DFDS (DFDS) investor relations material

Executive summary

• Q3 earnings were on track, with 4 of 6 turning points supporting improvement; management described overall earnings as unsatisfactory amid persistent challenges in Mediterranean and TES operations.

• Both divisions contributed to higher EBIT; Logistics improved strongly, while Mediterranean performance remained below expectations.

• Revenue and adjusted free cash flow outlooks increased; the EBIT guidance range was maintained.

• Strategy review is assessing portfolio rationale, customer propositions, competitiveness and cost opportunities, with industrials, freight forwarders and passengers as key customer groups.

Financial highlights

• Q3 revenue rose 6.4% YoY to DKK 8.826bn; EBITDA increased 5.8% to DKK 1.477bn, or 9.2% excluding a DKK 44m positive TES prior-period adjustment in Q3 2025.

• EBIT rose 27.8% to DKK 685m; EBIT margin increased to 7.8% from 6.5%.

• Profit before tax was DKK 496m versus DKK 331m; profit after tax was DKK 437m versus DKK 276m.

• Finance costs declined 8% to DKK 189m, reflecting lower debt and margins.

• Q1–Q3 revenue rose 4.7% to DKK 24.763bn, EBITDA increased 14.6% to DKK 3.481bn and EBIT rose 101.4% to DKK 1.172bn.

Outlook and guidance

• FY 2026 revenue growth guidance increased to 4–5% from 3–5%, primarily due to fuel surcharges; EBIT guidance remained DKK 1.2–1.4bn.

• FY adjusted free cash flow guidance increased to DKK 800–1,000m from ~DKK 500m, reflecting Q3 cash generation and lower expected capex.

• Total 2026 capex is expected at ~DKK 1.6bn; lower ferry capex, an anticipated RoPax sale and operating capex phasing into 2027 contributed to the reduction.

• Freight demand is expected to remain resilient, with downside risk; freight ferry volumes are expected broadly level with 2025 and passenger volumes below 2025 for the rest of the year.

• ~50% of Q4 bunker consumption exposed to price-spread volatility is hedged; earnings stability remains a priority.