DFDS (DFDS) Q2 2026 earnings summary

Executive summary

• Q2 2026 results showed improved earnings in both Ferry and Logistics divisions, with revenue up 10% year-over-year to DKK 8.6bn and EBIT up DKK 291m to DKK 454m, supported by strategic initiatives and lower net bunker costs.

• Adjusted free cash flow rose 35% to DKK 728m, and financial leverage improved to 3.4x NIBD/EBITDA.

• A one-off litigation charge of DKK 53m–62m negatively impacted results; underlying business improvements remain strong.

• Strategic review launched to clarify long-term direction, capital allocation, and competitive positioning, to be completed within six months.

• Safety remains a top priority, with a fatality reported in May 2026; safety targets and programs to be revisited.

Financial highlights

• Q2 revenue grew 10% year-over-year to DKK 8,584m, driven by fuel surcharges and underlying growth in both divisions.

• EBITDA increased by 35% to DKK 1,205m, and EBIT rose 179% to DKK 454m.

• Adjusted free cash flow for Q2 reached DKK 728m (+35% YoY); profit after tax increased DKK 255m to DKK 168m.

• Net interest-bearing debt reduced by DKK 2.1bn YoY to DKK 14.0bn; equity ratio at 36%.

• Earnings per share for Q2: DKK 3.05 (up from DKK -1.67 YoY).

Outlook and guidance

• 2026 revenue growth outlook raised to 3%-5%, mainly due to fuel surcharges.

• EBIT guidance increased to DKK 1.2–1.4bn; adjusted free cash flow expected around DKK 500m; capex guidance unchanged at DKK 1.7bn.

• Conditional clearance received for Naviera Armas acquisition in Strait of Gibraltar, not yet included in capex or cash flow outlook.

• Downside risks include elevated oil prices, geopolitical tensions, and uncertain European economic growth.

• Ongoing focus on safety, performance improvement, cash flow, green transition, and DE&I targets.