DFDS (DFDS) Q1 2025 earnings summary

Executive summary

• 2025 is a transition year with recovery and turnaround actions underway in key business units, focusing on Mediterranean adaptation, Türkiye & Europe South turnaround, and Logistics Boost projects.

• Q1 2025 revenue increased 8% to DKK 7,539m, but organic growth was negative due to market conditions and Easter timing.

• EBIT dropped DKK 317m to DKK -117m, impacted by Mediterranean competition, turnaround costs, and market headwinds.

• Adjusted free cash flow improved by DKK 573m to DKK 246m, and operating cash flow rose 62% to DKK 0.8bn.

• CO2 ferry emission intensity reduced by 5.9%, with green transition and diversity targets progressing.

Financial highlights

• Revenue grew 8% year-over-year to DKK 7,539m; organic revenue growth was -1.5%.

• EBIT fell DKK 317m to DKK -117m, mainly due to lower Mediterranean results and Logistics Division challenges.

• EBITDA declined 22% to DKK 748m; excluding one-off insurance income, the decrease was DKK 325m.

• Adjusted free cash flow improved to DKK 246m, and profit for the period was DKK -328m.

• Net interest-bearing debt was DKK 16.8bn; financial leverage at 4.0x.

Outlook and guidance

• Revenue growth outlook for 2025 remains at around 5%, driven by organic growth and acquisitions.

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

• Adjusted free cash flow expected at around DKK 1.0bn; leverage to peak in Q2 and decrease by year-end.

• Operating capex for 2025 expected at DKK 1.6bn.

• Q2 and Q3 2025 results expected below 2024, with Q4 2025 anticipated to be above.