Slide 1: On track. More to do
Q21 2026, 14 August 2026 On track. More to do
Slide 2: Agenda
Agenda • Intro • Strategy review • Q2 2026 overview • ESG • Outlook & priorities 2
Slide 3: DFDS truly matters
DFDS truly matters Keep Europe Critical Strong Untapped moving infrastructure heritage potential 3
Slide 4: ...but we need strategic clarity
...but we need strategic clarity How we Where we How we Who we are create long- win invest term value 4 4
Slide 5: Our shared commitment, our non-negotiables
Our shared commitment Our non-negotiables Safety Collaboration One DFDS Ownership & Customer discipline commitment 5 5
Slide 6: Strategy review launched
Strategy review launched • Top priority to improve financial performance • Ferry CO2 emission intensity reduced 5% • Strategy review launched to clarify across route network in 2023 long-term vision, positioning, and priorities • Every Minute Counts schedule optimisation program delivered more than
Slide 7: Q2 2026 results
Q2 2026 results 7
Slide 8: Q2 safety performance
Q2 safety performance Fatality of Dutch truck Sea-based safety, LTIF Landside safety, LTIF driver in May 2026 during of 2.4 for Q2 2026 was on increased to 5.4 in Q2 2026 unloading of ferry in Dunkirk level with 2025 from 5.2 in 2025 8
Slide 9: Q2 result on track as both divisions improved earnings
Q2 result on track as both divisions improved earnings Q2 earnings Turning points progress Looking ahead continued Ferry result improved by Earnings outlook and higher results in all business Turnings points underpinned financial leverage units. Positive impact from earnings improvement improvement
Slide 10: Q2 revenue growth of 10% driven by fuel surcharges
Q2 revenue growth of 10% driven by fuel surcharges • Q2 Group revenue growth of 10% Change in revenue, Q2 2026 vs Q2 2025 DKK m • Q2 passenger revenue down 4% 8,750 and down 2% adjusted for route changes1 -106 8,500 303 • Q2 freight ferry revenue up 19% and up 2% compared to 2025 excluding BAF/ETS 8
Slide 11: Q2 2026 income statement
Q2 2026 income statement • EBITDA up 35% or DKK 312m to DFDS Group, DKK m Q2 25 Q2 26 Δ Δ DKK 1.2bn following higher results in Revenue 7,810 8,584 775 10% both divisions EBITDA 893 1,205 312 35% Margin 11.4% 14.0% 2.6% • Result impacted by DKK 53m litigation cost Other income/costs, net 61 40 -20 -
Slide 12: Ferry Division – higher earnings in all business units
Ferry Division – higher earnings in all business units • Q2 EBITDA up 32% or DKK 224m to DKK 927m DKK m Q2 25 Q2 26 Δ Δ Revenue 4,313 4,891 578 13% • Depreciation reduced 2% to DKK 491m Freight Ferry 3,274 3,891 617 19% Passenger 1,039 999 -39 -4% • Q2 EBIT up 127% or DKK 237m to DKK 423m EBITDA 702
Slide 13: Logistics Division – continued organic profit growth
Logistics Division – continued organic profit growth DKK m Q2 25 Q2 26 Δ Δ • Q2 EBITDA up 39% or DKK 84m to DKK 301m Revenue 3,897 4,200 303 8% • Other income included DKK 31m gain on EBITDA 217 301 84 39% sale of Scottish warehouse Margin 5.6% 7.2% 1.6% • Depreciation increased 6% to DKK 233m EBIT
Slide 14: Cash flow focus – Q2 Adjusted free cash flow of DKK 728m
Cash flow focus – Q2 Adjusted free cash flow of DKK 728m • Q2 Adjusted Free cash flow DKK m Q2 2025 Q2 2026 Δ Δ H1 2025 H1 2026 Δ Δ increased 35% to DKK 728m Cash flows Operating cash flow 1,052 1,240 188 18% 1,811 2,142 331 18% • Q2 working capital change positive by DKK 205m driven by collection o
Slide 15: Significant improvement in financial leverage to 3.4x
Significant improvement in financial leverage to 3.4x • Debt/equity ratio 50/50 and equity ratio 36% Financial leverage target range revised • 2026 year-end: NIBD/EBITDA around 3.5x expected • NIBD at DKK 14.0bn end Q2 2026 - DKK 2.1bn • 2027 year-end: NIBD/EBITDA below 3.5x expected reduction from
Slide 16: Q2 2026 ESG developments
Q2 2026 ESG developments CO₂e emission intensity of E-truck fleet increased Women’s representation ferry fleet up 2.0%. Absolute to 151 – access to toll in workforce stable at 23% emissions on level with 2025 exemptions (Q2 2025: 23%) Women in non-office based positions increased from 10% to 14% y
Slide 17: Outlook & priorities
Outlook & priorities Pe £7 oros
Slide 18: 2026 earnings outlook firmed up
2026 earnings outlook firmed up • Revenue growth outlook increased to Outlook 2026 Previous outlook 2025 2026 3-5% driven by fuel surcharges DKK m (previously on level with 2025) Revenue 3-5% On level 30,947 • EBIT outlook range low end raised to EBIT 1,200-1,400 1,000-1,400 520 DKK 1.2bn from DKK 1
Slide 19: Key priorities 2026
Key priorities 2026 • Safety first commitment • Performance improvements near-term, including turning point actions • Mediterranean recovery • Freight ferry price increases • Jersey ramp-up • Logistics Boost full-year impact • Cost reduction programme • TES turnaround progression • Cash flow – worki
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