Q3 2025 Interim report
Marmorvej 18 · DK-2100 Copenhagen Ø · +45 3342 3342 · dfds.com · CVR 14 19 47 11
Staying the transition
course
Q3 2025 interim report
Q3 overview
2/27
Q3 2025
→ Revenue up 4% to DKK 8.3bn.
Organic growth was -2%
→ EBIT reduced 32% to DKK 536m
→ CO2 ferry emission intensity from
own fleet lowered 2.7%
Outlook 2025
→ EBIT lowered to DKK 0.6-0.75bn
from DKK 0.8-1.0bn excluding one-
off programme cost
→ Cost Reduction Programme one-off
cost of around DKK 100m in
Q4 2025
→ Adjusted free cash flow of around
DKK 0.9bn down from DKK 1.0bn
CEO’s comments
As outlined earlier this year, 2025 is a
transitional year for DFDS where we lay the
foundation for improving financial
performance following the events of 2024.
We have three focus areas that are
challenged on earnings and key to
improving performance.
Today, we are expanding our transition
toolbox to accelerate the transition to a
higher level of financial performance with a
Cost Reduction Programme targeting
DKK 300m of cost reductions in 2026. See
separate announcement for details.
Focus area updateThe Logistics Boost
projects progressed in line with
expectations in Q3 and further
improvements are expected in Q4.
The adaptation of the Mediterranean ferry
network moved forward in Q3 as the new
pricing model launched in September 2025
provided an initial yield recovery as
planned.
The third focus area, the Türkiye & Europe
South (TES) turnaround, progressed on the
other hand less than expected in Q3. The
earnings trend is improving but slower than
expected amid challenging market
conditions.
Q3 network performance as expected
The Q3 result for the network, excluding
focus areas, was overall as expected and
above 2024 when adjusted for route
changes, especially the sale of Oslo-
Copenhagen and the exit from Tarifa-
Tanger Ville.
The North Sea freight ferry operations were
stable and Baltic Sea had a good quarter
with further improvements expected on the
back of our new space charter agreement.
Channel performed well overall in Q3 even
though the Jersey routes incurred extra
costs for mainly tonnage changes.
“We are launching a Cost
Reduction Programme to
accelerate our transition to
a higher level of financial
performance.”
Torben Carlsen, CEO
Strait of Gibraltar delivered on expecta-
tions in Q3 and we are excited about
deploying the two additional acquired
ferries in 2026 pending regulatory
approval.
Q3 was a turning point for our Nordic and
Continent logistics units and both are now
better adapted to a low-growth market
environment. Our UK & Ireland logistics unit
continued its stable performance in Q3.
Outlook
The 2025 EBIT outlook is lowered to
DKK 600-750m from previously DKK 800-
1,000m driven mainly by uncertainties
regarding the development in Q4 2025 for
the Mediterranean ferry and logistics
activities. In addition, the above outlook
range will be reduced by the one-off
programme cost of around DKK 100m. The
outlook is detailed on page 4.
Q3 overview
Q3
Q3
Change,
LTM
LTM
Change,
Full-year
DKK m
2025
2024
%
2024-25
2023-24
%
2024
Revenue
8,296
7,965
4
30,841
29,389
5
29,753
EBITDA
1,397
1,508
- 7
3,780
4,690
-19
4,440
EBIT
536
785
- 32
584
1,862
-69
1,506
Adjusted free cash flow
- 40
396
- 110
908
2,186
-58
957
ROIC %
-
-
-
1.4
5.8
-
4.4
Financial leverage, times
-
-
-
4.3
3.3
-
3.9
6 November 2025
Conference call today at 10.00am CET
Register ahead of the call via this link.
Access code is mailed after registration.
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Q3 2025 interim report
Key figures
3/27
Key figures
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full-year
DKK m
2025
2024
2025
2024
2024-25
2024
Income statement
Revenue
8,296
7,965
23,644
22,557
30,841
29,753
Ferry Division
4,759
5,083
13,059
13,930
16,987
17,858
Logistics Division
3,971
3,223
11,917
9,649
15,617
13,348
Non-allocated items and eliminations
- 434
- 341
- 1,333
- 1,022
- 1,763
- 1,453
Operating profit before depreciation and
amortisation (EBITDA)
1,397
1,508
3,037
3,697
3,780
4,440
Ferry Division
1,083
1,282
2,359
2,960
2,912
3,514
Logistics Division
331
256
744
850
930
1,036
Non-allocated items
- 17
- 30
- 66
- 113
- 62
- 109
Operating profit before amortisation (EBITA)
597
839
762
1,658
819
1,716
Operating profit (EBIT)
536
785
582
1,504
584
1,506
Financial items, net
- 205
- 192
- 605
- 589
- 838
- 823
Profit/loss for the period
276
571
- 139
811
- 410
541
Capital
Total assets
-
-
38,180
36,727
-
39,281
Equity
-
-
13,692
14,265
-
13,890
Net interest-bearing debt
-
-
15,879
15,368
-
17,204
Invested capital, end of period
-
-
30,078
30,070
-
31,533
Cash flows
Cash flows from operating activities
563
996
2,374
2,814
2,980
3,420
Cash flows from investing activities
341
- 380
- 124
- 2,385
- 1,386
- 3,647
Free cash flow
904
617
2,250
429
1,594
- 227
Adjusted free cash flow
- 40
396
744
793
908
957
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full-year
DKK m
2025
2024
2025
2024
2024-25
2024
Key operating and return ratios
Average number of employees (FTE)
-
-
15,894
14,121
Revenue growth (reported), %
4.2
10.8
4.8
10.2
3.7
9.0
EBITDA-margin, %
16.8
18.9
12.8
16.4
12.3
14.9
EBITA-margin, %
7.2
10.5
3.2
7.4
2.7
5.8
EBIT-margin, %
6.5
9.9
2.5
6.7
1.9
5.1
Return on invested capital (ROIC), %
-
-
1.4
5.8
1.4
4.4
ROIC before acquisition intangibles (ROIC BAI), %
-
-
2.7
8.2
2.7
6.6
Return on equity, %
-
-
-
-
- 3.0
3.9
Key capital and per share ratios
Financial leverage, times
-
-
4.3
3.3
4.3
3.9
Equity ratio, %
-
-
35.9
38.8
-
35.4
Earnings per share (EPS), DKK
5.13
10.37
-2.63
14.51
-7.63
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
-
-
96.8
171.7
-
133.5
ESG key figures
Emissions per GT mile - Own fleet (CO2)
1
14.1
14.5
13.8
14.4
14.0
14.4
Lost-time injury frequency (LTIF) - Sea
3.1
3.9
3.5
3.8
3.8
3.9
Lost-time injury frequency (LTIF) - Land
5.2
4.8
5.0
7.0
5.2
6.8
Women ratio - Total workforce
-
-
23
24
-
22
Women ratio - Board of Directors
-
-
33
33
-
33
Definitions on pages 25 and 26.
1
Emissions per GT mile - Own fleet (CO2) has been restated due to change in methodology, refer to ESG review.
Q3 2025 interim report
Outlook 2025
4/27
→ 2025 EBIT outlook lowered to
DKK 600-750m from previously
DKK 800-1,000m excluding one-off
programme cost
→ Cost Reduction Programme
launched targeting DKK 300m
impact in 2026
→ One-off programme cost of around
DKK 100m expected in Q4 2025
→ Adjusted free cash flow outlook
reduced to DKK 0.9bn from
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 flat in the remainder of
2025.
Key freight outlook assumptions for 2025
Freight ferry market volume levels are
overall in Q4 expected to continue on level
with previous quarters.
There are however uncertainties linked to
the Mediterranean freight ferry network as
the market rebalances. The first month of
the new pricing model launched in
September 2025 provided a yield recovery
as planned. Q4 uncertainties comprise rate
and volume developments, market growth,
entry of additional ferry capacity, and port
terminal operations in Trieste.
Uncertainties also pertain to TES as the
above market rebalancing impacts the
wider Turkish trailer transport market.
Northern European road transport and
contract logistics markets are overall in Q4
expected to develop in line with previous
quarters.
Key passenger outlook assumptions
for 2025
Passenger ferry market volume levels are
overall in Q4 expected to be stable
although Channel volumes may continue to
slow down.
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.
Earnings outlook - EBIT
The 2025 EBIT outlook is lowered to
DKK 600-750m from previously DKK 800-
1,000m. The reduced outlook is to a large
extent driven by uncertainties regarding the
development in Q4 2025 for the Mediterra-
nean ferry and logistics activities.
In addition, the above outlook range will be
lowered by the one-off programme cost of
around DKK 100m.
Capital expenditure (Capex)
Operating capex is expected to amount to
around DKK 1.3bn in 2025 compared to
previously DKK 1.4bn. Ferries’ capex is
increased to an inflow of DKK 0.3bn from
previously DKK 0.1bn following the sale of
one freight ferry (RoRo) in Q4 2025.
Adjusted free cash flow
The full-year 2025 Adjusted free cash flow
is expected to be around DKK 0.9bn down
from previously DKK 1.0bn. The sale of a
freight ferry (RoRo) and a warehouse are
set to partly balance the lower earnings
outlook.
Outlook 2025
OUTLOOK 2025 (excluding one-off
programme cost)
DKK m
Updated
outlook 2025
Previous
outlook 2025
2024
Revenue growth
Around 5%
Around 5%
29,753
EBIT
600-750
800-1,000
1,506
Per division:
Ferry Division
750-850
875-1,000
1,525
Logistics Division
50-100
125-200
200
Non-allocated items
-200
-200
-219
Capital expenditure (Capex)
1
Around -1,000
Around -1,300
-1,451
Types:
Operating
-1,300
-1,400
-1,451
Ferries (sale/purchase/new-buildings)
300
100
0
Adjusted free cash flow
Around 900
Around 1,000
957
1
The capex outlook includes the net impact from the sale proceeds
of DKK 711m of Swedish warehouses in the Q3 2025 investing cash
flow and the increased leasing liability of DKK 650m.
Q3 2025 interim report
Ferry Division
5/27
→ Q3 result overall in line with
expectations
→ Mediterranean and route changes
lowered result compared to 2024
→ Q3 revenue down 6% to DKK 4.8bn
Organic growth was -2%
→ Q3 EBITDA decreased 16% to
DKK 1,083m and decreased 7%
adjusted for route changes
→ Q3 EBIT decreased 29% to
DKK 564m
→ Q3 CO2 ferry emission intensity
from own fleet lowered 2.7%
Q3 volumes and activity
Total Q3 freight volumes increased 1.0%
compared to 2024 and decreased 1.1%
adjusted for route changes comprising
mainly start-up of Jersey routes in March
2025 and new routes Damietta-Trieste and
Vilagarcia-Rotterdam.
North Sea volumes were on level with 2024
on a comparable basis. Automotive
volumes increased in Q3 while volumes to
and from the UK decreased on some
routes. Mediterranean volumes were 5.8%
below 2024 on a comparable basis as
higher volumes between France and
Türkiye/Tunisia were offset by lower
volumes between Türkiye and Italy
reflecting a market rebalancing, including
capacity adjustments, following the entry
of a new ferry competitor in September
2024.
The total Türkiye-Europe trailer transport
market was in Q3 2025 split between 50%
road volumes and 50% ferry volumes.
DFDS’ Q3 ferry share was 32% of the total
market and the share for all other ferry
operators was 18%. Total ferry volumes
increased 6% compared to Q3 2024 driven
by 5% lower road volumes and 1% total
market growth.
Ferry Division
Ferry Division
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full-
year
DKK m
2025
2025
2025
2025
2024
2024
2024
2024
2024
2024-25
2024
Revenue
3,988
4,313
4,759
13,059
13,930
4,214
4,633
5,083
3,928
16,987
17,858
Freight
1
3,390
3,274
3,205
9,869
10,011
3,431
3,404
3,176
3,127
12,996
13,138
Passenger
1
597
1,039
1,555
3,191
3,919
783
1,229
1,907
801
3,992
4,720
Other income
116
-
-
116
-
-
-
-
-
116
-
Operating costs
2,562
2,558
2,604
7,725
7,771
2,519
2,584
2,668
2,392
10,116
10,162
Ferry operations
702
715
754
2,171
2,126
674
698
754
655
2,826
2,781
Bunker
697
642
641
1,980
2,307
760
785
763
686
2,665
2,992
Port terminal operations
955
997
1,037
2,989
2,824
913
931
980
873
3,862
3,697
Transport and warehouse solutions
209
204
172
585
514
171
171
172
178
763
692
Employee costs
652
709
729
2,091
2,234
719
739
776
665
2,756
2,899
Sales, general and administration
316
343
343
1,001
965
288
319
357
319
1,320
1,284
EBITDA
574
702
1,083
2,359
2,960
688
990
1,282
553
2,912
3,514
Other income/costs, net
0
- 2
1
- 2
- 4
- 1
0
- 3
- 4
- 6
- 8
Depreciation and impairment
568
500
504
1,572
1,449
510
467
472
478
2,050
1,927
EBITA
5
201
579
785
1,507
178
523
806
71
856
1,578
Amortisation
15
15
15
44
39
9
15
15
15
59
53
EBIT
- 9
186
564
741
1,469
169
508
792
56
797
1,525
Invested capital, end of period
22,373
21,783
21,952
21,952
22,422
22,659
22,106
22,422
21,941
21,952
21,941
EBITDA-margin, %
14.4
16.3
22.7
18.1
21.3
16.3
21.4
25.2
14.1
17.1
19.7
EBITA-margin, %
0.1
4.7
12.2
6.0
10.8
4.2
11.3
15.9
1.8
5.0
8.8
EBIT-margin, %
-0.2
4.3
11.9
5.7
10.5
4.0
11.0
15.6
1.4
4.7
8.5
Gross Capex (excl. acquisitions and leases)
245
275
173
693
783
431
190
162
124
817
907
ROIC before acquisition intangibles, %, LTM
8.0
6.2
4.9
4.9
10.6
11.4
10.7
10.6
8.8
4.9
8.8
ROIC, %, LTM
5.7
4.3
3.3
3.3
8.0
8.9
8.2
8.0
6.5
3.3
6.5
Average number of employees
6,206
6,312
6,411
6,411
7,207
7,027
7,081
7,207
6,934
6,614
6,934
Number of ships
73
71
70
70
73
73
72
73
70
70
70
Lane metres, '000
10,475
10,584
10,198
31,257
31,256
10,526
10,629
10,100
10,356
41,613
41,611
North Sea
2,3
3,389
3,431
3,345
10,164
10,316
3,481
3,501
3,334
3,330
13,494
13,646
Mediterranean
1,335
1,383
1,293
4,011
4,108
1,403
1,370
1,336
1,361
5,372
5,469
Channel
4
4,215
4,309
4,216
12,740
12,670
4,209
4,289
4,172
4,200
16,940
16,870
Baltic Sea
895
891
931
2,717
2,669
868
934
868
863
3,581
3,532
Strait of Gibraltar
640
570
414
1,625
1,493
566
536
391
601
2,226
2,094
Capacity utilisation freight, %
64
63
60
63
61
60
62
60
63
63
61
Number of cars, '000
184
357
630
1,171
1,301
236
373
692
258
1,429
1,559
Passengers, '000
808
1,397
2,167
4,373
5,544
1,114
1,689
2,741
1,203
5,576
6,747
Baltic Sea
42
63
93
197
184
43
56
86
46
243
230
Channel
500
1,106
1,590
3,197
3,140
560
1,050
1,529
684
3,881
3,824
Strait of Gibraltar
266
228
484
979
1,661
365
400
895
315
1,294
1,976
Other passengers
-
-
-
-
559
146
182
231
158
158
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.
1
Revenue split was updated in 2024 to reflect changes following acquisition of FRS Iberia/Maroc Group.
2
2024 includes volumes for the Oslo-Frederikshavn-Copenhagen route.
3
2024 restated to fully include volumes for the Oslo-Zeebrugge-Immingham route.
4
2024 restated to fully include volumes for the Amsterdam-Newcastle route.
Q3 2025 interim report
Ferry Division
6/27
Channel freight volumes were 2.7% below
2024 on a comparable basis driven mainly
by a decline in the total Dover Strait
market. Volumes between Jersey and
France were below expectations on one
route. Baltic Sea volumes were 7.2% above
2024 driven by primarily higher volumes
between Germany and Lithuania. Strait of
Gibraltar volumes continued to grow and
were 6.0% above 2024.
Q3 passenger volumes were 3.9% below
2024 adjusted for several large route
changes: sale of Oslo-Frederikshavn-
Copenhagen in October 2024, exit from
Tarifa-Tanger Ville in early May 2025, and
start-up of Jersey routes in March 2025.
Channel passenger volumes were 5.5%
below 2024 on a comparable basis driven
by a decrease in coach volumes while car
volumes were on level with 2024. Revenue
per passenger continued to grow in Q3.
Baltic passenger volumes were 8.9% above
2024 driven by higher volumes on all routes.
Strait of Gibraltar adjusted passenger
volumes were 1.2% below 2024 following
fewer departures compared to 2024.
Revenue per passenger increased in Q3.
Financial performance
Revenue
Q3 revenue decreased 6.4% to DKK 4,759m
compared to 2024 and decreased 1.6%
adjusted for the divestment of Oslo-
Frederikshavn-Copenhagen, route
changes, and bunker/ETS surcharges.
The adjusted freight ferry revenue was
below 2024 driven by a net revenue
decrease in Mediterranean.
The adjusted passenger revenue was
above 2024 owing to higher revenue in
most areas as higher revenue per
passenger offset an impact from the lower
volumes.
EBITDA
EBITDA decreased 15.5% or DKK 199m to
DKK 1,083m and decreased 7.4% or
DKK 83m adjusted for route changes and
one-off items.
The adjusted EBITDA decrease was entirely
due to a lower result for Mediterranean. Its
Q3 result was however in line with
expectations as a new pricing model
launched in September 2025 provided an
initial yield recovery as planned.
The adjusted EBITDA for the rest of the ferry
network was thus above 2024 driven by
mainly higher results for the Channel and
Baltic Sea business units.
EBITA and EBIT
Q3 depreciation increased 6.6% or
DKK 31m to DKK 504m. The increase was
primarily due to a net impact from route
changes, particularly the addition of Jersey
routes.
EBIT decreased 28.7% or DKK 227m to
DKK 564m.
Capex
Gross Capex in Q3 2025, excluding
acquisitions, amounted to
DKK 173m of which DKK 156m was used for
ferry dockings and upgrades.
Invested capital and ROIC
Invested capital was at the end of Q3 2025
DKK 22.0bn which was on level with year-
end 2024. The operating invested capital
decreased DKK 1.1bn driven by
depreciation above capex and lower
working capital. This is balanced by an
internal transfer of acquisition intangibles
from the beginning of the year.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 4.9%
compared to 10.6% in 2024, and ROIC was
3.3% compared to 8.0% 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
Q3 2025 interim report
Logistics Division
7/27
→ Market demand remained overall
subdued in Q3
→ Improving earnings trend
continued in Q3 adjusted for
acquisitions
→ TES Q3 result below expectations
→ Q3 organic revenue on level with
2024
→ Q3 EBITDA up 29% to DKK 331m
and up 17% to DKK 299m adjusted
for acquisitions and one-off items
→ Q3 EBIT down 57% to DKK 21m
Q3 overview and activity
Transport and logistics activity levels in Q3
remained subdued across the Nordics and
continental Europe. Road transport
capacity still exceeds demand in most
regions and margin pressures persisted in
the quarter. The supply-demand balance
continued in Q3 to be more sound in UK and
Irish markets.
In the Nordic region, the Swedish activities
overall improved the margin level driven
mostly by price, cost, and capacity
adjustments and to a lesser extent by
higher volumes. Automotive performance
improved while warehousing was impacted
by declining demand. The Danish cold
chain activities improved performance on
the back of further restructurings, although
the market remains very competitive.
Norwegian, Finnish, Baltic, and eastern
European volumes and pricing levels
continued to face headwinds in Q3.
In the northern Continental region transport
activities continued to improve
performance in Q3 driven by capacity cuts
and hence lower volumes. The Belgian
Boost project progressed further in Q3 and
key traffic balances improved. Meat export
Logistics Division
Logistics Division
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full-
year
DKK m
2025
2025
2025
2025
2024
2024
2024
2024
2024
2024-25
2024
Revenue
4,050
3,897
3,971
11,917
9,649
3,130
3,296
3,223
3,699
15,617
13,348
Operating costs
Transport and warehousing costs
2,718
2,570
2,539
7,827
6,147
1,967
2,083
2,097
2,498
10,326
8,646
Gross profit
1,332
1,327
1,431
4,090
3,501
1,163
1,213
1,126
1,201
5,291
4,703
Sales, general and administration
195
197
196
589
574
190
207
176
183
771
756
Employee costs
940
913
904
2,757
2,078
668
716
694
832
3,590
2,910
EBITDA
196
217
331
744
850
304
289
256
186
930
1,036
Other income/costs, net
6
63
5
73
22
7
8
7
19
92
40
Depreciation and impairment
236
220
291
747
581
197
191
192
214
961
794
EBITA
- 34
60
45
70
291
115
106
71
- 9
61
282
Amortisation
21
26
23
71
62
21
21
20
21
92
82
EBIT
- 55
33
21
- 1
230
94
85
50
- 30
- 31
200
Gross profit margin, %
32.9
34.0
36.0
34.3
36.3
37.1
36.8
34.9
32.5
33.9
35.2
EBITDA-margin, %
4.8
5.6
8.3
6.2
8.8
9.7
8.8
7.9
5.0
6.0
7.8
EBITA-margin, %
-0.8
1.5
1.1
0.6
3.0
3.7
3.2
2.2
-0.2
0.4
2.1
EBIT-margin, %
-1.4
0.9
0.5
0.0
2.4
3.0
2.6
1.6
-0.8
-0.2
1.5
Invested capital, end of period
8,024
7,820
7,613
7,613
7,067
6,903
6,755
7,067
8,940
7,613
8,940
Gross Capex (excl. acquisitions and leases)
106
55
189
350
465
127
142
196
108
458
573
ROIC before acquisition intangibles, %, LTM
1.1
0.1
-0.6
-0.6
6.9
10.2
8.5
6.9
4.2
-0.6
4.2
ROIC, %, LTM
-0.5
-1.1
-1.5
-1.5
3.2
5.2
4.2
3.2
1.5
-1.5
1.5
Average number of employees
9,181
9,075
8,851
9,075
5,827
5,997
5,880
5,827
6,146
7,816
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 (TES). The Logistics Division is
a major customer of the Ferry Division’s
freight ferry route network.
Definitions on page 25.
Q3 2025 interim report
Logistics Division
8/27
volumes to the UK rebounded in Q3 after
being significantly reduced from mid-
January following an outbreak of Foot &
Mouth Disease in Germany.
UK & Ireland domestic activity levels
continued to be robust in Q3 apart from a
considerable decrease in the total market
volumes for Scottish seafood. Margin
pressures persisted for some traffics.
Turkish export trailer volumes to Europe
were in Q3 1% above 2024 having absorbed
a large decrease in August. Market growth
is expected to remain moderate for the rest
of the year. Price competition is elevated by
an oversupply of road transport capacity
and the ongoing rebalancing of the ferry
market.
Financial performance
Revenue
Q3 revenue increased 23.2% or DKK 748m
to DKK 3,971m compared to Q3 2024 and
decreased 0.3% adjusted for acquisitions.
The adjusted revenue included higher
revenue in UK & Ireland offset by lower
revenue in Nordic and Continent reflecting
a mix of positive organic growth in certain
areas offset by activity adjustments
/closures and market headwinds.
EBITDA
EBITDA increased 29.3% or DKK 75m to
DKK 331m and increased 16.9% or
DKK 43m to DKK 299m adjusted for
acquisitions and one-off items.
The higher adjusted result was driven by
the Nordic and Continent business units.
Their results were raised by earnings
improvements for low performing activities,
including further progress on the
turnaround Boost projects. In addition, the
activity result for Continent-UK meat flows
was above 2024.
The UK & Ireland business unit performed
on level with 2024 driven by continued
earnings growth in England and Ireland
while lower cold chain volumes reduced the
result for Scotland.
The turnaround of Türkiye & Europe South
(TES) progressed less than expected in Q3
as pricing and volume targets were not
achieved, including a negative impact from
a larger than usual seasonal dip in August
market volumes. Extra costs were incurred
by continued rail traffic bottlenecks to
Germany and increasing EU visa
restrictions for Turkish drivers.
The key TES turnaround drivers of the
coming quarters are to increase network
volumes and remedy operational issues
causing extra costs.
EBITA and EBIT
Q3 depreciation increased 51.4% or
DKK 99m to DKK 291m and decreased 7.0%
or DKK 13m adjusted for acquisitions.
The implied Q3 depreciation for
acquisitions of DKK 112m includes an
adjustment to previous quarters of
DKK 44m related to TES.
After an increase of DKK 3m in amortisation
to DKK 23m, EBIT decreased 57.4% or DKK
29m to DKK 21m.
EBIT increased 96.3% or DKK 48m to DKK
99m adjusted for acquisitions and one-off
items.
The Q3 EBIT-margin improved to 2.5% from
1.6% in Q3 2024 adjusted for acquisitions
and one-off items. Excluding lossmaking
activities 85% of the revenue had a Q3
Logistics Division – EBIT per quarter
-70
-20
30
80
130
180
Q1 Q2 Q3 Q4
DKK m
2023
2024
2025
Q3 2025 interim report
Logistics Division
9/27
EBIT-margin of 4.6% compared to 3.3% in
Q3 2024.
Capex
Gross Capex, excluding acquisitions,
amounted to DKK 189m in Q3 2025
consisting primarily of transport equipment,
mainly trailers, as well as construction of a
new warehouse in Northern Ireland and a
warehouse expansion in Scotland. Asset
sales were DKK 32m.
Invested capital and ROIC
The invested capital at the end of Q3 2025
was DKK 7.6bn, a decrease of DKK 1.3bn or
14.8% from year-end 2024 mainly due to
an internal reallocation of acquisition
intangibles from the beginning of the year.
The invested capital excluding the
acquisition of TES decreased 13.1% or DKK
0.9bn to DKK 6.0bn compared to year-end
2024 driven by primarily a lower working
capital and a reduction of operating
assets.
The return on invested capital before
acquisition intangibles, ROIC BAI, was
-0.6% compared to 6.9% in 2024, and ROIC
was -1.5% compared to 3.2% in 2024.
Q3 2025 interim report
ESG review
10/27
Q3 2025 interim report
ESG review
11/27
Q3 2025 interim report
Group review
12/27
→ Working capital reduced year-to-
date by factoring programme
→ NIBD reduced 8% or DKK 1.3bn
since beginning of 2025
→ Debt-to-earnings ratio
(NIBD/EBITDA) elevated to 4.3x by
current lower earnings level
→ Debt level remains moderate with
53/47 debt/equity ratio and 36%
equity ratio
Major Q3 events
Baltic Sea space charter agreement
To enhance the efficiency and scope of our
Baltic Sea ferry network, DFDS entered on
26 August 2025 into a mutual space
charter agreement with TT Line on the
combined freight and passenger (RoPax)
route Karlshamn-Klaipeda that both
parties operate today.
The agreement grants in addition DFDS
access to capacity on two TT Line routes:
Klaipeda-Trelleborg and Klaipeda-
Travemünde.
The agreement became effective for freight
on 1 October 2025 on all three routes
increasing frequency for customers on
Karlshamn-Klaipeda and expanding DFDS’
network.
For passengers, the agreement will be
effective on Karlshamn-Klaipeda on 1
October 2025 and on 1 November 2025 on
other routes.
Strait of Gibraltar capacity expansion
On 25 August 2025, DFDS entered into an
agreement to purchase part of the assets
of Naviera Armas’ Strait of Gibraltar ferry
operations. Besides one combined freight
and passenger ferry (RoPax) and one high-
speed catamaran ferry (HSC), the
purchase includes taking over existing
permits related to route operations and
around 200 employees. The asset
purchase price is DKK 240m and the
transaction is subject to regulatory
approvals.
DFDS currently operates two ferry routes on
Strait of Gibraltar: Algeciras-Tanger Med
and Algeciras-Ceuta. Naviera Armas’ two
ferries are deployed on the same routes
and the purchase expands and enhances
the customer offering to both freight
customers and passengers.
The capacity expansion is expected to add
revenue of around DKK 500m in 2026. The
transaction is expected to close in Q1 2026
and is therefore not expected to impact
2025 financials.
Major events after Q3
Sale of one freight ferry (RoRo)
In November 2025, DFDS entered into an
agreement to sell the freight ferry (RoRo)
Cappadocia Seaways built in 2002 as a
part of an ongoing fleet optimization. A
gain on the sale of around DKK 35m is
expected to be reported in the Q4 2025
income statement.
Capital
Financial leverage
Financial leverage (NIBD/EBITDA) was 4.3x
at the end of Q3 2025 and currently above
the target range of 2.0-3.0x following the
events of 2024 that are reducing earnings
in 2025.
Financial solidity is being safeguarded by
capital discipline, including working capital
initiatives of which a factoring programme
is a key element.
At the end of Q3 2025 the covenant
headroom to the financial leverage ratio
(NIBD/EBITDA) was around 20% which is
assessed to be more than sufficient to
support the expected earnings and
leverage development through 2025.
The debt/equity ratio was 53/47 at the end
of Q3 2025 and the equity ratio was 36%.
The debt level thus continues to be
moderate while the debt-to-earnings ratio -
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
Q3 2025 interim report
Group review
13/27
NIBD/EBITDA - is elevated by the current
earnings level decline.
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.
Financial performance
Revenue
The Group’s Q3 revenue increased 4.2% to
DKK 8,296m compared to 2024 following
higher revenue in Logistics Division that
offset lower Ferry Division revenue. The
Group’s organic revenue growth was -1.9%
adjusted for acquisitions, divestments, and
bunker/ETS surcharges.
Divisional revenue developments are
detailed in their respective review sections.
The Group’s Q1-3 revenue was
DKK 23,644m, an increase of 4.8%
compared to the same period in 2024.
Other income in Q1-3 was an insurance
compensation of DKK 116m from the total
constructive loss (TCL) of a freight ferry.
EBITDA
The Group’s Q3 EBITDA decreased 7.4% or
DKK 111m to DKK 1,397m as a higher
EBITDA in Logistics Division was more than
offset by a lower EBITDA in Ferry Division.
Divisional EBITDA developments are
detailed in their respective review sections.
Non-allocated items were a cost of
DKK 17m compared to DKK 30m in 2024.
The Group’s Q1-3 EBITDA decreased 17.9%
or DKK 660m to DKK 3,037m. EBITDA for
the last twelve months (LTM) was
DKK 3,780m.
EBITA and EBIT
Q3 depreciation increased 19.4% or
DKK 131m to DKK 805m and increased
DKK 6m adjusted for acquisitions,
divestments, and route changes.
The Group’s Q3 EBITA decreased 28.9% or
DKK 242m to DKK 597m compared to 2024.
The Q3 amortisation was DKK 61m up from
DKK 54m in Q3 2024.
The Group’s Q3 EBIT decreased 31.7% or
DKK 249m to DKK 536m compared to 2024.
The Group’s Q1-3 EBIT decreased 61.3% or
DKK 922m to DKK 582m compared to 2024.
Financial items
Total net financial items in Q3 were a cost
of DKK 205m, an increase of 6.9% or
DKK 13m compared to Q3 2024.
The net interest cost on financial debt
increased DKK 3m to DKK 122m following
an increase in financial debt.
The net interest cost on leasing debt
increased DKK 5m to DKK 74m following
mainly an increase in the interest rate.
Exchange rate adjustments and Other
financial items totalled a cost of DKK 9m in
Q3 2025 compared to a net cost of
DKK 4m in Q3 2024.
Total net financial items in Q1-3 were a
cost of DKK 605m which was 2.6% or
DKK 15m above Q1-3 2024.
Profit before and after tax
The Q3 profit before tax decreased
DKK 262m to DKK 331m compared to 2024.
The tax cost was DKK 54m and the profit for
the period was DKK 276m.
The Q1-3 profit before tax decreased
DKK 937m to DKK -23m compared to 2024
and the Q1-3 profit for the period was
DKK -139m.
Earnings per share
Q3 earnings per share (EPS) decreased to
DKK 5.13 from DKK 10.37 in Q3 2024.
Revenue
DKK m
Q3 2025
Q3 2024
Change, %
Change
Ferry Division
4,759
5,083
- 6.4
- 324
Logistics Division
3,971
3,223
23.2
748
Non-allocated items
222
200
10.9
22
Eliminations
- 656
- 541
21.2
- 115
DFDS Group
8,296
7,965
4.2
331
Operating profit before depreciation (EBITDA)
DKK m
Q3 2025
Q3 2024
Change, %
Change
Ferry Division
1,083
1,282
- 15.5
- 199
Logistics Division
331
256
29.3
75
Non-allocated items
- 17
- 30
42.3
13
DFDS Group
1,397
1,508
- 7.4
- 111
EBITDA-margin, %
16.8
18.9
- 11.1
- 2
Financial items
DKK m
Q3 2025
Q3 2024
Change, %
Change
Interests, net
- 196
- 188
- 4.2
- 8
Foreign exchange gains/losses, net
- 2
7
134.9
- 9
Other items, net
- 7
- 11
36.6
4
Total finance, net
- 205
- 192
- 6.9
- 13
Q3 2025 interim report
Group review
14/27
Cash flow and investments
The Q3 cash flow from operating activities
decreased 43.5% or DKK 434m to
DKK 563m compared to Q3 2024 following
primarily a lower operating result and a
negative impact from working capital.
Working capital was increased by mostly
the seasonal reversal of passenger
prepayments made ahead of the Q3 travel
high-season and payment of ETS-charges
to the EU.
The Q3 investing and financing activities
were impacted by the sale-and-leaseback
of three Swedish warehouses. Proceeds
from the sale of DKK 711m are included in
the investing activities while the leaseback
of DKK 649m is reported under financing
activities. A transaction gain of DKK 51m
was reported in the Q2 2025 income
statement.
Q3 investing activities was a cash outflow
of DKK 402m adjusted for the above
warehouse sale. The operating capex
included DKK 156m related to ferries and
DKK 128m for transport equipment. Land
and building capex of DKK 53m included
construction of a new warehouse in
Northern Ireland. Proceeds from sale of
assets was DKK 34m.
The Q3 cash flow from financing activities
was negative by DKK 432m adjusted for the
warehouse leaseback. Loan repayments
amounted to DKK 139m and payment of
lease liabilities was DKK 240m.
The net cash decrease was DKK 178m and
at the end of Q3 2025 cash amounted to
DKK 1,757m.
The Q1-3 cash flow from operating
activities was DKK 2,374m. Q1-3 operating
capex was an outflow of DKK 124m and
DKK 834m adjusted for the warehouse sale.
The cash flow from financing activities was
a net outflow of DKK 2,073m and
DKK 1,423m adjusted for the warehouse
leaseback.
The Q3 2025 adjusted free cash flow (FCFE)
was DKK -40m and DKK 744m for Q1-3
2025.
Invested capital and ROIC
Invested capital was DKK 30.1bn at the end
of Q3 2025 which was on level with Q3 2024
and a decrease of DKK 1.5bn compared to
year-end 2024. The latter decrease reflects
capex below depreciation, asset sales, and
a reduction of working capital.
Net working capital (NWC) was DKK -740m
at the end of Q3 which was an improvement
of DKK 766m compared to Q3 2024 and an
improvement of DKK 503m compared to
year-end 2024. The capital reduction was
mainly driven by a factoring programme
launched in the first half of 2025. The NWC-
share of revenue (LTM) was -2.4%.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 2.7%
in Q3 2025 compared to 8.2% for Q3 2024.
ROIC was 1.4% in Q3 2025 compared to
5.8% for Q3 2024.
Capital structure
At the end of Q3 2025 net-interest-bearing
debt (NIBD) was DKK 15.9bn, a decrease of
7.7% or DKK 1.3bn from year-end 2024.
Financial leverage, as measured by the
ratio of NIBD to pro forma LTM EBITDA, was
4.3x at the end of Q3 2025 compared to
3.3x at the end of Q3 2024 and 3.9x at
year-end 2024.
Equity
Equity amounted to DKK 13,692m at the
end of Q3 2025, including non-controlling
interests of DKK 77m, a decrease of 1.4% or
DKK 198m compared to year-end 2024 in
line with the total comprehensive income
for Q1-3 2025 of DKK -215m. The equity
ratio increased to 35.9% at the end of Q3
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
Q3 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 ,
Q3 2025 interim report
Financials
16/27
DFDS Group - Income statement
Q3
Q3
Q1-Q3
Q1-Q3
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
- 4
- 5
- 8
- 9
Profit on disposal of non-current assets, net
Depreciation and write-offs, 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
- 23
- 254
Tax on profit
Profit/loss for the period
- 139
- 410
Attributable to:
Equity holders of DFDS A/S
- 142
- 413
Non-controlling interests
- 1
Profit/loss for the period
- 139
- 410
Earnings per share
Basic earnings per share (EPS) of DKK 20, DKK
- 2.63
- 7.63
Diluted earnings per share (EPS-D) of DKK 20, DKK
-2.63
-7.63
DFDS Group - Statement of comprehensive income
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full-year
DKK m
2025
2024
2025
2024
2024-25
2024
Profit/loss for the period
- 139
- 410
Other comprehensive income
Items that will not be reclassified subsequently to the Income statement:
Remeasurement of defined benefit pension obligations
- 73
- 73
- 64
Tax on items that will not be reclassified to the Income statement
- 2
Items that will not be reclassified subsequently to the Income statement
- 55
- 55
- 48
Items that are or may be reclassified subsequently to the Income
statement:
Value adjustment of hedging instruments:
Value adjustment for the period
- 107
- 130
- 168
Value adjustment transferred to operating costs
- 88
- 1
- 101
- 8
- 119
- 26
Value adjustment transferred to financial costs
Foreign exchange adjustments, subsidiaries
- 25
- 58
- 48
Items that are or may be reclassified subsequently to the Income
statement
- 27
- 39
- 21
- 45
- 8
Total other comprehensive income after tax
- 82
- 39
- 76
- 92
- 1
Total comprehensive income
- 215
- 502
Attributable to:
Equity holders of DFDS A/S
- 218
- 504
Non-controlling interests
Total comprehensive income
- 215
- 502
Q3 2025 interim report
Financials
17/27
DFDS Group - Balance sheet, Assets
30 Sep.
30 Sep.
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 Sep.
30 Sep.
31 Dec.
DKK m
Note
2025
2024
2024
Share capital
Reserves
- 475
- 454
- 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
Q3 2025 interim report
Financials
18/27
DFDS Group - Statement of changes in equity 1 January - September 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
- 142
- 142
- 139
Other comprehensive income after tax
- 58
- 55
- 76
- 76
Total comprehensive income
- 58
- 197
- 218
- 215
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 September 2025
- 462
- 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.
Q3 2025 interim report
Financials
19/27
DFDS Group - Statement of changes in equity 1 January - September 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
- 50
Total comprehensive income
- 50
Transactions with owners:
Acquisition, non-controlling interests
- 20
- 7
Dividend paid
- 176
- 176
- 176
Dividend on treasury shares
Dividend paid, non-controlling interests
- 2
- 2
Share-based payments
Share buyback
- 34
- 304
- 337
- 337
Cash from sale of treasury shares related to exercise of share options
- 2
Reduction of share capital by cancellation of treasury shares
- 13
Total transactions with owners
- 13
- 19
- 439
- 471
- 22
- 493
Equity at 30 September 2024
- 415
- 67
Q3 2025 interim report
Financials
20/27
1
At 30 September 2025 DKK 18m (30 September 2024: DKK 0m) of the cash was deposited on restricted bank accounts.
DFDS Group - Statement of cash flows
Q3
Q3
Q1-Q3
Q1-Q3
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.
- 21
- 180
- 172
Change in working capital
- 503
- 289
- 181
- 64
Payment of pension liabilities and other provisions
- 35
- 12
- 59
- 31
- 75
- 48
Interest received, etc.
Interest paid, etc.
- 206
- 191
- 639
- 626
- 861
- 848
Taxes paid
- 77
- 40
- 157
- 128
- 173
- 144
Cash flows from operating activities
Investments in ferries including dockings, etc.
- 156
- 131
- 637
- 727
- 728
- 818
Sale of ferries including compensation for ferry declared total loss
Investments in other non-current tangible assets
- 209
- 228
- 412
- 524
- 557
- 669
Sale of other non-current tangible assets
Investments in non-current intangible assets
- 31
- 23
- 81
- 69
- 108
- 96
Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn-outs
4
- 17
- 1,136
- 1,438
- 2,574
Divestment of enterprises, associates, joint ventures, and activities
Other investing cash flows
- 7
- 3
- 10
- 8
- 10
- 7
Cash flows from investing activities
- 380
- 124
- 2,385
- 1,386
- 3,647
Free cash flows
- 227
Proceeds from bank loans and loans secured by mortgage in ferries
Repayment and instalments of bank loans and loans secured by mortgage in ferries
- 139
- 1,211
- 1,068
- 5,441
- 2,271
- 6,645
Proceeds from issuance of corporate bonds
Repayment of corporate bonds incl. settlement of cross currency swap
- 305
- 305
Payment of lease liabilities
- 946
- 240
- 1,511
- 780
- 1,755
- 1,024
Settlement of forward exchange contracts related to leases
Acquisition of treasury shares and share buyback
- 139
- 337
- 93
- 431
Other financing cash flows
- 7
- 6
Dividends paid to non-controlling interests
- 1
- 2
- 1
- 2
- 1
- 2
Dividends paid to equity holders of DFDS A/S
- 168
- 168
Cash flows from financing activities
- 1,082
- 723
- 2,073
- 42
- 956
Net cash flows
- 178
- 107
Cash and cash equivalents at beginning of period
Foreign exchange and value adjustments of cash and cash equivalents
- 2
- 9
- 8
Cash and cash equivalents at end of period
1
Q3 2025 interim report
Financials
21/27
Note 1 Accounting policies and
significant estimates
Basis of reporting
This section outlines the Group’s principal accounting
policies and highlights newly issued 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 European Union, and in compliance with additional
Danish disclosure requirements applicable to interim
reports of listed companies. The accounting policies,
judgements, and estimates applied are consistent
with those used in the preparation of the Group’s 2024
Annual Report, except where otherwise stated below.
Implementation of new or changed accounting
standards and interpretations
DFDS has adopted all new, amended, and revised
IFRS standards and interpretations endorsed by the
European Union that became effective for the
financial year commencing on 1 January 2025. None
of these changes have had a material impact on the
Group’s financial statements.
Beginning in 2025, DFDS has implemented factoring
arrangements as part of its working capital
management strategy. Trade receivables sold under
these arrangements are derecognised when the
significant risks and rewards of ownership are
transferred to the buyer.
Significant estimates
In the view of Management, the areas where
accounting estimates and assessments are significant
remain unchanged from DFDS’ latest Annual Report.
In preparing 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.
Sensitivity analysis for the ferry freight CGU (covering
the North Sea, Baltic Sea, and Mediterranean regions)
indicates that reasonably possible changes in key
assumptions - such as an increase in the discount rate
by 0.50 p.p. or a reduction in the average EBIT margin
by 1.25 p.p. for 2026–2029 - could eliminate the
headroom entirely.
Sensitivity analysis for the Logistics CGU indicates
that reasonably possible changes in key assumptions
- such as an increase in the discount rate by 0.75 p.p.
or a reduction in the average EBIT margin by 0.25 p.p.
for 2026–2029 - could eliminate the headroom
entirely.
Note 2 Segment Information
DKK m
Ferry
Division
Logistics
Division
1
Non-
allocated
Eliminations
Total
Q1-Q3 2025
External revenue
11,783
11,838
24
23,644
Intragroup revenue
1,276
80
648
- 2,004
-
Total revenue
13,059
11,917
672
- 2,004
23,644
Other income
116
0
-
116
Ferry and other ship operation and maintenance
4,151
227
0
- 35
4,343
Port terminal operations
2,989
75
0
- 24
3,040
Transport and warehouse solutions
585
7,526
-
- 1,140
6,971
Employee costs
2,091
2,757
450
- 5
5,293
Cost of sales, general and administration
1,001
588
288
- 801
1,077
Operating profit before depreciation and amortisation (EBITDA)
2,359
744
- 66
3,037
Operating profit before amortisation (EBITA)
785
70
- 94
762
Operating profit (EBIT)
741
- 1
- 158
582
Invested capital, end of period
21,952
7,613
513
30,078
DKK m
Ferry
Division
2
Logistics
Division
Non-
allocated
Eliminations
Total
Q1-Q3 2024
External revenue
12,975
9,578
4
22,557
Intragroup revenue
956
71
603
- 1,629
-
Total revenue
13,930
9,649
607
- 1,629
22,557
Ferry and other ship operation and maintenance
4,432
280
0
- 30
4,683
Port terminal operations
2,824
111
0
- 15
2,919
Transport and warehouse solutions
514
5,756
0
- 855
5,415
Employee costs
2,234
2,078
428
- 8
4,732
Cost of sales, general and administration
965
574
292
- 721
1,109
Operating profit before depreciation and amortisation (EBITDA)
2,960
850
- 113
3,697
Operating profit before amortisation (EBITA)
1,507
291
- 140
1,658
Operating profit (EBIT)
1,469
230
- 195
1,504
Invested capital, end of period
22,422
7,067
581
30,070
1
2025 Q1-Q3 Logistics includes Ekol Logistics acquired in November 2024.
2
2025 Q1-Q3 Ferry Division includes Oslo-Copenhagen, and from February 2024, FRS Group.
Q3 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 1,266m (Q1-Q3
2024: DKK 1,517m).
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 255m (Q1-Q3 2024: DKK
365m).
Q1-Q3
2025
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
3,144
-
-
3,144
Mediterranean
1
3,567
2,280
-
5,847
Baltic Sea
1,008
-
-
1,008
English Channel
4,065
-
-
4,065
Continent
-
3,599
-
3,599
Nordic
-
2,926
-
2,926
UK/Ireland
-
3,033
-
3,033
Other
-
-
24
24
Total
11,783
11,838
24
23,644
Product and services
Seafreight and shipping logistics solutions
7,367
-
0
7,367
Transport solutions
374
11,730
0
12,105
Passenger seafare and on board sales
3,125
0
-
3,125
Terminal services
479
9
0
488
Charters
255
0
-
255
Agency and other revenue
183
98
24
305
Total
11,783
11,838
24
23,644
Q1-Q3
2024
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
2
3,875
-
-
3,875
Mediterranean
4,446
-
-
4,446
Baltic Sea
971
-
-
971
English Channel
2,3
3,683
-
-
3,683
Continent
-
3,639
-
3,639
Nordic
-
3,079
-
3,079
UK/Ireland
3
-
2,860
-
2,860
Other
-
-
4
4
Total
12,975
9,578
4
22,557
Product and services
Seafreight and shipping logistics solutions
7,744
-
-
7,744
Transport solutions
476
9,286
-
9,762
Passenger seafare and on board sales
4
3,805
-
-
3,805
Terminal services
456
6
-
463
Charters
341
-
-
341
Agency and other revenue
151
286
4
442
Total
12,975
9,578
4
22,557
1
2025 Q1-Q3 Logistics Division includes Ekol Logistics acquired in
November 2024.
2
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 – Newcastle
revenue being fully allocated to English Channel.
3
UK/Ireland revenue in the Ferry Division is as of Q4 2024 reported in
English Channel.
4
2024 Q1-Q3 passenger sea fare and on-board sales include Oslo-
Copenhagen and, from February 2024, FRS Group.
Q3 2025 interim report
Financials
23/27
Note 4 Acquisition of enterprises and
sale of activities
Ekol Logistics
On 15 November 2024, DFDS Group completed the
acquisition of Ekol Logistics, headquartered in
Istanbul, Türkiye, and obtained control from that date.
The acquisition is part of the Logistics Division.
The addition of Ekol’s international transport network
enables DFDS to offer end-to-end logistics solutions
between Türkiye and Europe, 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 of customer relationships 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 the recognition of acquired identifiable
assets and liabilities at their fair value, goodwill arising
from the acquisition was measured at DKK 1,718m.
The goodwill represents the know how taken over and
the value of combining this with the existing DFDS
network.
The acquisition significantly expands DFDS’s logistics
footprint across Europe and strengthens its
connectivity with Türkiye, enabling the Group to offer
end-to-end transport and logistics solutions directly to
customers engaged in trade between the two regions.
Goodwill has been allocated to the Logistics Division
(DKK 637m) 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 2024 Annual Report.
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
recognised at the date of the event or change in
circumstances that prompted the transfer.
There were no transfers between levels of the fair
value hierarchy during the financial year 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
208
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
- 41
Goodwill
1,718
Total purchase price
1,678
Cash and bank balances acquired
- 241
Fair value of the purchase price
1,438
Q1-Q3 2025
Q1-Q3 2024
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
74
74
113
113
Securities (Level 3)
2
2
2
2
Financial liabilities
Derivatives (Level 2)
81
81
104
104
Q3 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 2024 Annual Report,
except for those described in note 1 Accounting
policies and significant estimates. 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 and
significant estimates.
The Parent Company’s revenue decreased by DKK
371m, equivalent to 4,14% compared to Q3 2024.
Operating profit before depreciation and amortisation
(EBITDA) increased by DKK 18m equivalent to 1.18%
compared to Q3 2024.
Profit before tax decreased by DKK 152m compared to
Q3 2024.
The Parent Company’s net interest-bearing debt
decreased by DKK 172m equivalent to 1.62%
compared to 31 December 2024.
Note 7 Events after Balance sheet
date
No material events have occurred after 30 September
2025 that have consequences for the Q3 2025 interim
report.
Note 8 Assets classified as held for
sale
The carrying amount of assets classified as held for
sale at 30 September 2025, is DKK 0m (2024: DKK
541m), with liabilities directly associated with assets
classified as held for sale of DKK 0m (2024: DKK
127m).
Assets held for sale at 30 September 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 September 2024 assets classified as held for
sale comprised mainly ships of DKK 412m 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.
Q1-Q3
Q1-Q3
LTM
Full-year
DKK m
2025
2024
2024-25
2024
Income statement
Revenue
8,601
8,972
11,167
11,538
Operating profit before depreciation and amortisation (EBITDA)
1,515
1,497
1,792
1,775
Operating profit before amortisation (EBITA)
467
583
444
560
Operating profit (EBIT)
386
518
337
469
Financial items, net
- 308
- 288
- 585
- 565
Profit before tax
77
230
- 249
- 96
Profit/loss for the period
77
262
- 252
- 68
Assets
Non-current intangible assets
721
725
-
724
Non-current tangible assets
6,581
6,499
-
6,839
Investments in subsidiaries
14,944
14,539
-
14,459
Investments in associates, joint ventures and securities
2
2
-
2
Non-current receivables from subsidiaries
1,403
21
-
1,362
Other non-current assets
15
84
-
108
Non-current assets
23,665
21,870
-
23,494
Current receivables from subsidiaries
1,050
1,192
-
1,070
Receivables from associates and joint ventures
38
30
-
29
Cash
909
250
-
661
Other current assets
1,016
1,174
-
1,069
Current assets
3,013
2,646
-
2,829
Assets classified as held for sale
-
528
-
-
Total assets
26,678
25,043
-
26,323
Equity and liabilities
Equity
10,902
11,212
-
10,773
Non-current liabilities to subsidiaries
15
38
-
51
Other non-current liabilities
8,512
8,273
-
9,970
Non-current liabilities
8,527
8,311
-
10,021
Current liabilities to subsidiaries
3,862
2,886
-
2,770
Other current liabilities
3,387
2,518
-
2,759
Current liabilities
7,249
5,404
-
5,529
Liabilities relating to assets classified as held for sale
-
116
-
Total equity and liabilities
26,678
25,043
-
26,323
Equity ratio, %
40.9
44.8
-
40.9
Net interest-bearing debt
10,488
10,336
-
10,660
Q3 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
Q3 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
Q3 2025 interim report
Financials
27/27
6 November 2025
Company announcement no.: 33/2025
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 14 19 47 11