Interim report
Page 1
Q2 2Q2 2025 Interim report Marmorvej 18 · DK-2100 Copenhagen Ø · +45 3342 3342 · dfds.com · CVR 14 19 47 11 Q2 result lowered by Mediterranean headwinds
Page 2
Q2 2025 interim report Q2 overview 2/27 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) 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. “Most of the network performed in line with our expectations for the quarter. The Mediterranean activities remain our key earnings challenge.” Torben Carlsen, CEO 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. Q2 overview 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 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.
Page 3
Q2 2025 interim report Key figures 3/27 Key figures Q2 Q2 H1 H1 LTM Full-year DKK m 2025 2024 2025 2024 2024-25 2024 Income statement Revenue 7,810 7,580 15,349 14,591 30,510 29,753 Ferry Division 4,313 4,633 8,300 8,847 17,311 17,858 Logistics Division 3,897 3,296 7,947 6,426 14,869 13,348 Non-allocated items and eliminations - 400 - 348 - 898 - 681 - 1,671 - 1,453 Operating profit before depreciation and amortisation (EBITDA) 893 1,232 1,640 2,189 3,892 4,440 Ferry Division 702 990 1,276 1,678 3,111 3,514 Logistics Division 217 289 413 594 855 1,036 Non-allocated items - 26 - 47 - 49 - 83 - 74 - 109 Operating profit before amortisation (EBITA) 225 572 165 819 1,061 1,716 Operating profit (EBIT) 163 519 46 719 833 1,506 Financial items, net - 214 - 202 - 399 - 397 - 825 - 823 Profit/loss for the period - 87 288 - 415 240 - 115 541 Capital Total assets - - 38,999 36,961 - 39,281 Equity - - 13,492 13,869 - 13,890 Net interest-bearing debt - - 16,112 15,171 - 17,204 Invested capital, end of period - - 30,096 29,468 - 31,533 Cash flows Cash flows from operating activities 1,052 1,349 1,811 1,817 3,414 3,420 Cash flows from investing activities - 232 - 351 - 465 - 2,005 - 2,107 - 3,647 Free cash flows 821 998 1,346 - 188 1,307 - 227 Adjusted free cash flow 538 724 784 397 1,344 957 Q2 Q2 H1 H1 LTM Full-year DKK m 2025 2024 2025 2024 2024-25 2024 Key operating and return ratios Average number of employees (FTE) - - 16,446 13,990 15,454 14,121 Revenue growth (reported), % 3.0 9.2 5.2 9.9 2.5 9.0 EBITDA-margin, % 11.4 16.3 10.7 15.0 12.8 14.9 EBITA-margin, % 2.9 7.5 1.1 5.6 3.5 5.8 EBIT-margin, % 2.1 6.8 0.3 4.9 2.7 5.1 Return on invested capital (ROIC), % - - 2.2 6.2 2.2 4.4 ROIC before acquisition intangibles (ROIC BAI), % - - 3.8 8.7 3.8 6.6 Return on equity, % - - - - - 0.9 3.9 Key capital and per share ratios Financial leverage, times - - 4.2 3.1 4.2 3.9 Equity ratio, % - - 34.6 37.5 - 35.4 Earnings per share (EPS), DKK - 1.67 5.15 - 7.75 4.23 - 2.22 9.68 Dividend paid per share, DKK - - - 3.00 - 3.00 Number of shares, end of period, '000 - - 56,216 57,970 - 57,970 Share price, DKK - - 112.4 196.9 - 133.5 ESG key figures Emissions per GT mile - Own fleet (CO2)* 13.6 14.1 13.7 14.4 14.1 14.4 Lost-time injury frequency (LTIF) - Sea 2.4 3.1 3.6 3.6 4.0 3.9 Lost-time injury frequency (LTIF) - Land 5.2 7.2 4.8 8.0 5.1 6.8 Women ratio - Total workforce - - 23 25 - 22 Women ratio - Board of Directors - - 33 33 - 33 Definitions on pages 25 and 26. *Emissions per GT mile - Own fleet (CO2) has been restated due to change in methodology, refer to ESG review.
Page 4
Q2 2025 interim report Outlook 2025 4/27 → Group EBIT outlook updated to DKK 0.8-1.0bn from previously around DKK 1.0bn → Adjusted free cash flow outlook unchanged DKK 1.0bn 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 positive but 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 Q2 2025 freight ferry volumes were in line with 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 expected highly competitive in Q2 2025 and this is expected to continue for the rest of the year. The Mediterranean network volumes decreased in Q2 2025 adjusted for route changes following the entry of a ferry competitor in September 2024. Key passenger outlook assumptions for 2025 The organic passenger volume growth expectation for 2025 is still expected to be positive. The start-up of Jersey ferry services adds passengers in 2025 while the closure of the Tarifa-Tanger Ville route from May 2025 reduces passenger volumes. Revenue outlook The Group’s revenue is still expected to grow by around 5% compared to 2024 driven by mainly 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-Frederikshavn- Copenhagen route, lower bunker surcharges, and lower Mediterranean revenue. The revenue increase from the start-up of Jersey ferry services will to a large extent be offset by the closure of Tarifa-Tanger Ville on Strait of Gibraltar. The Logistics Division’s revenue will increase by the full-year impact of the addition of Ekol International Transport. Turnaround actions are however expected to reduce revenue for certain activities. Earnings outlook - EBIT Based on the above assumptions, the Group’s 2025 EBIT is expected to be within a range of DKK 0.8-1.0bn compared to previously around DKK 1.0bn (2024: DKK 1.5bn). Ferry Division’s EBIT expectation is updated to a range of DKK 0.875-1.0bn from previously around DKK 1.0bn. The decrease reflects less than expected progress in the first half-year on Mediterranean’s adaptation to a changed competitive environment. Logistics Division’s EBIT expectation is updated to a range of DKK 0.125-0.2bn from previously around DKK 0.2bn. The decrease reflects less than expected progress in the first half-year on Türkiye & Europe South’s turnaround. Achieving the breakeven target set for this business unit in 2025 may therefore be delayed. The Group EBIT in Q3 2025 is expected to be below Q3 2024 before recovering to above 2024 in Q4 2025. Capital expenditure (Capex) Operating capex is expected to amount to around DKK 1.4bn in 2025 compared to previously DKK 1.6bn. Ferries’ capex includes insurance compensation from the total constructive loss of a freight ferry. Adjusted free cash flow The Adjusted free cash flow is unchanged expected to be around DKK 1.0bn in 2025, including a positive impact from working capital improvement initiatives. Outlook 2025 OUTLOOK 2025 DKK m Updated outlook 2025 Previous outlook 2025 2024 Revenue growth Around 5% Around 5% 29,753 EBIT 800-1,000 Around 1,000 1,506 Per division: Ferry Division 875-1,000 1,000 1,525 Logistics Division 125-200 200 200 Non-allocated items -200 -200 -219 Capital expenditure (Capex) Around -1,300 Around -1,500 -1,451 Types: Operating -1,400 -1,600 -1,451 Ferries (sale/purchase/new-buildings) 100 100 0 Adjusted free cash flow Around 1,000 Around 1,000 957
Page 5
Q2 2025 interim report Ferry Division 5/27 → Mediterranean and one-off items lower earnings significantly → Rest of network broadly in line with expectations for the quarter → Q2 revenue down 7% to DKK 4.3bn Organic growth was -1% → Q2 EBITDA decreased 29% to DKK 702m and adjusted EBITDA decreased 20% to DKK 733m → Q2 EBIT decreased 63% to DKK 186m and adjusted EBIT decreased 49% to DKK 217m → Q2 CO2 ferry emission intensity from own fleet lowered 4.1% Q2 volumes and activity Total Q2 freight volumes were on level with 2024 and decreased 2.1% adjusted for route changes: start-up of Jersey routes in March 2025 and new routes Damietta- Trieste and Vilagarcia-Rotterdam. A large part of the adjusted decrease was due to a negative impact of the Easter timing difference on April volumes. North Sea volumes were 1.8% below 2024 driven by a negative impact from a national port strike in Sweden impacting port operations and sailings. Mediterranean volumes were 2.4% above 2024 as higher volumes to France from Türkiye and Tunisia as well as the new route from Egypt offset lower volumes between Türkiye and Italy. The latter decrease was due to the entry of a new ferry competitor in September 2024. Channel freight volumes were overall 0.5% above 2024 as lower volumes on the Dover Strait were offset by the new Jersey routes and higher volumes on other routes. Baltic Sea volumes were 4.5% below 2024 owing to lower volumes between Sweden and Lithuania. Strait of Gibraltar volumes continued to grow and were 6.3% above 2024. Ferry Division Ferry Division Q1 Q2 H1 H1 Q1 Q2 Q3 Q4 LTM Full- year DKK m 2025 2025 2025 2024 2024 2024 2024 2024 2024-25 2024 Revenue 3,988 4,313 8,300 8,847 4,214 4,633 5,083 3,928 17,311 17,858 Freight* 3,390 3,274 6,664 6,835 3,431 3,404 3,176 3,127 12,967 13,138 Passenger* 597 1,039 1,636 2,012 783 1,229 1,907 801 4,344 4,720 Other income 116 - 116 - - - - - 116 - Operating costs 2,562 2,558 5,121 5,103 2,519 2,584 2,668 2,392 10,180 10,162 Ferry operations 702 715 1,417 1,372 674 698 754 655 2,826 2,781 Bunker 697 642 1,339 1,544 760 785 763 686 2,787 2,992 Port terminal operations 955 997 1,952 1,844 913 931 980 873 3,804 3,697 Transport and warehouse solutions 209 204 413 342 171 171 172 178 763 692 Employee costs 652 709 1,362 1,458 719 739 776 665 2,802 2,899 Sales, general and administration 316 343 658 608 288 319 357 319 1,334 1,284 EBITDA 574 702 1,276 1,678 688 990 1,282 553 3,111 3,514 Other income/costs, net 0 - 2 - 3 - 1 - 1 0 - 3 - 4 - 10 - 8 Depreciation and impairment 568 500 1,067 977 510 467 472 478 2,018 1,927 EBITA 5 201 206 701 178 523 806 71 1,084 1,578 Amortisation 15 15 29 24 9 15 15 15 59 53 EBIT - 9 186 177 677 169 508 792 56 1,025 1,525 Invested capital, end of period 22,373 21,783 21,783 22,106 22,659 22,106 22,422 21,941 21,783 21,941 EBITDA-margin, % 14.4 16.3 15.4 19.0 16.3 21.4 25.2 14.1 18.0 19.7 EBITA-margin, % 0.1 4.7 2.5 7.9 4.2 11.3 15.9 1.8 6.3 8.8 EBIT-margin, % -0.2 4.3 2.1 7.7 4.0 11.0 15.6 1.4 5.9 8.5 Gross Capex (excl. acquisitions and leases) 245 275 520 621 431 190 162 124 806 907 ROIC before acquisition intangibles, %, LTM 8.0 6.2 6.2 10.7 11.4 10.7 10.6 8.8 6.2 8.8 ROIC, %, LTM 5.7 4.3 4.3 8.2 8.9 8.2 8.0 6.5 4.3 6.5 Average number of employees 6,206 6,312 6,312 7,081 7,027 7,081 7,207 6,934 6,748 6,934 Number of ships 73 71 71 72 73 72 73 70 72 70 Lane metres, '000 10,475 10,584 21,059 21,155 10,526 10,629 10,100 10,356 41,515 41,611 North Sea** 3,389 3,431 6,820 6,982 3,481 3,501 3,334 3,330 13,484 13,646 Mediterranean 1,335 1,383 2,718 2,773 1,403 1,370 1,336 1,361 5,415 5,469 Channel*** 4,215 4,309 8,524 8,498 4,209 4,289 4,172 4,200 16,897 16,870 Baltic Sea 895 891 1,787 1,801 868 934 868 863 3,518 3,532 Strait of Gibraltar 640 570 1,210 1,102 566 536 391 601 2,202 2,094 Capacity utilisation freight, % 64 63 64 61 60 62 60 63 63 61 Number of cars, '000 184 357 542 609 236 373 692 258 1,491 1,559 Passengers, '000 808 1,397 2,206 2,803 1,114 1,689 2,741 1,203 6,150 6,747 Baltic Sea 42 63 104 99 43 56 86 46 236 230 Channel 500 1,106 1,607 1,610 560 1,050 1,529 684 3,820 3,824 Strait of Gibraltar 266 228 495 766 365 400 895 315 1,705 1,976 Other passengers - - - 328 146 182 231 158 389 717 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 25. *Revenue split was updated in 2024 to reflect changes following acquisition of FRS Iberia/Maroc Group. **2024 includes volumes for the Oslo-Frederikshavn-Copenhagen route. **2024 restated to fully include volumes for the Oslo-Zeebrugge-Immingham route. ***2024 restated to fully Include volumes for the Amsterdam-Newcastle route.
Page 6
Q2 2025 interim report Ferry Division 6/27 Q2 passenger volumes were on level with 2024 adjusted for several large route changes: sale of Oslo-Frederikshavn- Copenhagen in October 2024, closure of Tarifa-Tanger Ville in early May 2025, and start-up of Jersey routes in March 2025. Q2 adjusted Channel passenger volumes were below 2024 as a result of a minor market share decrease while revenue per passenger continued to grow. Baltic passenger volumes were above 2024 driven by an improving trend through Q2. Strait of Gibraltar adjusted passenger volumes likewise continued to grow well through Q2. Financial performance Revenue Q2 revenue decreased 6.9% to DKK 4,313m compared to 2024 and decreased 0.7% adjusted for the divestment of Oslo- Frederikshavn-Copenhagen, route changes, and bunker/ETS surcharges. The adjusted freight ferry revenue was below 2024 driven mostly by a net revenue decrease in Mediterranean. The adjusted passenger revenue was above 2024 owing to higher revenue in Channel and Strait of Gibraltar. EBITDA EBITDA decreased 29.0% or DKK 288m to DKK 702m and decreased 20.5% or DKK 189m adjusted for the sale of Oslo- Frederikshavn-Copenhagen and one-off items. More than 90% of the adjusted EBITDA decrease was due to a lower result for Mediterranean. Pricing initiatives implemented in Q2 turned out to be less effective than expected. A new and more robust pricing model is consequently being launched in September. The remaining decrease was driven by a higher net bunker cost due to a decline in oil price spreads, start-up of the Jersey ferry services, and a higher cost for non-deployed ferries. EBITA and EBIT Q2 depreciation of DKK 500m was on level with 2024 as higher right-of-use deprecia- tion was offset by the divestment of Oslo- Frederikshavn-Copenhagen in 2024.Q2 impairment on tangible assets was zero while Q2 2024 included an impairment reversal of DKK 33m related to the above mentioned divestment. EBIT decreased 63.4% or DKK 322m to DKK 186m and decreased 48.8% or DKK 206m adjusted for the sale of Oslo- Frederikshavn-Copenhagen and one-off items. Capex Gross Capex, excluding asset sales and acquisitions, amounted to DKK 275m in Q2 2025. The majority of the capex was ferry dockings and upgrades. There was a cash inflow of DKK 31m from the remaining insurance compensation for the constructive total loss of a ferry. Invested capital and ROIC The invested capital at the end of Q2 2025 was DKK 21.8bn, a decrease compared to year-end 2024 of DKK 0.2bn. The decrease comprises an operating invested capital decrease of DKK 1.2bn driven by lower working capital and fewer leased assets. 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 return on invested capital before acquisition intangibles, ROIC BAI, was 6.2% compared to 10.7% in 2024, and ROIC was 4.3% compared to 8.2% in 2024. Freight ferry – transported lane metres 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
Q2 2025 interim report Logistics Division 7/27 → Underlying earnings trend improved as Boost projects progressed further in Q2 → Nordic and Continent market demand remained subdued in Q2 → Türkiye & Europe South Q2 result below expectations → Q2 organic revenue growth of -2% → Q2 EBITDA down 25% to DKK 217m and adjusted EBITDA down 1% to DKK 278m → Q2 EBIT down 61% to DKK 33m and adjusted EBIT up 5% to DKK 80m Q2 overview and activity Transport and logistics activity levels were also in Q2 subdued across the Nordics and continental Europe. Margin pressures remained in place as customer tendering activity is high while road transport overcapacity persisted and production cost levels did not ease much. The supply- demand balance continued in Q2 to be more sound in UK and Irish markets. In the Nordic region the traffics between Sweden and UK/Continent were impacted by a national port strike in Sweden. The Danish cold chain activities improved performance on the back of further restructurings. Finnish, Baltic, and eastern European volume and pricing levels continued to be soft in Q2. In the northern Continental region transport activities improved performance driven by capacity cuts. The Belgian Boost project led to the closure of a warehouse and layoff of staff. 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 but remained at lower levels through Q2. Logistics Division Logistics Division Q1 Q2 H1 H1 Q1 Q2 Q3 Q4 LTM Full-year DKK m 2025 2025 2025 2024 2024 2024 2024 2024 2024-25 2024 Revenue 4,050 3,897 7,947 6,426 3,130 3,296 3,223 3,699 14,869 13,348 Operating costs Transport and warehousing costs 2,718 2,570 5,288 4,050 1,967 2,083 2,097 2,498 9,883 8,646 Gross profit 1,332 1,327 2,659 2,375 1,163 1,213 1,126 1,201 4,986 4,703 Sales, general and administration 195 197 392 398 190 207 176 183 751 756 Employee costs 940 913 1,854 1,384 668 716 694 832 3,380 2,910 EBITDA 196 217 413 594 304 289 256 186 855 1,036 Other income/costs, net 6 63 68 15 7 8 7 19 94 40 Depreciation and impairment 236 220 456 388 197 191 192 214 862 794 EBITA - 34 60 25 221 115 106 71 - 9 87 282 Amortisation 21 26 48 41 21 21 20 21 89 82 EBIT - 55 33 - 22 179 94 85 50 - 30 - 2 200 Gross profit margin, % 32.9 34.0 33.5 37.0 37.1 36.8 34.9 32.5 33.5 35.2 EBITDA-margin, % 4.8 5.6 5.2 9.2 9.7 8.8 7.9 5.0 5.8 7.8 EBITA-margin, % - 0.8 1.5 0.3 3.4 3.7 3.2 2.2 - 0.2 0.6 2.1 EBIT-margin, % - 1.4 0.9 - 0.3 2.8 3.0 2.6 1.6 - 0.8 0.0 1.5 Invested capital, end of period 8,024 7,820 7,820 6,755 6,903 6,755 7,067 8,940 7,820 8,940 Gross Capex (excl. acquisitions and leases) 106 55 161 269 127 142 196 108 465 573 ROIC before acquisition intangibles, %, LTM 1.1 0.1 0.1 8.5 10.2 8.5 6.9 4.2 0.1 4.2 ROIC, %, LTM - 0.5 - 1.1 - 1.1 4.2 5.2 4.2 3.2 1.5 - 1.1 1.5 Average number of employees 9,181 9,075 9,075 5,880 5,997 5,880 5,827 6,146 7,222 6,146 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. Definitions on page 25.
Page 8
Q2 2025 interim report Logistics Division 8/27 Volumes are expected to pick up in the second half-year and UK border controls are also being eased. UK & Ireland domestic activity levels continued to be robust in Q2 even though margin pressure increased for some traffics as the passthrough of cost increases was held back by raised competition. The trailer transport market between Türkiye and Europe was subdued in Q2 as US tariff changes increased uncertainty among automotive and textile manufacturers with regard to production levels and capacity allocations across geographies. Volume growth also faced headwind from the lack of parity between Turkish inflation and depreciation of TRY, although the parity became more balanced through Q2. Financial performance Revenue Q2 revenue increased 18.2% or DKK 601m to DKK 3,897m compared to Q2 2024 and decreased 2.3% adjusted for acquisitions. The adjusted revenue decrease was driven by lower revenue in the Nordic and Continent business units reflecting restructurings, of low performing activities and market headwinds. The UK & Ireland business unit continued in Q2 to deliver positive organic revenue growth. EBITDA EBITDA decreased 25.1% or DKK 73m to DKK 217m and decreased 1.1% or DKK 3m to DKK 278m adjusted for acquisitions and one-off items. The lower adjusted result was driven by the Nordic and Continent business units. Their results reflect a mix of improved results for low performing activities and margin pressure for stable activities following general market headwinds. Although German meat exports resumed to the UK in April 2025, the activity result remained significantly reduced in Q2. The UK & Ireland business unit continued overall to perform well driven by England and Ireland while market headwinds lowered margins somewhat in Scotland and Northern Ireland. Progress was on track for the eight turnaround Boost projects initiated in 2024 covering challenged areas in Continent and Nordic. Key turnaround actions taken over the past twelve months include: • 414 headcount reductions • 5 activity areas discontinued • 8 office locations closed or merged • 2 warehouse closures initiated. Earnings are overall recovering as planned for the projects and four projects are now above threshold levels. Structural measures are in place to drive further progress. The turnaround of the new Türkiye & Europe South business unit is focused on: • 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. The Operations and Organisation areas progressed overall well in Q2 apart from performance below expectations in France due to organisational issues that were Logistics Division – EBIT per quarter -70 -20 30 80 130 180 Q1 Q2 Q3 Q4 DKK m 2023 2024 2025
Page 9
Q2 2025 interim report Logistics Division 9/27 addressed during the quarter. Commercial progress lagged as volumes remained below expectations. For Intermodal the pace of contract renegotiations and operating improvements were below target. The latter were impacted by rail traffic bottlenecks to Germany that led to considerable extra costs to limit delays for customers. The initiatives have by the end of Q2 resulted in the sale of more than 1,000 equipment units and around 1,000 headcount reductions, partly due to increased use of subcontracted haulage. EBITA and EBIT The Q2 gain on sale of assets was DKK 61m compared to DKK 8m in Q2 2024. The increase was due to a gain in 2025 of DKK 51m following the exercise of purchase options for three Swedish warehouses. The warehouses were subsequently sold and leased back. Q2 depreciation increased 15.0% or DKK 29m to DKK 220m and decreased 3.7% or DKK 7m adjusted for acquisitions. EBITA decreased 43.8% or DKK 46m to DKK 60m and increased DKK 25m adjusted for acquisitions. After an increase of DKK 6m in amortisation to DKK 26m, EBIT decreased 61.1% or DKK 52m to DKK 33m. The EBIT-margin of 2.5% was above Q2 2024 adjusted for acquisitions and one-off items. Excluding lossmaking activities 76% of the revenue had an EBIT-margin of 5.0% compared to 4.9% in Q2 2024 . Capex Gross Capex, excluding asset sales and acquisitions, amounted to DKK 55m in Q2 2025 consisting primarily of transport equipment and warehouse upgrades. Asset sales were DKK 99m. Invested capital and ROIC The invested capital at the end of Q2 2025 was DKK 7.8bn, a decrease of 12.5% 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 10.4% to DKK 6.2bn compared to year-end 2024 driven primarily by a lower working capital and a reduction of operating assets. The return on invested capital before acquisition intangibles, ROIC BAI, was 0.1% compared to 8.5% in 2024, and ROIC was -1.1% compared to 4.2% in 2024.
Page 10
Q2 2025 interim report ESG review 10/27 → CO2e emissions from own fleet reduced by 4.1% → Continued deployment increasing the electric fleet to 145 e-trucks → Women in senior management positions increased from 19% to 26% 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 Q2 2025, own fleet well-to-wake emissions were reduced 4.1% to 13.6 g/CO2e/GT per nautical mile from 14.1 g/CO2e/GT per nautical mile in Q2 2024. Well-to-wake emissions from the entire route network were lowered 3.3% to 13.9g/CO2e/GT per nautical mile from 14.4 g/CO2e/GT per nautical mile in Q2 2024. Improvements in CO2e efficiency in Q2 2025 is due to two 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* Q2 Q2 H1 H1 LTM Full-year Unit 2025 2024 2025 2024 2024-25 2024 Environmental data CO2 emissions CO2 emissions per GT nautical mile (Own fleet) gCO2 13.6 14.1 13.7 14.4 14.1 14.4 CO2 emissions per GT nautical mile (Route network) gCO2 13.9 14.4 14.0 14.6 14.3 14.6 Oil spills Spills (>1 barrel) Number - - - - - - Social data Representation of women Total workforce: % - - 23 25 - 22 Non-officed based % - - 10 14 - 13 Office based % - - 43 44 - 43 Senior management % - - 26 19 - 19 Managers % - - 21 20 - 19 Safety at sea Lost-time injury frequency (LTIF) Incidents/mio. hours 2.4 3.1 3.6 3.6 4.0 3.9 Safety on land Lost-time injury frequency (LTIF) Incidents/mio. hours 5.2 7.2 4.8 8.0 5.1 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 67 - 67 Attendance at Board meetings (All Board members) % 100 100 100 100 100 100 Whistle-blower reporting Cases 13 27 38 45 88 95 Definitions on page 26. *ESG data on Safety on land and Whistle-blower reporting exclude EKOL International Transport acquired in November 2024.
Page 11
Q2 2025 interim report ESG review 11/27 • The two passenger ferries on the Amsterdam–Newcastle route continued to operate on biofuel (B100) in Q2, as did the vessel deployed on the new route between Rotterdam and Vilagarcia. Decarbonisation activities - Ferry 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. Some of the initiatives currently under exploration are: Variable frequency drivers, Propeller optimisation/coating, Wind- assisted propulsion and Weather routing. From a regulatory standpoint, we are on track to achieve FuelEU compliance across our own fleet, with shorepower playing a contributing role. Decarbonisation activities - Logistics Although markets are highly competitive and some areas are challenged, we remain committed to decarbonising our logistics business. The implementation of e-trucks projects are ongoing and seven new e- trucks were deployed in Q2 2025 in the UK and Belgium – increasing the electric fleet to 145 trucks. Social DFDS’ strategic ambition related to social performance is defined as being “A great place to work”, a commitment that encompasses both existing and future employees. In Q2, DFDS became a founding partner of the Short Straits Maritime Cluster, launched in Dover - one of the most strategically important regions in our network. The cluster brings together industry, government, and academia to drive innovation, skills development and sustainable growth across the Short Straits. A key focus is to illustrate attractive and accessible career paths within the industry, helping to secure the future workforce in the region. This initiative supports DFDS’s long-term ambition to build a thriving, sustainable future for the Shorts Straits and the wider maritime community. 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. As per 1 April 2025 DFDS senior management was expanded and established as the Global Leadership Team (GLT). The share of women within the GLT is 26%. Women’s representation in management positions in general has increased from 20% in Q2 2024 to 21% in Q2 2025. The share of women within non-office based position has decreased from 14% end of Q2 2024 to 10% end of Q2 2025. The decrease is mainly related to a comparably lower ratio of women in Ekol international Transport acquired in November 2024. This also impacts the total workforce where women representation decreased to 23% end of Q2 2025 compared to 25% end of Q2 2024 Safety DFDS’ overall safety performance continues to be a high priority area and LTIF numbers are improving continuously. Focus is on preventing accidents to happen through increased focus on risk assessments and reporting of near-misses and unsafe behaviours. The focused efforts continue to reduce LTIF (Lost Time Injury Frequency) for land-based operations as it decreased significantly to 5.2 in Q2 2025 from 7.2 in Q2 2024. The sea-based operation equally saw a decrease on LTIF on the vessels this quarter from 3.1 in Q2 2024 to 2.4 in Q2 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. On 12 July 2025, a Turkish DFDS truck driver tragically died from injuries sustained while connecting a trailer to a truck at a trailer park in the Istanbul area. Root case analysis has been conducted, and learnings will be integrated in the DFDS’s Safety First program to avoid similar accidents in the future. The bereaved family is being supported by our local organisation that is also taking care of and providing financial assistance. Governance In Q2 2025, 13 whistle-blower cases were reported – a decrease compared to Q2 2024 where 27 cases were reported. All cases are reviewed by Legal and local HR and measures are taken as appropriate.
Page 12
Q2 2025 interim report Group review 12/27 → Working capital improved further by factoring programme → NIBD reduced 6% or DKK 1.1bn 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 Q2 events First quarter of Jersey ferry operations 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. Tarifa-Tanger Ville route termination On May 5 2025 operations ceased on the Tarifa-Tanger Ville passenger route following the the loss of a tender to continue to operate the route. The two catamaran ferries (HSC) deployed on the route have been transferred and deployed on routes to Jersey. Major events after Q2 No major events to report. 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 4.2x at the end of Q2 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 in 2025. Measures are being taken to safeguard financial solidity. Working capital initiatives, including implementation of a factoring programme, and enhanced focus on capex improved cash flow generation in Q2 2025 and further improvements are expected in H2 2025. Capital distribution has been placed on hold in 2025. At the end of Q2 2025 the covenant headroom to the financial leverage ratio (NIBD/EBITDA) exceeded 20% 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 peaked as expected in Q2 2025 and is expected to remain on level or below in Q3 2025 driven by lower NIBD. The expected earnings improvement in Q4 2025, together with continued debt reduction, is thereafter set to reduce leverage. Financial performance Revenue The Group’s Q2 revenue increased 3.0% to DKK 7,810m compared to 2024 following higher revenue in Logistics Division that partly offset lower Ferry Division revenue. The Group’s organic revenue growth was - 2.3% adjusted for acquisitions, divestments, and bunker/ETS surcharges. Divisional revenue developments are detailed in their respective review sections. 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 • 75% reduction of land emission intensity Cash flow focus • Long-term NIBD/EBITDA target range of 2.0-3.0x • Debt reduction • Non-core asset review • Working capital initiatives
Page 13
Q2 2025 interim report Group review 13/27 The Group’s H1 revenue was DKK 15,349m, an increase of 5.2% compared to H1 2024. Other income in H1 was an insurance compensation of DKK 116m from the total constructive loss (TCL) of a freight ferry. EBITDA The Group’s Q2 EBITDA decreased 27.6% or DKK 340m to DKK 893m following lower results in both divisions. Divisional EBITDA developments are detailed in their respective review sections. Non-allocated items were a cost of DKK 26m compared to DKK 47m in 2024. The Group’s H1 EBITDA decreased 25.1% or DKK 549m to DKK 1,640m. EBITDA for the last twelve months (LTM) was DKK 3,892m. EBITA and EBIT The Q2 gain on sale of assets was DKK 63m compared to DKK 9m in Q2 2024. The increase was due to a gain of DKK 51m following the exercise of purchase options for three Swedish warehouses. The warehouses were subsequently sold and leased back. Q2 depreciation increased 3.6% or DKK 26m to DKK 728m and increased DKK 6m adjusted for acquisitions and divestments. The adjusted depreciation increase was due to higher right-of-use depreciation in Ferry Division. Q2 impairment on tangible assets was zero while Q2 2024 included an impairment reversal of DKK 33m related to the divestment of the Oslo-Frederikshavn- Copenhagen route. The Group’s Q2 EBITA decreased 60.6% or DKK 347m to DKK 225m compared to 2024. Q2 amortisation was DKK 62m, an increase of DKK 9m due to primarily the acquisition of Ekol International Transport. The Group’s Q2 EBIT decreased 68.6% or DKK 356m to DKK 163m compared to 2024. The Group’s H1 EBIT decreased 93.6% or DKK 673m to DKK 46m compared to 2024. Financial items Total net financial items in Q2 were a cost of DKK 214m, an increase of 6.0% or DKK 12m compared to Q2 2024. The net interest cost on financial debt decreased DKK 19m to DKK 122m as a lower net interest rate more than offset an increase in financial debt. The net interest cost on leasing debt increased DKK 11m to DKK 78m following increases in both interest rate and leasing debt. Exchange rate adjustments and Other financial items totalled a cost of DKK 13m in Q2 2025 compared to an income of DKK 7m in Q2 2024. Total net financial items in H1 was a cost of DKK 399m which was on level with H1 2024. Profit before and after tax The Q2 profit before tax decreased DKK 368m to DKK -51m compared to 2024. The tax cost was DKK 36m and the profit for the period was DKK -87m. The H1 profit before tax decreased DKK 675m to DKK -353m compared to 2024 and the H1 profit for the period was DKK -415m. Earnings per share Q2 earnings per share (EPS) decreased to DKK -1.67 from DKK 5.15 in Q2 2024. Cash flow and investments The Q2 cash flow from operating activities decreased 22.0% or DKK 297m to DKK 1,052m compared to Q2 2024 as the lower operating result was partly offset by a higher release of cash from working capital. The cash release was driven by primarily higher payables and a further Revenue DKK m Q2 2025 Q2 2024 Change, % Change Ferry Division 4,313 4,633 - 6.9 - 320 Logistics Division 3,897 3,296 18.2 601 Non-allocated items 223 204 9.5 19 Eliminations - 623 - 552 - 12.8 - 71 DFDS Group 7,810 7,580 3.0 230 Operating profit before depreciation (EBITDA) DKK m Q2 2025 Q2 2024 Change, % Change Ferry Division 702 990 - 29.0 - 288 Logistics Division 217 289 - 25.1 - 73 Non-allocated items - 26 - 47 43.8 21 DFDS Group 893 1,232 - 27.6 - 340 EBITDA-margin, % 11.4 16.3 - 29.7 - 4.8 Financial items Q2 2025 Q2 2024 Change, % Change DKK m Interests, net - 200 - 209 4.0 8 Foreign exchange gains/losses, net - 5 16 - 133.9 - 21 Other items, net - 8 - 9 7.8 1 Total finance, net - 214 - 202 - 6.0 - 12
Page 14
Q2 2025 interim report Group review 14/27 increase in the factoring program initiated in Q1 2025. Q2 investing activities was a cash outflow of DKK 232m consisting almost entirely of operating capex of which DKK 255m was used for ferries and the remainder on transport equipment, warehouse facilities, and port terminals. Proceeds from sale of assets was DKK 130m including DKK 31m from the remaining insurance compensa- tion for the constructive total loss of a ferry. The Q2 cash flow from financing activities was negative by DKK 1,102m following loan repayments of DKK 829m and payment of lease liabilities of DKK 282m. The net cash decrease was DKK 281m and at the end of Q2 2025 cash amounted to DKK 1,937m. The H1 cash flow from operating activities was DKK 1,811m. H1 operating capex was an outflow of DKK 465m. The cash flow from financing activities was a net outflow of DKK 991m bringing the H1 net cash flow to DKK 355m. The Q2 2025 adjusted free cash flow (FCFE) was DKK 538m and DKK 784m for H1 2025. Invested capital and ROIC Invested capital increased 2.1% or DKK 0.6bn to DKK 30.1bn at the end of Q2 2025 compared to 2024. The increase was due to the acquisition of Ekol International Transport offset by a lowering of invested capital from mostly a reduction of working capital and the Oslo-Copenhagen route sale. The return on invested capital before acquisition intangibles, ROIC BAI, was 3.8% in Q2 2025 compared to 8.7% for Q2 2024. ROIC was 2.2% in Q2 2025 compared to 6.2% for Q2 2024. Capital structure At the end of Q2 2025 net-interest-bearing debt (NIBD) was DKK 16.1bn, a decrease of 6.3% or DKK 1.1bn from year-end 2024 driven by the first half-year’s positive adjusted free cash flow development. Financial leverage, as measured by the ratio of NIBD to pro forma LTM EBITDA, was 4.2x at the end of Q2 2025 compared to 3.1x at the end of Q2 2024 and 3.9x at year-end 2024. Equity Equity amounted to DKK 13,492m at the end of Q2 2025, including non-controlling interests of DKK 79m, a decrease of 2.9% or DKK 397m compared to year-end 2024 in line with the total comprehensive income for Q2 2025 of DKK -409m. The equity ratio was 34.6% at the end of Q2 2025 compared to 35.4% at year-end 2024. DFDS GROUP - EBIT -200 0 200 400 600 800 1,000 Q1 Q2 Q3 Q4 DKK m 2023 2024 2025
Page 15
Q2 2025 interim report Management statement 15/27 The Board of Directors and the Executive Board have reviewed and approved the interim report of DFDS A/S for the period 1 January – 30 June 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 30 June 2025 and of the results of the DFDS Group’s operations and cash flow for the period 1 January – 30 June 2025. Further, in our opinion, the Management review p. 1-14 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, 20 August 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 16
Q2 2025 interim report Financials 16/27 DFDS Group - Income statement Q2 Q2 H1 H1 LTM Full-year DKK m Note 2025 2024 2025 2024 2024-25 2024 Revenue 3 7,810 7,580 15,349 14,591 30,510 29,753 Other income - - 116 - 116 - Costs Ferry and other ship operation and maintenance 1,422 1,585 2,885 3,085 5,917 6,117 Port terminal operations 1,017 963 1,988 1,905 3,897 3,814 Transport and warehouse solutions 2,329 1,808 4,714 3,557 8,753 7,596 Employee costs 1,780 1,597 3,522 3,123 6,760 6,361 Cost of sales, general and administration 368 394 716 732 1,408 1,424 Operating profit before depreciation and amortisation (EBITDA) 893 1,232 1,640 2,189 3,892 4,440 Share of profit/loss of associates and joint ventures - 3 -1 - 4 -2 - 11 -9 Profit/loss on disposal of non-current assets, net 63 9 70 16 97 43 Depreciation, ferries and other ships 389 406 847 818 1,591 1,562 Depreciation and write-offs, other non-current assets 340 296 694 600 1,326 1,231 Reversal of impairment losses, other non-current assets - 33 - 33 - 33 Operating profit before amortisation (EBITA) 225 572 165 819 1,061 1,716 Amortisation and impairment losses, intangibles 62 53 119 101 228 210 Operating profit (EBIT) 163 519 46 719 833 1,506 Financial income 11 4 22 45 30 47 Financial costs 225 206 422 443 855 870 Profit/loss before tax - 51 317 - 353 321 8 683 Tax on profit 36 29 62 81 123 142 Profit/loss for the period - 87 288 - 415 240 - 115 541 Attributable to: Equity holders of DFDS A/S - 90 286 - 419 236 - 120 534 Non-controlling interests 3 2 3 4 5 6 Profit/loss for the period - 87 288 - 415 240 - 115 541 Earnings per share Basic earnings per share (EPS) of DKK 20, DKK - 1.67 5.15 - 7.75 4.23 - 2.22 9.68 Diluted earnings per share (EPS-D) of DKK 20, DKK - 1.67 5.13 - 7.75 4.22 - 2.22 9.67 DFDS Group - Statement of comprehensive income Q2 Q2 H1 H1 LTM Full-year DKK m 2025 2024 2025 2024 2024-25 2024 Profit/loss for the period - 87 288 -415 240 -115 541 Other comprehensive income Items that will not be reclassified subsequently to the Income statement: Remeasurement of defined benefit pension obligations - 0 - 0 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 - 0 - 0 7 7 Items that are or may be reclassified subsequently to the Income statement: Value adjustment of hedging instruments: Value adjustment for the period - 7 - 12 - 12 - 22 - 157 - 168 Value adjustment transferred to operating costs - 10 - 17 - 13 - 7 - 32 - 26 Value adjustment transferred to financial costs 38 37 64 47 126 109 Foreign exchange adjustments, subsidiaries - 99 45 - 32 36 7 76 Items that are or may be reclassified subsequently to the Income statement - 78 53 7 54 - 56 - 8 Total other comprehensive income after tax - 78 52 7 54 - 49 -1 Total comprehensive income - 165 341 - 409 294 - 164 540 Attributable to: Equity holders of DFDS A/S - 168 338 - 412 290 - 168 534 Non-controlling interests 2 2 4 5 5 6 Total comprehensive income - 165 341 - 409 294 - 164 540
Page 17
Q2 2025 interim report Financials 17/27 DFDS Group - Balance sheet, Assets 30 Jun. 30 Jun. 31 Dec. DKK m Note 2025 2024 2024 Goodwill 7,437 5,732 7,497 Other non-current intangible assets 2,041 2,010 1,945 Software 376 360 382 Development projects in progress 18 13 13 Non-current intangible assets 9,872 8,115 9,837 Land and buildings 820 780 828 Terminals 797 810 821 Ferries and other ships 11,640 12,069 11,712 Equipment, etc. 2,433 1,953 2,531 Assets under construction and prepayments 267 346 374 Right-of-use assets 5,480 5,147 5,667 Non-current tangible assets 21,438 21,105 21,933 Investments in associates, joint ventures, securities and other 2 4 5 Deferred tax 88 70 82 Pension assets 41 0 25 Derivative financial instruments 71 163 113 Other non-current assets 202 237 225 Non-current assets 31,511 29,457 31,996 Inventories 312 377 322 Trade receivables 3,980 4,238 4,203 Receivables from associates and joint ventures 49 42 45 Other receivables 649 531 624 Prepaid costs 555 511 452 Derivative financial instruments 6 32 51 Cash 1,937 1,232 1,589 Current assets 7,488 6,964 7,286 Assets classified as held for sale 8 - 539 - Total current assets 7,488 7,504 7,286 Assets 38,999 36,961 39,281 DFDS Group - Balance sheet, Equity and Liabilities 30 Jun. 30 Jun. 31 Dec. DKK m Note 2025 2024 2024 Share capital 1,124 1,159 1,159 Reserves - 448 - 403 - 490 Retained earnings 12,737 13,035 13,145 Equity attributable to equity holders of DFDS A/S 13,414 13,792 13,814 Non-controlling interests 79 77 75 Equity 13,492 13,869 13,890 Interest-bearing liabilities 10,991 10,754 12,267 Lease liabilities 4,133 4,502 4,846 Deferred tax 580 499 522 Pension and jubilee liabilities 121 86 104 Other provisions 309 179 58 Derivative financial instruments 78 4 74 Non-current liabilities 16,212 16,026 17,870 Interest-bearing liabilities 1,398 474 594 Lease liabilities 1,502 788 1,027 Trade payables 4,145 3,978 3,984 Payables to associates and joint ventures 20 21 16 Other provisions 473 91 392 Corporation tax 70 89 78 Other payables 1,086 913 1,144 Derivative financial instruments 37 7 69 Prepayments 564 578 218 Current liabilities 9,295 6,939 7,521 Liabilities relating to assets classified as held for sale 8 - 127 - Total current liabilities 9,295 7,067 7,521 Liabilities 25,507 23,092 25,392 Equity and liabilities 38,999 36,961 39,281
Page 18
Q2 2025 interim report Financials 18/27 DFDS Group - Statement of changes in equity 1 January - June 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 - - - - -419 -419 3 -415 Other comprehensive income after tax - -32 39 - - 6 0 7 Total comprehensive income - -32 39 - -419 -412 4 -409 Transactions with owners Dividend paid, non-controlling interests - - - - - - -1 -1 Share-based payments - - - - 12 12 - 12 Reduction of share capital by cancellation of treasury shares -35 - - 35 - - - - Total transactions with owners -35 - - 35 12 12 -1 11 Equity at 30 June 2025 1,124 -436 32 -44 12,737 13,414 79 13,492 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 19
Q2 2025 interim report Financials 19/27 DFDS Group - Statement of changes in equity 1 January - June 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 - - - - 236 236 4 240 Other comprehensive income after tax - 36 18 - 0 54 0 54 Total comprehensive income - 36 18 - 236 290 5 294 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 - - - - 15 15 - 15 Share buyback - - - -19 -179 -198 - -198 Reduction of share capital by cancellation of treasury shares -13 - - 13 0 0 - 0 Total transactions with owners -13 - - -5 -320 -338 -19 -357 Equity at 30 June 2024 1,159 -444 95 -54 13,035 13,792 77 13,869
Page 20
Q2 2025 interim report Financials 20/27 DFDS Group - Statement of cash flows Q2 Q2 H1 H1 LTM Full-year DKK m Note 2025 2024 2025 2024 2024-25 2024 Operating profit before depreciation and amortisation (EBITDA) 893 1,232 1,640 2,189 3,892 4,440 Adjustments for non-cash operating items, etc. - 32 10 - 159 19 - 140 37 Change in working capital 451 357 833 107 662 - 64 Payment of pension liabilities and other provisions - 13 - 6 - 24 - 20 - 52 - 48 Interest received, etc. 18 31 35 38 44 47 Interest paid, etc. - 223 - 248 - 435 - 428 - 854 - 848 Taxes paid - 40 - 27 - 80 - 87 - 137 - 144 Cash flows from operating activities 1,052 1,349 1,811 1,817 3,414 3,420 Investments in ferries including dockings, etc. - 255 - 175 - 481 - 596 - 702 - 818 Sale of ferries including compensation for ferry declared total loss 31 - 124 - 124 0 Investments in other non-current tangible assets - 82 - 158 - 204 - 296 - 576 - 669 Sale of other non-current tangible assets 99 30 147 57 228 138 Investments in non-current intangible assets - 24 - 26 - 50 - 46 - 100 - 96 Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn -outs 4 0 - 22 0 - 1,119 - 1,454 - 2,574 Divestment of enterprises, associates, joint ventures, and activities 2 0 2 0 380 378 Other investing cash flows - 2 - 1 - 3 - 5 - 6 - 7 Cash flows from investing activities - 232 - 351 - 465 - 2,005 - 2,107 - 3,647 Free cash flows 821 998 1,346 - 188 1,307 - 227 Proceed from bank loans and loans secured by mortgage in ferries 0 2,066 491 4,921 4,011 8,441 Repayment and instalments of bank loans and loans secured by mortgage in ferries - 829 - 2,050 - 928 - 4,230 - 3,343 - 6,645 Proceed from issuance of corporate bonds - - - 1,203 - 1,203 Repayment of corporate bonds incl. settlement of cross currency swap - - 305 0 - 305 - - 305 Payment of lease liabilities - 282 - 298 - 565 - 540 - 1,049 - 1,024 Settlement of forward exchange contracts related to leases 2 3 5 6 12 12 Acquisition of treasury shares and share buyback - - 126 - - 198 - 233 - 431 Other financing cash flows 7 - 7 - 7 8 - 6 Dividends paid to non-controlling interests - 1 - - 1 0 - 3 - 2 Dividends paid to equity holders of DFDS A/S - - - - 168 0 - 168 Cash flows from financing activities - 1,102 - 711 - 991 681 - 597 1,075 Net cash flows - 281 287 355 493 710 848 Cash and cash equivalents at beginning of period 2,227 944 1,589 737 1,232 737 Foreign exchange and value adjustments of cash and cash equivalents - 8 1 - 7 3 - 5 5 Cash and cash equivalents at end of period* 1,937 1,232 1,937 1,232 1,937 1,589 *At 30 June 2025 DKK 19m (30 June 2024: DKK 0m) of the cash was deposited on restricted bank accounts.
Page 21
Q2 2025 interim report Financials 21/27 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 Due to the Group’s net asset value exceeding its market capitalisation, we have updated our year-end impairment calculations. We continue to conclude that no cash-generating units are impaired. Note 2 Segment Information DKK m Ferry Division Logistics Division* Non- allocated Eliminations Total H1 2025 External revenue 7,433 7,899 17 15,349 Intragroup revenue 868 48 433 - 1,348 - Total revenue 8,300 7,947 450 - 1,348 15,349 Other income 116 - - 116 Ferry and other ship operation and maintenance 2,756 152 0 - 23 2,885 Port terminal operations 1,952 50 - - 13 1,988 Transport and warehouse solutions 413 5,087 - - 786 4,714 Employee costs 1,362 1,854 310 - 4 3,522 Cost of sales, general and administration 658 391 188 - 521 716 Operating profit before depreciation and amortisation (EBITDA) 1,276 413 - 49 1,640 Operating profit before amortisation (EBITA) 206 25 - 67 165 Operating profit (EBIT) 177 - 22 - 109 46 Invested capital, end of period 21,783 7,820 493 30,096 DKK m Ferry Division** Logistics Division Non- allocated Eliminations Total H1 2024 External revenue 8,207 6,379 5 14,591 Intragroup revenue 640 47 401 - 1,088 - Total revenue 8,847 6,426 407 - 1,088 14,591 Ferry and other ship operation and maintenance 2,916 188 0 - 20 3,085 Port terminal operations 1,844 72 0 - 10 1,905 Transport and warehouse solutions 342 3,790 - - 576 3,557 Employee costs 1,458 1,384 286 - 5 3,123 Cost of sales, general and administration 608 398 204 - 477 732 Operating profit before depreciation and amortisation (EBITDA) 1,678 594 - 83 2,189 Operating profit before amortisation (EBITA) 701 221 - 102 819 Operating profit (EBIT) 677 179 - 138 719 Invested capital, end of period 22,106 6,755 607 29,468 *2025 Q2 Logistics includes Ekol Logistics acquired in November 2024. **2024 Q2 Ferry Division includes Oslo-Copenhagen and FRS Group from February 2024.
Page 22
Q2 2025 interim report Financials 22/27 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 752m (Q2 2024: DKK 866m). 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 176m (Q2 2024: DKK 235m). H1 2025 DKK m Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea 2,126 - - 2,126 Mediterranean* 2,400 1,529 - 3,929 Baltic Sea 613 - - 613 English Channel 2,294 - - 2,294 Continent - 2,379 - 2,379 Nordic - 2,002 - 2,002 UK/Ireland - 1,989 - 1,989 Other - - 17 17 Total 7,433 7,899 17 15,349 Product and services Seafreight and shipping logistics solutions 4,919 - - 4,919 Transport solutions 265 7,787 0 8,052 Passenger seafare and on-board sales 1,602 0 - 1,602 Terminal services 343 7 0 350 Charters 175 0 - 176 Agency and other revenue 128 105 17 250 Total 7,433 7,899 17 15,349 H1 2024 DKK m Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea** 2,564 - - 2,564 Mediterranean 2,875 - - 2,875 Baltic Sea 624 - - 624 English Channel** 2,144 - - 2,144 Continent - 2,420 - 2,420 Nordic - 2,091 - 2,091 UK/Ireland - 1,868 - 1,868 Other - - 5 5 Total 8,207 6,379 5 14,591 Product and services Seafreight and shipping logistics solutions*** 5,311 17 - 5,328 Transport solutions 317 6,182 - 6,500 Passenger seafare and on-board sales 1,945 - - 1,945 Terminal services 315 4 - 319 Charters 220 - - 220 Agency and other revenue 99 175 5 280 Total 8,207 6,379 5 14,591 *2025 H1 Logistics Division includes Ekol Logistics acquired in November 2024. **North Sea and English Channel have been restated to reflect the closing of the Passenger BU (following the sale of the Oslo- Copenhagen route) which resulted in Amsterdam – New Castle revenue being fully allocated to English Channel. ***2024 H1 Passenger seafare and on-board sales include Oslo- Copenhagen and, from February 2024, FRS Group.
Page 23
Q2 2025 interim report Financials 23/27 Note 4 Acquisition of enterprises and sale of activities 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 176m at the acquisition date. A provision for onerous customer contracts is recognised in the acquisition balance sheet with a preliminary value of DKK 138m. Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is measured at DKK 1,714m. 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 633m) and Ferry Division (DKK 1,081m). 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. FRS Iberia Group 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 189 Land and buildings 212 Equipment etc. 728 Inventories 15 Trade receivables including work in progress services 566 Other receivables 215 Cash at hand and in bank 241 Deferred tax liability - 66 Interest bearing debt - 809 Trade payables - 805 Other current liabilities - 524 Net assets acquired - 37 Goodwill 1,714 Total purchase price 1,678 Cash and bank balances acquired - 241 Fair value of the purchase price 1,438 H1 2025 H1 2024 DKK m Fair value Carrying amount Fair value Carrying amount Financial assets Derivatives (Level 2) 77 77 195 195 Securities (Level 3) 2 2 2 2 Financial liabilities Derivatives (Level 2) 115 115 11 11
Page 24
Q2 2025 interim report Financials 24/27 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 298m, equivalent to 5.3% compared to Q2 2024. Operating profit before depreciation and amortisation (EBITDA) increased by DKK 20m equivalent to 2.6% compared to Q2 2024. Profit before tax decreased by DKK 74m compared to Q2 2024. The Parent Company’s net interest-bearing debt decreased by DKK 80m equivalent to 0.7% compared to 31 December 2024. Note 7 Events after Balance sheet date No material events have occurred after 30 June 2025 that have consequences for the Q2 2025 interim report. Note 8 Assets classified as held for sale The carrying amount of assets classified as held for sale at 30 June 2025, is DKK 0m (2024: DKK 539m), with liabilities directly associated with assets classified as held for sale of DKK 0m (2024: DKK 127m). Assets held for sale at 30 June 2024 were linked to the Oslo-Frederikshavn-Copenhagen route. The transaction resulting in the reclassification of assets held for sale was completed by October 2024. At 30 June 2024 assets classified as held for sale comprised mainly ships of DKK 410m and terminal right-of-use asset of DKK 127m. Liabilities relating to assets classified as held for sale constituted right-of- use liabilities linked to the Oslo and Copenhagen terminals. H1 H1 LTM Full-year DKK m 2025 2024 2024-25 2024 Income statement Revenue 5,343 5,641 11,240 11,538 Operating profit before depreciation and amortisation (EBITDA) 800 780 1,795 1,775 Operating profit before amortisation (EBITA) 97 170 486 560 Operating profit (EBIT) 43 129 383 469 Financial items, net - 196 - 208 - 554 - 565 Profit before tax - 153 - 79 - 170 - 96 Profit/loss for the period - 157 - 73 - 152 - 68 Assets Non-current intangible assets 718 726 - 724 Non-current tangible assets 6,810 6,692 - 6,839 Investments in subsidiaries 14,944 14,494 - 14,459 Investments in associates, joint ventures and securities 2 2 - 2 Non-current receivables from subsidiaries 1,390 23 - 1,362 Other non-current assets 67 142 - 108 Non-current assets 23,931 22,079 - 23,494 Current receivables from subsidiaries 957 1,251 - 1,070 Receivables from associates and joint ventures 31 26 - 29 Cash 815 455 - 661 Other current assets 1,058 1,346 - 1,069 Current assets 2,861 3,078 - 2,829 Assets classified as held for sale - 526 - - Total assets 26,792 25,683 - 26,323 Equity and liabilities Equity 10,654 11,063 - 10,773 Non-current liabilities to subsidiaries 14 56 - 51 Other non-current liabilities 8,822 8,708 - 9,970 Non-current liabilities 8,836 8,764 - 10,021 Current liabilities to subsidiaries 3,746 2,832 - 2,770 Other current liabilities 3,556 2,909 - 2,759 Current liabilities 7,302 5,741 - 5,529 Liabilities relating to assets classified as held for sale - 116 - Total equity and liabilities 26,792 25,683 - 26,323 Equity ratio, % 39.8 43.1 - 40.9 Net interest-bearing debt 10,581 10,361 - 10,660
Page 25
Q2 2025 interim report Financials 25/27 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 RoPax 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 26
Q2 2025 interim report Financials 26/27 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 in the Global Leadership Team (GLT). 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 Fatalities, colleagues Number of fatalities among employees caused by work-related accidents Fatalities, 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 27
Q2 2025 interim report Financials 27/27 20 August 2025 Company announcement no.: 25/2025 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