Q3 2025 INTERIM REPORT - STAYING THE TRANSITION COURSE
ANNOUNCEMENT NO. 33/2025
Q3 2025
- Revenue up 4% to DKK 8.3bn. Organic growth was -2%
- EBIT reduced 32% to DKK 536m
- CO2 ferry emission intensity from own fleet lowered 2.7%
Outlook 2025
- EBIT lowered to DKK 0.6-0.75bn from DKK 0.8-1.0bn excluding one-off programme cost
- Cost Reduction Programme one-off cost of around DKK 100m in Q4 2025
- Adjusted free cash flow of around DKK 0.9bn down from DKK 1.0bn
“We are launching a Cost Reduction Programme to accelerate our transition to a higher level of financial performance,” says Torben Carlsen, CEO.
| Q3 | Q3 | Change, | LTM | LTM | Change, | Full-year | |
| DKK m | 2025 | 2024 | % | 2024-25 | 2023-24 | % | 2024 |
| Revenue | 8,296 | 7,965 | 4 | 30,841 | 29,389 | 5 | 29,753 |
| EBITDA | 1,397 | 1,508 | - 7 | 3,780 | 4,690 | -19 | 4,440 |
| EBIT | 536 | 785 | - 32 | 584 | 1,862 | -69 | 1,506 |
| Adjusted free cash flow | - 40 | 396 | - 110 | 908 | 2,186 | -58 | 957 |
| ROIC % | - | - | - | 1.4 | 5.8 | - | 4.4 |
| Financial leverage, times | - | - | - | 4.3 | 3.3 | - | 3.9 |
CEO’s comments
As outlined earlier this year, 2025 is a transitional year for DFDS where we lay the foundation for improving financial performance following the events of 2024.
We have three focus areas that are challenged on earnings and key to improving performance.
Today, we are expanding our transition toolbox to accelerate the transition to a higher level of financial performance with a Cost Reduction Programme targeting DKK 300m of cost reductions in 2026. See separate announcement for details.
Focus area updateThe Logistics Boost projects progressed in line with expectations in Q3 and further improvements are expected in Q4.
The adaptation of the Mediterranean ferry network moved forward in Q3 as the new pricing model launched in September 2025 provided an initial yield recovery as planned.
The third focus area, the Türkiye & Europe South (TES) turnaround, progressed on the other hand less than expected in Q3. The earnings trend is improving but slower than expected amid challenging market conditions.
Q3 network performance as expected
The Q3 result for the network, excluding focus areas, was overall as expected and above 2024 when adjusted for route changes, especially the sale of Oslo-Copenhagen and the exit from Tarifa-Tanger Ville.
The North Sea freight ferry operations were stable and Baltic Sea had a good quarter with further improvements expected on the back of our new space charter agreement. Channel performed well overall in Q3 even though the Jersey routes incurred extra costs for mainly tonnage changes.
Strait of Gibraltar delivered on expectations in Q3 and we are excited about deploying the two additional acquired ferries in 2026 pending regulatory approval.
Q3 was a turning point for our Nordic and Continent logistics units and both are now better adapted to a low-growth market environment. Our UK & Ireland logistics unit continued its stable performance in Q3.
Outlook
The 2025 EBIT outlook is lowered to DKK 600-750m from previously DKK 800-1,000m driven mainly by uncertainties regarding the development in Q4 2025 for the Mediterranean ferry and logistics activities. In addition, the above outlook range will be reduced by the one-off programme cost of around DKK 100m. The outlook is detailed on page 4.
Read the Q3 2025 interim report here:
6 November 2025. Conference call today at 10.00am CET
Register ahead of the call via this .
Access code is mailed after registration. Follow live-streaming of call via this .
Contact
Torben Carlsen, CEO
Karen Boesen, CFO
Søren Brøndholt Nielsen, IR
Dennis Kjærsgaard Sørensen, Media
About DFDS
We operate a transport network in and around Europe with annual revenue of DKK 30bn and 16,500 full-time employees.
We move goods in trailers by ferry, road, and rail plus we offer complementary and related logistics solutions.
We also move car and foot passengers on short sea and overnight ferry routes.
DFDS was founded in 1866 and is headquartered and listed in Copenhagen
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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