Q1 2025 Interim report
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2025-transition progressing
Q1 2025 interim report
Q1 overview
2/28
Q1 2025
→ Revenue up 8% to DKK 7.5bn
Organic growth was -1%
→ EBIT reduced DKK 317m to
DKK -117m
→ Adjusted free cash flow increased
DKK 573m to DKK 246m
→ CO2 ferry emission intensity from
own fleet lowered 5.9%
Outlook 2025, unchanged
→ EBIT of around DKK 1.0bn
→ Revenue growth of around 5%
→ Adjusted free cash flow of around
DKK 1.0bn
CEO’s comments
2025 is a transitional year, as noted in our
latest annual report, where we lay the
groundwork for improving financial
performance following the events of 2024.
Firstly, most of our business units are as
expected on track to uphold performance
or improve in 2025.
Secondly, we are making progress on
resolving three specific focus areas:
• Adapting Mediterranean ferry operations
to the changed competitive environment
• Turning Logistics’ Türkiye & Europe South
around to breakeven by year-end 2025
• Delivering on the Logistics turnaround
projects initiated in 2024.
As expected the three focus areas’
substantial negative earnings impact in Q4
2024 continued into Q1 2025.
In March, the earnings trend started to
improve following the execution of multiple
turnaround actions during the quarter.
The actions taken include price increases,
capacity adjustments, headcount
reductions, closure of unprofitable
activities, and office closures/mergers.
Further actions are being taken and we
expect the improving earnings trend to
become more visible in our Q2 results and
in the remainder of the year.
“In March, the earnings trend
started to improve following
the execution of multiple
turnaround actions during
the quarter.”
Torben Carlsen, CEO
Adapting to evolving market changes
We are a transport provider moving goods
and people in and around Europe. The
expansion of our network to regions
positioned to benefit from nearshoring
continue to be validated by recent
geopolitical events.
In addition, Europe’s determination to
become more self-reliant is likely to grow
trade in the coming years with manufactu-
ring hubs such as Türkiye and Morocco.
Shorter-term we are not assuming any
market tailwinds as the shift in US policies
and the ensuing uncertainties may further
dampen the already muted European
economic growth outlook for 2025.
Germany’s decision to step up defence and
infrastructure spending is set to fuel
European growth, but material impacts on
activity levels are not expected before
2026. Meanwhile, our focus is on adapting
to a low-growth market environment.
Focus on financial solidity
Working capital initiatives and enhanced
capex focus are improving our cash flow.
We expect our financial solidity to
strengthen through the second half-year as
earnings improve and NIBD decreases.
Outlook 2025
The earnings outlook for 2025 is unchanged
an EBIT of around DKK 1.0bn. The outlook is
detailed on page 4.
Q1 overview
Q1
Q1
Change,
LTM
LTM
Change,
Full-
year
DKK m
2025
2024
%
2024-25
2023-24
%
2024
Revenue
7,539
7,011
8
30,281
27,975
8
29,753
EBITDA
748
957
-22
4,232
4,875
-13
4,440
EBIT
- 117
200
n.a.
1,189
2,163
-45
1,506
Adjusted free cash flow
246
- 327
n.a.
1,530
2,188
-30
957
ROIC, %
-
-
-
3.4
6.9
-
4.4
Financial leverage, times
-
-
-
4.0
3.2
-
3.9
6 May 2025
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Q1 2025 interim report
Key figures
3/28
Key figures
Q1
Q1
LTM
Full-year
DKK m
2025
2024
2024-25
2024
Income statement
Revenue
7,539
7,011
30,281
29,753
Ferry Division
3,988
4,214
17,632
17,858
Logistics Division
4,050
3,130
14,268
13,348
Non-allocated items and eliminations
- 499
- 333
- 1,619
- 1,453
Operating profit before depreciation and amortisation (EBITDA)
748
957
4,232
4,440
Ferry Division
574
688
3,399
3,514
Logistics Division
196
304
928
1,036
Non-allocated items
- 22
- 36
- 95
- 109
Operating profit before amortisation (EBITA)
- 60
247
1,408
1,716
Operating profit (EBIT)
- 117
200
1,189
1,506
Financial items, net
- 185
- 195
- 813
- 823
Profit for the period
- 328
- 48
261
541
Capital
Total assets
39,810
37,000
-
39,281
Equity
13,652
13,646
-
13,890
Net interest-bearing debt
16,814
16,293
-
17,204
Invested capital, end of period
30,987
30,363
-
31,533
Cash flows
Cash flows from operating activities
759
468
3,711
3,420
Cash flows from investing activities
-234
- 1,654
-2,227
- 3,647
Free cash flow
525
- 1,186
1,484
- 227
Adjusted free cash flow
246
- 327
1,530
957
Q1
Q1
LTM
Full-year
DKK m
2025
2024
2024-25
2024
Key operating and return ratios
Average number of employees (FTE)
14,869
14,121
Revenue growth (reported), %
7.5
10.6
1.8
9.0
EBITDA-margin, %
9.9
13.6
14.0
14.9
EBITA-margin, %
- 0.8
3.5
4.6
5.8
EBIT-margin, %
- 1.6
2.9
3.9
5.1
Return on invested capital (ROIC), %
-
-
3.4
4.4
ROIC before acquisition intangibles (ROIC BAI), %
-
-
5.3
6.6
Return on equity, %
-
-
1.9
3.9
Key capital and per share ratios
Financial leverage, times
4.0
3.2
4.0
3.9
Equity ratio, %
34.3
36.9
-
35.4
Earnings per share (EPS), DKK
- 6.09
- 0.89
4.68
9.68
Dividend paid per share, DKK
0
3.00
0
3.00
Number of shares, end of period, '000
57,970
58,632
-
57,970
Share price, DKK
90.2
200.4
-
133.5
ESG key figures
Emissions per GT mile - Own fleet (CO2)
13.8
14.7
14.2
14.4
Lost-time injury frequency (LTIF) - Sea
4.0
3.7
4.0
3.9
Lost-time injury frequency (LTIF) - Land
4.3
8.3
5.7
6.8
Women ratio - Total workforce
23
24
-
22
Women ratio - Board of Directors
33
33
-
33
Definitions on pages 26 and 27.
Emissions per GT mile - Own fleet (CO2) has been restated due to change in methodology, refer to ESG review.
Q1 2025 interim report
Outlook 2025
4/28
→ Group earnings outlook remains an
EBIT of around DKK 1.0bn
→ Ferry Division’s EBIT outlook
increased to around DKK 1.0bn
from DKK 0.9bn
→ Logistics Division’s EBIT outlook
decreased to around DKK 0.2bn
from DKK 0.3bn
The outlook for the remainder of 2025
builds on multiple assumptions and may
therefore change significantly as the year
progresses.
General market growth prospects
Europe’s economic growth is expected to
remain muted in the remainder of 2025 due
to among other things uncertainties about
the war in Ukraine and potential impacts
from US policy shifts on primarily trade and
tariffs.
Key freight outlook assumptions for 2025
Q1 2025 freight ferry volumes have affirm-
ed the outlook assumption of continued
growth in the trade lanes connecting
Europe to Türkiye and northern Africa, as
well as only modest growth in northern and
eastern Europe.
Continental European road transport
markets remained as assumed highly
competitive in Q1 2025 and this is expected
to continue for the rest of the year.
The operation of Jersey ferry services
started end of March 2025 as planned.
The Mediterranean network volumes
decreased overall as expected in Q1 2025
following the entry of a competitor in
September 2024.
Key passenger outlook assumptions
for 2025
Organic passenger volume growth, i.e.
excluding route changes, is still expected
to be positive in 2025. The start-up of
Jersey ferry services will add passengers
while the loss of the Tarifa-Tanger Ville
route as per beginning of May 2025 will
reduce passengers.
Revenue outlook
The Group’s revenue is still expected to
grow by around 5% compared to 2024
driven by organic growth and a net positive
impact from acquisitions/divestments
completed during 2024.
The Ferry Division’s revenue is unchanged
expected to be below 2024 due to mainly
the divestment of the Oslo route. The
revenue increase from the start-up of
Jersey ferry services will to a large extent
be offset by the loss of a route on Strait of
Gibraltar.
The Logistics Division’s revenue will as
expected be increased by the full-year
impact of the addition of Ekol International
Transport supplemented by organic
growth, although turnaround actions are
expected to reduce revenue for certain
activities.
Earnings outlook - EBIT
Based on the above assumptions, the
Group’s 2025 EBIT is unchanged expected
to be around DKK 1.0bn (2024: DKK 1.5bn).
Ferry Division’s EBIT expectation has been
increased to around DKK 1.0bn from
DKK 0.9bn reflecting improved trading in
several areas.
Logistics Division’s EBIT expectation has
been decreased to around DKK 0.2bn from
DKK 0.3bn reflecting more protracted
turnarounds (Boost projects) in mostly the
Continent business unit. Türkiye & Europe
South’s EBIT is still expected to breakeven
by year-end, though the full-year loss is
likely to be larger than initially forecasted.
EBIT is expected to be below 2024 for the
next two quarters of 2025 before recove-
ring to above 2024 in Q4. See outlook table
for divisional split.
Capital expenditure (Capex)
Operating capex is unchanged expected to
amount to around DKK 1.6bn in 2025.
Ferries’ capex includes insurance compen-
sation from the total constructive loss of a
freight ferry.
Adjusted free cash flow
The Adjusted free cash flow is expected to
be around DKK 1.0bn in 2025, including a
positive impact from working capital
improvement initiatives.
Outlook 2025
OUTLOOK 2025
DKK m
Outlook 2025
Previous
outlook 2025
2024
Revenue growth
Around 5%
Around 5%
29,753
EBIT
Around 1,000
Around 1,000
1,506
Per division:
Ferry Division
1,000
900
1,525
Logistics Division
200
300
200
Non-allocated items
-200
-200
-219
Capital expenditure (Capex)
Around -1,500
Around -1,600
-1,451
Types:
Operating
-1,600
-1,600
-1,451
Ferries (sale/purchase/new-buildings)
100
0
0
Adjusted free cash flow
Around 1,000
Around 1,000
957
Q1 2025 interim report
Ferry Division
5/28
→ Majority of network Q1 earnings in
line with expectations
→ Mediterranean impacted by entry
of new ferry competitor
→ Q1 revenue down 5% to DKK 4.0bn
Organic growth was -1%
→ Q1 EBITDA decreased 17% to
DKK 574m
→ Q1 EBIT decreased DKK 178m to
DKK -9m
→ Q1 CO2 ferry emission intensity
from own fleet lowered 5.9%
Q1 volumes and activity
Total Q1 freight volumes decreased slightly
by 0.2% compared to Q1 2024 as a positive
impact on March volumes from the Easter
timing difference balanced a somewhat
slow start to the year.
North Sea volumes were 2.1% below 2024
due to mainly lower automotive volumes
and food export volumes to the UK. Total
Q1 trailer volumes between Türkiye and
Europe increased compared to 2024 while
the Mediterranean network’s volumes
decreased 3.1%. The decrease followed
some loss of market share due to the
addition of freight ferry capacity by a new
competitor from mid-September 2024.
Channel freight volumes were overall on
level with 2024 while Baltic Sea volumes
increased 3.2%. Strait of Gibraltar volumes
increased 13.2% despite capacity
reduction compared to 2024.
Q1 passenger volumes decreased 27.4% to
0.8m compared to 2024 and decreased
12.1% adjusted for the sale of the Oslo-
Copenhagen route and the Tarifa-Tanger
Ville route where departures were halved as
operations were ramped down in
Ferry Division
Ferry Division
Q1
Q1
Q2
Q3
Q4
LTM
Full-year
DKK m
2025
2024
2024
2024
2024
2024-25
2024
Revenue
3,988
4,214
4,633
5,083
3,928
17,632
17,858
Freight*
3,390
3,431
3,404
3,176
3,127
13,097
13,138
Passenger*
597
783
1,229
1,907
801
4,534
4,720
Other income
116
0
0
0
0
116
0
Operating costs
2,562
2,519
2,584
2,668
2,392
10,206
10,162
Ferry operations
702
674
698
754
655
2,808
2,781
Bunker
697
760
785
763
686
2,929
2,992
Port terminal operations
955
913
931
980
873
3,738
3,697
Transport and warehouse solutions
209
171
171
172
178
730
692
Employee costs
652
719
739
776
665
2,832
2,899
Sales, general and administration
316
288
319
357
319
1,311
1,284
EBITDA
574
688
990
1,282
553
3,399
3,514
Other income/costs, net
0
- 1
0
- 3
- 4
- 8
- 8
Depreciation and impairment
568
510
467
472
478
1,986
1,927
EBITA
5
178
523
806
71
1,406
1,578
Amortisation
15
9
15
15
15
59
53
EBIT
- 9
169
508
792
56
1,347
1,525
Invested capital, end of period
22,373
22,659
22,106
22,422
21,941
22,373
21,941
EBITDA-margin, %
14.4
16.3
21.4
25.2
14.1
19.3
19.7
EBITA-margin, %
0.1
4.2
11.3
15.9
1.8
8.0
8.8
EBIT-margin, %
-0.2
4.0
11.0
15.6
1.4
7.6
8.5
Gross Capex (excl. acquisitions and leases)
245
431
190
162
124
721
907
ROIC before acquisition intangibles, %, LTM
8.0
11.4
10.7
10.6
8.8
8.0
8.8
ROIC, %, LTM
5.7
8.9
8.2
8.0
6.5
5.7
6.5
Average number of employees
6,206
7,027
7,081
7,207
6,934
6,891
6,934
Number of ships
73
73
72
73
70
72
70
Lane metres, '000
10,475
10,508
10,613
10,079
10,339
41,506
41,538
North Sea **
3,389
3,463
3,484
3,313
3,313
13,499
13,573
Mediterranean
1,335
1,403
1,370
1,336
1,361
5,401
5,469
Channel ***
4,215
4,209
4,289
4,172
4,200
16,877
16,870
Baltic Sea
895
868
934
868
863
3,560
3,532
Strait of Gibraltar
640
566
536
391
601
2,168
2,094
Capacity utilisation freight, %
64
60
62
60
63
62
61
Number of cars, '000
184
236
373
692
258
1,507
1,559
Passengers, '000
808
1,114
1,689
2,741
1,203
6,442
6,747
Baltic Sea
42
43
56
86
46
229
230
Channel
500
560
1,050
1,529
684
3,764
3,824
Strait of Gibraltar
266
365
400
895
315
1,877
1,976
Other passengers
-
146
182
231
158
571
717
The Ferry Division operates a network of
ferry routes in and around Europe. The North
Sea and Mediterranean networks only
transport freight while combined freight and
passenger routes are operated by the
Channel, Baltic Sea, and Strait of Gibraltar
networks. Port terminals are operated in
select locations.
Definitions on page 26.
* Revenue split was updated in 2024 to reflect changes following acquisition of FRS Iberia/Maroc Group
**Includes volumes for the route Oslo-Frederikshavn-Copenhagen in 2024.
***Includes volumes for the route Amsterdam-Newcastle.
Q1 2025 interim report
Ferry Division
6/28
preparation for exiting the route following
the loss of a tender to continue to operate
the route. The adjusted decrease was to a
large extent driven by the negative impact
of the Easter timing difference compared to
2024.
Financial performance
Revenue
Q1 revenue decreased 5.4% to DKK 3,988m
compared to 2024 and decreased 0.5%
adjusted for the sale of the Oslo-
Copenhagen route and bunker/ETS
surcharges.
Other income was an insurance
compensation of DKK 116m for the total
constructive loss (TCL) of a freight ferry.
The adjusted freight ferry revenue was
almost on level with 2024 as lower
Mediterranean revenue was offset by
higher terminal, charter, and other
revenues in the rest of the network.
The adjusted passenger revenue
decreased 1.0% due to mainly a negative
impact from the Easter timing difference as
well as Strait of Gibraltar route changes.
EBITDA
EBITDA decreased 16.7% or DKK 115m to
DKK 574m and decreased 37.9% or
DKK 279m adjusted for the sale of the Oslo-
Copenhagen route and Other income.
Around 80% of the adjusted EBITDA
decrease was due to a lower result for
Mediterranean. The remaining decrease
was driven by lower passenger earnings
due to the Easter timing difference, a higher
net bunker cost due to a decline in oil price
spreads, and start-up costs for the Jersey
ferry services.
EBITA and EBIT
Q1 depreciation increased 11.4% or
DKK 58m to DKK 568m. Adjusted for a
write-off of DKK 83m for the TCL of a freight
ferry, the depreciation decreased 4.9% or
DKK 25m to DKK 484m. The adjusted
decrease was due to primarily the sale of
the Oslo-Copenhagen route.
EBITA hereafter decreased DKK 173m to
DKK 5m. After an increase of DKK 5m in
amortisation to DKK 15m, EBIT decreased
DKK 178m to DKK -9m.
Capex
Capex, excluding acquisitions, amounted
to DKK 162m in Q1 2025, including an inflow
of DKK 93m from sale of ferries and TCL
compensation. The majority of the capex
was ferry dockings and upgrades.
Invested capital and ROIC
The invested capital at the end of Q1 2025
was DKK 22.4bn, an increase compared to
year-end 2024 of 2.0% or DKK 0.4bn. The
increase comprises an operating invested
capital decrease of DKK 0.7bn driven by the
sale of the Oslo-Copenhagen route and
lower working capital. This was however
offset by a transfer of DKK 1.1bn of
acquisition intangibles from the Logistics
Division following a reassessment of the
allocation of intangibles related to the
acquisition of Ekol International Transport.
The invested capital excluding acquisition
intangibles was lowered 4.1% to
DKK 15.9bn compared to year-end 2024.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 8.0%
compared to 11.4% in 2024, and ROIC was
5.7% compared to 8.9% in 2024.
Freight ferry – transported lane metres, LM ‘000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Q1 Q2 Q3 Q4
LM '000
2023
2024
2025
Q1 2025 interim report
Logistics Division
7/28
→ Nordic and Continent earnings
lowered by several challenged
areas
→ Turnaround projects progressing
and supporting improved earnings
trend towards end Q1
→ UK & Ireland delivered robust
performance
→ Türkiye & Europe South lossmaking
as expected and EBIT breakeven
target on track towards year-end
→ Q1 organic revenue growth of 2%
→ Q1 EBIT down DKK 149m to
DKK -55m
Q1 overview and activity
Activity levels continued overall to be
subdued in Q1, especially in Nordic and
Continent markets. Margin pressures
remain as tendering activity is high while
road transport overcapacity persisted and
production cost levels did not ease. Supply/
demand is more balanced in UK & Ireland.
In the Nordic region continued market
weakness in the Baltics and eastern Europe
led to closure of several traffics and five
offices were closed or merged with other
locations. The Danish activities were
consolidated under a new joint
management team to drive efficiencies and
earnings improvement.
In the northern Continental region several
office locations were likewise merged. In
Ghent, a warehouse contract was
terminated following a decline in
automotive volumes. Dutch warehouse
utilisation and transport activities improved
during the quarter. Meat exports to the UK
were reduced significantly from mid-
January following an outbreak of Foot &
Mouth Disease in Germany. German
exports resumed from the beginning of April
at lower levels.
Logistics Division
Logistics Division
Q1
Q1
Q2
Q3
Q4
LTM
Full-year
DKK m
2025
2024
2024
2024
2024
2024-25
2024
Revenue
4,050
3,130
3,296
3,223
3,699
14,268
13,348
Operating costs
Transport and warehousing costs
2,718
1,967
2,083
2,097
2,498
9,397
8,646
Gross profit
1,332
1,163
1,213
1,126
1,201
4,872
4,703
Sales, general and administration
195
190
207
176
183
761
756
Employee costs
940
668
716
694
832
3,183
2,910
EBITDA
196
304
289
256
186
928
1,036
Other income/costs, net
6
7
8
7
19
39
40
Depreciation and impairment
236
197
191
192
214
833
794
EBITA
- 34
115
106
71
- 9
133
282
Amortisation
21
21
21
20
21
83
82
EBIT
- 55
94
85
50
- 30
50
200
Gross profit margin, %
32.9
37.1
36.8
34.9
32.5
34.1
35.2
EBITDA-margin, %
4.8
9.7
8.8
7.9
5.0
6.5
7.8
EBITA-margin, %
- 0.8
3.7
3.2
2.2
- 0.2
0.9
2.1
EBIT-margin, %
-1.4
3.0
2.6
1.6
- 0.8
0.4
1.5
Invested capital, end of period
8,024
6,903
6,755
7,067
8,940
8,024
8,940
Gross Capex (excl. acquisitions and leases)
106
127
142
196
108
552
573
ROIC before acquisition intangibles, %, LTM
1.1
10.2
8.5
6.9
4.2
1.1
4.2
ROIC, %, LTM
- 0.5
5.2
4.2
3.2
1.5
- 0.5
1.5
Average number of employees
9,181
5,997
5,880
5,827
6,146
6,606
6,146
Definitions on page 26.
The Logistics Division provides transport
and logistics solutions through four business
units covering geographical areas: Nordic,
Continent, UK & Ireland, and Türkiye &
Europe South. The Logistics Division is a
major customer of the Ferry Division’s freight
ferry route network.
Q1 2025 interim report
Logistics Division
8/28
UK & Ireland domestic activity levels
continued to be robust in Q1 while export
volumes were more subdued. To further
optimise operations two offices were
merged in Northern Ireland and one
location in England was closed. A large
cold chain contract was expanded and
renewed for five years.
The trailer transport market between
Türkiye and Europe increased in Q1 with the
share of road transport declining in favour
of intermodal solutions using ferry and rail
transport. Pricing is rising on the back of a
period with high inflation while production
cost increases are set to level off. With the
recent TRL-depreciation Türkiye remains
well positioned as a manufacturing hub,
although some automotive producers are
assessing capacity allocations in view of
the US tariff changes.
Financial performance
Revenue
Q1 revenue increased 29.4% to
DKK 4,050m compared to Q1 2024 and
increased 2.1% adjusted for acquisitions.
The adjusted revenue growth was driven
mainly by the UK & Ireland business unit
offsetting lower Continent revenue.
EBITDA
EBITDA decreased 35.6% or DKK 108m to
DKK 196m and decreased 26.0% or
DKK 79m adjusted for acquisitions. The
lower adjusted result was driven by the
Continent and Nordic business units,
including a temporary large negative
impact from the stop of German meat
exports to the UK.
The UK & Ireland business unit continued to
perform well in almost all areas.
The eight turnaround Boost projects
initiated in 2024 cover the majority of areas
challenged on earnings in Continent and
Nordic. Key turnaround actions taken over
the past nine months include:
• 215 headcount reductions (additional 180
reductions announced in Q2 2025)
• 4 activity areas discontinued
• 7 office locations closed or merged
• 2 warehouse closures initiated.
Earnings are recovering as planned for
three of the projects. In five of the projects
new structural measures have and are
being taken that are expected to yield
results in the next two quarters.
The turnaround of the new Türkiye &
Europe South business unit is progressing
and underlying operating performance
started to improve towards the end of Q1.
Key initiatives are:
• Operations: rightsizing of equipment
fleet, asset sales, increased
subcontracting
• Commercial: customer portfolio review,
price adjustments, new sales
• Intermodal: optimising road/ferry/rail
interactions
• Organisation: rightsizing, network
optimisation (closure of Greece/
Romania).
The initiatives have so far resulted in the
sale of 777 equipment units and more than
500 headcount reductions. The latter
includes almost 300 drivers from a sale and
subcontraction of the Romanian trucking
operation effective from May 2025.
EBITA and EBIT
Q1 depreciation increased 19.8% or
DKK 39m to DKK 236m and decreased
5.5% or DKK 11m adjusted for acquisitions.
EBITA hereafter decreased DKK 149m to
DKK -34m and decreased DKK 70m
Logistics Division – EBIT per quarter, DKK m
-70
-20
30
80
130
180
Q1 Q2 Q3 Q4
DKKm
2023
2024
2025
Q1 2025 interim report
Logistics Division
9/28
adjusted for acquisitions. After an increase
of DKK 1m in amortisation to DKK 21m, EBIT
decreased DKK 149m to DKK -55m.
The EBIT-margin decreased to 0.7% from
3.0% in Q1 2024 adjusted for acquisitions.
For around 70% of the revenue adjusted for
acquisitions, the EBIT-margin was
increased to 4.5% from 4.2% on a
comparable basis.
Capex
Capex amounted to DKK 106m in Q1 2025
consisting primarily of transport equipment
and warehouse upgrades.
Invested capital and ROIC
The invested capital at the end of Q1 2025
was DKK 8.0bn, a decrease of 10.2% from
year-end 2024 due to a reallocation of DKK
1.1bn of acquisition intangibles to the Ferry
Division following a reassessment of the
allocation of intangibles related to the
acquisition of Ekol International Transport.
The invested capital excluding acquisitions
decreased 6.0% to DKK 6.5bn compared to
year-end 2024 driven primarily by a lower
working capital.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 1.1%
compared to 10.2% in 2024, and ROIC was
-0.5% compared to 5.2% in 2024.
Q1 2025 interim report
ESG review
10/28
→ CO2 emissions from own fleet
→ Continued deployment increasing
→ Women in management positions
* ESG data on Safety on land and Whistle-blower reporting exclude EKOL International Transport acquired in November 2024.
Q1 2025 interim report
ESG review
11/28
Q1 2025 interim report
ESG review
12/28
Q1 2025 interim report
Group review
13/28
→ Working capital improved by
factoring programme
→ NIBD reduced 2% or DKK 0.4bn
since beginning of 2025
→ Financial leverage expected to be
below current level at year-end
2025
→ Financial debt interest rate
lowered compared to 2024
→ Share capital reduced by
cancellation of 1,754,048 treasury
shares
Major Q1 events
Jersey ferry operations started
On 28 March 2025, DFDS started operating
ferry services for the island of Jersey
following the award of a 20-year operating
concession.
A total of four ferries (two HSCs (high-speed
craft), one RoPax ferry, and one RoRo ferry)
are deployed to service three routes:
• Jersey-Portsmouth
• Jersey-Poole
• Jersey-St. Malo
For the last three quarters of 2025, the
Jersey ferry operation is expected to
generate revenue of around DKK 450m. The
operation is expected to be financially
accretive in 2025 and in line with DFDS’
return requirements over the concession
period.
Major events after Q1
There were no major events to report after
Q1 2025.
Capital
Cancellation of shares
Following the AGM’s decision to reduce the
share capital by cancelling 1,754,048
treasury shares of nominally DKK 20 each,
the share capital reduction was completed
in April 2025 and the number of shares is
hereafter 56,215,549 equal to a nominal
share capital of DKK 1,124,310,980.
Financial leverage
Financial leverage (NIBD/EBITDA) was 4.0x
at the end of Q1 2025 and currently above
the target range of 2.0-3.0x following the
events of 2024 that are, as described
elsewhere in this report, set to reduce
earnings also in 2025.
Measures have accordingly been taken to
safeguard financial solidity. Working
capital initiatives, including implementa-
tion of a factoring programme, and
enhanced focus on capex are set to
improve cash flow generation. Capital
distribution has been placed on hold in
2025.
At the end of Q1 2025 the covenant
headroom to the financial leverage ratio
(NIBD/EBITDA) exceeded 25% which is
more than sufficient to support the
expected earnings and leverage
development through 2025.
Based on the earnings outlook for 2025 and
the measures taken, financial leverage is
expected at year-end 2025 to be improved
from the current level. The financial
leverage is expected to peak in Q2 2025
and decrease in Q3 2025 driven by lower
NIBD. The expected earnings improvement
in Q4 2025 is thereafter set to reduce
leverage further.
Financial performance
Revenue
The Group’s Q1 revenue increased 7.5% to
DKK 7,539m compared to 2024 following
higher revenue in Logistics Division while
Ferry Division’s revenue decreased. The
Group’s organic revenue growth was -1.5%
adjusted for acquisitions, divestments and
bunker/ETS surcharges.
Other income was an insurance
compensation of DKK 116m from the total
constructive loss (TCL) of a freight ferry. In
accordance with reporting requirements,
the TCL compensation is reported
separately from the write-off of the ferry.
Group review
Moving Together Towards 2030
Unlocking 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
• Low-emission ferry new-building
programme
• 75% reduction of land emission
intensity
Cash flow focus
• Long-term NIBD/EBITDA target
range of 2.0-3.0x
• Deleverage capital structure
• Non-core asset review
• Working capital initiatives
Q1 2025 interim report
Group review
14/28
The Ferry Division’s Q1 revenue decreased
5.4% to DKK 3,988m compared to 2024
and decreased 0.5% adjusted for the sale
of the Oslo-Copenhagen route and
bunker/ETS surcharges. The adjusted
decrease was driven mainly by lower
revenue in the Mediterranean network.
The Logistics Division’s Q1 revenue
increased 29.4% to DKK 4,050m compared
to 2024 and increased 2.1% adjusted for
acquisitions.
EBITDA
The Group’s Q1 EBITDA decreased 21.8% or
DKK 209m to DKK 748m.
The Ferry Division’s Q1 EBITDA decreased
16.7% or DKK 115m to DKK 574m and
decreased DKK 279m adjusted for
divestments and Other income.
The Logistics Division’s Q1 EBITDA
decreased 35.6% or DKK 108m to
DKK 196m and decreased DKK 79m
adjusted for acquisitions.
Non-allocated items were a cost of
DKK 22m compared to DKK 36m in 2024.
EBITA and EBIT
Q1 depreciation and write-offs increased
13.7% or DKK 98m to DKK 813m and
decreased DKK 16m adjusted for
acquisitions, divestments, and the TCL
write-off of DKK 83m. The adjusted
depreciation was lower in both divisions.
The Group’s Q1 EBITA decreased
DKK 308m to DKK -60m.
Amortisation in Q1 increased DKK 9m to
DKK 56m.
The Group’s Q1 EBIT decreased DKK 317m
to DKK -117m.
Financial items
Total net financial items in Q1 were a cost
of DKK 185m, a decrease of 5.2% or
DKK 10m compared to Q1 2024.
The net interest cost on financial debt
decreased DKK 15m to DKK 112m as a
lower net interest rate more than offset an
increase in financial debt.
The net interest cost on leasing debt
decreased DKK 3m to DKK 73m following a
slightly lower interest rate while leasing
debt remained on level with 2024.
Exchange rate adjustments and Other
financial items totalled a cost of DKK 1m in
Q1 2025 compared to an income of
DKK 7m in Q1 2024.
Profit before and after tax
The Q1 profit before tax decreased
DKK 307m to DKK -302m. The tax cost was
DKK 26m and the profit for the period was
DKK -328m.
Earnings per share
Q1 earnings per share (EPS) decreased to
DKK -6.09 from DKK -0.89 in Q1 2024.
Cash flow and investments
The Q1 cash flow from operating activities
increased 62.1% to DKK 759m compared to
Q1 2024 as the lower result was more than
offset by a release of cash from working
capital of DKK 382m. The cash release was
driven by the implementation of a factoring
program in Q1 2025 of which around half
was offset by an increase in the underlying
working capital.
Q1 investments was a cash outflow of
DKK 234m consisting almost entirely of
operating capex of which DKK 225m was
used for ferries and the remainder on
transport equipment, warehouse facilities,
and port terminals. Proceeds from sale of
assets and TCL compensation was
DKK 140m.
The Q1 cash flow from financing activities
was positive by DKK 111m, including a net
loan inflow of DKK 391m and payment of
lease liabilities of DKK 283m.
The net cash increase was DKK 637m and
at the end of Q1 2025 cash amounted to
DKK 2,227m.
Revenue
DKK m
Q1 2025
Q1 2024
Change, %
Change
Ferry Division
3,988
4,214
- 5.4
- 227
Logistics Division
4,050
3,130
29.4
920
Non-allocated items
226
203
11.6
24
Eliminations
-725
- 536
35.3
- 189
DFDS Group
7,539
7,011
7.5
528
Operating profit before depreciation (EBITDA)
DKK m
Q1 2025
Q1 2024
Change, %
Change
Ferry Division
574
688
- 16.7
- 115
Logistics Division
196
304
- 35.6
- 108
Non-allocated items
- 22
- 36
- 39.4
14
DFDS Group
748
957
- 21.8
- 209
EBITDA-margin, %
9.9
13.6
- 27.3
-3.7
Financial items
DKK m
Q1 2025
Q1 2024
Change, %
Change
Interests, net
- 184
- 203
9.1
18
Foreign exchange gains/losses, net
9
19
54.8
- 10
Other items, net
- 10
- 12
18.3
2
Total finance, net
- 185
- 195
5.2
10
Q1 2025 interim report
Group review
15/28
The Q1 2025 adjusted free cash flow (FCFE)
was DKK 246m and DKK 1,530m for LTM.
Invested capital and ROIC
Invested capital increased 1.9% or
DKK 0.6bn to DKK 30.9bn at the end of Q1
2025 compared to 2024. The increase was
mainly due to the acquisition of Ekol
International Transport offset by a lowering
of the Ferry Division’s invested capital,
including the Oslo-Copenhagen route sale.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 5.3%
in Q1 2025 compared to 9.6% for Q1 2024.
ROIC was 3.4% in Q1 2025 compared to
6.9% for Q1 2024.
Capital structure
At the end of Q1 2025 net-interest-bearing
debt (NIBD) was DKK 16.8bn, a decrease of
2.3% from year-end 2024 driven by the
quarter’s positive cash flow development.
Financial leverage, as measured by the
ratio of NIBD to EBITDA for the last twelve
months (LTM), was 4.0x at the end of Q1
2025 compared to 3.2x at the end of Q1
2024 and 3.9x at year-end 2024.
Equity
Equity amounted to DKK 13,652m at the
end of Q1 2025, including non-controlling
interests of DKK 77m, a decrease of 1.7% or
DKK 238m compared to year-end 2024 in
line with the total comprehensive income
for Q1 2025 of DKK -244m.
The equity ratio was 34.3% at the end of Q1
2025 compared to 35.4% at year-end 2024.
DFDS GROUP - EBIT
-200
0
200
400
600
800
1,000
Q1 Q2 Q3 Q4
DKKm
2023
2024
2025
Q1 2025 interim report
Management statement
16/28
Management
statement
Executive Board Torben Carlsen , CEO . Karen Dyrskjøt Boesen , CFO
Board of Directors Claus V. Hemmingsen , Chair , Kristian V. Mørch , Vice Chair , Minna Aila , Anders Götzsche ,
Q1 2025 interim report
Financials
17/28
DFDS Group - Income statement
Q1
Q1
LTM
Full-
year
DKK m
Note
2025
2024
2024-25
2024
Revenue
3
Other income
Costs
Ferry and other ship operation and maintenance
Port terminal operations
Transport and warehouse solutions
Employee costs
Cost of sales, general and administration
Operating profit before depreciation and amortisation (EBITDA)
Share of profit/loss of associates and joint ventures
- 2
-1
- 9
-9
Profit/loss on disposal of non-current assets, net
Depreciation, ferries and other ships
Depreciation and write-offs , other non-current assets
Reversal of impairment losses, other non-current assets
Operating profit before amortisation (EBITA)
- 60
Amortisation and impairment losses, intangibles
Operating profit (EBIT)
- 117
Financial income
Financial costs
Profit before tax
- 302
Tax on profit
Profit for the period
- 328
- 48
Attributable to:
Equity holders of DFDS A/S
- 329
- 50
Non-controlling interests
Profit for the period
- 328
- 48
Earnings per share
Basic earnings per share (EPS) of DKK 20, DKK
- 6.09
-0.89
Diluted earnings per share (EPS-D) of DKK 20, DKK
- 6.09
-0.89
DFDS Group - Statement of comprehensive income
Q1
Q1
LTM
Full-
year
DKK m
2025
2024
2024-25
2024
Profit for the period
- 328
- 48
Other comprehensive income
Items that will not be reclassified subsequently to the Income statement:
Remeasurement of defined benefit pension obligations
Tax on items that will not be reclassified to the Income statement
- 2
- 2
Items that will not be reclassified subsequently to the Income statement
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments:
Value adjustment for the period
- 5
- 10
- 163
- 168
Value adjustment transferred to operating costs
- 3
- 39
- 26
Value adjustment transferred to financial costs
Foreign exchange adjustments, subsidiaries
- 9
Items that are or may be reclassified subsequently to the Income statement
- 8
Total other comprehensive income after tax
- 1
Total comprehensive income
- 244
- 46
Attributable to:
Equity holders of DFDS A/S
- 245
- 48
Non-controlling interests
Total comprehensive income
- 244
- 46
Q1 2025 interim report
Financials
18/28
DFDS Group - Balance sheet, Assets
31 Mar.
31 Mar.
31 Dec.
DKK m
2025
2024
2024
Goodwill
Other non-current intangible assets
Software
Development projects in progress
Non-current intangible assets
Land and buildings
Terminals
Ferries and other ships
Equipment, etc.
Assets under construction and prepayments
Right-of-use assets
Non-current tangible assets
Investments in associates, joint ventures and securities
Receivables
Prepaid costs
Deferred tax
Pension assets
Derivative financial instruments
Other non-current assets
Non-current assets
Inventories
Trade receivables
Receivables from associates and joint ventures
Other receivables
Prepaid costs
Derivative financial instruments
Cash
Current assets
Assets
DFDS Group - Balance sheet, Equity and Liabilities
31 Mar.
31 Mar.
31 Dec.
DKK m
2025
2024
2024
Share capital
Reserves
- 405
- 456
- 490
Retained earnings
Equity attributable to equity holders of DFDS A/S
Non-controlling interests
Equity
Interest-bearing liabilities
Lease liabilities
Deferred tax
Pension and jubilee liabilities
Other provisions
Derivative financial instruments
Non-current liabilities
Interest-bearing liabilities
Lease liabilities
Trade payables
Payables to associates and joint ventures
Other provisions
Corporation tax
Other payables
Derivative financial instruments
Prepayments
Current liabilities
Liabilities
Equity and liabilities
Q1 2025 interim report
Financials
19/28
DFDS Group - Statement of changes in equity 1 January - March 2025
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2025
- 404
- 6
- 79
Comprehensive income for the period
Profit for the period
- 329
- 329
- 328
Other comprehensive income after tax
Total comprehensive income
- 329
- 245
- 244
Transactions with owners:
Share-based payments
Total transactions with owners
Equity at 31 March 2025
- 338
- 79
On 24 March 2025, the Annual General Meeting decided to reduce DFDS A/S’ share capital by nominally DKK 35,080,960 from DKK 1,159,391,940 to DKK 1,124,310,980 by cancelling 1,754,048 treasury shares of nominally DKK 20 each.
Following the share capital reduction, the share capital of DKK 1,124,310,980 will be divided into 56,215,549 shares of nominally DKK 20 each. The share capital reduction was completed in April 2025.
Q1 2025 interim report
Financials
20/28
DFDS Group - Statement of changes in equity 1 January - March 2024
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2024
- 481
- 48
Comprehensive income for the period
Profit for the period
- 50
- 50
- 48
Other comprehensive income after tax
- 9
Total comprehensive income
- 9
- 50
- 48
- 46
Transactions with owners:
Acquisition, non-controlling interests
- 19
- 7
Dividend paid
- 176
- 176
- 176
Dividend on treasury shares
Share-based payments
Share buyback
- 7
- 65
- 72
- 72
Total transactions with owners
- 7
- 214
- 220
- 19
- 240
Equity at 31 March 2024
- 489
- 55
Q1 2025 interim report
Financials
21/28
DFDS Group - Statement of cash flows
Q1
Q1
LTM
Full-year
DKK m
Note
2025
2024
2024-25
2024
Operating profit before depreciation and amortisation (EBITDA)
Adjustments for non-cash operating items, etc.
-126
-98
Change in working capital
- 249
- 64
Payment of pension liabilities and other provisions
- 11
- 13
- 46
- 48
Interest received, etc.
Interest paid, etc.
- 211
- 180
- 879
- 848
Taxes paid
- 40
- 60
- 124
- 144
Cash flows from operating activities
Investments in ferries including dockings, etc.
- 225
- 421
- 621
- 818
Sale of ferries including compensation for ferry declared total loss
Investments in other non-current tangible assets
- 121
- 138
- 652
- 669
Sale of other non-current tangible assets
Investments in non-current intangible assets
- 26
- 20
- 101
- 96
Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn-outs
4
- 1,098
- 1,476
- 2,574
Divestment of enterprises, associates, joint ventures, and activities
Other investing cash flows
- 1
- 3
- 5
- 7
Cash flows from investing activities
-234
- 1,654
-2,227
- 3,647
Free cash flows
- 1,186
- 227
Proceed from bank loans and loans secured by mortgage in ferries
Repayment and instalments of bank loans and loans secured by mortgage in ferries
- 100
- 2,180
- 4,564
- 6,645
Proceed from issuance of corporate bonds
Repayment of corporate bonds incl. settlement of cross currency swap
- 305
- 305
Payment of lease liabilities
- 283
- 242
- 1,065
- 1,024
Settlement of forward exchange contracts related to leases
Acquisition of treasury shares and share buyback
- 72
- 359
- 431
Other financing cash flows
- 7
- 6
Dividends paid to non-controlling interests
- 2
- 2
Dividends paid to equity holders of DFDS A/S
- 168
- 168
Cash flows from financing activities
- 206
Net cash flows
Cash and cash equivalents at beginning of period
Foreign exchange and value adjustments of cash and cash equivalents
Cash and cash equivalents at end of period *
* At 31 March 2025 DKK 9m (31 March 2024: DKK 14m) of the cash was deposited on restricted bank accounts.
Q1 2025 interim report
Financials
22/28
Note 1 Accounting policies and
significant estimates
Basis of reporting
This section provides an overview of the Groups
principal accounting policies as well as new and
amended IFRS standards and interpretations.
Accounting policies
This interim report has been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ as adopted by
the EU and additional Danish disclosure requirements
for interim reports of listed companies. The interim
report has been prepared using the same accounting
policies, judgements and estimates as for the annual
report for 2024 except as described below.
Implementation of new or changed accounting
standards and interpretations
DFDS has adopted all new, amended, or revised
accounting standards and interpretations (IFRSs)
endorsed by the EU effective for the accounting period
beginning on 1 January 2025 none of which has had
material impact on the Group’s Financial Statements.
As of 2025, DFDS uses factoring arrangements as one
of the working capital management tools. Sold trade
receivables are derecognised once significant related
risks and rewards of ownership have been transferred
to the buyer.
Significant estimates
In the view of Management, the areas where
accounting estimates and assessments are significant
remain the same as per DFDS’ latest annual report.
In the preparation of the interim report, management
undertakes several accounting estimates and
judgements and makes assumptions which provide
the basis for recognition and measurement of the
assets, liabilities, revenues and expenses of the Group
and the Parent Company. These estimates,
judgements and assumptions are based on historical
experience and other factors which management
considers reasonable under the circumstances, but
which by their nature are uncertain and unpredictable.
The assumptions may be incomplete or inaccurate,
and unanticipated events or circumstances may
occur, for which reason the actual results may deviate
from the applied estimates, judgements, and
assumptions.
Impairment considerations due to the current macro
environment
We have updated our impairment calculations for the
CGUs North Sea, Baltic Sea and Mediterranean as
well as the Logistics CGU due to the competitive
situation and the turnaround activities described in the
2024 Annual Report. We have compared first quarter
realised results and updated forecasts for 2025 with
those applied at the year-end 2024, long term
projections remain unchanged. We continue to
conclude that no cash-generating units are impaired.
CGU North Sea, Baltic Sea and Mediterranean
headroom reduced to DKK 2,880m while logistics CGU
increased to DKK 1,989m, this is mainly driven by the
reallocation of goodwill described in Note 4.
Total constructive loss of a freight ferry
Write-off of non-current assets of DKK 83m was
recognised as total constructive loss was declared for
the freight ferry Finlandia Seaways after it ran
aground and was subsequently scrapped. The write-
off is presented under “Depreciation and write-offs,
ferries and other ships”. Insurance compensation of
DKK 116m is reported under “Other income”. In the
Statement of cash flows the compensation received
and proceeds from scrapping the ferry of DKK 93m is
included in “Sale of ferries including compensation for
ferry declared total loss” under Investing activities.
Note 2 Segment Information
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Elimina-
tions
Total
Q1 2025
External revenue
3,501
4,029
9
7,539
Intragroup revenue
486
21
217
- 725
-
Total revenue
3,988
4,050
226
- 725
7,539
Other income
116
-
-
116
Ferry and other ship operation and maintenance
1,398
77
-
- 13
1,462
Port terminal operations
955
21
-
- 5
972
Transport and warehouse solutions
209
2,620
-
- 445
2,384
Employee costs
652
940
151
- 2
1,742
Cost of sales, general and administration
316
195
98
- 260
348
Operating profit before depreciation and amortisation (EBITDA)
574
196
- 22
748
Operating profit before amortisation (EBITA)
5
- 34
- 32
- 60
Operating profit (EBIT)
- 9
- 55
- 52
- 117
Invested capital, end of period
22,373
8,024
590
30,987
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Eliminati
ons
Total
Q1 2024
External revenue
3,902
3,107
3
7,011
Intragroup revenue
312
23
200
- 536
-
Total revenue
4,214
3,130
203
- 536
7,011
Ferry and other ship operation and maintenance
1,434
73
-
- 7
1,500
Port terminal operations
913
34
-
- 5
942
Transport and warehouse solutions
171
1,860
-
- 282
1,749
Employee costs
719
668
142
- 3
1,525
Cost of sales, general and administration
288
190
97
- 238
338
Operating profit before depreciation and amortisation (EBITDA)
688
304
- 36
957
Operating profit before amortisation (EBITA)
178
115
- 46
247
Operating profit (EBIT)
169
94
- 63
200
Invested capital, end of period
22,659
6,903
802
30,363
2024 Q1 Ferry Division includes Oslo-Copenhagen until October 2024 and FRS Group from February 2024.
2025 Q1 Logistics includes Ekol Logistics acquired in November 2024.
Q1 2025 interim report
Financials
23/28
Note 3 Revenue
All material revenue is recognised when each
separate obligation in the customer contract is
fulfilled following the "over-time principle". Most
transports carried out by the Ferry Division are
characterised by short delivery time (most sailings are
less than 30 hours while sailings to/from Türkiye are up
to 72 hours). Transports carried out by Logistics
Division can take delivery over a longer period, but the
impact is insignificant.
On board sales is recognised according to the “a point
in time” principle and amount to DKK 312m (Q1 2024:
DKK 359m).
Revenue includes revenue recognised from contracts
with customers in accordance with IFRS 15 and other
revenue (leasing activities). Revenue from leasing
activities amounts to DKK 146m (Q1 2024: DKK 123m).
Q1 2025
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
1,067
-
-
1,067
Mediterranean
1,228
853
-
2,082
Baltic Sea
295
-
-
295
English Channel
911
-
-
911
Continent
-
1,187
-
1,187
Nordic
-
1,025
-
1,025
UK/Ireland
-
964
-
964
Other
0
0
9
9
Total
3,501
4,029
9
7,539
Product and services
Seafreight and shipping logistics solutions
2,384
-
-
2,384
Transport solutions
131
3,977
-
4,108
Passenger seafare and on board sales
586
-
-
586
Terminal services
177
4
-
181
Charters
146
-
-
146
Agency and other revenue
78
48
9
135
Total
3,501
4,029
9
7,539
Q1 2024
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
1,322
-
-
1,322
Mediterranean
1,457
-
-
1,457
Baltic Sea
288
-
-
288
English Channel
835
-
-
835
Continent
-
1,205
-
1,205
Nordic
-
1,023
-
1,023
UK/Ireland
878
-
878
Other
-
-
3
3
Total
3,902
3,107
3
7,011
Product and services
Seafreight and shipping logistics solutions
2,657
-
-
2,657
Transport solutions
160
3,021
-
3,181
Passenger seafare and on board sales
753
-
-
753
Terminal services
164
11
-
174
Charters
118
-
-
118
Agency and other revenue
51
75
3
129
Total
3,902
3,107
3
7,011
2024 Q1 Passenger seafare and on board sales includes Oslo-Copenhagen and, from February 2024, FRS Group.
2025 Q1 Logistics Division includes Ekol Logistics acquired in November 2024.
Q1 2025 interim report
Financials
24/28
Note 4 Acquisition of enterprises and
sale of activities
2024, Ekol Logistics
On 15 November 2024 the acquisition of Ekol Logistics
based in Istanbul, Türkiye was completed and the
DFDS Group obtained control as from this date. The
acquisition is included in the Logistics Division.
The addition of the international transport network of
Ekol Logistics, enables DFDS to offer end-to-end
transport solutions between Türkiye and Europe
directly to end customers, including distribution
services and warehousing in Türkiye.
DFDS paid DKK 1,678m for the acquired company.
Cash in the acquired company amounted to DKK
241m, consequently, the liquidity effect was DKK
1,438m. Trade receivables have been recognised at
the acquisition date at a fair value of DKK 566m which
is the same as their gross value.
In connection with the acquisition, DFDS has
measured identifiable intangible assets, i.e. customer
relationships etc. which are recognised in the
acquisition balance sheet at their fair value. The
preliminary fair value is DKK 120m at the acquisition
date. A provision for onerous customer contracts is
recognised in the acquisition balance sheet with a
preliminary value of DKK 130m.
Following recognition of acquired identifiable assets
and liabilities at their fair value, the goodwill related to
the acquisition is measured at DKK 1,633m. The
goodwill represents the know how taken over and the
value of combining this with the existing DFDS
network. Moreover, DFDS’ logistics network will be
expanded across Europe and connected to Türkiye.
This provides DFDS access to offer end-to-end
transport and logistics solutions directly to end
customers trading between Türkiye and Europe.
Goodwill has been allocated to the Logistics Division
(DKK 546m) and Ferry Division (DKK 1,087m). The
value allocated to Ferry Division is based on synergies
related to diverting additional traffic from land to sea
transport as well as secure existing volumes. The
goodwill is not deductible for tax purposes.
2024
The purchase price allocation for FRS Iberia Group is
considered final. For further details of this acquisition,
refer to the annual report for 2024.
Note 5 Fair value measurement of
financial instruments
The table discloses fair value and carrying amount of
financial instruments measured at fair value in the
balance sheet. Furthermore, categorisation of the
valuation method according to the fair value hierarchy
is stated.
Transfers between levels of the fair value hierarchy are
considered to have occurred at the date of the event
or change in circumstances that caused the transfer.
There were no transfers between the levels in the fair
value hierarchy in 2025.
Techniques for calculating fair values:
Derivatives
DFDS' usage of derivatives includes interest rate
swaps, bunker swaps, forward exchange contracts
and currency swaps. The fair values of interest rate
swaps have been calculated by discounting the
expected future interest payments. The discount rate
for each interest payment is estimated based on
market interest rates. The fair value of forward
exchange contracts and bunker contracts are
calculated based on actual forward curves.
DKK m
Preliminary fair value at
acquisition date
Non-current intangible assets
132
Land and buildings
212
Equipment etc.
832
Inventories
15
Trade receivables including work in progress services
566
Other receivables
215
Cash at hand and in bank
241
Deferred tax liability
-80
Interest bearing debt
-809
Trade payables
-805
Other current liabilities
-475
Net assets acquired
45
Goodwill
1,633
Total purchase price
1,678
Cash and bank balances acquired
-241
Fair value of the purchase price
1,438
Q1 2025
Q1 2024
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
129
129
183
183
Securities (Level 3)
2
2
2
2
Financial liabilities
Derivatives (Level 2)
48
48
128
128
Q1 2025 interim report
Financials
25/28
Note 6 Supplementary financial
information on the Parent Company
As a result of DFDS A/S' issuance of corporate bonds
on the Oslo Stock Exchange there is a requirement to
provide certain supplementary financial information
on the Parent Company. The following financial
information has been prepared using the same
accounting policies as for the Annual Report for 2024,
except for those described in note 1 Accounting
policies. DFDS has adopted all new, amended or
revised accounting standards and interpretations
(IFRS Accounting Standards) endorsed by the EU
effective for the accounting period beginning on 1
January 2025. For further description reference is
made to note 1 Accounting policies.
The Parent Company’s revenue decreased by DKK
132m, equivalent to 5,1% compared to Q1 2024.
Operating profit before depreciation and amortisation
(EBITDA) increased by DKK 89m equivalent to 35.5%
compared to Q1 2024.
Profit before tax decreased by DKK 16m compared to
Q1 2024.
The Parent Company’s net interest-bearing debt
decreased by DKK 302m equivalent to 2.8% compared
to 31 December 2024.
Note 7 Events after Balance sheet
date
No material events have occurred after 31 March 2025
that have consequences for the Q1 2025 interim
report.
Q1
Q1
LTM
Full-year
DKK m
2025
2024
2024-25
2024
Income statement
Revenue
2,463
2,595
11,407
11,538
Operating profit before depreciation and amortisation (EBITDA)
339
250
1,863
1,775
Operating profit before amortisation (EBITA)
- 32
- 73
600
560
Operating profit (EBIT)
- 58
- 90
501
469
Financial items, net
- 110
- 94
- 581
- 565
Profit before tax
- 168
- 184
- 80
- 96
Profit for the period
- 168
- 178
- 58
- 68
Assets
Non-current intangible assets
723
478
-
724
Non-current tangible assets
6,680
7,450
-
6,839
Investments in subsidiaries
14,459
12,990
-
14,459
Investments in associates, joint ventures and securities
2
2
-
2
Non-current receivables from subsidiaries
1,377
26
-
1,362
Other non-current assets
85
130
-
108
Non-current assets
23,326
21,075
-
23,494
Current receivables from subsidiaries
1,103
1,163
-
1,070
Receivables from associates and joint ventures
30
25
-
29
Cash
1,138
328
-
661
Other current assets
963
1,637
-
1,069
Current assets
3,234
3,154
-
2,829
Total assets
26,560
24,229
-
26,323
Equity and liabilities
Equity
10,635
11,059
-
10,773
Non-current liabilities to subsidiaries
48
50
-
51
Other non-current liabilities
9,398
7,206
-
9,970
Non-current liabilities
9,446
7,256
-
10,021
Current liabilities to subsidiaries
3,095
2,642
-
2,770
Other current liabilities
3,384
3,272
-
2,759
Current liabilities
6,478
5,914
-
5,529
Total equity and liabilities
26,560
24,229
-
26,323
Equity ratio, %
40.0
45.5
-
40.9
Net interest-bearing debt
10,358
9,204
-
10,660
Q1 2025 interim report
Financials
26/28
Operating profit before depreciation
(EBITDA)
Profit before interest, tax, depreciation,
amortisation, and impairment on non-
current assets
Operating profit before amortisation
(EBITA)
Profit before interest, tax, and amortisation
Operating profit (EBIT)
Profit before interest and tax
Operating margin, %
Operating profit (EBIT)
x 100
Revenue
Net operating profit after taxes (NOPAT)
Operating profit (EBIT) minus payable tax
for the period adjusted for the tax effect of
net finance cost
Invested capital
Non-current intangible and tangible assets
plus net working capital (non-interest
bearing current assets minus non-interest
bearing current liabilities) minus pension
and jubilee liabilities and other provisions
Net Interest-bearing debt (NIBD)
Interest-bearing liabilities (excluding
provision for pensions) minus interest-
bearing assets minus cash and securities
LTM
Last twelve months
Acquisition intangibles
Intangible assets recognised in connection
with acquiring enterprises and activities
(Goodwill and Other non-current intangible
assets)
Return on invested capital (ROIC), %
Net operating profit after
taxes (NOPAT LTM)
x 100
Average invested
capital LTM
ROIC before acquisition intangibles
(ROIC BAI), %
Net operating profit after
taxes (NOPAT LTM)
excluding amortisation
on acquisition intangible
assets
x 100
Average invested capital
excluding acquisition
intangible assets LTM
Free cash flow
Cash flow from operating activities minus
cash flow from investing activities
Adjusted free cash flow (FCFE)
Free cash flow excluding
acquisitions/divestments minus payment of
lease liabilities and currency contracts
related to leases
Return on equity, %
Profit for the period
excluding non-controlling
interests
x 100
Average equity excluding
non-controlling interests
Equity ratio, %
Equity at end of period
x 100
Total assets
Financial leverage, times
Net Interest-bearing debt
(NIBD)
x 100
EBITDA LTM incl. pro
forma EBITDA for
acquired companies
Earnings per share (EPS)
Profit for the period
excluding non-controlling
interests
x 100
Weighted average
number of ordinary
shares in circulation
Dividend per share
Dividend for the year
x 100
Number of shares at the
end of the period
Number of ships
Owned and chartered ships, including slot
charter and vessel sharing agreements
Passenger
Comprise activities related to persons
travelling with or without car and who is
carried on a ro-pax or passenger cruise
ferry across the DFDS route network.
Rounding
Rounding may in general cause variances
in sums and percentages in this report.
Definitions
Q1 2025 interim report
Financials
27/28
CO2 emissions per GT nautical mile
(Own fleet)
Emissions measured as gCO2 per gross
tonnage nautical mile for vessels in
commercial operation (Own fleet)
CO2 emissions per GT nautical mile
(Route network)
Emissions measured as gCO2 per gross
tonnage nautical mile for vessels in
commercial operation (Route network)
Spills (>1 barrel)
Incidents of oil spills larger than one barrel
into the sea from vessels in operation
Total workforce
Percentage of women in total workforce
(end of period)
Non-office based
Percentage of women of total number of
non-office based employees (end of period)
Office based
Percentage of women of total number of
office based employees (end of period)
Senior management
Percentage of women of total number of
senior management positions defined as
EVPs and VPs (end of period)
Managers
Percentage of women of total number of
management positions, excluding senior
management, defined as positions with
responsibility for at least one other
employee (end of period)
Lost time injury frequency (LTIF), sea
Number of registered work-related
accidents disabling a seafarer to work for
more than 24 hours per one million
exposure hours
Lost time injury frequency (LTIF), land
Number of registered work-related
accidents disabling a land-based
employee work for more than 24 hours per
one million exposure hours
Colleagues
Number of fatalities among employees
caused by work-related accidents
Contractors
Number of fatalities among third-party
contractors caused by work-related
accidents while operating for DFDS
Representation of women on Board of
Directors (AGM elected members)
Percentage of women of total number of
members of the Board of Directors,
excluding staff appointed members,
elected at the Annual General Meeting
Board nationality – non-Danish
(AGM elected members)
Percentage of non-Danish members of
total number of members of the Board of
Directors elected at the Annual General
Meeting
Independent directors
(AGM elected members)
Percentage of independent directors of
total number of members of the Board of
Directors elected at the Annual General
Meeting
Attendance at Board meetings
(All Board members)
Percentage of total number of Board
meetings attended (Not gender specific)
Whistle-blower reporting
Number of cases of whistle-blower reports
ESG Definitions
Q1 2025 interim report
Financials
28/28
6 May 2025
Company announcement no.: 19/2025
Contact
Torben Carlsen, CEO: +45 33 42 32 01
Karen Boesen, CFO +45 20 58 58 40
Søren Brøndholt Nielsen, IR: +45 33 42 33 59
Dennis Kjærsgaard Sørensen, Media: +45 42 30 38 47
DFDS was founded in 1866 and is headquartered and listed in
Disclaimer
The statements about the future in this announcement contain
risks and uncertainties and actual developments may therefore
diverge significantly from statements about the future.
Addresses of DFDS’ subsidiaries, locations and offices are available from www.dfds.com