DFDS (DFDS) Q4 2024 earnings summary

Executive summary

• Network expanded in 2024 with organic growth, new contracts, and acquisitions, but results fell short of expectations due to macro headwinds and underperforming units.

• 2025 is positioned as a transition year focused on earnings recovery, with three specific focus areas: Mediterranean adaptation, Türkiye & Europe South turnaround, and Logistics Boost projects.

Financial highlights

• Full-year 2024 revenue increased 9% year-over-year to DKK 29,753m, with 1.9% organic growth and significant contribution from acquisitions.

• Passenger organic revenue rose 9.6%, logistics organic revenue up 3.2%, while freight ferry organic revenue was flat.

• Full-year EBIT decreased 35% to DKK 1,506m, with Ferry EBIT down 27% and Logistics EBIT down 57%.

• Q4 2024 revenue grew 5% year-over-year, but EBIT dropped sharply to DKK 2m from DKK 358m in Q4 2023.

• Profit after tax for 2024 fell 64% to DKK 541m.

Outlook and guidance

• 2025 revenue growth expected around 5%, driven by organic growth and net positive impact from acquisitions/divestments.

• EBIT outlook for 2025 is around DKK 1.0bn, reflecting ongoing turnaround efforts in Mediterranean and Türkiye & Europe South.

• Operating capex for 2025 projected at DKK 1.6bn; adjusted free cash flow expected around DKK 1.0bn.

• European growth assumed muted in 2025 due to macro uncertainty; Mediterranean and North Africa expected to grow.