DFDS ANNUAL REPORT 2024

21 Feb 2025 07:30 CET

COMPANY ANNOUNCEMENT no. 08 - 21 February 2025



Full-year 2024

* Revenue up 9% to DKK 29.8bn
* EBIT lowered 35% to DKK 1.5bn
* Adjusted free cash flow of DKK 1.0bn

Outlook 2025

* Revenue growth of around 5%
* EBIT of around DKK 1.0bn
* Adjusted free cash flow of around DKK 1.0bn

Q4
Q4 2023 2024 Full- 2023 Full-year
DKK m 2024 Restated Change % year Restated Change, %
-------------------------------------------------------------------------------


Revenue 7,196 6,832 5 29,753 27,304 9

EBITDA 743 993 -25 4,440 4,890 -9

EBIT 2 358 -99 1,506 2,326 -35

Adjusted free
cash flow 164 1,392 -88 957 2,773 -65

ROIC, % - - - 4.4 7.6 -42

Financial
leverage, times - - - 3.9 2.9 34



CEO's comments

In 2024, we partnered with our customers to achieve positive organic growth and
customer satisfaction improved further. We continued to standardise and digitise
our network to enhance customer service and operating efficiency. We also
stepped up our efforts on employee safety and remain on track to reach our green
transition targets.

Our network was expanded in 2024 to high-growth regions supported by nearshoring
through the acquisitions of FRS Iberia/ Maroc (Strait of Gibraltar ferry routes)
and Ekol International Transport (Turkish transport and logistics company).

In addition, we were awarded a 20-year Jersey ferry services concession contract
beginning from March 2025. Conversely, we divested the Oslo-route in line with
our strategic focus.

From a growth perspective, we made good progress on many fronts in 2024.

"The underlying strength of our network is intact, though we have specific
challenges to resolve in 2025 before we again can deliver a satisfactory
earnings level," says Torben Carlsen, CEO.

From a financial perspective, 2024 fell short of our expectations, also due to a
significant earnings decrease in Q4 2024. While an EBIT of DKK 1.5bn for the
full-year 2024 is unsatisfactory, the underlying strength of our network is
intact, though we have specific challenges to resolve in 2025 before we can
again deliver a satisfactory earnings level.

2025 will be a transitional year with two paths to lay the foundation for
improving financial performance.

The first path is to continue to protect & grow the revenue and profits of our
business units. Most of these are set to uphold performance or improve in 2025.

The second path of 2025 is to resolve three specific focus areas: Adapting
Mediterranean ferry operations to the changed competitive environment and
turning the newly acquired Ekol International Transport around to breakeven by
year-end 2025. Furthermore to deliver on the Logistics turnaround projects
initiated in 2024.

Capital distribution
In 2024, a total of DKK 599m was distributed to shareholders. For 2025, the
Board of Directors proposes to the annual general meeting that no capital is
distributed to shareholders in order to prioritise a deleveraging of the capital
structure.

Outlook 2025
The profit outlook for 2025 reflects muted expectations for European economic
growth and the specific focus areas mentioned above. The Group's EBIT is in
2025 expected to be around DKK 1.0bn (2024: DKK 1.5bn). The outlook is further
detailed in the annual report.



Conference call today at 10.00am CET

Register ahead of the call via this link
(https://services.choruscall.it/DiamondPassRegistration/register?confirmationNum
ber=6756403&linkSecurityString=fd8872ebb).
Access code is mailed after registration. Follow live-streaming of call via this
link (https://getvisualtv.net/stream/?dfds-full-year-report-2024).



The annual report and a Q4 2024 review are attached and along with other
materials also available here (https://www.dfds.com/en/about/investors/reports-
and-presentations/annual-report-q4-report-2024).



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, Media +45 42 30 38 47



About DFDS

We operate a transport network in and around Europe with an annual revenue of
DKK 30bn and 14,000 full-time employees.

We move goods in trailers by ferry, road & rail, and we offer complementary and
related transport and logistics solutions.

We also move car and foot passengers on short sea and overnight ferry routes.

DFDS was founded in 1866 and headquartered and listed in Copenhagen.



This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site

639399_DFDS_Q4_2024_AND_OUTLOOK_REVIEW.pdf
639399_DFDS_ANNUAL_REPORT_2024.pdf
639399_DFDS_NO_08_21_02_2025_ANNUAL_REPORT_2024.pdf
639399_DFDS-2024-12-31-en.zip