DFDS (DFDS) Q2 2025 earnings summary

Executive summary

• Q2 2025 results were negatively impacted by Mediterranean headwinds, with Ferry Division results below expectations and Logistics Division outperforming due to boost projects and transaction gains, though Türkiye & Europe South underperformed.

• Actions are underway to accelerate recovery in underperforming areas, including a new pricing model, capacity adjustments, and commercial initiatives in the Mediterranean.

• Strong H1 cash flow was achieved through targeted initiatives, but some focus areas progressed less than expected.

Financial highlights

• Q2 2025 revenue increased 3% year-over-year to DKK 7.8bn, mainly from acquisitions and increased ferry passenger revenue, but organic growth was -2.3%.

• EBITDA declined 28% to DKK 893m, and EBIT dropped 69% to DKK 163m, reflecting lower quality of earnings and negative one-off items.

• Adjusted free cash flow reached DKK 0.5bn for the quarter and DKK 0.8bn year-to-date.

• Net interest-bearing debt at DKK 16.1bn, reduced by 6% since the start of 2025.

Outlook and guidance

• Revenue growth for 2025 is expected to be around 5%.

• EBIT guidance for 2025 lowered to DKK 0.8-1.0bn from around DKK 1.0bn, reflecting Mediterranean challenges.

• Ferry Division EBIT expected at DKK 0.875-1.0bn; Logistics Division EBIT at DKK 0.125-0.2bn.

• CapEx guidance reduced to DKK 1.3-1.4bn; free cash flow guidance maintained at DKK 1.0bn.

• Q3 2025 EBIT expected below Q3 2024, with recovery anticipated in Q4.