investi-gation has been carried out by internal or external parties, or the involved parties are outside of Maersk’s operational control, or legal circumstances does not allow us to engage due to a legal investigation, or due to a recurrence of an incident for which a learning team has been previously completed.  Responsible business conduct  Business ethics  Sustainable procurement   Data and AI ethics   Responsible  tax    Performance  dataGovernanceinformation2025 TargetBusiness ethicsAnnual targetEmployees (in scope) trained  in Maersk’s Code of Conduct92 % 100 %Sustainable  procurementAnnual targetSuppliers (in scope) committed  to the Supplier Code of Conduct100 % 100 %Responsible taxOngoing ambitionEnsure full compliance with  tax regulations in all countries  where we operateESRS 2GovernanceinformationOverview of our material impacts, risks and opportunities related  to Governance.Business ethicsLegal and regulatory compliance NO CHANGE  Impact and risk of cases of noncompliance on anti-corruption laws, international sanctions or transport of  illegal goodsThe legal and regulatory landscape in which Maersk operates is complex, and Maersk could be subject to compliance cases in connection with violations of anti-corruption laws, international sanctions, trans portation of illegal goods, competition law and/or data privacy. Corruption can negatively impact company culture and society, eroding trust and exacerbating inequality in societies.Grievance and remedyNO CHANGE  Access to grievance and  remedy for affected stakeholdersPotential barriers to access grievance mechanisms for our stakeholders (e.g., language, fear of retaliation,  psycho logical or physical barriers)  could result in violations of rights and  lack of access to remedy. The risk is heightened in the value chain.Sustainable procurementSupplier relationship managementNO CHANGE  Risks of noncompliance with Maersk’s standards by our suppliersRisks of suppliers not complying  with Maersk’s standards, including the Supplier Code of Conduct, could lead  to Maersk being subject to cases and  incidents that negatively impact Maersk’s reputation and trust with customers  and/or direct financial costs.Payment practicesNO CHANGE  Ensuring timely and fair  payment practices to suppliersPotential impact on suppliers’ working capital and cash flow affecting their financial and operational stability. Especially with regard to late payments  for small and medium-sized undertakings.Data and AI ethicsEthical use of data and AINO CHANGE  Ethical use of our stake- holders’ data and protection of  individuals’ right to privacyPotential risk of undue influence, mis-handling and abuse of data and artificial intelligence can have negative implications to the customers and business partners whose data has been handled unethically. This erodes trust in Maersk as a business partner. Potential violation of employees’ and consumers’ right to privacy if their personal data is not handled responsibly.Responsible taxTax governanceNO CHANGE  Risk of different  interpre tations and tax controversyTax regulations are complex and differences in interpretation is  considered a key risk, with impacts  depending on the specific situation.Responsible  business conductA.P. Moller - Maersk (Maersk) is a purpose-driven company operating in a complex environment that relies on integrated global supply chains. Our commitment to operate based on responsible business practices under pins our efforts to ensure compliance with relevant laws, regulations and responsible business conduct, while adequately mitigating risks.IROsGrievance and remedy Access to grievance and remedy for affected stakeholdersAs a global leader in logistics services, Maersk serves 100,000+ cus-tomers and operates in almost 130 countries with a complex footprint across our business segments and value chain. We work to ensure that we have the right corporate culture to live up to Our Purpose and Core Values. Our approach is driven by our Commit governance framework and ESG categories on business ethics, sustainable procurement, data ethics and AI, and responsible tax.  Corruption undermines social and economic development, destabi-lises the business environment and adds to the cost of doing business and participating in global trade. Sanctions and export controls have grown exponentially over the last couple of years, and with growing geopolitical tensions, they are impacting global trade more than ever. Anti-competitive behaviour distorts fair market conditions, impacting global supply chains.   In this dynamic business environment and complex legal and reg-ulatory landscape, it is imperative for Maersk to continuously enhance our compliance programme to adapt to evolving regulatory require-ments, market conditions and geopolitical events. Increasing regulation on value chain due diligence, including the EU Corporate Sustainability Due Diligence Directive, is also raising the importance of ensuring that Maersk’s suppliers meet our global standards and local laws around business ethics, human and labour rights, working conditions and employment practices and environmental responsibility.   Across the industry, Maersk also sees a sharp rise in contraband, from narcotics to illegal wildlife and timber trafficking, and stolen and counter feit goods. These criminal activities continue to affect our supply chain and require on going, proactive management to mitigate the risks of threats to people, bribery attempts and operational disruptions that are often associated with contraband trafficking.  Finally, as the digitalisation of supply chains continues to accelerate, including the rapid adoption of generative AI, responsibly managing data from business partners and customers has never been more relevant to maintaining their trust in Maersk. Grievance and remedyMaersk promotes a ‘speak-up’ culture where everyone is encouraged to voice and share concerns and feels safe doing so. This is core to our Code of Conduct and supported by a strict zero-tolerance and non- retaliation policy. Employees and stakeholders have access to multiple channels to raise issues confidently.   Our whistleblower programme, anchored in the Maersk Commit framework, is a key process and reporting channel. The programme is independently managed on a third-party platform and complete confi-dentiality is maintained, including the option of anonymous reporting.   Whistleblower reports are supported by effective investigations led by independent and impartial investigators, with follow-up actions taken to address violations and implement controls that prevent recur-rence. The investigators follow standardised investigation procedures, outlined in our misconduct reports and investigation process documents, The three core  elements of CommitMaersk’s internal governance framework Our Commit governance framework sets the  foundation for how we work in Maersk to ensure  compliance with relevant laws, regulations and  responsible business conduct, as well as having  adequate risk mitigation. The framework is  structured around three core elements:Our guiding Core Valueshave been shaped and strengthened since our foundation in 1904. These were updated in 2022 to ensure that they are consistently interpreted, easy to apply and have a strong connection to Our Purpose. Read more on Maersk.com.Our Code of Conduct sets global standards for how we engage with  colleagues, customers, suppliers, communities,  authorities and other stakeholders. The Code of  Conduct is routinely maintained to ensure align-ment with internal and external requirements.21 rules of business ethics,  governance and authority are included in the governance framework,  providing detailed internal instructions for all  employees covering high-risk areas. These are  subject to internal controls and an annual  internal assurance process.while also complying with local laws when doing investigations, including the protection of data privacy.   To make the whistleblower programme accessible to everyone, including employees and external stakeholders, and to reflect the global nature of our business, the mechanism is available in 73 languages via phone hotlines and in 20 languages through the online reporting portal. The whistleblower channel is publicly available on Maersk.com and by telephone, and integral to both our Code of Conduct and Supplier Code of Conduct. We actively monitor the number of cases raised across our stakeholder groups as an indicator of the level of awareness and trust in our whistleblower programme and to strengthen our speak-up cul-ture. In 2025, 1,174 whistleblower reports in scope of the programme were received, up 24% compared to 2024, indicating strong trust in the programme and successful awareness campaigns. During 2025, we had 3 cases on discrimination in the workforce. We had no severe human rights incidents during the 2025 reporting year.In addition to the whistleblower programme, other internal channels are available for our employees to ask questions or raise concerns such as direct management or leaders, our Compliance, People or Ombuds functions, and our employee assistance programme. Maersk’s inter-nal Ombuds function acts as a neutral, independent, informal and confidential function providing an alternative for employees who feel uncomfortable raising concerns in other channels. The function offers a voluntary safe place for employees to seek guidance, voice concerns or discuss options for any work-related matter. Launching a new Whistleblower system In 2025, we implemented a new whistleblower system with enhanced case management capabilities, simplified intake, built-in artificial  intelligence, machine translation, embedded tools and templates, and improved dashboard and reporting features. To support the rollout, we launched the Speak Up campaign across all our locations, target-ing both direct and indirect workers. We also rolled out training pro-grammes for investigators.Conclusion of NCP caseIn August 2025, NCP Denmark (the Danish Mediation and Complaints Handling Institution for Responsible Business Conduct) made their final statement on the case against Maersk regarding the joint venture of Douala International Terminal in Cameroon. NCP Denmark concluded that Maersk has satisfactorily implemented the recommendations pro-vided by the NCP. Maersk actively engaged with NCP Denmark through-out the investigation, and we continue to value opportunities to review and strengthen our processes to respect international standards. No other NCP cases have been filed or closed during 2025. Political engagement and advocacyMaersk is actively involved in shaping policy and regulatory discussions at global and regional levels on relevant topics ranging from safety and security to international trade. The Executive Leadership Team is over-seeing Maersk’s political engagement and advocacy efforts. A key focus for our political engagement efforts continues to be the decarbonisa-tion of the maritime and logistics industries. Maersk’s position is that shipping is global and therefore global regulations, such as the Interna-tional Maritime Organization (IMO)’s Net-Zero Framework, are needed for shipping to reach its climate goals.  In Europe, it is essential to maintain a steady focus on implement-ing the Fit for 55 framework, while making adjustments to bridge the uncertainties that companies can face as part of the transition. At the EU level, Maersk welcomes the progress made in recent years on ambitious green legislation and we continue our engagement for reaching these targets while addressing the competitiveness con-cerns of sustainable solutions.  Maersk adheres to policies and procedures to ensure responsible lobbying. The company is part of the EU Transparency Register (regis-tration number 680443918500-51).  Maersk does not provide financial or in-kind donations to politi-cians, regulators or political parties. In Denmark, we are members of trade associations such as Danish Shipping and Danish Industry, which may allocate political contributions on behalf of their sectors; these decisions are made solely by the associations. In the US, Maersk oper-ates a Political Action Committee (PAC) where voluntary contributions from individuals support candidates or issues, subject to strict legal limits and reporting requirements. In 2025, PAC donations totalled USD 16,500, and no other political contributions were made by Maersk.  Maersk actively participated in key global meetings during the year, including IMO MEPC (in April and October), New York Climate Week and COP30, emphasising the need for stronger global commitments to decarbonisation. At New York Climate Week, Maersk's and APM Termi-nals' leaders and sustainability experts participated discussions from decarbonising ocean and smart freight to climate investment strate-gies and the UN Global Africa Business Initiative.ESRS S3, ESRS G1Business ethicsCorruption, sanctions and export controls, competition law violations and data privacy are Maersk’s most material business ethics risks. Our policies, approach and governance around busi-ness ethics ensure a high standard for responsible business practices everywhere we operate, aligned with international requirements, and with heightened focus in jurisdictions with greater exposure to these risks and human rights abuses.IROLegal and regulatory compliance Impact and risk of cases of noncompliance on anti-corruption laws, international sanctions or transport of illegal goods  Targets and progressMaersk has the strategic target of 100% of in-scope employees com-pleting annual training on our Code of Conduct. In 2025, we achieved a rate of 92%. Risk assessments are an integral tool used to inform and target our compliance activities, and we have set the qualitative target of anchoring compliance risks ownership in our respective business functions. 100% of employees (in scope) trained in the  Maersk Code of Conduct (2024: 94%)92%  Key actionsAs we advanced our ambition to have a best-in-class compliance pro-gramme, we embarked on a suite of projects over a period of two years. Highlights in 2025 include: DigitalisationDigitalisation of our key compliance approvals and processes remains an important provider of insights into operational and compliance risk trends and patterns within our business. In 2025, we continued rolling out and refining our ‘Minerva’ automated sanctions screening platform to adapt to evolving trade regulations. We also continued integrating working with sustainable procurement and vendor data management to integrate third-party management screening and assessment at the process level during vendor onboarding. We use data to monitor activities of interest throughout the organisation – we monitor our ERP system using compliance algorithms to flag transactions of interests  to ensure adherence to our policiesCompliance spot checksBased on our Commit Rule framework, over 67 compliance spot checks were conducted in selected entities and processes, determined by loca-tion risk, annual risk assessment, legislative climate etc. These spot checks covered critical risks in anti-corruption, sanctions compliance, competition law and data privacy.Risk assessmentsAfter a successful pilot with a joint venture entity, we conducted kick-off meetings with the first functional entity at the end of 2025, and will start the full risk assessment roll-out in January 2026 with this entity as well as subsequent entities throughout the year. Refinement of key processesWe further refined key processes, including the deployment of a new whistleblower system and an improved Conflict of Interest declaration/revalidation process.  Policies and approachThe Maersk Code of Conduct sets global standards for how we engage with colleagues, customers, suppliers, communities, authorities and other stakeholders. Maersk takes active responsibility for the society and environment where we operate around the world, and is guided by international standards such as the Universal Declaration of Human Rights, the principles of the UN Global Compact and the  OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. The Code of Conduct is publicly available on Maersk.com,  in 17 languages.  Employees are required to take Code of Conduct trainings (onboard-ing and yearly refreshers). We also conduct ongoing campaigns and activities linked to international awareness events such as Business Ethics Day, Anti-Corruption Day, and Illegal Wildlife Day. We have launched our campaign #IOWNMYROLE to encourage each employee to take personal ownership of compliance and ethical behaviour in their daily activities. Other ongoing communication activities include our Speak Up and No Retaliation campaigns, Sanctions and Export Controls awareness, Dawn Raid Preparedness and Data Privacy Due Diligence Check campaign.   At Maersk, we are committed to investigating allegations of business misconduct promptly, independently and objectively. Protocols are in place for internal investigations and disciplinary actions to ensure a swift and effective response to compliance violations. Cases of non-compli-ance are reported to the Board and to the Executive Leadership Team through the Risk and Compliance Committee.  The respective Commit Rules covering anti-corruption, sanctions and export controls, competition law violations and data privacy set out the measures to identify, mitigate and manage compliance risks in jurisdictions where we operate. These efforts are carried out through dedicated teams of 70+ Compliance professionals and a comprehen-sive Business Compliance Ambassadors’ network of 70+ employees embedded throughout the organisation. These experts, represented in all our regional offices and many high-risk locations, partner with col-leagues in the business to detect, assess and mitigate risks. Maersk is also a founding and active member of the Maritime Anti-Corruption Network, a network working to eliminate corruption in the maritime and port industries. Maersk is joining other world leading companies  in OECD’s Anti-Corruption Leadership Hub, Galvanizing Private Sector initiative and Business at OECD to ensure that our activities are aligned with the latest developments in the fight against corruption. In 2025, Maersk joined Business at OECD’s committee on Responsible Business Conduct as vice-chair to drive a balanced and effective implementation of the OECD Guidelines for Multinational Enterprises.ESRS S1, ESRS S2, ESRS G1Sustainable procurement Maersk relies on a global network of approximately 40,000  suppliers to support our business and create value for our  customers. Sustainable procurement is essential to managing supplier base risk, maintaining customer trust and ensuring that ESG is embedded in the entire supplier lifecycle. IROsSupplier relationship managementRisks of noncompliance with Maersk’s standards by our suppliersPayment practicesEnsuring timely and fair payment practices to suppliers  Targets and progressIn 2025, we achieved our target of securing full commitment from all in-scope suppliers to Maersk Supplier Code of Conduct (SCoC), reinforced by a mandatory Sustainable Procurement clause. This was enabled by our strengthened source-to-contract process and supplier engage-ment, ensuring sustainability requirements are adhered to throughout the supplier lifecycle.  While we do not have specific targets for payment practices, we strive to treat all suppliers responsibly, also when it comes to payments.  Key actionsThis year’s actions reflect our efforts to integrate sustainability  into core procurement processes, reinforce stakeholder trust and  position Maersk to meet evolving regulatory expectations under  the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD). ESG integration in supplier lifecycle and ESG platform roll-outIn 2025, Maersk deployed a supplier risk assessments ESG Platform, expanding coverage across our supplier base. The platform assigns risk scores based on country and industry risks, business criticality and suppliers’ performance across ESG topics, enabling prioritisation of high-risk suppliers for further engagement and continuous improve-ment. A centralised ESG dashboard provides real-time visibility into supplier performance, enabling continuous monitoring, improved data quality and enhanced governance, allowing us to work on hot-spots while strengthening due diligence and compliance practices in line with our SCoC expectations. Supplier engagement and capacity buildingWe continuously focus on creating awareness and building capacity both internally and with our suppliers. To address supply chain risks and impacts, Maersk undertook audits, assessments and on-site ‘Gemba’ visits in 2025, with a focus on labour rights, occupational health and safety, and fair working conditions. Improvement plans and follow-ups are in place to ensure continuous supplier practice improvement for identified gaps. This year, we also strengthened the maturity of our approach with an internal self-assessment that shaped targeted ESG playbooks to drive integrated, measurable and actionable performance. Building visibility of supplier related paymentsWe ensured fair and timely supplier compensation through active monitoring of payment timeliness. In 2025, our procure-to-pay com-pliance rate remained consistently high, minimising the impact of delayed payments on suppliers.  Policies and approachMaersk’s Sustainable Procurement Programme is designed to advance responsible sourcing that minimises environmental footprint, upholds ethical standards, and creates long-term value. Sustainability is there-fore embedded throughout the supplier lifecycle and supported with data-driven insights. This includes contractual supplier selection and management through pre-qualification screening (based on environ-mental performance, labour practices and safety standards); inclusion of ESG clauses in supplier contracts, aligned with Maersk’s Supplier Code of Conduct and sustainability policies; and maintaining contin-uous oversight and improvement once partnerships are in place. Our approach is anchored by three policies: Our Supplier Code of Conduct (SCoC) outlines the minimum stand-ards expected from suppliers to ensure ethical, socially responsible and environmentally sustainable business practices. It is grounded in internationally recognised frameworks, including the UN Global Com-pact, ILO Conventions, UN Guiding Principles on Business and Human Rights and ISO standards on Health, Safety &amp; Environment. Policy scope includes Health, Safety &amp; Security; Labour Rights; Working with Integrity; Environmental Responsibility; Implementation &amp; Accounta-bility; Grievance and Remedy Mechanism; and tracking of supplier SCoC commitment. Maersk’s Supplier Code of Conduct is publicly available on Maersk.com, it is translated into 12 languages and communicated across multiple channels. In 2025, we created guidelines that are now an integral part of the SCoC, to help suppliers apply its principles  and standards.The sustainable procurement commit rule is aligned with Maersk’s sustainability strategy and embeds ESG principles into our source- to-contract process and supplier engagement. This internal governance document is applicable to all employees involved in supplier interac-tions. Anchored within Maersk’s governance framework, it provides employee guidance on how to select, engage and manage suppliers responsibly across the value chain. The rule was updated  in 2025 and is available through internal channels and mandatory training courses.Our global vendor payment policy safeguards our efforts to ensure fair and timely payment practices, particularly for small and medium-sized enterprises, as part of responsible supplier engagement. The policy is applicable across Maersk and its subsidiaries. Unless otherwise agreed and subject to local and national legal requirements, Maersk’s standard payment terms are in line with EU law. Internal tools provide visibility  on payment practices, minimise late payments and improve supplier experience through prompt, equitable payments.ENTITY SPECIFICData and AI ethicsResponsibly managing data from customers, business part-ners and employees is a critical issue in today’s society. AI has a transformational impact on logistics and requires effective governance in place to responsibly unlock future innovation.  Through strong governance and ethical use of data and AI, we mitigate risks and position Maersk as a digital frontrunner in our industry, in alignment with Our Purpose and Core Values. This is essential to our customers, partners and our strategy.IROEthical use of data and AIEthical use of our stakeholders’ data and protection  of individuals’ right to privacy  Targets and progressWhile we do not have specific targets for Data and AI ethics, these are part of Maersk’s Code of Conduct. All Maersk’s office-based employees must complete Maersk’s Code of Conduct training annually. Refer to the Business ethics section of this report for more information on the completion rate of the Code of Conduct training.  Key actionsMaersk continued to strengthen the foundations needed to manage  data and AI responsibly across the organisation. The key actions taken  during the year reflect our commitment to trust, regulatory readiness  and responsible innovation:Preparing for emerging data and AI regulationRisk-based classification of AI systems, documentation practices  and clearer oversight routines were introduced to align with global  regulatory expectations, including the EU AI Act.Building long-term resilience through a risk-based approachA unified framework for data and AI risks (compliance, ethics and quality) was established, enabling leadership to prioritise the most material exposures and guide focus where risks need to be mitigated.  For 2026, Maersk will focus on stabilising these foundations,  further maturing AI governance and embedding a risk-based approach that ensures responsible and compliant use of data and AI across  the enterprise.  Policies and approachMaersk’s Data Ethics Policy sits at the core of how we design, develop and deploy data-powered and AI-enabled solutions. It expresses our leadership ambition to use data and technology responsibly and in ways that uphold trust with customers, partners and employees.  The Data Ethics Policy is anchored in four principles – Transparency, Respect, Security and Innovation – and guides how we collect, handle and use data across our global operations. As our logistics products rely increasingly on intelligent and data-driven capabilities, these principles ensure that innovation is matched with accountability and that data is used to create value without compromising stakeholder confidence.  All Maersk data and AI policies and standards further details and complements this by embedding responsible AI expectations into the lifecycle of AI systems and aligning them to Maersk’s Commit govern-ance framework. Our internal guidelines direct teams through respon-sible development and deployment of AI, including risk classification of AI systems, transparency for limited-risk use cases, documentation obligations and the oversight and record-keeping required for compli-ance with the EU AI Act.  The policies are reinforced through awareness programmes, oper-ating procedures, technology standards and embedded controls that help ensure consistent, safe and responsible use of data and AI across Maersk’s products and platforms. Oversight is provided by the execu-tive Risk &amp; Compliance Committee, with operational governance driven through the enterprise Data &amp; AI Ethics Committee and supporting working groups.  These policies apply to all Maersk entities, employees, contractors and controlled joint ventures. They are publicly referenced through our Code of Conduct, with internal AI and Data Ethics standards providing practical guidance for day-to-day decision-making as we scale data and AI in our operations.ENTITY SPECIFICResponsible taxMaersk strives to act responsibly and with integrity in all tax matters. We work closely with tax authorities to ensure that we fully disclose relevant information and pay the correct amount  of taxes while balancing obligations towards our shareholders.IROsTax governanceRisk of different interpre tations and tax controversy  Targets and progressWe have not set measurable targets in regard to responsible tax.  We aspire to act responsibly and with integrity in all tax matters  and strive to be compliant in every jurisdiction across the world,  considering both the letter and the spirit of the law.   Key actionsAccelerating automationThis year, we focused on building resilience and accelerating auto-mation to ensure agility and sustained compliance as legislation  and reporting requirements continue to evolve rapidly.   Policies and approachThe Maersk Responsible Tax approach is incorporated in the Maersk Code of Conduct and applies to the entire Group (entities and employees). The Maersk Tax Principles and Strategy are approved by the Audit Committee on behalf of the Board of Directors. We conduct  and manage tax affairs in accordance with our Tax Principles, outlined in our 2025 Tax Report, which is publicly available here. These princi-ples are reviewed annually and closely aligned with our Core Values  and business strategy. We strive to be a compliant and accountable taxpayer in all countries where we operate. This includes:•  Managing tax risk and reputation with a responsible  and transparent tax practice, e.g., instructions on the timely  involvement of the global tax team.•  We do not engage in artificial structures or other tax-driven engagements.•  Accurate data provision required per law or upon request  from authorities.•  Reporting of violations of group tax principles in line with  internal procedures. Our approach to tax risk management aligns with Maersk’s enter-prise risk management and internal control framework, which includes tax controls. We constantly identify and manage tax risks to ensure adherence to our tax principles, including compliance with the letter and the spirit of the law. A clear procedure is in place for the assess-ment, management and reporting of identified tax risks, including quarterly updates to the Executive Leadership Team on both tax risks and tax strategy.  Our tax conduct is an ongoing effort with an ever-moving target as business and legal requirements continue to evolve. We allocate sig-nificant resources to secure our adaptation to continuously emerging compliance requirements and governance, including the digitalisation of work where feasible, thus ensuring a continued, robust and efficient in-house tax function.Performance dataCode of Conduct training1120222021EFRAG ID Indicator Unit 2025 2024 2023G1-3_07 Code of Conduct training Completion rate 92 94 92 83 -1  Not covered by the Independent Auditor’s limited assurance report.Completion rate remains strong, with a minor variation from the previous year. We continue to reinforce awareness to maintain a strong compliance culture and strive towards a 100% completion rate for the employees in scope for the Code of Conduct training.  ACCOUNTING POLICIES Code of Conduct training Code of Conduct training is the completion rate of employees in scope for the Maersk Code of Conduct e-learning out of the total employee population in scope. The employees in scope for the e-learning are active office-based Maersk employees. This excludes office- based employees on long-term leave, consultants and employees that have joined Maersk after 31 October in the reporting year. The employees in scope of the Code of Conduct training cover 58% of the total employees in Maersk during 2025. The completion rate is based on registrations in Maersk’s learning management system.Whistleblower casesEFRAG ID Indicator Unit 2025 2024Cases received Number 1,174 947Cases which were substantiated Number 357 324G1-1_02Cases which were unsubstantiated Number 258 247S1-17_03Cases closed due to insufficient information Number 153 159Cases open Number 406 217In-scope whistleblower cases totalled 1,174 in 2025, up from 947 in 2024, reflecting continued engagement with speak-up channels. Substantiated cases primarily involved people conduct and workplace behaviour, along with ethical concerns, conflicts of interest, and misuse of company resources.   Three cases of discrimination on protected grounds were confirmed, resulting in dismissals and written warnings.  No incidents related to human rights violations such as forced labour, human trafficking or child labour were reported during the year.  ACCOUNTING POLICIES Whistleblower casesWhistleblower cases is the number of cases received by Maersk in the whistleblower system that are in scope during the reporting year. This definition has been updated compared to 2024, where we reported on all cases received in the Whistleblower system. Cases in scope relate to alleged violations of laws, Maersk’s  Code of Conduct, or Maersk’s Business Ethics Rules.  This includes cases of fraud, corruption and bribery,  conflicts of interest, discrimination and harassment  on protected grounds etc. Cases that are out of scope include routine employment issues, commercial issues and domestic matters unrelated to Maersk. We have therefore restated 2024 cases from 1,387 to 947.  Whistleblower cases do not include cases reported  via other channels such as Maersk’s Ombuds function.Incidents of corruption and briberyEFRAG ID Indicator Unit 2025 2024G1-4_01Number of convictions for violation of anti-corruption  and anti-bribery laws # Nil NilG1-4_02 Amount of fines for violation of anti-corruption and anti-bribery laws USD Nil NilG1-6_04 Number of legal proceedings outstanding for late payments # Nil NilMaersk has not been convicted for violation of anti-corruption or anti-bribery laws during 2025 and thus  no fines have been paid in relation to such cases. Likewise, no legal proceedings for late payments are  outstanding per year-end 2025.  ACCOUNTING POLICIES Number of convictions for violation  of anti-corruption and anti-bribery laws The number of convictions for violation of anti- corruption and anti-bribery laws includes all convictions as a result  of legal proceedings against A.P. Møller - Mærsk A/S  and/or any of its subsidiaries in the reporting year.Amount of fines for violation  of anti-corruption and anti-bribery lawsThe amount of fines paid for violation of anti-   corrup tion and anti-bribery laws includes fines paid  as a result of legal proceedings on these matters against A.P. Møller - Mærsk A/S and/or any of its  subsidiaries in the reporting year.Number of legal proceedings  outstanding for late paymentsThe number of legal proceedings outstanding for late payments includes all legal proceedings against A.P. Møller - Mærsk A/S and/or any of its subsidiaries  relating to late payments of business partners that  are outstanding at year end.Sustainable procurement1120222021EFRAG ID Indicator Unit 2025 2024 2023Entity specificSuppliers committed to Maersk’s  Supplier Code of Conduct % 100 87 95 96 -Entity specificTier 1 high-risk category/ strategic suppliers undergoing  ESG assessments % 86 47 71 77 -Entity specificHigh-risk category/strategic  suppliers assessed with improvement plans successfully closed % 83 87 79 69 -Entity specificProcurement staff trained in  Completion  sustainable procurementrate 99 99 91 - -1  Not covered by the Independent Auditor’s limited assurance report.In 2025, we delivered on key milestones to advance responsible sourcing across our global supply chain.   We achieved 100% compliance with in-scope suppliers formally committing to Maersk’s Supplier Code of Conduct (SCoC) and accepting the mandatory Sustainable Procurement Clause. This was driven by inten-sified engagement with new and incumbent suppliers, supported by tailored communications and targeted follow-ups. ESG integration into our source-to-contract process was strengthened by introducing the SCoC at the pre-contract stage and systematically embedding the clause during contracting. We made notable progress on ESG assessments for tier 1 high-risk and strategic suppliers, recording a 39 percentage point increase compared to 2024 and surpassing our 85% target. This improvement was enabled by an awareness programme designed to strengthen business understanding of the process.  To drive consistency and accountability, we introduced a suite of enabling tools, including digital dash-boards for performance tracking, and embedded assessment results into supplier selection and business performance cycles.We continue to work closely with suppliers to address gaps in SCoC adherence, through structured improvement plans, achieving an 83% closure rate and exceeding our 80% target. These plans remain  a core mechanism for corrective actions identified via assessments, audits and continuous monitoring, supported by consistent follow-up to ensure timely completion and continuous improvement.Building awareness and capability across the procurement community is critical to embedding ESG principles into everyday practices. In 2025, 99% of procurement employees had completed mandatory Sustainable Procurement training, underscoring our commitment to responsible sourcing and deeper ESG integration.  ACCOUNTING POLICIES Suppliers committing to Maersk’s Supplier  Code of ConductSuppliers committing to Maersk’s Supplier Code of Conduct (SCoC) is the percentage of existing valid con-tracts with active suppliers which include a sustainable procurement clause, a reference to SCoC in the contract or a CoC acknowledgment document out of the total number of valid active supplier contracts. The suppliers committing to Maersk’s SCoC is based on registrations in Maersk’s sustainable procurement database, DocuSign Insights.Tier 1 high-risk category/strategic suppliers  undergoing ESG assessmentsTier 1 high-risk category/strategic suppliers under-going ESG assessments is the share of Tier 1 high-risk and strategic suppliers that have undergone an ESG assessment out of the total number of tier 1 high-risk category and strategic suppliers with valid contracts. The suppliers under going ESG assessments is based on registrations in database maintained by the sustainable procurement team.High-risk category/strategic suppliers assessed  with Improvement Plan successfully closedHigh-risk category/strategic suppliers assessed with  improvement plans successfully closed is the percentage of active high-risk category/ strategic suppliers with valid contracts that have successfully closed gaps observed within the agreed timelines through an improvement plan implementation out of the total high-risk category/strategic suppliers with improvement plans. The suppliers assessed with improvement plan successfully closed is based on registrations made in the database maintained by the sustainable procurement team.Procurement staff trained in  sustainable procurementProcurement staff trained in sustainable procurement (SP) is the completion rate of procurement employees in scope for the SP e-learning out of the total employee population in scope. The employees in scope for the e-learning in 2025 are procurement employees in Maersk. This excludes procurement employees on long-term leave and procurement employees that have joined Maersk  after 31 October in the reporting year. The completion rate is based on registrations in Maersk’s learning  management system.AppendixDisclosure requirements covered by Maersk’s Annual Report 2025  ............111Incorporation by reference  ....................................................................113Disclosure requirements that derive from other EU legislation  ................... 114Proportion of revenue from products or services  associated with taxonomy-aligned economic activities 2025  ....................116Proportion of CAPEX from products or services  associated with taxonomy-aligned economic activities 2025  ....................117Proportion of OPEX from products or services  associated with taxonomy-aligned economic activities 2025  ....................117EU Taxonomy accounting policies  ..........................................................117Disclosure requirements in ESRS covered by Maersk’s Annual Report 2025The table below provides an overview ESRS datapoints that derive from other  EU legislation and where this information can be found if deemed material.General disclosuresESRS disclosure requirement Section/report PageGeneral disclosuresBP-1General basis for preparation of the sustainability statement Basis of preparation 58BP-2Disclosures in relation to specific circumstances Basis of preparation  58Corporate governance 46The role of the administrative, management and  GOV-1supervisory bodiesESG governance model 52Information provided to and sustainability matters addressed  Corporate governance 46GOV-2by the undertaking’s administrative, management and  supervisory bodiesESG governance model 52Integration of sustainability-related performance  GOV-3Remuneration reportin incentive schemesGOV-4Statement on due diligence Sustainability due diligence 55Risk management and internal controls over sustainability  GOV-5Corporate governance 47reportingBusiness model 10Sustainability strategy 51SBM-1Strategy, business model and value chainConsolidated financial  130statements, note 2.1Social performance data 94-98SBM-2Interests and views of stakeholders Stakeholder engagement 56Sustainability strategy 51Material impacts, risks and opportunities and their interaction SBM-3with strategy and business model61Double materiality assessment87100Description of the process to identify and assess material  IRO-1Double materiality assessment 53impacts, risks and opportunitiesDouble materiality assessment 111Disclosure requirements in ESRS covered by the undertaking’s methodologyIRO-2sustainability statementIndex tables 114 Environment ESRS disclosure requirement Section/report PageClimate changeIntegration of sustainability-related performance  E1.GOV-3Remuneration reportin incentive schemesE1-1Transition plan for climate change mitigation Climate change 64Material impacts, risks and opportunities and their  E1.SBM-3Climate change 61interaction with strategy and business modelDescription of the processes to identify and assess material  E1.IRO-1Double materiality assessment 53climate-related impacts, risks and opportunitiesE1-2Policies related to climate change mitigation and adaptation Climate change 63-71E1-3Actions and resources in relation to climate change policies Climate change 66-71E1-4Targets related to climate change mitigation and adaptation Climate change 64E1-5Energy consumption and mix Climate change performance data 78E1-6Gross scopes 1, 2, 3 and total GHG emissions Climate change performance data 73-77E1-8Internal carbon pricing Financing our transition plan 65Anticipated financial effects from material physical and  E1-9Climate change 71transition risks and potential climate-related opportunitiesPollutionDouble materiality assessment 53Description of the processes to identify and assess material  E2.IRO-1pollution-related impacts, risks and opportunitiesStakeholder engagement 56E2-1Policies related to pollution Environment and ecosystems  81E2-2Actions and resources related to pollution Environment and ecosystems  81E2-3Targets related to pollution Environment and ecosystems  81E2-4Pollution of air, water and soil Environmental performance data 84Anticipated financial effects from pollution-related impacts, E2-6Environment and ecosystems 84risks and opportunitiesESRS disclosure requirement Section/report PageBiodiversity and ecosystemsDescription of processes to identify and assess material  Double materiality assessment 53E4.IRO-1biodiversity and ecosystem-related impacts, risks and  opportunitiesStakeholder engagement 56Material impacts, risks and opportunities and their  61E4.SBM-3Environment and ecosystemsinteraction with strategy and business modelTransition plan and consideration of biodiversity  E4-1Environment and ecosystems 79-80and ecosystems in strategy and business modelE4-2Policies related to biodiversity and ecosystems Environment and ecosystems 79-80E4-3Actions and resources related to biodiversity and ecosystems Environment and ecosystems 79-80E4-4Targets related to biodiversity and ecosystems Environment and ecosystems 79-80E4-5Impact metrics related to biodiversity and ecosystems change Environment and ecosystems 79-80Resource use and circular economyDouble materiality assessment 53Description of the processes to identify and assess material  methodologyE5.IRO-1resource use and circular economy-related impacts, risks andStakeholder engagement 56E5-1Policies related to resource use and circular economy Environment and ecosystems 81-83Actions and resources related to resource use and circular  E5-2Environment and ecosystems 81-83economyE5-3Targets related to resource use and circular economy Environment and ecosystems 81-83E5-4Resource inflows Environmental performance data 85E5-5Resource outflows Environmental performance data 85 SocialESRS disclosure requirement Section/report PageOwn workforceS1.SBM-2Interests and views of stakeholders Stakeholder engagement 56Material impacts, risks and opportunities and their  S1.SBM-3Our people 87interaction with strategy and business modelOur people 89-93S1-1Policies related to own workforceGrievance and remedy 102-103ESRS disclosure requirement Section/report PageProcesses for engaging with own workforce and workers’  S1-2Stakeholder engagement 56-57representatives about impactsProcesses to remediate negative impacts and channels  S1-3Grievance and remedy 102-103for own workforce to raise concernsTaking action on material impacts on own workforce, and  Our people 89-93approaches to managing material risks and pursuing material S1-4opportunities related to own workforce and effectiveness  Grievance and remedy 102-103of those actionsTargets related to managing material negative impacts,  S1-5advancing positive impacts and managing material risks  Our people 89-93and opportunitiesS1-6Characteristics of the undertaking’s employees Social performance data 94-96S1-9Diversity metrics Social performance data 96S1-10Adequate wages Social performance data 97S1-14Health and safety metrics Social performance data 98S1-16Remuneration metrics (pay gap and total remuneration) Social performance data 97S1-17Incidents, complaints and severe human rights impacts Grievance and remedy 102-103Workers in the value chainS2.SBM-2Interests and views of stakeholders Stakeholder engagement 56Material impacts, risks and opportunities and their  S2.SBM-3Our people 87interaction with strategy and business modelSustainable procurement 105S2-1Policies related to value chain workersGrievance and remedy  102-103S2-2Processes for engaging with value chain workers about impacts Stakeholder engagement 56-57Processes to remediate negative impacts and channels  S2-3Grievance and remedy 102-103for value chain workers to raise concernsTaking action on material impacts on value chain workers, and Sustainable procurement 105approaches to managing material risks and pursuing  S2-4material opportunities related to value chain workers,  Grievance and remedy 102-103and effectiveness of those actionsTargets related to managing material negative impacts,  S2-5advancing positive impacts and managing material risks  Sustainable procurement 105and opportunitiesESRS disclosure requirement Section/report PageAffected communitiesS3.SBM-2Interests and views of stakeholders Stakeholder engagement 56Material impacts, risks and opportunities and their  87S3.SBM-3Double materiality assessmentinteraction with strategy and business modelGrievance and remedy 102-103Sustainability due diligence 55S3-1Policies related to affected communitiesClimate change 63-71Environment and ecosystems 79-83Business ethics 104Processes for engaging with affected communities  S3-2Stakeholder engagement 56-57about impactsProcesses to remediate negative impacts and channels  S3-3Grievance and remedy 102-103for affected communities to raise concernsGrievance and remedy 102-103Taking action on material impacts on affected communities,  Sustainability due diligence 55and approaches to managing material risks and pursuing  S3-4Climate change 63-71material opportunities related to affected communities,  and effectiveness of those actionsEnvironment and ecosystems 79-83Business ethics 104  GovernanceESRS disclosure requirement Section/report PageBusiness conductESG governance model 52The role of the administrative, supervisory and  G1.GOV-1management bodiesCorporate governance 46Description of the processes to identify and assess  Double materiality assessment G1.IRO-1100material impacts, risks and opportunitiesmethodologyGrievance and Remedy 102-103G1-1Business conduct policies and corporate cultureBusiness ethics 104G1-2Management of relationships with suppliers Sustainable procurement 105G1-3Prevention and detection of corruption and bribery Business ethics 104G1-4Incidents of corruption or bribery Governance performance data 108G1-5Political influence and lobbying activities Political engagement 103G1-6Payment practices Sustainable procurement 105ESRS 2Incorporation by referenceThe table below provides an overview of where information can be found relating to ESRS  disclosures that have been incorporated by reference and stated outside of the sustainability  statement as part of other sections of this Annual Report or in the Remuneration Report.Disclosure requirements incorporated by referenceDisclosure  Data  Paragraph Pagerequirementpoint(s)Number of executive and non-executive members  GOV-1§21aCorporate governance 43of the Board of DirectorsGO V-1§21b Employee representatives on the Board of Directors Corporate governance 43GOV-1§21d, §23a-b Diversity of the Board of Directors Corporate governance 43GOV-1§21e Percentage of independent Board of Directors members Corporate governance 43GOV-1§23a-b, §5b, Information on Board competences,  43, Corporate governanceG1.GOV-1§21c, §17skills and relevant experience46-48Material impacts, risks and opportunities addressed  GOV-2§26cCorporate governance 43by the Board of DirectorsGOV-5§36a-e Information on risk management and controls Corporate governance 44GOV-3§27, §29a-eInformation on sustainability-linked remunerationRemuneration reportE1.GOV-3§13S1-16§97b The annual total remuneration ratio (the CEO pay ratio) Remuneration reportSBM-1§42, §42a-b Business model and value chain Business model 10§40a i-ii,  Business strategy and products/services linkage  SBM-1Strategy 10-1140e-gto sustainability mattersConsolidated financial SBM-1§40b Total revenue by significant sectors130statements, note 2.1Consolidated financial SBM-1§40d-i Revenue derived from fossil fuel activities130statements, note 2.1Disclosure requirements that derive from other EU legislationThe table below provides an overview of ESRS data points that derive from other EU legislation,  cf. ESRS 2 Appendix B and where this information can be found if deemed material.General disclosuresESRS data point Information Regulation PageGeneral disclosuresGOV-121 (d) Board’s gender diversity ratio SFDR 43GOV-121 (e)  Percentage of independent Board members SFDR 43GOV-430 Statement on due diligence SFDR 55SBM-140 (d) i Activity in fossil fuel sector SFDR 130Activity in chemical, controversial weapons  SBM-140 (d) ii - 40 (d) ivSFDR N/Aand/or tobacco industry EnvironmentESRS data point Information Regulation PageClimate changeE1-114 Transition plan for climate change mitigation EU Climate Law 64Pillar 3,  E1-116 (f) Exclusion from EU Paris-aligned BenchmarksBenchmark N/AregulationSFDR, Pillar E1-434 (a) - 34 (b) Emission reduction targets3, Benchmark 64regulationE1-537 (a) (c) Energy consumption from fossil and renewable sources SFDR 78E1-537 (b) Energy consumption from nuclear sources SFDR N/AFuel consumption from coal and coal products and  E1-538 (a) (b)SFDR N/Afrom crude oil and petroleum productsE1-538 (c) (d) Fuel consumption from natural gas and other fuel sources SFDR 78Consumption of purchased or acquired electricity,  E1-538 (e) SFDR 78heat, steam or cooling from fossil sourcesEnergy consumption and intensity from activities  E1-540-43SFDR 78in high-climate-impact sectorsSFDR, Pillar 3, E1-648-52 Scope 1, scope 2 and scope 3 emissions73BenchmarkSFDR, Pillar E1-653, 55 GHG emission intensity3, Benchmark 76regulationESRS data point Information Regulation PageE1-756 GHG removals and stage EU Climate Law N/AE1-966 Assets at material financial risk Pillar 3 71Carrying amount of real estate assets by energy  Phased E1-967 (c) Pillar 3efficiency classesinFinancial opportunities (cost savings, market size and Benchmark Phased E1-969changes to net revenue) from climate change actionsregulationinPollutionE2-428 (a) Emissions to air, water and soil SFDR 84Water and marine resourcesE3-111, 13, 14, 28(c)All disclosures SFDR N/AE3-4(e), 29Biodiversity and ecosystemsActivities in biodiversity-sensitive areas, impacts related  E4.SBM-316 (a) (b) (c) to land degradation, desertification and soil sealing,  SFDR 61and operations affecting threatened speciesPolicies on sustainable land or agriculture practices,  E4-224 (b) (c) (d)sustainable oceans and sea practices, and deforestation SFDR 79-80practicesResources use and circularityE5-511, 13, 14 Non-recycled waste SFDR N/AE5-528 (c) (e)  Hazardous waste SFDR 85E5-529 Radioactive waste SFDR N/A SocialESRS data point Information Regulation PageOur workforce11 (b) Geographies or commodities with risk of forced labour  SFDR 87S1.SBM-311 (b) Geographies or commodities with risk of child labour SFDR N/AS1-120 (a) General approach to human rights SFDR 5589-93, S1-120 (b) General approach to engagement with own workforce SFDR102-103Approach and availability of grievance and remedy  S1-1, S1-320 (c), 32 (c)SFDR 102-103in regards to own workforcePolicies are aligned with internationally recognised  S1-121SFDR 89-93instrumentsPolicies addressing human trafficking, forced labour  S1-122SFDR 89-93and child labourS1-123 Policies on accident prevention SFDR 89-93SFDR,  S1-1697 (a) - 97 (b) Gender pay gap, annual total remunerationBenchmark 97regulationS1-17103 (a) Incidents of discrimination SFDR 102-103SFDR,  S1-17104 (a) Severe human rights issues and incidentsBenchmark 102-103regulationWorkers in the value chain11 (b) Geographies or commodities with risk of forced labour  SFDR 87S2.SBM-311 (b) Geographies or commodities with risk of child labour SFDR N/AHuman rights policy commitments and approach related  S2-117 (a), 19to value chain workers, aligned with internationally  SFDR 102-105recognised standardsS2-117 (b) General approach to engagement with value chain workers SFDR 102-105S2-117 (c)  Approach to remedy for human rights impacts SFDR 102-105Policies explicitly addressing forced labour and child  S2-118, 19SFDR 102-105labour, aligned with internationally recognised standardsS2-118 Undertaking has a supplier code of conduct SFDR 102-105SFDR,  Severe human rights issues and incidents connected  S2-419, 36Benchmark 102-103to value chain workersregulationESRS data point Information Regulation PageAffected communitiesHuman rights policy commitment to affected  SFDR,  commu nities, whether policies are aligned with S3-116, 17Benchmark 55-57internationally recognised instruments, and general  regulationapproach to human rights of communitiesS3-116 (b) Approach to engagement with affected communities SFDR 55-57Approach to remedy in regard to human rights impacts  S3-116 (c) SFDR 102-103for affected communities55, Severe human rights issues and incidents connected  63-71, S3-436SFDRto affected communities 79-83, 102-104Consumers and end-usersSFDR,  S4-116 (a) (b) (c),  All disclosuresBenchmark N/AS4-417, 35regulation  GovernanceESRS data point Information Regulation PageStatement if no policies exist in regard to anti-corruption  G1-110 (b) (d)SFDR N/Aand bribery and to protection of whistleblowersNumber of convictions and amount of fines for violations  G1-424 (a)SFDR 108of anti-corruption and bribery lawsSBM-1 §40b,c,§41Types of revenue 2025 2024Ocean Freight revenue 29,634 32,6841Other revenue, including hubs5,341 4,704Logistics &amp; Services Managed by Maersk 2,201 2,167Fulfilled by Maersk 5,674 5,735Transported by Maersk 7,228 7,018Terminals Terminal services 5,339 4,465Unallocated activities and eliminations Towage services - 304Sale of containers and spare parts 742 490Other shipping activities 85 113Other services 713 634Eliminations -2,969 -2,832Total revenue 53,988 55,482Timing of revenue recognitionRecognised over time 50,078 52,308Recognised at a point in time 6,879 6,006Eliminations -2,969 -2,832Total revenue 53,988 55,4821  Of which USD 1.7bn (USD 1.5bn) relates to Maersk Energy Markets revenue from third-party customers. SBM-1 §40d-i</mrv:SustainabilityReport>
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   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s9__8__9-1" xml:lang="en">People and cultureMaersk is committed to continuing to build an inclusive, high- performing culture by empowering colleagues, simpli fying work, strengthening leadership and driving continuous improvement. A culture that can support delivery of our business strategy while ensuring a safe, respectful, inclusive and engaging work-place that complies with local laws.IROsAttracting and retaining critical talentInability to retain and attract the right workforce for key critical capabilitiesDiscrimination and harassment in the workforce Negative impacts of harassment creating an unsafe working  environment for vulnerable groups in our workforceLack of equal treatment  Targets and progressEmployee engagement For 2025, we had a target of achieving an engagement score in the top quartile of our survey provider’s global norm. In 2025, we introduced a new survey approach, the PeoplePulse, designed to better reflect and measure the lived experience of our diverse workforce. The new survey does not allow for direct comparisons to prior year results due to changes in survey methodology. However, it is possible to estimate an indicative, approximate trend compared to 2024, which shows that engagement has improved compared to 2024. Maersk’s score for 2025 will be the baseline for measuring engagement going forward. In 2025, we had a high participation rate of 89% and achieved a score of 83, placing us in the top 10 percentile of the global norm.Engagement score in 2025 83InclusionAs the DE&amp;I targets set towards 2025 have concluded and we made meaningful progress regarding our diversity and inclusion activities, the next steps will be informed by the ongoing work on our broader, long-term Culture &amp; Inclusion efforts.  Key actionsPerformance-driven growthWe are accelerating efforts to strengthen our global talent pipeline through MPACT - our Performance Management System designed to maximise performance, alignment and career growth. To secure future leadership and operational excellence, we have identified critical posi-tions across the business. These positions are closely assessed on key measures to ensure we retain the best talent in those positions, and  we build a strong and global bench of succession candidates.  Turnover remains within expected levels despite market challenges. Our focus is on retaining critical capabilities, and trends are positive. In 2025, turnover for this category is 4.9%, reflecting a fair, performance- driven culture. We continue to take proactive steps to sustain this position.Implementation of a new PeoplePulse survey With PeoplePulse, Maersk takes the next step in its engagement journey. The new survey addresses key learnings from the previous approach: while engagement levels remain high, only 4 in 10 employees felt suffi-cient progress after past surveys. Leaders have received survey results and are accountable for acting with their teams, while we track progress through the twice-yearly survey cadence, complemented by internal campaigns on performance tools and training.Evolving our commitment to excellence and inclusionA Culture of Excellence is at the heart of our People Strategy and essential to achieving our business ambitions by fostering proactive ownership, driving continuous improvement, and embedding excel-lence as a shared mindset across the organisation. As we conclude our 2020–2025 journey, inclusion continues to be an important topic for Maersk going forward, fully supported and led by the Executive Leadership Team. Our goal remains consistent and clear – to create an inclusive workplace supported by robust policies and practices that attract, develop and retain talent at every level. In 2025, we established a Culture and Inclusion team to drive our continued efforts.Empowering through AI upskillingIn 2025, we advanced enterprise-wide AI fluency by investing in up - skilling and reskilling initiatives. Through foundational and advanced GenAI courses, we equipped colleagues to thrive amid rapid techno-logical change, reinforcing our commitment to agility, faster problem- solving and stronger innovation.  Policies and approachWe are committed to fostering a flexible and inclusive work environ-ment with employee-related policies and practices in place to promote well- being in support of talent attraction and retention.   Our approach is anchored in our Anti-Discrimination, Harassment, Bullying and Violence Policy, designed to proactively foster a culture of respect, as well as mitigating potential harm. The policy is available on Maersk.com and accessible via our intranet, alongside comprehensive training resources.  This policy is further reinforced by our Commit governance rules, Code of Conduct and aligned with international frameworks and stand-ards such as the UN Global Compact and the UN Guiding Principles on Business and Human Rights.   The key principle of equal opportunity is implemented in practice through development of internal guidelines like our Internal Hiring Policy, which lays the grounds for fairly giving opportunity to internal talent and our efforts on narrowing the gender pay gap. We report on the gender pay gap on page 97 in the social performance data of this report.Diversity of our workforceEFRAG ID Unit 2025 2024S1-9_01# 5 4Gender distribution at top management levelS1-9_02% 36 31# 21,302 23,909S1-9_03Employees under 30 years old% 20 22# 73,050 71,946S1-9_04Employees between 30-50 years old% 68 67# 13,286 12,305S1-9_05Employee over 50 years old% 12 11In 2025, the share of women at top management level increased to 36%, up from 31% in 2024. At year-end 2025, 20% of employees were under 30 years, 68% between 30 and 50 years old,  and 12% older than 50 years old.  ACCOUNTING POLICIES Gender distribution at top management levelGender distribution at top management is the number and share of women at Board of Directors (BoD) minus 2 level, compared to the total headcount at the same levels. At Maersk, BoD minus 2 level is CEO and the direct reports to the CEO that are people leaders, excluding executive assistants and other administrative staff. 2024 numbers have been restated accordingly. Had we contin-ued to report using prior-year definitions (JL6+) - the %of Women in leadership in 2025 would have been 29% (27% in 2024).Employee age diversity The employee age diversity is the number and share of employees that are under 30 years old, between 30 and 50 years old (30 and 50 included), and over 50 years old. Age is defined as the chronological age, i.e. the total period in years a person/employee has existed. Age distri-bution of employees is based on registrations in Maersk’s HR systems.</mrv:StatementOfTheDiversityPolicies>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s9__8__8" xml:lang="en">Data and AI ethicsResponsibly managing data from customers, business part-ners and employees is a critical issue in today’s society. AI has a transformational impact on logistics and requires effective governance in place to responsibly unlock future innovation.  Through strong governance and ethical use of data and AI, we mitigate risks and position Maersk as a digital frontrunner in our industry, in alignment with Our Purpose and Core Values. This is essential to our customers, partners and our strategy.IROEthical use of data and AIEthical use of our stakeholders’ data and protection  of individuals’ right to privacy  Targets and progressWhile we do not have specific targets for Data and AI ethics, these are part of Maersk’s Code of Conduct. All Maersk’s office-based employees must complete Maersk’s Code of Conduct training annually. Refer to the Business ethics section of this report for more information on the completion rate of the Code of Conduct training.  Key actionsMaersk continued to strengthen the foundations needed to manage  data and AI responsibly across the organisation. The key actions taken  during the year reflect our commitment to trust, regulatory readiness  and responsible innovation:Preparing for emerging data and AI regulationRisk-based classification of AI systems, documentation practices  and clearer oversight routines were introduced to align with global  regulatory expectations, including the EU AI Act.Building long-term resilience through a risk-based approachA unified framework for data and AI risks (compliance, ethics and quality) was established, enabling leadership to prioritise the most material exposures and guide focus where risks need to be mitigated.  For 2026, Maersk will focus on stabilising these foundations,  further maturing AI governance and embedding a risk-based approach that ensures responsible and compliant use of data and AI across  the enterprise.  Policies and approachMaersk’s Data Ethics Policy sits at the core of how we design, develop and deploy data-powered and AI-enabled solutions. It expresses our leadership ambition to use data and technology responsibly and in ways that uphold trust with customers, partners and employees.  The Data Ethics Policy is anchored in four principles – Transparency, Respect, Security and Innovation – and guides how we collect, handle and use data across our global operations. As our logistics products rely increasingly on intelligent and data-driven capabilities, these principles ensure that innovation is matched with accountability and that data is used to create value without compromising stakeholder confidence.  All Maersk data and AI policies and standards further details and complements this by embedding responsible AI expectations into the lifecycle of AI systems and aligning them to Maersk’s Commit govern-ance framework. Our internal guidelines direct teams through respon-sible development and deployment of AI, including risk classification of AI systems, transparency for limited-risk use cases, documentation obligations and the oversight and record-keeping required for compli-ance with the EU AI Act.  The policies are reinforced through awareness programmes, oper-ating procedures, technology standards and embedded controls that help ensure consistent, safe and responsible use of data and AI across Maersk’s products and platforms. Oversight is provided by the execu-tive Risk &amp; Compliance Committee, with operational governance driven through the enterprise Data &amp; AI Ethics Committee and supporting working groups.  These policies apply to all Maersk entities, employees, contractors and controlled joint ventures. They are publicly referenced through our Code of Conduct, with internal AI and Data Ethics standards providing practical guidance for day-to-day decision-making as we scale data and AI in our operations.</mrv:StatementOfPolicyForDataEthics>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s9__8__12" xml:lang="en">Summary Maersk’s EU Taxonomy KPIsBreakdown by environmental objectives of taxonomy-aligned activitiesKPI Total Proportion of Taxonomy- Proportion of Climate Climate Water Circular Pollution Biodiversity Proportion Proportion of Not assessed Taxonomy- Proportion of taxonomy-aligned taxonomy- change change economyof enabling transitional activities aligned taxonomy- eligible activities aligned mitigationadaptationactivitiesactivitiesconsidered activities  aligned activities activitiesactivitiesnon-materialin 2024in 2024USDm % USDm % % % % % % % % % % USDm %Revenue 53,988 80.05 4,680 8.67 8.67 0.00 0.00 0.00 0.00 0.00 4.13 4.53 0.00 2,988 5.39CAPEX 8,678 79.06 1,670 19.24 19.24 0.00 0.00 0.00 0.00 0.00