Dfds A/s · OMXCOP:DFDS
Dfds A/s — Q4 2024 Earnings Presentation
26 slides from Dfds A/s's earnings presentation, Feb 21, 2025
Slide 1: Unlocking value & earnings recovery
Unlocking value & earnings recovery Q4 & FY 2024 investor call, 21 February 2025
Slide 2: Q4 & FY 2024 investor call agenda
Q4 & FY 2024 investor call agenda • Introduction • Q4 & FY 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, 2024-2026 • Protect & Grow Profits • Standardise to simplify • Digitise to transform • Moving to green • Be a great place to work Green transition, 2024-2030 • 45% reduction in ferry emission intensity
Slide 4: Network expanded in financially challenging 2024
Network expanded in financially challenging 2024 Network strengthened and Financially challenging 2025 transition to recovery expanded year Financial ambitions no Organic growth achieved Results fell short of longer applicable expectations Strait of Gibraltar delivered 2025 a transition year for Mac
Slide 5: Q4 2024
Q4 2024 5
Slide 6: 5% revenue growth in Q4
5% revenue growth in Q4 Change in revenue, Q4 2024 vs Q4 2023 DKK m 7,500 • Freight ferry organic* revenue down 1.4% due to lower freight rates 7,250 -100 • Passenger organic revenue up 1.2% as Channel growth was offset by lower Baltic Sea revenue 509 7,000 • Logistics organic revenue up 4.6% driven
Slide 7: EBIT reduced considerably
EBIT reduced considerably DKK m DFDS Group - Q4 EBIT 2024 2 2023 358 2022 452 • Q4 EBIT of DKK 2m down from DKK 358m 2021 313 • Ferry Q4 EBIT down DKK 301m or 84% to DKK 56m driven by lower Mediterranean 2020 192 result and one-off gain in 2023 0 50 100 150 200 250 300 350 400 450 500 • Logistics Q4
Slide 8: Q4 2024 income statement
Q4 2024 income statement DFDS Group, DKK m Q4 23 Q4 24 Δ Δ Revenue 6,832 7,196 364 5% • EBITDA down 25% following lower results EBITDA 993 743 -249 -25% in both divisions Margin 14.5% 10.3% -4.2% • EBIT Q4 2023 included gain of DKK 96m Other income/costs, net 97 16 -81 n.a. from sale and leaseback o
Slide 9: Full-year 2024
Full-year 2024 9
Slide 10: 2% organic revenue growth
2% organic revenue growth Change in revenue, full-year 2024 vs 2023 DKK m 30,000 -169 • Group organic revenue* up 1.9% 29,500 • Freight ferry organic revenue on level 29,000 2,013 with 2023 28,500 • Passenger organic revenue up 9.6% driven by Channel from higher 28,000 29,753 volumes and spend 349 2
Slide 11: EBIT lower in both divisions
EBIT lower in both divisions DKK m DFDS Group - full-year EBIT 2024 1,506 2023 2,326 • FY EBIT decreased 35% to DKK 1.5bn 2022 2,468 • Ferry EBIT down DKK 574m or 27% to 2021 1348 DKK 1.5bn driven by lower Mediterranean result, oil spread decrease, and one-off gain 2020 741 in 2023 0 500 1,000 1,500
Slide 12: Full-year 2024 income statement
Full-year 2024 income statement DFDS Group, DKK m 2023 2024 Δ Δ Revenue 27,304 29,753 2,449 9% • EBITDA down 9% or DKK 449m following EBITDA 4,890 4,440 -449 -9% lower results in both divisions Margin 17.9% 14.9% -3.0% • Depreciation up 13% or DKK 318m mainly Other income/costs, net 88 35 -53 n.a. d
Slide 13: Cash flows & capital
Cash flows & capital DKK bn 2023 2024 Δ Δ • Operating cash flow down 7% vs 2023 to Cash flows DKK 3.4bn driven by lower EBITDA and Operating cash flow 3.7 3.4 -0.3 -7% higher interest cost Capex Operating capex -0.1 -1.5 -1.3 1162% • Operating capex of DKK 1.45bn Ferries* 0.0 0.0 0.0 n.a. • Adjusted
Slide 14: Moving to Green & Great Place to Work
Moving to Green & Great Place to Work 14
Slide 15: Solid continued commitment to ESG focus
Solid continued commitment to ESG focus • Ferry CO2 emission intensity reduced 1.7% for own fleet adjusted for acquisitions • Ferry CO2 emission intensity reduced 5% • across route ferry Low-emission network in 2023 transition pace challenged by fuel availability • Every Minute Counts schedule • opt
Slide 16: 2025 focus areas
2025 focus areas 16
Slide 17: Underlying network strength intact
Underlying network strength intact • Majority of network expected to uphold performance or improve • North Sea/Channel/Baltic Sea • Strait of Gibraltar ex. Tarifa route – continued growth expected • Logistics – UK & Ireland robust, parts of Nordic/Continent challenged • Jersey – new 20-year ferry co
Slide 18: 3 focus areas to resolve in 2025
3 focus areas to resolve in 2025 • Adapting Mediterranean • Türkiye & Europe South turnaround • Logistics Boost projects 18
Slide 19: Adapting Mediterranean to new competitive environment
Adapting Mediterranean to new competitive environment • Overcapacity created on Istanbul- Trieste corridor by competitor entry mid-September 2024 • Successful initial defense of market share • Market expected to rebalance during 2025 enabled by capacity adjustments 19
Slide 20: Turkiye & Europe South logistics turnaround on track
Turkiye & Europe South logistics turnaround on track • Progress in line with breakeven target for year-end 2025 • Organisational restructuring impacts 125 Istanbul office employees • First results from cross-selling DFDS’ European network • Rightsizing of equipment fleet ongoing – subcontracted haul
Slide 21: Deliver on Logistics Boost projects
Deliver on Logistics Boost projects • Eight Boost projects initiated in Logistics Boost turnaround projects initiated in 2024 2024 Cold chain Automotive Market Geopolitical • Earnings impacted by slowdown combination of external forces and underperformance Denmark Gothenburg Dutch full- Baltic domes
Slide 22: Outlook & priorities
Outlook & priorities Pe foros
Slide 23: Outlook 2025 – modest tailwind assumed
Outlook 2025 – modest tailwind assumed • European growth assumed to remain muted in 2025 due to continued macro uncertainty • Continued growth in Mediterranean and North Africa. DFDS freight ferry Mediterranean volumes impacted by competition • Road transport markets assumed to remain highly competi
Slide 24: EBIT outlook impacted by focus areas
EBIT outlook impacted by focus areas DKK m Outlook 2025 2024 • Revenue growth outlook of around 5% Revenue growth Around 5% 29,753 driven by organic growth and net positive impact from EBIT Around 1,000 1,506 acquisitions/divestments Per division: • EBIT outlook of around DKK 1.0bn Ferry Division 90
Slide 25: Key priorities 2025
Key priorities 2025 • Protect & grow underlying network strength • Organic growth focus • Resolve three specific focus areas • Cost focus – reverse cost increase trend • Cash flow focus • Green transition and Diversity - continue to deliver on targets 25
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