CMA CGM Group delivered a strong financial and operational performance in the second quarter of 2026, demonstrating resilience despite continued geopolitical instability, macroeconomic uncertainty and disruptions across global supply chains.
Supported by the strength of its shipping business, the expansion of its terminals and air cargo activities, and the complementary capabilities of its logistics operations, the Group reported significant year-on-year growth in revenue and profitability while continuing to invest in strategic markets and sustainable infrastructure.
Commenting on the Group's performance, Rodolphe Saadé, Chairman and Chief Executive Officer of CMA CGM Group, said: “Against a backdrop of continued geopolitical instability, the Group delivered solid results in the second quarter of 2026, driven by the performance of our shipping activities, the growth of our terminals and air cargo businesses, and the complementary strengths of our logistics operations. This performance reflects our strategy of expanding in key markets and investing in strategic assets. They once again demonstrate the strength of our model, our agility and our resilience, all in support of delivering reliable, high-quality service to our customers.”
Market Resilience
The second quarter unfolded in a particularly volatile environment for the global shipping and logistics industry, marked by escalating geopolitical conflicts, particularly in the Middle East, and persistent macroeconomic uncertainty. Nevertheless, global trade remained resilient, supported by sustained consumer demand, continued corporate investment generating strong import-export activity, inventory restocking amid heightened uncertainty and the acceleration of orders ahead of the implementation of new tariffs.
Against this backdrop, CMA CGM demonstrated its operational agility by adapting its network and operations, optimizing fleet deployment and maintaining disciplined cost management. Leveraging the flexibility of its global network, the Group increased transported volumes by 6% year-on-year. Combined with sustained freight rates, this performance offset additional costs generated by the conflict in the Middle East, including vessel immobilization, higher insurance premiums and reduced cargo volumes on services serving the region.
Strategic Expansion
CMA CGM continued strengthening its global shipping network, consolidating its presence in strategic markets while accelerating fleet modernization to support international trade and advance its decarbonization strategy. During the quarter, the Group launched several new services, including the Ocean Rise Express connecting Japan, Southern China and Northern Europe, the Mekong Transpacific Express linking Vietnam with the U.S. West Coast, and an enhanced transatlantic PAD service, which now calls at the Port of Cork to strengthen Ireland's global connectivity.
The Group also expanded its presence in West Africa through the inauguration of its regional office in Abidjan and the first call of CMA CGM ZEPHYR on the WAX 1 service, now directly operated by the Group. In response to disruptions caused by geopolitical tensions in the Middle East, CMA CGM continued deploying alternative multimodal corridors to ensure uninterrupted supply chains to and from Gulf countries.
The quarter also marked the entry into service of CMA CGM NOTRE DAME, the world's largest LNG-powered containership operating under the French flag. Following her inaugural calls in Asia, the vessel was officially inaugurated in Le Havre before completing her first bio-LNG bunkering operation in Rotterdam, highlighting the Group's commitment to accelerating maritime decarbonization.
Across its logistics business, CEVA Logistics continued expanding its international capabilities and strengthening its service offering. In automotive logistics, CEVA signed memoranda of understanding with BYD and Chery Auto to develop end-to-end global logistics solutions supporting their international expansion.
In contract logistics, the company opened an automated distribution center in Alashankou, China, reinforcing distribution capabilities along the strategic trans-Eurasian road freight corridor. In air freight, CEVA expanded its Asia-Pacific to United States operations through new charter services connecting Vietnam and China with the U.S. market, while in ground transport it invested in a new fleet of low-emission vehicles in the United Kingdom to further decarbonize its operations. In last-mile logistics, Colis Privé, a CEVA Logistics subsidiary, announced its planned acquisition of Paack, strengthening its e-commerce delivery capabilities across France, Spain and Portugal.
The Group also continued expanding its infrastructure portfolio. In Vietnam, CMA CGM launched the second phase of the expansion of the Gemalink container terminal to support growing regional trade flows. During the Africa Forward Summit, Rodolphe Saadé signed a strategic partnership agreement with the Government of Kenya to support the development of transport and logistics infrastructure, reaffirming the Group's long-term commitment to the African continent.
Within its air cargo activities, CMA CGM acquired Crystal Aero Solutions in June. The acquisition strengthens CMA CGM AIR CARGO's aircraft maintenance capabilities, supports fleet operational availability and contributes to the continued development of Crystal Aero Solutions while maintaining its position as an independent maintenance provider.
The Group's media activities also recorded significant achievements during the quarter. BFMTV maintained its leadership as France's leading news channel, a position it has held continuously since March. CMA Media played a key role in organizing the WAN-IFRA World News Media Congress in Marseille, contributing to the event's international reach while bringing together leading French and global media organizations. During the 2026 FIFA World Cup, RMC and Brut delivered extensive editorial coverage from New York, generating record audience performances across their platforms.
Financial Performance
CMA CGM reported second-quarter 2026 revenue of US$15.7 billion, representing a 19.2% increase compared with the second quarter of 2025. EBITDA reached US$3.0 billion, up 31% year-on-year, while the EBITDA margin improved by 1.7 percentage points to 19%. The improvement was primarily driven by the shipping business, supported by higher transported volumes and stronger freight rates despite continued geopolitical disruptions affecting global supply chains.
The shipping division transported 6.3 million TEUs during the quarter, representing 6% year-on-year growth. Revenue rose 22% to US$10.0 billion, reflecting an average revenue per TEU of US$1,575, up 15.1% year-on-year. EBITDA reached US$2.3 billion, compared with US$1.6 billion in the second quarter of 2025, while the EBITDA margin increased by 3.3 percentage points to 22.7%, reflecting improved freight rates.
The logistics business generated revenue of US$5.0 billion, an 8.5% increase year-on-year, supported by organic growth, scope effects and favorable foreign exchange impacts. EBITDA amounted to US$388 million, down 15.4%, while the EBITDA margin stood at 7.8%, declining by 2.2 percentage points due to continued pressure on freight forwarding activities and ongoing challenges affecting the automotive sector.
Revenue from the Group's other activities increased 47.6% to US$1.5 billion, driven by scope effects and the strong performance of terminal and air cargo operations. EBITDA rose 44.5% year-on-year to US$338 million, representing an EBITDA margin of 22.8%. Although the margin declined slightly by 0.5 percentage points, profitability remained at a high level, supported by the strong performance of terminal activities and contributions from recently consolidated businesses.
Looking ahead, CMA CGM expects the geopolitical environment to remain marked by significant uncertainties. Ongoing tensions in the Middle East continue to disrupt maritime routes and affect freight rates and operating costs, while evolving trade policies, particularly tariff measures adopted by certain countries, could influence global trade flows in the coming months. Against this backdrop, the Group will continue pursuing a prudent yet agile strategy, relying on its integrated presence across the entire logistics value chain, the adaptability of its global network and the strength of its balance sheet to navigate market changes while continuing to deliver reliable, high-quality service and long-term support to customers worldwide.
Robban Assafina is now on WhatsApp channel. Click Here
