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DFDS (DFDS) investor relations material
DFDS Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 marked a financial turnaround with underlying results above 2024, driven by improved performance in the Mediterranean ferry network and logistics units, despite headwinds in Channel ferry volumes and competitive pricing pressures.
A cost reduction programme was initiated, resulting in DKK 97m redundancy costs and targeting DKK 300m in total savings.
Financial highlights
Q4 2025 revenue increased 1% year-over-year to DKK 7.3bn; full-year revenue reached DKK 30.9bn, up 4%.
Q4 EBIT fell to DKK -62m from DKK 2m in Q4 2024; full-year EBIT dropped to DKK 520m from DKK 1,506m.
Adjusted free cash flow in Q4 was DKK 440m, up from DKK 164m; full-year adjusted free cash flow was DKK 1,184m.
Q4 EBITDA margin was 9.7% (down from 10.3%); full-year EBITDA margin was 12.1% (down from 14.9%).
Q4 EPS was DKK -5.27 (Q4 2024: DKK -5.02); full-year EPS was DKK -7.90 (2024: DKK 9.68).
Outlook and guidance
2026 revenue expected to be on par with 2025; EBIT guidance set at DKK 800–1,100m.
Adjusted free cash flow projected to remain above zero.
Financial leverage (NIBD/EBITDA) targeted to fall below 4.0x by end-2026 and below 3.5x by end-2027.
No capital distribution proposed for 2025 to prioritize deleveraging.
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