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1

In 2025, 'Sale of other non-current tangible assets' includes proceeds of DKK 711m and 'Payment of lease liabilities' includes payments of DKK 649m which are related to the exercise of purchase options for three leased warehouses which were subsequently sold and leased back.

2

At 31 December 2025 DKK 18m (2024: DKK 11m) of the cash and cash equivalents was deposited on restricted bank accounts.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__19": { "value": "

1

In 2025, 'Sale of other non-current tangible assets' includes proceeds of DKK 711m and 'Payment of lease liabilities' includes payments of DKK 649m which are related to the exercise of purchase options for three leased warehouses which were subsequently sold and leased back.

2

At 31 December 2025 DKK 18m (2024: DKK 11m) of the cash and cash equivalents was deposited on restricted bank accounts.

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1.1 Principal accounting policies

Accounting policies are generally included in the notes to which they relate. This note provides a list of other potentially material accounting policies adopted in the preparation of these consolidated financial statements to the extent that they have not been disclosed in the notes to which they relate. These policies have been consistently applied to all of the years presented, unless otherwise stated. The financial statements are for the Group consisting of DFDS A/S and its subsidiaries.

The accounting policies have been made within the framework of the prevailing IFRS accounting standards as adopted by the EU. The actual text of the standard is not repeated in the notes. The description of accounting policies in the notes forms part of the overall description of DFDS\u2019 accounting policies.

Basis of reporting

The 2025 consolidated financial statements and Parent company financial statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 19 February 2026, the Board of Directors and the Executive Management Board considered and approved the 2025 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 25 March 2026.

Basis for preparation

The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company\u2019s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit and loss\u201d (FVTPL) are measured at fair value.

Rounding

In general, rounding may cause variances in sums and percentages in the Annual Report.

Application of materiality and relevance

The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with

other information, is disclosed.

Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor.

Alternative performance measures

In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS accounting standards. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS.

For definitions of key figures please refer to the section \u2018Financial definitions\u2019.

Climate related risk

When preparing the consolidated financial statements, Management considers climate-related risks, where these could potentially impact reported amounts materially. The areas in which climate-related risks have been assessed at the end of 2025 are included within the individual notes outlined below:

Note 3.1.2 Non-current tangible assets

Note 3.1.3 Right-of-use assets and lease liabilities

Note 3.1.4 Impairment testing

1.1 Principal accounting policies (continued)

Description of accounting policies

Basis of consolidation

The consolidated financial statements include the Parent company DFDS A/S and the subsidiaries in which the Parent company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent company and its subsidiaries are referred to as the Group.

The consolidated financial statements are based on the Parent company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The consolidated financial statements are prepared by applying the Group\u2019s accounting policies.

Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date.

The Group\u2019s investments in associates and joint ventures are recognised in the consolidated financial statements at the Group\u2019s proportionate share of the associate\u2019s/joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise.

Non-controlling interests

In the consolidated financial statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the statement of change in equity.

Translation of foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK).

Translation of transactions and balances

On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement as financial income or cost except when deferred in equity as qualifying for cash flow hedges.

Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair value through profit and loss (FVTPL), are recognised in the same line item as the fair value gain or loss.

Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition.

Translation of subsidiaries

In the consolidated financial statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period.

Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in other comprehensive income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent company\u2019s and the non-controlling interests\u2019 share of equity.

Report under the ESEF regulation

The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS accounting taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2025-12-31-en.zip.

1.2 New accounting policies and disclosures

New International Financial Reporting Standards and Interpretations

Accounting pronouncements, which have become effective from 1 January 2025 and have therefore been adopted by the Group do not have a significant impact on the Group\u2019s financial results or position.

New standards and interpretations not yet adopted

The IASB has issued amended standards and interpretations with effective date post 31 December 2025, some of which have not yet been endorsed by the EU. The new and amended standards and interpretations are not mandatory for the financial reporting for 2025. The Group expects to adopt the Standards and Interpretations when they become mandatory.

IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 (effective for annual periods beginning on or after 1 January 2027) will not impact the recognition or measurement of items in the financial statements however, it will impact presentation and disclosure with retrospective application.

The standard introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and adds requirements for aggregation and disaggregation of financial information.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include

changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit

or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from

dividends and interest. In addition, there are consequential amendments to several other standards.

The Group is currently working to identify all impacts the amendments will have on the primary financial

statements and notes to the financial statements. The initial expected material impacts are, as follows:

The share of profit or loss of associates and joint ventures will be classified within the investing category in the statement of profit or loss.

Foreign exchange differences will be classified in the same category as the income or expense arising from the underlying item that gives rise to the foreign exchange difference.

New disclosures will be added: (a) management-defined performance measures and (b) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1.

In the statement of cash flows, the starting point will be changed to operating profit or loss, and interest re-ceived and other financial income will be classified within investing activities, while interest paid and other fi-nancial expenses will be classified within financing activities.

Other amendments are not expected to have a material impact on the Group\u2019s financial statements.

\u00a7 Accounting policies

Geographical information is based on seven geographical areas. When allocating non-current assets to geographical areas, DFDS assesses the location of the legal entity that owns the assets as well as in which geographical area the entity operates in.

Segment income and costs include transactions between the two segments. Such transactions are carried out on market terms. Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are paid by the business segments based on revenue generated.

Accounting policies

Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc., is recognised in the income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short-term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. 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 T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can be over a longer period.

Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales are recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are following market terms.

DFDS makes use of subcontractors throughout its logistics operations for the transportation and delivery of products. When making use of subcontractors, DFDS has determined that it is acting as a principal providing the service to its clients.

Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered.

When allocating revenue to geographical areas within the Ferry segment, DFDS assigns revenue based on the region that owns the route. For example, if a unit is shipped between the Netherlands and the UK via one of the North Sea routes, the revenue is attributed to the North Sea region.

Similarly, in the Logistics segment, transports are allocated to specific corridors. A corridor represents a transport connection between two countries and includes traffic in both directions. Each corridor is managed by a legal entity from one of the countries involved, and this entity belongs to a designated geographical area. Consequently, external revenue is allocated according to the geographical area of the legal entity that owns the corridor.

\u00a7 Accounting policies

Ferry and other ship costs comprise costs of sales related to maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Catering costs and shop consumables include consumption of inventory of goods for sale. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport and warehouse solutions are costs related to land-based activities such as stevedoring, terminal, and haulage costs. General and administration external costs comprise external costs such as consultant fees, IT-related costs, utilities and property maintenance costs, audit fees, marketing costs, etc.

Cost linked to Maritime Emission Trading Scheme (ETS) is recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and reported within ferry and other ship costs including charter related cost.

Accounting policies

Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.

Accounting policies

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.

\u00a7 Accounting policies

Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years' taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the income statement or in the equity in correlation to the underlying transaction.

The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments.

Deferred tax is provided for using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date.

Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/receivable tax and/or as deferred tax assets/liabilities.

\u00a7 Accounting policies

Non-current intangible assets \u2013 Other than goodwill

Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates.

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s CGUs at the time of acquisition.

\u00a7 Accounting policies (continued)

Port concession rights

Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period.

Customer relationships

Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years.

Software

Amortisation is applied on a straight-line basis over the estimated useful life, typically 3\u20135 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems.

Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges.

\u2022\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance.

\u2022\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

Maintenance and daily running costs for the ferries and other ships are expensed in the income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries' or ships' next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries.

Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the income statement as \u2018Profit on disposal of non-current assets, net\u2019.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (RoPax) ferries

Due to differences in the wear and tear of certain components of passenger cruise ferries and RoPax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (RoRo)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both RoPax and RoRo ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of ferries is estimated as the expected fair value at the end of their useful lifetime.

Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies.

Other non-current tangible assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. depreciated over the term of the lease

Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the carrying amount at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the income statement as \u2018Profit on disposal of non-current assets, net'.

\u00a7 Accounting policies

Group as lessee (lease in)

The right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs, whereas lease liabilities are measured at the present value of lease payments to be made over the lease term. Lease payments are discounted using DFDS\u2019 incremental borrowing rate.

Depreciation follows the straight-line method over the lease term or the useful life of the right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease liability will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For contracts with a rolling term (evergreen leases), Management exercises judgement in determining useful lifetime of the underlying right-of-use asset.

Group as lessor (lease out)

For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the income statement. Lease income from assets leased out on an operating lease is recognised in the income statement on a straight-line basis over the lease term.

Sale and leaseback transactions

Sale and leaseback transactions are assessed to determine whether the transfer of the asset qualifies as a true sale in accordance with IFRS 15 Revenue from Contracts with Customers. If control is transferred to the buyer and the transaction qualifies as a true sale, DFDS derecognises the asset and recognises a right-of-use asset and a lease liability. The right-of-use asset is measured as the proportion of the previous carrying amount of the asset that relates to the retained right of use. The lease liability is measured at the present value of future lease payments. Any gain or loss arising on the sale is recognised in the income statement only to the extent that it relates to the rights transferred to the buyer. The portion of the gain or loss that relates to the right of use retained is included as part of the right-of-use asset. In case the sale and leaseback transaction does not qualify as a true sale, then the transaction is considered a financial arrangement where the assets continue to be recognised on the balance sheet and the proceed received is recognised as a financial liability.

\u00a7 Accounting policies

The carrying amount of goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated.

Accounting policies

Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers is performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the income statement.

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.

Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc.

Accounting policies

Bunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower.

Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

Accounting policies

Other payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.

Accounting policies

Contributions to defined contribution pension plans are recognised in the income statement in the period in which they relate, and any payable contributions are accrued in the balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value-in-use of future benefits payable under the plan is made once a year. The value-in-use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value-in-use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value-in-use less the fair value of any assets under the plan is recognised in the balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the income statement based on actuarial estimates and financial expectations at the beginning of the year.

The difference between the calculated development in pension assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains and losses.

Changes in the benefits payable for employees' past service to the enterprise result in an adjust-ment of the actuarial calculation of the value-in-use, which is classified as past service costs. Past service costs are recognised in the income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.

Other non-current employee obligations include jubilee benefits, etc.

Accounting policies

Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges - and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

Accounting policies

Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement under financial costs over the term of the loan.

Interest-bearing liabilities also include capitalised residual lease obligations on leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects.

Accounting policies

Dividends

Proposed dividends are recognised as liabilities at the date on which they are adopted at the Annual General Meeting (time of declaration).

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

Currency translation reserve

The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity.

Reserve for hedging

The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

\u00a7 Accounting policies

The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted.

The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction.

At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments.

The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value.

The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively.

\u00a7 Accounting policies

The statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year.

The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of non-cash operating items, items presented as part of EBITDA but to be presented under investing activities or financing activities in the statement of cash flows, changes in working capital (such as trade payables, deferred income, ETS emission provision, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid.

Cash flows from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Furthermore, cash flows from investing activities also includes compensation received from ferries declared total loss. Cash flows from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand.

Accounting policies

Enterprises acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Enterprises disposed are recognised in the consolidated financial state-ments until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals.

Business combinations where control is obtained by the Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.

The acquisition date is the date on which the Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority inter-ests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are rec-ognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment test. Allocation of goodwill to cash-generating units is described in note 3.1.4.

Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a dif-ferent functional currency than the Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date.

The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recog-nised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__22": { "value": "DFDS A/S ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__25": { "value": "A/S ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__21": { "value": "

Basis of reporting

The 2025 consolidated financial statements and Parent company financial statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 19 February 2026, the Board of Directors and the Executive Management Board considered and approved the 2025 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 25 March 2026.

Basis for preparation

The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company\u2019s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit and loss\u201d (FVTPL) are measured at fair value.

Rounding

In general, rounding may cause variances in sums and percentages in the Annual Report.

Application of materiality and relevance

The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with

other information, is disclosed.

Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__26": { "value": "

Basis of reporting

The 2025 consolidated financial statements and Parent company financial statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 19 February 2026, the Board of Directors and the Executive Management Board considered and approved the 2025 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 25 March 2026.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__27": { "value": "

Basis of reporting

The 2025 consolidated financial statements and Parent company financial statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__28-1": { "value": "

Basis of reporting

The 2025 consolidated financial statements and Parent company financial statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 19 February 2026, the Board of Directors and the Executive Management Board considered and approved the 2025 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 25 March 2026.

Basis for preparation

The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company\u2019s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit and loss\u201d (FVTPL) are measured at fair value.

Rounding

In general, rounding may cause variances in sums and percentages in the Annual Report.

Application of materiality and relevance

The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with

other information, is disclosed.

Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor.

Alternative performance measures

In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS accounting standards. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS.

For definitions of key figures please refer to the section \u2018Financial definitions\u2019.

Climate related risk

When preparing the consolidated financial statements, Management considers climate-related risks, where these could potentially impact reported amounts materially. The areas in which climate-related risks have been assessed at the end of 2025 are included within the individual notes outlined below:

Note 3.1.2 Non-current tangible assets

Note 3.1.3 Right-of-use assets and lease liabilities

Note 3.1.4 Impairment testing

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__29": { "value": "On 19 February 2026, the Board of Directors and the Executive Management Board considered and approved the 2025 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 25 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__46": { "value": "

Climate related risk

When preparing the consolidated financial statements, Management considers climate-related risks, where these could potentially impact reported amounts materially. The areas in which climate-related risks have been assessed at the end of 2025 are included within the individual notes outlined below:

Note 3.1.2 Non-current tangible assets

Note 3.1.3 Right-of-use assets and lease liabilities

Note 3.1.4 Impairment testing

1.3 Significant accounting estimates and judgements

Significant estimates and judgements

In the preparation of the consolidated financial statements, 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 assumptions are based on historical experience and other factors such as the current state of the world economy and climate-related matters which are, by their nature, 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 and judgements. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report:

Note

Key accounting estimates and judgements

Estimate / Judgement

Impact

2.6

Deferred tax assets

Estimate

\"\"
\"\"
\"\"

3.1.2

Assessment of useful life and residual values

Estimate

\"\"
\"\"
\"\"

3.1.3

Lease extension options

Estimate/Judgement

\"\"
\"\"
\"\"

3.1.4

Impairment testing of goodwill and non-current assets, definition of cash-generating units (CGUs) and assessment inputs

Estimate/Judgement

\"\"
\"\"
\"\"

5.5

Purchase price allocation in connection with acquisitions

Estimate/Judgement

\"\"
\"\"
\"\"

Level or potential impact to the consolidated financial statements:

Low

\"\"

Medium

\"\"

High

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate.

!Significant accounting estimates

Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Estimates are performed annually based on forecasts, business initiatives and likely structural changes for the coming years.

!Significant accounting estimates

Assessment of useful life and residual values

Estimation of useful lives is based on experience. When there is an indication of a change in an asset\u2019s useful life, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environmental requirements.

!Significant accounting estimates (continued)

Management has also considered that the impact of climate-related factors, including regulatory changes, technological advancements, and DFDS\u2019 own emission reduction ambitions, may in the future affect the estimated useful life of vessels. As a result, the expected timing for replacing existing vessels could accelerate. To mitigate these risks, the Group is increasingly adopting alternative fuel sources, such as biofuels, and implementing a range of operational and technical measures to enhance energy efficiency. These initiatives, together with DFDS\u2019 structured approach to achieving emissions reduction, may help reduce the risk of obsolescence within the current fleet. Management has assessed these factors and concluded that, as of 31 December 2025, no changes to the remaining useful life of vessels or other tangible assets were required.

Significant accounting estimates and judgements

Extension options

The Group has entered into lease agreements with extension options. Management exercises significant judgement in determining whether these extension options are reasonably certain to be exercised and, in that connection, considers all relevant factors that create an economic and strategic incentive to exercise the extension option.

Management has also considered the impact of decarbonisation and climate-related risks on assessing the likelihood of extending lease agreements. Such risks include new climate-related legislation restricting the use of certain assets and new technology demanded by climate-related legislation.

!Significant accounting estimates and judgements

Climate related matters

Management continuously monitors climate related risks when measuring the recoverable amount. While the Groups' operations are not currently exposed to significant physical risk, the value-in-use may be impacted by transition risk, such as legislation, regulations, and changes in demand for the Group's services. Expectations for the following years have been incorporated into projected cash flows: increased operating costs for e-trucks and investments to improve fuel efficiency and conversion to green fuels.

Determination of CGUs and assessment inputs of key parameters

Judgement and estimates are applied in the determination of CGUs to which goodwill is allocated for impairment testing as well as in the selection of methodologies and assumptions applied in impairment tests. The determination of CGUs differs based on the business area. Most of the freight ferries in North Sea, Baltic Sea and Mediterranean are interchangeable with each other and where and how the fleet of ferries is deployed is centrally decided. Consequently, these areas are tested for impairment as a single CGU. Conversely, the vessels servicing the Channel, Strait of Gibraltar, Amsterdam-Newcastle and Jersey routes can be used exclusively in each specific itinerary. Consequently, these areas are individually tested for impairment as a separate CGUs. In logistics, Management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - is the cash inflows generated by all logistics routes together. This is based on increased integration, creation of the equipment pool, and the fact that our logistics routes are largely interdependent and managed with the common objective of supporting the Group's ferry business across regions.

Key assumptions

Value-in-use calculations rely on Management\u2019s expectations for future cash flows based on budgets and forecasts, incorporating several assumptions such as market conditions, inflation, and discount rates. While these assumptions involve uncertainty, they represent Management\u2019s best estimates.

Significant accounting estimates

In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.

Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__35": { "value": "

Basis of consolidation

The consolidated financial statements include the Parent company DFDS A/S and the subsidiaries in which the Parent company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent company and its subsidiaries are referred to as the Group.

The consolidated financial statements are based on the Parent company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The consolidated financial statements are prepared by applying the Group\u2019s accounting policies.

Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date.

The Group\u2019s investments in associates and joint ventures are recognised in the consolidated financial statements at the Group\u2019s proportionate share of the associate\u2019s/joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__36": { "value": "Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__37": { "value": "The Group\u2019s investments in associates and joint ventures are recognised in the consolidated financial statements at the Group\u2019s proportionate share of the associate\u2019s/joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__38": { "value": "The Group\u2019s investments in associates and joint ventures are recognised in the consolidated financial statements at the Group\u2019s proportionate share of the associate\u2019s/joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__39": { "value": "

Non-controlling interests

In the consolidated financial statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the statement of change in equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__40": { "value": "

Translation of foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__41-1": { "value": "

Translation of foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK).

Translation of transactions and balances

On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement as financial income or cost except when deferred in equity as qualifying for cash flow hedges.

Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair value through profit and loss (FVTPL), are recognised in the same line item as the fair value gain or loss.

Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition.

Translation of subsidiaries

In the consolidated financial statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period.

Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in other comprehensive income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent company\u2019s and the non-controlling interests\u2019 share of equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__44": { "value": "

1.2 New accounting policies and disclosures

New International Financial Reporting Standards and Interpretations

Accounting pronouncements, which have become effective from 1 January 2025 and have therefore been adopted by the Group do not have a significant impact on the Group\u2019s financial results or position.

New standards and interpretations not yet adopted

The IASB has issued amended standards and interpretations with effective date post 31 December 2025, some of which have not yet been endorsed by the EU. The new and amended standards and interpretations are not mandatory for the financial reporting for 2025. The Group expects to adopt the Standards and Interpretations when they become mandatory.

IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 (effective for annual periods beginning on or after 1 January 2027) will not impact the recognition or measurement of items in the financial statements however, it will impact presentation and disclosure with retrospective application.

The standard introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and adds requirements for aggregation and disaggregation of financial information.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include

changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit

or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from

dividends and interest. In addition, there are consequential amendments to several other standards.

The Group is currently working to identify all impacts the amendments will have on the primary financial

statements and notes to the financial statements. The initial expected material impacts are, as follows:

The share of profit or loss of associates and joint ventures will be classified within the investing category in the statement of profit or loss.

Foreign exchange differences will be classified in the same category as the income or expense arising from the underlying item that gives rise to the foreign exchange difference.

New disclosures will be added: (a) management-defined performance measures and (b) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1.

In the statement of cash flows, the starting point will be changed to operating profit or loss, and interest re-ceived and other financial income will be classified within investing activities, while interest paid and other fi-nancial expenses will be classified within financing activities.

Other amendments are not expected to have a material impact on the Group\u2019s financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__45": { "value": "

1.2 New accounting policies and disclosures

New International Financial Reporting Standards and Interpretations

Accounting pronouncements, which have become effective from 1 January 2025 and have therefore been adopted by the Group do not have a significant impact on the Group\u2019s financial results or position.

New standards and interpretations not yet adopted

The IASB has issued amended standards and interpretations with effective date post 31 December 2025, some of which have not yet been endorsed by the EU. The new and amended standards and interpretations are not mandatory for the financial reporting for 2025. The Group expects to adopt the Standards and Interpretations when they become mandatory.

IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 (effective for annual periods beginning on or after 1 January 2027) will not impact the recognition or measurement of items in the financial statements however, it will impact presentation and disclosure with retrospective application.

The standard introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and adds requirements for aggregation and disaggregation of financial information.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include

changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit

or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from

dividends and interest. In addition, there are consequential amendments to several other standards.

The Group is currently working to identify all impacts the amendments will have on the primary financial

statements and notes to the financial statements. The initial expected material impacts are, as follows:

The share of profit or loss of associates and joint ventures will be classified within the investing category in the statement of profit or loss.

Foreign exchange differences will be classified in the same category as the income or expense arising from the underlying item that gives rise to the foreign exchange difference.

New disclosures will be added: (a) management-defined performance measures and (b) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1.

In the statement of cash flows, the starting point will be changed to operating profit or loss, and interest re-ceived and other financial income will be classified within investing activities, while interest paid and other fi-nancial expenses will be classified within financing activities.

Other amendments are not expected to have a material impact on the Group\u2019s financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__47": { "value": "

2.1\tSegment information

The segmentation, including the allocation of operating profit, assets, liabilities, and other financial metrics, aligns with the Group\u2019s internal reporting structure. Management has defined the Group\u2019s business segments based on the reporting regularly presented to the Group Executive Management, which serves as the foundation for strategic and operational decision-making. Segment performance is assessed by Management using EBITDA and EBIT as key performance indicators.

Segment costs comprise directly attributable expenses as well as systematically allocated indirect costs, primarily related to Group functions. Non-allocated costs represent general corporate functions that cannot be reasonably attributed to individual segments. These costs mainly include expenses associated with the Group Executive Management and the Board of Directors, as well as central functions such as Treasury, Investor Relations, Legal, Procurement, Communication, Finance, and selected Group-wide projects.

Segment assets include assets which are directly related to the segment such as non-current intangibles, non-current tangibles, other non-current and right-of-use assets, inventories, receivables, prepayments, and cash. Segment liabilities include current and non-current liabilities.

The Ferry Division operates a network of ferry routes in and around Europe, and also routes connecting Europe with T\u00fcrkiye and North Africa, facilitating the transportation of freight units - primarily trailers - and passengers. The fleet comprises a mix of RoRo and RoPax vessels. DFDS also owns and/or operates port terminals at strategic locations across the route network. Key freight customers include forwarders, hauliers, and manufacturers of heavy industrial goods. Passenger services cater mainly to individuals traveling with their own vehicles.

The Logistics Division provides transport solutions for full- and part loads as well as contract logistics solutions, including warehousing and transport of frozen meat and fish. The customers are primarily manufacturers of industrial goods and consumables as well as retailers.

No single customer accounts for 10% or more of the total revenue.

2025

DKK million

Ferry Division

Logistics Division

Non- allocated

Eliminations

Total

External revenue

15,294

15,618

35

30,947

Intragroup revenue

1,705

105

850

-2,660

-

Total revenue

16,999

15,723

885

-2,660

30,947

Other Income

119

0

-

119

Ferry and other ship operation and maintenance

5,448

311

0

-46

5,713

Port terminal operations

3,864

100

0

-31

3,933

Transport and warehouse solutions

763

9,895

0

-1,520

9,138

Employee costs

2,848

3,665

613

-8

7,117

General and administrationexternal costs

1,313

774

392

-1,056

1,423

Operating profit before depreciation and amortisation (EBITDA)

2,883

979

-120

3,743

Operating profit before amortisation (EBITA)

850

52

-155

747

Operating profit (EBIT)

791

-30

-241

520

Profit/loss before tax

-298

Profit/loss for the year

-425

Capital expenditure

810

917

109

1,836

Invested capital

21,002

7,630

552

29,184

2.1\tSegment information (continued)

2024

DKK million

Ferry Division

Logistics Division

Non- allocated

Eliminations

Total

External revenue

16,489

13,253

11

29,753

Intragroup revenue

1,369

95

836

-2,300

-

Total revenue

17,858

13,348

847

-2,300

29,753

Ferry and other ship operation and maintenance

5,773

387

0

-43

6,117

Port terminal operations

3,697

137

0

-19

3,814

Transport and warehouse solutions

692

8,122

0

-1,218

7,596

Employee costs

2,899

2,910

563

-10

6,361

General and administration external costs

1,284

756

393

-1,009

1,424

Operating profit before depreciation and amortisation (EBITDA)

3,514

1,036

-109

4,440

Operating profit before amortisation (EBITA)

1,578

282

-145

1,716

Operating profit (EBIT)

1,525

200

-219

1,506

Profit before tax

683

Profit for the year

541

Capital expenditure

2,303

2,941

99

5,343

Invested capital

21,941

8,940

652

31,533

Geographical breakdown

The Group does not have a natural geographic split on countries since it operates routes connecting Europe to T\u00fcrkiye and Northern Africa. The routes support each other with sales and customer services located in one country whereas the actual revenue is created in other countries. Consequently, it is not possible to present a meaningful split of revenues and non-current assets by country.

The split is therefore presented by the sea and geographical areas in which DFDS operates. The geographical split of revenue is shown in the revenue note. Reference is made to note 2.2.

The applied split results in seven geographical areas: North Sea, Mediterranean, Baltic Sea, English Channel, Continent, Nordic and UK/Ireland. As a consequence of the Group\u2019s business model, the routes do not directly own the ferries but charter the ferries from a Group internal vessel pool.

Ferries are regularly redeployed across the Group\u2019s route network to optimise operations. In addition, certain non-current assets - such as IT software and corporate assets owned by the headquarters - are utilised across the entire Group. As a result, these assets cannot be meaningfully attributed to specific geographical areas. It is therefore not possible to meaningfully estimate the exact value of the non-current assets per geographical area. Instead, an allocation has been used based on business unit.

DKK million

North Sea

Mediter-ranean

Baltic Sea

English Channel

Continent

Nordic

UK/ Ireland

Total

2025

Non-current assets

7,756

11,440

2,031

3,063

1,998

1,804

2,415

30,507

2024

Non-current assets

7,837

12,507

2,853

2,132

2,479

1,780

2,406

31,996

\u00a7 Accounting policies

Geographical information is based on seven geographical areas. When allocating non-current assets to geographical areas, DFDS assesses the location of the legal entity that owns the assets as well as in which geographical area the entity operates in.

Segment income and costs include transactions between the two segments. Such transactions are carried out on market terms. Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are paid by the business segments based on revenue generated.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__48": { "value": "

\u00a7 Accounting policies

Geographical information is based on seven geographical areas. When allocating non-current assets to geographical areas, DFDS assesses the location of the legal entity that owns the assets as well as in which geographical area the entity operates in.

Segment income and costs include transactions between the two segments. Such transactions are carried out on market terms. Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are paid by the business segments based on revenue generated.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__49": { "value": "

2.2\tRevenue

2025

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea

4,156

-

-

4,156

Mediterranean1

4,619

2,957

-

7,576

Baltic Sea

1,334

-

-

1,334

English Channel

5,185

-

-

5,185

Continent

-

4,786

-

4,786

Nordic

-

3,868

-

3,868

UK/Ireland

-

4,006

-

4,006

Other

-

-

35

35

Total revenue

15,294

15,618

35

30,947

Product and services

Seafreight and shipping logistics solutions

9,817

-

0

9,817

Transport solutions

443

15,482

0

15,925

Passenger seafare and onboard sales

3,815

0

-

3,815

Terminal services

606

11

-

617

Charters

341

0

-

341

Agency and other revenue

271

125

35

432

Total revenue

15,294

15,618

35

30,947

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 364m (2024: DKK 476m). Onboard sales amounts to DKK 1,631m (2024: DKK 1,916m).

Typically, payment is due upon or after completion of the services in the Logistics Division and at the start of the journey in the Ferry Division.

2024

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea2

4,770

-

-

4,770

Mediterranean

5,787

358

-

6,145

Baltic Sea

1,245

-

-

1,245

English Channel2

4,687

-

-

4,687

Continent

-

4,912

-

4,912

Nordic

-

4,101

-

4,101

UK/Ireland

-

3,883

-

3,883

Other

-

-

11

11

Totalrevenue

16,489

13,253

11

29,753

Product and services

Seafreight and shipping logistics solutions

10,046

-

-

10,046

Transport solutions

624

12,891

-

13,516

Passenger seafare and onboard sales3

4,574

-

-

4,574

Terminal services

591

7

-

599

Charters

448

-

-

448

Agency and other revenue

205

355

11

572

Totalrevenue

16,489

13,253

11

29,753

1

2025 Mediterranean Logistics Division includes Ekol Transport Group acquired in

November 2024.

2

North Sea and English Channel have been restated to reflect the

closing of the passenger business unit (following the sale of the Oslo-Frederikshavn-

Copenhagen route) which resulted in Amsterdam \u2013 Newcastle

revenue being fully allocated to English Channel.

3

Passenger seafare and onboard sales include the Oslo-Frederikshavn-

Copenhagen route Q1-Q3 2024, and from February 2024, FRS Iberia/Maroc.

2.2\tRevenue (continued)

\u00a7 Accounting policies

Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc., is recognised in the income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short-term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. 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 T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can be over a longer period.

Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales are recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are following market terms.

DFDS makes use of subcontractors throughout its logistics operations for the transportation and delivery of products. When making use of subcontractors, DFDS has determined that it is acting as a principal providing the service to its clients.

Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered.

When allocating revenue to geographical areas within the Ferry segment, DFDS assigns revenue based on the region that owns the route. For example, if a unit is shipped between the Netherlands and the UK via one of the North Sea routes, the revenue is attributed to the North Sea region.

Similarly, in the Logistics segment, transports are allocated to specific corridors. A corridor represents a transport connection between two countries and includes traffic in both directions. Each corridor is managed by a legal entity from one of the countries involved, and this entity belongs to a designated geographical area. Consequently, external revenue is allocated according to the geographical area of the legal entity that owns the corridor.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__50": { "value": "

2.2\tRevenue

2025

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea

4,156

-

-

4,156

Mediterranean1

4,619

2,957

-

7,576

Baltic Sea

1,334

-

-

1,334

English Channel

5,185

-

-

5,185

Continent

-

4,786

-

4,786

Nordic

-

3,868

-

3,868

UK/Ireland

-

4,006

-

4,006

Other

-

-

35

35

Total revenue

15,294

15,618

35

30,947

Product and services

Seafreight and shipping logistics solutions

9,817

-

0

9,817

Transport solutions

443

15,482

0

15,925

Passenger seafare and onboard sales

3,815

0

-

3,815

Terminal services

606

11

-

617

Charters

341

0

-

341

Agency and other revenue

271

125

35

432

Total revenue

15,294

15,618

35

30,947

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 364m (2024: DKK 476m). Onboard sales amounts to DKK 1,631m (2024: DKK 1,916m).

Typically, payment is due upon or after completion of the services in the Logistics Division and at the start of the journey in the Ferry Division.

2024

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea2

4,770

-

-

4,770

Mediterranean

5,787

358

-

6,145

Baltic Sea

1,245

-

-

1,245

English Channel2

4,687

-

-

4,687

Continent

-

4,912

-

4,912

Nordic

-

4,101

-

4,101

UK/Ireland

-

3,883

-

3,883

Other

-

-

11

11

Totalrevenue

16,489

13,253

11

29,753

Product and services

Seafreight and shipping logistics solutions

10,046

-

-

10,046

Transport solutions

624

12,891

-

13,516

Passenger seafare and onboard sales3

4,574

-

-

4,574

Terminal services

591

7

-

599

Charters

448

-

-

448

Agency and other revenue

205

355

11

572

Totalrevenue

16,489

13,253

11

29,753

1

2025 Mediterranean Logistics Division includes Ekol Transport Group acquired in

November 2024.

2

North Sea and English Channel have been restated to reflect the

closing of the passenger business unit (following the sale of the Oslo-Frederikshavn-

Copenhagen route) which resulted in Amsterdam \u2013 Newcastle

revenue being fully allocated to English Channel.

3

Passenger seafare and onboard sales include the Oslo-Frederikshavn-

Copenhagen route Q1-Q3 2024, and from February 2024, FRS Iberia/Maroc.

2.2\tRevenue (continued)

\u00a7 Accounting policies

Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc., is recognised in the income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short-term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. 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 T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can be over a longer period.

Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales are recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are following market terms.

DFDS makes use of subcontractors throughout its logistics operations for the transportation and delivery of products. When making use of subcontractors, DFDS has determined that it is acting as a principal providing the service to its clients.

Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered.

When allocating revenue to geographical areas within the Ferry segment, DFDS assigns revenue based on the region that owns the route. For example, if a unit is shipped between the Netherlands and the UK via one of the North Sea routes, the revenue is attributed to the North Sea region.

Similarly, in the Logistics segment, transports are allocated to specific corridors. A corridor represents a transport connection between two countries and includes traffic in both directions. Each corridor is managed by a legal entity from one of the countries involved, and this entity belongs to a designated geographical area. Consequently, external revenue is allocated according to the geographical area of the legal entity that owns the corridor.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__51": { "value": "Accounting policies

Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc., is recognised in the income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short-term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. 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 T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can be over a longer period.

Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales are recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are following market terms.

DFDS makes use of subcontractors throughout its logistics operations for the transportation and delivery of products. When making use of subcontractors, DFDS has determined that it is acting as a principal providing the service to its clients.

Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered.

When allocating revenue to geographical areas within the Ferry segment, DFDS assigns revenue based on the region that owns the route. For example, if a unit is shipped between the Netherlands and the UK via one of the North Sea routes, the revenue is attributed to the North Sea region.

Similarly, in the Logistics segment, transports are allocated to specific corridors. A corridor represents a transport connection between two countries and includes traffic in both directions. Each corridor is managed by a legal entity from one of the countries involved, and this entity belongs to a designated geographical area. Consequently, external revenue is allocated according to the geographical area of the legal entity that owns the corridor.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__52-1": { "value": "

2.3\tCosts

DKK million

2025

2024

Ferry and other ship operation and maintenance:

Ferry and other ship costs including charter related cost

2,414

2,320

Bunker

2,607

3,021

Catering costs and shop consumables

692

777

Total ferry and other ship operation and maintenance

5,713

6,117

\u00a7 Accounting policies

Ferry and other ship costs comprise costs of sales related to maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Catering costs and shop consumables include consumption of inventory of goods for sale. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport and warehouse solutions are costs related to land-based activities such as stevedoring, terminal, and haulage costs. General and administration external costs comprise external costs such as consultant fees, IT-related costs, utilities and property maintenance costs, audit fees, marketing costs, etc.

Cost linked to Maritime Emission Trading Scheme (ETS) is recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and reported within ferry and other ship costs including charter related cost.

2.4\tEmployee costs

DKK million

2025

2024

Wages, salaries and remuneration

5,576

5,195

Hereof capitalised employee costs

-54

-42

Defined contribution pension plans

221

233

Defined benefit pension plans

15

11

Other social security costs

729

539

Share based payment

28

26

Other employee costs

602

399

Total employee costs

7,117

6,361

Full time equivalents (FTE), average

16,1 38

14,121

Reference is made to note 3.2.5 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group\u2019s share based payment schemes.

\u00a7 Accounting policies

Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.

2.5\tAmortisation, depreciation, and impairment losses for the year

DKK million

2025

2024

Amortisation and depreciation for the year:

Software

88

76

Port concession rights etc.

57

52

Customer relationships

81

82

Total amortisation for the year

227

210

Land and buildings

37

34

Terminals

69

70

Ferries and other ships

1,248

1,171

Equipment etc.

589

449

Right-of-use assets

1,165

1,069

Total depreciation and write-offs for the year

3,108

2,793

Total amortisation, depreciation and write-offs for the year

3,335

3,002

Reversal of impairment losses for the year:

Ferries and other ships

-

33

Total reversal of impairment losses for the year

-

33

Total amortisation, depreciation, write-offs and impairment losses for the year

3,335

2,969

\u00a7 Accounting policies

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__53": { "value": "

2.3\tCosts

DKK million

2025

2024

Ferry and other ship operation and maintenance:

Ferry and other ship costs including charter related cost

2,414

2,320

Bunker

2,607

3,021

Catering costs and shop consumables

692

777

Total ferry and other ship operation and maintenance

5,713

6,117

\u00a7 Accounting policies

Ferry and other ship costs comprise costs of sales related to maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Catering costs and shop consumables include consumption of inventory of goods for sale. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport and warehouse solutions are costs related to land-based activities such as stevedoring, terminal, and haulage costs. General and administration external costs comprise external costs such as consultant fees, IT-related costs, utilities and property maintenance costs, audit fees, marketing costs, etc.

Cost linked to Maritime Emission Trading Scheme (ETS) is recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and reported within ferry and other ship costs including charter related cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__54-1": { "value": "

\u00a7 Accounting policies

Ferry and other ship costs comprise costs of sales related to maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Catering costs and shop consumables include consumption of inventory of goods for sale. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport and warehouse solutions are costs related to land-based activities such as stevedoring, terminal, and haulage costs. General and administration external costs comprise external costs such as consultant fees, IT-related costs, utilities and property maintenance costs, audit fees, marketing costs, etc.

Cost linked to Maritime Emission Trading Scheme (ETS) is recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and reported within ferry and other ship costs including charter related cost.

Accounting policies

Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.

Accounting policies

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__55": { "value": "

2.4\tEmployee costs

DKK million

2025

2024

Wages, salaries and remuneration

5,576

5,195

Hereof capitalised employee costs

-54

-42

Defined contribution pension plans

221

233

Defined benefit pension plans

15

11

Other social security costs

729

539

Share based payment

28

26

Other employee costs

602

399

Total employee costs

7,117

6,361

Full time equivalents (FTE), average

16,1 38

14,121

Reference is made to note 3.2.5 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group\u2019s share based payment schemes.

\u00a7 Accounting policies

Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__57-1": { "value": "

2.4\tEmployee costs

DKK million

2025

2024

Wages, salaries and remuneration

5,576

5,195

Hereof capitalised employee costs

-54

-42

Defined contribution pension plans

221

233

Defined benefit pension plans

15

11

Other social security costs

729

539

Share based payment

28

26

Other employee costs

602

399

Total employee costs

7,117

6,361

Full time equivalents (FTE), average

16,1 38

14,121

Reference is made to note 3.2.5 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group\u2019s share based payment schemes.

\u00a7 Accounting policies

Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.

3.2.5\tPension and jubilee liabilities

The Group contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Group has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the income statement when incurred.

The Group has defined benefit plans, primarily in the UK. In addition, there are minor defined benefit plans in Norway, Belgium, Italy, T\u00fcrkiye, Lithuania, France, Germany, and Sweden. The UK accounts for -5.8%1(2024: -46.9%) of the total net liability and 85.5% (2024: 88.4%) of the funded and unfunded obligation. The majority of the defined benefit plans are pension plans that yearly pay out a certain percentage of the employee\u2019s final salary upon retirement. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employee except for certain closed

1

The UK defined benefit plans are at accounting basis overfunded by DKK 5m as per end of 2025 (2024: DKK 25m).

plans in the UK and some of the other minor plans. The defined benefit plans typically include a spouse pension and disability insurance.

Some of the pension plans in Sweden are multi-employer plans, covering a large number of enterprises. The plans are collective and covered through contributions paid to the pension company Alecta. The Swedish Financial Accounting Standards Council\u2019s interpretations committee (Redovisningsr\u00e5det) has defined this plan as a multi-employer defined benefit plan. Presently, it is not possible to obtain sufficient information from Alecta to apportion assets and liabilities of the plans to the participating employers. Consequently, the pension plans are similarly to prior years treated as defined contribution plans. The contributions are DKK 3m in 2025 (2024: DKK 3m). The collective funding ratio at Alecta amounts to 167% as per September 2025 (September 2024: 163%). For 2026, the contributions are expected to be DKK 3m. DFDS\u2019 share of the multi-employer plan is estimated to be around 0.0036% and the liability follows the share of the total plan.

In 2024, a ruling in the UK on amendments made to a non-DFDS pension scheme for the years 1997 \u2013 2016 was concluded. This ruling might have implications on the Group as amendments were also made to the Group's UK pension schemes in the period in question. A pension bill in its final stage is being debated in the UK parliament. The pension bill will make it possible with retroactive effect to issue the needed actuarial confirmations that makes the amendments valid. Management has obtained legal assessments and will continue to seek legal advice on the matter and act accordingly. However, as the bill is not yet in force the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2025 year-end.

Based on actuarial calculations the defined benefit plans show the following liabilities:

DKK million

2025

2024

Present value of funded defined benefit obligations

567

609

Fair value of plan assets

-572

-633

Funded defined benefit obligations, net

-5

-24

Present value of unfunded defined benefit obligations

93

77

Recognised liabilities for defined benefit obligations

89

53

Provision for jubilee liabilities

29

27

Total actuarial liabilities, net

118

79

Pension assets1

5

25

Pension and jubilee liabilities

123

104

Total actuarial liabilities, net

118

79

DKK million

2025

2024

Movements in the net present value of funded and unfunded defined benefit obligations

Funded and unfunded obligations at 1 January

685

714

Addition regarding acquisition

-

4

Foreign exchange adjustments

-35

33

Current service costs

17

11

Interest costs

36

31

Actuarial gain(-)/loss(+) arising from changes in demographic assumptions

7

-1

Actuarial gain(-)/loss(+) arising from changes in financial assumptions

-15

-68

Past service costs

-3

0

Benefits paid

-51

-45

Transfers

19

7

Funded and unfunded obligations at 31 December

661

685

Movements in the fair value of the defined benefit plan assets

Plan assets at 1 January

-633

-650

Foreign exchange adjustments

31

-32

Calculated interest income

-33

-30

Return on plan assets excluding calculated interest income

77

59

Costs of managing the assets

-

2

Employer contributions

-48

-23

Benefits paid

34

40

Plan assets at 31 December

-572

-633

Plan assets consist of the following:

Cash and cash equivalents

-5

-4

Blended investment funds

-

-627

Insured plans2

-567

-2

Total plan assets

-572

-633

1

The UK defined benefit plans are at accounting basis overfunded by DKK 5m as per end of 2025 (2024: DKK 25m).

2

The UK funded defined benefit plans implemented a buy-in during 2025, resulting in the plans becoming fully insured. Prior to the buy-in, the pension scheme assets were held in blended investment funds.

3.2.5\tPension and jubilee liabilities (continued)

DKK million

2025

2024

Expenses recognised as employee costs in the income statement:

Current service costs

17

11

Past service costs

-3

-

Total included in employee costs regarding defined benefit plans

15

11

Expenses recognised as financial costs in the income statement:

Interest costs

36

31

Interest income

33

30

Total included in financial costs regarding defined benefit plans

3

1

Total expenses for defined benefit plans recognised in the income statement

17

12

Expenses recognised in other comprehensive income, gain(-)/loss(+):

Remeasurements of plan obligations

-8

-70

Remeasurements of plan assets

77

61

Total included in other comprehensive income regarding defined benefit plans

70

-9

Actuarial calculations or roll forward calculations are performed annually for all defined benefit plans. Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The following significant assumptions have been used for the actuarial calculations:

2025

Assumptions

UK

Others

Weighted

average1

Discount rate

5.5%

2.0%-5.3%

5.2%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

0.0%-28.9%

1.1%

Future pension increase

3.0%

0.0%-3.0%

2.5%

Inflation

2.4%

0.0%-23.4%

3.3%

2024

Assumptions

UK

Others

Weighted

average\u00b9

Discount rate

5.4%

1.5%-3.3%

5.1%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

0.0%-3.5%

0.3%

Future pension increase

3.2%

0.0%-2.3%

2.8%

Inflation

2.5%

0.0%-26.2%

3.0%

Significant actuarial assumptions for the determination of the retirement benefit obligation are the discount rate, expected future remuneration increases, and expected mortality. The sensitivity analysis below has been determined based on reasonably likely changes in the assumptions occurring at the end of the period.

DKK million

2025

2024

Sensitivity analysis

Reported obligation 31 December

661

685

Discount rate -0.5% point compared to assumptions

691

724

Discount rate +0.5% point compared to assumptions

629

650

Salary increase -0.5% point compared to assumptions

657

684

Salary increase +0.5% point compared to assumptions

661

687

Mortality -1 year compared with used mortality tables

646

671

Mortality +1 year compared with used mortality tables

683

710

The mortality table used for the two defined benefit schemes in the UK is the public S3PxA table with annual improvement of 1.25% (2024: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 22.9 years (2024: 22.7 years). Weighted average duration on the liabilities end of 2025 is 10.8 years (2024: 11.6 years). The Group expects to make a contribution of DKK 17m to the defined benefit plans in 2026. The expected contribution for 2025 was DKK 42m, which turned out to be DKK 64m. The higher contribution for 2025 is primarily related to completion of a buy-in process for the two defined benefit schemes in the UK.

DKK million

2025

2024

Maturity analysis of the obligations

0-1 year

56

48

1-5 years

149

149

After 5 years

455

489

Total obligations

661

685

1

All factors are weighted at the pro rata share of the individual actuarial obligation.

2

Schemes closed for new members will have a social security rate and future salary increase of 0%.

3.2.5\tPension and jubilee liabilities (continued)

\u00a7 Accounting policies

Contributions to defined contribution pension plans are recognised in the income statement in the period in which they relate, and any payable contributions are accrued in the balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value-in-use of future benefits payable under the plan is made once a year. The value-in-use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value-in-use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value-in-use less the fair value of any assets under the plan is recognised in the balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the income statement based on actuarial estimates and financial expectations at the beginning of the year.

The difference between the calculated development in pension assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains and losses.

Changes in the benefits payable for employees' past service to the enterprise result in an adjust-ment of the actuarial calculation of the value-in-use, which is classified as past service costs. Past service costs are recognised in the income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.

Other non-current employee obligations include jubilee benefits, etc.

5.1\tRemuneration to the Executive Board and Board of Directors

DKK'000

2025

2024

Remuneration to the Executive Board

Wages and salaries

14,600

13,358

Bonus

4,153

2,465

Defined contribution pension plans

1,460

1,336

Share based payment

7,550

5,771

Other employee costs

411

537

Total remuneration to the Executive Board

28,174

23,467

Total remuneration to the Board

4,500

4,500

Total remuneration to the Audit Committee

500

500

Total remuneration to the Nomination Committee

150

150

Total remuneration to the Remuneration Committee

150

150

Total remuneration to the Board of Directors

5,300

5,300

Total remuneration to the Executive Board and Board of Directors

33,474

28,767

The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as the Executive Board consisting of CEO Torben Carlsen and CFO Karen Dyrskj\u00f8t Boesen (Karina Deacon until 30 June 2024).

5.3\tShare based payment

Long-term incentives

The decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares.

Share options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.9% of the share capital (2024: 2.3%) if all remaining share options are exercised.

Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021 and later at an exercise price equal to the average share price of the Parent company\u2019s shares five days after the release of the Q4 report with an addition of 10%.

The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates.

2025

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

339,776

755,479

218,987

1,314,242

290.07

Transferred between categories

-

-210,639

210,639

0

283.09

Granted during the year

264,647

475,641

151,728

892,016

116.00

Expired during the year

-101,678

-142,481

-166,916

-411,075

314.00

Forfeited during the year

-

-

-181,407

-181,407

207.08

Outstanding at 31 December

502,745

878,000

233,031

1,613,776

197.65

Of this exercisable at the end of the year

80,536

114,451

82,109

277,096

323.34

2024

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

The share options granted in 2025 had a fair value of DKK 17.4m (2024: DKK 13.4m), equal to an average fair value per option of DKK 20.14 (2024: DKK 33.03).

No share options have been exercised during 2025 (2024: nil).

Vesting of share options is expensed in the income statement for 2025 with DKK 11m (2024: DKK 10m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2025 have an average weighted remaining contractual time of 3.2 years (2024: 2.2 years).

5.3\tShare based payment(continued)

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2025

116

103.30

34.38%

1.81%

1.00

3 years

20.14

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

344

307.20

34.60%

-0.19%

12.00

3 years

41.38

2021

301

271.00

34.81%

-0.55%

6.33

3 years

42.66

The expected volatility for 2021 to 2025 is based on the historical volatility for the past three years. The risk-free interest rate is based on three-year Danish government bonds.

Restricted Stock Units (RSUs)

RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.60% (2024: 0.28%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2025 with DKK 15m (2024: DKK 13m).

The number of RSUs granted in 2021 and later is based on the average share price of the Parent company\u2019s shares five days after the release of the Q4 report.

2025

Number of shares

Executive Board

Key employees

Other managerial

staff

ResignedExecutiveBoard mem-bers and employees

Total

Outstanding at 1 January

32,532

79,571

42,807

7,283

162,193

Transferred between categories

-

-22,602

-9,556

32,158

0

Granted during the year

50,747

90,913

50,852

38,546

231,058

Vested in period

-5,748

-8,050

-

-6,659

-20,457

Forfeited during the year

-

-

-

-36,282

-36,282

Outstanding at 31 December

77,531

139,832

84,103

35,046

336,512

Of this exercisable at the end of the year

-

-

-

-

0

2024

Number of shares

Year of grant

Expected term

Fair value per share at time of granting

2025

3 years

105.03

2024

3 years

216.72

2023

3 years

265.42

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded to each employee. The shares have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period were entitled to the shares.

During 2024 the last 69,490 shares have been transferred. Vesting of shares for 2024 was an expense of DKK 3m.

\u00a7 Accounting policies

The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted.

The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction.

At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments.

The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value.

The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__60-1": { "value": "Accounting policies

Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.

Accounting policies

Contributions to defined contribution pension plans are recognised in the income statement in the period in which they relate, and any payable contributions are accrued in the balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value-in-use of future benefits payable under the plan is made once a year. The value-in-use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value-in-use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value-in-use less the fair value of any assets under the plan is recognised in the balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the income statement based on actuarial estimates and financial expectations at the beginning of the year.

The difference between the calculated development in pension assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains and losses.

Changes in the benefits payable for employees' past service to the enterprise result in an adjust-ment of the actuarial calculation of the value-in-use, which is classified as past service costs. Past service costs are recognised in the income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.

Other non-current employee obligations include jubilee benefits, etc.

\u00a7 Accounting policies

The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted.

The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction.

At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments.

The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value.

The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__62": { "value": "

2.5\tAmortisation, depreciation, and impairment losses for the year

DKK million

2025

2024

Amortisation and depreciation for the year:

Software

88

76

Port concession rights etc.

57

52

Customer relationships

81

82

Total amortisation for the year

227

210

Land and buildings

37

34

Terminals

69

70

Ferries and other ships

1,248

1,171

Equipment etc.

589

449

Right-of-use assets

1,165

1,069

Total depreciation and write-offs for the year

3,108

2,793

Total amortisation, depreciation and write-offs for the year

3,335

3,002

Reversal of impairment losses for the year:

Ferries and other ships

-

33

Total reversal of impairment losses for the year

-

33

Total amortisation, depreciation, write-offs and impairment losses for the year

3,335

2,969

\u00a7 Accounting policies

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__63": { "value": "

2.5\tAmortisation, depreciation, and impairment losses for the year

DKK million

2025

2024

Amortisation and depreciation for the year:

Software

88

76

Port concession rights etc.

57

52

Customer relationships

81

82

Total amortisation for the year

227

210

Land and buildings

37

34

Terminals

69

70

Ferries and other ships

1,248

1,171

Equipment etc.

589

449

Right-of-use assets

1,165

1,069

Total depreciation and write-offs for the year

3,108

2,793

Total amortisation, depreciation and write-offs for the year

3,335

3,002

Reversal of impairment losses for the year:

Ferries and other ships

-

33

Total reversal of impairment losses for the year

-

33

Total amortisation, depreciation, write-offs and impairment losses for the year

3,335

2,969

\u00a7 Accounting policies

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__64-1": { "value": "

2.5\tAmortisation, depreciation, and impairment losses for the year

DKK million

2025

2024

Amortisation and depreciation for the year:

Software

88

76

Port concession rights etc.

57

52

Customer relationships

81

82

Total amortisation for the year

227

210

Land and buildings

37

34

Terminals

69

70

Ferries and other ships

1,248

1,171

Equipment etc.

589

449

Right-of-use assets

1,165

1,069

Total depreciation and write-offs for the year

3,108

2,793

Total amortisation, depreciation and write-offs for the year

3,335

3,002

Reversal of impairment losses for the year:

Ferries and other ships

-

33

Total reversal of impairment losses for the year

-

33

Total amortisation, depreciation, write-offs and impairment losses for the year

3,335

2,969

\u00a7 Accounting policies

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.

3.1.4\tImpairment testing

The Group performs an annual impairment test of goodwill together with other non-current assets. Similar to 2024, the impairment test performed in 2025 did not result in an impairment.

Cash-generating units (CGUs)

The Group\u2019s Ferry CGUs are the Freight Ferry CGU (encompassing North Sea, Baltic Sea and Mediterranean), the Channel, Amsterdam \u2013 Newcastle, Strait of Gibraltar and Jersey ferry services.

The Group's logistics activities are tested as a single CGU, as Management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - are the cash inflows generated by all logistics activities together.

The defined CGUs align with the Groups internal reporting structure.

Key assumptions

The recoverable amount is determined based on value-in-use calculations. Value-in-use is calculated as the discounted value of the estimated future net cash flows per CGU. Key parameters for the forecast periods are trends in revenue, EBIT-margin, future investments, and growth expectations. These parameters are determined specifically for each CGU. Key parameters are based on Management's past experience and external sources where available.

The discount rate is assessed separately for each CGU to reflect the weighted average cost of capital (WACC), which incorporates the risk-free interest rate along with an appropriate risk premium. The weighting of the cost of debt and cost of equity is based on the capital structure of a relevant peer group.

Cash flows are assessed on the basis of approved forecasts for 2026 and strategy and projections beyond 2026. The projections include the estimated impact of long-term strategic decisions and assessment of opportunities for future growth and required investments. For CGUs which include growth in the terminal period, OECD\u2019s prediction for EU long-term consumer price index growth rate of 2.0% has been applied (2024: 2.0%).

Ferry

2025 was a challenging year, impacted by a volatile market environment, intensified competition, and several one-off effects across both freight and passenger operations. Profitability was further affected by start-up and transition costs, capacity imbalances, and operational disruptions. In response, Management implemented a range of corrective actions, including securing new customer agreements, adjusting capacity and vessel deployment, and initiating pricing and cost-efficiency measures. These actions weighed on short-term results but were necessary to stabilise the business and create a stronger platform for recovery.

In 2026, Management expects an improvement in performance, driven by ongoing pricing initiatives, efficiency measures, and more balanced market conditions. Targeted volume growth, selective price increases, and the benefit of cost-reduction programmes are expected to support margin recovery across the network. Overall, 2026 is positioned as a transition year, with focus on restoring profitability while maintaining disciplined capacity and cost control.

Looking beyond 2026, the forecast assumes stable growth alongside continued margin progression. Revenue and volume development are expected to broadly reflect underlying market trends, supported by incremental pricing improvements, operational efficiencies, and the expiry of less favourable contracts.

The forecast also assumes a market environment characterised by increased competition, requiring continued adaptation to maintain competitiveness and safeguard profitable growth.

Based on these assumptions, projected average annual EBIT growth rate defined as compound annual growth rate (CAGR) for the Freight Ferry CGU for the years 2026\u20132030 is estimated at 22% (2024: 28%). Strong EBIT growth is expected in 2027 and 2028 primarily driven by volume recovery and efficiency improvements in the North Sea, combined with price stabilisation in the Mediterranean following a period of intensified competition. The pre-tax discount rate applied was 6.6% (2024: 6.8%).

For the Strait of Gibraltar, projected average annual EBIT growth rate defined as compound annual growth rate (CAGR) for the years 2026\u20132030 is estimated at 15% (2024: 34%). Elevated growth is projected in 2027 reflecting recovery from lower profitability in 2026, which is expected to be driven by operational changes and market consolidation effects in the corridor. Thereafter, EBIT growth is expected to normalise, supported by steady and strong volume development driven by relative high market growth, in particular in Morocco, improving utilisation on our vessels and thus driving a gradual margin expansion. The pre-tax discount rate applied was 6.6% (2024: 6.8%).

The Channel, Amsterdam - Newcastle and Jersey CGUs have no goodwill.

Logistics

2025 was a transition year for the Logistics Division, characterised by challenging market conditions and actions to restore profitability. The year was impacted by low volumes, operational disruptions, and legacy performance issues, particularly in the first half. In response, DFDS executed a broad turnaround programme, exiting loss-making activities, improving operational efficiency, and materially reducing the cost base.

2026 is budgeted based on a bottom-up, market-driven approach and reflects a more stable operational setup with significantly lower restructuring costs than in 2025. Earnings are expected to benefit from a full-year effect of efficiency measures, continued optimisation of haulage and fleet composition, increased use of rail solutions where feasible, and improved asset utilisation. Revenue growth is expected to be driven by market recovery in selected geographies, while focus remains firmly on execution discipline and profitability rather than volume growth.

Over the longer term, the base-case outlook assumes relatively stable revenue growth of around 2% per year, aligned with the broader economic environment. EBIT-margins are expected to gradually improve towards historical levels. This improvement is supported by a simplified operating model, continued efficiency initiatives, and a structurally stronger and less volatile business mix following the turnaround actions implemented in 2025. These projections rely on a successful turnaround of TES and are therefore contingent on both internal actions and external market developments, which adds to the overall uncertainty. TES is expected to remain lossmaking through 2026.

Based on these assumptions, projected average annual EBIT growth rate defined as compound annual growth rate (CAGR) for Logistics for the years 2026\u20132030 is estimated at 35% (2024: 20%). The pre-tax discount rate applied was 7.8% (2024: 6.8%).

To conclude, the impairment tests performed in 2025 did not trigger any impairment losses on the CGUs\u2019 assets.

3.1.4\tImpairment testing (continued)

Sensitivity analysis

As part of the preparation of impairment tests, sensitivity analysis is prepared based on relevant risk factors and scenarios that Management can determine with reasonable reliability. Sensitivity analysis is prepared by altering the estimates until it reaches a point where the value-in-use is equal to the carrying amount.

For the Logistics CGU, an increase in the discount rate of 0.1% (2024: 1%), all other assumptions held constant, would reduce the value-in-use to the level of the carrying amount. Similarly, a decrease in the average EBIT- margin during the forecast period of 0.33 percentage points for the Logistics CGU, all other things being equal, would result in the value-in-use equalling the carrying amount. For the Logistics CGU, the value-in-use exceeds the carrying amount by DKK 160m.

For Ferry Division, Management's assessment is that no changes in key assumptions are reasonably likely to reduce the value-in-use below the carrying value.

Impairment tests

Based on the impairment tests prepared at year-end 2025, no cash-generating units are deemed impaired in 2025. In 2024, no cash-generating units were deemed impaired and DKK 33m of impairment losses recognised in prior years were reversed in connection with the sale of the Oslo-Frederikshavn-Copenhagen route, allocated to ships.

Recognised goodwill is attributable to the following CGUs:

DKK million

2025

2024

Ferry:

Freight Ferry (North Sea, Baltic Sea and Mediterranean)

4,473

3,386

Strait of Gibraltar

758

757

Logistics:

Logistics

2,400

3,354

Totalrecognised goodwill

7,631

7,497

\u00a7 Accounting policies

The carrying amount of goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated.

!Significant accounting estimates and judgements

Climate related matters

Management continuously monitors climate related risks when measuring the recoverable amount. While the Groups' operations are not currently exposed to significant physical risk, the value-in-use may be impacted by transition risk, such as legislation, regulations, and changes in demand for the Group's services. Expectations for the following years have been incorporated into projected cash flows: increased operating costs for e-trucks and investments to improve fuel efficiency and conversion to green fuels.

Determination of CGUs and assessment inputs of key parameters

Judgement and estimates are applied in the determination of CGUs to which goodwill is allocated for impairment testing as well as in the selection of methodologies and assumptions applied in impairment tests. The determination of CGUs differs based on the business area. Most of the freight ferries in North Sea, Baltic Sea and Mediterranean are interchangeable with each other and where and how the fleet of ferries is deployed is centrally decided. Consequently, these areas are tested for impairment as a single CGU. Conversely, the vessels servicing the Channel, Strait of Gibraltar, Amsterdam-Newcastle and Jersey routes can be used exclusively in each specific itinerary. Consequently, these areas are individually tested for impairment as a separate CGUs. In logistics, Management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - is the cash inflows generated by all logistics routes together. This is based on increased integration, creation of the equipment pool, and the fact that our logistics routes are largely interdependent and managed with the common objective of supporting the Group's ferry business across regions.

Key assumptions

Value-in-use calculations rely on Management\u2019s expectations for future cash flows based on budgets and forecasts, incorporating several assumptions such as market conditions, inflation, and discount rates. While these assumptions involve uncertainty, they represent Management\u2019s best estimates.

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__66-1": { "value": "Accounting policies

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.

\u00a7 Accounting policies

Non-current intangible assets \u2013 Other than goodwill

Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates.

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s CGUs at the time of acquisition.

\u00a7 Accounting policies (continued)

Port concession rights

Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period.

Customer relationships

Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years.

Software

Amortisation is applied on a straight-line basis over the estimated useful life, typically 3\u20135 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems.

Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges.

\u2022\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance.

\u2022\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

Maintenance and daily running costs for the ferries and other ships are expensed in the income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries' or ships' next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries.

Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the income statement as \u2018Profit on disposal of non-current assets, net\u2019.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (RoPax) ferries

Due to differences in the wear and tear of certain components of passenger cruise ferries and RoPax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (RoRo)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both RoPax and RoRo ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of ferries is estimated as the expected fair value at the end of their useful lifetime.

Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies.

Other non-current tangible assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. depreciated over the term of the lease

Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the carrying amount at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the income statement as \u2018Profit on disposal of non-current assets, net'.

\u00a7 Accounting policies

Group as lessee (lease in)

The right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs, whereas lease liabilities are measured at the present value of lease payments to be made over the lease term. Lease payments are discounted using DFDS\u2019 incremental borrowing rate.

Depreciation follows the straight-line method over the lease term or the useful life of the right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease liability will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For contracts with a rolling term (evergreen leases), Management exercises judgement in determining useful lifetime of the underlying right-of-use asset.

Group as lessor (lease out)

For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the income statement. Lease income from assets leased out on an operating lease is recognised in the income statement on a straight-line basis over the lease term.

Sale and leaseback transactions

Sale and leaseback transactions are assessed to determine whether the transfer of the asset qualifies as a true sale in accordance with IFRS 15 Revenue from Contracts with Customers. If control is transferred to the buyer and the transaction qualifies as a true sale, DFDS derecognises the asset and recognises a right-of-use asset and a lease liability. The right-of-use asset is measured as the proportion of the previous carrying amount of the asset that relates to the retained right of use. The lease liability is measured at the present value of future lease payments. Any gain or loss arising on the sale is recognised in the income statement only to the extent that it relates to the rights transferred to the buyer. The portion of the gain or loss that relates to the right of use retained is included as part of the right-of-use asset. In case the sale and leaseback transaction does not qualify as a true sale, then the transaction is considered a financial arrangement where the assets continue to be recognised on the balance sheet and the proceed received is recognised as a financial liability.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__67-1": { "value": "

2.6\tTax

DKK million

2025

2024

Current tax

100

157

Movement in deferred tax for the year

15

-5

Adjustment to corporation tax in respect of prior years and one-offs

-10

-19

Adjustment to deferred tax in respect of prior years

5

11

Tax for the year

110

144

Tax for the year is recognised as follows:

Tax in the income statement

127

142

Tax in Other comprehensive income

-17

2

Tax for the year

110

144

Tax in the income statement can be specified as follows:

Profit/loss before tax

-298

683

Income subject to tonnage tax

318

399

Profit/loss before tax subject to corporate income tax

-616

284

22% tax of profit before tax

-135

63

Adjustment of calculated tax in foreign subsidiaries compared to 22%

-29

-1

Tax effect of:

Non-taxable/non-deductible items

120

-62

Tax asset for the year, not recognised

172

148

Utilisation of non-capitalised tax assets

0

-1

Adjustments of tax in respect of prior years and one-offs

-6

-9

Corporate income tax

123

138

Tonnage tax

4

4

Total tax in the income statement

127

142

Effective tax rate (%)

-42.5

20.8

Effective tax rate before adjustment of prior years\u2019 tax and one-offs (%)

-44.4

22.2

Tax in Other comprehensive income can be specified as follows:

Corporate income tax

0

0

Movement deferred tax

-17

2

Total tax in Other comprehensive income

-17

2

2.6\tTax (continued)

The majority of the ferry activities performed in the Danish, Turkish, Spanish, French, and Lithuanian enterprises in the Group are included in local tonnage tax schemes where the taxable income related to transportation of passengers and freight is calculated based on the tonnage deployed during the year and not the actual profits generated. Taxable income related to other activities is taxed according to the normal corporate income tax rules and at the standard corporate tax rates.

In 2025, the Group realised a total effective tax rate adjusted for prior years\u2019 tax and one-offs of -44.4% (2024: 22.2%).

DFDS A/S and its Danish subsidiaries are subject to compulsory joint taxation with Lauritzen Fonden Holding ApS and its Danish controlled enterprises. Lauritzen Fonden Holding ApS is the administration company in the joint taxation and settles all payments of corporation tax due by the joint taxed enterprises. In accordance with the Danish rules on joint taxation, DFDS A/S and its Danish subsidiaries are liable for their own corporate tax due and are only subsidiary and pro rata liable for the corporation tax liabilities towards the Danish tax authorities for all other enterprises that are part of the Danish joint taxation.

2025

DKK million

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax:

Deferred tax at 1 January

46

158

275

-3

10

-46

440

Foreign exchange adjustments

1

7

-5

-

-

1

4

InternalTransfers

129

-112

-19

1

1

-

0

Addition on acquisition of enterprises

-

-

48

-35

-

-

13

Recognised in the income statement

-21

-15

17

40

-7

18

32

Recognised in other comprehensive income

-

-

-

-17

-

-

-17

Adjustment regarding prior years recognised in the income statement

1

105

-91

-

-8

-4

4

Deferred tax at 31 December

154

143

225

-13

-2

-31

476

Deferred tax assets

-

-

-

13

45

31

-16

74

Deferred tax liabilities

154

143

225

-

43

-

-16

550

Deferred tax at 31 December, net

154

143

225

-13

-2

-31

0

476

2.6\tTax (continued)

2024

DKK million

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax:

Deferred tax at 1 January

50

127

273

-14

6

-54

388

Foreign exchange adjustments

2

-2

8

-1

-2

-1

4

Addition on acquisition of enterprises

-

37

5

-

-

-

42

Recognised in the income statement

-6

-5

-15

10

6

3

-7

Recognised in other comprehensive income

-

-

-

2

-

-

2

Adjustment regarding prior years recognised in the income statement

-

1

4

-

-

6

11

Deferred tax at 31 December

46

158

275

-3

10

-46

440

Deferred tax assets

-

-

-

3

38

46

-5

82

Deferred tax liabilities

46

158

275

-

48

-

-5

522

Deferred tax at 31 December, net

46

158

275

-3

10

-46

0

440

The Group has unrecognised tax losses carried forward of DKK 2,767m with a tax value of DKK 691m (2024: tax losses of DKK 1,946m, tax value of DKK 482m). Of the unrecognised tax losses carried forward of DKK 2,767m (2024: DKK 1,946m), DKK 1,703m expires within the next five years (2024: DKK 1,714m) and DKK 1,064m expires after more than five years (2024: DKK 232m). The tax losses of DKK 2,767m (2024: DKK 1,946m) have not been recognised as it has been assessed that the losses cannot be utilised in the foreseeable future.

The Group is liable to a contingent tax that may arise at the withdrawal from tonnage taxation schemes. The Group controls the withdrawal and has no plans to withdraw from the schemes and consequently no deferred tax has been recognised.

The Group is within the scope of the OECD Pillar II model rules regarding minimum taxation of 15%. The rules were implemented throughout EU in 2023 with effect from 1 January 2024. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar II income taxes, as provided in the amendments to IAS 12 in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between the effective tax rate per jurisdiction calculated as per Pillar II legislation and the 15% minimum rate. Since income from shipping is excluded from the minimum taxation rules, the rules do not have any material impact for the Group. Based on preliminary calculations, in 2025 an insignificant amount of less than DKK 5m has been provided for in top-up taxes related to Group entities. Due to the preliminary nature of the calculations, differences may occur when preparing the Pillar II filing, however any such differences are not material.

!Significant accounting estimates

Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Estimates are performed annually based on forecasts, business initiatives and likely structural changes for the coming years.

\u00a7 Accounting policies

Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years' taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the income statement or in the equity in correlation to the underlying transaction.

The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments.

Deferred tax is provided for using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date.

Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/receivable tax and/or as deferred tax assets/liabilities.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__68-1": { "value": "

2025

DKK million

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax:

Deferred tax at 1 January

46

158

275

-3

10

-46

440

Foreign exchange adjustments

1

7

-5

-

-

1

4

InternalTransfers

129

-112

-19

1

1

-

0

Addition on acquisition of enterprises

-

-

48

-35

-

-

13

Recognised in the income statement

-21

-15

17

40

-7

18

32

Recognised in other comprehensive income

-

-

-

-17

-

-

-17

Adjustment regarding prior years recognised in the income statement

1

105

-91

-

-8

-4

4

Deferred tax at 31 December

154

143

225

-13

-2

-31

476

Deferred tax assets

-

-

-

13

45

31

-16

74

Deferred tax liabilities

154

143

225

-

43

-

-16

550

Deferred tax at 31 December, net

154

143

225

-13

-2

-31

0

476

2.6\tTax (continued)

2024

DKK million

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax:

Deferred tax at 1 January

50

127

273

-14

6

-54

388

Foreign exchange adjustments

2

-2

8

-1

-2

-1

4

Addition on acquisition of enterprises

-

37

5

-

-

-

42

Recognised in the income statement

-6

-5

-15

10

6

3

-7

Recognised in other comprehensive income

-

-

-

2

-

-

2

Adjustment regarding prior years recognised in the income statement

-

1

4

-

-

6

11

Deferred tax at 31 December

46

158

275

-3

10

-46

440

Deferred tax assets

-

-

-

3

38

46

-5

82

Deferred tax liabilities

46

158

275

-

48

-

-5

522

Deferred tax at 31 December, net

46

158

275

-3

10

-46

0

440

The Group has unrecognised tax losses carried forward of DKK 2,767m with a tax value of DKK 691m (2024: tax losses of DKK 1,946m, tax value of DKK 482m). Of the unrecognised tax losses carried forward of DKK 2,767m (2024: DKK 1,946m), DKK 1,703m expires within the next five years (2024: DKK 1,714m) and DKK 1,064m expires after more than five years (2024: DKK 232m). The tax losses of DKK 2,767m (2024: DKK 1,946m) have not been recognised as it has been assessed that the losses cannot be utilised in the foreseeable future.

The Group is liable to a contingent tax that may arise at the withdrawal from tonnage taxation schemes. The Group controls the withdrawal and has no plans to withdraw from the schemes and consequently no deferred tax has been recognised.

The Group is within the scope of the OECD Pillar II model rules regarding minimum taxation of 15%. The rules were implemented throughout EU in 2023 with effect from 1 January 2024. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar II income taxes, as provided in the amendments to IAS 12 in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between the effective tax rate per jurisdiction calculated as per Pillar II legislation and the 15% minimum rate. Since income from shipping is excluded from the minimum taxation rules, the rules do not have any material impact for the Group. Based on preliminary calculations, in 2025 an insignificant amount of less than DKK 5m has been provided for in top-up taxes related to Group entities. Due to the preliminary nature of the calculations, differences may occur when preparing the Pillar II filing, however any such differences are not material.

!Significant accounting estimates

Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Estimates are performed annually based on forecasts, business initiatives and likely structural changes for the coming years.

Deferred tax is provided for using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date.

Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/receivable tax and/or as deferred tax assets/liabilities.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__71": { "value": "

\u00a7 Accounting policies

Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years' taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the income statement or in the equity in correlation to the underlying transaction.

The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments.

Deferred tax is provided for using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date.

Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/receivable tax and/or as deferred tax assets/liabilities.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__73": { "value": "

Deferred tax is provided for using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date.

Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/receivable tax and/or as deferred tax assets/liabilities.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__75": { "value": "

3.1.1\tNon-current intangible assets

2025

DKK million

Goodwill

Port concession rights

Customer relationships

Software3

Total

Cost at 1 January 2025

7,610

1,464

1,012

875

10,961

Foreign exchange adjustments

-15

0

-9

0

-24

Addition on acquisition of enterprises

1491

-

-

-

149

Additions

-

-

0

952

95

Disposals

0

0

0

21

21

Transfers

0

-25

25

-8

-8

Cost at 31 December 2025

7,744

1,439

1,028

941

11,152

Amortisation and impairment losses at 1 January 2025

113

275

257

480

1,125

Foreign exchange adjustments

0

-

-2

0

-2

Amortisation charge

57

81

88

227

Disposals

0

-

0

21

21

Transfers

-

-15

15

0

0

Amortisation and impairment losses at 31 December 2025

113

317

351

547

1,328

Carrying amount at 31 December 2025

7,631

1,122

677

394

9,825

For information regarding the impairment tests reference is made to note 3.1.4.

2024

DKK million

Goodwill

Port concession rights

Customer relationships

Software3

Total

Cost at 1 January 2024

5,066

1,214

1,008

775

8,063

Foreign exchange adjustments

27

4

9

0

40

Addition on acquisition of enterprises

2,5181

-

0

13

2,531

Additions

-

2464

-

962

342

Disposals

-

-

5

9

14

Transfers

-

-

0

0

0

Cost at 31 December 2024

7,610

1,464

1,012

875

10,961

Amortisation and impairment losses at 1 January 2024

114

223

178

412

926

Foreign exchange adjustments

-1

-

2

0

2

Amortisation charge

52

82

76

210

Disposals

-

-

5

9

13

Amortisation and impairment losses at 31 December 2024

113

275

257

480

1,125

Carrying amount at 31 December 2024

7,497

1,189

755

395

9,837

\u00a7 Accounting policies

Non-current intangible assets \u2013 Other than goodwill

Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates.

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s CGUs at the time of acquisition.

\u00a7 Accounting policies (continued)

Port concession rights

Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period.

Customer relationships

Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years.

Software

Amortisation is applied on a straight-line basis over the estimated useful life, typically 3\u20135 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems.

1

Addition from acquisition of enterprises relate to Ekol Transport Group, reference is made to note 5.5.

2

Primarily relates to the implementation of a new ERP system.

3

The carrying amount of completed software primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products.

4

Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__76": { "value": "

3.1.1\tNon-current intangible assets

2025

DKK million

Goodwill

Port concession rights

Customer relationships

Software3

Total

Cost at 1 January 2025

7,610

1,464

1,012

875

10,961

Foreign exchange adjustments

-15

0

-9

0

-24

Addition on acquisition of enterprises

1491

-

-

-

149

Additions

-

-

0

952

95

Disposals

0

0

0

21

21

Transfers

0

-25

25

-8

-8

Cost at 31 December 2025

7,744

1,439

1,028

941

11,152

Amortisation and impairment losses at 1 January 2025

113

275

257

480

1,125

Foreign exchange adjustments

0

-

-2

0

-2

Amortisation charge

57

81

88

227

Disposals

0

-

0

21

21

Transfers

-

-15

15

0

0

Amortisation and impairment losses at 31 December 2025

113

317

351

547

1,328

Carrying amount at 31 December 2025

7,631

1,122

677

394

9,825

For information regarding the impairment tests reference is made to note 3.1.4.

2024

DKK million

Goodwill

Port concession rights

Customer relationships

Software3

Total

Cost at 1 January 2024

5,066

1,214

1,008

775

8,063

Foreign exchange adjustments

27

4

9

0

40

Addition on acquisition of enterprises

2,5181

-

0

13

2,531

Additions

-

2464

-

962

342

Disposals

-

-

5

9

14

Transfers

-

-

0

0

0

Cost at 31 December 2024

7,610

1,464

1,012

875

10,961

Amortisation and impairment losses at 1 January 2024

114

223

178

412

926

Foreign exchange adjustments

-1

-

2

0

2

Amortisation charge

52

82

76

210

Disposals

-

-

5

9

13

Amortisation and impairment losses at 31 December 2024

113

275

257

480

1,125

Carrying amount at 31 December 2024

7,497

1,189

755

395

9,837

\u00a7 Accounting policies

Non-current intangible assets \u2013 Other than goodwill

Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates.

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s CGUs at the time of acquisition.

\u00a7 Accounting policies (continued)

Port concession rights

Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period.

Customer relationships

Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years.

Software

Amortisation is applied on a straight-line basis over the estimated useful life, typically 3\u20135 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems.

1

Addition from acquisition of enterprises relate to Ekol Transport Group, reference is made to note 5.5.

2

Primarily relates to the implementation of a new ERP system.

3

The carrying amount of completed software primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products.

4

Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__77": { "value": "

3.1.1\tNon-current intangible assets

2025

DKK million

Goodwill

Port concession rights

Customer relationships

Software3

Total

Cost at 1 January 2025

7,610

1,464

1,012

875

10,961

Foreign exchange adjustments

-15

0

-9

0

-24

Addition on acquisition of enterprises

1491

-

-

-

149

Additions

-

-

0

952

95

Disposals

0

0

0

21

21

Transfers

0

-25

25

-8

-8

Cost at 31 December 2025

7,744

1,439

1,028

941

11,152

Amortisation and impairment losses at 1 January 2025

113

275

257

480

1,125

Foreign exchange adjustments

0

-

-2

0

-2

Amortisation charge

57

81

88

227

Disposals

0

-

0

21

21

Transfers

-

-15

15

0

0

Amortisation and impairment losses at 31 December 2025

113

317

351

547

1,328

Carrying amount at 31 December 2025

7,631

1,122

677

394

9,825

For information regarding the impairment tests reference is made to note 3.1.4.

2024

DKK million

Goodwill

Port concession rights

Customer relationships

Software3

Total

Cost at 1 January 2024

5,066

1,214

1,008

775

8,063

Foreign exchange adjustments

27

4

9

0

40

Addition on acquisition of enterprises

2,5181

-

0

13

2,531

Additions

-

2464

-

962

342

Disposals

-

-

5

9

14

Transfers

-

-

0

0

0

Cost at 31 December 2024

7,610

1,464

1,012

875

10,961

Amortisation and impairment losses at 1 January 2024

114

223

178

412

926

Foreign exchange adjustments

-1

-

2

0

2

Amortisation charge

52

82

76

210

Disposals

-

-

5

9

13

Amortisation and impairment losses at 31 December 2024

113

275

257

480

1,125

Carrying amount at 31 December 2024

7,497

1,189

755

395

9,837

\u00a7 Accounting policies

Non-current intangible assets \u2013 Other than goodwill

Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates.

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s CGUs at the time of acquisition.

\u00a7 Accounting policies (continued)

Port concession rights

Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period.

Customer relationships

Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years.

Software

Amortisation is applied on a straight-line basis over the estimated useful life, typically 3\u20135 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems.

1

Addition from acquisition of enterprises relate to Ekol Transport Group, reference is made to note 5.5.

2

Primarily relates to the implementation of a new ERP system.

3

The carrying amount of completed software primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products.

4

Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__78": { "value": "

\u00a7 Accounting policies

Non-current intangible assets \u2013 Other than goodwill

Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates.

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s CGUs at the time of acquisition.

\u00a7 Accounting policies (continued)

Port concession rights

Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period.

Customer relationships

Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years.

Software

Amortisation is applied on a straight-line basis over the estimated useful life, typically 3\u20135 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__80-1": { "value": "

Non-current intangible assets \u2013 Other than goodwill

Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates.

Port concession rights

Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period.

Customer relationships

Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years.

Software

Amortisation is applied on a straight-line basis over the estimated useful life, typically 3\u20135 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__81": { "value": "

Goodwill

Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s CGUs at the time of acquisition.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__83": { "value": "

3.1.2\tNon-current tangible assets

2025

DKK million

Land and buildings

Terminals

Ferries and other ships

Equipmentetc.

Assets under construction and prepayments

Total

Cost at 1 January 2025

949

1,476

20,141

4,382

374

27,322

Foreign exchange adjustments

-18

-12

108

-23

-1

53

Addition on acquisition of enterprises1

-

-

-

112

-4

108

Additions

4

1

25

358

1,056

1,443

Disposals

6312

0

1,0343

499

3

2,166

Transfers4

672

20

718

236

-1,027

618

Cost at 31 December 2025

976

1,484

19,959

4,566

394

27,379

Depreciation and impairment losses at 1 January 2024

121

655

8,429

1,851

11,056

Foreign exchange adjustments

-1

-10

65

-7

46

Depreciation charge and write-offs

37

69

1,248

589

1,944

Disposals

2

0

8893

273

1,163

Transfers

-3

0

0

3

0

Depreciation and impairment losses at 31 December 2025

153

714

8,853

2,163

0

11,883

Carrying amount at 31 December 2025

823

770

11,106

2,403

394

15,496

2024

DKK million

Land and buildings

Terminals

Ferries and other ships

Equipmentetc.

Assets under construction and prepayments

Total

Cost at 1 January 2024

862

1,453

21,636

3,645

415

28,012

Foreign exchange adjustments

17

14

-42

38

1

28

Addition on acquisition of enterprises1

17

10

631

568

1

1,227

Additions

2

38

48

143

1,259

1,490

Disposals

19

13

423

409

5

869

Transfers

69

17

809

403

-1,297

0

Divestment of activities5

-

43

2,517

6

-

2,566

Cost at 31 December 2024

949

1,476

20,141

4,382

374

27,322

Depreciation and impairment losses at 1 January 2024

104

630

9,854

1,706

12,294

Foreign exchange adjustments

1

10

-32

14

-7

Depreciation charge and write-offs

34

70

1,171

449

1,724

Reversal of impairment

0

0

33

0

33

Disposals

18

12

423

317

769

Divestment of activities5

-

43

2,108

2

2,153

Depreciation and impairment losses at 31 December 2024

121

655

8,429

1,851

0

11,056

Carrying amount at 31 December 2024

828

821

11,712

2,531

374

16,266

!Significant accounting estimates

Assessment of useful life and residual values

Estimation of useful lives is based on experience. When there is an indication of a change in an asset\u2019s useful life, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environmental requirements.

!Significant accounting estimates (continued)

Management has also considered that the impact of climate-related factors, including regulatory changes, technological advancements, and DFDS\u2019 own emission reduction ambitions, may in the future affect the estimated useful life of vessels. As a result, the expected timing for replacing existing vessels could accelerate. To mitigate these risks, the Group is increasingly adopting alternative fuel sources, such as biofuels, and implementing a range of operational and technical measures to enhance energy efficiency. These initiatives, together with DFDS\u2019 structured approach to achieving emissions reduction, may help reduce the risk of obsolescence within the current fleet. Management has assessed these factors and concluded that, as of 31 December 2025, no changes to the remaining useful life of vessels or other tangible assets were required.

1

Addition from acquisition of enterprises relate to Ekol Transport Group, reference is made to note 5.5.

2

Disposals of land and buildings primarily relate to a sale-and-leaseback transaction involving three warehouse facilities located in Sweden.

3

Disposals of ferries and other ships primarily relate to the disposal of Cappadocia Seaways.

4

Primarily transfers arising from the exercise of purchase options for warehouses and trucks, with remaining transfers relating to the capitalisation of assets under construction.

5

Primarily related to the two passenger cruise ferries Crown Seaways and Pearl Seaways which were divested as part of the Oslo-Frederikshavn- Copenhagen route.

3.1.2\tNon-current tangible assets(continued)

\u00a7 Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges.

\u2022\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance.

\u2022\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

Maintenance and daily running costs for the ferries and other ships are expensed in the income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries' or ships' next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries.

Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the income statement as \u2018Profit on disposal of non-current assets, net\u2019.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (RoPax) ferries

Due to differences in the wear and tear of certain components of passenger cruise ferries and RoPax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (RoRo)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both RoPax and RoRo ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of ferries is estimated as the expected fair value at the end of their useful lifetime.

Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies.

Other non-current tangible assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. depreciated over the term of the lease

Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the carrying amount at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the income statement as \u2018Profit on disposal of non-current assets, net'.

", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__85": { "value": "Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges.

\u2022\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance.

\u2022\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

Maintenance and daily running costs for the ferries and other ships are expensed in the income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries' or ships' next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries.

Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the income statement as \u2018Profit on disposal of non-current assets, net\u2019.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (RoPax) ferries

Due to differences in the wear and tear of certain components of passenger cruise ferries and RoPax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (RoRo)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both RoPax and RoRo ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of ferries is estimated as the expected fair value at the end of their useful lifetime.

Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies.

Other non-current tangible assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. depreciated over the term of the lease

Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the carrying amount at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the income statement as \u2018Profit on disposal of non-current assets, net'.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__86": { "value": "

3.1.3\tRight-of-use assets and lease liabilities

The Group has lease contracts for various items of land and buildings, terminals, ferries, equipment etc. in its operations. The Group\u2019s obligations under the leases are secured by the lessors' title to the leased assets. Several lease contracts include extension and termination options, which are negotiated by Management to provide flexibility in managing the asset portfolio. Some lease contracts include variable lease payments, which are further described below.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period.

2025

DKK million

Land and buildings

Terminals

Ferries and other ships

Equipmentetc.

Total

Cost at 1 January 2025

1,895

3,282

2,620

883

8,680

Foreign exchange adjustments

27

-69

2

2

-38

Additions

292

44

102

209

646

Remeasurement

512

96

-7

4

605

Disposals

84

2

284

190

560

Transfer1

-683

-

-

-10

-693

Cost at 31 December 2025

1,958

3,351

2,433

898

8,640

Depreciation and impairment lossesat 1 January 2025

637

1,212

830

335

3,014

Foreign exchange adjustments

12

-8

1

1

5

Depreciation charge

302

264

381

218

1,165

Disposals

71

2

281

159

513

Transfer1

-64

-

-

-2

-66

Depreciation and impairment losses 31 December 2025

815

1,466

931

392

3,603

Carrying amount at 31 December 2025

1,144

1,885

1,502

506

5,037

2024

DKK million

Land and buildings

Terminals

Ferries and other ships

Equipmentetc.

Total

Cost at 1 January 2024

1,524

3,222

2,437

736

7,918

Foreign exchange adjustments

-11

68

-3

2

56

Addition on acquisition of enterprises2

202

15

-

34

251

Additions

36

8

53

258

354

Remeasurement

184

157

370

21

732

Disposals

31

-

236

166

434

Divestment of activities3

9

188

-

-

197

Cost at 31 December 2024

1,895

3,282

2,620

883

8,680

Depreciation and impairment lossesat 1 January 2024

436

998

601

282

2,318

Foreign exchange adjustments

-4

27

-3

1

21

Depreciation charge

233

255

391

190

1,069

Disposals

24

-

160

139

323

Divestment of activities3

5

67

-

-

72

Depreciation and impairment losses 31 December 2024

637

1,212

830

335

3,014

Carrying amount at 31 December 2024

1,259

2,070

1,790

549

5,667

1

Relates to exercise of purchase options for warehouses and trucks.

2

Relates to acquisition of FRS Iberia/Maroc and Ekol Transport Group.

3

Relates to divestment of terminals and offices as part of Oslo - Frederikshavn - Copenhagen route.

3.1.3\tRight-of-use assets and lease liabilities (continued)

Set out below are the carrying amounts of lease liabilities (included under interest-bearing liabilities) and the movements during the period.

DKK million

2025

2024

As at 1 January

5,872

5,832

Foreign exchange adjustments

-129

82

Addition on acquisition of enterprises

-

251

Additions

686

355

Remeasurement

605

732

Instalments

1,7801

1,024

Disposals

48

112

Divestment of activities

-

1272

Transfer

-

-1173

Total lease liabilities at 31 December

5,207

5,872

Non-discounted lease liabilities expiring within the following periods from the balance sheet date:

DKK million

2025

2024

Within 1 year

1,203

1,293

1-3 years

2,549

2,659

3-5 years

1,059

1,296

After 5 years

1,273

1,551

Total lease liability, non-discounted

6,085

6,798

Lease liabilities are recognised in the balance sheet as follows:

DKK million

2025

2024

Non-current liabilities

4,232

4,846

Current liabilities

974

1,027

Total lease liabilities

5,207

5,872

The following amounts from leases are recognised in the income statement:

DKK million

2025

2024

Expenses relating to short-term leases (included in costs)

1

30

Expenses relating to low-value assets (included in costs)

111

151

Variable lease payments (included in costs)

157

104

Depreciation, ships

381

391

Depreciation, other non-current assets

784

678

Interest expenses on lease liabilities

290

286

Gain arising from sale and leaseback transactions

514

-

Total amount recognised in the income statement

1,673

1,640

The following amounts from leases are recognised in the statement of cash flows:

DKK million

2025

2024

Cash flows from operating activities, gross

-270

-285

Interest etc., paid

-290

-286

Cash flows from operating activities, net

-560

-571

Cash flows from financing activities, net

-1,780

-1,024

Total cash outflows from leases

-2,339

-1,595

In 2025 the Group paid DKK 2,339m (2024: DKK 1,595m) regarding lease agreements whereof interest expenses related to lease liabilities amount to DKK 290m (2024: DKK 286m), instalments of lease liability amount to DKK 1,780m (2024: DKK 1,024m), and DKK 270m (2024: DKK 285m) relates to short-term leases, low-value leases and variable lease payments.

At 31 December 2025 the Group was committed to short-term and low-value leases for an amount of DKK 243m (2024: DKK 144m).

The Group has two terminal lease contracts that contains variable payments based on the number of transferred units. The terms align the lease expense with the units transferred and revenue earned. In addition, the Group has multiple leases with variable payments based on usage. The below table provides information on the Group\u2019s variable lease payments in relation to fixed payments:

DKK million

Fixed payments

Variable payments

2025

Fixed payments

Variable payments

2024

Lease payments

144

62

206

145

58

203

Variable rent only

-

95

95

-

46

46

Total 31 December

144

157

301

145

104

249

A 10% increase in units transferred would increase total lease payments by 7%.

As at 31 December 2025, potential future cash outflows of DKK 258m (undiscounted) have not been included in the lease liability, because it is not reasonably certain that the leases will be extended (or not terminated) (2024: DKK 333m).

1

Includes payment of DKK 649m triggered by exercising the purchase option on three warehouse facilities located in Sweden.

2

Relates to divestment of terminals and offices as part of Oslo - Frederikshavn - Copenhagen route.

3

Relates to a lease liability of DKK 117m which has been settled and offset against a trade receivable.

4

Relates to exercise of purchase options on three warehouse facilities located in Sweden. The warehouses were subsequently sold for a total sales price of DKK 711m and leased back.

3.1.3\tRight-of-use assets and lease liabilities (continued)

Group as a lessor

Future minimum receivable under non-cancellable operating leases as at 31 December are as follows:

Operating lease commitments (lessor)

DKK million

Ferries and other ships

Equipment etc.

2025

Ferries and other ships

Equipment etc.

2024

Minimum lease payments (income)

Within 1 year

325

34

359

264

-

264

1-3 years

295

-

295

177

-

177

3-5 years

147

-

147

-

-

-

Total minimum lease payments (income)

767

34

801

442

-

442

The specified minimum lease payments are not discounted. Operating lease and rental income recognised in the income statement amount to DKK 364m in 2025 (2024: DKK 476m). The contracts are entered into on normal conditions. At inception of each individual agreement, Management assesses and determines whether the agreement is a finance or an operating leasing agreement.

!Significant accounting estimates and judgements

Extension options

The Group has entered into lease agreements with extension options. Management exercises significant judgement in determining whether these extension options are reasonably certain to be exercised and, in that connection, considers all relevant factors that create an economic and strategic incentive to exercise the extension option.

Management has also considered the impact of decarbonisation and climate-related risks on assessing the likelihood of extending lease agreements. Such risks include new climate-related legislation restricting the use of certain assets and new technology demanded by climate-related legislation.

\u00a7 Accounting policies

Group as lessee (lease in)

The right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs, whereas lease liabilities are measured at the present value of lease payments to be made over the lease term. Lease payments are discounted using DFDS\u2019 incremental borrowing rate.

Depreciation follows the straight-line method over the lease term or the useful life of the right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease liability will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For contracts with a rolling term (evergreen leases), Management exercises judgement in determining useful lifetime of the underlying right-of-use asset.

Group as lessor (lease out)

For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the income statement. Lease income from assets leased out on an operating lease is recognised in the income statement on a straight-line basis over the lease term.

Sale and leaseback transactions

Sale and leaseback transactions are assessed to determine whether the transfer of the asset qualifies as a true sale in accordance with IFRS 15 Revenue from Contracts with Customers. If control is transferred to the buyer and the transaction qualifies as a true sale, DFDS derecognises the asset and recognises a right-of-use asset and a lease liability. The right-of-use asset is measured as the proportion of the previous carrying amount of the asset that relates to the retained right of use. The lease liability is measured at the present value of future lease payments. Any gain or loss arising on the sale is recognised in the income statement only to the extent that it relates to the rights transferred to the buyer. The portion of the gain or loss that relates to the right of use retained is included as part of the right-of-use asset. In case the sale and leaseback transaction does not qualify as a true sale, then the transaction is considered a financial arrangement where the assets continue to be recognised on the balance sheet and the proceed received is recognised as a financial liability.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__87": { "value": "

\u00a7 Accounting policies

Group as lessee (lease in)

The right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs, whereas lease liabilities are measured at the present value of lease payments to be made over the lease term. Lease payments are discounted using DFDS\u2019 incremental borrowing rate.

Depreciation follows the straight-line method over the lease term or the useful life of the right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease liability will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For contracts with a rolling term (evergreen leases), Management exercises judgement in determining useful lifetime of the underlying right-of-use asset.

Group as lessor (lease out)

For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the income statement. Lease income from assets leased out on an operating lease is recognised in the income statement on a straight-line basis over the lease term.

Sale and leaseback transactions

Sale and leaseback transactions are assessed to determine whether the transfer of the asset qualifies as a true sale in accordance with IFRS 15 Revenue from Contracts with Customers. If control is transferred to the buyer and the transaction qualifies as a true sale, DFDS derecognises the asset and recognises a right-of-use asset and a lease liability. The right-of-use asset is measured as the proportion of the previous carrying amount of the asset that relates to the retained right of use. The lease liability is measured at the present value of future lease payments. Any gain or loss arising on the sale is recognised in the income statement only to the extent that it relates to the rights transferred to the buyer. The portion of the gain or loss that relates to the right of use retained is included as part of the right-of-use asset. In case the sale and leaseback transaction does not qualify as a true sale, then the transaction is considered a financial arrangement where the assets continue to be recognised on the balance sheet and the proceed received is recognised as a financial liability.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__90": { "value": "

\u00a7 Accounting policies

The carrying amount of goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__91": { "value": "

\u00a7 Accounting policies

The carrying amount of goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__92": { "value": "

3.2.1\tReceivables

DKK million

2025

2024

Other non-current receivables

0

2

Total non-current receivables

0

2

Trade receivables

3,368

4,203

Receivables from associates and joint ventures

68

45

Corporation tax and joint taxation contribution, receivable

111

61

Public authorities (VAT, etc.)

320

317

Other receivables and current assets

212

246

Total current receivables

4,080

4,871

Total current and non-current receivables

4,080

4,873

The carrying amount of receivables is in all material respects equal to the fair value. Collateral is pledged

as security for certain receivables. The collateral consists of bank guarantees with a fair value of DKK 65m (2024: DKK 58m).

DKK million

2025

2024

Ageing of trade receivables at 31 December

Not past due

2,837

3,662

Up to 30 days

431

426

31-60 days

58

73

61-90 days

36

28

91-120 days

31

1

More than 120 days

110

96

Receivables, gross

3,503

4,286

Expected credit loss allowance

135

83

Trade receivables

3,368

4,203

DKK million

2025

2024

Movements expected credit loss allowance

Credit loss allowance at 1 January

83

73

Foreign exchange adjustments

-1

0

Addition on acquisition of enterprises

17

10

Write-downs

64

33

Realised losses

-8

-12

Reversed write-downs

-22

-21

Expected credit loss allowance at 31 December

135

83

3.2.1\tReceivables (continued)

The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2024: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years.

Accordingly, at year-end 2025 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2024: 0.0%) plus adjustments for forward-looking factors were considered relevant.

\u00a7 Accounting policies

Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers is performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the income statement.

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.

Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__93": { "value": "

DKK million

2025

2024

Ageing of trade receivables at 31 December

Not past due

2,837

3,662

Up to 30 days

431

426

31-60 days

58

73

61-90 days

36

28

91-120 days

31

1

More than 120 days

110

96

Receivables, gross

3,503

4,286

Expected credit loss allowance

135

83

Trade receivables

3,368

4,203

DKK million

2025

2024

Movements expected credit loss allowance

Credit loss allowance at 1 January

83

73

Foreign exchange adjustments

-1

0

Addition on acquisition of enterprises

17

10

Write-downs

64

33

Realised losses

-8

-12

Reversed write-downs

-22

-21

Expected credit loss allowance at 31 December

135

83

3.2.1\tReceivables (continued)

The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2024: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years.

Accordingly, at year-end 2025 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2024: 0.0%) plus adjustments for forward-looking factors were considered relevant.

\u00a7 Accounting policies

Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers is performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the income statement.

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.

Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__94-1": { "value": "

DKK million

2025

2024

Ageing of trade receivables at 31 December

Not past due

2,837

3,662

Up to 30 days

431

426

31-60 days

58

73

61-90 days

36

28

91-120 days

31

1

More than 120 days

110

96

Receivables, gross

3,503

4,286

Expected credit loss allowance

135

83

Trade receivables

3,368

4,203

DKK million

2025

2024

Movements expected credit loss allowance

Credit loss allowance at 1 January

83

73

Foreign exchange adjustments

-1

0

Addition on acquisition of enterprises

17

10

Write-downs

64

33

Realised losses

-8

-12

Reversed write-downs

-22

-21

Expected credit loss allowance at 31 December

135

83

3.2.1\tReceivables (continued)

The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2024: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years.

Accordingly, at year-end 2025 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2024: 0.0%) plus adjustments for forward-looking factors were considered relevant.

Credit exposure

DFDS\u2019 credit exposure is primarily attributable to trade and other receivables and cash. The receivables including work in progress services are stated in the balance sheet net of write-downs. Reference is made to note 3.2.1 for further information on write-downs on trade receivables and work in progress services.

According to the Group\u2019s policy of undertaking credit risks, assessments of all customers and other partners are performed.

DFDS\u2019 credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS\u2019 Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. According to the Financial Policy, DKK 500m is the maximum allowed credit risk towards a financial counterparty.

For a number of customers, the Group uses non-recourse factoring. At year-end the Group had de-recognised receivables without recourse having due date after 31 December 2025 amounting to DKK 886m (2024: none). Expense recognised from the factoring arrangement under operating cost was DKK 21m (2024: none).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__95": { "value": "Accounting policies

Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers is performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the income statement.

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.

Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__96": { "value": "

3.2.2\tInventories

DKK million

2025

2024

Bunker

140

195

Goods for sale

122

133

Write-down of inventories end of year

-7

-5

Total inventories

255

322

Write-down of inventories during the year is an expense of DKK 5m (2024: income of DKK 8m due to reversal of previous years' write-downs).

\u00a7 Accounting policies

Bunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__97": { "value": "Accounting policies

Bunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__98-1": { "value": "

3.2.3\tSupplier finance arrangements

The Group participates in supplier finance arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers to DFDS. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS will settle the invoice at a later stage.

The Group has entered into arrangements with the following terms:

Bunker linked payables extended to current month + 93 days (2024: current month + 93 days). Multiple logistics suppliers' payables extending payment to current month + 93 days (2024: current month + 93 days).

Carrying amount of liabilities under supplier finance arrangements

DKK million

2025

2024

Presented within trade payables 1 January

567

730

Presented within trade payables 31 December

497

567

of which suppliers received payment (from financial institution)

486

558

Range of payment due dates

Payment terms for liabilities that are part of supplier financing arrangements range from 30 days to current month + 93 days (2024: from 30 days to current month + 93 days).Payment terms for comparable trade payables that are not part of supplier financing arrangements typically range from 30 days to current month + 63 days (2024: from 30 days to current month + 63 days).

Non-cash changes

There were no significant non-cash changes in the carrying amounts of supplier finance liabilities (2024: none).

\u00a7 Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

3.2.4\tOther payables

DKK million

2025

2024

Holiday pay obligations, etc.

621

721

Public authorities (VAT, duty, etc.)

177

142

Payables to associates and joint ventures

22

16

Accrued interests

32

47

Other payables

283

233

Total other payables

1,135

1,160

\u00a7 Accounting policies

Other payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__99-1": { "value": "

3.2.3\tSupplier finance arrangements

The Group participates in supplier finance arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers to DFDS. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS will settle the invoice at a later stage.

The Group has entered into arrangements with the following terms:

Bunker linked payables extended to current month + 93 days (2024: current month + 93 days). Multiple logistics suppliers' payables extending payment to current month + 93 days (2024: current month + 93 days).

Carrying amount of liabilities under supplier finance arrangements

DKK million

2025

2024

Presented within trade payables 1 January

567

730

Presented within trade payables 31 December

497

567

of which suppliers received payment (from financial institution)

486

558

Range of payment due dates

Payment terms for liabilities that are part of supplier financing arrangements range from 30 days to current month + 93 days (2024: from 30 days to current month + 93 days).Payment terms for comparable trade payables that are not part of supplier financing arrangements typically range from 30 days to current month + 63 days (2024: from 30 days to current month + 63 days).

Non-cash changes

There were no significant non-cash changes in the carrying amounts of supplier finance liabilities (2024: none).

\u00a7 Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

3.2.5\tPension and jubilee liabilities

The Group contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Group has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the income statement when incurred.

The Group has defined benefit plans, primarily in the UK. In addition, there are minor defined benefit plans in Norway, Belgium, Italy, T\u00fcrkiye, Lithuania, France, Germany, and Sweden. The UK accounts for -5.8%1(2024: -46.9%) of the total net liability and 85.5% (2024: 88.4%) of the funded and unfunded obligation. The majority of the defined benefit plans are pension plans that yearly pay out a certain percentage of the employee\u2019s final salary upon retirement. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employee except for certain closed

1

The UK defined benefit plans are at accounting basis overfunded by DKK 5m as per end of 2025 (2024: DKK 25m).

plans in the UK and some of the other minor plans. The defined benefit plans typically include a spouse pension and disability insurance.

Some of the pension plans in Sweden are multi-employer plans, covering a large number of enterprises. The plans are collective and covered through contributions paid to the pension company Alecta. The Swedish Financial Accounting Standards Council\u2019s interpretations committee (Redovisningsr\u00e5det) has defined this plan as a multi-employer defined benefit plan. Presently, it is not possible to obtain sufficient information from Alecta to apportion assets and liabilities of the plans to the participating employers. Consequently, the pension plans are similarly to prior years treated as defined contribution plans. The contributions are DKK 3m in 2025 (2024: DKK 3m). The collective funding ratio at Alecta amounts to 167% as per September 2025 (September 2024: 163%). For 2026, the contributions are expected to be DKK 3m. DFDS\u2019 share of the multi-employer plan is estimated to be around 0.0036% and the liability follows the share of the total plan.

In 2024, a ruling in the UK on amendments made to a non-DFDS pension scheme for the years 1997 \u2013 2016 was concluded. This ruling might have implications on the Group as amendments were also made to the Group's UK pension schemes in the period in question. A pension bill in its final stage is being debated in the UK parliament. The pension bill will make it possible with retroactive effect to issue the needed actuarial confirmations that makes the amendments valid. Management has obtained legal assessments and will continue to seek legal advice on the matter and act accordingly. However, as the bill is not yet in force the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2025 year-end.

Based on actuarial calculations the defined benefit plans show the following liabilities:

DKK million

2025

2024

Present value of funded defined benefit obligations

567

609

Fair value of plan assets

-572

-633

Funded defined benefit obligations, net

-5

-24

Present value of unfunded defined benefit obligations

93

77

Recognised liabilities for defined benefit obligations

89

53

Provision for jubilee liabilities

29

27

Total actuarial liabilities, net

118

79

Pension assets1

5

25

Pension and jubilee liabilities

123

104

Total actuarial liabilities, net

118

79

DKK million

2025

2024

Movements in the net present value of funded and unfunded defined benefit obligations

Funded and unfunded obligations at 1 January

685

714

Addition regarding acquisition

-

4

Foreign exchange adjustments

-35

33

Current service costs

17

11

Interest costs

36

31

Actuarial gain(-)/loss(+) arising from changes in demographic assumptions

7

-1

Actuarial gain(-)/loss(+) arising from changes in financial assumptions

-15

-68

Past service costs

-3

0

Benefits paid

-51

-45

Transfers

19

7

Funded and unfunded obligations at 31 December

661

685

Movements in the fair value of the defined benefit plan assets

Plan assets at 1 January

-633

-650

Foreign exchange adjustments

31

-32

Calculated interest income

-33

-30

Return on plan assets excluding calculated interest income

77

59

Costs of managing the assets

-

2

Employer contributions

-48

-23

Benefits paid

34

40

Plan assets at 31 December

-572

-633

Plan assets consist of the following:

Cash and cash equivalents

-5

-4

Blended investment funds

-

-627

Insured plans2

-567

-2

Total plan assets

-572

-633

1

The UK defined benefit plans are at accounting basis overfunded by DKK 5m as per end of 2025 (2024: DKK 25m).

2

The UK funded defined benefit plans implemented a buy-in during 2025, resulting in the plans becoming fully insured. Prior to the buy-in, the pension scheme assets were held in blended investment funds.

3.2.5\tPension and jubilee liabilities (continued)

DKK million

2025

2024

Expenses recognised as employee costs in the income statement:

Current service costs

17

11

Past service costs

-3

-

Total included in employee costs regarding defined benefit plans

15

11

Expenses recognised as financial costs in the income statement:

Interest costs

36

31

Interest income

33

30

Total included in financial costs regarding defined benefit plans

3

1

Total expenses for defined benefit plans recognised in the income statement

17

12

Expenses recognised in other comprehensive income, gain(-)/loss(+):

Remeasurements of plan obligations

-8

-70

Remeasurements of plan assets

77

61

Total included in other comprehensive income regarding defined benefit plans

70

-9

Actuarial calculations or roll forward calculations are performed annually for all defined benefit plans. Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The following significant assumptions have been used for the actuarial calculations:

2025

Assumptions

UK

Others

Weighted

average1

Discount rate

5.5%

2.0%-5.3%

5.2%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

0.0%-28.9%

1.1%

Future pension increase

3.0%

0.0%-3.0%

2.5%

Inflation

2.4%

0.0%-23.4%

3.3%

2024

Assumptions

UK

Others

Weighted

average\u00b9

Discount rate

5.4%

1.5%-3.3%

5.1%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

0.0%-3.5%

0.3%

Future pension increase

3.2%

0.0%-2.3%

2.8%

Inflation

2.5%

0.0%-26.2%

3.0%

Significant actuarial assumptions for the determination of the retirement benefit obligation are the discount rate, expected future remuneration increases, and expected mortality. The sensitivity analysis below has been determined based on reasonably likely changes in the assumptions occurring at the end of the period.

DKK million

2025

2024

Sensitivity analysis

Reported obligation 31 December

661

685

Discount rate -0.5% point compared to assumptions

691

724

Discount rate +0.5% point compared to assumptions

629

650

Salary increase -0.5% point compared to assumptions

657

684

Salary increase +0.5% point compared to assumptions

661

687

Mortality -1 year compared with used mortality tables

646

671

Mortality +1 year compared with used mortality tables

683

710

The mortality table used for the two defined benefit schemes in the UK is the public S3PxA table with annual improvement of 1.25% (2024: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 22.9 years (2024: 22.7 years). Weighted average duration on the liabilities end of 2025 is 10.8 years (2024: 11.6 years). The Group expects to make a contribution of DKK 17m to the defined benefit plans in 2026. The expected contribution for 2025 was DKK 42m, which turned out to be DKK 64m. The higher contribution for 2025 is primarily related to completion of a buy-in process for the two defined benefit schemes in the UK.

DKK million

2025

2024

Maturity analysis of the obligations

0-1 year

56

48

1-5 years

149

149

After 5 years

455

489

Total obligations

661

685

1

All factors are weighted at the pro rata share of the individual actuarial obligation.

2

Schemes closed for new members will have a social security rate and future salary increase of 0%.

3.2.5\tPension and jubilee liabilities (continued)

\u00a7 Accounting policies

Contributions to defined contribution pension plans are recognised in the income statement in the period in which they relate, and any payable contributions are accrued in the balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value-in-use of future benefits payable under the plan is made once a year. The value-in-use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value-in-use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value-in-use less the fair value of any assets under the plan is recognised in the balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the income statement based on actuarial estimates and financial expectations at the beginning of the year.

The difference between the calculated development in pension assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains and losses.

Changes in the benefits payable for employees' past service to the enterprise result in an adjust-ment of the actuarial calculation of the value-in-use, which is classified as past service costs. Past service costs are recognised in the income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.

Other non-current employee obligations include jubilee benefits, etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__100-1": { "value": "

3.2.3\tSupplier finance arrangements

The Group participates in supplier finance arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers to DFDS. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS will settle the invoice at a later stage.

The Group has entered into arrangements with the following terms:

Bunker linked payables extended to current month + 93 days (2024: current month + 93 days). Multiple logistics suppliers' payables extending payment to current month + 93 days (2024: current month + 93 days).

Carrying amount of liabilities under supplier finance arrangements

DKK million

2025

2024

Presented within trade payables 1 January

567

730

Presented within trade payables 31 December

497

567

of which suppliers received payment (from financial institution)

486

558

Range of payment due dates

Payment terms for liabilities that are part of supplier financing arrangements range from 30 days to current month + 93 days (2024: from 30 days to current month + 93 days).Payment terms for comparable trade payables that are not part of supplier financing arrangements typically range from 30 days to current month + 63 days (2024: from 30 days to current month + 63 days).

Non-cash changes

There were no significant non-cash changes in the carrying amounts of supplier finance liabilities (2024: none).

\u00a7 Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

3.2.4\tOther payables

DKK million

2025

2024

Holiday pay obligations, etc.

621

721

Public authorities (VAT, duty, etc.)

177

142

Payables to associates and joint ventures

22

16

Accrued interests

32

47

Other payables

283

233

Total other payables

1,135

1,160

\u00a7 Accounting policies

Other payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__101-1": { "value": "Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

Accounting policies

Other payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__104": { "value": "

3.2.4\tOther payables

DKK million

2025

2024

Holiday pay obligations, etc.

621

721

Public authorities (VAT, duty, etc.)

177

142

Payables to associates and joint ventures

22

16

Accrued interests

32

47

Other payables

283

233

Total other payables

1,135

1,160

\u00a7 Accounting policies

Other payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__109": { "value": "

3.2.6\tProvisions

DKK million

2025

2024

Provisions at 1 January

449

134

Foreign exchange adjustments

0

1

Addition from acquisition of enterprises

1421

47

Provisions made during the year2

605

345

Used during the year

-466

-59

Reversal of unused provisions

-19

-12

Transfers

-19

-7

Provisions at 31 December

694

449

Provisions are expected to be payable in:

0-1 year

636

392

1-5 years

58

55

After 5 years

0

3

Provisions at 31 December

694

449

Of the Group\u2019s provision of DKK 694m (2024: DKK 449m), DKK 536m (2024 DKK 318m) is ETS emission provision; DKK 46m (2024: DKK 34m) is redelivery provision on leases; DKK 33m (2024: DKK 24m) is related to investments in associates and joint ventures; DKK 0m (2024: DKK 9m) is restructuring provision, and DKK 79m (2024: DKK 65m) is other provisions.

\u00a7 Accounting policies

Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges - and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

1

Addition from acquisition of enterprises relate to Ekol Transport Group.

2

Includes mainly provision for emitted greenhouse gases related to the Maritime EU Emissions Trading System (ETS) and is included in the income statement in the line item Ferry and other ship operation and maintenance.

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__110": { "value": "

3.2.6\tProvisions

DKK million

2025

2024

Provisions at 1 January

449

134

Foreign exchange adjustments

0

1

Addition from acquisition of enterprises

1421

47

Provisions made during the year2

605

345

Used during the year

-466

-59

Reversal of unused provisions

-19

-12

Transfers

-19

-7

Provisions at 31 December

694

449

Provisions are expected to be payable in:

0-1 year

636

392

1-5 years

58

55

After 5 years

0

3

Provisions at 31 December

694

449

Of the Group\u2019s provision of DKK 694m (2024: DKK 449m), DKK 536m (2024 DKK 318m) is ETS emission provision; DKK 46m (2024: DKK 34m) is redelivery provision on leases; DKK 33m (2024: DKK 24m) is related to investments in associates and joint ventures; DKK 0m (2024: DKK 9m) is restructuring provision, and DKK 79m (2024: DKK 65m) is other provisions.

\u00a7 Accounting policies

Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges - and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

1

Addition from acquisition of enterprises relate to Ekol Transport Group.

2

Includes mainly provision for emitted greenhouse gases related to the Maritime EU Emissions Trading System (ETS) and is included in the income statement in the line item Ferry and other ship operation and maintenance.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__111": { "value": "Accounting policies

Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges - and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__112-1": { "value": "

4.1\tFinancial and operational risks

DFDS\u2019 risk management policy

DFDS\u2019 risk management policy is governed by the DFDS Financial Policy, which is approved by the Board of Directors on an annual basis. The policy outlines principles, targets, and strategies for managing the Group's \ufb01nancial risk. To minimise potential adverse effects on the Group\u2019s financial performance, DFDS uses financial derivatives strictly for hedging commercial exposures - not for speculative purposes. The most important \ufb01nancial risk factors are 1) bunker price risk, 2) interest rate risk, 3) currency exchange risk, 4) liquidity risk and 5) credit exposure.

Bunker price risk

Fluctuations in bunker prices, which are denominated in USD, constitute a significant risk for DFDS.

In the freight segment, fluctuations in bunker prices and the related foreign exchange risk are customarily passed on to customers through a bunker adjustment factor (BAF). In the passenger segment, changes in bunker costs are reflected in ticket prices to the extent possible.

To reduce exposure to bunker and currency risk, approximately 96% (94% in 2024) of DFDS\u2019 consumption was covered by BAF agreements. As the BAF is based on low-sulphur fuel prices, while certain ferries are equipped with scrubbers and therefore consume high-sulphur fuel, the Group is exposed to a price spread risk between low- and high-sulphur fuel. The risk related to the price spread between high-sulphur and low-sulphur fuel is partly hedged using commodity swaps. In accordance with the DFDS Financial Policy, net bunker exposure may be hedged up to 100% for the following four quarters and up to 50% for the fifth and sixth quarters.

Interest rate risk

DFDS is primarily exposed to interest rate risk through funding. According to DFDS\u2019 Financial Policy the interest rate on more than 40% of the loan portfolio including long-term charter agreements must be fixed with a weighted average duration of 9-36 months. DFDS enters into interest rate swaps and caps to comply with this policy.

Total net interest-bearing debt (including fair values of derivative financial instruments related to interest-bearing activities) amounts to DKK 15,260m at year-end 2025 (2024: DKK 17,204m). The Group\u2019s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 2.7 years (2024: 3.4 years).

In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 5,110m (2024: DKK 4,817m) have been entered into to mitigate the Group\u2019s exposure to interest rate risk. At year-end 2025, 47% of the Group\u2019s debt was fixed-rate including interest rate derivatives (2024: 42%). Share of fixed-rate debt including long-term charter liabilities amounted to 51% (2024: 47%). The weighted average duration of the Group\u2019s debt portfolio, including charter liabilities, was 1.0 year (2024: 1.3 years).

A 1 percentage point increase in interest rates compared with the actual levels in 2025 would, all else being equal, have increased the Group\u2019s net interest expense, including hedging effects, by DKK 70m (2024: DKK 59m). Conversely, a 1 percentage point decrease in interest rates would have reduced net interest expense by DKK 70m (2024: DKK 59m).

A 1 percentage point increase in interest rates compared with the level at the balance sheet date would, all else being equal, have had a positive impact of DKK 62m on the Group\u2019s hedging reserve (2024: DKK 90m). Conversely, a 1 percentage point decrease in interest rates would have had a negative impact of DKK 63m on the hedging reserve (2024: DKK 93m).

Currency exchange risk

Currency exchange risk is monitored continuously and actively hedged to reduce exposure using forward exchange contracts and currency swaps. According to DFDS\u2019 Financial Policy, DFDS can hedge balance exposures, and net of hedging, balance exposures must be kept below an equivalent to DKK 150m in each currency. According to the Financial Policy, DFDS can also hedge exposures from expected cash flows from operations up to four quarters ahead and cash flows from off-balance sheet contractual commitments.

Approximately 91% of DFDS\u2019 revenues in 2025 were invoiced in foreign currencies (2024: 87%) with the most substantial revenue generated in EUR which accounted for 61% of total revenue (2024: 64%).

Apart from DKK and EUR, revenue is mainly generated in SEK, GBP, and NOK. However, SEK, GBP, and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. EUR is considered a minor risk due to Denmark\u2019s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above.

The operational currency cash flow is defined as the Group's consolidated net currency cash flows from revenues and operational costs. The table shows the impact on the Group's operating profit before depreciation and amortisation (EBITDA).

All else equal, a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would impact the Group's profit and loss by the amounts presented below. Currency sensitivities for 2025 are based on annual volatility over a two year period.

Operational currency cash flow risk

EBITDA

DKK million

2025

2024

SEK, income statement effect, 6% strengthening(2024: 10%)

27

6

NOK, income statement effect, 7% strengthening(2024: 10%)

11

5

GBP, income statement effect, 4% strengthening(2024: 10%)

20

3

TRY, income statement effect, 8% strengthening(2024: 10%)

-20

-13

USD, income statement effect, 7% strengthening(2024: 10%)

-8

-19

4.1\tFinancial and operational risks(continued)

The Group's most significant currency balance positions are in EUR, SEK, NOK, GBP, TRY, and USD relating to debt, trade payables and trade receivables. All else equal a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below.

Currency balance risk

DKK million

2025

2024

SEK, equity and income statement effect, 6% strengthening(2024: 10%)

0

-12

NOK, equity and income statement effect, 7% strengthening(2024: 10%)

-3

-1

GBP, equity and income statement effect, 4% strengthening(2024: 10%)

5

-3

TRY, equity and income statement effect, 8% strengthening(2024: 10%)

-4

4

USD, equity and income statement effect, 7% strengthening (2024: 10%)

-3

2

Liquidity risks

DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash sources over cash uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 4,425m (2024: DKK 3,383m), of which undrawn committed facilities amount to DKK 2,629m (2024: DKK 1,794m). Short-term deposits amounted to DKK 373m at 31 December 2025 (2024: DKK 0m). Total cash including short-term deposits amounted to DKK 1,795m in 2025 (2024: DKK 1,589m).

As described in note 3.2.3, the Group participates in supply chain financing arrangements which provide the Group with extended payment terms with banks as finance providers. The banks are externally rated with high quality credit scores and have a long-standing relationship with DFDS. The Group therefore sees no significant liquidity risk related to the finance providers\u2019 ability to finance the arrangements.

DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments, are stated in the table below:

2025

DKK million

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash and cash equivalents

1,795

-

-

-

Trade receivables

3,368

-

-

-

Receivables from associates and joint ventures

68

-

-

-

Other receivables and current assets

643

-

-

-

Derivative financial assets

Commodity swaps

1

-

-

-

Interest swaps & caps

15

17

15

23

Cross currency interest rate swaps

1

-

-

-

Forward exchange contracts and currency swaps

17

6

6

1

Total financial assets

5,907

24

21

24

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships

1,232

7,635

740

786

Issued corporate bonds

735

959

643

-

Lease liabilities (undiscounted)

1,203

2,549

1,059

1,273

Trade payables

3,753

-

-

-

Payables to associates and joint ventures

22

-

-

-

Other payables

283

-

-

-

Derivative financial liabilities

Interest swaps & caps

22

14

-

-

Cross currency interest rate swaps

52

25

2

-

Forward exchange contracts and currency swaps

8

-

-

-

Total financial liabilities

7,309

11,182

2,444

2,059

4.1\tFinancial and operational risks(continued)

2024

DKK million

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash and cash equivalents

1,589

-

-

-

Trade receivables

4,203

-

-

-

Receivables from associates and joint ventures

45

-

-

-

Other receivables and current assets

624

2

-

-

Derivative financial assets

Interest swaps & caps

14

21

14

27

Forward exchange contracts and currency swaps

36

19

19

13

Total financial assets

6,510

42

33

40

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships

882

9,220

428

947

Issued corporate bonds

141

1,280

1,060

-

Lease liabilities (undiscounted)

1,293

2,659

1,296

1,551

Trade payables

3,984

-

-

-

Payables to associates and joint ventures

16

-

-

-

Other payables

233

-

-

-

Derivative financial liabilities

Interest swaps & caps

25

31

2

-

Cross currency interest rate swaps

40

35

7

-

Forward exchange contracts and currency swaps

4

-

-

-

Total financial liabilities

6,618

13,225

2,793

2,498

Assumptions for the maturity table

The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions.

The undiscounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation to settle at net amount.

Credit exposure

DFDS\u2019 credit exposure is primarily attributable to trade and other receivables and cash. The receivables including work in progress services are stated in the balance sheet net of write-downs. Reference is made to note 3.2.1 for further information on write-downs on trade receivables and work in progress services.

According to the Group\u2019s policy of undertaking credit risks, assessments of all customers and other partners are performed.

DFDS\u2019 credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS\u2019 Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. According to the Financial Policy, DKK 500m is the maximum allowed credit risk towards a financial counterparty.

For a number of customers, the Group uses non-recourse factoring. At year-end the Group had de-recognised receivables without recourse having due date after 31 December 2025 amounting to DKK 886m (2024: none). Expense recognised from the factoring arrangement under operating cost was DKK 21m (2024: none).

Capital structure

The basis for determining the level of capital distribution to shareholders is the Group' current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.5 and 3.5x. NIBD/EBITDA was 4.1x at year-end 2025 (2024: 3.9x).

4.1\tFinancial and operational risks(continued)

2025

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

DKK million

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-4 years

2,895

9

-20

-4

-7

0

0

-11

2.49%

Interest

Interest swaps EUR

0-9 years

2,216

62

-16

-2

10

15

23

46

2.11%

Bond loans

Currency swaps NOK/DKK

0-4 years

2,190

0

-78

-2

-1

1

0

-2

NOK/DKK 0.6546

Ship loans

Currency swaps EUR/DKK

0-2 year

1,094

1

0

1

0

0

0

1

EUR/DKK 7.4575

Ferry investments and ferry charter

Forward exchange contracts

0-6 years

413

16

0

-2

-4

-4

-1

-12

EUR/USD 1.2674

Other financial hedging

Commodities

Commodity hedges

0-1 year

43

1

0

1

0

0

0

1

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

2,435

14

-8

0

0

0

0

0

N/A

Total derivative financial instruments

103

-122

-9

-2

12

22

23

The fair value of the interest swaps has 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.

4.1\tFinancial and operational risks(continued)

2024

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

DKK million

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-5 years

2,505

12

32

-8

-10

-2

-

-20

2.57%

Interest

Interest swaps EUR

0-10 years

2,312

64

26

-2

0

14

27

39

2.07%

Bond loans

Currency swaps NOK/DKK

0-5 years

2,115

-

81

0

-2

-2

-

-5

NOK/DKK 0.6546

Ship loans

Currency swaps EUR/DKK

0-3 year

1,193

1

-

0

0

-

-

1

EUR/DKK 7.4575

Ferry investments and ferry charter

Forward exchange contracts

0-7 years

553

61

-

-3

-7

-7

-5

-21

EUR/USD 1.2674

Other financial hedging

Commodities

Commodity hedges

0-1 year

81

0

-

0

-

-

-

0

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

2,082

27

4

-

-

-

-

-

N/A

Totalderivative financial instruments

165

143

-13

-19

3

22

-6

4.2\tInformation on financial instruments

DKK million

2025

2024

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

31

88

Derivatives, related to interest-bearing activities

72

77

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

5,442

6,084

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

5,547

6,251

Financial liabilities measured at fair value:

Derivatives, related to operating activities

8

4

Derivatives, related to interest-bearing activities

114

139

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

21,106

23,013

Total financial liabilities

21,228

23,156

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data.

Level 3: Valuation methods where possible material input is not based on observable market data.

2025

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

103

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

122

-

Net asset/liability

-

-19

2

2024

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/liability

-

22

2

Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 for description of the valuation method.

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 (2024: no transfers).

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__113": { "value": "

Bunker price risk

Fluctuations in bunker prices, which are denominated in USD, constitute a significant risk for DFDS.

In the freight segment, fluctuations in bunker prices and the related foreign exchange risk are customarily passed on to customers through a bunker adjustment factor (BAF). In the passenger segment, changes in bunker costs are reflected in ticket prices to the extent possible.

To reduce exposure to bunker and currency risk, approximately 96% (94% in 2024) of DFDS\u2019 consumption was covered by BAF agreements. As the BAF is based on low-sulphur fuel prices, while certain ferries are equipped with scrubbers and therefore consume high-sulphur fuel, the Group is exposed to a price spread risk between low- and high-sulphur fuel. The risk related to the price spread between high-sulphur and low-sulphur fuel is partly hedged using commodity swaps. In accordance with the DFDS Financial Policy, net bunker exposure may be hedged up to 100% for the following four quarters and up to 50% for the fifth and sixth quarters.

Interest rate risk

DFDS is primarily exposed to interest rate risk through funding. According to DFDS\u2019 Financial Policy the interest rate on more than 40% of the loan portfolio including long-term charter agreements must be fixed with a weighted average duration of 9-36 months. DFDS enters into interest rate swaps and caps to comply with this policy.

Total net interest-bearing debt (including fair values of derivative financial instruments related to interest-bearing activities) amounts to DKK 15,260m at year-end 2025 (2024: DKK 17,204m). The Group\u2019s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 2.7 years (2024: 3.4 years).

In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 5,110m (2024: DKK 4,817m) have been entered into to mitigate the Group\u2019s exposure to interest rate risk. At year-end 2025, 47% of the Group\u2019s debt was fixed-rate including interest rate derivatives (2024: 42%). Share of fixed-rate debt including long-term charter liabilities amounted to 51% (2024: 47%). The weighted average duration of the Group\u2019s debt portfolio, including charter liabilities, was 1.0 year (2024: 1.3 years).

A 1 percentage point increase in interest rates compared with the actual levels in 2025 would, all else being equal, have increased the Group\u2019s net interest expense, including hedging effects, by DKK 70m (2024: DKK 59m). Conversely, a 1 percentage point decrease in interest rates would have reduced net interest expense by DKK 70m (2024: DKK 59m).

A 1 percentage point increase in interest rates compared with the level at the balance sheet date would, all else being equal, have had a positive impact of DKK 62m on the Group\u2019s hedging reserve (2024: DKK 90m). Conversely, a 1 percentage point decrease in interest rates would have had a negative impact of DKK 63m on the hedging reserve (2024: DKK 93m).

Currency exchange risk

Currency exchange risk is monitored continuously and actively hedged to reduce exposure using forward exchange contracts and currency swaps. According to DFDS\u2019 Financial Policy, DFDS can hedge balance exposures, and net of hedging, balance exposures must be kept below an equivalent to DKK 150m in each currency. According to the Financial Policy, DFDS can also hedge exposures from expected cash flows from operations up to four quarters ahead and cash flows from off-balance sheet contractual commitments.

Approximately 91% of DFDS\u2019 revenues in 2025 were invoiced in foreign currencies (2024: 87%) with the most substantial revenue generated in EUR which accounted for 61% of total revenue (2024: 64%).

Apart from DKK and EUR, revenue is mainly generated in SEK, GBP, and NOK. However, SEK, GBP, and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. EUR is considered a minor risk due to Denmark\u2019s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above.

The operational currency cash flow is defined as the Group's consolidated net currency cash flows from revenues and operational costs. The table shows the impact on the Group's operating profit before depreciation and amortisation (EBITDA).

All else equal, a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would impact the Group's profit and loss by the amounts presented below. Currency sensitivities for 2025 are based on annual volatility over a two year period.

Operational currency cash flow risk

EBITDA

DKK million

2025

2024

SEK, income statement effect, 6% strengthening(2024: 10%)

27

6

NOK, income statement effect, 7% strengthening(2024: 10%)

11

5

GBP, income statement effect, 4% strengthening(2024: 10%)

20

3

TRY, income statement effect, 8% strengthening(2024: 10%)

-20

-13

USD, income statement effect, 7% strengthening(2024: 10%)

-8

-19

4.1\tFinancial and operational risks(continued)

The Group's most significant currency balance positions are in EUR, SEK, NOK, GBP, TRY, and USD relating to debt, trade payables and trade receivables. All else equal a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below.

Currency balance risk

DKK million

2025

2024

SEK, equity and income statement effect, 6% strengthening(2024: 10%)

0

-12

NOK, equity and income statement effect, 7% strengthening(2024: 10%)

-3

-1

GBP, equity and income statement effect, 4% strengthening(2024: 10%)

5

-3

TRY, equity and income statement effect, 8% strengthening(2024: 10%)

-4

4

USD, equity and income statement effect, 7% strengthening (2024: 10%)

-3

2

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__114": { "value": "

Currency exchange risk

Currency exchange risk is monitored continuously and actively hedged to reduce exposure using forward exchange contracts and currency swaps. According to DFDS\u2019 Financial Policy, DFDS can hedge balance exposures, and net of hedging, balance exposures must be kept below an equivalent to DKK 150m in each currency. According to the Financial Policy, DFDS can also hedge exposures from expected cash flows from operations up to four quarters ahead and cash flows from off-balance sheet contractual commitments.

Approximately 91% of DFDS\u2019 revenues in 2025 were invoiced in foreign currencies (2024: 87%) with the most substantial revenue generated in EUR which accounted for 61% of total revenue (2024: 64%).

Apart from DKK and EUR, revenue is mainly generated in SEK, GBP, and NOK. However, SEK, GBP, and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. EUR is considered a minor risk due to Denmark\u2019s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above.

The operational currency cash flow is defined as the Group's consolidated net currency cash flows from revenues and operational costs. The table shows the impact on the Group's operating profit before depreciation and amortisation (EBITDA).

All else equal, a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would impact the Group's profit and loss by the amounts presented below. Currency sensitivities for 2025 are based on annual volatility over a two year period.

Operational currency cash flow risk

EBITDA

DKK million

2025

2024

SEK, income statement effect, 6% strengthening(2024: 10%)

27

6

NOK, income statement effect, 7% strengthening(2024: 10%)

11

5

GBP, income statement effect, 4% strengthening(2024: 10%)

20

3

TRY, income statement effect, 8% strengthening(2024: 10%)

-20

-13

USD, income statement effect, 7% strengthening(2024: 10%)

-8

-19

4.1\tFinancial and operational risks(continued)

The Group's most significant currency balance positions are in EUR, SEK, NOK, GBP, TRY, and USD relating to debt, trade payables and trade receivables. All else equal a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below.

Currency balance risk

DKK million

2025

2024

SEK, equity and income statement effect, 6% strengthening(2024: 10%)

0

-12

NOK, equity and income statement effect, 7% strengthening(2024: 10%)

-3

-1

GBP, equity and income statement effect, 4% strengthening(2024: 10%)

5

-3

TRY, equity and income statement effect, 8% strengthening(2024: 10%)

-4

4

USD, equity and income statement effect, 7% strengthening (2024: 10%)

-3

2

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__115-1": { "value": "

Liquidity risks

DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash sources over cash uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 4,425m (2024: DKK 3,383m), of which undrawn committed facilities amount to DKK 2,629m (2024: DKK 1,794m). Short-term deposits amounted to DKK 373m at 31 December 2025 (2024: DKK 0m). Total cash including short-term deposits amounted to DKK 1,795m in 2025 (2024: DKK 1,589m).

As described in note 3.2.3, the Group participates in supply chain financing arrangements which provide the Group with extended payment terms with banks as finance providers. The banks are externally rated with high quality credit scores and have a long-standing relationship with DFDS. The Group therefore sees no significant liquidity risk related to the finance providers\u2019 ability to finance the arrangements.

DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments, are stated in the table below:

2025

DKK million

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash and cash equivalents

1,795

-

-

-

Trade receivables

3,368

-

-

-

Receivables from associates and joint ventures

68

-

-

-

Other receivables and current assets

643

-

-

-

Derivative financial assets

Commodity swaps

1

-

-

-

Interest swaps & caps

15

17

15

23

Cross currency interest rate swaps

1

-

-

-

Forward exchange contracts and currency swaps

17

6

6

1

Total financial assets

5,907

24

21

24

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships

1,232

7,635

740

786

Issued corporate bonds

735

959

643

-

Lease liabilities (undiscounted)

1,203

2,549

1,059

1,273

Trade payables

3,753

-

-

-

Payables to associates and joint ventures

22

-

-

-

Other payables

283

-

-

-

Derivative financial liabilities

Interest swaps & caps

22

14

-

-

Cross currency interest rate swaps

52

25

2

-

Forward exchange contracts and currency swaps

8

-

-

-

Total financial liabilities

7,309

11,182

2,444

2,059

4.1\tFinancial and operational risks(continued)

2024

DKK million

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash and cash equivalents

1,589

-

-

-

Trade receivables

4,203

-

-

-

Receivables from associates and joint ventures

45

-

-

-

Other receivables and current assets

624

2

-

-

Derivative financial assets

Interest swaps & caps

14

21

14

27

Forward exchange contracts and currency swaps

36

19

19

13

Total financial assets

6,510

42

33

40

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships

882

9,220

428

947

Issued corporate bonds

141

1,280

1,060

-

Lease liabilities (undiscounted)

1,293

2,659

1,296

1,551

Trade payables

3,984

-

-

-

Payables to associates and joint ventures

16

-

-

-

Other payables

233

-

-

-

Derivative financial liabilities

Interest swaps & caps

25

31

2

-

Cross currency interest rate swaps

40

35

7

-

Forward exchange contracts and currency swaps

4

-

-

-

Total financial liabilities

6,618

13,225

2,793

2,498

Assumptions for the maturity table

The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions.

The undiscounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation to settle at net amount.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__118": { "value": "

Capital structure

The basis for determining the level of capital distribution to shareholders is the Group' current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.5 and 3.5x. NIBD/EBITDA was 4.1x at year-end 2025 (2024: 3.9x).

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__119-1": { "value": "

4.1\tFinancial and operational risks(continued)

2025

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

DKK million

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-4 years

2,895

9

-20

-4

-7

0

0

-11

2.49%

Interest

Interest swaps EUR

0-9 years

2,216

62

-16

-2

10

15

23

46

2.11%

Bond loans

Currency swaps NOK/DKK

0-4 years

2,190

0

-78

-2

-1

1

0

-2

NOK/DKK 0.6546

Ship loans

Currency swaps EUR/DKK

0-2 year

1,094

1

0

1

0

0

0

1

EUR/DKK 7.4575

Ferry investments and ferry charter

Forward exchange contracts

0-6 years

413

16

0

-2

-4

-4

-1

-12

EUR/USD 1.2674

Other financial hedging

Commodities

Commodity hedges

0-1 year

43

1

0

1

0

0

0

1

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

2,435

14

-8

0

0

0

0

0

N/A

Total derivative financial instruments

103

-122

-9

-2

12

22

23

The fair value of the interest swaps has 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.

4.1\tFinancial and operational risks(continued)

2024

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

DKK million

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-5 years

2,505

12

32

-8

-10

-2

-

-20

2.57%

Interest

Interest swaps EUR

0-10 years

2,312

64

26

-2

0

14

27

39

2.07%

Bond loans

Currency swaps NOK/DKK

0-5 years

2,115

-

81

0

-2

-2

-

-5

NOK/DKK 0.6546

Ship loans

Currency swaps EUR/DKK

0-3 year

1,193

1

-

0

0

-

-

1

EUR/DKK 7.4575

Ferry investments and ferry charter

Forward exchange contracts

0-7 years

553

61

-

-3

-7

-7

-5

-21

EUR/USD 1.2674

Other financial hedging

Commodities

Commodity hedges

0-1 year

81

0

-

0

-

-

-

0

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

2,082

27

4

-

-

-

-

-

N/A

Totalderivative financial instruments

165

143

-13

-19

3

22

-6

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__120": { "value": "

4.2\tInformation on financial instruments

DKK million

2025

2024

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

31

88

Derivatives, related to interest-bearing activities

72

77

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

5,442

6,084

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

5,547

6,251

Financial liabilities measured at fair value:

Derivatives, related to operating activities

8

4

Derivatives, related to interest-bearing activities

114

139

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

21,106

23,013

Total financial liabilities

21,228

23,156

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data.

Level 3: Valuation methods where possible material input is not based on observable market data.

2025

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

103

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

122

-

Net asset/liability

-

-19

2

2024

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/liability

-

22

2

Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 for description of the valuation method.

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 (2024: no transfers).

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__122": { "value": "

4.2\tInformation on financial instruments

DKK million

2025

2024

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

31

88

Derivatives, related to interest-bearing activities

72

77

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

5,442

6,084

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

5,547

6,251

Financial liabilities measured at fair value:

Derivatives, related to operating activities

8

4

Derivatives, related to interest-bearing activities

114

139

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

21,106

23,013

Total financial liabilities

21,228

23,156

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data.

Level 3: Valuation methods where possible material input is not based on observable market data.

2025

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

103

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

122

-

Net asset/liability

-

-19

2

2024

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/liability

-

22

2

Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 for description of the valuation method.

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 (2024: no transfers).

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__123": { "value": "

4.2\tInformation on financial instruments

DKK million

2025

2024

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

31

88

Derivatives, related to interest-bearing activities

72

77

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

5,442

6,084

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

5,547

6,251

Financial liabilities measured at fair value:

Derivatives, related to operating activities

8

4

Derivatives, related to interest-bearing activities

114

139

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

21,106

23,013

Total financial liabilities

21,228

23,156

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data.

Level 3: Valuation methods where possible material input is not based on observable market data.

2025

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

103

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

122

-

Net asset/liability

-

-19

2

2024

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/liability

-

22

2

Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 for description of the valuation method.

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 (2024: no transfers).

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__124": { "value": "

4.2\tInformation on financial instruments

DKK million

2025

2024

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

31

88

Derivatives, related to interest-bearing activities

72

77

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

5,442

6,084

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

5,547

6,251

Financial liabilities measured at fair value:

Derivatives, related to operating activities

8

4

Derivatives, related to interest-bearing activities

114

139

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

21,106

23,013

Total financial liabilities

21,228

23,156

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data.

Level 3: Valuation methods where possible material input is not based on observable market data.

2025

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

103

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

122

-

Net asset/liability

-

-19

2

2024

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/liability

-

22

2

Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 for description of the valuation method.

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 (2024: no transfers).

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__125": { "value": "

2025

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

103

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

122

-

Net asset/liability

-

-19

2

2024

DKK million

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/liability

-

22

2

Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 for description of the valuation method.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__126": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__127": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__128": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__129": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__130": { "value": "

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__132": { "value": "

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__133": { "value": "Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__134-1": { "value": "

4.3\tChanges in liabilities arising from financing activities

The table below discloses the cash as well as non-cash changes in interest-bearing liabilities and derivative financial instruments related to issued corporate bonds.

The changes arising from cash flows form part of the cash flows from financing activities in the statement of cash flows.

Non-cash changes

DKK million

1 Jan.2025

Cashflows

Acqui-sitions/divest-ments of enterprises

Foreign exchange move-ments

New/ disposed/Remea-sured leases

Fair value changes

Other changes

31 Dec. 2025

Changes in 2025

Interest-bearing liabilities:

Bank loans and mortgage on ferries

10,445

-975

-19

6

-

-

7

9,464

Issued corporate bonds

2,110

-

-

-2

-

-

2

2,110

Lease liabilities

5,872

-1,780

-

-129

1,243

-

-

5,207

Other liabilities

306

-36

-19

-

-

-

-16

236

Total interest-bearing liabilities

18,733

-2,790

-37

-125

1,243

-

-7

17,016

Derivatives financial instruments:

Derivatives related to issued corporate bonds

81

-

-

0

-

-3

-

78

Total liabilities from financing activities

18,814

-2,790

-37

-125

1,243

-3

-7

17,094

4.3\tChanges in liabilities arising from financing activities (continued)

Non-cash changes

DKK million

1 Jan.2024

Cashflows

Acqui-sitionsof enterprises

Foreign exchange move-ments

New/ disposed/Remea-sured leases

Fair value changes

Other changes

31 Dec. 2024

Changes in 2024

Interest-bearing liabilities:

Bank loans and mortgage on ferries

8,140

1,796

492

12

4

10,445

Issued corporate bonds

1,257

943

-

-88

-2

2,110

Lease liabilities

5,832

-1,024

251

82

848

-1171

5,872

Other liabilities

-

-

306

0

-

306

Total interest-bearing liabilities

15,229

1,716

1,049

6

848

0

-115

18,733

Derivatives financial instruments:

Derivatives related to issued corporate bonds

28

-46

-

98

-

81

Total liabilities from financing activities

15,257

1,670

1,049

6

848

98

-115

18,814

1

Includes a lease liability of DKK 117m which has been settled and offset against a trade receivable.

5.4\tCash flows

DKK million

2025

2024

Adjustments for non-cash operating items, etc.

Insurance compensation for ferry declared total loss\u00b9

-116

-

Change in other provisions2

-100

5

Change in write-down of inventories for the year

5

-8

Change in provision for defined benefit plans and jubilee obligations

20

14

Vesting of share option plans and employee shares expensed in the Income statement

28

26

Adjustments for non-cash operating items, etc.

-164

37

Change in working capital

Change in inventories

63

13

Change in receivables, such as trade receivables, prepaid costs, etc.3

819

-304

Change in liabilities, such as trade payables, deferred income, ETS emission provision, current account with joint ventures, etc.

-130

227

Change in working capital

753

-64

\u00a7 Accounting policies

The statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year.

The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of non-cash operating items, items presented as part of EBITDA but to be presented under investing activities or financing activities in the statement of cash flows, changes in working capital (such as trade payables, deferred income, ETS emission provision, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid.

Cash flows from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Furthermore, cash flows from investing activities also includes compensation received from ferries declared total loss. Cash flows from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand.

1

2025 is insurance compensation related to the total constructive loss declared for the freight ferry Finlandia Seaways.

2The 2025 number mainly includes the non-cash release of a provision for onerous contracts, partly offset by other non-cash provisions.

32025 is mainly driven by the implementation of a factoring programme during 2025. At year-end the Group had derecognised receivables without recourse having due date after 31 December by to DKK 886m.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__135-1": { "value": "

4.4\tFinancial income and costs

DKK million

2025

2024

Financial income

Interest income from banks, etc.2

30

20

Foreign exchange gain, net3

-

25

Other financial income

8

1

Total financial income

38

47

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

502

536

Interest expense on lease liabilities4

290

286

Foreign exchange loss, net3

18

-

Defined benefit pension plans5

3

1

Other financial costs

43

47

Total financial costs

856

870

Financial income and costs, net

-818

-823

\u00a7 Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 50m (2024: DKK 40m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc.

3

Foreign exchange gains in 2025 amounts to DKK 546m (2024: DKK 560m) and foreign exchange losses amounts to DKK 565m (2024: DKK 535m).

4

Reference is made to note 3.1.3.

5

Reference is made to note 3.2.5.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__136-1": { "value": "

4.4\tFinancial income and costs

DKK million

2025

2024

Financial income

Interest income from banks, etc.2

30

20

Foreign exchange gain, net3

-

25

Other financial income

8

1

Total financial income

38

47

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

502

536

Interest expense on lease liabilities4

290

286

Foreign exchange loss, net3

18

-

Defined benefit pension plans5

3

1

Other financial costs

43

47

Total financial costs

856

870

Financial income and costs, net

-818

-823

\u00a7 Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 50m (2024: DKK 40m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc.

3

Foreign exchange gains in 2025 amounts to DKK 546m (2024: DKK 560m) and foreign exchange losses amounts to DKK 565m (2024: DKK 535m).

4

Reference is made to note 3.1.3.

5

Reference is made to note 3.2.5.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__137-1": { "value": "

4.4\tFinancial income and costs

DKK million

2025

2024

Financial income

Interest income from banks, etc.2

30

20

Foreign exchange gain, net3

-

25

Other financial income

8

1

Total financial income

38

47

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

502

536

Interest expense on lease liabilities4

290

286

Foreign exchange loss, net3

18

-

Defined benefit pension plans5

3

1

Other financial costs

43

47

Total financial costs

856

870

Financial income and costs, net

-818

-823

\u00a7 Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 50m (2024: DKK 40m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc.

3

Foreign exchange gains in 2025 amounts to DKK 546m (2024: DKK 560m) and foreign exchange losses amounts to DKK 565m (2024: DKK 535m).

4

Reference is made to note 3.1.3.

5

Reference is made to note 3.2.5.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__138-1": { "value": "

4.4\tFinancial income and costs

DKK million

2025

2024

Financial income

Interest income from banks, etc.2

30

20

Foreign exchange gain, net3

-

25

Other financial income

8

1

Total financial income

38

47

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

502

536

Interest expense on lease liabilities4

290

286

Foreign exchange loss, net3

18

-

Defined benefit pension plans5

3

1

Other financial costs

43

47

Total financial costs

856

870

Financial income and costs, net

-818

-823

\u00a7 Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 50m (2024: DKK 40m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc.

3

Foreign exchange gains in 2025 amounts to DKK 546m (2024: DKK 560m) and foreign exchange losses amounts to DKK 565m (2024: DKK 535m).

4

Reference is made to note 3.1.3.

5

Reference is made to note 3.2.5.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__139-1": { "value": "

4.4\tFinancial income and costs

DKK million

2025

2024

Financial income

Interest income from banks, etc.2

30

20

Foreign exchange gain, net3

-

25

Other financial income

8

1

Total financial income

38

47

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

502

536

Interest expense on lease liabilities4

290

286

Foreign exchange loss, net3

18

-

Defined benefit pension plans5

3

1

Other financial costs

43

47

Total financial costs

856

870

Financial income and costs, net

-818

-823

\u00a7 Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 50m (2024: DKK 40m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc.

3

Foreign exchange gains in 2025 amounts to DKK 546m (2024: DKK 560m) and foreign exchange losses amounts to DKK 565m (2024: DKK 535m).

4

Reference is made to note 3.1.3.

5

Reference is made to note 3.2.5.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__140-1": { "value": "

4.4\tFinancial income and costs

DKK million

2025

2024

Financial income

Interest income from banks, etc.2

30

20

Foreign exchange gain, net3

-

25

Other financial income

8

1

Total financial income

38

47

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

502

536

Interest expense on lease liabilities4

290

286

Foreign exchange loss, net3

18

-

Defined benefit pension plans5

3

1

Other financial costs

43

47

Total financial costs

856

870

Financial income and costs, net

-818

-823

\u00a7 Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 50m (2024: DKK 40m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc.

3

Foreign exchange gains in 2025 amounts to DKK 546m (2024: DKK 560m) and foreign exchange losses amounts to DKK 565m (2024: DKK 535m).

4

Reference is made to note 3.1.3.

5

Reference is made to note 3.2.5.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__141": { "value": "Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__142": { "value": "Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__143": { "value": "Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__151": { "value": "

4.5\tInterest-bearing liabilities

DKK million

2025

2024

Bank loans and mortgage on ferries

8,569

9,894

Issued corporate bonds

1,481

2,110

Lease liability

4,232

4,846

Other non-current liabilities

195

263

Total interest-bearing non-current liabilities

14,477

17,113

Bank loans and mortgage on ferries

895

551

Issued corporate bonds

629

-

Lease liability

974

1,027

Other non-current liabilities

41

44

Total interest-bearing current liabilities

2,539

1,621

Total interest-bearing liabilities

17,016

18,733

In 2025, DFDS entered into a new EUR 50m term loan based on EURIBOR 3M, with an original three year maturity (maturing 2028). The facility was subsequently extended by one year and now matures in 2029. In addition, DFDS refinanced two vessel mortgages. As of 31 December 2025, the vessel mortgages were committed and undrawn. Both vessel mortgages are as of January 2026 fully drawn, and the previously outstanding vessel mortgages as of 31 December 2025 have been repaid. The new mortgages have a five year maturity and are based on CIBOR 3M.

Some DFDS loan facilities include financial covenants related to one or more of the following: leverage ratio, minimum security to loan value and equity ratio. During 2025, DFDS complied with all of the above.

In 2024 DFDS obtained two new term loans in relation to the acquisition of FRS Iberia/Maroc and Ekol Transport Group, both with a maturity of 3 years and based on CIBOR 3M. In addition, DFDS refinanced a part of the U.N. Ro-Ro acquisition facility. The new facility has maturity of 3 years and is based on CIBOR 3M.

In 2024, DFDS also issued two corporate bonds; a 3 year bond with a nominal amount of NOK 750m, maturing 15 March 2027 with a floating rate based on NIBOR 3M + 1.85%, and a 5 year bond with a nominal amount of NOK 1,000m, maturing 15 March 2029 with a floating rate based on NIBOR 3M + 2.15%. Both bonds are listed on the Oslo Stock Exchange and have been swapped to DKK.

The fair value of the interest-bearing liabilities amounts to DKK 17,028m (2024: DKK 18,750m). The fair value measurement is categorised within level 2 in the fair value hierarchy also for issued corporate bonds for which the fair value measurement is categorised within level 2 due to limited active market.

The fair value of the financial liabilities is determined as the present value of expected future repayments and interest rates. The Group\u2019s actual borrowing rate for equivalent terms is used as the discount rate.

DKK 1,839m of the interest-bearing liabilities fall due after five years (2024: DKK 2,340m). No unusual conditions in connection with the borrowings are made. The loan agreements can be settled at fair value plus a small surcharge, whereas premature settlement of the corporate bonds requires a repurchase of the bonds.

Reference is made to note 4.1 for financial risks, etc.

DKK million

2025

2024

Allocation of currency, principal nominal amount:

DKK

6,127

7,069

EUR

6,776

7,262

NOK

2,132

2,136

GBP

941

1,149

USD

491

634

SEK

484

411

Other

64

71

Total interest-bearing liabilities

17,016

18,733

\u00a7 Accounting policies

Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement under financial costs over the term of the loan.

Interest-bearing liabilities also include capitalised residual lease obligations on leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__152": { "value": "

DKK million

2025

2024

Bank loans and mortgage on ferries

8,569

9,894

Issued corporate bonds

1,481

2,110

Lease liability

4,232

4,846

Other non-current liabilities

195

263

Total interest-bearing non-current liabilities

14,477

17,113

Bank loans and mortgage on ferries

895

551

Issued corporate bonds

629

-

Lease liability

974

1,027

Other non-current liabilities

41

44

Total interest-bearing current liabilities

2,539

1,621

Total interest-bearing liabilities

17,016

18,733

In 2025, DFDS entered into a new EUR 50m term loan based on EURIBOR 3M, with an original three year maturity (maturing 2028). The facility was subsequently extended by one year and now matures in 2029. In addition, DFDS refinanced two vessel mortgages. As of 31 December 2025, the vessel mortgages were committed and undrawn. Both vessel mortgages are as of January 2026 fully drawn, and the previously outstanding vessel mortgages as of 31 December 2025 have been repaid. The new mortgages have a five year maturity and are based on CIBOR 3M.

Some DFDS loan facilities include financial covenants related to one or more of the following: leverage ratio, minimum security to loan value and equity ratio. During 2025, DFDS complied with all of the above.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__153": { "value": "Accounting policies

Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement under financial costs over the term of the loan.

Interest-bearing liabilities also include capitalised residual lease obligations on leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__154": { "value": "Accounting policies

Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement under financial costs over the term of the loan.

Interest-bearing liabilities also include capitalised residual lease obligations on leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__155": { "value": "

Dividends

Proposed dividends are recognised as liabilities at the date on which they are adopted at the Annual General Meeting (time of declaration).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__156": { "value": "

Dividends

Proposed dividends are recognised as liabilities at the date on which they are adopted at the Annual General Meeting (time of declaration).

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__157": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__158-1": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

4.7\tTreasury shares

Number of shares

2025

2024

Treasury shares at 1 January

3,973,770

2,415,910

Acquisition of treasury shares

-

2,312,185

Disposal of treasury shares due to exercise of share options and restricted stock units

-20,457

-92,344

Cancellation of treasury shares

-1,754,048

-661,981

Treasury shares at 31 December

2,199,265

3,973,770

Market value of treasury shares based on quoted share price at 31 December, DKK million

210

530

4.7\tTreasury shares(continued)

In accordance with the Annual General Meeting in March 2025 the Board of Directors is authorised \u2013 until 23 March 2029 \u2013 to acquire treasury shares up to 5,621,554 shares corresponding to a nominal share value of DKK 112,431,080. However, DFDS\u2019 total number of treasury shares cannot at any time exceed 10% of DFDS A/S\u2019 share capital. Furthermore, the price cannot deviate by more than 10% from the listed acquisition price on NASDAQ Copenhagen at the time of acquisition.

DFDS A/S has during 2025 not acquired any treasury shares (2024: acquired treasury shares in connection with a share buyback for a total payment of DKK 431m). Furthermore, during 2025 DFDS A/S has disposed treasury shares in connection with employees\u2019 exercise of restricted stock units for which no consideration was received (2024: no consideration received).

On the Annual General Meeting in March 2025, it was decided to cancel 1,754,048 of the treasury shares (2024: 661,981 treasury shares). This resulted in a reduction of the Company's share capital by nominally 35,080,960 (2024: 13,239,620). The cancellation had legal effect from 23 April 2025.

The Parent company\u2019s holding of treasury shares at 31 December 2025 is 2,199,265 shares of DKK 20 each (2024: 3,973,770 shares), corresponding to 3.91% (2024: 6.85%) of the Parent company\u2019s share capital. Treasury shares are used to cover the share option scheme and restricted stock unit plan for employees.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__159": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

Currency translation reserve

The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity.

Reserve for hedging

The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__160": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

Currency translation reserve

The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity.

Reserve for hedging

The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__162": { "value": "

4.8\tEarnings per share

2025

2024

Profit/loss for the year (DKK million)

-425

541

Attributable to non-controlling interests (DKK million)

-2

-6

Attributable to DFDS Group

-427

534

Weighted average number of issued ordinary shares

56,753,777

58,161,318

Weighted average number of treasury shares

-2,739,959

-2,971,710

Weighted average number of circulating ordinary shares

54,013,818

55,189,609

Effects of dilution from issued share options and restricted stock unit plans

139,566

100,119

Weighted average number of circulating ordinary shares (diluted)

54,153,384

55,289,728

Basic earnings per share (EPS) of DKK 20 in DKK

-7.90

9.68

Diluted earnings per share (EPS-D) of DKK 20 in DKK

-7.90

9.67

When calculating diluted earnings per share for 2025, 1,613,776 share options (2024: 1,314,242 share options) have been omitted as they are out-of-the-money. The share options might dilute earnings per share in the future.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__163-1": { "value": "

5.1\tRemuneration to the Executive Board and Board of Directors

DKK'000

2025

2024

Remuneration to the Executive Board

Wages and salaries

14,600

13,358

Bonus

4,153

2,465

Defined contribution pension plans

1,460

1,336

Share based payment

7,550

5,771

Other employee costs

411

537

Total remuneration to the Executive Board

28,174

23,467

Total remuneration to the Board

4,500

4,500

Total remuneration to the Audit Committee

500

500

Total remuneration to the Nomination Committee

150

150

Total remuneration to the Remuneration Committee

150

150

Total remuneration to the Board of Directors

5,300

5,300

Total remuneration to the Executive Board and Board of Directors

33,474

28,767

The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as the Executive Board consisting of CEO Torben Carlsen and CFO Karen Dyrskj\u00f8t Boesen (Karina Deacon until 30 June 2024).

5.3\tShare based payment

Long-term incentives

The decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares.

Share options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.9% of the share capital (2024: 2.3%) if all remaining share options are exercised.

Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021 and later at an exercise price equal to the average share price of the Parent company\u2019s shares five days after the release of the Q4 report with an addition of 10%.

The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates.

2025

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

339,776

755,479

218,987

1,314,242

290.07

Transferred between categories

-

-210,639

210,639

0

283.09

Granted during the year

264,647

475,641

151,728

892,016

116.00

Expired during the year

-101,678

-142,481

-166,916

-411,075

314.00

Forfeited during the year

-

-

-181,407

-181,407

207.08

Outstanding at 31 December

502,745

878,000

233,031

1,613,776

197.65

Of this exercisable at the end of the year

80,536

114,451

82,109

277,096

323.34

2024

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

The share options granted in 2025 had a fair value of DKK 17.4m (2024: DKK 13.4m), equal to an average fair value per option of DKK 20.14 (2024: DKK 33.03).

No share options have been exercised during 2025 (2024: nil).

Vesting of share options is expensed in the income statement for 2025 with DKK 11m (2024: DKK 10m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2025 have an average weighted remaining contractual time of 3.2 years (2024: 2.2 years).

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2025

116

103.30

34.38%

1.81%

1.00

3 years

20.14

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

344

307.20

34.60%

-0.19%

12.00

3 years

41.38

2021

301

271.00

34.81%

-0.55%

6.33

3 years

42.66

The expected volatility for 2021 to 2025 is based on the historical volatility for the past three years. The risk-free interest rate is based on three-year Danish government bonds.

Restricted Stock Units (RSUs)

RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.60% (2024: 0.28%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2025 with DKK 15m (2024: DKK 13m).

The number of RSUs granted in 2021 and later is based on the average share price of the Parent company\u2019s shares five days after the release of the Q4 report.

2025

Number of shares

Executive Board

Key employees

Other managerial

staff

ResignedExecutiveBoard mem-bers and employees

Total

Outstanding at 1 January

32,532

79,571

42,807

7,283

162,193

Transferred between categories

-

-22,602

-9,556

32,158

0

Granted during the year

50,747

90,913

50,852

38,546

231,058

Vested in period

-5,748

-8,050

-

-6,659

-20,457

Forfeited during the year

-

-

-

-36,282

-36,282

Outstanding at 31 December

77,531

139,832

84,103

35,046

336,512

Of this exercisable at the end of the year

-

-

-

-

0

2024

Number of shares

Year of grant

Expected term

Fair value per share at time of granting

2025

3 years

105.03

2024

3 years

216.72

2023

3 years

265.42

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded to each employee. The shares have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period were entitled to the shares.

During 2024 the last 69,490 shares have been transferred. Vesting of shares for 2024 was an expense of DKK 3m.

\u00a7 Accounting policies

The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted.

The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction.

At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments.

The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value.

The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__165-1": { "value": "

5.1\tRemuneration to the Executive Board and Board of Directors

DKK'000

2025

2024

Remuneration to the Executive Board

Wages and salaries

14,600

13,358

Bonus

4,153

2,465

Defined contribution pension plans

1,460

1,336

Share based payment

7,550

5,771

Other employee costs

411

537

Total remuneration to the Executive Board

28,174

23,467

Total remuneration to the Board

4,500

4,500

Total remuneration to the Audit Committee

500

500

Total remuneration to the Nomination Committee

150

150

Total remuneration to the Remuneration Committee

150

150

Total remuneration to the Board of Directors

5,300

5,300

Total remuneration to the Executive Board and Board of Directors

33,474

28,767

The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as the Executive Board consisting of CEO Torben Carlsen and CFO Karen Dyrskj\u00f8t Boesen (Karina Deacon until 30 June 2024).

5.3\tShare based payment

Long-term incentives

The decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares.

Share options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.9% of the share capital (2024: 2.3%) if all remaining share options are exercised.

Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021 and later at an exercise price equal to the average share price of the Parent company\u2019s shares five days after the release of the Q4 report with an addition of 10%.

The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates.

2025

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

339,776

755,479

218,987

1,314,242

290.07

Transferred between categories

-

-210,639

210,639

0

283.09

Granted during the year

264,647

475,641

151,728

892,016

116.00

Expired during the year

-101,678

-142,481

-166,916

-411,075

314.00

Forfeited during the year

-

-

-181,407

-181,407

207.08

Outstanding at 31 December

502,745

878,000

233,031

1,613,776

197.65

Of this exercisable at the end of the year

80,536

114,451

82,109

277,096

323.34

2024

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

The share options granted in 2025 had a fair value of DKK 17.4m (2024: DKK 13.4m), equal to an average fair value per option of DKK 20.14 (2024: DKK 33.03).

No share options have been exercised during 2025 (2024: nil).

Vesting of share options is expensed in the income statement for 2025 with DKK 11m (2024: DKK 10m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2025 have an average weighted remaining contractual time of 3.2 years (2024: 2.2 years).

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2025

116

103.30

34.38%

1.81%

1.00

3 years

20.14

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

344

307.20

34.60%

-0.19%

12.00

3 years

41.38

2021

301

271.00

34.81%

-0.55%

6.33

3 years

42.66

The expected volatility for 2021 to 2025 is based on the historical volatility for the past three years. The risk-free interest rate is based on three-year Danish government bonds.

Restricted Stock Units (RSUs)

RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.60% (2024: 0.28%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2025 with DKK 15m (2024: DKK 13m).

The number of RSUs granted in 2021 and later is based on the average share price of the Parent company\u2019s shares five days after the release of the Q4 report.

2025

Number of shares

Executive Board

Key employees

Other managerial

staff

ResignedExecutiveBoard mem-bers and employees

Total

Outstanding at 1 January

32,532

79,571

42,807

7,283

162,193

Transferred between categories

-

-22,602

-9,556

32,158

0

Granted during the year

50,747

90,913

50,852

38,546

231,058

Vested in period

-5,748

-8,050

-

-6,659

-20,457

Forfeited during the year

-

-

-

-36,282

-36,282

Outstanding at 31 December

77,531

139,832

84,103

35,046

336,512

Of this exercisable at the end of the year

-

-

-

-

0

2024

Number of shares

Year of grant

Expected term

Fair value per share at time of granting

2025

3 years

105.03

2024

3 years

216.72

2023

3 years

265.42

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded to each employee. The shares have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period were entitled to the shares.

During 2024 the last 69,490 shares have been transferred. Vesting of shares for 2024 was an expense of DKK 3m.

\u00a7 Accounting policies

The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted.

The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction.

At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments.

The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value.

The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively.

5.8\tRelated party transactions

Lauritzen Fonden, Copenhagen, with a nominal shareholding of 41.6%, through Lauritzen Fonden Holding Aps, exercises de facto control over DFDS A/S. Accordingly, the members of the Board of Directors and the Executive Board at Lauritzen Fonden as well as all companies owned by Lauritzen Fonden are related parties. Furthermore, related parties comprise DFDS\u2019 Executive Board and Board of Directors, leading employees, and close members of the family of those, DFDS\u2019 subsidiaries, associates and joint ventures, reference is made to note 5.10.

No buyback programme has been carried out in 2025. In 2024 DFDS purchased 960,702 shares for an amount of DKK 179m from Lauritzen Fonden as part of the share buyback programme announced on 9 February 2024. No distribution of dividends was carried out in 2025 (2024: DKK 3.00 per share).

In addition to intra-group balances and transactions (primarily charter hire, financing and commissions etc.), which are eliminated on consolidation, usual Executive Board and Board of Directors remuneration (reference is made to note 2.4 and 5.1), share options and restricted share units to the Executive Board and leading employees (reference is made to note 5.3), the below transactions have been carried out during the year.

The table below depicts material transactions with related parties.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__166": { "value": "

5.2\tFee to auditors appointed at the Annual General Meeting

DKK million

2025

2024

Audit fees

13

15

Other assurance engagements

2

3

Tax and VAT advice

1

2

Non-audit services

0

1

Total fees

16

22

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, has performed other services than the statutory audit relating to assurance work for CSRD, other assurance opinions and agreed-upon procedures, tax assistance relating to restructurings, general tax advisory and other tax compliance as well as other general accounting advice.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__168": { "value": "

5.3\tShare based payment

Long-term incentives

The decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares.

Share options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.9% of the share capital (2024: 2.3%) if all remaining share options are exercised.

Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021 and later at an exercise price equal to the average share price of the Parent company\u2019s shares five days after the release of the Q4 report with an addition of 10%.

The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates.

2025

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

339,776

755,479

218,987

1,314,242

290.07

Transferred between categories

-

-210,639

210,639

0

283.09

Granted during the year

264,647

475,641

151,728

892,016

116.00

Expired during the year

-101,678

-142,481

-166,916

-411,075

314.00

Forfeited during the year

-

-

-181,407

-181,407

207.08

Outstanding at 31 December

502,745

878,000

233,031

1,613,776

197.65

Of this exercisable at the end of the year

80,536

114,451

82,109

277,096

323.34

2024

Number of shares

Executive Board

Key employees

ResignedExecutiveBoard mem-bers and employees

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

The share options granted in 2025 had a fair value of DKK 17.4m (2024: DKK 13.4m), equal to an average fair value per option of DKK 20.14 (2024: DKK 33.03).

No share options have been exercised during 2025 (2024: nil).

Vesting of share options is expensed in the income statement for 2025 with DKK 11m (2024: DKK 10m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2025 have an average weighted remaining contractual time of 3.2 years (2024: 2.2 years).

5.3\tShare based payment(continued)

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2025

116

103.30

34.38%

1.81%

1.00

3 years

20.14

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

344

307.20

34.60%

-0.19%

12.00

3 years

41.38

2021

301

271.00

34.81%

-0.55%

6.33

3 years

42.66

The expected volatility for 2021 to 2025 is based on the historical volatility for the past three years. The risk-free interest rate is based on three-year Danish government bonds.

Restricted Stock Units (RSUs)

RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.60% (2024: 0.28%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2025 with DKK 15m (2024: DKK 13m).

The number of RSUs granted in 2021 and later is based on the average share price of the Parent company\u2019s shares five days after the release of the Q4 report.

2025

Number of shares

Executive Board

Key employees

Other managerial

staff

ResignedExecutiveBoard mem-bers and employees

Total

Outstanding at 1 January

32,532

79,571

42,807

7,283

162,193

Transferred between categories

-

-22,602

-9,556

32,158

0

Granted during the year

50,747

90,913

50,852

38,546

231,058

Vested in period

-5,748

-8,050

-

-6,659

-20,457

Forfeited during the year

-

-

-

-36,282

-36,282

Outstanding at 31 December

77,531

139,832

84,103

35,046

336,512

Of this exercisable at the end of the year

-

-

-

-

0

2024

Number of shares

Year of grant

Expected term

Fair value per share at time of granting

2025

3 years

105.03

2024

3 years

216.72

2023

3 years

265.42

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded to each employee. The shares have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period were entitled to the shares.

During 2024 the last 69,490 shares have been transferred. Vesting of shares for 2024 was an expense of DKK 3m.

\u00a7 Accounting policies

The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted.

The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction.

At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments.

The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value.

The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__173": { "value": "

\u00a7 Accounting policies

The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted.

The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction.

At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments.

The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value.

The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__176": { "value": "

\u00a7 Accounting policies

The statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year.

The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of non-cash operating items, items presented as part of EBITDA but to be presented under investing activities or financing activities in the statement of cash flows, changes in working capital (such as trade payables, deferred income, ETS emission provision, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid.

Cash flows from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Furthermore, cash flows from investing activities also includes compensation received from ferries declared total loss. Cash flows from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__177": { "value": "

\u00a7 Accounting policies

The statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year.

The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of non-cash operating items, items presented as part of EBITDA but to be presented under investing activities or financing activities in the statement of cash flows, changes in working capital (such as trade payables, deferred income, ETS emission provision, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid.

Cash flows from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Furthermore, cash flows from investing activities also includes compensation received from ferries declared total loss. Cash flows from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__178": { "value": "

5.5\tAcquisitions and non-controlling interests

Acquisitions during 2025

No acquisitions took place during 2025.

Acquisitions during 2024

Ekol Transport Group

On 15 November 2024, DFDS Group completed the acquisition of Ekol Transport Group, headquartered in Istanbul, T\u00fcrkiye, and obtained control from that date. The acquisition is part of the Logistics Division. The addition of Ekol\u2019s international transport network enables DFDS to offer end-to-end logistics solutions between T\u00fcrkiye and Europe, including distribution services and warehousing in T\u00fcrkiye. In Q4 2025, the purchase price allocation for Ekol Transport Group disclosed in the table has been finalised, reducing net assets and increasing goodwill by DKK 149 million compared to the preliminary 2024 numbers. The change reflects updated assessments of employee bonuses liability of DKK 39m, fair value uplift of trucks, trailers and containers of DKK 112m, loss-making contracts of DKK 139m, fair value adjustment of trade receivables of DKK -11m, other liabilities of DKK 35m and deferred tax liabilities of DKK 37m.

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 555m which is DKK 15m below their gross value.

In connection with the acquisition, DFDS has measured identifiable intangible assets, which are recognised in the acquisition balance sheet at their fair value. A provision for onerous customer contracts is recognised in the acquisition balance sheet with a 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 1,910m. The goodwill represents the know-how taken over and the value of combining this with the existing DFDS network.

The acquisition significantly expands DFDS\u2019s logistics footprint across Europe and strengthens its connectivity with T\u00fcrkiye, 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 829m) 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/Maroc

The purchase price allocation for FRS Iberia/Maroc is unchanged and considered final. For further details of this acquisition, refer to the 2024 Annual Report.

DKK million

EkolTransport Group

Non-current intangible assets

13

Land and buildings

208

Equipment etc.

709

Inventories

15

Trade receivables

555

Other receivables

196

Cash at hand and in bank

241

Deferred tax liability

-17

Interest bearing debt

-790

Trade payables

-805

Other current liabilities

-558

Net assets acquired

-233

Goodwill at acquisition

1,910

Total purchase price

1,678

Cash and bank balances acquired

-241

Fair value of the purchase price

1,438

5.5\tAcquisitions and non-controlling interests(continued)

Acquisition of non-controlling interests

During 2025, DFDS A/S did not acquire any additional shares in AB DFDS Seaways (2024: DKK 7m, corresponding to an ownership increase of 0.43%). Consequently, the ownership interest remains unchanged at 99.27%. No badwill was recognised in 2025 (2024: badwill of DKK 13m recognised directly in equity).

!Significant accounting estimates

In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.

Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied.

\u00a7 Accounting policies

Enterprises acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Enterprises disposed are recognised in the consolidated financial state-ments until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals.

Business combinations where control is obtained by the Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.

The acquisition date is the date on which the Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority inter-ests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are rec-ognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment test. Allocation of goodwill to cash-generating units is described in note 3.1.4.

Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a dif-ferent functional currency than the Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date.

The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recog-nised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__179": { "value": "

Acquisition of non-controlling interests

During 2025, DFDS A/S did not acquire any additional shares in AB DFDS Seaways (2024: DKK 7m, corresponding to an ownership increase of 0.43%). Consequently, the ownership interest remains unchanged at 99.27%. No badwill was recognised in 2025 (2024: badwill of DKK 13m recognised directly in equity).

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__180": { "value": "Accounting policies

Enterprises acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Enterprises disposed are recognised in the consolidated financial state-ments until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals.

Business combinations where control is obtained by the Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.

The acquisition date is the date on which the Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority inter-ests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are rec-ognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment test. Allocation of goodwill to cash-generating units is described in note 3.1.4.

Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a dif-ferent functional currency than the Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date.

The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recog-nised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__181": { "value": "Accounting policies

Enterprises acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Enterprises disposed are recognised in the consolidated financial state-ments until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals.

Business combinations where control is obtained by the Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.

The acquisition date is the date on which the Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority inter-ests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are rec-ognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment test. Allocation of goodwill to cash-generating units is described in note 3.1.4.

Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a dif-ferent functional currency than the Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date.

The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recog-nised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__182-1": { "value": "

5.6\tGuarantees, collateral and contingent liabilities

Guarantees issued by banks on behalf of the Group amount to DKK 448m (2024: DKK 359m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 0m (2024: DKK 28m).

The Group is in 2025 as well as in 2024 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS\u2019 financial position significantly, besides what is already recognised in the balance sheet.

Certain ferries with a total carrying amount of DKK 5,425m (2024: DKK 5,785m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 3,253m (2024: DKK 3,681m).

At year-end 2025 DKK 18m (2024: DKK 11m) of the cash was deposited on restricted bank accounts.

5.7\tContractual commitments

DKK million

2025

2024

Contractual commitments property, plant and equipment, term 0-1 year

82

95

Contractual commitments financial instrument, term 0-1 year

696

387

Contractual commitments property, plant and equipment, term 1-5 years

0

1

Contractual commitments financial instrument term 1-5 years

26

28

Contractual commitments (undiscounted)

804

511

The Group\u2019s contractual commitments in 2025 include the purchase of EU Allowances related to the EU Emissions Trading System (ETS) regulations. The purchase of ETS allowances has been done via forward instruments with physical delivery. These instruments are treated as off-balance sheet items as the own-use exemption under IFRS 9 is applied.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__183": { "value": "

5.6\tGuarantees, collateral and contingent liabilities

Guarantees issued by banks on behalf of the Group amount to DKK 448m (2024: DKK 359m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 0m (2024: DKK 28m).

The Group is in 2025 as well as in 2024 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS\u2019 financial position significantly, besides what is already recognised in the balance sheet.

Certain ferries with a total carrying amount of DKK 5,425m (2024: DKK 5,785m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 3,253m (2024: DKK 3,681m).

At year-end 2025 DKK 18m (2024: DKK 11m) of the cash was deposited on restricted bank accounts.

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__184": { "value": "

5.6\tGuarantees, collateral and contingent liabilities

Guarantees issued by banks on behalf of the Group amount to DKK 448m (2024: DKK 359m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 0m (2024: DKK 28m).

The Group is in 2025 as well as in 2024 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS\u2019 financial position significantly, besides what is already recognised in the balance sheet.

Certain ferries with a total carrying amount of DKK 5,425m (2024: DKK 5,785m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 3,253m (2024: DKK 3,681m).

At year-end 2025 DKK 18m (2024: DKK 11m) of the cash was deposited on restricted bank accounts.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__186": { "value": "

5.7\tContractual commitments

DKK million

2025

2024

Contractual commitments property, plant and equipment, term 0-1 year

82

95

Contractual commitments financial instrument, term 0-1 year

696

387

Contractual commitments property, plant and equipment, term 1-5 years

0

1

Contractual commitments financial instrument term 1-5 years

26

28

Contractual commitments (undiscounted)

804

511

The Group\u2019s contractual commitments in 2025 include the purchase of EU Allowances related to the EU Emissions Trading System (ETS) regulations. The purchase of ETS allowances has been done via forward instruments with physical delivery. These instruments are treated as off-balance sheet items as the own-use exemption under IFRS 9 is applied.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__188": { "value": "

5.9\tEvents after the balance sheet date

Appointment of new CEOOn 12 January 2026 Michael Hansen was appointed as President & CEO for DFDS effective from latest 1 July 2026 where he will replace Torben Carlsen who is expected to step down as President & CEO on thesame date. No adjustments have been made to the financial statements for the year ended 31 December 2025 as a result of this appointment.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__189": { "value": "

5.10\tCompany overview

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

Parent company

DFDS A/S5

Denmark

Copenhagen

DKK

1,124,310,980

Subsidiaries:

DFDS Belgium N.V.2

Belgium

Gent

EUR

2,355,976

N&K Cold Chain Logistics (Shanghai) Co., Ltd.

China

Shanghai

CNY

2,901,420

DFDS Logistics s.r.o.2

Czech Republic

Prague

CZK

1,100,000

DFDS Logistics A/S

Denmark

Esbjerg

DKK

600,000

DFDS Logistics Denmark A/S2

Denmark

Herning

DKK

500,000

DFDS K\u00f8letransport A/S2

Denmark

Esbjerg

DKK

500,000

Dronningens Kvarter 1 Aps2

Denmark

Copenhagen

DKK

500,000

Lundvej 15 ApS2

Denmark

Copenhagen

DKK

100.000

DFDS Logistics O\u00dc2

Estonia

Tallinn

EUR

3,000

DFDS Logistics OY2

Finland

Turku

EUR

2,520

DFDS Seaways S.A.S.2

France

Dieppe

EUR

37,000

DFDSLogistics France SARL

France

S\u00e8te

EUR

2,045,000

DFDS Germany ApS & Co. KG2, 3

Germany

Hamburg

EUR

25,000

DFDS Logistics GermanyGmbH

Germany

Gernsheim

EUR

435,621

EU Trucking Service GmbH

Germany

Lingenfeld

EUR

50,000

DFDS Grundst\u00fccksverwal-tungs GmbH & Co KG.

Germany

Neuenkirchen-V\u00f6rden

EUR

20,000

DFDS Logistics GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Logistics Deutschland GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

Ekol Logistics Kft

Hungary

Budapest

HUF

720,000,000

Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft.

Hungary

Gyula

HUF

3,000,000

Bond Delivery Ireland Ltd.2

Ireland

Dublin

EUR

20

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

DFDS Logistics Contracts (Ireland) Ltd.2

Ireland

Dublin

EUR

200

DFDS Seaways Ireland Ltd.\u00b2

Ireland

Dublin

EUR

100

Lucey Transport Logistics Ltd.2

Ireland

Dublin

EUR

3,000

McBurney Refrigeration (Ireland) Ltd.2

Ireland

Dublin

EUR

100

DFDS Logistics Italy Srl.

Italy

Novara

EUR

400,001

Samer Seaports & Terminals S.R.L.

59.28

Italy

Trieste

EUR

2,800,000

DFDS SIA

Latvia

Liepaja

EUR

113,886

AB DFDS Seaways2

99.27

Lithuania

Klaipeda

EUR

95,251,735

UAB DFDS Trucking

Lithuania

Klaipeda

EUR

89,782

DFDS Maroc S.A.R.L.A.U.

Morocco

Tangier

MAD

24,162,000

Red fish Speedlines SARL2

Morocco

Tangier

MAD

6,600,000

Alphatrans International Trucking B.V.

Netherlands

Brielle

EUR

18,000

EU Trucking Service B.V.6

Netherlands

Eindhoven

EUR

270,000

DFDS Logistics Nijmegen B.V.

Netherlands

Nijmegen

EUR

18,151

DFDS Warehousing Rotterdam B.V.

Netherlands

Rotterdam

EUR

18,000

DFDS Holding B.V.\u00b2

Netherlands

Vlaardingen

EUR

40,000,000

DFDS Logistics B.V.

Netherlands

Vlaardingen

EUR

455,000

DFDS NewCo B.V.\u00b2

Netherlands

Vlaardingen

EUR

1

DFDS Seaways B.V.

Netherlands

Vlaardingen

EUR

18,400

DFDS Logistics Wijchen B.V.

Netherlands

Wijchen

EUR

20,000

DFDS Trucking Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Warehousing Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Distri Holding B.V.

Netherlands

Winterswijk

EUR

18,000

DFDS Logistics Winterswijk B.V.

Netherlands

Winterswijk

EUR

18,151

DFDS Property and Equipment B.V.

Netherlands

Winterswijk

EUR

20,000

DFDS Property Nijmegen B.V.

Netherlands

Winterswijk

EUR

18,000

1

Unless otherwise indicated, the companies are 100% owned by the DFDS Group.

2

The Company is directly owned by the Parent company DFDS A/S.

3

Relief in accordance with Sec. 264b German Commercial Code (HGB).

4

Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.

5

Includes Dutch branch, Estonian branch, French branch, Lithuanian branch, Norwegian branch, Swedish branch, Jersey branch and UK branch of DFDS A/S.

6

Includes Belgian branch.

5.10\tCompany overview(continued)

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

NorthSea Terminal AS\u00b2

Norway

Brevik

NOK

1,000,000

DFDS Logistics AS2

Norway

Lysaker

NOK

25,000,000

DFDS Logistics Cold AS2

Norway

Oslo

NOK

12,000,000

DFDSLogistics Services Sp. z o.o.

Poland

Koninko

PLN

500,000

DFDS Polska Sp. z o.o.2

Poland

Poznan

PLN

10,005,000

DFDS Investments Sp. z o.o.

80.00

Poland

Szubin

PLN

5,000

DFDS Logistics Polska Sp. z o.o.

80.00

Poland

Szubin

PLN

50,000

Ekol International Logistics SRL

Romania

Bucharest

RON

65,060

Romania Transport Group S.R.L.

Romania

Tibod

RON

1,000

DFDS Logistics Iberia S.L.

Spain

Barcelona

EUR

1,603,100

DFDS Iberia S.L.U.\u00b2

Spain

Tarifa

EUR

8,700,000

DFDS LogisticsSpain S.L.

Spain

Tarragona

EUR

60,000

DFDS Seaways Hispania S.L.\u00b2

Spain

Valencia

EUR

3,000

DFDS AB\u00b2

Sweden

Gothenburg

SEK

500,000

DFDS Logistics Contracts AB

Sweden

Gothenburg

SEK

50,000

DFDS Logistics Partners AB

85.00

Sweden

Gothenburg

SEK

1,000,000

DFDS Logistics Services AB

Sweden

Gothenburg

SEK

1,100,000

DFDS Professionals AB2

87.50

Sweden

Gothenburg

SEK

25,000

DFDS Denizcilik ve Tasimacilik A.\u015e.

98.80

T\u00fcrkiye

Istanbul

EUR

369,967,159

DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.

T\u00fcrkiye

Istanbul

EUR

565,640,176

DFDS Ta\u015f\u0131mac\u0131l\u0131k Hizmetleri Ltd.

T\u00fcrkiye

Istanbul

EUR

42,872,747

DFDS Lojistik A.\u015e.

T\u00fcrkiye

Istanbul

EUR

150,210,796

LLC DFDS

Ukraine

Kiev

UAH

357,644

Bondelivery NI Ltd.2

UK

Ballymena

GBP

260,110

McBurney Transport Group Ltd.2

UK

Ballymena

GBP

947,934

DFDS Logistics Ltd.2

UK

Immingham

GBP

15,150,000

DFDS Logistics Services Ltd.2

UK

Immingham

GBP

100

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

DFDS Seaways Holding Ltd.2

UK

Immingham

GBP

250,000

DFDS Seaways Plc.2

UK

Immingham

GBP

45,250,000

Associates and joint ventures:

Euro Asia cold Chain Logistic

52.04

China

Shanghai

CNY

22,100,000

DeaL Energy A/S2

50.00

Denmark

Hellerup

DKK

500,000

Bohus Terminal Holding AB4

65.00

Sweden

Gothenburg

SEK

50,000

Gothenburg RO/RO Terminal AB

65.00

Sweden

Gothenburg

SEK

5,000,000

25 Dormant entities

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__190": { "value": "

5.10\tCompany overview

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

Parent company

DFDS A/S5

Denmark

Copenhagen

DKK

1,124,310,980

Subsidiaries:

DFDS Belgium N.V.2

Belgium

Gent

EUR

2,355,976

N&K Cold Chain Logistics (Shanghai) Co., Ltd.

China

Shanghai

CNY

2,901,420

DFDS Logistics s.r.o.2

Czech Republic

Prague

CZK

1,100,000

DFDS Logistics A/S

Denmark

Esbjerg

DKK

600,000

DFDS Logistics Denmark A/S2

Denmark

Herning

DKK

500,000

DFDS K\u00f8letransport A/S2

Denmark

Esbjerg

DKK

500,000

Dronningens Kvarter 1 Aps2

Denmark

Copenhagen

DKK

500,000

Lundvej 15 ApS2

Denmark

Copenhagen

DKK

100.000

DFDS Logistics O\u00dc2

Estonia

Tallinn

EUR

3,000

DFDS Logistics OY2

Finland

Turku

EUR

2,520

DFDS Seaways S.A.S.2

France

Dieppe

EUR

37,000

DFDSLogistics France SARL

France

S\u00e8te

EUR

2,045,000

DFDS Germany ApS & Co. KG2, 3

Germany

Hamburg

EUR

25,000

DFDS Logistics GermanyGmbH

Germany

Gernsheim

EUR

435,621

EU Trucking Service GmbH

Germany

Lingenfeld

EUR

50,000

DFDS Grundst\u00fccksverwal-tungs GmbH & Co KG.

Germany

Neuenkirchen-V\u00f6rden

EUR

20,000

DFDS Logistics GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Logistics Deutschland GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

Ekol Logistics Kft

Hungary

Budapest

HUF

720,000,000

Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft.

Hungary

Gyula

HUF

3,000,000

Bond Delivery Ireland Ltd.2

Ireland

Dublin

EUR

20

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

DFDS Logistics Contracts (Ireland) Ltd.2

Ireland

Dublin

EUR

200

DFDS Seaways Ireland Ltd.\u00b2

Ireland

Dublin

EUR

100

Lucey Transport Logistics Ltd.2

Ireland

Dublin

EUR

3,000

McBurney Refrigeration (Ireland) Ltd.2

Ireland

Dublin

EUR

100

DFDS Logistics Italy Srl.

Italy

Novara

EUR

400,001

Samer Seaports & Terminals S.R.L.

59.28

Italy

Trieste

EUR

2,800,000

DFDS SIA

Latvia

Liepaja

EUR

113,886

AB DFDS Seaways2

99.27

Lithuania

Klaipeda

EUR

95,251,735

UAB DFDS Trucking

Lithuania

Klaipeda

EUR

89,782

DFDS Maroc S.A.R.L.A.U.

Morocco

Tangier

MAD

24,162,000

Red fish Speedlines SARL2

Morocco

Tangier

MAD

6,600,000

Alphatrans International Trucking B.V.

Netherlands

Brielle

EUR

18,000

EU Trucking Service B.V.6

Netherlands

Eindhoven

EUR

270,000

DFDS Logistics Nijmegen B.V.

Netherlands

Nijmegen

EUR

18,151

DFDS Warehousing Rotterdam B.V.

Netherlands

Rotterdam

EUR

18,000

DFDS Holding B.V.\u00b2

Netherlands

Vlaardingen

EUR

40,000,000

DFDS Logistics B.V.

Netherlands

Vlaardingen

EUR

455,000

DFDS NewCo B.V.\u00b2

Netherlands

Vlaardingen

EUR

1

DFDS Seaways B.V.

Netherlands

Vlaardingen

EUR

18,400

DFDS Logistics Wijchen B.V.

Netherlands

Wijchen

EUR

20,000

DFDS Trucking Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Warehousing Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Distri Holding B.V.

Netherlands

Winterswijk

EUR

18,000

DFDS Logistics Winterswijk B.V.

Netherlands

Winterswijk

EUR

18,151

DFDS Property and Equipment B.V.

Netherlands

Winterswijk

EUR

20,000

DFDS Property Nijmegen B.V.

Netherlands

Winterswijk

EUR

18,000

1

Unless otherwise indicated, the companies are 100% owned by the DFDS Group.

2

The Company is directly owned by the Parent company DFDS A/S.

3

Relief in accordance with Sec. 264b German Commercial Code (HGB).

4

Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.

5

Includes Dutch branch, Estonian branch, French branch, Lithuanian branch, Norwegian branch, Swedish branch, Jersey branch and UK branch of DFDS A/S.

6

Includes Belgian branch.

5.10\tCompany overview(continued)

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

NorthSea Terminal AS\u00b2

Norway

Brevik

NOK

1,000,000

DFDS Logistics AS2

Norway

Lysaker

NOK

25,000,000

DFDS Logistics Cold AS2

Norway

Oslo

NOK

12,000,000

DFDSLogistics Services Sp. z o.o.

Poland

Koninko

PLN

500,000

DFDS Polska Sp. z o.o.2

Poland

Poznan

PLN

10,005,000

DFDS Investments Sp. z o.o.

80.00

Poland

Szubin

PLN

5,000

DFDS Logistics Polska Sp. z o.o.

80.00

Poland

Szubin

PLN

50,000

Ekol International Logistics SRL

Romania

Bucharest

RON

65,060

Romania Transport Group S.R.L.

Romania

Tibod

RON

1,000

DFDS Logistics Iberia S.L.

Spain

Barcelona

EUR

1,603,100

DFDS Iberia S.L.U.\u00b2

Spain

Tarifa

EUR

8,700,000

DFDS LogisticsSpain S.L.

Spain

Tarragona

EUR

60,000

DFDS Seaways Hispania S.L.\u00b2

Spain

Valencia

EUR

3,000

DFDS AB\u00b2

Sweden

Gothenburg

SEK

500,000

DFDS Logistics Contracts AB

Sweden

Gothenburg

SEK

50,000

DFDS Logistics Partners AB

85.00

Sweden

Gothenburg

SEK

1,000,000

DFDS Logistics Services AB

Sweden

Gothenburg

SEK

1,100,000

DFDS Professionals AB2

87.50

Sweden

Gothenburg

SEK

25,000

DFDS Denizcilik ve Tasimacilik A.\u015e.

98.80

T\u00fcrkiye

Istanbul

EUR

369,967,159

DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.

T\u00fcrkiye

Istanbul

EUR

565,640,176

DFDS Ta\u015f\u0131mac\u0131l\u0131k Hizmetleri Ltd.

T\u00fcrkiye

Istanbul

EUR

42,872,747

DFDS Lojistik A.\u015e.

T\u00fcrkiye

Istanbul

EUR

150,210,796

LLC DFDS

Ukraine

Kiev

UAH

357,644

Bondelivery NI Ltd.2

UK

Ballymena

GBP

260,110

McBurney Transport Group Ltd.2

UK

Ballymena

GBP

947,934

DFDS Logistics Ltd.2

UK

Immingham

GBP

15,150,000

DFDS Logistics Services Ltd.2

UK

Immingham

GBP

100

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

DFDS Seaways Holding Ltd.2

UK

Immingham

GBP

250,000

DFDS Seaways Plc.2

UK

Immingham

GBP

45,250,000

Associates and joint ventures:

Euro Asia cold Chain Logistic

52.04

China

Shanghai

CNY

22,100,000

DeaL Energy A/S2

50.00

Denmark

Hellerup

DKK

500,000

Bohus Terminal Holding AB4

65.00

Sweden

Gothenburg

SEK

50,000

Gothenburg RO/RO Terminal AB

65.00

Sweden

Gothenburg

SEK

5,000,000

25 Dormant entities

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__191": { "value": "

5.10\tCompany overview

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

Parent company

DFDS A/S5

Denmark

Copenhagen

DKK

1,124,310,980

Subsidiaries:

DFDS Belgium N.V.2

Belgium

Gent

EUR

2,355,976

N&K Cold Chain Logistics (Shanghai) Co., Ltd.

China

Shanghai

CNY

2,901,420

DFDS Logistics s.r.o.2

Czech Republic

Prague

CZK

1,100,000

DFDS Logistics A/S

Denmark

Esbjerg

DKK

600,000

DFDS Logistics Denmark A/S2

Denmark

Herning

DKK

500,000

DFDS K\u00f8letransport A/S2

Denmark

Esbjerg

DKK

500,000

Dronningens Kvarter 1 Aps2

Denmark

Copenhagen

DKK

500,000

Lundvej 15 ApS2

Denmark

Copenhagen

DKK

100.000

DFDS Logistics O\u00dc2

Estonia

Tallinn

EUR

3,000

DFDS Logistics OY2

Finland

Turku

EUR

2,520

DFDS Seaways S.A.S.2

France

Dieppe

EUR

37,000

DFDSLogistics France SARL

France

S\u00e8te

EUR

2,045,000

DFDS Germany ApS & Co. KG2, 3

Germany

Hamburg

EUR

25,000

DFDS Logistics GermanyGmbH

Germany

Gernsheim

EUR

435,621

EU Trucking Service GmbH

Germany

Lingenfeld

EUR

50,000

DFDS Grundst\u00fccksverwal-tungs GmbH & Co KG.

Germany

Neuenkirchen-V\u00f6rden

EUR

20,000

DFDS Logistics GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Logistics Deutschland GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

Ekol Logistics Kft

Hungary

Budapest

HUF

720,000,000

Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft.

Hungary

Gyula

HUF

3,000,000

Bond Delivery Ireland Ltd.2

Ireland

Dublin

EUR

20

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

DFDS Logistics Contracts (Ireland) Ltd.2

Ireland

Dublin

EUR

200

DFDS Seaways Ireland Ltd.\u00b2

Ireland

Dublin

EUR

100

Lucey Transport Logistics Ltd.2

Ireland

Dublin

EUR

3,000

McBurney Refrigeration (Ireland) Ltd.2

Ireland

Dublin

EUR

100

DFDS Logistics Italy Srl.

Italy

Novara

EUR

400,001

Samer Seaports & Terminals S.R.L.

59.28

Italy

Trieste

EUR

2,800,000

DFDS SIA

Latvia

Liepaja

EUR

113,886

AB DFDS Seaways2

99.27

Lithuania

Klaipeda

EUR

95,251,735

UAB DFDS Trucking

Lithuania

Klaipeda

EUR

89,782

DFDS Maroc S.A.R.L.A.U.

Morocco

Tangier

MAD

24,162,000

Red fish Speedlines SARL2

Morocco

Tangier

MAD

6,600,000

Alphatrans International Trucking B.V.

Netherlands

Brielle

EUR

18,000

EU Trucking Service B.V.6

Netherlands

Eindhoven

EUR

270,000

DFDS Logistics Nijmegen B.V.

Netherlands

Nijmegen

EUR

18,151

DFDS Warehousing Rotterdam B.V.

Netherlands

Rotterdam

EUR

18,000

DFDS Holding B.V.\u00b2

Netherlands

Vlaardingen

EUR

40,000,000

DFDS Logistics B.V.

Netherlands

Vlaardingen

EUR

455,000

DFDS NewCo B.V.\u00b2

Netherlands

Vlaardingen

EUR

1

DFDS Seaways B.V.

Netherlands

Vlaardingen

EUR

18,400

DFDS Logistics Wijchen B.V.

Netherlands

Wijchen

EUR

20,000

DFDS Trucking Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Warehousing Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Distri Holding B.V.

Netherlands

Winterswijk

EUR

18,000

DFDS Logistics Winterswijk B.V.

Netherlands

Winterswijk

EUR

18,151

DFDS Property and Equipment B.V.

Netherlands

Winterswijk

EUR

20,000

DFDS Property Nijmegen B.V.

Netherlands

Winterswijk

EUR

18,000

1

Unless otherwise indicated, the companies are 100% owned by the DFDS Group.

2

The Company is directly owned by the Parent company DFDS A/S.

3

Relief in accordance with Sec. 264b German Commercial Code (HGB).

4

Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.

5

Includes Dutch branch, Estonian branch, French branch, Lithuanian branch, Norwegian branch, Swedish branch, Jersey branch and UK branch of DFDS A/S.

6

Includes Belgian branch.

5.10\tCompany overview(continued)

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

NorthSea Terminal AS\u00b2

Norway

Brevik

NOK

1,000,000

DFDS Logistics AS2

Norway

Lysaker

NOK

25,000,000

DFDS Logistics Cold AS2

Norway

Oslo

NOK

12,000,000

DFDSLogistics Services Sp. z o.o.

Poland

Koninko

PLN

500,000

DFDS Polska Sp. z o.o.2

Poland

Poznan

PLN

10,005,000

DFDS Investments Sp. z o.o.

80.00

Poland

Szubin

PLN

5,000

DFDS Logistics Polska Sp. z o.o.

80.00

Poland

Szubin

PLN

50,000

Ekol International Logistics SRL

Romania

Bucharest

RON

65,060

Romania Transport Group S.R.L.

Romania

Tibod

RON

1,000

DFDS Logistics Iberia S.L.

Spain

Barcelona

EUR

1,603,100

DFDS Iberia S.L.U.\u00b2

Spain

Tarifa

EUR

8,700,000

DFDS LogisticsSpain S.L.

Spain

Tarragona

EUR

60,000

DFDS Seaways Hispania S.L.\u00b2

Spain

Valencia

EUR

3,000

DFDS AB\u00b2

Sweden

Gothenburg

SEK

500,000

DFDS Logistics Contracts AB

Sweden

Gothenburg

SEK

50,000

DFDS Logistics Partners AB

85.00

Sweden

Gothenburg

SEK

1,000,000

DFDS Logistics Services AB

Sweden

Gothenburg

SEK

1,100,000

DFDS Professionals AB2

87.50

Sweden

Gothenburg

SEK

25,000

DFDS Denizcilik ve Tasimacilik A.\u015e.

98.80

T\u00fcrkiye

Istanbul

EUR

369,967,159

DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.

T\u00fcrkiye

Istanbul

EUR

565,640,176

DFDS Ta\u015f\u0131mac\u0131l\u0131k Hizmetleri Ltd.

T\u00fcrkiye

Istanbul

EUR

42,872,747

DFDS Lojistik A.\u015e.

T\u00fcrkiye

Istanbul

EUR

150,210,796

LLC DFDS

Ukraine

Kiev

UAH

357,644

Bondelivery NI Ltd.2

UK

Ballymena

GBP

260,110

McBurney Transport Group Ltd.2

UK

Ballymena

GBP

947,934

DFDS Logistics Ltd.2

UK

Immingham

GBP

15,150,000

DFDS Logistics Services Ltd.2

UK

Immingham

GBP

100

Company

Ownership

share 2025\u00b9

Country

City

Currency

Share capital

DFDS Seaways Holding Ltd.2

UK

Immingham

GBP

250,000

DFDS Seaways Plc.2

UK

Immingham

GBP

45,250,000

Associates and joint ventures:

Euro Asia cold Chain Logistic

52.04

China

Shanghai

CNY

22,100,000

DeaL Energy A/S2

50.00

Denmark

Hellerup

DKK

500,000

Bohus Terminal Holding AB4

65.00

Sweden

Gothenburg

SEK

50,000

Gothenburg RO/RO Terminal AB

65.00

Sweden

Gothenburg

SEK

5,000,000

25 Dormant entities

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__192": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__193": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__8__253": { "value": "Marmorvej 18, DK 2100 Copenhagen \u00d8 ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }