Second Quarter 2026 Financial Results

On the publication of the Group’s second quarter 2026 financial results, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said:

“Against a backdrop of continued geopolitical instability, the Group delivered solid results in the second quarter of 2026, driven by the performance of our shipping activities, the growth of our terminals and air cargo businesses, and the complementary strengths of our logistics operations. This performance reflects our strategy of expanding in key markets and investing in strategic assets. They once again demonstrate the strength of our model, our agility and our resilience, all in support of delivering reliable, high-quality service to our customers.”

The second quarter of 2026 took place in a particularly volatile market environment for the shipping and logistics industry, marked by the multiplication of geopolitical conflicts, particularly in the Middle East, and a high level of macroeconomic uncertainty.

Global trade remained dynamic, supported by four main factors: resilient global consumer demand, sustained corporate investment generating strong import-export flows, inventory restocking amid heightened uncertainty, and the acceleration of orders ahead of the implementation of new tariffs.

In this context, the CMA CGM Group demonstrated its adaptability, resilience and agility by adjusting its network and operations, optimizing fleet deployment, and maintaining disciplined cost management.

Leveraging its operational agility and the flexibility of its network, the Group recorded strong growth in transported volumes (+6% y. to y.). Combined with sustained freight rates, this performance offset the additional costs generated by the conflict in the Middle East, including those related to the immobilization of certain vessels, higher insurance premiums, and lower volumes on services calling at the region.
 

Maritime

In the second quarter, CMA CGM continued to strengthen its global network, consolidate its presence in strategic markets and accelerate the modernization of its fleet to support the growth of international trade and advance its decarbonization strategy.

• The Group strengthened its service offering with the launch of several strategic new services, including Ocean Rise Express connecting Japan, Southern China and Northern Europe, Mekong Transpacific Express linking Vietnam to the US West Coast, as well as the enhancement of the transatlantic PAD service, now calling at the Port of Cork to further strengthen Ireland’s global connectivity.
• CMA CGM continued to expand its presence in West Africa with the inauguration of its regional office in Abidjan and the first call of the CMA CGM ZEPHYR on the WAX 1 service, now operated directly by the Group.
• In response to disruptions caused by geopolitical tensions in the Middle East, the Group continued to deploy alternative multimodal corridors to ensure the continuity of its customers’ supply chains to and from Gulf countries.
• The quarter was also marked by the entry into service of the CMA CGM NOTRE DAME, the world’s largest LNG-powered containership operating under the French flag. Following her first calls in Asia, the vessel was officially inaugurated in Le Havre before completing her first bio-LNG bunkering operation in Rotterdam, highlighting the Group’s commitment to accelerating maritime decarbonization.

Logistics

In logistics, CEVA continued to expand its capabilities, strengthen its international network and enhance its range of services.

• In automotive logistics, CEVA strengthened its strategic partnerships with global automotive manufacturers by signing memoranda of understanding with BYD and Chery Auto to develop end-to-end global logistics solutions and support their international expansion.
• In contract logistics, CEVA opened an automated distribution center in Alashankou, China, to support the growth of trans-Eurasian road freight flows and strengthen its distribution capabilities along this strategic corridor.
• In air freight, CEVA expanded its capabilities between Asia-Pacific and the United States through new charter operations connecting Vietnam and China with the US market. 
• In ground transport, CEVA invested in a new fleet of low-emission vehicles in the United Kingdom to strengthen its transport network and continue decarbonizing its operations. 
• In last-mile logistics, Colis Privé, a CEVA Logistics subsidiary, announced its planned acquisition of Paack to strengthen its e-commerce delivery capabilities in France, Spain and Portugal. 

Other activities

• In terminals and infrastructure, CMA CGM continued to expand its strategic network. The Group launched the second phase of the expansion of the Gemalink container terminal in Vietnam to support the growth of trade flows in the region. In Africa, during the Africa Forward Summit, Rodolphe Saadé signed a strategic partnership agreement with the Government of Kenya to support the development of transport and logistics infrastructure, reaffirming the Group’s long-term commitment to the continent.
• In air freight, the Group acquired Crystal Aero Solutions in June, a company specialized in aircraft maintenance services, to strengthen CMA CGM AIR CARGO’s maintenance capabilities, support the operational availability of its fleet and contribute to the development of Crystal Aero Solutions, which will maintain its position as an independent service provider. 
• In media, BFMTV confirmed its leadership position as France’s leading news channel throughout the quarter, a position it has held continuously since March. CMA Media played a key role in organizing the WAN-IFRA World News Media Congress in Marseille, contributing to the event’s international reach and bringing together leading French and global media players. During the 2026 FIFA World Cup, RMC and Brut deployed exceptional editorial coverage from New York, achieving record audience performances across their platforms.

CMA CGM Group

In the second quarter of 2026, revenue amounted to $15.7 billion, up 19.2% compared with the second quarter of 2025.

EBITDA reached $3.0 billion, an increase of 31%, representing an EBITDA margin of 19%, up 1.7 percentage points year-on-year. This improvement was mainly driven by the shipping business, supported by a favorable volume effect and improved freight rates in a context marked by geopolitical disruptions and heightened risks to global supply chains.

Shipping Activity

In the second quarter of 2026, transported volumes reached 6.3 million TEUs, up 6% compared with the second quarter of 2025, driven by strong demand in a market environment marked by continued uncertainty.
Revenue from the shipping activity amounted to $10.0 billion, up 22% compared with the second quarter of 2025, mainly reflecting an average revenue per TEU of $1,575, up 15.1% year-on-year.

EBITDA stood at $2.3 billion, compared with $1.6 billion in the second quarter of 2025. The EBITDA margin increased by 3.3 percentage points to reach 22.7%, reflecting higher freight rates compared with the previous year.

Logistics activity

Revenue from the logistics activity amounted to $5.0 billion in the second quarter of 2026, up 8.5% compared with the second quarter of 2025, supported by organic growth, scope effects and foreign exchange impacts.

EBITDA reached $388 million, down 15.4% compared with the second quarter of 2025. The EBITDA margin stood at 7.8%, down 2.2 percentage points, reflecting pressure on freight forwarding activities in a challenging market environment, as well as continued difficulties affecting the automotive sector.

Other activities

Revenue from other activities increased by 47.6% in the second quarter of 2026, reaching $1.5 billion, driven by scope effects and the strong performance of terminal and air cargo activities.

EBITDA reached $338 million, up 44.5% compared with the second quarter of 2025, representing a margin of 22.8%, down 0.5 percentage point. Despite this slight decline, profitability remained at a high level, supported by the strong performance of Terminal activities and the contribution of recently consolidated businesses.

The geopolitical environment remains marked by significant uncertainties. Ongoing tensions in the Middle East continue to disrupt maritime routes and impact market conditions, particularly freight rates and operating costs. At the same time, developments in trade policies, especially tariff measures adopted by certain countries, could influence global trade flows in the coming months.

Against this backdrop, the CMA CGM Group is pursuing a prudent yet agile approach. Its presence across the entire logistics value chain, the adaptability of its network and the strength of its balance sheet are key assets enabling the Group to navigate changes in its operating environment and continue supporting its customers over the long term.