Dfds A/s · OMXCOP:DFDS
Dfds A/s — Q2 2025 Earnings Presentation
24 slides from Dfds A/s's earnings presentation, Aug 20, 2025
Slide 1: Initiatives launched to speed up Mediterranean progress
Initiatives launched to speed up Mediterranean progress Q2 2025, 20 August 2025
Slide 2: Agenda
Agenda • Introduction • Q2 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 • 75% reduction of lan
Slide 4: Geopolitical, market & competitor environment
Geopolitical, market & competitor environment Geopolitical • US disruptions settling down • Ukraine war uncertainty • Germany to lift investments • Nearshoring outlook positive Markets • Subdued European growth • Turkish export challenged by FX parity • Oil price spread increasing Competition • Adju
Slide 5: Initiatives launched to speed up Mediterranean progress
Initiatives launched to speed up Mediterranean progress Q2 earnings lowered by Focus areas progressed Stable network, focus area Mediterranean headwinds less than expected initiatives launched Ferry Division result below Logistics Boost projects Mediterranean Ferry new expectations driven by showing
Slide 6: Q2 2025
Q2 2025 6
Slide 7: 3% revenue growth in Q2
3% revenue growth in Q2 Change in revenue, Q2 2025 vs Q2 2024 DKK m • Group revenue growth of 3.0% and organic 7,900 growth* was -2.3% -118 • Passenger organic revenue up 5.3% driven by higher Channel and SoG revenue 7,650 61 -77 677 • Freight ferry revenue down 3.8% and organic revenue* up 0.5% as
Slide 8: Q2 2025 income statement
Q2 2025 income statement • EBITDA down 28% or DKK 340m following DFDS Group, DKK m Q2 24 Q2 25 Δ Δ lower results in both divisions offset by a DKK Revenue 7,580 7,810 230 3% 21m lower corporate cost EBITDA 1,232 893 -340 -28% Margin 16.3% 11.4% -4.8% • Depreciation up 4% or DKK 26m from mainly addit
Slide 9: EBIT weighed down by Mediterranean activities
EBIT weighed down by DFDS Group - Q2 EBIT Mediterranean activities DKK m 2025 163 2024 519 2023 718 • Q2 EBIT of DKK 163m down from 2022 841 DKK 519m 2021 406 • Ferry Q2 EBIT down DKK 322m to 0 100 200 300 400 500 600 700 800 900 DKK 186m driven by lower Mediterranean result and one-off items DKK m
Slide 10: Ferry Division – most of network stable
Ferry Division – most of network stable Ferry Division - Q2 2025 EBIT vs LY DKK m • EBIT decrease of DKK 322m to 500 DKK 186m -24 • EBIT rest-of-network1 down DKK 24m due to impacts from mainly lower oil price 400 -181 spread, Jersey start-up, and a higher cost for non-deployed ferries 300 507 • Med
Slide 11: Logistics Division – earnings excluding TES improved
Logistics Division – earnings excluding TES improved Logistics Division - Q2 2025 EBIT vs LY DKK m 100 • EBIT decrease of DKK 52m to DKK 33m 4 • Nordic, Continent and UK & Ireland 75 delivered results on level with 2024 excluding one-off items and German Foot and Mouth Disease impact -68 50 • Türki
Slide 12: Q2 cash flows & capital
Q2 cash flows & capital Q2 LTM DKK bn Q2 2024 Q2 2025 Δ Δ 2025-24 Cash flows Operating cash flow 1.3 1.1 -0.3 -22% 3.4 • Operating cash flow DKK 1.1bn Capex Operating capex -0.4 -0.3 0.1 -26% -1.2 • Operating capex of DKK 0.3bn Ferries* 0.0 0.0 0.0 n.a. 0.1 Acquisitions 0.0 0.0 0.0 n.a. -1.1 • Adjus
Slide 13: Moving to Green & Great Place to Work
Moving to Green & Great Place to Work 13
Slide 14: Biofuel consumption increased
Biofuel consumption increased • Ferry CO2 emission intensity reduced 4.1% for own fleet, biofuel on Amsterdam- Newcastle and on new route Vilagarcia- • Ferry CO2 emission intensity reduced 5% Rotterdam across route network in 2023 • E-trucks: 145 e-trucks now in operation • Every Minute Counts after
Slide 15: 2025 focus areas
2025 focus areas 15
Slide 16: 3 focus areas to resolve in 2025
3 focus areas to resolve in 2025 • Logistics Boost projects • Adapting Mediterranean • Turnaround of Türkiye & Europe South 16
Slide 17: Logistics Boost projects on track
Logistics Boost projects on track Logistics Boost turnaround projects initiated in 2024 • Eight Boost projects initiated in 2024 Cold chain Automotive Market Geopolitical slowdown • Total Boost project monthly earnings turned positive in June from double-digit loss start of Denmark Gothenburg Dutch
Slide 18: Mediterranean – new pricing model effective Sept 2025
Mediterranean – new pricing model effective Sept 2025 Mediterranean volumes, LM k • Ferry capacity increased with three RoRo ferries on Istanbul-Trieste corridor by competitor from mid- 1,600 September 2024 1,400 • Own corridor capacity reduced >10% 1,200 1,000 • Q2 pricing initiatives less effectiv
Slide 19: Türkiye & Europe South
Türkiye & Europe South • High-growth market driven by Turkey’s role as Europe’s manufacturing hub and nearshoring Continuing countries Countries moved to Continent BU • Replicate proven RoRo Netherlands Divestment/closure in model from northern Belgium Germany Poland progress Europe – road/ferry/rai
Slide 20: Türkiye & Europe South turnaround slowed by weak volumes
Türkiye & Europe South turnaround slowed by weak volumes Operations Commercial Intermodal Organisation Rightsizing of equipment Customer portfolio review, Optimising road/ferry/rail Rightsizing, network fleet, asset sales, price adjustments, new interactions optimisation increased subcontracting sal
Slide 21: Outlook & priorities
Outlook & priorities Pe £7 oros
Slide 22: EBIT outlook update reflects Mediterranean headwinds
EBIT outlook update reflects Mediterranean headwinds • Revenue growth outlook of around 5% Updated outlook Previous outlook 2024 DKK m 2025 2025 unchanged Revenue growth Around 5% Around 5% 29,753 • EBIT outlook updated to range of DKK 0.8-1.0bn from around DKK 1.0bn EBIT 800-1,000 Around 1,000 1,50
Slide 23: Key priorities 2025
Key priorities 2025 • Organic growth focus • Deliver on three specific turnaround focus areas • Cost focus to improve performance • Cash flow focus • Green transition – committed to transition pathway • DEI – committed to deliver on targets 23
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