DP World 2025 results: record revenue, resilient margins, and cash generation
DP World has posted another set of records for 2025: revenue rose 22.0% to $24.4 billion and adjusted EBITDA (a cash‑profit proxy before interest, tax, depreciation and amortisation) climbed 18.0% to $6.4 billion. The adjusted EBITDA margin eased to 26.3% from 27.2%, but like‑for‑like was stronger at 28.0%.
Container volumes also moved up despite a choppy trade backdrop. Gross throughput reached 93.4 million TEU (twenty‑foot equivalent units), up 5.8%, with consolidated volumes up 7.8% to 56.1 million TEU. Profit for the year increased 32.2% to $1.96 billion, with $1.07 billion attributable to the company’s owners.
Key numbers at a glance
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | $24,422m | $20,023m | +22.0% |
| Adjusted EBITDA | $6,430m | $5,450m | +18.0% |
| Adjusted EBITDA margin | 26.3% | 27.2% | -0.9ppt |
| EBIT | $4,066m | $3,357m | +21.1% |
| Profit for the year | $1,960m | $1,483m | +32.2% |
| Profit attributable to owners | $1,072m | $751m | +42.7% |
| Gross throughput | 93,366k TEU | 88,287k TEU | +5.8% |
| Consolidated throughput | 56,087k TEU | 52,042k TEU | +7.8% |
| Cash from operations | $6.3bn | $5.5bn | +14.0% |
| Pre‑IFRS 16 net leverage | 3.4x | 3.4x | Stable |
| Post‑IFRS 16 net leverage | 4.0x | 4.1x | Improved |
| ROCE | 9.9% | Not disclosed | – |
| Capex | $3.1bn | $2.2bn | Higher |
Where growth came from: ports, logistics and pricing
Revenue growth was broad‑based, with Ports & Terminals and Logistics doing the heavy lifting. Ports & Terminals revenue increased 20.3% to $9.3 billion as DP World focused on higher‑yield cargo and saw revenue per TEU rise 8.5% like‑for‑like. Adjusted EBITDA for the segment grew 16.8% to $4.6 billion, with a punchy reported margin of 49.4% (52.6% like‑for‑like).
Logistics, Parks and Economic Zones delivered 28.1% revenue growth to $10.5 billion, supported by parks and zones plus the full‑year impact of acquisitions. EBITDA rose 29.4% to $1.5 billion with a 14.3% margin (15.4% like‑for‑like) as scale benefits kicked in.
Marine Services added steadier, high‑quality growth: revenue up 12.9% to $4.6 billion and EBITDA up 14.7% to $1.1 billion, helped by strong performance at Drydocks World and improving Shipping Solutions. The segment margin edged up to 23.8%.
Regional picture: Middle East, Europe and Africa lead
- Middle East, Europe and Africa: revenue $16.7 billion (+20.1%), adjusted EBITDA $5.1 billion (+22.4%), margin 30.8%. Standout contributions from the UK, UAE and Africa.
- Australia and Americas: revenue $4.1 billion (+26.3%), adjusted EBITDA $1.3 billion (+14.5%), margin 31.8% after some mix effects.
- Asia Pacific and India: revenue $3.6 billion (+26.4%), adjusted EBITDA $748 million (+5.4%), margin 20.8% reflecting lower‑margin logistics acquisitions.
On volumes, Europe, Middle East and Africa grew fastest with gross TEU up 8.3% to 34.5 million. Jebel Ali handled 15.6 million TEU, essentially flat at +0.1% for the year. Fourth‑quarter volumes were still positive at +4.2% group‑wide.
Operations, strategy and the 2026 investment plan
Port capacity was lifted to 109 million TEU and DP World spent $3.1 billion of capex across the estate in 2025. For 2026, the budget is up to $3.0 billion, mainly aimed at Jebel Ali Port, Drydocks World and Jebel Ali Freezone (UAE), Banana (Democratic Republic of the Congo), Kandla (India), Jeddah (Saudi Arabia) and Karachi (Pakistan).
Management flagged a live regional headwind: Jebel Ali remains fully operational with no infrastructure damage, but inbound vessel traffic has been temporarily reduced due to regional security developments. The group is rerouting and flexing its wider network to keep cargo moving.
On platform strategy, DP World now organises logistics around eight verticals that account for roughly half of global GDP and over 80% of group logistics revenue, serving more than 45,000 customers. Marine Services has been unified under the DP World brand, integrating Shipping Solutions, Multimodal Solutions and Maritime Solutions to sharpen the end‑to‑end offer.
Balance sheet, cash and tax: the plumbing
Cash generation stayed strong with $6.3 billion from operating activities. Net leverage finished the year at 3.4x pre‑IFRS 16 (4.0x post‑IFRS 16). Quick refresher: IFRS 16 treats leases as debt, so the post‑IFRS 16 number is naturally higher.
Adjusted gross debt rose to $30.6 billion, partly due to higher lease and service concession liabilities and the redemption of the perpetual sukuk, which shifted from equity‑like to debt classification. Interest‑bearing debt (excluding leases and concessions) was $22.6 billion and cash and short‑term investments were $4.7 billion, leaving net debt at $25.9 billion ($17.9 billion pre‑IFRS 16).
Credit ratings held at BBB+ (Stable) with Fitch and Baa2 (Stable) with Moody’s. Tax expense increased to $725 million, including $109 million of Pillar II top‑up tax. Net finance costs were stable at $1.4 billion. A dividend was not disclosed.
Sustainability and financing: green and blue momentum
DP World reported a 14% reduction in Scope 1 and 2 emissions against a 2022 base year and said approximately 67% of its global electricity now comes from renewables. The company published its final Green Sukuk Allocation and Impact Report confirming full allocation of the $1.5 billion issued in September 2023 within two years, and its inaugural Blue Bond report with $67.64 million allocated to eligible marine projects.
My take: why this update matters
These are strong numbers in a tough trading year. Pricing discipline in ports (revenue per TEU up 8.5% like‑for‑like), growing logistics heft, and steady Marine Services combined to push profit up 32.2% and cash generation up 14.0%. The ROCE improvement to 9.9% shows progress toward the medium‑term ambition of 15%.
There are watch‑outs. The group margin dipped to 26.3%, Asia Pacific & India margins compressed due to mix, and net debt is sizeable after lease and concession liabilities. The temporary reduction in inbound traffic at Jebel Ali is a live operational risk, even if the network can cushion it. Tax is also rising as Pillar II bites.
Overall, the tone is more positive than cautious. Leverage is stable, ratings are intact, capex is targeted at high‑return corridors, and the integrated platform is doing what it says on the tin – capturing yield, cross‑selling and keeping cargo moving as routes shift.
What to watch in 2026
- Jebel Ali throughput trends and any prolonged impact from regional security developments.
- Execution of the up to $3.0 billion capex plan at Jebel Ali, London Gateway’s wider ecosystem, and African greenfield projects like Banana and Ndayane.
- Margin trajectory: can the group hold or lift the 28.0% like‑for‑like EBITDA margin as logistics scales?
- ROCE progress toward the 15% ambition and continued strong cash conversion to fund growth.
- Net leverage direction, especially post‑IFRS 16, and any portfolio recycling to offset heavy investment.
Bottom line
DP World delivered record revenue and EBITDA, lifted volumes and cash flow, and invested for future growth – all while navigating disrupted trade lanes. With a robust balance sheet, affirmed credit ratings and a focused capex plan, the group looks well positioned, though investors should keep an eye on margins, debt and Jebel Ali’s traffic in the near term.
