Q2 RESULT LOWERED BY MEDITERRANEAN HEADWINDS
Q2 2025 INTERIM REPORT
ANNOUNCEMENT NO. 25/2025
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.
| Q2 | Q2 | Change, | LTM | LTM | Change, | Full-year | |
| DKK m | 2025 | 2024 | % | 2024-25 | 2023-24 | % | 2024 |
| Revenue | 7,810 | 7,580 | 3 | 30,510 | 28,613 | 7 | 29,753 |
| EBITDA | 893 | 1,232 | -28 | 3,892 | 4,737 | - 18 | 4,440 |
| EBIT | 163 | 519 | -69 | 833 | 1,963 | - 58 | 1,506 |
| Adjusted free cash flow | 538 | 724 | -26 | 1,344 | 2,311 | - 42 | 957 |
| ROIC % | - | - | - | 2.2 | 6.2 | - | 4.4 |
| Financial leverage, times | - | - | - | 4.2 | 3.1 | - | 3.9 |
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.
Read the Q2 2025 interim report here:
https://www.dfds.com/en/about/investors/reports-and-presentations/q2-report-2025
20 August 2025. Conference call today at 10.00am CET
Register ahead of the call via this link.
Access code is mailed after registration. Follow live-streaming of call via this link.
Contact
Torben Carlsen, CEO +45 33 42 32 01
Karen Boesen, CFO +45 20 58 58 40
Søren Brøndholt Nielsen, IR +45 33 42 33 59
Dennis Kjærsgaard Sørensen, Media +45 42 30 38 47
About DFDS
We operate a transport network in and around Europe with annual revenue of DKK 30bn and 16,500 full-time employees.
We move goods in trailers by ferry, road, and rail plus we offer complementary and related logistics solutions.
We also move car and foot passengers on short sea and overnight ferry routes.
DFDS was founded in 1866 and is headquartered and listed in Copenhagen
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Attachment
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