DFDS (DFDS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 10% year-over-year to DKK 8.6bn, with EBIT up DKK 291m to DKK 454m and adjusted free cash flow up 35% to DKK 728m.

• Both Ferry and Logistics divisions delivered improved earnings, supported by progress on six strategic actions and strong cash conversion.

• Financial leverage improved to 3.4x NIBD/EBITDA, and profit after tax increased DKK 255m to DKK 168m.

• A strategy review is underway to clarify long-term vision and priorities, with completion expected within six months.

Financial highlights

• Q2 revenue: DKK 8,584m (+9.9% YoY); Q2 EBITDA: DKK 1,205m (+34.9% YoY); Q2 EBIT: DKK 454m (+179% YoY).

• Q2 adjusted free cash flow: DKK 728m (+35% YoY); Q2 profit after tax: DKK 168m (up from DKK -87m YoY).

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

• Net interest-bearing debt reduced 13% YoY to DKK 14.0bn; equity ratio at 36%.

Outlook and guidance

• 2026 revenue growth outlook raised to 3-5% (previously flat); EBIT guidance increased to DKK 1.2-1.4bn (from DKK 1.0-1.4bn).

• Adjusted free cash flow for 2026 expected around DKK 500m (previously above DKK 250m).

• Capex for 2026 expected at DKK 1.7bn, including planned ferry purchase.

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