Key points:

• Q3 EBIT up 28% to DKK 685 million; revenue up 6% to DKK 8,826 million
• The Mediterranean and TES units in Türkiye continue to weigh on the group result
• October freight up 1.5% to 3.7 million lane metres: North Sea, Mediterranean and Strait of Gibraltar higher; Channel and Baltic Sea lower
• October passengers down 0.4% to 330,000; down 8.3% to 4.9 million over the last 12 months

Revenue for the quarter rose 6% to DKK 8,826 million from DKK 8,296 million, and EBITDA increased 6% to DKK 1,477 million. Adjusted free cash flow was DKK 205 million, against negative DKK 40 million in Q3 2025. Financial leverage was 3.3 times, down from 4.3 times a year earlier. The CO2e emission intensity of the company’s own fleet increased 1.8%.

DFDS now expects revenue growth of 4–5% for 2026, up from 3–5%, and adjusted free cash flow of DKK 800–1,000 million, up from around DKK 500 million. Its EBIT outlook of DKK 1.2–1.4 billion is unchanged.

CEO Michael Hansen said both divisions contributed to the improvement. EBIT in the Logistics Division rose by DKK 86 million to DKK 108 million, which he credited to the company’s Boost Project turnaround model. “Our overall earnings level remains nonetheless unsatisfactory,” Hansen said. He pointed to the two business units operating out of Türkiye, Mediterranean and TES, which face significant market challenges that continue to weigh on the group result. DFDS is applying the Boost model to TES and continuing to adapt Mediterranean’s capacity and pricing model.

An ongoing strategy review will set DFDS’s future priorities and capital deployment. The company is adding a Chief Transformation Officer to its Executive Management Team to lead strategy execution. On 4 November, DFDS announced that Liezel du Toit will take up the role on 1 December.

October volumes

DFDS carried 3.7 million freight lane metres in October, up 1.5% on October 2025. North Sea volumes increased on higher Continent–UK traffic. Mediterranean volumes rose because repair works at border crossings in Türkiye lengthened transit times for road transport, which raised ferry market volumes in general. Strait of Gibraltar volumes increased on underlying growth and on extra volumes from a route acquisition completed in early October. Channel volumes fell, mainly because the overall ferry market shrank, and Baltic Sea volumes also decreased.

Over the last 12 months, freight volumes rose 0.7% to 41.8 million lane metres. Adjusted for route changes, they were unchanged.

Passenger numbers fell 0.4% to 330,000 in October. Higher volumes on the Channel and in the Baltic Sea were offset by lower volumes in the Strait of Gibraltar. Over the last 12 months, passenger numbers fell 8.3% to 4.9 million, or 4.9% adjusted for route changes.

DFDS will publish its November volume report on 11 December.

Full report https://www.dfds.com/en/about/investors/reports-and-presentations/q3-report-2026

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