The Danish operator reported first-quarter revenue of DKK 7.4 billion, down 2% year-on-year, while EBIT swung from negative DKK 117 million to positive DKK 33 million, with adjusted free cash flow reaching DKK 300 million.

Interim CEO and CFO Karen D. Boesen pointed to broad-based operational momentum, with the Ferry Division's improvement driven by a higher freight result, especially in the Mediterranean, and the Logistics Division benefiting mainly from the Continent and Nordic business units. Five of the six turning point actions outlined earlier in the year contributed positively, while the sixth — the TES turnaround — developed in line with expectations and is set to perform on level with 2025.

Balance sheet discipline also strengthened. Financial leverage, measured as NIBD/EBITDA, improved to 3.9x at the end of Q1 2026, on track to meet the full-year target of below 4.0x.

For the full year, DFDS maintained its EBIT outlook of DKK 1,000–1,400 million and firmed up its adjusted free cash flow expectation to above DKK 250 million, up from the previous guidance of above zero.

Management flagged ongoing risks from the Iran/Gulf conflict, which since early March 2026 has lifted oil prices and heightened geopolitical and macro uncertainty — a headwind the operator has so far absorbed without derailing its recovery trajectory.

Full report Q1 2026 interim report