CMA CGM: Financial results for the Third Quarter 2025

The Board of Directors of the CMA CGM Group, a global player in sea, land, air and logistics solutions, met today under the chairmanship of Rodolphe Saadé, Chairman and Chief Executive Officer, to review the financial statements for the third quarter of 2025. Commenting on the results for the period, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “In a global environment that remains highly uncertain, our Group continues to demonstrate resilience and discipline. Shipping remains solid, our terminals are gaining momentum, and air freight continues to perform well, illustrating, together with logistics, the growing complementarity across our activities.

The months ahead will likely be marked by increasing capacity in our industry and softer demand across the market. CMA CGM will continue to adapt, guided by our long-term vision and our constant commitment to serving our customers.”

Third quarter 2025 highlights and recent events Maritime Transport and Port Terminals In an unstable context, CMA CGM continues its development both nationally and internationally in countries strategic for the Group:

• India: CMA CGM supports the ambitious maritime strategy of the Modi Government by announcing the construction of six 1,700 Twenty-Foot Equivalent Units (TEU) liquefied natural gas (LNG)-powered container ships, with delivery starting in 2029. This initiative marks the first step towards building a full fleet under the Indian flag. The Group will also recruit 1,000 Indian seafarers by the end of 2025, and an additional 500 in 2026, thereby strengthening its commitment to local maritime employment.

• Saudi Arabia: CMA CGM and Red Sea Gateway Terminal (RSGT) have signed a memorandum of understanding to create a joint venture to construct and operate Terminal 4 at the port of Jeddah, targeting a capacity of 2.6 million TEU. This project, fully aligned with the country’s Vision 2030, will contribute to the modernization, sustainability, and competitiveness of Saudi ports. It will increase RSGT’s annual capacity to 8.8 million TEU and reinforce the strategic role of the port of Jeddah as a gateway between Europe, Asia, and Africa.

• Germany: CMA CGM strengthens its presence in the country by signing an agreement to acquire a 20% stake in the Eurogate Container Terminal Hamburg (CTH). This investment aims to support the terminal’s development, particularly its modernization and expansion project, which will increase capacity from 4 to 6 million TEU, while reinforcing the port of Hamburg as a major maritime hub in Northern Europe.

• United Kingdom: At the end of September, CMA CGM announced the acquisition of Freightliner UK Intermodal Logistics, one of the main UK rail operators. This operation represents a further step in strengthening the Group’s intermodal capacities in Europe and supports its decarbonization strategy by promoting modal shift from road to rail. It also opens the way to more integrated and sustainable logistics solutions. Completion of the operation is expected in early 2026, subject to regulatory approvals.

• France: CMA CGM recently decided to register ten 24,000 TEU LNG-powered ships, the largest in the world, under the French flag starting next year. This choice is part of a long-term strategy based on stability, competitiveness, and continuity of CMA CGM’s investments in France for nearly fifty years.
  France represents 12% of the Group’s revenue and 13% of its workforce, and accounts for 30% of investments made over the past five years, totaling €14 billion, dedicated to three strategic priorities: decarbonization, innovation, and inland waterway transport.
  CMA CGM has also strengthened its logistics and inland waterway operations at the port of Lyon-Édouard Herriot, as part of the sub-concession of the container terminal awarded to it.

Logistics

• Borusan Lojistik: CEVA Logistics has finalized the acquisition of Borusan Lojistik, a major logistics player in Turkey. This operation represents a key milestone in CEVA’s development strategy in a high-potential market. By integrating a recognized national leader, CEVA strengthens its footprint in Turkey, consolidates its operational expertise, and benefits from economies of scale to support the growth of its clients in this strategic region connecting Europe, the Middle East, and Asia.

Other Activities

• Air Freight: CMA CGM AIR CARGO has received its fifth and final Boeing B777F, further strengthening the Group’s air fleet, which now comprises eight aircraft. Starting in 2027, this fleet will be expanded with eight Airbus A350F, offering a 20% reduction in carbon footprint, marking a new step in the Group’s air transport decarbonization strategy.

• Media: CMA Media has reached a new strategic milestone with the integration of Brut., a leading social media outlet in France and internationally. Chérie 25 has also joined the group and has been renamed RMC Life, complementing RMC Story and RMC Découverte.

Decarbonization The CMA CGM Group is committed to achieving Net Zero Carbon across all its activities by 2050 and is deploying a strengthened organization across all its businesses, including shipping, logistics, air freight, and port operations.

• Neoliner Origin: A major partner of the shipping company Neoline since 2022, CMA CGM welcomed the Neoliner Origin during a special stopover in Marseille. This next-generation vessel, primarily wind-powered, can reduce greenhouse gas emissions by up to 80%, while maintaining loading capacity and reliability equivalent to that of a conventional maritime service.

• Certifications and Labels: CMA CGM has been awarded the Green Marine Europe 2025 label, confirming its status as the first major container shipping company to join the program and demonstrating its leadership in environmental performance. Additionally, in October, the Group received a score of 80/100 from EcoVadis, a leading sustainability assessment organization. Up to 5 points compared to 2024, this score places CMA CGM among the top 3% of the world’s companies evaluated, out of 85,000 assessed, validating the relevance and ambition of its CSR strategy.

Third quarter 2025 operating and financial performance CMA CGM Group

The year 2025 continues to be significantly impacted by the geopolitical context and trade tensions, particularly between the United States and its key trading partners. In this complex environment for global trade, the Group reports a decline in performance in the third quarter compared to the previous year, with a slowdown in maritime activity. Nevertheless, the Group's performance has improved quarter-on-quarter following a second quarter that was marked by an almost complete halt in trade between China and the United States. Disruptions related to the situation in the Red Sea and the Gulf of Aden have continued to pose numerous operational challenges. In the third quarter of 2025, revenue amounted to 14,0 billion, down 11,3% compared to Q3 2024. EBITDA reached 3,0 billion, a decrease of 40,5% compared to the previous year. The margin stood at 21,0%, down 10,3 points. Shipping

In the third quarter of 2025, the global container shipping market experienced a mixed environment due to unpredictable changes in trade policies. Nevertheless, volumes remained dynamic, supported by strong regional trade and south-south exchanges, while the major east-west routes were being reshaped. CMA CGM transported 6,2 million TEUs in the third quarter of 2025, up 2,3% compared to the third quarter of the previous year and up 3,4% compared to the second quarter of 2025, despite a volatile market environment. The increase in volumes occurred amid significant disruptions in trade between China and the United States during the period, marked by stop-and-go episodes, and demonstrates the Group’s ability to redeploy its assets to capture demand where it arises. The breadth and diversification of CMA CGM’s maritime operations, with a strong presence across all major global trade lanes, enable the Group to adapt agilely to changes in the market environment and in demand. The Group’s maritime revenue reached USD 9,0 billion in the third quarter, down 17,4% compared to the same period in 2024. EBITDA stood at USD 2,2 billion, representing a decline of 48,8% versus Q3 2024. The margin was 24,9%, down 15,3 points. Average revenue per TEU amounted to USD 1 452, a decrease of 19,2% compared to the same period in 2024. Logistics

In the third quarter, the Group’s logistics activities recorded a decline in revenue and EBITDA, along with a slight drop in margin, mainly due to challenges in the automotive market affecting the performance of finished vehicle logistics and road transport, particularly in Europe, as well as weakness in freight management activities amid a volatile market environment. Logistics revenue amounted to USD 4.6 billion. EBITDA reached USD 428 million, down 6,8% compared to Q3 2024. The margin stood at 9,3%, down 0,2 points. Other activities

Revenue from other activities (terminals, CMA CGM AIR CARGO, CMA Media, etc.) increased by 55,0% to USD 1,2 billion, notably supported by the integration of Santos Brasil. EBITDA reached USD 299 million, compared to USD 151 million in Q3 2024. The margin stood at 24,6%, up 5,3 points.