Trade The News story
Reports Q2 EBIT $1.57B v $544Me, EBITDA $2.99B v $2.06Be, Rev $15.8B v $14.1Be; Raises again FY outlook citing improved visibility for the remainder of the year
- Raises again FY26 underlying EBITDA $10.5-12.5B, EBIT $4.5-6.5B, FCF above break even , Affirms Capex $10-11B (prior:Underlying EBITDA $8-10.0B, EBIT $2.0-4.0B, FCF 'at least' -$1.5B)
- Raises lower-end FY26 Global container market volume growth +4% (prior: +2-4%)
- EBIT margin 10.0% v 6.2% y/y
- Ocean Rev $10.5B v $8.57B y/y
- Terminal Rev $1.45B v $1.31B y/y
- Logistics & Services Rev $4.22B v $3.67B y/y
- Loaded Freight Rate ($/FFE) +22% y/y (2,746 vs 2,259)
-Outlook: The second quarter was yet another proof point of the new era of heightened volatility we have entered. Strong, broad-based demand from the Far East since 2024 has resulted in significantly more unbalanced trade flows, with volume levels that are challenging landside infrastructure capacity. From ports to inland transportation, we are seeing increased congestion and disruption across multiple geographies. Our global team's ability to capture opportunities in these difficult markets has enabled us to deliver significant volume and earnings growth across our businesses, leading to the substantial upgrade to our full-year guidance. As markets evolve, we remain focused on helping customers respond quickly to change and maintain the integrity of their supply chains. With bottlenecks remaining deeply entrenched, we must continue to invest in critical trade infrastructure and scale, to keep delivering the best possible value to our customers.
- Raises lower-end FY26 Global container market volume growth +4% (prior: +2-4%)
- EBIT margin 10.0% v 6.2% y/y
- Ocean Rev $10.5B v $8.57B y/y
- Terminal Rev $1.45B v $1.31B y/y
- Logistics & Services Rev $4.22B v $3.67B y/y
- Loaded Freight Rate ($/FFE) +22% y/y (2,746 vs 2,259)
-Outlook: The second quarter was yet another proof point of the new era of heightened volatility we have entered. Strong, broad-based demand from the Far East since 2024 has resulted in significantly more unbalanced trade flows, with volume levels that are challenging landside infrastructure capacity. From ports to inland transportation, we are seeing increased congestion and disruption across multiple geographies. Our global team's ability to capture opportunities in these difficult markets has enabled us to deliver significant volume and earnings growth across our businesses, leading to the substantial upgrade to our full-year guidance. As markets evolve, we remain focused on helping customers respond quickly to change and maintain the integrity of their supply chains. With bottlenecks remaining deeply entrenched, we must continue to invest in critical trade infrastructure and scale, to keep delivering the best possible value to our customers.