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A.P. Moller - Maersk delivered a first quarter in line with expectations, showing a strong recovery in earnings compared to the fourth quarter of 2023. Results were driven by a good performance in Terminals and the combination of higher demand and a prolonged Red Sea crisis. As these conditions are expected to continue well into the second half of the year, Maersk lifts the lower end of its guidance range and now expects underlying EBITDA at USD 4.0 to 6.0bn and underlying EBIT at USD -2.0 to 0.0bn.