The CMA CGM Group recorded a decline in its results during the third quarter of 2025 (3Q25) compared to the previous year, with a slowdown in maritime activity , in a year that continues to be significantly affected by the geopolitical context and trade tensions, particularly between the United States and its main trading partners, according to its financial report.

However, the Group’s results improved quarter-on-quarter after a second quarter marked by a near-total standstill 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 Q3 2025, revenue totaled $14 billion, down 11.3% from the same period last year . EBITDA reached $3 billion, a 40.5% decrease year-over-year. The margin was 21.0%, down 10.3 percentage points.

Maritime transport

In Q3 2025, the global container shipping market experienced a mixed environment due to unpredictable changes in trade policies. Nevertheless, volumes remained dynamic, driven by strong regional trade and South-South exchanges, while major East-West routes were being reconfigured.

CMA CGM transported 6.2 million 20-foot containers (TEUs) in the third quarter of 2025, up 2.3% from the third quarter of the previous year and 3.4% from the second quarter of 2025, despite market volatility.

The increased volumes occurred against a backdrop of significant disruptions to trade between China and the United States during the period, characterized by periods of pauses and resumptions, and demonstrate the Group’s ability to redeploy its assets and capture demand wherever it arises. The breadth and diversification of CMA CGM’s maritime operations, with a presence on the world’s major trade routes , enable the Group to adapt nimbly to changes in the market environment and demand.

The Group’s maritime revenues reached $9 billion in the third quarter , a 17.4% decrease compared to the same period in 2024. EBITDA stood at $2.2 billion, representing a 48.8% drop compared to the third quarter of 2024. The margin was 24.9%, down 15.3 percentage points. Average revenue per TEU was $1,452, a 19.2% decrease compared to the same period in 2024.

Logistics

In the third quarter, the Group’s logistics activities recorded a decrease in revenue and EBITDA, along with a slight drop in margin, mainly due to difficulties in the automotive market that affected the performance of finished vehicle logistics and land transport, particularly in Europe, as well as weakness in freight management activities in a volatile market environment.

Logistics revenues totaled $4.6 billion. EBITDA reached $428 million, down 6.8% from the third quarter of 2024. The margin stood at 9.3%, down 0.2 percentage points.

Other activities

Revenue from other activities (terminals, CMA CGM Air Cargo, CMA Media, etc.) increased by 55.0% to US$1.2 billion, driven by the integration of Santos Brazil. EBITDA reached US$299 million, compared to US$151 million in the third quarter of 2014. The margin stood at 24.6%, an increase of 5.3 percentage points.

Perspectives

In an uncertain environment, the CMA CGM Group reported that it maintains a prudent stance, while managing its operations in an agile and efficient manner and applying strict cost control to preserve its competitiveness.

“In a global environment that remains highly uncertain, our Group continues to demonstrate resilience and discipline. Ocean freight remains strong, our terminals are gaining momentum, and air freight continues to perform well, illustrating, together with logistics, the growing complementarity of our activities. The coming months are likely to be characterized by increased capacity in our sector and lower market demand. CMA CGM will continue to adapt, guided by our long-term vision and our unwavering commitment to customer service,” according to Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, quoted in the financial report.

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During the second quarter of 2025 (2Q25), Quálitas , a specialized insurer for the automotive sector, surpassed six million insured units , which represented an increase of 7.4% compared to the same period of the previous year, according to the company’s report.

During the period, sales grew by 414,000 units compared to the second quarter of 2024 (2Q24) and by 130,000 compared to the first quarter of this year, according to the company’s financial report.

Of the total, 5.7 million insured units were concentrated in Mexico , primarily cars and trucks. The remainder was distributed among Costa Rica, Peru, El Salvador, the United States, and Colombia.

Most subsidiaries reported year-over-year growth, with the exception of the United States, which saw a decline in line with the reorganization of operations in that country, according to the document.

Written premiums totaled 17.414 billion pesos (mdp) , a 12.9% year-over-year increase, while earned premiums grew 10.6%. Quarterly net income was 1.407 billion pesos, and half-yearly net income reached 3.552 billion pesos, a 35.5% increase compared to the same period in 2024, according to data from the same document.

The loss ratio was 63.1% in the reference quarter and 61.4% for the year-to-date quarter. In Mexico, it was lower: 60.4% and 59.3%, respectively. These figures are below the company’s target range, which is between 62% and 65%, according to the quarterly report.

The combined ratio was 92.8% in the second quarter of 2025 and 90.5% for the half-year period. In Mexico, the quarterly combined ratio was 89.7%, according to results published by the company.

Market segments and behavior

By business segment, the financial institutions channel experienced the greatest growth, with a 28% increase in the quarter. The company attributed this performance to increased participation in key entities and a shift in demand toward higher-value vehicles. Individual policies grew 8.1%, while fleets increased only 1.3%, with a slight decline in the half-year period.

The report also highlighted a slower vehicle sales environment . Light vehicle sales fell 3.7% and heavy equipment sales fell 43% in 2Q25, resulting in an overall 6.6% contraction in new vehicle sales compared to 2Q24.

Operations in Latin America maintained an upward trend. In the second quarter of 2025, written premiums increased 59.8% in Costa Rica , 59% in El Salvador , and 44.9% in Peru .

Colombia , the insurer’s newest market, expanded its agent network to more than 550 and opened its 12th office, according to the financial statement.

Regarding this expansion, José Antonio Correa, CEO of Quálitas, noted that although the financial contribution in Colombia will be limited in the short term, the foundation is being laid to generate long-term value.

In the United States , the operation continues to be reorganized, focusing on binational products and reducing exposure to the domestic business. This was reflected in a 15.6% drop in written premiums in that country.

Return on investment (ROI) was 8.4% in Q2 2025. The investment portfolio stood at 49.49 billion pesos, with a strategy focused on fixed income. Comprehensive financing income was 1.218 billion pesos.

The solvency ratio closed at 385%, with a margin of 16.155 billion pesos over the required regulatory capital. The 12-month return on equity (ROE) was 26.5%, above the long-term target of 20% to 25%, according to the document.

Technology and customer service

Nearly 20% of calls were handled using Artificial Intelligence, and approximately 40% of processes were handled using robotic automation. Furthermore, 33% of complaints were handled through digital channels, with a 95% satisfaction rate, according to Q2 2025 results.

Roberto Araujo, Quálitas’s Finance Director, indicated that the company will continue adjusting its strategy to address potential pressures in the second half of the year and maintain profitable operations.

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Coca-Cola FEMSA announced 10% revenue growth and a 12% increase in gross profit for the first quarter of the year (1Q25) in Mexico, both results compared to the same period last year.

“I am pleased with our company’s first-quarter results. Our total revenue increased 10% , while our operating income grew 7.3% , highlighting our resilient profile in the face of a challenging macroeconomic environment in key markets,” said Ian Craig, CEO of Coca-Cola FEMSA .

The company also reported 2.7 percent growth in net profit . Regarding its Premia Juntos+ loyalty program, the company noted that it has more than 1.3 million users and achieved a 75 percent redemption rate .

“Regarding our digital strategy, we continue to make progress on the implementation of Juntos+ v. 4.0 in Costa Rica and Nicaragua. Additionally, we completed the deployment of our advanced sales force automation tool, Juntos+ Advisor, in Brazil, which we believe is a step change in achieving our omnichannel ambitions,” Craig said.

Numbers in Latin America

Regarding the results of its Mexico and Central America division (Mexico, Guatemala, Costa Rica, Panama and Nicaragua), Coca-Cola FEMSA commented that during 1Q25 its revenues increased by 4.8% at an annual rate , while its gross profit increased by 5.6 percent .

Meanwhile, in its South American division (Brazil, Argentina, Colombia and Uruguay), the company reported that its revenue increased by 17.4% and its gross profit increased by 22.8 percent .

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Maersk , a multinational logistics integrator, reported growth across all its businesses and financial results significantly higher than the previous year, driven primarily by Ocean , while both Logistics & Services and Terminals also contributed improved earnings, according to a company statement.

Following the quarterly results combined with strong container market demand and the continuing Red Sea situation, Maersk updated its 2024 guidance on 21 October, now expecting full-year underlying EBIT of $5.2 to $5.7 billion (previously $3.0 to $5.0).

“We reaffirmed our commitment to profitable growth and operational progress, driving results across all business areas through a rigorous and continued focus on cost discipline, productivity gains and efficient asset utilization. In Logistics and Services, our focused effort led to consistent margin improvements and growth through new customer wins. In Terminals, we drove further improvements, building on already high performance. Our Ocean team responded to recurring network disruptions with great agility by leveraging our hub terminals and investing in capacity and equipment to mitigate the supply chain impact on our customers, while optimizing unit costs,” said Vincent Clerc, CEO of Maersk, quoted in the statement.

Ocean’s improved profitability was driven by higher freight rates as well as positive volume growth, culminating in a 41% increase in revenue. The re-routing of the network south of the Cape of Good Hope remained a significant driver of its cost base , impacting fuel burn and overall operating costs. These cost pressures were largely offset by efficient operational execution, resulting in an increase in EBIT of USD 2.9 billion and a margin of 25.5 percent.

Logistics & Services had a strong third quarter with revenue growth of 11% year-over-year and 7.2% sequentially, driven by higher volumes across most products. Profitability continued its recovery, reaching EBIT of $200 million, up $64 million year-over-year, primarily driven by profitable growth in Lead Logistics and Air, resulting in an EBIT margin of 5.1 percent.

Terminals continued to deliver solid revenue growth, particularly in North America. Revenue per movement reached all-time highs during the quarter driven by higher volumes, improved rates and product mix. Consequently, Terminals achieved its best EBITDA since Q1 2022 of $424 million and ended the quarter with an ROIC (LTM) of 13.0 percent.

Maersk operates in more than 130 countries and employs 100,000 people. On the maritime side, it has just over 4.4 million containers in its possession and manages 714 container ships, according to Alphaliner.

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The Israeli shipping company ZIM has experienced significant growth during the second quarter of 2024 (2Q24), driven by its strategy to increase its exposure to the spot market in the transpacific trade, according to its financial results report.

The company, considered the ninth largest shipping line in the world, recorded a net profit of $373 million in 2Q24, compared to a net loss of $213 million in 2Q23.

“(Greater exposure to the spot market in the transpacific trade) has allowed us to capture a significant increase in a tariff environment that has been elevated for longer than expected,” said Eli Glickman, President and CEO of ZIM, as quoted in the quarterly financial report.

The company also detailed that the average freight rate per TEU (20-foot container) was $1,674 during the second quarter of 2024, compared to $1,193 in the second quarter of 2023.

Additionally, the shipping line reported transporting a total of 952,000 TEUs from April to June, compared to 860,000 TEUs in the second quarter of 2023.

Currently, ZIM offers 12 transpacific services, connecting ports in China, Japan, South Korea, Vietnam, Malaysia, Thailand, and India with their counterparts in the United States, Canada, and a few limited calls at Latin American ports in Mexico, Colombia, Panama, and Jamaica.

In other lines of its financial statement, ZIM reported that total revenues for 2Q24 were $1,933 million, compared to $1,310 million for 2Q23, primarily driven by increased freight rates and transported volume.

Operating income (EBIT) for 2Q24 was $468 million, compared to an operating loss of $168 million for 2Q23.

Adjusted EBITDA for 2Q24 was $766 million, compared to $275 million in 2Q23. Adjusted EBIT was $488 million for 2Q24, compared to an adjusted EBIT loss of $147 million for 2Q23.

Eli Glickman indicated that they expect their results in the second half of 2024 to be better than in the first half of the year, driven by the ongoing supply pressures from the Red Sea crisis, combined with current favorable demand trends.

“As a result, we have significantly increased our full-year 2024 guidance, and today we forecast adjusted EBITDA for the year between $2.6 billion and $3 billion, and adjusted EBIT between $1.45 billion and $1.85 billion,” he said.

“While market fundamentals still indicate that supply growth significantly exceeds demand, we are confident that we have built a resilient business with a transformed fleet. By year-end, our ongoing newbuilding program will be complete, as we will receive delivery of the remaining eight of the 46 modern, fuel-efficient container ships we acquired, including 28 LNG-powered vessels,” he added.

According to Alphaliner, ZIM ranks as the ninth-largest shipping line in the world with 747,194 TEUs under its management and 130 container ships.

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