Slide 1: Turning point
Turning point 19 February 2026
Slide 2: Agenda
Agenda • Introduction • Q4 & FY overview • ESG • 2025 focus areas • Outlook & priorities 2
Slide 3: Turning point reached end of tough 2025 - actions implemented for 2026 recovery
Turning point reached end of tough 2025 - actions implemented for 2026 recovery 2026 turning points Tough 2025 Actions implemented during 2025 set to underpin profit growth in 2026 Result below expectations Turnaround areas more challenging than expected Margin pressure across network Logistics Boos
Slide 4: Q4 2025
Q4 2025 4
Slide 5: Q4 marks turning point underpinned by 2 of 3 focus areas
Q4 marks turning point underpinned by 2 of 3 focus areas Competitive market 3 focus areas Q4 earnings environment Logistics Boost projects - Ferry Division underlying Flat markets in northern Q4 progress as expected result improved vs LY driven Europe and soft UK by Mediterranean Adapting Mediterran
Slide 6: Revenue up 1% in Q4
Revenue up 1% in Q4 Change in revenue, Q4 2025 vs Q4 2024 DKK m 7,400 • Q4 Group organic growth* was -3.1% • Passenger organic revenue up 0.6%. Sale of Oslo-Copenhagen 7,300 -66 Route changes lowered revenue -25 • Freight ferry organic revenue down 7,200 1.3% driven by Mediterranean. Positive impact
Slide 7: Q4 2025 income statement
Q4 2025 income statement • Revenue reported growth of 1% DFDS Group, DKK m Q4 24 Q4 25 Δ Δ Revenue 7,197 7,303 106 1% Other income 0 3 3 n.a. • EBITDA down 5% or DKK 38m while adjusted EBITDA* was on level with Costs before redundancy 6,454 6,504 50 1% Cost reduction redundancy 0 97 97 n.a. 2024 EBI
Slide 8: Underlying Q4 EBIT improved in divisions
Underlying Q4 EBIT DKK m Ferry Division - Q4 2025 EBIT vs LY improved in divisions 75 -15 50 • Ferry Q4 EBIT up DKK 9m adjusted for route 49 -40 changes and one-off items* 56 25 50 • Mediterranean continued to improve on the back of capacity adaptation and new pricing model 0 Q4 2024 Rest of Network
Slide 9: Full-year 2025
Full-year 2025 9
Slide 10: Full-year revenue up 4%
Full-year revenue up 4% Change in revenue, 2025 vs 2024 DKK m • Group organic revenue* growth of -3.1% 31,500 -321 • Freight ferry organic revenue down 3.0% 31,000 -772 driven mainly by Mediterranean 30,500 • Passenger organic revenue up 2.6% 30,000 driven by Channel and Strait of Gibraltar 29,500 -
Slide 11: Full-year 2025 income statement
Full-year 2025 income statement • EBITDA down 16% or DKK 698m following DFDS Group, DKK m 2024 2025 Δ Δ lower results in both divisions Revenue 29,753 30,947 1,194 4% Other income (TCL) 0 119 119 n.a. • Depreciation up 13% or DKK 348m mainly Costs before redundancy 25,312 27,324 2,012 8% Cost reduct
Slide 12: Full-year EBIT lower in divisions
DFDS Group - full-year EBIT Full-year EBIT lower DKK m in divisions 2025 520 2024 1,506 2023 2,326 • Ferry EBIT down DKK 721m to DKK 791m 2022 2,468 • Mediterranean result significantly lower 2021 1,348 • Route changes entailed considerable 0 500 1,000 1,500 2,000 2,500 reduction, especially sale of
Slide 13: Full-year cash flow raised to DKK 1.2bn by positive Q4 cash flow
Full-year cash flow raised to DKK 1.2bn by postive Q4 cash flow • Adjusted free cash flow of DKK m Q4 2024 Q4 2025 Δ Δ 2024 2025 Δ Δ DKK 440m in Q4 2025 and DKK 1,184m for FY 2025 Cash flows Operating cash flow 606 926 320 53% 3,420 3,300 -120 -4% • Other working capital Q4 Capex 2025 impact of DKK
Slide 14: Capital structure consolidated, NIBD/EBITDA increased
Capital structure consolidated, NIBD/EBITDA increased • Debt level year-end 2025 – debt/equity ratio 52/48 and equity ratio 36% Financial leverage target range revised • NIBD/EBITDA expected below 4.0x year-end 2026 • NIBD reduced DKK 1.9bn in 2025 • NIBD/EBITDA expected below 3.5x year-end 2027 • M
Slide 15: Moving to Green & Great Place to Work
Moving to Green & Great Place to Work 15
Slide 16: Continued progress in 2025
Continued progress in 2025 • CO₂e emissions from own ferry fleet reduced 2.8% to 14.0 from 14.4 •• 147 e-trucks Ferry and 79 trailers CO2 emission with reduced 5% intensity reduced environmental across route networkimpact in 2023 • Solar energy production increased Every • from Minute 2,271 Counts t
Slide 17: 2026 focus areas
2026 focus areas 17
Slide 18: 2025 focus areas - turning point achieved for 2 of 3
2025 focus areas - turning point achieved for 2 of 3 • Logistics Boost projects • Adapting Mediterranean • Turnaround of Türkiye & Europe South 18
Slide 19: Logistics Boost projects – continued progress in Q4
Logistics Boost projects – continued progress in Q4 • 8 Boost projects initiated in 2024 Logistics Boost turnaround projects initiated in 2024 Cold chain Automotive Market Geopolitical slowdown • 7 of 8 reached breakeven in Q4 2025 - Denmark Gothenburg Dutch full-load Baltic slowdown Denmark domesti
Slide 20: Mediterranean adaptation showing results
Mediterranean adaptation showing results • Türkiye-Italy/Europe transport market Türkiye-Europe trailer export market - ferry & road disrupted from September 2024 by competitor’s 500,000 deployment of 4 RoRo ferries 450,000 • Market continues to rebalance and adapt 400,000 • Own corridor capacity re
Slide 21: TES turnaround progressing at slower pace than targeted
TES turnaround progressing at slower pace than targeted • Major network rightsizing & organisational changes completed – considerable improvements outstanding Continuing countries Countries moved to Continent • Commercial traction improving amid Netherlands generally challenging conditions for Polan
Slide 22: Outlook & priorities
Outlook & priorities Pe £7 oros
Slide 23: EBIT outlook reflects earnings turning point
EBIT outlook reflects earnings turning point • Revenue 2026 expected around on level DKK m Outlook 2026 2025 with 2025 Revenue Around on level 30,947 • EBIT outlook range of DKK 800-1,100m EBIT 800-1,100 520 • Key ferry drivers: Per division: • RPM increases across network Ferry Division 1,000-1,200
Slide 24: Key priorities 2026
Key priorities 2026 • Organic growth focus • Deliver on turning points • Ferry RPM increases • Ferry Capacity utilisation • Logistics Boost full-year impact • TES turnaround progression • Cost reduction programme • Cash flow – working capital focus • Green transition – committed to transition pathwa
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