DFDS ANNUAL REPORT 2025

19 Feb 2026 07:30 CET

COMPANY ANNOUNCEMENT no. 05 - 19 February 2026



Full-year 2025

* Revenue up 4% to DKK 30.9bn
* EBIT lowered 65% to DKK 0.5bn
* Adjusted free cash flow of DKK 1.2bn

Outlook 2026

* Revenue around on level with 2025
* EBIT-range of DKK 800-1,100m
* Adjusted free cash flow above zero

  Q4 Q4 Change, Full-year Full-year Change,

DKK m 2025 2024 % 2025 2024 %
--------------------------------------------------------------------------


Revenue 7,303 7,196 1 30,947 29,753 4

EBITDA 705 743 - 5 3,743 4,440 - 16

EBIT - 62 2 n.a. 520 1,506 - 65

Adjusted free cash flow 440 164 168 1,184 957 24

ROIC % - - - 1.2 4.4 -

Financial leverage, times - - - 4.1 3.9 -


CEO's comments

Our financial performance started to turn around in Q4 2025 as the underlying
result was above 2024 adjusted for non-comparable items. We also closed the year
with strong cash flow performance.

The Mediterranean ferry network turned profitable again in Q4 2025 and is
expected to continue to improve profitability in 2026. The network has been
adapted through capacity reductions and launch of a new pricing model.

The Nordic and Continent logistics business units also improved performance
driven to a large extent by the Boost turnaround projects.

These positive developments more than offset lower results in a few other areas.
There was headwind from a slowdown in Channel ferry market volumes, even though
onboard spending continued to grow.

Cost coverage continued to be an issue in the quarter as competitive pressures
prevented setting fully matching price increases. A cost reduction programme
of DKK 300m was initiated in November 2025.

Cost reduction programme
The first phase of the cost reduction programme was completed in the last two
months of 2025 when we parted ways with around 400 valued and skilled office-
based colleagues. A DKK 97m redundancy cost is consequently reported in Q4
2025. During 2026, further specific cost reduction initiatives will be realised
to deliver a targeted total cost reduction of DKK 300m.

Financial leverage
The outlook is expected to reduce financial leverage in 2026. The capital
structure is expected to consolidate further as measured by the equity ratio and
the debt/equity ratio.

The debt-to-earnings ratio, NIBD/EBITDA, is expected to decrease to below 4.0x
at year-end 2026 and expected to end 2027 below 3.5x. Following this
expectation, our financial leverage target, as measured by NIBD/EBITDA, is
revised to a mid-term range of 2.5-3.5x from the previous long-term range of
2.0-3.0x.

Capital distribution
For 2025, the Board of Directors proposes to the annual general meeting that no
capital is distributed to shareholders in order to prioritise a further
deleveraging of the capital structure.

Outlook 2026
Revenue in 2026 is expected to be around level with 2025. EBIT is expected to be
within a range of DKK 0.8-1.1bn. The outlook is 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=2325861&linkSecurityString=68faab024).

Access code is mailed after registration. Follow live-streaming of call via this
link (https://getvisualtv.net/stream/?dfds-full-year-report-2025).

The annual report and a Q4 2025 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-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, 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 16,500 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

666173_DFDS_NO_05_19_02_2026_ANNUAL_REPORT_2025.pdf
666173_DFDS-2025-12-31-en.zip
666173_DFDS_Q4_AND_FULL-YEAR_REVIEW.pdf
666173_DFDS Annual Report 2025.pdf