Q2 2025

• Revenue up 3% to DKK 7.8bn Organic growth was -2%
• EBIT reduced 69% to DKK 163m
• Adjusted free cash flow of DKK 538m
• CO2 ferry emission intensity from own fleet lowered 4.1%

Outlook 2025

• EBIT of DKK 0.8-1.0bn (previously around DKK 1.0bn)
• Revenue growth of around 5%
• Adjusted free cash flow of around DKK 1.0bn (unchanged)

“Most of the network performed in line with our expectations for the quarter. The Mediterranean activities remain our key earnings challenge,” says Torben Carlsen, CEO.

CEO’s comments

As outlined earlier this year, 2025 is a transitional year for DFDS where we lay the foundation for improving financial performance following events of 2024.

The financial performance of most of the network was in line with our expectations for the quarter.

Our key earnings challenge in 2025 remains therefore to resolve three specific focus areas:

• Adapting Mediterranean ferry operations to competitive environment change
• Turning Logistics Türkiye & Europe South around to breakeven by year-end 2025
• Delivering on Logistics Boost turnaround projects initiated in 2024.

The realised and expected delivery on the Logistics Boost projects is in line with the expectations for 2025 set earlier this year.

The adaptation of the Mediterranean business unit progressed in Q2 2025 but less than expected. Volumes were to a large extent intact but the impact from pricing initiatives fell short of expectations. Further actions have been launched to improve the effectiveness of the yield recovery in the remainder of the year.

The Türkiye & Europe South turnaround progressed well in Q2 2025 with regard to rightsizing of the network while volumes and margins were below target, partly due to Turkish transport market dynamics. Achieving the breakeven target in 2025 may therefore be delayed.

Outlook updated

To reflect the challenges facing two of the focus areas, the EBIT outlook for 2025 is updated to a range of DKK 0.8-1.0bn from previously an EBIT of around DKK 1.0bn.

The Q2 cash flow generation was on track and financial leverage is set to improve as expected in H2. The 2025 outlook for Adjusted free cash flow is unchanged DKK 1.0bn.

The outlook is detailed on page 4.

Geopolitics drive European nearshoring

Towards the end of July 2025, the EU and USA entered into a trade agreement that set a general tariff of 15% on EU exports to USA.

The agreement may curb demand for parts of the EU’s export sector which in turn could impact Europe’s economic short-term growth prospects.

The agreement seems likely to support Europe’s determination to become more self-reliant and we expect nearshoring to grow trading with manufacturing hubs such as Türkiye and Morocco which will benefit our network.

July Volumes:

Ferry – freight: Total volumes in July 2025 of 3.6m lane metres were 3.4% above 2024 and up 1.2% adjusted for route changes. YTD growth rates were 0.3% and -0.9%, respectively.

North Sea volumes were above 2024 with a positive development on most routes as well as a volume catch-up following last month’s national strike in Sweden. Mediterranean volumes were above 2024, also adjusted for the new route between Egypt and Italy.

Channel volumes were above 2024 driven by the new Jersey routes. Baltic Sea volumes were above 2024 and Strait of Gibraltar volumes were likewise above 2024.

For the last twelve months 2025-24, the total transported freight lane metres increased 3.2% to 41.6m from 40.3m in 2024-23. The increase was 2.4% adjusted for route changes.

Ferry – passenger: The number of passengers in July 2025 was adjusted for route changes* down 2.8% to 719k vs 2024 and the adjusted YTD growth rate was -3.9%. Higher passenger volumes in Baltic Sea and Strait of Gibraltar were offset by lower Channel volumes. The number of cars in July was 0.5% above 2024 adjusted for route changes.

For the last twelve months 2025-24, the total number of passengers increased 1.5% to 5.8m compared to 5.8m for 2024-23. The growth rate was -1.0% adjusted for route changes.

*Adjusted for sale of Oslo-Frederikshavn-Copenhagen end October 2025, Tarifa-Tanger Ville due to considerable capacity changes ahead of exit from route early July 2025, and addition of Jersey routes from end March 2025.

Full report DFDS Q2 Report 2025 | DFDS (INT)