Slide 1: On track to deliver on outlook
On track to deliver on outlook Q1 investor call, 8 May 2024
Slide 2: Q1 2024 investor call agenda
Q1 2024 investor call agenda • Strategy update • Q1 overview • Moving to Green • Capital distribution • Outlook & priorities 2
Slide 3: Strategy update: Moving Together Towards 2030
Moving Together Towards 2030 – Moving to green Moving Together Towards 2030 Strategy update Unlocking value, 2024-2026 • Protect & Grow Profits • Network expansion fulfilled with Ekol • Standardise to simplify Logistics acquisition agreement • Digitise to transform • Moving to green • Organic growth
Slide 4: Financial ambitions 2024-2026/27
Financial ambitions 2024-2026/27 • Group Q1 ROIC at 7% • Q1 capex as expected • Q1 cash flow reduced by • FRS acquisition increased Q1 seasonal working capital impact NIBD/EBITDA to 3.2x • Ferry at 9% - Baltic Sea • Capex outlook of DKK 1.75bn headwind, Channel improving on track for 2024 • Adjusted
Slide 5: Q1 result ahead of expectations in challenging market environment
Q1 result ahead of expectations in challenging market environment Overcapacity impacting Gradual market recovery Network expanded amid good results expected Strait of Gibraltar routes Freight ferry volume pick- Mixed demand picture – added to ferry network up in several areas gradual recovery is sti
Slide 6: EBIT lower than last year but ahead of expectations
EBIT lower than last year but DFDS Group - Q1 EBIT ahead of expectations DKK m 2024 200 2023 363 2022 216 • Group Q1 revenue up 11% and up 1% 2021 268 adjusted for acquisitions/bunker 2020 131 surcharges 0 50 100 150 200 250 300 350 400 • Group Q1 EBIT of DKK 200m down 45% due to lower results in bo
Slide 7: Q1 2024 income statement
Q1 2024 income statement • Revenue growth of 11% detailed on DFDS Group, DKK m Q1 23 Q1 24 Δ Δ next slide Revenue 6,341 7,011 670 11% EBITDA 972 957 -15 -2% • EBITDA down 2% as higher Logistics Margin 15.3% 13.6% -1.7% earnings were offset by Ferry Division and Non-allocated costs Other income/costs
Slide 8: Revenue growth driven by passengers & acquisitions
Revenue growth driven by Change in revenue, Q1 2024 vs Q1 2023 passengers & acquisitions DKK m 7,250 • Strait of Gibraltar revenue of 7,000 DKK 255m included under Acquisitions -14 • Passenger revenue up 22% driven mainly by Channel 6,750 587 • Freight ferry revenue slightly up as higher North Sea/M
Slide 9: Ferry Division – contribution stable despite headwinds
Ferry Division – contribution DKK m Ferry Division - Q1 EBIT vs LY stable despite headwinds 300 1 250 -77 62 -103 200 286 0 • Freight Ferry EBITDA down DKK 77m or 11% 150 driven by lower Baltic Sea/Channel results and 169 higher net bunker cost 100 Q1 2023 Freight ferry Passenger Other Depreciation
Slide 10: Logistics Division – mixed results in challenging market
Logistics Division – mixed DKK m Logistics Division - Q1 EBIT vs LY results in challenging market 150 3 -45 57 • EBITDA organic down DKK 39m or 14% due to 100 -39 mainly lower result for Nordic/Continent Cold 120 -3 Chain following continued slowdown in meat 94 volumes and new UK border check start
Slide 11: Cash flows & capital
Cash flows & capital Q1 LTM DKK bn Q1 2023 Q1 2024 Δ Δ 2024-23 Cash flows Operating cash flow 1.0 0.5 -0.5 -53% 3.1 • Operating cash flow of DKK 0.5bn reduced by seasonal working capital impact and higher Capex interest payments Operating capex -0.6 -0.6 0.0 -3% -1.6 Ferries* 0.0 0.0 0.0 n.a. 1.5 •
Slide 12: Moving to Green
Moving to Green 12
Slide 13: Progress across green and social targets
Progress across green and social targets • Ferry CO2 emission intensity reduced 3% across route network in Q1 2024 • Ferry CO2 emission intensity reduced 5% • across route network New shore-power facilityinin2023 Vlaardingen port terminal – 2.1-2.3k tons CO2e annual decrease • Every Minute Counts sc
Slide 14: Capital distribution, outlook & priorities
Capital distribution, outlook & priorities 14
Slide 15: Total capital distribution of DKK 600m on track
Total capital distribution of DKK 600m on track • Capital distribution total of Distribution to shareholders, DKK m 2022 2023 2024 DKK 600m equal to DKK 10.67 per Dividend per share, DKK 8.00 5.00 3.00 share (ex. own shares) Dividend, ex. treasury shares 462 286 169 Buyback of shares 0 300 431 • Div
Slide 16: Outlook 2024 still based on overall flat market environment
Outlook 2024 still based on overall flat market environment • European growth still expected to rebound slightly rest of year • Freight markets mixed picture – overall flattish expectation • Turkish growth expected to increase in second half of 2024 • Passenger market still expected to benefit from
Slide 17: Outlook 2024 unchanged
Outlook 2024 unchanged • Revenue expected to grow 8-11% driven DKK m Outlook 2024 Outlook February2024 2023 by mix of organic growth, addition of Strait of Gibraltar routes, and ETS pass- Revenue growth 8-11% 5-8% 27,304 through surcharges, plus expected EBIT 2,000-2,400 2,000-2,400 2,326 addition o
Slide 18: Key priorities for 2024 – unlocking value
Key priorities for 2024 – unlocking value • Organic growth focus • Operational efficiencies – drive improvement in select areas • Green transition – deliver on short- and long-term targets • Strait of Gibraltar integration • Ekol Logistics integration preparation 18
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