DFDS (DFDS) Q4 2025 earnings summary

Executive summary

• Q4 2025 marked a financial turnaround with underlying results above 2024, driven by improved performance in the Mediterranean ferry network and logistics units, despite headwinds in Channel ferry volumes and competitive pricing pressures.

• A cost reduction programme was initiated, resulting in DKK 97m redundancy costs and targeting DKK 300m in total savings.

Financial highlights

• Q4 2025 revenue increased 1% year-over-year to DKK 7.3bn; full-year revenue reached DKK 30.9bn, up 4%.

• Q4 EBIT fell to DKK -62m from DKK 2m in Q4 2024; full-year EBIT dropped to DKK 520m from DKK 1,506m.

• Adjusted free cash flow in Q4 was DKK 440m, up from DKK 164m; full-year adjusted free cash flow was DKK 1,184m.

• Q4 EBITDA margin was 9.7% (down from 10.3%); full-year EBITDA margin was 12.1% (down from 14.9%).

• Q4 EPS was DKK -5.27 (Q4 2024: DKK -5.02); full-year EPS was DKK -7.90 (2024: DKK 9.68).

Outlook and guidance

• 2026 revenue expected to be on par with 2025; EBIT guidance set at DKK 800–1,100m.

• Adjusted free cash flow projected to remain above zero.

• Financial leverage (NIBD/EBITDA) targeted to fall below 4.0x by end-2026 and below 3.5x by end-2027.

• No capital distribution proposed for 2025 to prioritize deleveraging.