DFDS (DFDS) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw organic revenue growth of 4% and total revenue up 10.8% to DKK 7,965m, but EBIT declined 11% due to margin pressures and intensified competition, especially in the Mediterranean, logistics, and automotive sectors.

• The previously announced Ekol acquisition was terminated, impacting financial outlook and customer relationships in the Mediterranean and Turkish markets.

• Strategic focus remains on organic growth, network value, green transition, customer service, and operational efficiency.

Financial highlights

• Q3 2024 revenue rose 10.8% year-over-year to DKK 7,965m; organic growth was 4%.

• EBIT declined by 11% to DKK 785m; EBITDA was DKK 1,508m, down 3%.

• Adjusted free cash flow for Q3 was DKK 396m, down 24% year-over-year.

• Profit after tax decreased 13% to DKK 571m.

• One-off items in Q3 2023 (DKK 135m) and the inclusion of Strait of Gibraltar in 2024 offset each other.

Outlook and guidance

• 2024 EBIT outlook lowered to DKK 1.5–1.7bn from DKK 1.7–2.1bn; adjusted free cash flow now expected at DKK 1.2bn.

• Revenue growth for 2024 expected at 8–10%; operating capex reduced to DKK 1.4bn.

• No growth rebound expected in Q4; margin pressure and subdued demand, especially in FTL and automotive, to persist.

• Long-term free cash flow target of DKK 1.5bn remains, but recovery depends on Mediterranean performance.