CMA CGM: Q226 recap: Setting up for an even stronger Q3

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CMA CGM: Q226 recap: Setting up for an even stronger Q3

J P M O R G A N Europe Credit Research

29 July 2026

Neutral

CMA CGM CMACG

Q226 recap: Setting up for an even stronger Q3

Europe Corporate Credit -

CMA posted strong Q226 financials after market yesterday and held its quarterly Healthcare, Transportation and

investor call this afternoon, with an upbeat message given on the near-term Sustainable Investing

outlook for trade volumes. We summarise our main take-aways below. AC Danielle Ward, CFA

• CMACG posted a very healthy set of Q2 results, as expected, with EBITDA (44-20)danielle.x.ward@jpmorgan.com7742-7344

growing +31% YoY and +42% QoQ to $2.99bn (in line with guidance for

Erik Wolf Q2>Q1). Revenues increased +19% YoY in the quarter (+19% QoQ), driven

(44 20) 3493-4385

by+6% higher Shipping segment volumes and a +15% increase in unit erik.x.wolf@jpmorgan.com

revenues (average freight rates) more than offsetting a +10.5% YoY increase

Adeline Z Kwok, CFA

in unit costs in the Shipping division. The Logistics business faced a more (44 20) 7134 0302

challenging quarter, meanwhile, with segment EBITDA declining by -15% adeline.zinhe.kwok@jpmorgan.com

YoY (despite +8% YoY top-line growth), pressured by lower volumes and J.P. Morgan Securities plc

yields in Air and Ocean, continued automotive weakness and bunker cost

pressure weighing on FVL (Finished Vehicle Logistics) & Ground operations,

partially offset by a more resilient performance in Contract Logistics

(benefitting from acquisition contributions and growth initiatives).

• The company expects further freight rate increases to drive Q3 EBITDA

performance to exceed Q2. Management attributed the strength witnessed in

trade demand over H1 (particularly visible in Chinese exports) to the pull-