Dfds A/s · OMXCOP:DFDS
Dfds A/s — Q1 2026 Earnings Presentation
16 slides from Dfds A/s's earnings presentation, May 5, 2026
Slide 1: Steady progress
Steady progress Q1 2026 investor call, 5 May 2026
Slide 2: Agenda
Agenda • Introduction • Q1 overview • ESG • Outlook & priorities 2
Slide 3: Unlocking value & turning point actions
Unlocking value & turning point actions 2026 turning point actions 2026 priorities Actions implemented during 2025 set to underpin profit growth in 2026 Unlocking value • Protect & Grow Profits • Standardise to simplify • Digitise to transform • Moving to green • Be a great place to work Mediterrane
Slide 4: Q1 improved by solid activity levels & turning points
Q1 improved by solid activity levels & turning points Q1 2026 earnings Turning points progressing Looking ahead Solid improvement of Group Five of six turnings points Market volatility increased EBIT compared to LY performed jointly better by Iran/Gulf conflict than expected Ferry result improved in
Slide 5: Revenue lowered by weather & logistics restructurings
Revenue lowered by weather & logistics restructurings • Group revenue growth was -2.5% Change in revenue, Q1 2026 vs Q1 2025 DKK m • Passenger revenue down 5% 7,600 adjusted for route changes1 • Adjusted decrease due to mainly 7,500 -67 5 weather cancellations • Freight ferry revenue up 1% adjusted
Slide 6: DFDS Group - Q1 2026 income statement
DFDS Group - Q1 2026 income statement DFDS Group, DKK m Q1 25 Q1 26 Δ Δ • EBITDA up 7% or DKK 51m following Revenue 7,539 7,353 -186 -2% higher results in both divisions offset by Other income (TCL) 116 -116 n.a. DKK 31m increase in non-allocated cost EBITDA 748 799 51 7% Margin 9.9% 10.9% 0.9% • De
Slide 7: Ferry Division – improved earnings across most of network
Ferry Division – improved earnings across most of network • Q1 EBITDA up 9% or DKK 51m to DKK 625m DKK m Q1 25 Q1 26 Δ Δ Revenue 3,988 3,957 -31 -1% • Depreciation of DKK 485m on level with 2025 Other income (TCL) 116 0 -116 n.a. • Q1 EBIT up DKK 133m to DKK 124m EBITDA 574 625 51 9% Margin 14.4% 15
Slide 8: Logistics Division – continued profit improvement
Logistics Division – continued profit improvement • Q1 EBITDA up 16% or DKK 31m to DKK 227m DKK m Q1 25 Q1 26 Δ Δ Revenue 4,050 3,840 -210 -5% • Other income up DKK 15m from gain on sale of assets EBITDA 196 227 31 16% Margin 4.8% 5.9% 1.1% • Depreciation of DKK 236m on level with 2025 EBIT -55 -7 4
Slide 9: Cash flow focus – Q1 adjusted free cash flow of DKK 300m
Cash flow focus – Q1 adjusted free cash flow of DKK 300m • Q1 adjusted free cash flow DKK m Q1 2025 Q1 2026 Δ Δ increased 22% to DKK 300m from Cash flows DKK 246m in Q1 2025 Operating cash flow 759 902 143 19% • Working capital change in Q1 2026 Capex positive by DKK 220m driven by Operating capex -
Slide 10: Capital structure consolidated, NIBD/EBITDA improved
Capital structure consolidated, NIBD/EBITDA improved • Debt level end Q1 2026 – debt/equity ratio 52/48 and equity Financial leverage target range revised ratio 35% • NIBD/EBITDA expected below 4.0x year-end 2026 • NIBD/EBITDA expected below 3.5x year-end 2027 • NIBD DKK 15.0bn end Q1 2026 - DKK 1.8
Slide 11: Moving to Green & Great Place to Work
Moving to Green & Great Place to Work 11
Slide 12: Q1 2026 ESG developments
Q1 2026 ESG developments • Sea-based safety, LTIF improved to 2.3 (Q1 2025: 4.0) • Landside safety, LTIF increased to 6.1 Ferry • (Q1 CO2 2025: emission 4.3) intensity due to harsh winterreduced 5% across route conditions network in 2023 in Jan/Feb •• Q1 CO₂e Every emissions Minute fromschedule Coun
Slide 13: Outlook & priorities
Outlook & priorities Pe £7 oros
Slide 14: 2026 earnings outlook increased mid-April
2026 earnings outlook increased mid-April • Revenue in 2026 still expected to be Outlook 2026 Previous outlook DKK m 2026 2025 on level with 2025 Revenue On level On level 30,947 • EBIT outlook range raised in April to DKK 1.0-1.4bn EBIT 1,000-1,400 800-1,100 520 Per division: • Capex maintained at
Slide 15: Key priorities 2026
Key priorities 2026 • Organic growth focus – monitoring and reponse to market changes • Deliver on turning point actions • Mediterranean recovery • Freight ferry priceincreases • Jersey ramp-up • Logistics Boost full-year impact • Cost reduction programme • TES turnaround progression • Cash flow – w
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