Dfds A/s · OMXCOP:DFDS
Dfds A/s — Q1 2025 Earnings Presentation
25 slides from Dfds A/s's earnings presentation, May 6, 2025
Slide 1: 2025 transition progressing
2025 transition progressing Q1 investor call, 6 May 2025
Slide 2: Q1 investor call agenda
Q1 investor call agenda • Introduction • Q1 overview • Moving to Green • 2025 focus areas • Outlook & priorities 2
Slide 3: Moving Together Towards 2030 – Moving to green
Moving Together Towards 2030 – Moving to green 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 • Low-emission ferry n
Slide 4: Geopolitical, market & competitor environment
Geopolitical, market & competitor environment 8 Boost projects Geopolitical Oil price • US trade and tariff policy changes spread down • Intra-European trade flow impact uncertain Over- capacity • Long-term positive for nearshoring Competitor • War in Ukraine duration uncertain capacity+ • Türkiye p
Slide 5: 2025 transition progressing as actions start to deliver
2025 transition progressing as actions start to deliver Q1 impacted by events of Progressing on 3 focus Performance recovery & 2024 areas cash flow focus Ferry Division excl. Adapting Mediterranean – 2025 a transition year for Mediterranean above capacity reduced & earnings recovery 20241 pricing re
Slide 6: Q1 2025
Q1 2025 6
Slide 7: 8% revenue growth in Q1
8% revenue growth in Q1 Change in revenue, Q1 2025 vs Q1 2024 DKK m 7,750 • DFDS Group organic* revenue growth of -1.5% reflects overall ‘flattish’ market -165 environment and Easter impact 7,500 • Freight ferry organic* revenue on level as lower Mediterranean revenue was offset by higher terminal,
Slide 8: Q1 2025 income statement
Q1 2025 income statement • Other income of DKK 116m from insurance DFDS Group, DKK m Q1 24 Q1 25 Δ Δ compensation of TCL* of a freight ferry Revenue 7,011 7,539 528 8% Other income (TCL) 0 116 116 n.a. • EBITDA down 22% or DKK 209m following EBITDA 957 748 -209 -22% lower results in both divisions.
Slide 9: EBIT lowered as expected
EBIT lowered as expected DFDS Group - Q1 EBIT, DKKm 2025 -117 2024 200 2023 363 • Q1 EBIT of DKK -117m down from 2022 216 DKK 200m 2021 268 • Ferry Q1 EBIT down DKK 178m to -150 -50 50 150 250 350 DKK -9m driven by lower Mediterranean result Q1 2025 EBIT development vs LY DKK m • Logistics Q1 EBIT d
Slide 10: Ferry Division – positives offset by Mediterranean
Ferry Division – positives offset by Mediterranean Ferry Division - Q1 2025 EBIT vs LY DKK m • EBIT decrease of DKK 178m to 175 DKK -9m 150 -48 125 • EBIT rest-of-network1 down DKK 48m 100 due to impacts from mainly lower oil 169 price spread and Easter timing 75 difference 50 -202 25 • Mediterranea
Slide 11: Logistics Division – challenged areas offset solid UK results
Logistics Division – challenged areas offset solid UK results Logistics Division - Q1 2025 EBIT vs LY DKK m • EBIT decrease for Division of 100 DKK 149m to DKK -55m 75 -53 • Nordic just below 2024 –earnings trend improved towards end of Q2 50 94 • Continent lowered by German FMD1 25 and Belgian auto
Slide 12: Q1 cash flows & capital
Q1 cash flows & capital • Operating cash flow up 62% vs 2024 to DKK bn Q1 2024 Q1 2025 Δ Δ Q1 LTM 2025-24 DKK 0.8bn driven by cash release from working capital Cash flows Operating cash flow 0.5 0.8 0.3 62% 3.7 • Operating capex of DKK 0.2bn, including Capex Operating capex -0.6 -0.3 0.2 -41% -1.1 T
Slide 13: Moving to Green & Great Place to Work
Moving to Green & Great Place to Work 13
Slide 14: Good progress on land safety
Good progress on land safety • Ferry CO2 emission intensity reduced 5.9% for own fleet – continuous improvements, biofuel on Amsterdam-Newcastle, and • Ferry CO2 emission intensity reduced 5% fewer HSC* sailings across route network in 2023 • IMO GHG targets revised in April 2025 for • Every Minute
Slide 15: 2025 focus areas
2025 focus areas 15
Slide 16: Underlying network strength intact
Underlying network strength intact • Majority of network expected to Ferry Division uphold performance or improve Channel Strait of North Sea Mediterranean Baltic Sea /Jersey Gibraltar • Jersey – new 20-year ferry contract started end March 2025 Uphold Transition Improve Uphold Improve • Strait of G
Slide 17: 3 focus areas to resolve in 2025
3 focus areas to resolve in 2025 • Adapting Mediterranean • Turnaround of Türkiye & Europe South • Logistics Boost projects 17
Slide 18: Adapting Mediterranean to new competitive environment
Adapting Mediterranean to new competitive environment • Overcapacity created on Istanbul- Mediterranean volumes, LM ‘000 Trieste corridor by competitor entry mid- 1,600 1,403 1,370 1,336 1,361 1,335 1,400 September 2024 1,200 1,000 800 • Heavy pricing impact Q4, 2024 600 400 200 • Pricing increased
Slide 19: Türkiye & Europe South – rightsizing network & equipment
Türkiye & Europe South – rightsizing network & equipment 2024: ~3,700 employees 40% office, 60% non-office April 2025: ~3,000 employees Continuing countries 2024: 34 locations across 11 countries Countries moved to Continent BU including 26 warehouses Netherlands Divestment/closure in ~200k m2 Belgi
Slide 20: Logistics Boost projects progressing – still work to be done
Logistics Boost projects progressing – still work to be done • Eight Boost projects initiated in 2024 Logistics Boost turnaround projects initiated in 2024 • 215 headcount reductions (H2 2024- Cold chain Automotive Market Geopolitical Q1 2025) slowdown • Additional 180 reductions announced Denmark G
Slide 21: Outlook & priorities
Outlook & priorities Pe £7 oros
Slide 22: Outlook 2025 – evolving macro & market changes
Outlook 2025 – evolving macro & market changes • European growth still assumed to remain muted in 2025 • Macro uncertainty increased by US policy shifts • Continued growth still expected in Mediterranean and North Africa • Road transport markets assumed to remain highly competitive • Passenger marke
Slide 23: EBIT outlook overall unchanged
EBIT outlook overall unchanged DKK m Outlook 2025 2024 • Revenue growth outlook of around 5% Revenue growth Around 5% 29,753 unchanged driven by organic growth and net positive impact from acquisitions/divestments EBIT Around 1,000 1,506 • EBIT outlook of around DKK 1.0bn overall Per division: uncha
Slide 24: Key priorities 2025
Key priorities 2025 • Protect & grow underlying network strength • Organic growth focus • Three specific turnaround focus areas • Cost focus – reverse cost increase trend • Cash flow focus • Green transition and Diversity - continue to deliver on targets 24
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