DP WORLD REPORTS RESILIENT FIRST HALF 2026 RESULTS

DP World Limited

13 August 2026

 

DP WORLD REPORTS RESILIENT FIRST HALF 2026 RESULTS

Dubai, United Arab Emirates, 13 August 2026: DP World Limited today announces financial results for the first six months ended 30 June 2026. On a reported basis, revenue grew by 13.1% to $12.7 billion while adjusted EBITDA⁴ decreased by 5.6% to $2.9 billion with an adjusted EBITDA margin of 22.5%.

Results before separately disclosed items[1] unless otherwise stated (USD million)	1H 2026	1H 2025	As reported % change	Like-for-like % change[2]
Gross throughput ('000 TEU)	42,826	45,438	(5.7%)	(4.9%)
Gross throughput excluding Jebel Ali Port ('000 TEU)[3]	39,681	37,664	5.4%	6.5%
Revenue	12,715	11,244	13.1%	4.1%
Share of profit from equity-accounted investees (net of tax)	109	117	(6.6%)	(16.6%)
Adjusted EBITDA[4]	2,863	3,033	(5.6%)	(8.3%)
Adjusted EBITDA margin	22.5%	27.0%	(4.5%)	23.9%[5]
EBIT	1,589	1,902	(16.5%)	(17.6%)
Profit for the period	585	960	(39.1%)	(37.8%)

Results Highlights

Ø Resilient revenue performance supported by a diversified portfolio

§ Revenue increased by 13.1% to $12.7 billion, an increase of $1.5 billion, with growth across Logistics, Marine Services and the international Ports and Terminals portfolio helping offset disruption to trade flows in the Middle East.

Ø Broader portfolio continued to deliver volume and revenue growth

§ Gross container volumes, excluding Jebel Ali Port, increased by 5.4% on a reported basis and 6.5% on a like-for-like basis.

§ Excluding Jebel Ali Port, revenue increased by 18.5%.

§ Growth was driven by Africa, Asia Pacific, Europe and the Americas, demonstrating the strength and diversity of the broader portfolio.

Ø Adjusted EBITDA demonstrates resilience of the wider portfolio

§ Adjusted EBITDA was $2.9 billion, despite significant disruption to trade flows in the Middle East.

§ Excluding Jebel Ali Port, adjusted EBITDA increased by 9.7%, highlighting the strength of the wider portfolio.

§ Adjusted EBITDA margin was 22.5%.

Ø Strong liquidity and disciplined financial management

§ Cash generated from operating activities remained solid at $2.0 billion.

§ The Group maintained total liquidity of $8.2 billion, comprising $5.5 billion of cash[6] and $2.7 billion of undrawn committed borrowing facilities.

§ Liquidity position also reflects approximately $700 million proceeds from the monetization of non-core logistics assets in UK and minority stake sales.

§ Leverage on a pre-IFRS 16 basis stood at 3.7x, compared with 3.4x at FY2025, remaining within the Group's financial policy of below 4.0x.

§ DP World remains committed to maintaining a strong investment-grade credit rating.

Ø Disciplined investment focused on strategic growth markets

§ Capital expenditure of $1.5 billion was invested across the existing portfolio during the first half of 2026.

§ The majority of capital expenditure was directed towards expansion projects supporting additional capacity, terminal development and logistics infrastructure.

§ DP World expects to invest approximately $3.0 billion in 2026, with major investments planned across the UAE, UK, Democratic Republic of Congo (DRC), India and Saudi Arabia, as well as Drydocks World and Maritime Solutions.

Ø Jebel Ali remains fully operational

§ Jebel Ali's infrastructure remains fully operational, with no physical damage. However, the conflict has temporarily reduced vessel traffic into the port.

§ The Group has implemented mitigation measures across its regional network, including expanded inland connectivity, to support the continued movement of critical cargo.

Ø Expanding the UAE gateway network to support long-term trade growth

§ DP World announced plans to develop two new terminals in Fujairah under a 50-year concession.

§ The terminals will expand DP World's UAE gateway network and extend the Jebel Ali ecosystem through an integrated supply chain.

§ The development will provide cargo owners with greater flexibility, more choice and stronger supply chain resilience, while supporting the UAE's future as a leading global trade and logistics hub.

Ø Positive long-term outlook for global trade

§ While the near-term environment remains uncertain, DP World remains positive about the medium to long-term outlook for global trade.

§ The Group's diversified portfolio, integrated business model and strong liquidity position provide the flexibility to navigate uncertainty.

§ DP World remains focused on disciplined capex and cost management, operational efficiency and creating long-term value for all stakeholders.

DP World Group Chairman, H.E. Essa Kazim, commented:

"DP World delivered a strong revenue performance and resilient EBITDA in the first half of 2026, despite significant disruption to trade flows across the Middle East. Revenue increased 13.1% to $12.7 billion, reflecting the strength and diversity of our global portfolio, the benefits of our integrated business model, and our ability to help cargo owners keep goods moving across international markets.

In the UAE, we are expanding our gateway network with two new terminals in Fujairah, extending the Jebel Ali ecosystem through an integrated supply chain. This will provide cargo owners with greater flexibility, more choice and enhanced supply chain resilience, while reinforcing our confidence in the UAE's future as a leading global trade and logistics hub.

While the near-term environment remains uncertain, we remain confident in the medium to long-term outlook for global trade. Supported by a high-quality portfolio, disciplined capital allocation and our integrated trade platform, DP World is well positioned to capture future growth opportunities and further strengthen its role in global supply chains.

DP World Group CEO, Yuvraj Narayan, commented:

"The broader portfolio continued to perform well in the first half of 2026, supported by growth across key markets and verticals. This demonstrates the strength of our diversified business model and integrated supply chain offering, helping deliver adjusted EBITDA of $2.9 billion.

"Excluding Jebel Ali, container volumes increased by 6.5% on a like-for-like basis and adjusted EBITDA increased by 9.7%, with growth across Africa, Americas, Asia Pacific, and Europe. This performance reflects the strength of our global network and our ability to provide cargo owners with efficient end-to-end supply chain solutions.

"We continue to maintain a disciplined focus on capital allocation, cost management and operational efficiency. Combined with a strong balance sheet and liquidity position, this provides the flexibility to navigate uncertainty and continue creating long-term value for all our stakeholders.

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Investor Enquiries

Redwan Ahmed                                                                               Amin Fikree

DP World Limited                                                                             DP World Limited

Mobile: [phone]                                                              Mobile: [phone]

Direct:  [phone]                                                                 Direct : [phone]

[e-mail]                                                [e-mail]

13th August 12:00pm UAE (9:00am UK) Call Conference

Ø Conference call for analysts and investors hosted by Yuvraj Narayan, Group CEO and Anil Mohta, Group CFO.

Ø A playback of the call will be available after the conference call concludes. For the dial in details and playback details please contact [e-mail].

The presentation accompanying the conference call will be available on DP World's website within the investor centre under Financial Results on https://www.dpworld.com/en/investors/financials-presentations from approximately 9am UAE time.

Forward-Looking Statements

This document contains certain "forward-looking" statements reflecting, among other things, current views on our markets, activities, and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur and which may be beyond DP World's ability to control or predict (such as changing political, economic or market circumstances). Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of DP World speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Except to the extent required by law, DP World does not undertake to update or revise forward-looking statements to reflect any changes in DP World's expectations with regard thereto or any changes in information, events, conditions or circumstances on which any such statement is based.

Group CEO Statement

Executing for growth in a changing trade landscape

The first half of the year demonstrated the resilience of global trade, even as supply chains continued to adapt to geopolitical developments across the Middle East and changing trade policies. While these events created disruption across traditional shipping routes, they also reinforced the importance of resilient infrastructure, operational flexibility and integrated logistics solutions.

At DP World, our focus has been on helping customers to keep cargo moving. By leveraging our global network of ports, logistics, marine services and inland infrastructure, we rapidly adapted to evolving trade flows, developed alternative routing solutions and supported customers in maintaining supply chain continuity during a period of heightened uncertainty.

Our diversified global portfolio and integrated trade platform continue to differentiate DP World, enabling us not only to respond to disruption but also to capture opportunities created by changing trade patterns. As global supply chains become increasingly regionalised and diversified, our network is well positioned to support the next phase of international trade growth.

Ports & Terminals Expanding capacity for long-term growth

DP World's gross like-for-like container volumes excluding Jebel Ali grew by 6.5% in the first half of 2026, once again surpassing estimated market growth of 2.8%[7]. This outperformance was driven by robust volume growth across the Americas, Europe, India and Africa despite a challenging global backdrop.

Alongside resilient operational performance, we continued to execute our long-term investment programme across strategically important markets.

We made further progress expanding capacity across India and the United Kingdom, while advancing major infrastructure developments across Africa and the Middle East. In Senegal, we completed dredging works at the Port of Ndayane well ahead of schedule, allowing the construction of the new deep-water port to accelerate. In Tanzania, our investment in Dar es Salaam is already delivering meaningful operational improvements, increasing productivity and reducing vessel turnaround times. During the period, we also commenced the modernisation of the Port of Tartus in Syria, marking the beginning of a long-term programme to restore capacity and improve efficiency at this strategically important gateway.

These investments reflect our confidence in the long-term fundamentals of global trade. By expanding capacity in high-growth markets while improving productivity across our existing portfolio, we continue to strengthen DP World's position as a leading provider of integrated trade infrastructure and to create additional capacity for future growth.

Scaling integrated logistics solutions

Our logistics business continued to build momentum during the first half of the year as customers increasingly sought resilient, end-to-end supply chain solutions. Leveraging our integrated global network, we expanded customer relationships while helping businesses adapt to changing trade flows.

Growth was broad-based across Freight Management, Contract Logistics and Market Access, reflecting increasing demand for integrated logistics solutions. Our ability to combine ports, marine services and inland logistics enabled customers to benefit from alternative routing, multimodal connectivity and greater supply chain visibility during a period of continued disruption.

As we continue to strengthen collaboration across our businesses through our One DP World model, we are creating a more connected trade platform that delivers greater value for customers and supports long-term profitable growth.

Connecting trade through integrated marine services

Marine Services continued to demonstrate the value of our integrated platform during the first half of the year. As geopolitical developments reshaped shipping patterns, we helped customers keep cargo moving by rapidly adapting vessel deployment, strengthening multimodal connectivity and providing reliable alternatives across key trade corridors.

As supply chains become increasingly diversified, our ability to combine shipping, rail, road and maritime solutions under one platform positions DP World to capture long-term growth while supporting customers through an increasingly complex trading environment.

Technology powering the next generation of trade

Technology continues to play a central role in strengthening our integrated trade platform. During the first half of the year, we accelerated the deployment of digital solutions across our global network, improving operational efficiency, enhancing customer visibility and enabling faster decision-making.

We continued to expand our next-generation terminal operating platform while enhancing our freight forwarding systems to provide customers with greater end-to-end supply chain visibility. We are also embedding artificial intelligence and advanced analytics across our operations to optimise planning, improve asset utilisation and support more resilient supply chains. These capabilities are helping us deliver higher productivity today while building a more efficient, connected and scalable platform for future growth.

Group CFO Review

DP World delivered a resilient financial performance in the first half of the year, with revenue increasing by 13.1% to $12.7 billion despite significant disruption to trade flows in the Middle East. Adjusted EBITDA was $2.9 billion, with an adjusted EBITDA margin of 22.5%, supported by the performance of the broader portfolio.

Cash generated from operating activities remained solid at $2.0 billion. The Group maintained a strong liquidity position, comprising $5.5 billion of cash⁶ and $2.7 billion of undrawn committed borrowing facilities at 30 June 2026.

Pre-IFRS 16 leverage stood at 3.7x, remaining within the Group's financial policy of below 4.0x. DP World's credit ratings remain unchanged at BBB+ with Fitch and Baa2 with Moody's, both carrying a Stable outlook, reflecting continued confidence in the strength and resilience of our financial profile.

Segment Information

Asia Pacific and India

Results before separately disclosed items USD million	1H 2026	1H 2025	% change	Like-for-like at constant currency % change
Gross throughput (TEU '000)	22,617	21,746	4.0%	6.1%
Total revenue	1,962	1,707	14.9%	4.7%
Share of profit from equity-accounted investees (net of tax)	55	67	(17.5%)	(28.1%)
Adjusted EBITDA	344	422	(18.5%)	(19.3%)
Adjusted EBITDA margin	17.5%	24.7%	(7.2%)	19.7%
Profit after tax	154	233	(33.8%)	(35.0%)
Capex	213	62	-	-

The Asia Pacific and India region benefited from recent acquisitions, particularly in the logistics sector. The Ports and Terminals business in Asia Pacific delivered a solid performance, while operations in India remained broadly stable. Logistics activities across the region continued to ramp up.

Revenue across the region increased by 14.9% on a reported basis to $2.0 billion, primarily driven by recent logistics acquisitions. Adjusted EBITDA declined to $344 million due to non-recurrence of a one-off item in 2025, while the Adjusted EBITDA margin decreased to 17.5%, also reflecting the inclusion of recently acquired logistics businesses, which operate at lower EBITDA margins.

We invested $213 million in Asia Pacific and India, mainly focused on Tuna Tekra Kandla (India), Pusan (South Korea) and Logistics business.

Australia and Americas

Results before separately disclosed items USD million	1H 2026	1H 2025	% change	Like-for-like at constant currency % change
Gross throughput (TEU '000)	7,116	6,784	4.9%	4.9%
Total revenue	2,426	1,819	33.4%	15.3%
Share of profit from equity-accounted investees (net of tax)	6	5	22.6%	2.2%
Adjusted EBITDA	768	610	25.9%	19.8%
Adjusted EBITDA margin	31.7%	33.5%	(1.8%)	34.6%
Profit after tax	515	404	27.5%	28.7%
Capex	197	174	-	-

Growth in the Australia and Americas region was driven by a strong performance in Ports and Terminals, particularly in the Americas, where gross container volumes increased by 4.9%. Australia remained broadly stable year-on-year.

Reported revenue increased by 33.4% to $2.4 billion, while adjusted EBITDA increased by 25.9% to $768 million. The adjusted EBITDA margin decreased slightly to 31.7%, reflecting the inclusion of a logistics business acquired last year that operates at lower margins, but remained healthy overall.

We invested $197 million in Australia and Americas, mainly in DP World Santos (Brazil), Posorja (Ecuador), Caucedo (Dominican Republic), Vancouver & DP World Nanaimo (Canada) and DP World Contract Logistics Americas.

Middle East, Europe and Africa

Results before separately disclosed items USD million	1H 2026	1H 2025	% change	Like-for-like at constant currency % change
Gross throughput (TEU '000)	13,094	16,908	(22.6%)	(22.6%)
Total revenue	8,327	7,718	7.9%	1.3%
Share of profit from equity-accounted investees (net of tax)	48	44	9.2%	1.7%
Adjusted EBITDA	2,076	2,368	(12.3%)	(14.1%)
Adjusted EBITDA margin	24.9%	30.7%	(5.8%)	26.1%
Profit after tax	1,251	1,640	(23.7%)	(25.0%)
Capex	1,116	825	-	-

The Middle East, Europe and Africa region delivered a resilient performance despite significant disruption to trade flows in the Middle East. Growth across Europe, Africa and other operations in the region helped partly offset the impact of lower activity in the UAE.

Reported revenue increased by 7.9% to $8.3 billion, while like-for-like revenue increased by 1.3%. Adjusted EBITDA was $2.1 billion, with the adjusted EBITDA margin declining to 24.9%, primarily reflecting the lower contribution from Jebel Ali.

We invested $1.1 billion in the region, mainly in Jebel Ali Port, EZ World & Dubai Maritime City (UAE), London Gateway Port and London Gateway Park (UK), Dakar (Senegal), Banana (Democratic Republic of Congo) and DPW Logistics Jeddah (Saudi Arabia).

Service Capabilities

Ports & Terminals

Results before separately disclosed items USD million	1H 2026	1H 2025	% change	Like-for-like at constant currency % change
Revenue	4,531	4,358	4.0%	0.1%
Adjusted EBITDA	2,012	2,255	(10.8%)	(11.7%)
Adjusted EBITDA Margin %	44.4%	51.7%	(7.3%)	47.6%

Ports and Terminals delivered a resilient performance, supported by growth across the international portfolio. Excluding Jebel Ali, gross container volumes increased by 5.4% on a reported basis and 6.5% on a like-for-like basis, with growth across the Asia Pacific and India and the Australia and Americas regions.

Revenue increased by 4.0% to $4.5 billion, while adjusted EBITDA was $2.0 billion, reflecting the impact of lower throughput in the UAE. Adjusted EBITDA margin was 44.4%.

We invested $831 million in strategic locations including Jebel Ali (UAE), London Gateway (UK), Dakar (Senegal), Tuna Tekra Kandla (India) and Banana (Democratic Republic of Congo).

Logistics, Parks and Economic Zones

Results before separately disclosed items USD million	1H 2026	1H 2025	% change	Like-for-like at constant currency % change
Revenue	5,855	4,713	24.2%	7.3%
Adjusted EBITDA	682	643	6.1%	(2.3%)
Adjusted EBITDA Margin %	11.6%	13.6%	(2.0%)	12.2%

Logistics, Parks and Economic Zones delivered strong revenue growth, supported by the continued expansion of logistics activities and a solid performance from Parks and Economic Zones.

Overall, revenue increased by 24.2% on a reported basis to $5.9 billion, while adjusted EBITDA increased by 6.1% to $682 million. The decrease in Adjusted EBITDA margin was mainly due to lower plot sales at Dubai Maritime City (UAE).

Jebel Ali Free Zone continued to perform well, with its customer base increasing to 11,654 from 11,119 in the prior-year period.

$480 million was invested in Logistics targeting expansions in Sub-Saharan Africa, Europe, India and GCC, including DP World Logistics Jeddah (Saudi Arabia).

Marine Services

Results before separately disclosed items USD million	1H 2026	1H 2025	% change	Like-for-like at constant currency % change
Revenue	2,329	2,173	7.2%	4.6%
Adjusted EBITDA	494	502	(1.6%)	(3.3%)
Adjusted EBITDA Margin %	21.2%	23.1%	(1.9%)	21.2%

Marine Services delivered a resilient first-half performance. The business responded to customer demand by reconfiguring routes to minimise disruption. Industry-wide higher freight rates also helped offset the impact of lower volumes. Drydocks World continued to progress its Engineering, Procurement and Construction activities.

Overall, revenue increased by 7.2% on a reported basis which resulted in adjusted EBITDA of $494 million.

We invested $214 million in Marine Services mainly in Maritime Solutions and Drydocks World (UAE).

Cash Flow and Balance Sheet

Net leverage (adjusted net debt to adjusted EBITDA) stands at 4.3 times on post-IFRS16 basis (FY 2025: 4.0x) and 3.7x on pre-IFRS16 basis (FY 2025: 3.4x). Cash generated from operating activities remained solid at $2.0 billion (1H 2025: $2.6 billion).   

Capital Expenditure

Consolidated capital expenditure in the first half of 2026 was $1.5 billion (1H 2025: $1.1 billion), with maintenance and replacement capital expenditure of $359 million.

We expect to invest approximately $3.0 billion in capital expenditure during 2026, primarily to support capacity expansion, terminal development and logistics infrastructure, with major investments planned for Jebel Ali Port and EZ World (UAE), London Gateway (UK), Banana Port (DRC), Tuna Tekra Kandla (India), London Gateway Park (UK), Drydocks World, Maritime Solutions and Jeddah Logistics.

Net finance costs before separately disclosed items

Net finance costs before separately disclosed items for the six months increased to $760 million compared to $631 million in the prior period. The increase is mainly due to higher average net debt and higher foreign exchange losses.

Taxation

For the first six months of 2026, DP World's income tax expense before separately disclosed items was $244 million (1H 2025: $311 million). In line with the requirements of the BEPS Pillar II minimum global taxation rules, the Group's income tax expense is inclusive of top-up tax totalling $16 million (1H 2025: $54 million) in respect of DP World entities impacted by jurisdictions that have enacted the appropriate legislation at the reporting date.

The Group has recognised corporate tax liabilities in respect of the profit earned by entities subject to income tax in the UAE and on the profit earned by overseas subsidiaries. These have been calculated in accordance with the provisions of the taxation laws and regulations of the countries in which the entities operate.

Yuvraj Narayan Group CEO

Anil Mohta Group CFO

DP WORLD 1H 2026 THROUGHPUT

DP World handled 20.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the second quarter of 2026. Gross container volumes decreased by 11.2% year-on-year on a reported basis and by 10.0% on a like-for-like basis. Excluding Jebel Ali (UAE), gross container volumes increased by 4.3% on a reported basis and by 6.0% on a like-for-like basis, demonstrating the resilience of the broader portfolio.

For the first half of 2026, DP World handled 42.8 million TEU on a gross basis, with container volumes decreasing by 5.7% year-on-year on a reported basis and by 4.9% on a like-for-like basis. Excluding Jebel Ali, gross container volumes increased by 5.4% on a reported basis and by 6.5% on a like-for-like basis.

Jebel Ali (UAE) handled 374 thousand TEU in the second quarter of 2026, representing a decline of 90.1% year-on-year on both a reported and like-for-like basis. For the first half of 2026, throughput totalled 3.1 million TEU, down 59.5% year-on-year.

On a consolidated basis, DP World's terminals handled 10.8 million TEU in the second quarter of 2026, with container volumes decreasing by 21.9% year-on-year on a reported basis and by 22.0% on a like-for-like basis. Excluding Jebel Ali, consolidated volumes increased by 3.7% on a reported basis and by 3.6% on a like-for-like basis.

For the first half of 2026, consolidated throughput totalled 23.8 million TEU, representing a decline of 13.0% year-on-year on a reported basis and 13.1% on a like-for-like basis. Excluding Jebel Ali, consolidated throughput increased by 5.4% on a reported basis and by 5.2% on a like-for-like basis.

Gross Volume '000 TEU	1Q 2026 Volume	1Q 2026 YoY (like-for-like)	2Q 2026 Volume	2Q 2026 YoY (like-for-like)	1H 2026 Volume	1H 2026 YoY (like-for-like)
Asia Pacific and India	11,150	+4.6% (+5.7%)	11,467	+3.4% (+6.4%)	22,617	+4.0% (+6.1%)
Middle East, Europe and Africa*	7,633	-8.5% (-8.5%)	5,460	-36.3% (-36.3%)	13,094	-22.6% (-22.6%)
Australia and Americas	3,489	+5.8% (+5.8%)	3,626	+4.0% (+4.0%)	7,116	+4.9% (+4.9%)
Total Group	22,272	-0.1% (+0.4%)	20,554	-11.2% (-10.0%)	42,826	-5.7% (-4.9%)

Consolidated Volume '000 TEU	1Q 2026 Volume	1Q 2026 YoY (like-for-like)	2Q 2026 Volume	2Q 2026 YoY (like-for-like)	1H 2026 Volume	1H 2026 YoY (like-for-like)
Asia Pacific and India	3,426	-0.3% (-0.3%)	3,420	-0.7% (-0.7%)	6,847	-0.5% (-0.5%)
Middle East, Europe and Africa*	6,179	-10.3% (-10.6%)	3,872	-44.9% (-45.0%)	10,051	-27.7% (-27.9%)
Australia and Americas	3,410	+5.7% (+5.7%)	3,541	+4.0% (+4.0%)	6,950	+4.8% (+4.8%)
Total Group	13,015	-3.9% (-4.1%)	10,833	-21.9% (-22.0%)	23,848	-13.0% (-13.1%)

*Jebel Ali Volumes included in Middle East, Europe and Africa region

2,770

-30.5% (-30.5%)

374

-90.1% (-90.1%)

3,145

-59.5% (-59.5%)

About DP World: 

DP World is reshaping the future of global trade to improve lives everywhere. Operating across six continents with a team of over 125,000 employees, we combine global infrastructure and local expertise to deliver seamless supply chain solutions. From Ports and Terminals to Marine Services, Logistics and Technology, we leverage innovation to create better ways to trade, minimizing disruptions from the factory floor to the customer's door.

WE MAKE TRADE FLOW

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[1] Results before separately disclosed items (BSDI). DP World reported separately disclosed items of a $151 million gain (1H 2025: $22 million loss) for the period.

[2] Like-for-like at constant currency has been adjusted to exclude the impact of acquisitions and new operations (Unique Logistics Group, Silk Logistics, Herport Group, Famous Logistics, Tartus, DP World Japan and other new Logistics operations), divestments (TIS Terminal, POMS Ukraine, Yantai), changes in the consolidation of Swiss Terminal Port, IFRIC 12 revenue and foreign exchange gains/losses and exchange rate impacts.

[3]An additional "excluding Jebel Ali Port" metric has been added to illustrate the underlying performance of the broader portfolio, following the temporary disruption to Jebel Ali Port operations resulting from the closure of the Strait of Hormuz during the period.

[4] Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation, including share of profit from equity-accounted investees, net of tax, before separately disclosed items.

[5] Like-for-like adjusted EBITDA margin.

[6] Cash and cash equivalents and short-term investments

[7] Source: Drewry Container Forecaster 2Q 2026 (Jun-2026)

 

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