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CMA CGM Group reported full-year 2025 revenue of $54.4 billion on Monday, a 2.0% decline from 2024, as lower container freight rates eroded shipping income even as the French conglomerate pressed ahead with an aggressive global expansion across terminals, logistics, rail, and air cargo.
The results confirm a structural shift underway at the world’s third-largest container carrier: shipping remains the financial engine, but its contribution is shrinking while diversified assets grow in scale and margin.
Shipping Volumes Rise, but Rates Fall Sharply
The Group’s maritime division carried 24.2 million twenty-foot equivalent units (TEU) in 2025, up 2.8% year on year, with fourth-quarter volumes outpacing the broader market at 5.3% growth. Despite that volume gain, container shipping revenue fell 6.1% to $34.3 billion, as the average revenue per TEU dropped 8.7% to $1,414.
Maritime EBITDA, a measure of core operating profit, fell to $7.9 billion from $11.2 billion in 2024. The EBITDA margin declined 7.8 percentage points to 23.0%.
Rodolphe Saadé, Chairman and Chief Executive Officer of CMA CGM Group, attributed the result to a volatile but manageable environment. “In an environment marked by significant geopolitical uncertainty, our Group delivered solid results in 2025, driven by the strong performance of our shipping lines,” Saadé said in a statement accompanying the results.
Ongoing disruptions in the Red Sea and the Gulf of Aden continued to affect sailing patterns throughout the year, though the Group noted their capacity impact gradually eased. Persistent uncertainty around tariff policy and trade flow reorganisation added further complexity.
Terminal and Logistics Arms Offset Shipping Pressure
The contrast with the Group’s non-shipping divisions was sharp. Revenue from terminals, air cargo, and media rose 48.4% to $4.3 billion, with EBITDA more than doubling to $958 million, a margin of 22.5%. Logistics revenue held broadly flat at $18.3 billion, with EBITDA of $1.7 billion and a margin of 9.4%.
The terminal portfolio, now spanning 66 facilities across 40 countries, drew $2.5 billion in investment during 2025. Key moves included the completion of the Santos Brasil acquisition, giving the Group 100% ownership of the largest container terminal in South America at the Port of Santos. In Europe, a 20% stake was agreed in the Eurogate terminal in Hamburg, where capacity is targeted to grow from 4 to 6 million TEUs.
In the Middle East, CMA CGM signed a memorandum of understanding to develop and operate Terminal 4 at Jeddah Port in Saudi Arabia, targeting capacity of 2.6 million TEUs, and announced a capacity expansion at Khalifa Port in the United Arab Emirates from 1.8 to 2.7 million TEUs.
The Group’s logistics arm, CEVA Logistics, completed the acquisition of Borusan Lojistik in Turkey, reinforcing its third-party logistics footprint at the junction of Europe, the Middle East, and Asia. In December 2025, CEVA signed an agreement to acquire Fagioli Group, a specialist in project logistics and heavy-lift transport serving the energy, infrastructure, and industrial sectors. The Fagioli deal, pending completion, is positioned to extend CEVA’s reach into technically complex cargo segments.
Fleet Renewal, Rail, and a New AI Partnership
CMA CGM took delivery of 27 new vessels powered by liquefied natural gas or methanol in 2025, part of a broader fleet programme representing nearly $30 billion in committed investment toward a Net Zero Carbon target by 2050. Ten 24,000 TEU LNG-powered vessels are scheduled to join the French flag registry from 2026.
In intermodal rail, the Group acquired Freightliner Ltd, a leading operator in the United Kingdom, to build out an integrated low-carbon inland offering. An air cargo fleet of eight freighter aircraft now operates under the CMA CGM AIR CARGO and Air Belgium brands, supported by hubs in France, the United States, and Belgium.
In April 2025, the Group announced a five-year strategic partnership with Mistral AI, backed by a 100 million euro investment, to accelerate artificial intelligence integration across shipping, logistics, and media operations.
Outlook Cautious Amid Middle East Tensions
For 2026, CMA CGM projected moderate growth in global container shipping following what it described as a dynamic 2025. The Group flagged developments in the Middle East, particularly in the Red Sea, as the key variable for market balance and freight rate direction.
Saadé signalled that protecting crews and maintaining service reliability would be the immediate priority. “In 2026, in a context of heightened tensions, particularly in the Middle East, our priority is clear: protecting our teams and adapting our operations to ensure our customers continue to receive a reliable and high-quality service,” he said.
The Group’s overall EBITDA for 2025 stood at $10.6 billion, representing a margin of 19.4%, down 4.8 percentage points from the prior year.
