DFDS (DFDS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 6.4% to DKK 8.826bn and EBIT increased 27.8% to DKK 685m, with improvement in both divisions.

• Four of six identified turning points supported earnings improvement; Mediterranean underlying performance remained below expectations.

• Own-fleet CO2e emission intensity increased 1.8% YoY.

Financial highlights

• EBITDA was DKK 1.477bn, up 5.8% reported and 9.2% excluding the DKK 44m positive TES adjustment in Q3 2025.

• Net income was DKK 437m versus DKK 276m; basic EPS rose to DKK 8.13 from DKK 5.13.

• Adjusted free cash flow was DKK 205m in Q3; Q1–Q3 adjusted free cash flow rose to DKK 1.233bn from DKK 744m.

• Q1–Q3 revenue rose 4.7% to DKK 24.763bn, EBITDA to DKK 3.481bn from DKK 3.037bn, and EBIT to DKK 1.172bn from DKK 582m.

Outlook and guidance

• FY2026 revenue growth guidance increased to 4–5% from 3–5%; EBIT guidance remained DKK 1.2–1.4bn.

• Adjusted free cash flow guidance increased to DKK 800–1,000m from ~DKK 500m, reflecting Q3 cash generation, working-capital initiatives and lower expected ferry capex.

• FY2026 capex guidance fell to ~DKK 1.6bn from ~DKK 1.7bn; year-end leverage is expected below 3.3x.

• Freight volumes are expected near 2025 levels for the rest of 2026; passenger volumes are expected below 2025.