CMA CGM reported a mixed third quarter of 2025 as geopolitical tensions, volatile trade flows and ongoing disruptions in the Red Sea continued to weigh on profitability. Despite the headwinds, the French shipping group has pressed ahead with major global investments aimed at strengthening long-term competitiveness.
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The company reported revenue of $14.0 billion, down 11.3% from Q3 2024, while EBITDA fell 40.5% to $3.0 billion, bringing its margin to 21%, down more than 10 points year over year.
Chairman and CEO Rodolphe Saade acknowledged the turbulent backdrop but highlighted the group’s resilience. “In a global environment that remains highly uncertain, our group continues to demonstrate resilience and discipline,” he said, pointing to consistent performance across freight, terminals, air freight and logistics.
CMA CGM handled 6.2 million TEU in the quarter – up 2.3% year-on-year – despite what it described as “stop-and-go” fluctuations in China-US trade. However, marine revenue fell 17.4% to $9.0 billion, with average revenue per TEU falling 19.2% to $1,452 amid lower freight rates.
The logistics unit also faced pressure from Europe’s faltering auto market, reporting revenue of US$4.6 billion and EBITDA of US$428 million, slightly below last year’s performance.
The most notable came from the group’s stations and air cargo operations. Revenue rose 55% to $1.2 billion, while EBITDA more than doubled to $299 million, supported by the Santos Brasil consolidation and broader network growth.
Even as market conditions decline, CMA CGM is accelerating expansion. The company will register ten LNG-powered megaships with a capacity of 24,000 TEU under the French flag starting next year – part of a strategy that Saadeh described as prioritizing stability and competitiveness.
In India, the group has committed to building six 1,700 TEU LNG vessels for delivery starting in 2029, marking the establishment of an Indian-flagged fleet. CMA CGM plans to hire 1,000 Indian seafarers by the end of 2025, with another 500 in 2026.
The company is also working to deepen its presence in the Middle East through a joint venture with the Red Sea Gateway Terminal to build and operate Terminal 4 in Jeddah, which will add 2.6 million TEU of capacity and support the ambitions of Saudi Arabia’s Vision 2030.
In Europe, CMA CGM has moved to acquire a 20% stake in the Eurogate Hamburg container terminal and announced the purchase of Freightliner UK Intermodal Logistics, one of Britain’s largest rail freight companies. The Freightliner deal is expected to close in early 2026, pending regulatory approval.
Looking to the future, Saadeh warned that increasing the industry’s production capacity and declining demand may affect performance. However, he stressed that CMA CGM will remain flexible, maintain strict cost controls, and continue to invest where opportunities align with its long-term vision.
