EBITDA declined 16% to DKK 3.7 billion (from DKK 4.4 billion), while adjusted free cash flow rose 24% to DKK 1.2 billion (from DKK 0.96 billion), supported by strong Q4 performance. Financial leverage increased to 4.1x (from 3.9x), with ROIC at 1.2% (down from 4.4%).

CEO Torben Carlsen highlighted a turnaround in Q4 2025, where underlying results exceeded 2024 (adjusted), the Mediterranean network returned to profit via capacity cuts and new pricing, and Nordic/Continent logistics improved through Boost projects. A DKK 300 million cost reduction programme began in late 2025, including redundancies for ~400 office staff (DKK 97 million cost in Q4).

No dividend or capital distribution is proposed for 2025 to prioritize deleveraging; leverage (NIBD/EBITDA) is targeted below 4.0x by end-2026 and below 3.5x by end-2027, with a revised mid-term range of 2.5-3.5x.

Outlook for 2026: Revenue expected around 2025 levels; EBIT in DKK 0.8-1.1 billion range; adjusted free cash flow above zero.

In January 2026, freight volumes rose 1.2% to 3.3 million lane metres (0.5% lower adjusted for route changes), with gains in North Sea, Channel (new Jersey), and Baltic offsetting Mediterranean and Gibraltar declines. Passenger numbers fell 16.1% to 221,000 (up 1.1% adjusted). Rolling 12-month freight was flat at 41.5 million lane metres (+0.1%, -1.4% adjusted), while passengers dropped 21.3% to 5.2 million (-4.4% adjusted), reflecting route changes and prior-year effects.