Slides
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Staying the transition course Q3 2025, 6 November 2025
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Agenda • Introduction • Q3 overview • Moving to Green • 2025 focus areas • Outlook & priorities 2
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Transition toolbox expanded with cost programme 3 Transition to higher level of financial performance 3 focus areas to resolve in 2025 • Logistics Boost projects • Adapting Mediterranean • Turnaround of Türkiye & Europe South Cost Reduction Programme • DKK 300m impact in 2026 • Reduction of around 400 mainly office positions • Specific cost reductions across organisation • One-off cost in Q4 2025 of around DKK 100m
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Moving Together Towards 2030 – Moving to green 4 Moving Together Towards 2030 Unlock network 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
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Geopolitical, market & competitor environment Geopolitical • US-China trade agreement turbulence • US support for Ukraine/Europe firmed up • German spending, impact late 2026 Markets • Subdued European growth to continue in Q4 • Rebound in meat export to UK • Oil price spread increasing Competition • Volatile TR-EU trailer transport market • Continental road market – supply/demand balance marginally improving • Baltic space charter agreement with TT Line • Increased freight ferry capacity North Sea South 5 Increased ferry capacity fuels price competition Ukraine war lowers activity in adjacent regions Road market margin pressure Oil price spread increasing Space charter TT Line Nearshoring expected to increase
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Staying the transition course - some September positives Outlook lowered by Q4 one-off cost Uncertainties linked to Mediterranean and TES development Stable Q4 outlook overall for rest of network Q4 asset sales set to support cash flow Cost Reduction Programme to accelerate transition to improved performance 6 Q3 earnings Ferry Division result on level with expectations Logistics Division result well above 2024 excl. TES* EBIT for TES below expectations, extended August seasonal dip Cash flow lowered by passenger prepayment reversal & ETS payment 3 focus areas Logistics Boost projects on track, further improvements expected in Q4 Adapting Mediterranean – new pricing model launched in September raised rate levels TES turnaround – progress but not at targeted pace *Türkiye & Europe South
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Q3 2025 7
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5% revenue growth in Q3 8 • Group revenue Q3 growth* of 4.6% and organic growth* of -2.4% • Passenger organic revenue up 1.5% driven by Channel and Baltic Sea – negative route change impact • Freight ferry organic revenue down 3.3% driven by Mediterranean – positive route change impact • Logistics organic revenue down 0.3% - UK & Ireland increase offset by Nordic/Continent • Acquisition/divestments added net revenue of DKK 463m (Ekol 758, Oslo- Copenhagen sale -295) *Adjusted for BAF/ETS, acquisitions/divestments, and route changes 7,965 8,296 -57 29 -10 -295 -128 758 7,250 7,500 7,750 8,000 8,250 8,500 Q3 2024 Passenger Freight ferry Logistics Acquisitions Other Q3 2025 DKK m Change in revenue, Q3 2025 vs 2024 Sale of Oslo-Copenhagen
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Q3 2025 income statement • EBITDA down 7% or DKK 112m following lower division results offset by DKK 12m lower corporate cost • TES Q3 EBITDA included positive adjust- ment of DKK 46m to previous periods • Depreciation up 19% or DKK 131m and down 1% excluding TES and route changes • TES Q3 depreciation of DKK 112m included adjustment of DKK 44m to previous periods • EBIT lowered 32% to DKK 536m • Finance cost up 7% to DKK 205m driven by a higher net interest cost from mostly leasing 9 DFDS Group, DKK m Q3 24 Q3 25 Δ Δ Revenue 7,965 8,296 331 4% EBITDA 1,508 1,397 -112 -7% Margin 18.9% 16.8% -2.1% Other income/costs, net 5 5 0 n.a. Depreciation and impairment -674 -805 -131 19% EBITA 839 597 -242 -29% Margin 10.5% 7.2% -3.3% Amortisation -54 -61 -7 13% EBIT 785 536 -249 -32% Margin 9.9% 6.5% -3.4% Finance -192 -205 -13 7% Interest cost, net -188 -196 -8 4% Currency, net and other items -4 -9 -5 135% Profit before tax 593 331 -262 n.a. Tax -22 -26 -4 18% Profit after tax 571 304 -266 n.a.
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EBIT reduced by delay in 2 focus areas & route changes 10 • Group Q3 EBIT of DKK 536m down 32% or DKK 249m from DKK 785m • Ferry Q3 EBIT down DKK 227m to DKK 564m driven by route changes and Mediterranean • Logistics Q3 EBIT down DKK 29m to DKK 21m driven by TES 360 968 886 785 536 0 100 200 300 400 500 600 700 800 900 1,000 2021 2022 2023 2024 2025 DKK m DFDS Group - Q3 EBIT 536 785 -227 -29 7 400 500 600 700 800 Q3 2024 Ferry Logistics Non-allocated Q3 2025 DKK m Q3 2025 EBIT development vs LY
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Ferry Division – underlying result stable • Q3 EBIT decrease of DKK 227m to DKK 564m • Rest of Network1 up DKK 10m driven by Channel and Baltic Sea while North Sea stable • Route changes lowered EBIT by DKK 155m due to mainly Oslo-Copenhagen sale and exit from Tarifa-Tanger Ville - large impact from high-season Q3 passenger earnings • Mediterranean’s result decreased by primarily lower pricing on routes impacted by intensified competition • One-off items was a provision reversal 11 1 Adjusted for route changes, Mediterranean, and one-off items 792 564 10 -155 -96 13 500 600 700 800 Q3 2024 Rest of Network Route changes Mediterranean One-off items Q3 2025 DKK m Ferry Division - Q3 2025 EBIT vs LY
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Logistics Division – continued earnings growth excl. TES • Q3 EBIT decrease of DKK 29m to DKK 21m • Nordic & Continent improved earnings driven by further progress on Boost projects, capacity/cost adjustments, and rebound for meat exports to UK • UK & Ireland overall on level as growth in England/Ireland was offset by lower Scottish cold chain volumes • Türkiye & Europe South’s result below expectations with volumes below target and extra costs related to rail operation • One-off items mainly redundancy costs 12 50 21 48 -64 -13 0 25 50 75 100 Q3 2024 Rest of Network Türkiye & Europe South One-off items Q3 2025 DKK m Logistics Division - Q3 2025 EBIT vs LY
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Q3 cash flows & capital • Operating cash flow of DKK 0.6bn lowered by seasonal passenger prepayment reversal & ETS payment • Operating capex of DKK 0.4bn* as expected • Adjusted free cash flow of DKK -40m brought Q1-3 to DKK 0.74bn • FY target reduced to DKK 0.9bn underpinned by asset sales & working capital focus • Debt level moderate – debt/equity ratio at 53/47 and equity ratio at 36% • NIBD reduced DKK 1.3bn from year-end 2024 • Debt-to-earnings ratio, NIBD/EBITDA, increased by lower earnings to 4.3x 13 *Adjusted for sale of Swedish warehouses DKK bn Q3 2024 Q3 2025 Δ Δ Q3 LTM 2025-24 Cash flows Operating cash flow 1.0 0.6 -0.4 -44% 3.0 Capex Operating capex -0.4 -0.4 0.0 5% -1.2 Ferries* 0.0 0.0 0.0 n.a. 0.1 Acquisitions 0.0 0.0 0.0 n.a. -1.1 Adjusted free cash flow 0.4 0.0 -0.4 n.a. 0.9 Capital structure Equity ratio 39% 36% -3% n.a. n.a. Debt/equity ratio 51/49 53/47 n.a. n.a. n.a. NIBD 15.4 15.9 0.5 3% n.a. NIBD/EBITDA, times 3.3 4.3 1.0 n.a. n.a. *Sale/purchase/new-buildings & insurance compensation
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Moving to Green & Great Place to Work 14
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• Ferry CO2 emission intensity reduced 5% across route network in 2023 • Every Minute Counts schedule optimisation program delivered more than expected • E-trucks: 90 of 125 ordered trucks deployed end 2023 • 6 green ferries to be deployed by 2030 • Ferry and Logistics on track for short-term emission reduction targets Commitment to SBTi 15 • Ferry CO2 emission intensity reduced 2.7% for own fleet helped by biofuel on Amsterdam- Newcastle and Vilagarcia-Rotterdam • DFDS committed to SBTi (Science Based Targets initiative) in September 2025 - reduction targets to be set within 24 months • E-trucks: electrification infrastructure expanded with charging facilities in Ballymena (43kW) and Peterborough (360kW) • Safety – LTIF improved to 5.0 for Q1-3 2025 from 7.0 in 2024 driven by both Logistics and Ferry improvements • Women in management positions for Q1-3 2025 up 2 ppt to 22% from 2024 15
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2025 focus areas 16
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3 focus areas to resolve in 2025 • Logistics Boost projects • Adapting Mediterranean • Turnaround of Türkiye & Europe South 17
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Logistics Boost projects – continued progress in Q3 • 8 Boost projects initiated in 2024 • 7 of 8 reached breakeven in Q3 2025 – large improvement potential still to be fulfilled • Denmark domestic key remaining challenge 18 Logistics Boost turnaround projects initiated in 2024 Cold chain Automotive Market slowdown Geopolitical Denmark domestic Gothenburg logistics Dutch full-load (FTL) flows Baltic slowdown Germany domestic Ghent, flows and domestic Dutch warehousing Continent-UK, Brexit phase 3 On track/Additional measures required ~414 FTE reductions made across Division (HQ and BUs) 4 traffic reductions (Baltic, DK, S-PL) 6 office close-downs (Sweden, Baltic, Germany, UK) 3 office mergers (Baltic, DK, Sweden)
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• Ferry capacity increased to 4 RoRo ferries on Istanbul-Trieste corridor by competitor • Own corridor capacity reduced >10% • Positive impact from launch of new pricing model from 1 September • Ferry market volumes in Q3 2025 up 6% vs 2024 driven by 5% road conversion and 1% total market growth • Market share of total market for DFDS ferry was 32% in Q3 2025, share for all other ferry was 18% and 50% for road 19 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 2020 2021 2022 2023 2024 2025 Q3 LTM Türkiye-Europe trailer export volumes - ferry & road Road Ferry Road growth Ferry growth Total growth Mediterranean’s new pricing model raised September rate levels
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TES turnaround progressing at slower pace than targeted 20 • Major network rightsizing & organisational changes completed – still considerable improvement opportunities • September volumes below target but uplift achieved end of month and through October • Commercial capabilities improving amid generally challenging conditions for Turkish trailer transport market • Cost and service levels of road/ferry/port terminal/rail interactions progressing but at slower pace than targeted Turkey Germany Slovenia Italy France Spain Belgium Poland Hungary Romania Greece Netherlands Continuing countries Countries moved to Continent Divestment/closure completed or in progress
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Outlook & priorities 21
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EBIT outlook lowered by Mediterranean uncertainties • Revenue growth outlook of around 5% unchanged • EBIT outlook lowered to DKK 600-750m from previously DKK 800-1,000m excluding one-off programme cost • Key driver is Q4 2025 uncertainties related to Mediterranean ferry and logistics activities • EBIT will in addition be lowered by one-off Cost Reduction Programme cost of around DKK 100m expected in Q4 2025 • Ferry Division – stable outlook apart from Mediterranean uncertainties • Logistics Division – Q3 improvement trend set to continue in Q4 with some TES uncertainty 22 DKK m Updated outlook 2025* Previous outlook 2025 2024 Revenue growth Around 5% Around 5% 29,753 EBIT 600-750 800-1,000 1,506 Per division: Ferry Division 750-850 875-1,000 1,525 Logistics Division 50-100 125-200 200 Non-allocated items -200 -200 -219 Capex Around -1,000 Around -1,300 -1,451 Types: Operating -1,300 -1,400 -1,451 Ferries: sale & purchase, new-buildings 300 100 0 Adjusted free cash flow Around 900 Around 1,000 957 *Excluding one-off programme cost
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Outlook continued – capex and cash flow • Operating capex reduced to around DKK 1.3bn from DKK 1.4bn – includes expected warehouse sale • Proceed from sale of ferries increased to DKK 0.3bn from DKK 0.1bn following sale of one freight ferry (RoRo) • Adjusted FCF of around DKK 0.9bn down from DKK 1.0bn 23 DKK m Updated outlook 2025* Previous outlook 2025 2024 Revenue growth Around 5% Around 5% 29,753 EBIT 600-750 800-1,000 1,506 Per division: Ferry Division 750-850 875-1,000 1,525 Logistics Division 50-100 125-200 200 Non-allocated items -200 -200 -219 Capex Around -1,000 Around -1,300 -1,451 Types: Operating -1,300 -1,400 -1,451 Ferries: sale & purchase, new-buildings 300 100 0 Adjusted free cash flow Around 900 Around 1,000 957 *Excluding one-off programme cost
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Key priorities 2025 • Organic growth focus • Mediterranean – sustain yield recovery • TES – strengthen turnaround progress • Cost Reduction Programme implementation • Cash flow – working capital focus • Green transition – committed to transition pathway • DEI – committed to deliver on targets 24
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