Q2 2Q2 2025 Interim report
Q2 result lowered by
Mediterranean headwinds
Q2 2025 interim report
Q2 overview
2/27
Q2 2025
→ Revenue up 3% to DKK 7.8bn
Organic growth was -2%
→ EBIT reduced 69% to DKK 163m
→ Adjusted free cash flow of
DKK 538m
→ CO2 ferry emission intensity from
own fleet lowered 4.1%
Outlook 2025
→ EBIT of DKK 0.8-1.0bn (previously
around DKK 1.0bn)
→ Revenue growth of around 5%
→ Adjusted free cash flow of around
DKK 1.0bn (unchanged)
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 events of 2024.
The financial performance of most of the
network was in line with our expectations
for the quarter.
Our key earnings challenge in 2025 remains
therefore to resolve three specific focus
areas:
• Adapting Mediterranean ferry operations
to competitive environment change
• Turning Logistics Türkiye & Europe South
around to breakeven by year-end 2025
• Delivering on Logistics Boost turnaround
projects initiated in 2024.
The realised and expected delivery on the
Logistics Boost projects is in line with the
expectations for 2025 set earlier this year.
The adaptation of the Mediterranean
business unit progressed in Q2 2025 but
less than expected. Volumes were to a
large extent intact but the impact from
pricing initiatives fell short of expectations.
Further actions have been launched to
improve the effectiveness of the yield
recovery in the remainder of the year.
The Türkiye & Europe South turnaround
progressed well in Q2 2025 with regard to
rightsizing of the network while volumes
and margins were below target, partly due
to Turkish transport market dynamics.
Achieving the breakeven target in 2025
may therefore be delayed.
Outlook updated
To reflect the challenges facing two of the
focus areas, the EBIT outlook for 2025 is
updated to a range of DKK 0.8-1.0bn from
previously an EBIT of around DKK 1.0bn.
“Most of the network
performed in line with our
expectations for the quarter.
The Mediterranean activities
remain our key earnings
challenge.”
Torben Carlsen, CEO
The Q2 cash flow generation was on track
and financial leverage is set to improve as
expected in H2. The 2025 outlook for
Adjusted free cash flow is unchanged
DKK 1.0bn.
The outlook is detailed on page 4.
Geopolitics drive European nearshoring
Towards the end of July 2025, the EU and
USA entered into a trade agreement that
set a general tariff of 15% on EU exports to
USA.
The agreement may curb demand for parts
of the EU’s export sector which in turn could
impact Europe’s economic short-term
growth prospects.
The agreement seems likely to support
Europe’s determination to become more
self-reliant and we expect nearshoring to
grow trading with manufacturing hubs such
as Türkiye and Morocco which will benefit
our network.
Q2 overview
Q2
Q2
Change,
LTM
LTM
Change,
Full-year
DKK m
2025
2024
%
2024-25
2023-24
%
2024
Revenue
7,810
7,580
3
30,510
28,613
7
29,753
EBITDA
893
1,232
-28
3,892
4,737
- 18
4,440
EBIT
163
519
-69
833
1,963
- 58
1,506
Adjusted free cash flow
538
724
-26
1,344
2,311
- 42
957
ROIC %
-
-
-
2.2
6.2
-
4.4
Financial leverage, times
-
-
-
4.2
3.1
-
3.9
20 August 2025
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Q2 2025 interim report
Key figures
3/27
Key figures
Q2
Q2
H1
H1
LTM
Full-year
DKK m
2025
2024
2025
2024
2024-25
2024
Income statement
Revenue
7,810
7,580
15,349
14,591
30,510
29,753
Ferry Division
4,313
4,633
8,300
8,847
17,311
17,858
Logistics Division
3,897
3,296
7,947
6,426
14,869
13,348
Non-allocated items and eliminations
- 400
- 348
- 898
- 681
- 1,671
- 1,453
Operating profit before depreciation and
amortisation (EBITDA)
893
1,232
1,640
2,189
3,892
4,440
Ferry Division
702
990
1,276
1,678
3,111
3,514
Logistics Division
217
289
413
594
855
1,036
Non-allocated items
- 26
- 47
- 49
- 83
- 74
- 109
Operating profit before amortisation (EBITA)
225
572
165
819
1,061
1,716
Operating profit (EBIT)
163
519
46
719
833
1,506
Financial items, net
- 214
- 202
- 399
- 397
- 825
- 823
Profit/loss for the period
- 87
288
- 415
240
- 115
541
Capital
Total assets
-
-
38,999
36,961
-
39,281
Equity
-
-
13,492
13,869
-
13,890
Net interest-bearing debt
-
-
16,112
15,171
-
17,204
Invested capital, end of period
-
-
30,096
29,468
-
31,533
Cash flows
Cash flows from operating activities
1,052
1,349
1,811
1,817
3,414
3,420
Cash flows from investing activities
- 232
- 351
- 465
- 2,005
- 2,107
- 3,647
Free cash flows
821
998
1,346
- 188
1,307
- 227
Adjusted free cash flow
538
724
784
397
1,344
957
Q2
Q2
H1
H1
LTM
Full-year
DKK m
2025
2024
2025
2024
2024-25
2024
Key operating and return ratios
Average number of employees (FTE)
-
16,446
13,990
15,454
14,121
Revenue growth (reported), %
3.0
9.2
5.2
9.9
2.5
9.0
EBITDA-margin, %
11.4
16.3
10.7
15.0
12.8
14.9
EBITA-margin, %
2.9
7.5
1.1
5.6
3.5
5.8
EBIT-margin, %
2.1
6.8
0.3
4.9
2.7
5.1
Return on invested capital (ROIC), %
-
-
2.2
6.2
2.2
4.4
ROIC before acquisition intangibles (ROIC BAI), %
-
-
3.8
8.7
3.8
6.6
Return on equity, %
-
-
-
-
- 0.9
3.9
Key capital and per share ratios
Financial leverage, times
-
-
4.2
3.1
4.2
3.9
Equity ratio, %
-
-
34.6
37.5
-
35.4
Earnings per share (EPS), DKK
- 1.67
5.15
- 7.75
4.23
- 2.22
9.68
Dividend paid per share, DKK
-
-
-
3.00
-
3.00
Number of shares, end of period, '000
-
-
56,216
57,970
-
57,970
Share price, DKK
-
-
112.4
196.9
-
133.5
ESG key figures
Emissions per GT mile - Own fleet (CO2)*
13.6
14.1
13.7
14.4
14.1
14.4
Lost-time injury frequency (LTIF) - Sea
2.4
3.1
3.6
3.6
4.0
3.9
Lost-time injury frequency (LTIF) - Land
5.2
7.2
4.8
8.0
5.1
6.8
Women ratio - Total workforce
-
-
23
25
-
22
Women ratio - Board of Directors
-
-
33
33
-
33
Definitions on pages 25 and 26.
*Emissions per GT mile - Own fleet (CO2) has been restated due to change in methodology, refer to ESG review.
Q2 2025 interim report
Outlook 2025
4/27
→ Group EBIT outlook updated to
DKK 0.8-1.0bn from previously
around DKK 1.0bn
→ Adjusted free cash flow outlook
unchanged DKK 1.0bn
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 positive but 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
Q2 2025 freight ferry volumes were in line
with 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 expected highly
competitive in Q2 2025 and this is expected
to continue for the rest of the year.
The Mediterranean network volumes
decreased in Q2 2025 adjusted for route
changes following the entry of a ferry
competitor in September 2024.
Key passenger outlook assumptions
for 2025
The organic passenger volume growth
expectation for 2025 is still expected to be
positive. The start-up of Jersey ferry
services adds passengers in 2025 while the
closure of the Tarifa-Tanger Ville route
from May 2025 reduces passenger
volumes.
Revenue outlook
The Group’s revenue is still expected to
grow by around 5% compared to 2024
driven by mainly 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-Frederikshavn-
Copenhagen route, lower bunker
surcharges, and lower Mediterranean
revenue. The revenue increase from the
start-up of Jersey ferry services will to a
large extent be offset by the closure of
Tarifa-Tanger Ville on Strait of Gibraltar.
The Logistics Division’s revenue will
increase by the full-year impact of the
addition of Ekol International Transport.
Turnaround actions are however expected
to reduce revenue for certain activities.
Earnings outlook - EBIT
Based on the above assumptions, the
Group’s 2025 EBIT is expected to be within
a range of DKK 0.8-1.0bn compared to
previously around DKK 1.0bn (2024:
DKK 1.5bn).
Ferry Division’s EBIT expectation is updated
to a range of DKK 0.875-1.0bn from
previously around DKK 1.0bn. The decrease
reflects less than expected progress in the
first half-year on Mediterranean’s
adaptation to a changed competitive
environment.
Logistics Division’s EBIT expectation is
updated to a range of DKK 0.125-0.2bn
from previously around DKK 0.2bn. The
decrease reflects less than expected
progress in the first half-year on Türkiye &
Europe South’s turnaround. Achieving the
breakeven target set for this business unit
in 2025 may therefore be delayed.
The Group EBIT in Q3 2025 is expected to
be below Q3 2024 before recovering to
above 2024 in Q4 2025.
Capital expenditure (Capex)
Operating capex is expected to amount to
around DKK 1.4bn in 2025 compared to
previously DKK 1.6bn. Ferries’ capex
includes insurance compensation from the
total constructive loss of a freight ferry.
Adjusted free cash flow
The Adjusted free cash flow is unchanged
expected to be around DKK 1.0bn in 2025,
including a positive impact from working
capital improvement initiatives.
Outlook 2025
OUTLOOK 2025
DKK m
Updated
outlook 2025
Previous
outlook 2025
2024
Revenue growth
Around 5%
Around 5%
29,753
EBIT
800-1,000
Around 1,000
1,506
Per division:
Ferry Division
875-1,000
1,000
1,525
Logistics Division
125-200
200
200
Non-allocated items
-200
-200
-219
Capital expenditure (Capex)
Around -1,300
Around -1,500
-1,451
Types:
Operating
-1,400
-1,600
-1,451
Ferries (sale/purchase/new-buildings)
100
100
0
Adjusted free cash flow
Around 1,000
Around 1,000
957
Q2 2025 interim report
Ferry Division
5/27
→ Mediterranean and one-off items
lower earnings significantly
→ Rest of network broadly in line with
expectations for the quarter
→ Q2 revenue down 7% to DKK 4.3bn
Organic growth was -1%
→ Q2 EBITDA decreased 29% to
DKK 702m and adjusted EBITDA
decreased 20% to DKK 733m
→ Q2 EBIT decreased 63% to
DKK 186m and adjusted EBIT
decreased 49% to DKK 217m
→ Q2 CO2 ferry emission intensity
from own fleet lowered 4.1%
Q2 volumes and activity
Total Q2 freight volumes were on level with
2024 and decreased 2.1% adjusted for
route changes: start-up of Jersey routes in
March 2025 and new routes Damietta-
Trieste and Vilagarcia-Rotterdam. A large
part of the adjusted decrease was due to a
negative impact of the Easter timing
difference on April volumes.
North Sea volumes were 1.8% below 2024
driven by a negative impact from a national
port strike in Sweden impacting port
operations and sailings. Mediterranean
volumes were 2.4% above 2024 as higher
volumes to France from Türkiye and Tunisia
as well as the new route from Egypt offset
lower volumes between Türkiye and Italy.
The latter decrease was due to the entry of
a new ferry competitor in September 2024.
Channel freight volumes were overall 0.5%
above 2024 as lower volumes on the Dover
Strait were offset by the new Jersey routes
and higher volumes on other routes. Baltic
Sea volumes were 4.5% below 2024 owing
to lower volumes between Sweden and
Lithuania. Strait of Gibraltar volumes
continued to grow and were 6.3% above
2024.
Ferry Division
Ferry Division
Q1
Q2
H1
H1
Q1
Q2
Q3
Q4
LTM
Full-
year
DKK m
2025
2025
2025
2024
2024
2024
2024
2024
2024-25
2024
Revenue
3,988
4,313
8,300
8,847
4,214
4,633
5,083
3,928
17,311
17,858
Freight*
3,390
3,274
6,664
6,835
3,431
3,404
3,176
3,127
12,967
13,138
Passenger*
597
1,039
1,636
2,012
783
1,229
1,907
801
4,344
4,720
Other income
116
-
116
-
-
-
-
-
116
-
Operating costs
2,562
2,558
5,121
5,103
2,519
2,584
2,668
2,392
10,180
10,162
Ferry operations
702
715
1,417
1,372
674
698
754
655
2,826
2,781
Bunker
697
642
1,339
1,544
760
785
763
686
2,787
2,992
Port terminal operations
955
997
1,952
1,844
913
931
980
873
3,804
3,697
Transport and warehouse solutions
209
204
413
342
171
171
172
178
763
692
Employee costs
652
709
1,362
1,458
719
739
776
665
2,802
2,899
Sales, general and administration
316
343
658
608
288
319
357
319
1,334
1,284
EBITDA
574
702
1,276
1,678
688
990
1,282
553
3,111
3,514
Other income/costs, net
0
- 2
- 3
- 1
- 1
0
- 3
- 4
- 10
- 8
Depreciation and impairment
568
500
1,067
977
510
467
472
478
2,018
1,927
EBITA
5
201
206
701
178
523
806
71
1,084
1,578
Amortisation
15
15
29
24
9
15
15
15
59
53
EBIT
- 9
186
177
677
169
508
792
56
1,025
1,525
Invested capital, end of period
22,373
21,783
21,783
22,106
22,659
22,106
22,422
21,941
21,783
21,941
EBITDA-margin, %
14.4
16.3
15.4
19.0
16.3
21.4
25.2
14.1
18.0
19.7
EBITA-margin, %
0.1
4.7
2.5
7.9
4.2
11.3
15.9
1.8
6.3
8.8
EBIT-margin, %
-0.2
4.3
2.1
7.7
4.0
11.0
15.6
1.4
5.9
8.5
Gross Capex (excl. acquisitions and leases)
245
275
520
621
431
190
162
124
806
907
ROIC before acquisition intangibles, %, LTM
8.0
6.2
6.2
10.7
11.4
10.7
10.6
8.8
6.2
8.8
ROIC, %, LTM
5.7
4.3
4.3
8.2
8.9
8.2
8.0
6.5
4.3
6.5
Average number of employees
6,206
6,312
6,312
7,081
7,027
7,081
7,207
6,934
6,748
6,934
Number of ships
73
71
71
72
73
72
73
70
72
70
Lane metres, '000
10,475
10,584
21,059
21,155
10,526
10,629
10,100
10,356
41,515
41,611
North Sea**
3,389
3,431
6,820
6,982
3,481
3,501
3,334
3,330
13,484
13,646
Mediterranean
1,335
1,383
2,718
2,773
1,403
1,370
1,336
1,361
5,415
5,469
Channel***
4,215
4,309
8,524
8,498
4,209
4,289
4,172
4,200
16,897
16,870
Baltic Sea
895
891
1,787
1,801
868
934
868
863
3,518
3,532
Strait of Gibraltar
640
570
1,210
1,102
566
536
391
601
2,202
2,094
Capacity utilisation freight, %
64
63
64
61
60
62
60
63
63
61
Number of cars, '000
184
357
542
609
236
373
692
258
1,491
1,559
Passengers, '000
808
1,397
2,206
2,803
1,114
1,689
2,741
1,203
6,150
6,747
Baltic Sea
42
63
104
99
43
56
86
46
236
230
Channel
500
1,106
1,607
1,610
560
1,050
1,529
684
3,820
3,824
Strait of Gibraltar
266
228
495
766
365
400
895
315
1,705
1,976
Other passengers
-
-
-
328
146
182
231
158
389
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 25.
*Revenue split was updated in 2024 to reflect changes following acquisition of FRS Iberia/Maroc Group.
**2024 includes volumes for the Oslo-Frederikshavn-Copenhagen route.
**2024 restated to fully include volumes for the Oslo-Zeebrugge-Immingham route.
***2024 restated to fully Include volumes for the Amsterdam-Newcastle route.
Q2 2025 interim report
Ferry Division
6/27
Q2 passenger volumes were on level with
2024 adjusted for several large route
changes: sale of Oslo-Frederikshavn-
Copenhagen in October 2024, closure of
Tarifa-Tanger Ville in early May 2025, and
start-up of Jersey routes in March 2025.
Q2 adjusted Channel passenger volumes
were below 2024 as a result of a minor
market share decrease while revenue per
passenger continued to grow. Baltic
passenger volumes were above 2024
driven by an improving trend through Q2.
Strait of Gibraltar adjusted passenger
volumes likewise continued to grow well
through Q2.
Financial performance
Revenue
Q2 revenue decreased 6.9% to DKK 4,313m
compared to 2024 and decreased 0.7%
adjusted for the divestment of Oslo-
Frederikshavn-Copenhagen, route
changes, and bunker/ETS surcharges.
The adjusted freight ferry revenue was
below 2024 driven mostly by a net revenue
decrease in Mediterranean. The adjusted
passenger revenue was above 2024 owing
to higher revenue in Channel and Strait of
Gibraltar.
EBITDA
EBITDA decreased 29.0% or DKK 288m to
DKK 702m and decreased 20.5% or
DKK 189m adjusted for the sale of Oslo-
Frederikshavn-Copenhagen and one-off
items.
More than 90% of the adjusted EBITDA
decrease was due to a lower result for
Mediterranean. Pricing initiatives
implemented in Q2 turned out to be less
effective than expected. A new and more
robust pricing model is consequently being
launched in September. The remaining
decrease was driven by a higher net bunker
cost due to a decline in oil price spreads,
start-up of the Jersey ferry services, and a
higher cost for non-deployed ferries.
EBITA and EBIT
Q2 depreciation of DKK 500m was on level
with 2024 as higher right-of-use deprecia-
tion was offset by the divestment of Oslo-
Frederikshavn-Copenhagen in 2024.Q2
impairment on tangible assets was zero
while Q2 2024 included an impairment
reversal of DKK 33m related to the above
mentioned divestment.
EBIT decreased 63.4% or DKK 322m to
DKK 186m and decreased 48.8% or
DKK 206m adjusted for the sale of Oslo-
Frederikshavn-Copenhagen and one-off
items.
Capex
Gross Capex, excluding asset sales and
acquisitions, amounted to DKK 275m in Q2
2025. The majority of the capex was ferry
dockings and upgrades. There was a cash
inflow of DKK 31m from the remaining
insurance compensation for the
constructive total loss of a ferry.
Invested capital and ROIC
The invested capital at the end of Q2 2025
was DKK 21.8bn, a decrease compared to
year-end 2024 of DKK 0.2bn. The decrease
comprises an operating invested capital
decrease of DKK 1.2bn driven by lower
working capital and fewer leased assets.
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 return on invested capital before
acquisition intangibles, ROIC BAI, was 6.2%
compared to 10.7% in 2024, and ROIC was
4.3% compared to 8.2% in 2024.
Freight ferry – transported lane metres
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Q1 Q2 Q3 Q4
LM '000
2023
2024
2025
Q2 2025 interim report
Logistics Division
7/27
→ Underlying earnings trend
improved as Boost projects
progressed further in Q2
→ Nordic and Continent market
demand remained subdued in Q2
→ Türkiye & Europe South Q2 result
below expectations
→ Q2 organic revenue growth of -2%
→ Q2 EBITDA down 25% to DKK 217m
and adjusted EBITDA down 1% to
DKK 278m
→ Q2 EBIT down 61% to DKK 33m and
adjusted EBIT up 5% to DKK 80m
Q2 overview and activity
Transport and logistics activity levels were
also in Q2 subdued across the Nordics and
continental Europe. Margin pressures
remained in place as customer tendering
activity is high while road transport
overcapacity persisted and production cost
levels did not ease much. The supply-
demand balance continued in Q2 to be
more sound in UK and Irish markets.
In the Nordic region the traffics between
Sweden and UK/Continent were impacted
by a national port strike in Sweden. The
Danish cold chain activities improved
performance on the back of further
restructurings. Finnish, Baltic, and eastern
European volume and pricing levels
continued to be soft in Q2.
In the northern Continental region transport
activities improved performance driven by
capacity cuts. The Belgian Boost project
led to the closure of a warehouse and layoff
of staff. 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 but
remained at lower levels through Q2.
Logistics Division
Logistics Division
Q1
Q2
H1
H1
Q1
Q2
Q3
Q4
LTM
Full-year
DKK m
2025
2025
2025
2024
2024
2024
2024
2024
2024-25
2024
Revenue
4,050
3,897
7,947
6,426
3,130
3,296
3,223
3,699
14,869
13,348
Operating costs
Transport and warehousing costs
2,718
2,570
5,288
4,050
1,967
2,083
2,097
2,498
9,883
8,646
Gross profit
1,332
1,327
2,659
2,375
1,163
1,213
1,126
1,201
4,986
4,703
Sales, general and administration
195
197
392
398
190
207
176
183
751
756
Employee costs
940
913
1,854
1,384
668
716
694
832
3,380
2,910
EBITDA
196
217
413
594
304
289
256
186
855
1,036
Other income/costs, net
6
63
68
15
7
8
7
19
94
40
Depreciation and impairment
236
220
456
388
197
191
192
214
862
794
EBITA
- 34
60
25
221
115
106
71
- 9
87
282
Amortisation
21
26
48
41
21
21
20
21
89
82
EBIT
- 55
33
- 22
179
94
85
50
- 30
- 2
200
Gross profit margin, %
32.9
34.0
33.5
37.0
37.1
36.8
34.9
32.5
33.5
35.2
EBITDA-margin, %
4.8
5.6
5.2
9.2
9.7
8.8
7.9
5.0
5.8
7.8
EBITA-margin, %
- 0.8
1.5
0.3
3.4
3.7
3.2
2.2
- 0.2
0.6
2.1
EBIT-margin, %
- 1.4
0.9
- 0.3
2.8
3.0
2.6
1.6
- 0.8
0.0
1.5
Invested capital, end of period
8,024
7,820
7,820
6,755
6,903
6,755
7,067
8,940
7,820
8,940
Gross Capex (excl. acquisitions and
leases)
106
55
161
269
127
142
196
108
465
573
ROIC before acquisition intangibles, %,
LTM
1.1
0.1
0.1
8.5
10.2
8.5
6.9
4.2
0.1
4.2
ROIC, %, LTM
- 0.5
- 1.1
- 1.1
4.2
5.2
4.2
3.2
1.5
- 1.1
1.5
Average number of employees
9,181
9,075
9,075
5,880
5,997
5,880
5,827
6,146
7,222
6,146
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.
Definitions on page 25.
Q2 2025 interim report
Logistics Division
8/27
Volumes are expected to pick up in the
second half-year and UK border controls
are also being eased.
UK & Ireland domestic activity levels
continued to be robust in Q2 even though
margin pressure increased for some traffics
as the passthrough of cost increases was
held back by raised competition.
The trailer transport market between
Türkiye and Europe was subdued in Q2 as
US tariff changes increased uncertainty
among automotive and textile
manufacturers with regard to production
levels and capacity allocations across
geographies. Volume growth also faced
headwind from the lack of parity between
Turkish inflation and depreciation of TRY,
although the parity became more balanced
through Q2.
Financial performance
Revenue
Q2 revenue increased 18.2% or DKK 601m
to DKK 3,897m compared to Q2 2024 and
decreased 2.3% adjusted for acquisitions.
The adjusted revenue decrease was driven
by lower revenue in the Nordic and
Continent business units reflecting
restructurings, of low performing activities
and market headwinds. The UK & Ireland
business unit continued in Q2 to deliver
positive organic revenue growth.
EBITDA
EBITDA decreased 25.1% or DKK 73m to
DKK 217m and decreased 1.1% or
DKK 3m to DKK 278m adjusted for
acquisitions and one-off items.
The lower adjusted result was driven by the
Nordic and Continent business units. Their
results reflect a mix of improved results for
low performing activities and margin
pressure for stable activities following
general market headwinds. Although
German meat exports resumed to the UK in
April 2025, the activity result remained
significantly reduced in Q2.
The UK & Ireland business unit continued
overall to perform well driven by England
and Ireland while market headwinds
lowered margins somewhat in Scotland
and Northern Ireland.
Progress was on track for the eight
turnaround Boost projects initiated in 2024
covering challenged areas in Continent and
Nordic. Key turnaround actions taken over
the past twelve months include:
• 414 headcount reductions
• 5 activity areas discontinued
• 8 office locations closed or merged
• 2 warehouse closures initiated.
Earnings are overall recovering as planned
for the projects and four projects are now
above threshold levels. Structural
measures are in place to drive further
progress.
The turnaround of the new Türkiye &
Europe South business unit is focused on:
• 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.
The Operations and Organisation areas
progressed overall well in Q2 apart from
performance below expectations in France
due to organisational issues that were
Logistics Division – EBIT per quarter
-70
-20
30
80
130
180
Q1 Q2 Q3 Q4
DKK m
2023
2024
2025
Q2 2025 interim report
Logistics Division
9/27
addressed during the quarter. Commercial
progress lagged as volumes remained
below expectations. For Intermodal the
pace of contract renegotiations and
operating improvements were below
target. The latter were impacted by rail
traffic bottlenecks to Germany that led to
considerable extra costs to limit delays for
customers.
The initiatives have by the end of Q2
resulted in the sale of more than 1,000
equipment units and around 1,000
headcount reductions, partly due to
increased use of subcontracted haulage.
EBITA and EBIT
The Q2 gain on sale of assets was DKK 61m
compared to DKK 8m in Q2 2024. The
increase was due to a gain in 2025 of
DKK 51m following the exercise of purchase
options for three Swedish warehouses. The
warehouses were subsequently sold and
leased back.
Q2 depreciation increased 15.0% or
DKK 29m to DKK 220m and decreased
3.7% or DKK 7m adjusted for acquisitions.
EBITA decreased 43.8% or DKK 46m to
DKK 60m and increased DKK 25m adjusted
for acquisitions. After an increase of
DKK 6m in amortisation to DKK 26m, EBIT
decreased 61.1% or DKK 52m to DKK 33m.
The EBIT-margin of 2.5% was above Q2
2024 adjusted for acquisitions and one-off
items. Excluding lossmaking activities 76%
of the revenue had an EBIT-margin of 5.0%
compared to 4.9% in Q2 2024 .
Capex
Gross Capex, excluding asset sales and
acquisitions, amounted to DKK 55m in Q2
2025 consisting primarily of transport
equipment and warehouse upgrades. Asset
sales were DKK 99m.
Invested capital and ROIC
The invested capital at the end of Q2 2025
was DKK 7.8bn, a decrease of 12.5% 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 10.4% to DKK 6.2bn compared
to year-end 2024 driven primarily by a
lower working capital and a reduction of
operating assets.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 0.1%
compared to 8.5% in 2024, and ROIC was
-1.1% compared to 4.2% in 2024.
Q2 2025 interim report
ESG review
10/27
Q2 2025 interim report
ESG review
11/27
Q2 2025 interim report
Group review
12/27
→ Working capital improved further
by factoring programme
→ NIBD reduced 6% or DKK 1.1bn
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 Q2 events
First quarter of Jersey ferry operations
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.
Tarifa-Tanger Ville route termination
On May 5 2025 operations ceased on the
Tarifa-Tanger Ville passenger route
following the the loss of a tender to
continue to operate the route. The two
catamaran ferries (HSC) deployed on the
route have been transferred and deployed
on routes to Jersey.
Major events after Q2
No major events to report.
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 4.2x
at the end of Q2 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 in 2025.
Measures are being taken to safeguard
financial solidity. Working capital
initiatives, including implementation of a
factoring programme, and enhanced focus
on capex improved cash flow generation in
Q2 2025 and further improvements are
expected in H2 2025. Capital distribution
has been placed on hold in 2025.
At the end of Q2 2025 the covenant
headroom to the financial leverage ratio
(NIBD/EBITDA) exceeded 20% 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 peaked as expected in Q2 2025
and is expected to remain on level or below
in Q3 2025 driven by lower NIBD. The
expected earnings improvement in Q4
2025, together with continued debt
reduction, is thereafter set to reduce
leverage.
Financial performance
Revenue
The Group’s Q2 revenue increased 3.0% to
DKK 7,810m compared to 2024 following
higher revenue in Logistics Division that
partly offset lower Ferry Division revenue.
The Group’s organic revenue growth was -
2.3% adjusted for acquisitions,
divestments, and bunker/ETS surcharges.
Divisional revenue developments are
detailed in their respective review sections.
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
• 75% reduction of land emission
intensity
Cash flow focus
• Long-term NIBD/EBITDA target
range of 2.0-3.0x
• Debt reduction
• Non-core asset review
• Working capital initiatives
Q2 2025 interim report
Group review
13/27
The Group’s H1 revenue was DKK 15,349m,
an increase of 5.2% compared to H1 2024.
Other income in H1 was an insurance
compensation of DKK 116m from the total
constructive loss (TCL) of a freight ferry.
EBITDA
The Group’s Q2 EBITDA decreased 27.6%
or DKK 340m to DKK 893m following lower
results in both divisions. Divisional EBITDA
developments are detailed in their
respective review sections.
Non-allocated items were a cost of
DKK 26m compared to DKK 47m in 2024.
The Group’s H1 EBITDA decreased 25.1% or
DKK 549m to DKK 1,640m. EBITDA for the
last twelve months (LTM) was DKK 3,892m.
EBITA and EBIT
The Q2 gain on sale of assets was DKK 63m
compared to DKK 9m in Q2 2024. The
increase was due to a gain of DKK 51m
following the exercise of purchase options
for three Swedish warehouses. The
warehouses were subsequently sold and
leased back.
Q2 depreciation increased 3.6% or
DKK 26m to DKK 728m and increased
DKK 6m adjusted for acquisitions and
divestments. The adjusted depreciation
increase was due to higher right-of-use
depreciation in Ferry Division.
Q2 impairment on tangible assets was zero
while Q2 2024 included an impairment
reversal of DKK 33m related to the
divestment of the Oslo-Frederikshavn-
Copenhagen route.
The Group’s Q2 EBITA decreased 60.6% or
DKK 347m to DKK 225m compared to 2024.
Q2 amortisation was DKK 62m, an increase
of DKK 9m due to primarily the acquisition
of Ekol International Transport.
The Group’s Q2 EBIT decreased 68.6% or
DKK 356m to DKK 163m compared to 2024.
The Group’s H1 EBIT decreased 93.6% or
DKK 673m to DKK 46m compared to 2024.
Financial items
Total net financial items in Q2 were a cost
of DKK 214m, an increase of 6.0% or
DKK 12m compared to Q2 2024.
The net interest cost on financial debt
decreased DKK 19m to DKK 122m as a
lower net interest rate more than offset an
increase in financial debt.
The net interest cost on leasing debt
increased DKK 11m to DKK 78m following
increases in both interest rate and leasing
debt.
Exchange rate adjustments and Other
financial items totalled a cost of DKK 13m
in Q2 2025 compared to an income of
DKK 7m in Q2 2024.
Total net financial items in H1 was a cost of
DKK 399m which was on level with H1 2024.
Profit before and after tax
The Q2 profit before tax decreased
DKK 368m to DKK -51m compared to 2024.
The tax cost was DKK 36m and the profit
for the period was DKK -87m.
The H1 profit before tax decreased
DKK 675m to DKK -353m compared to
2024 and the H1 profit for the period was
DKK -415m.
Earnings per share
Q2 earnings per share (EPS) decreased to
DKK -1.67 from DKK 5.15 in Q2 2024.
Cash flow and investments
The Q2 cash flow from operating activities
decreased 22.0% or DKK 297m to
DKK 1,052m compared to Q2 2024 as the
lower operating result was partly offset by
a higher release of cash from working
capital. The cash release was driven by
primarily higher payables and a further
Revenue
DKK m
Q2 2025
Q2 2024
Change, %
Change
Ferry Division
4,313
4,633
- 6.9
- 320
Logistics Division
3,897
3,296
18.2
601
Non-allocated items
223
204
9.5
19
Eliminations
- 623
- 552
- 12.8
- 71
DFDS Group
7,810
7,580
3.0
230
Operating profit before
depreciation (EBITDA)
DKK m
Q2 2025
Q2 2024
Change, %
Change
Ferry Division
702
990
- 29.0
- 288
Logistics Division
217
289
- 25.1
- 73
Non-allocated items
- 26
- 47
43.8
21
DFDS Group
893
1,232
- 27.6
- 340
EBITDA-margin, %
11.4
16.3
- 29.7
- 4.8
Financial items
Q2 2025
Q2 2024
Change, %
Change
DKK m
Interests, net
- 200
- 209
4.0
8
Foreign exchange gains/losses, net
- 5
16
- 133.9
- 21
Other items, net
- 8
- 9
7.8
1
Total finance, net
- 214
- 202
- 6.0
- 12
Q2 2025 interim report
Group review
14/27
increase in the factoring program initiated
in Q1 2025.
Q2 investing activities was a cash outflow
of DKK 232m consisting almost entirely of
operating capex of which DKK 255m was
used for ferries and the remainder on
transport equipment, warehouse facilities,
and port terminals. Proceeds from sale of
assets was DKK 130m including DKK 31m
from the remaining insurance compensa-
tion for the constructive total loss of a ferry.
The Q2 cash flow from financing activities
was negative by DKK 1,102m following loan
repayments of DKK 829m and payment of
lease liabilities of DKK 282m.
The net cash decrease was DKK 281m and
at the end of Q2 2025 cash amounted to
DKK 1,937m.
The H1 cash flow from operating activities
was DKK 1,811m. H1 operating capex was
an outflow of DKK 465m. The cash flow
from financing activities was a net outflow
of DKK 991m bringing the H1 net cash flow
to DKK 355m.
The Q2 2025 adjusted free cash flow (FCFE)
was DKK 538m and DKK 784m for H1 2025.
Invested capital and ROIC
Invested capital increased 2.1% or
DKK 0.6bn to DKK 30.1bn at the end of Q2
2025 compared to 2024. The increase was
due to the acquisition of Ekol International
Transport offset by a lowering of invested
capital from mostly a reduction of working
capital and the Oslo-Copenhagen route
sale.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 3.8%
in Q2 2025 compared to 8.7% for Q2 2024.
ROIC was 2.2% in Q2 2025 compared to
6.2% for Q2 2024.
Capital structure
At the end of Q2 2025 net-interest-bearing
debt (NIBD) was DKK 16.1bn, a decrease of
6.3% or DKK 1.1bn from year-end 2024
driven by the first half-year’s positive
adjusted free cash flow development.
Financial leverage, as measured by the
ratio of NIBD to pro forma LTM EBITDA, was
4.2x at the end of Q2 2025 compared to
3.1x at the end of Q2 2024 and 3.9x at
year-end 2024.
Equity
Equity amounted to DKK 13,492m at the
end of Q2 2025, including non-controlling
interests of DKK 79m, a decrease of 2.9% or
DKK 397m compared to year-end 2024 in
line with the total comprehensive income
for Q2 2025 of DKK -409m.
The equity ratio was 34.6% at the end of Q2
2025 compared to 35.4% at year-end 2024.
DFDS GROUP - EBIT
-200
0
200
400
600
800
1,000
Q1 Q2 Q3 Q4
DKK m
2023
2024
2025
Q2 2025 interim report
Management statement
15/27
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 ,
Q2 2025 interim report
Financials
16/27
DFDS Group - Income statement
Q2
Q2
H1
H1
LTM
Full-year
DKK m
Note
2025
2024
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
- 3
-1
- 4
-2
- 11
-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)
Amortisation and impairment losses, intangibles
Operating profit (EBIT)
Financial income
Financial costs
Profit/loss before tax
- 51
- 353
Tax on profit
Profit/loss for the period
- 87
- 415
- 115
Attributable to:
Equity holders of DFDS A/S
- 90
- 419
- 120
Non-controlling interests
Profit/loss for the period
- 87
- 415
- 115
Earnings per share
Basic earnings per share (EPS) of DKK 20, DKK
- 1.67
- 7.75
- 2.22
Diluted earnings per share (EPS-D) of DKK 20, DKK
- 1.67
- 7.75
- 2.22
DFDS Group - Statement of comprehensive income
Q2
Q2
H1
H1
LTM
Full-year
DKK m
2025
2024
2025
2024
2024-25
2024
Profit/loss for the period
- 87
-415
-115
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
- 7
- 12
- 12
- 22
- 157
- 168
Value adjustment transferred to operating costs
- 10
- 17
- 13
- 7
- 32
- 26
Value adjustment transferred to financial costs
Foreign exchange adjustments, subsidiaries
- 99
- 32
Items that are or may be reclassified subsequently to the Income
statement
- 78
- 56
- 8
Total other comprehensive income after tax
- 78
- 49
-1
Total comprehensive income
- 165
- 409
- 164
Attributable to:
Equity holders of DFDS A/S
- 168
- 412
- 168
Non-controlling interests
Total comprehensive income
- 165
- 409
- 164
Q2 2025 interim report
Financials
17/27
DFDS Group - Balance sheet, Assets
30 Jun.
30 Jun.
31 Dec.
DKK m
Note
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, securities and other
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 classified as held for sale
8
Total current assets
Assets
DFDS Group - Balance sheet, Equity and Liabilities
30 Jun.
30 Jun.
31 Dec.
DKK m
Note
2025
2024
2024
Share capital
Reserves
- 448
- 403
- 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 relating to assets classified as held for sale
8
Total current liabilities
Liabilities
Equity and liabilities
Q2 2025 interim report
Financials
18/27
DFDS Group - Statement of changes in equity 1 January - June 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
-419
-419
-415
Other comprehensive income after tax
-32
Total comprehensive income
-32
-419
-412
-409
Transactions with owners
Dividend paid, non-controlling interests
-1
-1
Share-based payments
Reduction of share capital by cancellation of treasury shares
-35
Total transactions with owners
-35
-1
Equity at 30 June 2025
-436
-44
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.
Q2 2025 interim report
Financials
19/27
DFDS Group - Statement of changes in equity 1 January - June 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
Other comprehensive income after tax
Total comprehensive income
Transactions with owners
Acquisition, non-controlling interests
-19
-7
Dividend paid
-176
-176
-176
Dividend on treasury shares
Share-based payments
Share buyback
-19
-179
-198
-198
Reduction of share capital by cancellation of treasury shares
-13
Total transactions with owners
-13
-5
-320
-338
-19
-357
Equity at 30 June 2024
-444
-54
Q2 2025 interim report
Financials
20/27
DFDS Group - Statement of cash flows
Q2
Q2
H1
H1
LTM
Full-year
DKK m
Note
2025
2024
2025
2024
2024-25
2024
Operating profit before depreciation and amortisation (EBITDA)
Adjustments for non-cash operating items, etc.
- 32
- 159
- 140
Change in working capital
- 64
Payment of pension liabilities and other provisions
- 13
- 6
- 24
- 20
- 52
- 48
Interest received, etc.
Interest paid, etc.
- 223
- 248
- 435
- 428
- 854
- 848
Taxes paid
- 40
- 27
- 80
- 87
- 137
- 144
Cash flows from operating activities
Investments in ferries including dockings, etc.
- 255
- 175
- 481
- 596
- 702
- 818
Sale of ferries including compensation for ferry declared total loss
Investments in other non-current tangible assets
- 82
- 158
- 204
- 296
- 576
- 669
Sale of other non-current tangible assets
Investments in non-current intangible assets
- 24
- 26
- 50
- 46
- 100
- 96
Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn-outs
4
- 22
- 1,119
- 1,454
- 2,574
Divestment of enterprises, associates, joint ventures, and activities
0
Other investing cash flows
- 2
- 1
- 3
- 5
- 6
- 7
Cash flows from investing activities
- 232
- 351
- 465
- 2,005
- 2,107
- 3,647
Free cash flows
- 188
- 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
- 829
- 2,050
- 928
- 4,230
- 3,343
- 6,645
Proceed from issuance of corporate bonds
Repayment of corporate bonds incl. settlement of cross currency swap
- 305
- 305
- 305
Payment of lease liabilities
- 282
- 298
- 565
- 540
- 1,049
- 1,024
Settlement of forward exchange contracts related to leases
Acquisition of treasury shares and share buyback
- 126
- 198
- 233
- 431
Other financing cash flows
- 7
- 6
Dividends paid to non-controlling interests
- 1
- 1
- 3
- 2
Dividends paid to equity holders of DFDS A/S
- 168
- 168
Cash flows from financing activities
- 1,102
- 711
- 991
- 597
Net cash flows
- 281
Cash and cash equivalents at beginning of period
Foreign exchange and value adjustments of cash and cash equivalents
- 8
- 7
- 5
Cash and cash equivalents at end of period*
*At 30 June 2025 DKK 19m (30 June 2024: DKK 0m) of the cash was deposited on restricted bank accounts.
Q2 2025 interim report
Financials
21/27
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
Due to the Group’s net asset value exceeding its
market capitalisation, we have updated our year-end
impairment calculations. We continue to conclude
that no cash-generating units are impaired.
Note 2 Segment Information
DKK m
Ferry
Division
Logistics
Division*
Non-
allocated
Eliminations
Total
H1 2025
External revenue
7,433
7,899
17
15,349
Intragroup revenue
868
48
433
- 1,348
-
Total revenue
8,300
7,947
450
- 1,348
15,349
Other income
116
-
-
116
Ferry and other ship operation and maintenance
2,756
152
0
- 23
2,885
Port terminal operations
1,952
50
-
- 13
1,988
Transport and warehouse solutions
413
5,087
-
- 786
4,714
Employee costs
1,362
1,854
310
- 4
3,522
Cost of sales, general and administration
658
391
188
- 521
716
Operating profit before depreciation and amortisation (EBITDA)
1,276
413
- 49
1,640
Operating profit before amortisation (EBITA)
206
25
- 67
165
Operating profit (EBIT)
177
- 22
- 109
46
Invested capital, end of period
21,783
7,820
493
30,096
DKK m
Ferry
Division**
Logistics
Division
Non-
allocated
Eliminations
Total
H1 2024
External revenue
8,207
6,379
5
14,591
Intragroup revenue
640
47
401
- 1,088
-
Total revenue
8,847
6,426
407
- 1,088
14,591
Ferry and other ship operation and maintenance
2,916
188
0
- 20
3,085
Port terminal operations
1,844
72
0
- 10
1,905
Transport and warehouse solutions
342
3,790
-
- 576
3,557
Employee costs
1,458
1,384
286
- 5
3,123
Cost of sales, general and administration
608
398
204
- 477
732
Operating profit before depreciation and amortisation (EBITDA)
1,678
594
- 83
2,189
Operating profit before amortisation (EBITA)
701
221
- 102
819
Operating profit (EBIT)
677
179
- 138
719
Invested capital, end of period
22,106
6,755
607
29,468
*2025 Q2 Logistics includes Ekol Logistics acquired in November 2024.
**2024 Q2 Ferry Division includes Oslo-Copenhagen and FRS Group from February 2024.
Q2 2025 interim report
Financials
22/27
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 752m (Q2 2024:
DKK 866m).
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 176m (Q2 2024: DKK 235m).
H1 2025
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
2,126
-
-
2,126
Mediterranean*
2,400
1,529
-
3,929
Baltic Sea
613
-
-
613
English Channel
2,294
-
-
2,294
Continent
-
2,379
-
2,379
Nordic
-
2,002
-
2,002
UK/Ireland
-
1,989
-
1,989
Other
-
-
17
17
Total
7,433
7,899
17
15,349
Product and services
Seafreight and shipping logistics solutions
4,919
-
-
4,919
Transport solutions
265
7,787
0
8,052
Passenger seafare and on-board sales
1,602
0
-
1,602
Terminal services
343
7
0
350
Charters
175
0
-
176
Agency and other revenue
128
105
17
250
Total
7,433
7,899
17
15,349
H1 2024
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea**
2,564
-
-
2,564
Mediterranean
2,875
-
-
2,875
Baltic Sea
624
-
-
624
English Channel**
2,144
-
-
2,144
Continent
-
2,420
-
2,420
Nordic
-
2,091
-
2,091
UK/Ireland
-
1,868
-
1,868
Other
-
-
5
5
Total
8,207
6,379
5
14,591
Product and services
Seafreight and shipping logistics solutions***
5,311
17
-
5,328
Transport solutions
317
6,182
-
6,500
Passenger seafare and on-board sales
1,945
-
-
1,945
Terminal services
315
4
-
319
Charters
220
-
-
220
Agency and other revenue
99
175
5
280
Total
8,207
6,379
5
14,591
*2025 H1 Logistics Division includes Ekol Logistics acquired in
November 2024.
**North Sea and English Channel have been restated to reflect the
closing of the Passenger BU (following the sale of the Oslo-
Copenhagen route) which resulted in Amsterdam – New Castle
revenue being fully allocated to English Channel.
***2024 H1 Passenger seafare and on-board sales include Oslo-
Copenhagen and, from February 2024, FRS Group.
Q2 2025 interim report
Financials
23/27
Note 4 Acquisition of enterprises and
sale of activities
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 176m at the acquisition
date. A provision for onerous customer contracts is
recognised in the acquisition balance sheet with a
preliminary value of DKK 138m.
Following recognition of acquired identifiable assets
and liabilities at their fair value, the goodwill related to
the acquisition is measured at DKK 1,714m. 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 633m) and Ferry Division (DKK 1,081m). 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.
FRS Iberia Group
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
189
Land and buildings
212
Equipment etc.
728
Inventories
15
Trade receivables including work in progress services
566
Other receivables
215
Cash at hand and in bank
241
Deferred tax liability
- 66
Interest bearing debt
- 809
Trade payables
- 805
Other current liabilities
- 524
Net assets acquired
- 37
Goodwill
1,714
Total purchase price
1,678
Cash and bank balances acquired
- 241
Fair value of the purchase price
1,438
H1 2025
H1 2024
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
77
77
195
195
Securities (Level 3)
2
2
2
2
Financial liabilities
Derivatives (Level 2)
115
115
11
11
Q2 2025 interim report
Financials
24/27
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
298m, equivalent to 5.3% compared to Q2 2024.
Operating profit before depreciation and amortisation
(EBITDA) increased by DKK 20m equivalent to 2.6%
compared to Q2 2024.
Profit before tax decreased by DKK 74m compared to
Q2 2024.
The Parent Company’s net interest-bearing debt
decreased by DKK 80m equivalent to 0.7% compared
to 31 December 2024.
Note 7 Events after Balance sheet
date
No material events have occurred after 30 June 2025
that have consequences for the Q2 2025 interim
report.
Note 8 Assets classified as held for
sale
The carrying amount of assets classified as held for
sale at 30 June 2025, is DKK 0m (2024: DKK 539m),
with liabilities directly associated with assets
classified as held for sale of DKK 0m (2024: DKK
127m).
Assets held for sale at 30 June 2024 were linked to the
Oslo-Frederikshavn-Copenhagen route. The
transaction resulting in the reclassification of assets
held for sale was completed by October 2024.
At 30 June 2024 assets classified as held for sale
comprised mainly ships of DKK 410m and terminal
right-of-use asset of DKK 127m. Liabilities relating to
assets classified as held for sale constituted right-of-
use liabilities linked to the Oslo and Copenhagen
terminals.
H1
H1
LTM
Full-year
DKK m
2025
2024
2024-25
2024
Income statement
Revenue
5,343
5,641
11,240
11,538
Operating profit before depreciation and amortisation (EBITDA)
800
780
1,795
1,775
Operating profit before amortisation (EBITA)
97
170
486
560
Operating profit (EBIT)
43
129
383
469
Financial items, net
- 196
- 208
- 554
- 565
Profit before tax
- 153
- 79
- 170
- 96
Profit/loss for the period
- 157
- 73
- 152
- 68
Assets
Non-current intangible assets
718
726
-
724
Non-current tangible assets
6,810
6,692
-
6,839
Investments in subsidiaries
14,944
14,494
-
14,459
Investments in associates, joint ventures and securities
2
2
-
2
Non-current receivables from subsidiaries
1,390
23
-
1,362
Other non-current assets
67
142
-
108
Non-current assets
23,931
22,079
-
23,494
Current receivables from subsidiaries
957
1,251
-
1,070
Receivables from associates and joint ventures
31
26
-
29
Cash
815
455
-
661
Other current assets
1,058
1,346
-
1,069
Current assets
2,861
3,078
-
2,829
Assets classified as held for sale
-
526
-
-
Total assets
26,792
25,683
-
26,323
Equity and liabilities
Equity
10,654
11,063
-
10,773
Non-current liabilities to subsidiaries
14
56
-
51
Other non-current liabilities
8,822
8,708
-
9,970
Non-current liabilities
8,836
8,764
-
10,021
Current liabilities to subsidiaries
3,746
2,832
-
2,770
Other current liabilities
3,556
2,909
-
2,759
Current liabilities
7,302
5,741
-
5,529
Liabilities relating to assets classified as held for sale
-
116
-
Total equity and liabilities
26,792
25,683
-
26,323
Equity ratio, %
39.8
43.1
-
40.9
Net interest-bearing debt
10,581
10,361
-
10,660
Q2 2025 interim report
Financials
25/27
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 RoPax or passenger cruise
ferry across the DFDS route network
Rounding
Rounding may in general cause variances
in sums and percentages in this report
Definitions
Q2 2025 interim report
Financials
26/27
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 in the Global
Leadership Team (GLT).
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
Fatalities, colleagues
Number of fatalities among employees
caused by work-related accidents
Fatalities, 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
Q2 2025 interim report
Financials
27/27
20 August 2025
Company announcement no.: 25/2025
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
DFDS A/S, Marmorvej 18, DK-2100 Copenhagen Ø +45 3342 3342 · dfds.com, CVR 14 19 47 11