DFDS (DFDS) Q1 2025 earnings summary

Executive summary

• 2025 is a transitional year with actions underway to recover earnings and adapt to market changes, especially in the Mediterranean and Logistics divisions, following 2024 setbacks.

• Q1 2025 results were impacted by 2024 events, with Ferry Division (excluding Mediterranean) performing above 2024, while Mediterranean and Logistics (excluding Türkiye & Europe South) underperformed.

• Three focus areas for 2025: adapting Mediterranean operations, turning around Türkiye & Europe South, and executing Logistics Boost projects.

• CO2 ferry emission intensity from own fleet lowered 5.9% year-over-year.

Financial highlights

• Q1 2025 revenue grew 8% year-over-year to DKK 7,539m, with organic revenue down 1.5% due to a flat market and Easter timing.

• EBITDA decreased 22% to DKK 748m, or 32% excluding one-off insurance income; EBITDA margin 9.9%.

• EBIT fell to DKK -117m from DKK 200m in Q1 2024, mainly due to lower Mediterranean and Logistics results.

• Adjusted free cash flow improved to DKK 246m, supported by working capital initiatives.

• Q1 profit for the period: DKK -328m; EPS: DKK -6.09 (Q1 2024: DKK -0.89).

Outlook and guidance

• 2025 revenue growth outlook maintained at around 5%, driven by organic growth and net positive M&A impact.

• EBIT guidance unchanged at around DKK 1.0bn; Ferry Division outlook raised, Logistics Division lowered.

• Operating capex expected at DKK 1.6bn; adjusted free cash flow guidance at DKK 1.0bn.

• EBIT expected to be below 2024 for next two quarters, recovering in Q4.