DFDS (DFDS) Q4 2025 earnings summary

Executive summary

• Q4 2025 marked a financial turnaround with improved performance in the Mediterranean ferry network and logistics units, despite margin pressure, inflation, and competitive low-growth markets.

• Actions implemented in 2025, including logistics boost projects, cost reductions, and pricing initiatives, are expected to drive a significant recovery in 2026.

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

• Customer satisfaction scores remained well above industry standards in both ferry and logistics segments.

• Adjusted free cash flow was strong at DKK 440 million in Q4, and the Mediterranean network returned to profitability.

Financial highlights

• Q4 2025 revenue increased 1% year-over-year to DKK 7.3 billion; organic growth was -3% due to a slower passenger market and logistics activity reductions.

• Q4 EBITDA was DKK 705 million, down 5% year-over-year; EBIT was DKK -62 million.

• Full year 2025 revenue grew 4% to DKK 30.9 billion, mainly from the BU TES acquisition, but organic growth was negative.

• Full year EBITDA declined 16% to DKK 3.74 billion; EBIT was DKK 520 million, significantly down from 2024.

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

Outlook and guidance

• 2026 is expected to be a turning point, with actions taken in 2025 underpinning a higher level of performance.

• Guidance for 2026 is prudent, with EBIT expected at DKK 800–1,100 million and revenue on par with 2025.

• Positive adjusted free cash flow is expected in 2026, despite higher CapEx and no further working capital increases.

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

• CapEx guidance for 2026 excludes potential DKK 240 million for Ship Tar, pending approval.