Q3 2025 INTERIM REPORT - STAYING THE TRANSITION COURSE

06 Nov 2025 07:30 CET

ANNOUNCEMENT NO. 33/2025



Q3 2025

* Revenue up 4% to DKK 8.3bn. Organic growth was -2%
* EBIT reduced 32% to DKK 536m
* CO2 ferry emission intensity from own fleet lowered 2.7%

Outlook 2025

* EBIT lowered to DKK 0.6-0.75bn from DKK 0.8-1.0bn excluding one-off
programme cost
* Cost Reduction Programme one-off cost of around DKK 100m in Q4 2025
* Adjusted free cash flow of around DKK 0.9bn down from DKK 1.0bn



"We are launching a Cost Reduction Programme to accelerate our transition to a
higher level of financial performance," says Torben Carlsen, CEO.



  Q3 Q3 Change, LTM LTM Change, Full-year

DKK m 2025 2024 % 2024-25 2023-24 % 2024
-------------------------------------------------------------------------------


Revenue 8,296 7,965 4 30,841 29,389 5 29,753

EBITDA 1,397 1,508 - 7 3,780 4,690 -19 4,440

EBIT 536 785 - 32 584 1,862 -69 1,506

Adjusted free cash flow - 40 396 - 110 908 2,186 -58 957

ROIC % - - - 1.4 5.8 - 4.4

Financial leverage,
times - - - 4.3 3.3 - 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 the events of 2024.

We have three focus areas that are challenged on earnings and key to improving
performance.

Today, we are expanding our transition toolbox to accelerate the transition to a
higher level of financial performance with a Cost Reduction Programme targeting
DKK 300m of cost reductions in 2026. See separate announcement for details.

Focus area updateThe Logistics Boost projects progressed in line with
expectations in Q3 and further improvements are expected in Q4.

The adaptation of the Mediterranean ferry network moved forward in Q3 as the new
pricing model launched in September 2025 provided an initial yield recovery as
planned.

The third focus area, the Türkiye & Europe South (TES) turnaround, progressed on
the other hand less than expected in Q3. The earnings trend is improving but
slower than expected amid challenging market conditions.

Q3 network performance as expected
The Q3 result for the network, excluding focus areas, was overall as expected
and above 2024 when adjusted for route changes, especially the sale of Oslo-
Copenhagen and the exit from Tarifa-Tanger Ville.

The North Sea freight ferry operations were stable and Baltic Sea had a good
quarter with further improvements expected on the back of our new space charter
agreement. Channel performed well overall in Q3 even though the Jersey routes
incurred extra costs for mainly tonnage changes.

Strait of Gibraltar delivered on expectations in Q3 and we are excited about
deploying the two additional acquired ferries in 2026 pending regulatory
approval.

Q3 was a turning point for our Nordic and Continent logistics units and both are
now better adapted to a low-growth market environment. Our UK & Ireland
logistics unit continued its stable performance in Q3.

Outlook
The 2025 EBIT outlook is lowered to DKK 600-750m from previously DKK 800-1,000m
driven mainly by uncertainties regarding the development in Q4 2025 for the
Mediterranean ferry and logistics activities. In addition, the above outlook
range will be reduced by the one-off programme cost of around DKK 100m. The
outlook is detailed on page 4.



Read the Q3 2025 interim report here:

DFDS Q3 Report 2025 | DFDS (https://www.dfds.com/en/about/investors/reports-and-
presentations/q3-report-2025)

6 November 2025. Conference call today at 10.00am CET

Register ahead of the call via this link
(https://services.choruscall.it/DiamondPassRegistration/register?confirmationNum
ber=8807699&linkSecurityString=18588f5120).
Access code is mailed after registration. Follow live-streaming of call via this
link (https://getvisualtv.net/stream/?dfds-q3-2025).



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.

More information:
Access the news on Oslo Bors NewsWeb site

658890_DFDS_NO_33_06_11_2025_Q3_2025_REPORT.pdf