Slide 1: Staying the transition course
Staying the transition course Q3 2025, 6 November 2025
Slide 2: Agenda
Agenda • Introduction • Q3 overview • Moving to Green • 2025 focus areas • Outlook & priorities 2
Slide 3: Transition toolbox expanded with cost programme
Transition toolbox expanded with cost programme Cost Reduction Programme 3 focus areas to resolve in 2025 • DKK 300m impact in 2026 Transition to • Logistics Boost projects • Reduction of around 400 mainly higher level office positions of financial • Adapting Mediterranean • Specific cost reductions
Slide 4: 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 5: Geopolitical, market & competitor environment
Geopolitical, market & competitor environment Geopolitical Oil price • US-China trade agreement turbulence spread increasing • US support for Ukraine/Europe firmed up Space • German spending, impact late 2026 charter TT Line Markets Ukraine war lowers • Subdued European growth to continue in Q4 acti
Slide 6: Staying the transition course - some September positives
Staying the transition course - some September positives Q3 earnings 3 focus areas Outlook lowered by Q4 one-off cost Ferry Division result on level Logistics Boost projects on with expectations track, further improvements Uncertainties linked to expected in Q4 Mediterranean and TES Logistics Divisi
Slide 7: Q3 2025
Q3 2025 7
Slide 8: 5% revenue growth in Q3
5% revenue growth in Q3 Change in revenue, Q3 2025 vs 2024 DKK m • Group revenue Q3 growth* of 4.6% and 8,500 organic growth* of -2.4% -128 • Passenger organic revenue up 1.5% 8,250 driven by Channel and Baltic Sea – negative route change impact 758 • Freight ferry organic revenue down 8,000 29 3.3%
Slide 9: Q3 2025 income statement
Q3 2025 income statement DFDS Group, DKK m Q3 24 • EBITDA down 7% or DKK 112m following Q3 25 Δ Δ Revenue 7,965 8,296 331 4% lower division results offset by DKK 12m lower corporate cost EBITDA 1,508 1,397 -112 -7% Margin 18.9% 16.8% -2.1% • TES Q3 EBITDA included positive adjust- ment of DKK 46m to
Slide 10: EBIT reduced by delay in focus areas & route changes
EBIT reduced by delay in 2 DFDS Group - Q3 EBIT focus areas & route changes DKK m 2025 536 2024 785 2023 886 • Group Q3 EBIT of DKK 536m 2022 968 down 32% or DKK 249m from DKK 785m 2021 360 0 100 200 300 400 500 600 700 800 900 1,000 • Ferry Q3 EBIT down DKK 227m to DKK 564m driven by route Q3 2025
Slide 11: Ferry Division – underlying result stable
Ferry Division – underlying result stable Ferry Division - Q3 2025 EBIT vs LY DKK m 10 • Q3 EBIT decrease of DKK 227m to 800 DKK 564m • Rest of Network1 up DKK 10m driven by Channel and Baltic Sea while North Sea -155 stable 700 • Route changes lowered EBIT by DKK 155m due to mainly Oslo-Copenhagen
Slide 12: Logistics Division – continued earnings growth excl. TES
Logistics Division – continued earnings growth excl. TES Logistics Division - Q3 2025 EBIT vs LY DKK m 100 • Q3 EBIT decrease of DKK 29m to DKK 21m • Nordic & Continent improved earnings driven by further progress on Boost 75 48 projects, capacity/cost adjustments, and -64 rebound for meat exports t
Slide 13: Q3 cash flows & capital
Q3 cash flows & capital Q3 LTM DKK bn Q3 2024 Q3 2025 Δ Δ 2025-24 • Operating cash flow of DKK 0.6bn lowered by seasonal passenger prepayment reversal Cash flows & ETS payment Operating cash flow 1.0 0.6 -0.4 -44% 3.0 • Operating capex of DKK 0.4bn* as expected Capex Operating capex -0.4 -0.4 0.0 5%
Slide 14: Moving to Green & Great Place to Work
Moving to Green & Great Place to Work 14
Slide 15: Commitment to SBTi
Commitment to SBTi • Ferry CO2 emission intensity reduced 2.7% for own fleet helped by biofuel on Amsterdam- Newcastle and Vilagarcia-Rotterdam DFDS committed to SBTi (Science Based •• Ferry CO2 emission intensity reduced 5% Targets initiative) in September 2025 - reduction across route network in 2
Slide 16: 2025 focus areas
2025 focus areas 16
Slide 17: 3 focus areas to resolve in 2025
3 focus areas to resolve in 2025 • Logistics Boost projects • Adapting Mediterranean • Turnaround of Türkiye & Europe South 17
Slide 18: Logistics Boost projects – continued progress in Q3
Logistics Boost projects – continued progress in Q3 • 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 Q3 2025 – Denmark Gothenburg Dutch full-load Baltic slowdown large improveme
Slide 19: Mediterranean's new pricing model raised September rate levels
Mediterranean’s new pricing model raised September rate levels • Ferry capacity increased to 4 RoRo Türkiye-Europe trailer export volumes - ferry & road ferries on Istanbul-Trieste corridor by 35% 500,000 competitor 30% 450,000 25% 400,000 • Own corridor capacity reduced >10% 20% 350,000 • Positive
Slide 20: TES turnaround progressing at slower pace than targeted
TES turnaround progressing at slower pace than targeted • Major network rightsizing & organisational changes completed – still considerable improvement opportunities Continuing countries • September volumes below target but Countries moved to Continent uplift achieved end of month and Netherlands Di
Slide 21: Outlook & priorities
Outlook & priorities Pe £7 oros
Slide 22: EBIT outlook lowered by Mediterranean uncertainties
EBIT outlook lowered by Mediterranean uncertainties • Revenue growth outlook of around 5% Updated outlook Previous outlook DKK m 2025* 2025 2024 unchanged Revenue growth Around 5% Around 5% 29,753 • EBIT outlook lowered to DKK 600-750m from previously DKK 800-1,000m excluding EBIT 600-750 800-1,000
Slide 23: Outlook continued – capex and cash flow
Outlook continued – capex and cash flow • Operating capex reduced to around Updated outlook Previous outlook DKK m 2025* 2025 2024 DKK 1.3bn from DKK 1.4bn – includes expected warehouse sale Revenue growth Around 5% Around 5% 29,753 • Proceed from sale of ferries increased EBIT 600-750 800-1,000 1,5
Slide 24: Key priorities 2025
Key priorities 2025 • Organic growth focus • Mediterranean – sustain yield recovery • TES – strengthen turnaround progress • Cost Reduction Programme implementation • Cash flow – working capital focus • Green transition – committed to transition pathway • DEI – committed to deliver on targets 24
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