Interim report
Page 1
Q1 2025 Interim report Marmorvej 18 · DK-2100 Copenhagen Ø · +45 3342 3342 · dfds.com · CVR 14 19 47 11 2025-transition progressing
Page 2
Q1 2025 interim report Q1 overview 2/28 Q1 2025 → Revenue up 8% to DKK 7.5bn Organic growth was -1% → EBIT reduced DKK 317m to DKK -117m → Adjusted free cash flow increased DKK 573m to DKK 246m → CO2 ferry emission intensity from own fleet lowered 5.9% Outlook 2025, unchanged → EBIT of around DKK 1.0bn → Revenue growth of around 5% → Adjusted free cash flow of around DKK 1.0bn CEO’s comments 2025 is a transitional year, as noted in our latest annual report, where we lay the groundwork for improving financial performance following the events of 2024. Firstly, most of our business units are as expected on track to uphold performance or improve in 2025. Secondly, we are making progress on resolving three specific focus areas: • Adapting Mediterranean ferry operations to the changed competitive environment • Turning Logistics’ Türkiye & Europe South around to breakeven by year-end 2025 • Delivering on the Logistics turnaround projects initiated in 2024. As expected the three focus areas’ substantial negative earnings impact in Q4 2024 continued into Q1 2025. In March, the earnings trend started to improve following the execution of multiple turnaround actions during the quarter. The actions taken include price increases, capacity adjustments, headcount reductions, closure of unprofitable activities, and office closures/mergers. Further actions are being taken and we expect the improving earnings trend to become more visible in our Q2 results and in the remainder of the year. “In March, the earnings trend started to improve following the execution of multiple turnaround actions during the quarter.” Torben Carlsen, CEO Adapting to evolving market changes We are a transport provider moving goods and people in and around Europe. The expansion of our network to regions positioned to benefit from nearshoring continue to be validated by recent geopolitical events. In addition, Europe’s determination to become more self-reliant is likely to grow trade in the coming years with manufactu- ring hubs such as Türkiye and Morocco. Shorter-term we are not assuming any market tailwinds as the shift in US policies and the ensuing uncertainties may further dampen the already muted European economic growth outlook for 2025. Germany’s decision to step up defence and infrastructure spending is set to fuel European growth, but material impacts on activity levels are not expected before 2026. Meanwhile, our focus is on adapting to a low-growth market environment. Focus on financial solidity Working capital initiatives and enhanced capex focus are improving our cash flow. We expect our financial solidity to strengthen through the second half-year as earnings improve and NIBD decreases. Outlook 2025 The earnings outlook for 2025 is unchanged an EBIT of around DKK 1.0bn. The outlook is detailed on page 4. Q1 overview Q1 Q1 Change, LTM LTM Change, Full- year DKK m 2025 2024 % 2024-25 2023-24 % 2024 Revenue 7,539 7,011 8 30,281 27,975 8 29,753 EBITDA 748 957 -22 4,232 4,875 -13 4,440 EBIT - 117 200 n.a. 1,189 2,163 -45 1,506 Adjusted free cash flow 246 - 327 n.a. 1,530 2,188 -30 957 ROIC, % - - - 3.4 6.9 - 4.4 Financial leverage, times - - - 4.0 3.2 - 3.9 6 May 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.
Page 3
Q1 2025 interim report Key figures 3/28 Key figures Q1 Q1 LTM Full-year DKK m 2025 2024 2024-25 2024 Income statement Revenue 7,539 7,011 30,281 29,753 Ferry Division 3,988 4,214 17,632 17,858 Logistics Division 4,050 3,130 14,268 13,348 Non-allocated items and eliminations - 499 - 333 - 1,619 - 1,453 Operating profit before depreciation and amortisation (EBITDA) 748 957 4,232 4,440 Ferry Division 574 688 3,399 3,514 Logistics Division 196 304 928 1,036 Non-allocated items - 22 - 36 - 95 - 109 Operating profit before amortisation (EBITA) - 60 247 1,408 1,716 Operating profit (EBIT) - 117 200 1,189 1,506 Financial items, net - 185 - 195 - 813 - 823 Profit for the period - 328 - 48 261 541 Capital Total assets 39,810 37,000 - 39,281 Equity 13,652 13,646 - 13,890 Net interest-bearing debt 16,814 16,293 - 17,204 Invested capital, end of period 30,987 30,363 - 31,533 Cash flows Cash flows from operating activities 759 468 3,711 3,420 Cash flows from investing activities -234 - 1,654 -2,227 - 3,647 Free cash flow 525 - 1,186 1,484 - 227 Adjusted free cash flow 246 - 327 1,530 957 Q1 Q1 LTM Full-year DKK m 2025 2024 2024-25 2024 Key operating and return ratios Average number of employees (FTE) 16,458 14,043 14,869 14,121 Revenue growth (reported), % 7.5 10.6 1.8 9.0 EBITDA-margin, % 9.9 13.6 14.0 14.9 EBITA-margin, % - 0.8 3.5 4.6 5.8 EBIT-margin, % - 1.6 2.9 3.9 5.1 Return on invested capital (ROIC), % - - 3.4 4.4 ROIC before acquisition intangibles (ROIC BAI), % - - 5.3 6.6 Return on equity, % - - 1.9 3.9 Key capital and per share ratios Financial leverage, times 4.0 3.2 4.0 3.9 Equity ratio, % 34.3 36.9 - 35.4 Earnings per share (EPS), DKK - 6.09 - 0.89 4.68 9.68 Dividend paid per share, DKK 0 3.00 0 3.00 Number of shares, end of period, '000 57,970 58,632 - 57,970 Share price, DKK 90.2 200.4 - 133.5 ESG key figures Emissions per GT mile - Own fleet (CO2) 13.8 14.7 14.2 14.4 Lost-time injury frequency (LTIF) - Sea 4.0 3.7 4.0 3.9 Lost-time injury frequency (LTIF) - Land 4.3 8.3 5.7 6.8 Women ratio - Total workforce 23 24 - 22 Women ratio - Board of Directors 33 33 - 33 Definitions on pages 26 and 27. Emissions per GT mile - Own fleet (CO2) has been restated due to change in methodology, refer to ESG review.
Page 4
Q1 2025 interim report Outlook 2025 4/28 → Group earnings outlook remains an EBIT of around DKK 1.0bn → Ferry Division’s EBIT outlook increased to around DKK 1.0bn from DKK 0.9bn → Logistics Division’s EBIT outlook decreased to around DKK 0.2bn from DKK 0.3bn The outlook for the remainder of 2025 builds on multiple assumptions and may therefore change significantly as the year progresses. General market growth prospects Europe’s economic growth is expected to remain muted in the remainder of 2025 due to among other things uncertainties about the war in Ukraine and potential impacts from US policy shifts on primarily trade and tariffs. Key freight outlook assumptions for 2025 Q1 2025 freight ferry volumes have affirm- ed the outlook assumption of continued growth in the trade lanes connecting Europe to Türkiye and northern Africa, as well as only modest growth in northern and eastern Europe. Continental European road transport markets remained as assumed highly competitive in Q1 2025 and this is expected to continue for the rest of the year. The operation of Jersey ferry services started end of March 2025 as planned. The Mediterranean network volumes decreased overall as expected in Q1 2025 following the entry of a competitor in September 2024. Key passenger outlook assumptions for 2025 Organic passenger volume growth, i.e. excluding route changes, is still expected to be positive in 2025. The start-up of Jersey ferry services will add passengers while the loss of the Tarifa-Tanger Ville route as per beginning of May 2025 will reduce passengers. Revenue outlook The Group’s revenue is still expected to grow by around 5% compared to 2024 driven by organic growth and a net positive impact from acquisitions/divestments completed during 2024. The Ferry Division’s revenue is unchanged expected to be below 2024 due to mainly the divestment of the Oslo route. The revenue increase from the start-up of Jersey ferry services will to a large extent be offset by the loss of a route on Strait of Gibraltar. The Logistics Division’s revenue will as expected be increased by the full-year impact of the addition of Ekol International Transport supplemented by organic growth, although turnaround actions are expected to reduce revenue for certain activities. Earnings outlook - EBIT Based on the above assumptions, the Group’s 2025 EBIT is unchanged expected to be around DKK 1.0bn (2024: DKK 1.5bn). Ferry Division’s EBIT expectation has been increased to around DKK 1.0bn from DKK 0.9bn reflecting improved trading in several areas. Logistics Division’s EBIT expectation has been decreased to around DKK 0.2bn from DKK 0.3bn reflecting more protracted turnarounds (Boost projects) in mostly the Continent business unit. Türkiye & Europe South’s EBIT is still expected to breakeven by year-end, though the full-year loss is likely to be larger than initially forecasted. EBIT is expected to be below 2024 for the next two quarters of 2025 before recove- ring to above 2024 in Q4. See outlook table for divisional split. Capital expenditure (Capex) Operating capex is unchanged expected to amount to around DKK 1.6bn in 2025. Ferries’ capex includes insurance compen- sation from the total constructive loss of a freight ferry. Adjusted free cash flow The Adjusted free cash flow is expected to be around DKK 1.0bn in 2025, including a positive impact from working capital improvement initiatives. Outlook 2025 OUTLOOK 2025 DKK m Outlook 2025 Previous outlook 2025 2024 Revenue growth Around 5% Around 5% 29,753 EBIT Around 1,000 Around 1,000 1,506 Per division: Ferry Division 1,000 900 1,525 Logistics Division 200 300 200 Non-allocated items -200 -200 -219 Capital expenditure (Capex) Around -1,500 Around -1,600 -1,451 Types: Operating -1,600 -1,600 -1,451 Ferries (sale/purchase/new-buildings) 100 0 0 Adjusted free cash flow Around 1,000 Around 1,000 957
Page 5
Q1 2025 interim report Ferry Division 5/28 → Majority of network Q1 earnings in line with expectations → Mediterranean impacted by entry of new ferry competitor → Q1 revenue down 5% to DKK 4.0bn Organic growth was -1% → Q1 EBITDA decreased 17% to DKK 574m → Q1 EBIT decreased DKK 178m to DKK -9m → Q1 CO2 ferry emission intensity from own fleet lowered 5.9% Q1 volumes and activity Total Q1 freight volumes decreased slightly by 0.2% compared to Q1 2024 as a positive impact on March volumes from the Easter timing difference balanced a somewhat slow start to the year. North Sea volumes were 2.1% below 2024 due to mainly lower automotive volumes and food export volumes to the UK. Total Q1 trailer volumes between Türkiye and Europe increased compared to 2024 while the Mediterranean network’s volumes decreased 3.1%. The decrease followed some loss of market share due to the addition of freight ferry capacity by a new competitor from mid-September 2024. Channel freight volumes were overall on level with 2024 while Baltic Sea volumes increased 3.2%. Strait of Gibraltar volumes increased 13.2% despite capacity reduction compared to 2024. Q1 passenger volumes decreased 27.4% to 0.8m compared to 2024 and decreased 12.1% adjusted for the sale of the Oslo- Copenhagen route and the Tarifa-Tanger Ville route where departures were halved as operations were ramped down in Ferry Division Ferry Division Q1 Q1 Q2 Q3 Q4 LTM Full-year DKK m 2025 2024 2024 2024 2024 2024-25 2024 Revenue 3,988 4,214 4,633 5,083 3,928 17,632 17,858 Freight* 3,390 3,431 3,404 3,176 3,127 13,097 13,138 Passenger* 597 783 1,229 1,907 801 4,534 4,720 Other income 116 0 0 0 0 116 0 Operating costs 2,562 2,519 2,584 2,668 2,392 10,206 10,162 Ferry operations 702 674 698 754 655 2,808 2,781 Bunker 697 760 785 763 686 2,929 2,992 Port terminal operations 955 913 931 980 873 3,738 3,697 Transport and warehouse solutions 209 171 171 172 178 730 692 Employee costs 652 719 739 776 665 2,832 2,899 Sales, general and administration 316 288 319 357 319 1,311 1,284 EBITDA 574 688 990 1,282 553 3,399 3,514 Other income/costs, net 0 - 1 0 - 3 - 4 - 8 - 8 Depreciation and impairment 568 510 467 472 478 1,986 1,927 EBITA 5 178 523 806 71 1,406 1,578 Amortisation 15 9 15 15 15 59 53 EBIT - 9 169 508 792 56 1,347 1,525 Invested capital, end of period 22,373 22,659 22,106 22,422 21,941 22,373 21,941 EBITDA-margin, % 14.4 16.3 21.4 25.2 14.1 19.3 19.7 EBITA-margin, % 0.1 4.2 11.3 15.9 1.8 8.0 8.8 EBIT-margin, % -0.2 4.0 11.0 15.6 1.4 7.6 8.5 Gross Capex (excl. acquisitions and leases) 245 431 190 162 124 721 907 ROIC before acquisition intangibles, %, LTM 8.0 11.4 10.7 10.6 8.8 8.0 8.8 ROIC, %, LTM 5.7 8.9 8.2 8.0 6.5 5.7 6.5 Average number of employees 6,206 7,027 7,081 7,207 6,934 6,891 6,934 Number of ships 73 73 72 73 70 72 70 Lane metres, '000 10,475 10,508 10,613 10,079 10,339 41,506 41,538 North Sea ** 3,389 3,463 3,484 3,313 3,313 13,499 13,573 Mediterranean 1,335 1,403 1,370 1,336 1,361 5,401 5,469 Channel *** 4,215 4,209 4,289 4,172 4,200 16,877 16,870 Baltic Sea 895 868 934 868 863 3,560 3,532 Strait of Gibraltar 640 566 536 391 601 2,168 2,094 Capacity utilisation freight, % 64 60 62 60 63 62 61 Number of cars, '000 184 236 373 692 258 1,507 1,559 Passengers, '000 808 1,114 1,689 2,741 1,203 6,442 6,747 Baltic Sea 42 43 56 86 46 229 230 Channel 500 560 1,050 1,529 684 3,764 3,824 Strait of Gibraltar 266 365 400 895 315 1,877 1,976 Other passengers - 146 182 231 158 571 717 The Ferry Division operates a network of ferry routes in and around Europe. The North Sea and Mediterranean networks only transport freight while combined freight and passenger routes are operated by the Channel, Baltic Sea, and Strait of Gibraltar networks. Port terminals are operated in select locations. Definitions on page 26. * Revenue split was updated in 2024 to reflect changes following acquisition of FRS Iberia/Maroc Group **Includes volumes for the route Oslo-Frederikshavn-Copenhagen in 2024. ***Includes volumes for the route Amsterdam-Newcastle.
Page 6
Q1 2025 interim report Ferry Division 6/28 preparation for exiting the route following the loss of a tender to continue to operate the route. The adjusted decrease was to a large extent driven by the negative impact of the Easter timing difference compared to 2024. Financial performance Revenue Q1 revenue decreased 5.4% to DKK 3,988m compared to 2024 and decreased 0.5% adjusted for the sale of the Oslo- Copenhagen route and bunker/ETS surcharges. Other income was an insurance compensation of DKK 116m for the total constructive loss (TCL) of a freight ferry. The adjusted freight ferry revenue was almost on level with 2024 as lower Mediterranean revenue was offset by higher terminal, charter, and other revenues in the rest of the network. The adjusted passenger revenue decreased 1.0% due to mainly a negative impact from the Easter timing difference as well as Strait of Gibraltar route changes. EBITDA EBITDA decreased 16.7% or DKK 115m to DKK 574m and decreased 37.9% or DKK 279m adjusted for the sale of the Oslo- Copenhagen route and Other income. Around 80% of the adjusted EBITDA decrease was due to a lower result for Mediterranean. The remaining decrease was driven by lower passenger earnings due to the Easter timing difference, a higher net bunker cost due to a decline in oil price spreads, and start-up costs for the Jersey ferry services. EBITA and EBIT Q1 depreciation increased 11.4% or DKK 58m to DKK 568m. Adjusted for a write-off of DKK 83m for the TCL of a freight ferry, the depreciation decreased 4.9% or DKK 25m to DKK 484m. The adjusted decrease was due to primarily the sale of the Oslo-Copenhagen route. EBITA hereafter decreased DKK 173m to DKK 5m. After an increase of DKK 5m in amortisation to DKK 15m, EBIT decreased DKK 178m to DKK -9m. Capex Capex, excluding acquisitions, amounted to DKK 162m in Q1 2025, including an inflow of DKK 93m from sale of ferries and TCL compensation. The majority of the capex was ferry dockings and upgrades. Invested capital and ROIC The invested capital at the end of Q1 2025 was DKK 22.4bn, an increase compared to year-end 2024 of 2.0% or DKK 0.4bn. The increase comprises an operating invested capital decrease of DKK 0.7bn driven by the sale of the Oslo-Copenhagen route and lower working capital. This was however offset by a transfer of DKK 1.1bn of acquisition intangibles from the Logistics Division following a reassessment of the allocation of intangibles related to the acquisition of Ekol International Transport. The invested capital excluding acquisition intangibles was lowered 4.1% to DKK 15.9bn compared to year-end 2024. The return on invested capital before acquisition intangibles, ROIC BAI, was 8.0% compared to 11.4% in 2024, and ROIC was 5.7% compared to 8.9% in 2024. Freight ferry – transported lane metres, LM ‘000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Q1 Q2 Q3 Q4 LM '000 2023 2024 2025
Page 7
Q1 2025 interim report Logistics Division 7/28 → Nordic and Continent earnings lowered by several challenged areas → Turnaround projects progressing and supporting improved earnings trend towards end Q1 → UK & Ireland delivered robust performance → Türkiye & Europe South lossmaking as expected and EBIT breakeven target on track towards year-end → Q1 organic revenue growth of 2% → Q1 EBIT down DKK 149m to DKK -55m Q1 overview and activity Activity levels continued overall to be subdued in Q1, especially in Nordic and Continent markets. Margin pressures remain as tendering activity is high while road transport overcapacity persisted and production cost levels did not ease. Supply/ demand is more balanced in UK & Ireland. In the Nordic region continued market weakness in the Baltics and eastern Europe led to closure of several traffics and five offices were closed or merged with other locations. The Danish activities were consolidated under a new joint management team to drive efficiencies and earnings improvement. In the northern Continental region several office locations were likewise merged. In Ghent, a warehouse contract was terminated following a decline in automotive volumes. Dutch warehouse utilisation and transport activities improved during the quarter. Meat exports to the UK were reduced significantly from mid- January following an outbreak of Foot & Mouth Disease in Germany. German exports resumed from the beginning of April at lower levels. Logistics Division Logistics Division Q1 Q1 Q2 Q3 Q4 LTM Full-year DKK m 2025 2024 2024 2024 2024 2024-25 2024 Revenue 4,050 3,130 3,296 3,223 3,699 14,268 13,348 Operating costs Transport and warehousing costs 2,718 1,967 2,083 2,097 2,498 9,397 8,646 Gross profit 1,332 1,163 1,213 1,126 1,201 4,872 4,703 Sales, general and administration 195 190 207 176 183 761 756 Employee costs 940 668 716 694 832 3,183 2,910 EBITDA 196 304 289 256 186 928 1,036 Other income/costs, net 6 7 8 7 19 39 40 Depreciation and impairment 236 197 191 192 214 833 794 EBITA - 34 115 106 71 - 9 133 282 Amortisation 21 21 21 20 21 83 82 EBIT - 55 94 85 50 - 30 50 200 Gross profit margin, % 32.9 37.1 36.8 34.9 32.5 34.1 35.2 EBITDA-margin, % 4.8 9.7 8.8 7.9 5.0 6.5 7.8 EBITA-margin, % - 0.8 3.7 3.2 2.2 - 0.2 0.9 2.1 EBIT-margin, % -1.4 3.0 2.6 1.6 - 0.8 0.4 1.5 Invested capital, end of period 8,024 6,903 6,755 7,067 8,940 8,024 8,940 Gross Capex (excl. acquisitions and leases) 106 127 142 196 108 552 573 ROIC before acquisition intangibles, %, LTM 1.1 10.2 8.5 6.9 4.2 1.1 4.2 ROIC, %, LTM - 0.5 5.2 4.2 3.2 1.5 - 0.5 1.5 Average number of employees 9,181 5,997 5,880 5,827 6,146 6,606 6,146 Definitions on page 26. The Logistics Division provides transport and logistics solutions through four business units covering geographical areas: Nordic, Continent, UK & Ireland, and Türkiye & Europe South. The Logistics Division is a major customer of the Ferry Division’s freight ferry route network.
Page 8
Q1 2025 interim report Logistics Division 8/28 UK & Ireland domestic activity levels continued to be robust in Q1 while export volumes were more subdued. To further optimise operations two offices were merged in Northern Ireland and one location in England was closed. A large cold chain contract was expanded and renewed for five years. The trailer transport market between Türkiye and Europe increased in Q1 with the share of road transport declining in favour of intermodal solutions using ferry and rail transport. Pricing is rising on the back of a period with high inflation while production cost increases are set to level off. With the recent TRL-depreciation Türkiye remains well positioned as a manufacturing hub, although some automotive producers are assessing capacity allocations in view of the US tariff changes. Financial performance Revenue Q1 revenue increased 29.4% to DKK 4,050m compared to Q1 2024 and increased 2.1% adjusted for acquisitions. The adjusted revenue growth was driven mainly by the UK & Ireland business unit offsetting lower Continent revenue. EBITDA EBITDA decreased 35.6% or DKK 108m to DKK 196m and decreased 26.0% or DKK 79m adjusted for acquisitions. The lower adjusted result was driven by the Continent and Nordic business units, including a temporary large negative impact from the stop of German meat exports to the UK. The UK & Ireland business unit continued to perform well in almost all areas. The eight turnaround Boost projects initiated in 2024 cover the majority of areas challenged on earnings in Continent and Nordic. Key turnaround actions taken over the past nine months include: • 215 headcount reductions (additional 180 reductions announced in Q2 2025) • 4 activity areas discontinued • 7 office locations closed or merged • 2 warehouse closures initiated. Earnings are recovering as planned for three of the projects. In five of the projects new structural measures have and are being taken that are expected to yield results in the next two quarters. The turnaround of the new Türkiye & Europe South business unit is progressing and underlying operating performance started to improve towards the end of Q1. Key initiatives are: • Operations: rightsizing of equipment fleet, asset sales, increased subcontracting • Commercial: customer portfolio review, price adjustments, new sales • Intermodal: optimising road/ferry/rail interactions • Organisation: rightsizing, network optimisation (closure of Greece/ Romania). The initiatives have so far resulted in the sale of 777 equipment units and more than 500 headcount reductions. The latter includes almost 300 drivers from a sale and subcontraction of the Romanian trucking operation effective from May 2025. EBITA and EBIT Q1 depreciation increased 19.8% or DKK 39m to DKK 236m and decreased 5.5% or DKK 11m adjusted for acquisitions. EBITA hereafter decreased DKK 149m to DKK -34m and decreased DKK 70m Logistics Division – EBIT per quarter, DKK m -70 -20 30 80 130 180 Q1 Q2 Q3 Q4 DKKm 2023 2024 2025
Page 9
Q1 2025 interim report Logistics Division 9/28 adjusted for acquisitions. After an increase of DKK 1m in amortisation to DKK 21m, EBIT decreased DKK 149m to DKK -55m. The EBIT-margin decreased to 0.7% from 3.0% in Q1 2024 adjusted for acquisitions. For around 70% of the revenue adjusted for acquisitions, the EBIT-margin was increased to 4.5% from 4.2% on a comparable basis. Capex Capex amounted to DKK 106m in Q1 2025 consisting primarily of transport equipment and warehouse upgrades. Invested capital and ROIC The invested capital at the end of Q1 2025 was DKK 8.0bn, a decrease of 10.2% from year-end 2024 due to a reallocation of DKK 1.1bn of acquisition intangibles to the Ferry Division following a reassessment of the allocation of intangibles related to the acquisition of Ekol International Transport. The invested capital excluding acquisitions decreased 6.0% to DKK 6.5bn compared to year-end 2024 driven primarily by a lower working capital. The return on invested capital before acquisition intangibles, ROIC BAI, was 1.1% compared to 10.2% in 2024, and ROIC was -0.5% compared to 5.2% in 2024.
Page 10
Q1 2025 interim report ESG review 10/28 → CO2 emissions from own fleet reduced by 5.9% → Continued deployment increasing the electric fleet to 136 e-trucks → Women in management positions increased from 20% to 21% ESG actions and plans Environment As part of our decarbonisation strategy we have restated our reduction target from a downstream perspective (Tank-to-Wake) to a full value stream perspective (Well-to- Wake) where emissions related to fuel production and transportation is included. Our target of reducing CO2 efficiency on our own fleet with 45% by 2030 has not changed. In Q1 2025, own fleet emissions were reduced 5.9% to 13.8 g/CO2/GT per nautical mile from 14.7 g/CO2/GT per nautical mile in Q1 2024. Emissions from the entire route network were lowered 5.7% to 14.0 g/CO2/GT per nautical mile from 14.9 g/CO2/GT per nautical mile in Q1 2024. Improvements in CO2 efficiency in Q1 2025 is due to three main drivers: • Continued improvements delivered by various incremental ferry upgrades and the schedule optimisation program Every Minute Counts across all business units. ESG review ESG data* Q1 Q1 LTM Full-year Unit 2025 2024 2024-25 2024 Environmental data CO2 emissions CO2 emissions per GT nautical mile (Own fleet) gCO2 13.8 14.7 14.2 14.4 CO2 emissions per GT nautical mile (Route network) gCO2 14.0 14.9 14.4 14.6 Oil spills Spills (>1 barrel) Number 0 0 0 0 Social data Representation of women Total workforce: % 23 24 - 22 Non-officed based % 11 13 - 13 Office based % 43 44 - 43 Senior management % 23 18 - 19 Managers % 21 20 - 19 Safety at sea Lost-time injury frequency (LTIF) Incidents/mio. hours 4.0 3.7 4.0 3.9 Safety on land Lost-time injury frequency (LTIF) Incidents/mio. hours 4.3 8.3 5.7 6.8 Fatalities Colleagues Accidents - - - - Contractors Accidents - - - - Governance data Representation of women in the Board (AGM elected members) % 33 33 - 33 Board nationality - non-Danish (AGM elected members) % 33 33 - 33 Independent directors (AGM elected members) % 50 83 - 67 Attendance at Board meetings (All Board members) % 100 100 100 100 Whistle-blower reporting Cases 25 18 102 95 Definitions on page 27. * ESG data on Safety on land and Whistle-blower reporting exclude EKOL International Transport acquired in November 2024.
Page 11
Q1 2025 interim report ESG review 11/28 • The two passenger ferries on the Amsterdam–Newcastle route changed to biofuel (B100) during January 2025 • Fewer sailings on Strait of Gibraltar with HSCs that have a high-emission profile. Focus on the first two drivers will continue in Q2, but emissions reductions at Q1 level are not expected as the HSCs will be deployed on the new Jersey routes. Social DFDS’ strategic ambition related to social performance is defined as being “A great place to work” to ensure employee motivation through engaged leaders. When operating in a low margin and cyclical industry like the logistics industry ongoing adjustments to the business on both workforce and assets can be necessary. With the current macro- economic situation across Europe and lower volumes such adjustments are being carried out with due consideration to legal requirements and workforce engagement. Diversity, Equity & Inclusion (DE&I) The focus on increasing DE&I awareness, including a general focus on women representation across job categories, continues to show strong results. Women’s representation in management positions has increased from 20% in Q1 2024 to 21% in Q1 2025. Women representation in senior management positions also increased from 18% Q1 2024 to 23% end of Q1 2025. Women representation within non-office based positions decreased from 13% end of Q1 2024 to 11% end of Q1 2025. For the total workforce, women representation decreased to 23% end of Q1 2025 compared to 24% end of Q1 2024. Safety DFDS’ overall safety performance continues to be a high priority area. Focus is on improving the safety awareness through active campaigns towards highly exposed groups of employees as well as further strengthening the reporting culture. Digitisation also plays a role with safety as we continuously explore how it can be supported by technology. The goal is to make safety simpler, smarter, and more proactive. The focused efforts continue to reduce LTIF (Lost Time Injury Frequency) for land-based operations as it decreased significantly to 4.3 in Q1 2025 from 8.3 in Q1 2024. Despite similar focus on the vessels the LTIF for the sea-based operation saw an increase from 3.5 in Q1 2024 to 4.0 in Q1 2025. The sea-based safety organisation continues to focus on the safety culture and on sharing lessons learned from accidents and near misses throughout the organisation. Governance The roll-out of the updated DFDS Code of Conduct was completed in Q1 2025 and included managers facilitating team discussion on the topics covered by the Code of Conduct. In combination these themes defines the desired behaviour in DFDS. In Q1 2025, 25 whistle-blower cases were reported – an increase compared to Q1 2024 where 18 cases were reported. All cases are reviewed by Legal and local HR and measures are taken as appropriate. Ferry Decarbonisation activities The key environmental challenge is to decarbonise ferry operations by continuously increasing efficiency and by in parallel replacing fossil fuels with low- and zero emission fuels. Despite headwinds within markets as well as fuel development and availability the decarbonisation road map and plans for 2030 stays on track. The target will be reached with a combination of technical improvements, Every Minute Counts and newbuilds fit for electricity use and methanol and/or methane supplemented with biodiesel to live up to our decarbonisation commitment. We continue to monitor the different levers for decarbonisation, and if changes occur we can re-prioritise fuel choice to reach our targets. At the MEPC83 in April 2025 IMO defined regulatory measures in support of their GHG targets for the industry with the plan for these measures to be formally adopted in October. We support this and have completed our initial analysis of the impact of these measures on our own decarbonisation pathway, and will ensure that it is aligned with coming regulation. Social performance The representation of women has seen a slight decrease for both the land-based and the sea-based organisations within the Ferry Division. End of Q1 2025 the land- based representation was reduced to 32% compared to 33% end of Q1 2024. The representation of women in the sea- based operation decreased from 20% end Q1 2024 to 19% end Q1 2025. This is primarily driven by the divestment of the OFC route. Within Deck & Engine we have seen an increase of 1 percentage point within all employees and from 8% end Q1 2024 to 10% end Q1 2025 in manager positions. The land-based LTIF for the Ferry Division decreased from 7.8 in Q1 2024 to 5.2 in Q1 2025.
Page 12
Q1 2025 interim report ESG review 12/28 Logistics Decarbonisation activities Although markets are highly competitive and some areas are challenged, we remain committed to decarbonising our logistics business. Despite a slowdown in the implementation of e-trucks projects are ongoing and five new e-trucks were deployed in Q1 2025 – increasing the electric fleet to 136 trucks. Social performance The share of women representation in the Logistics Division increased to 16% end of Q1 2025 compared to 15% same period in 2024. The safety performance of the Logistics Division was improved as the Q1 2025 LTIF decreased to 4.7 compared to 10.3 in Q1 2024.
Page 13
Q1 2025 interim report Group review 13/28 → Working capital improved by factoring programme → NIBD reduced 2% or DKK 0.4bn since beginning of 2025 → Financial leverage expected to be below current level at year-end 2025 → Financial debt interest rate lowered compared to 2024 → Share capital reduced by cancellation of 1,754,048 treasury shares Major Q1 events Jersey ferry operations started On 28 March 2025, DFDS started operating ferry services for the island of Jersey following the award of a 20-year operating concession. A total of four ferries (two HSCs (high-speed craft), one RoPax ferry, and one RoRo ferry) are deployed to service three routes: • Jersey-Portsmouth • Jersey-Poole • Jersey-St. Malo For the last three quarters of 2025, the Jersey ferry operation is expected to generate revenue of around DKK 450m. The operation is expected to be financially accretive in 2025 and in line with DFDS’ return requirements over the concession period. Major events after Q1 There were no major events to report after Q1 2025. Capital Cancellation of shares Following the AGM’s decision to reduce the share capital by cancelling 1,754,048 treasury shares of nominally DKK 20 each, the share capital reduction was completed in April 2025 and the number of shares is hereafter 56,215,549 equal to a nominal share capital of DKK 1,124,310,980. Financial leverage Financial leverage (NIBD/EBITDA) was 4.0x at the end of Q1 2025 and currently above the target range of 2.0-3.0x following the events of 2024 that are, as described elsewhere in this report, set to reduce earnings also in 2025. Measures have accordingly been taken to safeguard financial solidity. Working capital initiatives, including implementa- tion of a factoring programme, and enhanced focus on capex are set to improve cash flow generation. Capital distribution has been placed on hold in 2025. At the end of Q1 2025 the covenant headroom to the financial leverage ratio (NIBD/EBITDA) exceeded 25% which is more than sufficient to support the expected earnings and leverage development through 2025. Based on the earnings outlook for 2025 and the measures taken, financial leverage is expected at year-end 2025 to be improved from the current level. The financial leverage is expected to peak in Q2 2025 and decrease in Q3 2025 driven by lower NIBD. The expected earnings improvement in Q4 2025 is thereafter set to reduce leverage further. Financial performance Revenue The Group’s Q1 revenue increased 7.5% to DKK 7,539m compared to 2024 following higher revenue in Logistics Division while Ferry Division’s revenue decreased. The Group’s organic revenue growth was -1.5% adjusted for acquisitions, divestments and bunker/ETS surcharges. Other income was an insurance compensation of DKK 116m from the total constructive loss (TCL) of a freight ferry. In accordance with reporting requirements, the TCL compensation is reported separately from the write-off of the ferry. Group review Moving Together Towards 2030 Unlocking value • Protect & Grow Profits • Standardise to simplify • Digitise to transform • Moving to green • Be a great place to work Green transition • 45% reduction in ferry emission intensity • Low-emission ferry new-building programme • 75% reduction of land emission intensity Cash flow focus • Long-term NIBD/EBITDA target range of 2.0-3.0x • Deleverage capital structure • Non-core asset review • Working capital initiatives
Page 14
Q1 2025 interim report Group review 14/28 The Ferry Division’s Q1 revenue decreased 5.4% to DKK 3,988m compared to 2024 and decreased 0.5% adjusted for the sale of the Oslo-Copenhagen route and bunker/ETS surcharges. The adjusted decrease was driven mainly by lower revenue in the Mediterranean network. The Logistics Division’s Q1 revenue increased 29.4% to DKK 4,050m compared to 2024 and increased 2.1% adjusted for acquisitions. EBITDA The Group’s Q1 EBITDA decreased 21.8% or DKK 209m to DKK 748m. The Ferry Division’s Q1 EBITDA decreased 16.7% or DKK 115m to DKK 574m and decreased DKK 279m adjusted for divestments and Other income. The Logistics Division’s Q1 EBITDA decreased 35.6% or DKK 108m to DKK 196m and decreased DKK 79m adjusted for acquisitions. Non-allocated items were a cost of DKK 22m compared to DKK 36m in 2024. EBITA and EBIT Q1 depreciation and write-offs increased 13.7% or DKK 98m to DKK 813m and decreased DKK 16m adjusted for acquisitions, divestments, and the TCL write-off of DKK 83m. The adjusted depreciation was lower in both divisions. The Group’s Q1 EBITA decreased DKK 308m to DKK -60m. Amortisation in Q1 increased DKK 9m to DKK 56m. The Group’s Q1 EBIT decreased DKK 317m to DKK -117m. Financial items Total net financial items in Q1 were a cost of DKK 185m, a decrease of 5.2% or DKK 10m compared to Q1 2024. The net interest cost on financial debt decreased DKK 15m to DKK 112m as a lower net interest rate more than offset an increase in financial debt. The net interest cost on leasing debt decreased DKK 3m to DKK 73m following a slightly lower interest rate while leasing debt remained on level with 2024. Exchange rate adjustments and Other financial items totalled a cost of DKK 1m in Q1 2025 compared to an income of DKK 7m in Q1 2024. Profit before and after tax The Q1 profit before tax decreased DKK 307m to DKK -302m. The tax cost was DKK 26m and the profit for the period was DKK -328m. Earnings per share Q1 earnings per share (EPS) decreased to DKK -6.09 from DKK -0.89 in Q1 2024. Cash flow and investments The Q1 cash flow from operating activities increased 62.1% to DKK 759m compared to Q1 2024 as the lower result was more than offset by a release of cash from working capital of DKK 382m. The cash release was driven by the implementation of a factoring program in Q1 2025 of which around half was offset by an increase in the underlying working capital. Q1 investments was a cash outflow of DKK 234m consisting almost entirely of operating capex of which DKK 225m was used for ferries and the remainder on transport equipment, warehouse facilities, and port terminals. Proceeds from sale of assets and TCL compensation was DKK 140m. The Q1 cash flow from financing activities was positive by DKK 111m, including a net loan inflow of DKK 391m and payment of lease liabilities of DKK 283m. The net cash increase was DKK 637m and at the end of Q1 2025 cash amounted to DKK 2,227m. Revenue DKK m Q1 2025 Q1 2024 Change, % Change Ferry Division 3,988 4,214 - 5.4 - 227 Logistics Division 4,050 3,130 29.4 920 Non-allocated items 226 203 11.6 24 Eliminations -725 - 536 35.3 - 189 DFDS Group 7,539 7,011 7.5 528 Operating profit before depreciation (EBITDA) DKK m Q1 2025 Q1 2024 Change, % Change Ferry Division 574 688 - 16.7 - 115 Logistics Division 196 304 - 35.6 - 108 Non-allocated items - 22 - 36 - 39.4 14 DFDS Group 748 957 - 21.8 - 209 EBITDA-margin, % 9.9 13.6 - 27.3 -3.7 Financial items DKK m Q1 2025 Q1 2024 Change, % Change Interests, net - 184 - 203 9.1 18 Foreign exchange gains/losses, net 9 19 54.8 - 10 Other items, net - 10 - 12 18.3 2 Total finance, net - 185 - 195 5.2 10
Page 15
Q1 2025 interim report Group review 15/28 The Q1 2025 adjusted free cash flow (FCFE) was DKK 246m and DKK 1,530m for LTM. Invested capital and ROIC Invested capital increased 1.9% or DKK 0.6bn to DKK 30.9bn at the end of Q1 2025 compared to 2024. The increase was mainly due to the acquisition of Ekol International Transport offset by a lowering of the Ferry Division’s invested capital, including the Oslo-Copenhagen route sale. The return on invested capital before acquisition intangibles, ROIC BAI, was 5.3% in Q1 2025 compared to 9.6% for Q1 2024. ROIC was 3.4% in Q1 2025 compared to 6.9% for Q1 2024. Capital structure At the end of Q1 2025 net-interest-bearing debt (NIBD) was DKK 16.8bn, a decrease of 2.3% from year-end 2024 driven by the quarter’s positive cash flow development. Financial leverage, as measured by the ratio of NIBD to EBITDA for the last twelve months (LTM), was 4.0x at the end of Q1 2025 compared to 3.2x at the end of Q1 2024 and 3.9x at year-end 2024. Equity Equity amounted to DKK 13,652m at the end of Q1 2025, including non-controlling interests of DKK 77m, a decrease of 1.7% or DKK 238m compared to year-end 2024 in line with the total comprehensive income for Q1 2025 of DKK -244m. The equity ratio was 34.3% at the end of Q1 2025 compared to 35.4% at year-end 2024. DFDS GROUP - EBIT -200 0 200 400 600 800 1,000 Q1 Q2 Q3 Q4 DKKm 2023 2024 2025
Page 16
Q1 2025 interim report Management statement 16/28 The Board of Directors and the Executive Board have reviewed and approved the interim report of DFDS A/S for the period 1 January – 31 March 2025. The interim report, which has not been audited or reviewed by the Company’s auditor, has been prepared in accordance with IAS 34, “Interim Financial Reporting”, as adopted by the EU, and additional Danish interim reporting requirements for listed companies. In our opinion, the interim report gives a true and fair view of the DFDS Group’s assets, liabilities, and financial position at 31 March 2025 and of the results of the DFDS Group’s operations and cash flow for the period 1 January – 31 March 2025. Further, in our opinion, the Management review p. 1-15 gives a true and fair review of the development in the DFDS Group’s operations and financial matters, the result of the DFDS Group’s operations for the period and the financial position as a whole. Copenhagen, 6 May 2025 Management statement Executive Board Torben Carlsen, CEO. Karen Dyrskjøt Boesen, CFO Board of Directors Claus V. Hemmingsen, Chair, Kristian V. Mørch, Vice Chair, Minna Aila, Anders Götzsche, Marianne Henriksen, Kristian Kristensen, Jill Lauritzen Melby, Lars Skjold-Hansen, Dirk Reich
Page 17
Q1 2025 interim report Financials 17/28 DFDS Group - Income statement Q1 Q1 LTM Full- year DKK m Note 2025 2024 2024-25 2024 Revenue 3 7,539 7,011 30,281 29,753 Other income 116 - 116 - Costs Ferry and other ship operation and maintenance 1,462 1,500 6,080 6,117 Port terminal operations 972 942 3,844 3,814 Transport and warehouse solutions 2,384 1,749 8,231 7,596 Employee costs 1,742 1,525 6,577 6,361 Cost of sales, general and administration 348 338 1,433 1,424 Operating profit before depreciation and amortisation (EBITDA) 748 957 4,232 4,440 Share of profit/loss of associates and joint ventures - 2 -1 - 9 -9 Profit/loss on disposal of non-current assets, net 7 8 43 43 Depreciation, ferries and other ships 458 412 1,608 1,562 Depreciation and write-offs , other non-current assets 355 304 1,282 1,231 Reversal of impairment losses, other non-current assets - - 33 33 Operating profit before amortisation (EBITA) - 60 247 1,408 1,716 Amortisation and impairment losses, intangibles 56 47 219 210 Operating profit (EBIT) - 117 200 1,189 1,506 Financial income 17 26 38 47 Financial costs 202 221 851 870 Profit before tax - 302 5 376 683 Tax on profit 26 52 116 142 Profit for the period - 328 - 48 261 541 Attributable to: Equity holders of DFDS A/S - 329 - 50 256 534 Non-controlling interests 1 2 5 6 Profit for the period - 328 - 48 261 541 Earnings per share Basic earnings per share (EPS) of DKK 20, DKK - 6.09 -0.89 4.68 9.68 Diluted earnings per share (EPS-D) of DKK 20, DKK - 6.09 -0.89 4.67 9.67 DFDS Group - Statement of comprehensive income Q1 Q1 LTM Full- year DKK m 2025 2024 2024-25 2024 Profit for the period - 328 - 48 261 541 Other comprehensive income Items that will not be reclassified subsequently to the Income statement: Remeasurement of defined benefit pension obligations - - 9 9 Tax on items that will not be reclassified to the Income statement - - - 2 - 2 Items that will not be reclassified subsequently to the Income statement - - 7 7 Items that are or may be reclassified subsequently to the Income statement: Value adjustment of hedging instruments: Value adjustment for the period - 5 - 10 - 163 - 168 Value adjustment transferred to operating costs - 3 10 - 39 - 26 Value adjustment transferred to financial costs 26 11 125 109 Foreign exchange adjustments, subsidiaries 67 - 9 151 76 Items that are or may be reclassified subsequently to the Income statement 84 2 74 - 8 Total other comprehensive income after tax 84 2 81 - 1 Total comprehensive income - 244 - 46 342 540 Attributable to: Equity holders of DFDS A/S - 245 - 48 338 534 Non-controlling interests 1 2 5 6 Total comprehensive income - 244 - 46 342 540
Page 18
Q1 2025 interim report Financials 18/28 DFDS Group - Balance sheet, Assets 31 Mar. 31 Mar. 31 Dec. DKK m 2025 2024 2024 Goodwill 7,372 5,724 7,497 Other non-current intangible assets 2,027 1,797 1,945 Software 383 353 382 Development projects in progress 17 12 13 Non-current intangible assets 9,799 7,886 9,837 Land and buildings 807 780 828 Terminals 798 810 821 Ferries and other ships 11,678 12,554 11,712 Equipment, etc. 2,715 1,950 2,531 Assets under construction and prepayments 319 353 374 Right-of-use assets 5,563 5,527 5,667 Non-current tangible assets 21,881 21,974 21,933 Investments in associates, joint ventures and securities 2 2 3 Receivables - 1 2 Prepaid costs - 1 - Deferred tax 88 79 82 Pension assets 33 0 25 Derivative financial instruments 90 152 113 Other non-current assets 213 236 225 Non-current assets 31,893 30,096 31,996 Inventories 312 367 322 Trade receivables 4,017 4,311 4,203 Receivables from associates and joint ventures 47 41 45 Other receivables 715 740 624 Prepaid costs 559 470 452 Derivative financial instruments 39 32 51 Cash 2,227 944 1,589 Current assets 7,918 6,904 7,286 Assets 39,810 37,000 39,281 DFDS Group - Balance sheet, Equity and Liabilities 31 Mar. 31 Mar. 31 Dec. DKK m 2025 2024 2024 Share capital 1,159 1,173 1,159 Reserves - 405 - 456 - 490 Retained earnings 12,822 12,856 13,145 Equity attributable to equity holders of DFDS A/S 13,576 13,572 13,814 Non-controlling interests 77 74 75 Equity 13,652 13,646 13,890 Interest-bearing liabilities 12,095 10,685 12,267 Lease liabilities 4,751 4,880 4,846 Deferred tax 609 503 522 Pension and jubilee liabilities 125 90 104 Other provisions 188 108 58 Derivative financial instruments 25 78 74 Non-current liabilities 17,792 16,344 17,870 Interest-bearing liabilities 1,217 736 594 Lease liabilities 996 928 1,027 Trade payables 3,890 3,654 3,984 Payables to associates and joint ventures 12 20 16 Other provisions 474 103 392 Corporation tax 153 76 78 Other payables 1,116 931 1,144 Derivative financial instruments 23 50 69 Prepayments 485 512 218 Current liabilities 8,366 7,010 7,521 Liabilities 26,158 23,354 25,392 Equity and liabilities 39,810 37,000 39,281
Page 19
Q1 2025 interim report Financials 19/28 DFDS Group - Statement of changes in equity 1 January - March 2025 DKK m Share capital Translation reserve Hedging Reserve Treasury shares Retained earnings Equity attributable to equity holders of DFDS A/S Non- controlling interests Total Equity at 1 January 2025 1,159 - 404 - 6 - 79 13,145 13,814 75 13,890 Comprehensive income for the period Profit for the period - - - - - 329 - 329 1 - 328 Other comprehensive income after tax - 66 18 - 0 84 0 84 Total comprehensive income - 66 18 - - 329 - 245 1 - 244 Transactions with owners: Share-based payments - - - - 6 6 6 Total transactions with owners - - - - 6 6 - 6 Equity at 31 March 2025 1,159 - 338 11 - 79 12,822 13,576 77 13,652 On 24 March 2025, the Annual General Meeting decided to reduce DFDS A/S’ share capital by nominally DKK 35,080,960 from DKK 1,159,391,940 to DKK 1,124,310,980 by cancelling 1,754,048 treasury shares of nominally DKK 20 each. Following the share capital reduction, the share capital of DKK 1,124,310,980 will be divided into 56,215,549 shares of nominally DKK 20 each. The share capital reduction was completed in April 2025.
Page 20
Q1 2025 interim report Financials 20/28 DFDS Group - Statement of changes in equity 1 January - March 2024 DKK m Share capital Translation reserve Hedging Reserve Treasury shares Retained earnings Equity attributable to equity holders of DFDS A/S Non- controlling interests Total Equity at 1 January 2024 1,173 - 481 78 - 48 13,119 13,840 92 13,932 Comprehensive income for the period Profit for the period - - - - - 50 - 50 2 - 48 Other comprehensive income after tax - - 9 10 - 0 1 0 2 Total comprehensive income 0 - 9 10 0 - 50 - 48 2 - 46 Transactions with owners: Acquisition, non-controlling interests - - - - 13 13 - 19 - 7 Dividend paid - 176 - 176 - 176 Dividend on treasury shares - - - - 8 8 8 Share-based payments - - - - 7 7 7 Share buyback - 7 - 65 - 72 - 72 Total transactions with owners 0 0 0 - 7 - 214 - 220 - 19 - 240 Equity at 31 March 2024 1,173 - 489 88 - 55 12,856 13,572 74 13,646
Page 21
Q1 2025 interim report Financials 21/28 DFDS Group - Statement of cash flows Q1 Q1 LTM Full-year DKK m Note 2025 2024 2024-25 2024 Operating profit before depreciation and amortisation (EBITDA) 748 957 4,232 4,440 Adjustments for non-cash operating items, etc. -126 8 -98 37 Change in working capital 382 - 249 568 - 64 Payment of pension liabilities and other provisions - 11 - 13 - 46 - 48 Interest received, etc. 17 7 58 47 Interest paid, etc. - 211 - 180 - 879 - 848 Taxes paid - 40 - 60 - 124 - 144 Cash flows from operating activities 759 468 3,711 3,420 Investments in ferries including dockings, etc. - 225 - 421 - 621 - 818 Sale of ferries including compensation for ferry declared total loss 93 - 93 - Investments in other non-current tangible assets - 121 - 138 - 652 - 669 Sale of other non-current tangible assets 47 27 159 138 Investments in non-current intangible assets - 26 - 20 - 101 - 96 Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn -outs 4 - - 1,098 - 1,476 - 2,574 Divestment of enterprises, associates, joint ventures, and activities - - 378 378 Other investing cash flows - 1 - 3 - 5 - 7 Cash flows from investing activities -234 - 1,654 -2,227 - 3,647 Free cash flows 525 - 1,186 1,484 - 227 Proceed from bank loans and loans secured by mortgage in ferries 491 2,855 6,077 8,441 Repayment and instalments of bank loans and loans secured by mortgage in ferries - 100 - 2,180 - 4,564 - 6,645 Proceed from issuance of corporate bonds - 1,203 - 1,203 Repayment of corporate bonds incl. settlement of cross currency swap - - - 305 - 305 Payment of lease liabilities - 283 - 242 - 1,065 - 1,024 Settlement of forward exchange contracts related to leases 4 3 13 12 Acquisition of treasury shares and share buyback - - 72 - 359 - 431 Other financing cash flows - - 7 1 - 6 Dividends paid to non-controlling interests - - - 2 - 2 Dividends paid to equity holders of DFDS A/S - - 168 0 - 168 Cash flows from financing activities 111 1,392 - 206 1,075 Net cash flows 637 206 1,278 848 Cash and cash equivalents at beginning of period 1,589 737 944 737 Foreign exchange and value adjustments of cash and cash equivalents 1 2 4 5 Cash and cash equivalents at end of period * 2,227 944 2,227 1,589 * At 31 March 2025 DKK 9m (31 March 2024: DKK 14m) of the cash was deposited on restricted bank accounts.
Page 22
Q1 2025 interim report Financials 22/28 Note 1 Accounting policies and significant estimates Basis of reporting This section provides an overview of the Groups principal accounting policies as well as new and amended IFRS standards and interpretations. Accounting policies This interim report has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies. The interim report has been prepared using the same accounting policies, judgements and estimates as for the annual report for 2024 except as described below. Implementation of new or changed accounting standards and interpretations DFDS has adopted all new, amended, or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the accounting period beginning on 1 January 2025 none of which has had material impact on the Group’s Financial Statements. As of 2025, DFDS uses factoring arrangements as one of the working capital management tools. Sold trade receivables are derecognised once significant related risks and rewards of ownership have been transferred to the buyer. Significant estimates In the view of Management, the areas where accounting estimates and assessments are significant remain the same as per DFDS’ latest annual report. In the preparation of the interim report, management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These estimates, judgements and assumptions are based on historical experience and other factors which management considers reasonable under the circumstances, but which by their nature are uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, judgements, and assumptions. Impairment considerations due to the current macro environment We have updated our impairment calculations for the CGUs North Sea, Baltic Sea and Mediterranean as well as the Logistics CGU due to the competitive situation and the turnaround activities described in the 2024 Annual Report. We have compared first quarter realised results and updated forecasts for 2025 with those applied at the year-end 2024, long term projections remain unchanged. We continue to conclude that no cash-generating units are impaired. CGU North Sea, Baltic Sea and Mediterranean headroom reduced to DKK 2,880m while logistics CGU increased to DKK 1,989m, this is mainly driven by the reallocation of goodwill described in Note 4. Total constructive loss of a freight ferry Write-off of non-current assets of DKK 83m was recognised as total constructive loss was declared for the freight ferry Finlandia Seaways after it ran aground and was subsequently scrapped. The write- off is presented under “Depreciation and write-offs, ferries and other ships”. Insurance compensation of DKK 116m is reported under “Other income”. In the Statement of cash flows the compensation received and proceeds from scrapping the ferry of DKK 93m is included in “Sale of ferries including compensation for ferry declared total loss” under Investing activities. Note 2 Segment Information DKK m Ferry Division Logistics Division Non- allocated Elimina- tions Total Q1 2025 External revenue 3,501 4,029 9 7,539 Intragroup revenue 486 21 217 - 725 - Total revenue 3,988 4,050 226 - 725 7,539 Other income 116 - - 116 Ferry and other ship operation and maintenance 1,398 77 - - 13 1,462 Port terminal operations 955 21 - - 5 972 Transport and warehouse solutions 209 2,620 - - 445 2,384 Employee costs 652 940 151 - 2 1,742 Cost of sales, general and administration 316 195 98 - 260 348 Operating profit before depreciation and amortisation (EBITDA) 574 196 - 22 748 Operating profit before amortisation (EBITA) 5 - 34 - 32 - 60 Operating profit (EBIT) - 9 - 55 - 52 - 117 Invested capital, end of period 22,373 8,024 590 30,987 DKK m Ferry Division Logistics Division Non- allocated Eliminati ons Total Q1 2024 External revenue 3,902 3,107 3 7,011 Intragroup revenue 312 23 200 - 536 - Total revenue 4,214 3,130 203 - 536 7,011 Ferry and other ship operation and maintenance 1,434 73 - - 7 1,500 Port terminal operations 913 34 - - 5 942 Transport and warehouse solutions 171 1,860 - - 282 1,749 Employee costs 719 668 142 - 3 1,525 Cost of sales, general and administration 288 190 97 - 238 338 Operating profit before depreciation and amortisation (EBITDA) 688 304 - 36 957 Operating profit before amortisation (EBITA) 178 115 - 46 247 Operating profit (EBIT) 169 94 - 63 200 Invested capital, end of period 22,659 6,903 802 30,363 2024 Q1 Ferry Division includes Oslo-Copenhagen until October 2024 and FRS Group from February 2024. 2025 Q1 Logistics includes Ekol Logistics acquired in November 2024.
Page 23
Q1 2025 interim report Financials 23/28 Note 3 Revenue All material revenue is recognised when each separate obligation in the customer contract is fulfilled following the "over-time principle". Most transports carried out by the Ferry Division are characterised by short delivery time (most sailings are less than 30 hours while sailings to/from Türkiye are up to 72 hours). Transports carried out by Logistics Division can take delivery over a longer period, but the impact is insignificant. On board sales is recognised according to the “a point in time” principle and amount to DKK 312m (Q1 2024: DKK 359m). Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 146m (Q1 2024: DKK 123m). Q1 2025 DKK m Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea 1,067 - - 1,067 Mediterranean 1,228 853 - 2,082 Baltic Sea 295 - - 295 English Channel 911 - - 911 Continent - 1,187 - 1,187 Nordic - 1,025 - 1,025 UK/Ireland - 964 - 964 Other 0 0 9 9 Total 3,501 4,029 9 7,539 Product and services Seafreight and shipping logistics solutions 2,384 - - 2,384 Transport solutions 131 3,977 - 4,108 Passenger seafare and on board sales 586 - - 586 Terminal services 177 4 - 181 Charters 146 - - 146 Agency and other revenue 78 48 9 135 Total 3,501 4,029 9 7,539 Q1 2024 DKK m Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea 1,322 - - 1,322 Mediterranean 1,457 - - 1,457 Baltic Sea 288 - - 288 English Channel 835 - - 835 Continent - 1,205 - 1,205 Nordic - 1,023 - 1,023 UK/Ireland 878 - 878 Other - - 3 3 Total 3,902 3,107 3 7,011 Product and services Seafreight and shipping logistics solutions 2,657 - - 2,657 Transport solutions 160 3,021 - 3,181 Passenger seafare and on board sales 753 - - 753 Terminal services 164 11 - 174 Charters 118 - - 118 Agency and other revenue 51 75 3 129 Total 3,902 3,107 3 7,011 2024 Q1 Passenger seafare and on board sales includes Oslo-Copenhagen and, from February 2024, FRS Group. 2025 Q1 Logistics Division includes Ekol Logistics acquired in November 2024.
Page 24
Q1 2025 interim report Financials 24/28 Note 4 Acquisition of enterprises and sale of activities 2024, Ekol Logistics On 15 November 2024 the acquisition of Ekol Logistics based in Istanbul, Türkiye was completed and the DFDS Group obtained control as from this date. The acquisition is included in the Logistics Division. The addition of the international transport network of Ekol Logistics, enables DFDS to offer end-to-end transport solutions between Türkiye and Europe directly to end customers, including distribution services and warehousing in Türkiye. DFDS paid DKK 1,678m for the acquired company. Cash in the acquired company amounted to DKK 241m, consequently, the liquidity effect was DKK 1,438m. Trade receivables have been recognised at the acquisition date at a fair value of DKK 566m which is the same as their gross value. In connection with the acquisition, DFDS has measured identifiable intangible assets, i.e. customer relationships etc. which are recognised in the acquisition balance sheet at their fair value. The preliminary fair value is DKK 120m at the acquisition date. A provision for onerous customer contracts is recognised in the acquisition balance sheet with a preliminary value of DKK 130m. Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is measured at DKK 1,633m. The goodwill represents the know how taken over and the value of combining this with the existing DFDS network. Moreover, DFDS’ logistics network will be expanded across Europe and connected to Türkiye. This provides DFDS access to offer end-to-end transport and logistics solutions directly to end customers trading between Türkiye and Europe. Goodwill has been allocated to the Logistics Division (DKK 546m) and Ferry Division (DKK 1,087m). The value allocated to Ferry Division is based on synergies related to diverting additional traffic from land to sea transport as well as secure existing volumes. The goodwill is not deductible for tax purposes. 2024 The purchase price allocation for FRS Iberia Group is considered final. For further details of this acquisition, refer to the annual report for 2024. Note 5 Fair value measurement of financial instruments The table discloses fair value and carrying amount of financial instruments measured at fair value in the balance sheet. Furthermore, categorisation of the valuation method according to the fair value hierarchy is stated. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2025. Techniques for calculating fair values: Derivatives DFDS' usage of derivatives includes interest rate swaps, bunker swaps, forward exchange contracts and currency swaps. The fair values of interest rate swaps have been calculated by discounting the expected future interest payments. The discount rate for each interest payment is estimated based on market interest rates. The fair value of forward exchange contracts and bunker contracts are calculated based on actual forward curves. DKK m Preliminary fair value at acquisition date Non-current intangible assets 132 Land and buildings 212 Equipment etc. 832 Inventories 15 Trade receivables including work in progress services 566 Other receivables 215 Cash at hand and in bank 241 Deferred tax liability -80 Interest bearing debt -809 Trade payables -805 Other current liabilities -475 Net assets acquired 45 Goodwill 1,633 Total purchase price 1,678 Cash and bank balances acquired -241 Fair value of the purchase price 1,438 Q1 2025 Q1 2024 DKK m Fair value Carrying amount Fair value Carrying amount Financial assets Derivatives (Level 2) 129 129 183 183 Securities (Level 3) 2 2 2 2 Financial liabilities Derivatives (Level 2) 48 48 128 128
Page 25
Q1 2025 interim report Financials 25/28 Note 6 Supplementary financial information on the Parent Company As a result of DFDS A/S' issuance of corporate bonds on the Oslo Stock Exchange there is a requirement to provide certain supplementary financial information on the Parent Company. The following financial information has been prepared using the same accounting policies as for the Annual Report for 2024, except for those described in note 1 Accounting policies. DFDS has adopted all new, amended or revised accounting standards and interpretations (IFRS Accounting Standards) endorsed by the EU effective for the accounting period beginning on 1 January 2025. For further description reference is made to note 1 Accounting policies. The Parent Company’s revenue decreased by DKK 132m, equivalent to 5,1% compared to Q1 2024. Operating profit before depreciation and amortisation (EBITDA) increased by DKK 89m equivalent to 35.5% compared to Q1 2024. Profit before tax decreased by DKK 16m compared to Q1 2024. The Parent Company’s net interest-bearing debt decreased by DKK 302m equivalent to 2.8% compared to 31 December 2024. Note 7 Events after Balance sheet date No material events have occurred after 31 March 2025 that have consequences for the Q1 2025 interim report. Q1 Q1 LTM Full-year DKK m 2025 2024 2024-25 2024 Income statement Revenue 2,463 2,595 11,407 11,538 Operating profit before depreciation and amortisation (EBITDA) 339 250 1,863 1,775 Operating profit before amortisation (EBITA) - 32 - 73 600 560 Operating profit (EBIT) - 58 - 90 501 469 Financial items, net - 110 - 94 - 581 - 565 Profit before tax - 168 - 184 - 80 - 96 Profit for the period - 168 - 178 - 58 - 68 Assets Non-current intangible assets 723 478 - 724 Non-current tangible assets 6,680 7,450 - 6,839 Investments in subsidiaries 14,459 12,990 - 14,459 Investments in associates, joint ventures and securities 2 2 - 2 Non-current receivables from subsidiaries 1,377 26 - 1,362 Other non-current assets 85 130 - 108 Non-current assets 23,326 21,075 - 23,494 Current receivables from subsidiaries 1,103 1,163 - 1,070 Receivables from associates and joint ventures 30 25 - 29 Cash 1,138 328 - 661 Other current assets 963 1,637 - 1,069 Current assets 3,234 3,154 - 2,829 Total assets 26,560 24,229 - 26,323 Equity and liabilities Equity 10,635 11,059 - 10,773 Non-current liabilities to subsidiaries 48 50 - 51 Other non-current liabilities 9,398 7,206 - 9,970 Non-current liabilities 9,446 7,256 - 10,021 Current liabilities to subsidiaries 3,095 2,642 - 2,770 Other current liabilities 3,384 3,272 - 2,759 Current liabilities 6,478 5,914 - 5,529 Total equity and liabilities 26,560 24,229 - 26,323 Equity ratio, % 40.0 45.5 - 40.9 Net interest-bearing debt 10,358 9,204 - 10,660
Page 26
Q1 2025 interim report Financials 26/28 Operating profit before depreciation (EBITDA) Profit before interest, tax, depreciation, amortisation, and impairment on non- current assets Operating profit before amortisation (EBITA) Profit before interest, tax, and amortisation Operating profit (EBIT) Profit before interest and tax Operating margin, % Operating profit (EBIT) x 100 Revenue Net operating profit after taxes (NOPAT) Operating profit (EBIT) minus payable tax for the period adjusted for the tax effect of net finance cost Invested capital Non-current intangible and tangible assets plus net working capital (non-interest bearing current assets minus non-interest bearing current liabilities) minus pension and jubilee liabilities and other provisions Net Interest-bearing debt (NIBD) Interest-bearing liabilities (excluding provision for pensions) minus interest- bearing assets minus cash and securities LTM Last twelve months Acquisition intangibles Intangible assets recognised in connection with acquiring enterprises and activities (Goodwill and Other non-current intangible assets) Return on invested capital (ROIC), % Net operating profit after taxes (NOPAT LTM) x 100 Average invested capital LTM ROIC before acquisition intangibles (ROIC BAI), % Net operating profit after taxes (NOPAT LTM) excluding amortisation on acquisition intangible assets x 100 Average invested capital excluding acquisition intangible assets LTM Free cash flow Cash flow from operating activities minus cash flow from investing activities Adjusted free cash flow (FCFE) Free cash flow excluding acquisitions/divestments minus payment of lease liabilities and currency contracts related to leases Return on equity, % Profit for the period excluding non-controlling interests x 100 Average equity excluding non-controlling interests Equity ratio, % Equity at end of period x 100 Total assets Financial leverage, times Net Interest-bearing debt (NIBD) x 100 EBITDA LTM incl. pro forma EBITDA for acquired companies Earnings per share (EPS) Profit for the period excluding non-controlling interests x 100 Weighted average number of ordinary shares in circulation Dividend per share Dividend for the year x 100 Number of shares at the end of the period Number of ships Owned and chartered ships, including slot charter and vessel sharing agreements Passenger Comprise activities related to persons travelling with or without car and who is carried on a ro-pax or passenger cruise ferry across the DFDS route network. Rounding Rounding may in general cause variances in sums and percentages in this report. Definitions
Page 27
Q1 2025 interim report Financials 27/28 CO2 emissions per GT nautical mile (Own fleet) Emissions measured as gCO2 per gross tonnage nautical mile for vessels in commercial operation (Own fleet) CO2 emissions per GT nautical mile (Route network) Emissions measured as gCO2 per gross tonnage nautical mile for vessels in commercial operation (Route network) Spills (>1 barrel) Incidents of oil spills larger than one barrel into the sea from vessels in operation Total workforce Percentage of women in total workforce (end of period) Non-office based Percentage of women of total number of non-office based employees (end of period) Office based Percentage of women of total number of office based employees (end of period) Senior management Percentage of women of total number of senior management positions defined as EVPs and VPs (end of period) Managers Percentage of women of total number of management positions, excluding senior management, defined as positions with responsibility for at least one other employee (end of period) Lost time injury frequency (LTIF), sea Number of registered work-related accidents disabling a seafarer to work for more than 24 hours per one million exposure hours Lost time injury frequency (LTIF), land Number of registered work-related accidents disabling a land-based employee work for more than 24 hours per one million exposure hours Colleagues Number of fatalities among employees caused by work-related accidents Contractors Number of fatalities among third-party contractors caused by work-related accidents while operating for DFDS Representation of women on Board of Directors (AGM elected members) Percentage of women of total number of members of the Board of Directors, excluding staff appointed members, elected at the Annual General Meeting Board nationality – non-Danish (AGM elected members) Percentage of non-Danish members of total number of members of the Board of Directors elected at the Annual General Meeting Independent directors (AGM elected members) Percentage of independent directors of total number of members of the Board of Directors elected at the Annual General Meeting Attendance at Board meetings (All Board members) Percentage of total number of Board meetings attended (Not gender specific) Whistle-blower reporting Number of cases of whistle-blower reports ESG Definitions
Page 28
Q1 2025 interim report Financials 28/28 6 May 2025 Company announcement no.: 19/2025 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 an 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. Disclaimer The statements about the future in this announcement contain risks and uncertainties and actual developments may therefore diverge significantly from statements about the future. Addresses of DFDS’ subsidiaries, locations and offices are available from www.dfds.com DFDS A/S, Marmorvej 18, DK-2100 Copenhagen Ø +45 3342 3342 · dfds.com, CVR 14 19 47 11