Q1 2026 interim report
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Steady progress
Q1 2026 interim report
Q1 overview
2/25
Q1 2026
→ Revenue down 2% to DKK 7.4bn
→ EBIT up DKK 150m to DKK 33m.
Underlying increase of DKK 262m
→ Adjusted free cash flow of
DKK 300m
→ CO2e emissions from own fleet
increased 2.9%
Outlook 2026
→ Revenue on level with 2025
→ EBIT of DKK 1.0-1.4bn
→ Adjusted free cash flow of above
DKK 250m
CEO’s comments
Financial performance in both divisions
continued to improve in Q1 2026 which
together with our cash flow focus also
improved financial leverage.
The Ferry Division’s performance
improvement was driven by a higher freight
result, especially in Mediterranean. The
Logistics Division’s improvement was
mainly due to the Continent and Nordic
business units.
Earnings were in addition improved by five
of six turning point actions set out earlier in
the year. The sixth turning point, the TES
turnaround, developed in line with
expectations and is in 2026 expected to
perform on level with 2025.
Navigating volatile markets
The ongoing Iran/Gulf conflict has since the
beginning of March 2026 raised oil prices
as well as geopolitical and macro
uncertainty.
In our transport network, we have through
April 2026 not seen material impacts on
volumes. There is however a possible
downside risk of elevated fuel costs
impacting the demand for transport
services from both businesses and
consumers going forward.
The significant increase in oil prices, as well
as in price spreads, had an initial negative
financial impact which is expected to
reverse in Q2 2026.
In this volatile market environment, we are
focused on adjusting operations in line with
market developments. Cost control
remains a priority.
“Financial performance in
both divisions continued to
improve in Q1 2026 which
together with our cash flow
focus also improved
financial leverage.”
Karen D. Boesen, CFO & Interim CEO
Financial leverage on target
Our capital structure was consolidated in
Q1 2026 as measured by the debt/equity
ratio compared to Q1 2025.
Financial leverage, measured by debt-to-
earnings ratio, NIBD/EBITDA, improved to
3.9x at the end of Q1 2026 and is on track
to fulfil the leverage target we have set for
2026 of a ratio below 4.0x.
Outlook
The 2026 EBIT outlook of DKK 1,000-
1,400m is unchanged following the outlook
update made on 14 April 2026.
The expectation for the Adjusted free cash
flow has been firmed up to above
DKK 250m from the previous expectation of
a cash flow above zero.
The outlook assumptions are detailed on
page 4.
Q1 overview
Q1
Q1
Change,
LTM
LTM
Change,
Full-year
DKK million
2026
2025
%
2025-26
2024-25
%
2025
Revenue
7,353
7,539
-2
30,761
30,281
2
30,947
EBITDA
799
748
7
3,794
4,232
-10
3,743
EBIT
33
- 117
n.a.
670
1,189
-44
520
Adjusted free cash flow
300
246
22
1,238
1,530
-19
1,184
ROIC %
-
-
-
1.6
3.4
-
1.2
Financial leverage, times
-
-
-
3.9
4.0
-
4.1
5 May 2026
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Q1 2026 interim report
Key figures
3/25
Key figures
Q1
Q1
LTM
Full-year
DKK million
2026
2025
2025-26
2025
Income statement
Revenue
7,353
7,539
30,761
30,947
Ferry Division
3,957
3,988
16,969
16,999
Logistics Division
3,840
4,050
15,513
15,723
Non-allocated items and eliminations
- 444
- 499
- 1,720
- 1,775
Operating profit before depreciation and amortisation (EBITDA)
799
748
3,794
3,743
Ferry Division
625
574
2,934
2,883
Logistics Division
227
196
1,009
979
Non-allocated items
- 53
- 22
- 150
- 120
Operating profit before amortisation (EBITA)
88
- 60
896
747
Operating profit (EBIT)
33
- 117
670
520
Financial items, net
- 177
- 185
- 810
- 818
Profit/loss for the period
- 174
- 328
- 271
- 425
Capital
Total assets
37,427
39,810
-
37,117
Equity
13,250
13,652
-
13,447
Net interest-bearing debt (NIBD)
14,977
16,814
-
15,260
Invested capital, end of period
28,682
30,987
-
29,184
Cash flows
Cash flows from operating activities
902
759
3,443
3,300
Cash flows from investing activities
- 329
- 234
- 438
- 342
Free cash flow
573
525
3,005
2,957
Adjusted free cash flow
300
246
1,238
1,184
Q1
Q1
LTM
Full-year
DKK million
2026
2025
2025-26
2025
Key operating and return ratios
Average number of employees (FTE)
15,799
16,138
Revenue growth (reported), %
- 2.5
7.5
- 0.6
4.0
EBITDA-margin, %
10.9
9.9
12.3
12.1
EBIT-margin, %
0.4
- 1.6
2.2
1.7
Return on invested capital (ROIC), %
1.6
3.4
1.6
1.2
ROIC before acquisition intangibles (ROIC BAI), %
3.1
5.3
3.1
2.3
Return on equity, %
-
-
- 2.1
- 3.1
Key capital and per share ratios
Financial leverage, times
3.9
4.0
3.9
4.1
Equity ratio, %
35.4
34.3
-
36.2
Earnings per share (EPS), DKK
- 3.29
- 6.09
- 5.10
- 7.90
Number of shares, end of period, '000
56,216
57,970
-
56,216
Share price, DKK
104
90
-
96
ESG key figures
Emissions per GT mile - Own fleet (CO2)
14.2
13.8
14.1
14.0
Lost-time injury frequency (LTIF) - Sea
2.3
4.0
2.9
3.5
1
Lost-time injury frequency (LTIF) - Land
6.1
4.3
5.7
5.3
Women ratio - Total workforce, %
23
23
-
23
Women ratio - Board of Directors, %
33
33
-
33
Financial definitions on page 23.
ESG definitions on page 24.
1
Comparative FY 2025 include incidents reported after issuance of the 2025 Annual Report.
Q1 2026 interim report
Outlook 2026
4/25
→ Revenue on level
with 2025
→ EBIT-range of DKK 1.0-1.4bn
→ Adjusted free cash flow of above
DKK 250m
The outlook for 2026 builds on multiple
assumptions and may therefore change
significantly as the year progresses.
General economic growth prospects
Europe’s economic growth (GDP: Gross
Domestic Product) is currently expected to
be around 1% in 2026 (Source: Thomson
Reuters). Visibility on European growth for
the rest of 2026 is however impaired by the
Iran/Gulf conflict. One key uncertainty is
the duration of the current raised oil price
level.
The ongoing war in Ukraine and geopoliti-
cal developments continue to be an
additional source of uncertainty for Europe.
The GDP-growth in 2026 for Türkiye and
northern African countries is still expected
to be around 3-5%.
Key freight outlook assumptions for 2026
Freight ferry volumes between Europe and
Türkiye/northern Africa are expected to
continue to grow in 2026. Volumes in
northern and eastern Europe are overall
expected to remain on level with 2025 for
the rest of the year. The Türkiye-Europe
trailer transport market has stabilised as
ferry capacity has been adjusted. This is
expected to support more sustainable
pricing in the market.
Road transport markets are in general
expected to remain highly competitive in
2026, although transport capacity
reductions enacted in 2025 may ease
margin pressures in some markets.
Key passenger outlook assumptions
for 2026
No major changes are expected in 2026 in
the passenger route network. Volumes in
northern and eastern Europe are for the
year expected to remain on level with 2025,
while Strait of Gibraltar volumes will
decrease due to the exit from a route in
May 2025.
Revenue outlook
The Group’s revenue is in 2026 still
expected to be on level with 2025 with no
material net impact in 2026 from route and
activity changes implemented in 2025.
Earnings outlook – EBIT
EBIT is expected to improve in 2026 driven
by mainly five of six turning point actions
set out earlier in the year: Mediterranean
recovery, Jersey ramp-up, freight ferry
pricing, Logistics Boost projects, and cost
reduction programme completion. The
sixth turning point, the TES turnaround, is in
2026 expected to perform on level with
2025.
From the beginning of March 2026, oil
prices have increased significantly as has
price spreads. The rapid increase had a
negative financial impact in March – due to
a 1-2 month lag in the freight pass-through
model - which is expected to reverse to a
positive impact in Q2 2026.
On this basis, the Group’s 2026 EBIT
outlook range was in April 2026 increased
to DKK 1,000-1,400m from previously
DKK 800-1,100m (2025: DKK 520m). See
outlook table for divisional split.
Capital expenditure (capex)
Total capex is in 2026 still expected to
amount to around DKK 1.7bn (2025:
DKK 1.0bn) even though a chartered RoPax
ferry, currently deployed on a Jersey route,
was acquired in April for completion in
November 2026. The total capex
expectation is maintained as the operating
capex outlook has been reduced to around
DKK 1.4bn.
The agreement to acquire part of the
assets of Naviera Armas’ Strait of Gibraltar
ferry operations is pending regulatory
approvals. The agreed asset purchase
price of DKK 240m is not included in the
capex outlook.
Adjusted free cash flow
The Adjusted free cash flow is expected to
be above DKK 250m in 2026 (previously
above zero). In 2025, the Adjusted free
cash flow was increased by the initiation of
a factoring programme and a positive cash
flow from sale of ferries.
Outlook 2026
OUTLOOK 2026
DKK million
Outlook 2026
Previous
outlook 2026
2025
Revenue growth
On level
On level
30,947
EBIT
1,000-1,400
800-1,100
520
Per division:
-
Ferry Division
1,150-1,450
1,000-1,200
791
Logistics Division
100-200
50-150
- 30
Non-allocated items
- 250
- 250
- 241
Capital expenditure (Capex)
- 1,700
- 1,700
- 994
Types:
Operating
- 1,400
- 1,700
- 1,240
Ferries (sale/purchase/new-buildings)
-300
-
246
Adjusted free cash flow
Above 250
Above zero
1,184
Q1 2026 interim report
Ferry Division
5/25
→ Q1 underlying result improvement
above expectations
→ Mediterranean recovery on track
→ Freight ferry pricing raised
→ Q1 revenue down 1% as higher
freight revenue was offset by lower
passenger revenue
→ Q1 EBIT up DKK 133m to DKK 124m
and up DKK 208m, adjusted
Q1 volumes and activity
Total Q1 freight volumes increased 2.8%
compared to 2025 and increased 1.4%
adjusted for route changes comprising the
start-up of Jersey routes in March 2025 and
the Vilagarcia-Rotterdam route.
North Sea Q1 adjusted volumes were up
3.1% vs 2025. The increase was driven
mostly by more volumes between the
Continent and the UK. Mediterranean Q1
volumes were 1.9% below 2025 as volume
growth between Egypt/Tunisia and Europe
was offset by lower volumes between
Türkiye and Europe due to mostly capacity
reductions.
The total Türkiye-Europe trailer transport
market was in Q1 2026 split between 53%
ferry volumes and 47% road volumes. The
ferry market gained 2 ppt market share
versus road compared to Q1 2025. DFDS’
Q1 2026 ferry share was 34% of the total
market (ferry & road) and the share for all
other ferry operators was 19%.
Channel Q1 freight volumes were on level
with 2025 on a comparable basis as higher
Dover Strait volumes were offset by lower
volumes on other routes, partly due to
Ferry Division
Ferry Division
Q1
Q1
Q2
Q3
Q4
LTM
Full-year
DKK million
2026
2025
2025
2025
2025
2025-26
2025
Revenue
3,957
3,988
4,313
4,759
3,940
16,969
16,999
Freight
3,426
3,390
3,274
3,205
3,236
13,140
13,104
Passenger
1
531
597
1,039
1,555
704
3,829
3,895
Other income
-
116
-
-
3
3
119
Operating costs
2,331
2,562
2,558
2,604
2,350
9,844
10,075
Ferry operations
668
702
715
754
688
2,825
2,859
Bunker
532
697
642
641
610
2,425
2,589
Port terminal operations
987
955
997
1,037
875
3,896
3,864
Transport and warehouse solutions
144
209
204
172
178
698
763
Employee costs
706
652
709
729
757
2,901
2,848
General and administration external costs
295
316
343
343
312
1,292
1,313
EBITDA
625
574
702
1,083
525
2,934
2,883
Other income/costs, net
- 1
0
- 2
1
34
32
32
Depreciation and impairment
485
568
500
504
494
1,984
2,066
EBITA
138
5
201
579
65
983
850
Amortisation
15
15
15
15
15
59
59
EBIT
124
- 9
186
564
50
924
791
Invested capital, end of period
20,737
22,373
21,783
21,952
21,002
20,737
21,002
EBITDA-margin, %
15.8
14.4
16.3
22.7
13.3
17.3
17.0
EBIT-margin, %
3.1
- 0.2
4.3
11.9
1.3
5.4
4.7
CAPEX (excl. acquisitions)
311
245
275
173
116
875
810
ROIC BAI, %, LTM
6.0
8.0
6.2
4.9
5.0
6.0
5.0
ROIC, %, LTM
4.0
5.7
4.3
3.3
3.3
4.0
3.3
Average number of employees
6,083
6,206
6,312
6,411
6,386
6,355
6,386
Number of ferries
2
68
73
71
70
68
68
68
Lane metres, '000
10,767
10,475
10,584
10,198
10,225
41,774
41,482
North Sea
3,509
3,389
3,431
3,345
3,269
13,553
13,434
Mediterranean
1,310
1,335
1,383
1,293
1,309
5,294
5,319
Channel
4,341
4,215
4,309
4,216
4,170
17,036
16,910
Baltic Sea
940
895
891
931
890
3,652
3,607
Strait of Gibraltar
668
640
570
414
587
2,239
2,212
Capacity utilisation freight, %
68
64
63
60
64
64
63
Number of cars, '000
169
184
357
630
238
1,394
1,410
Passengers
1
, '000
667
808
1,397
2,167
875
5,106
5,247
Baltic Sea
37
42
63
93
41
233
238
Channel
507
500
1,106
1,590
665
3,868
3,862
Strait of Gibraltar
123
266
228
484
169
1,004
1,147
The Ferry Division operates a network of
ferry routes in and around Europe. The North
Sea and Mediterranean networks only
transport freight while combined freight and
passenger routes are operated by the
Channel, Baltic Sea, and Strait of Gibraltar
networks. Port terminals are operated in
select locations.
Financial definitions on page 23.
1
Comprise activities related to persons travelling with or without car and who is carried on a RoPax or passenger cruise ferry across the DFDS route network.
2
Owned and chartered ships, including slot charter and vessel sharing agreements.
Q1 2026 interim report
Ferry Division
6/25
weather disruptions. Baltic Sea Q1 volumes
were 5.0% above 2025 driven by primarily
higher volumes between Germany and
Lithuania as well as volumes from the
space charter agreement entered into in
2025. Strait of Gibraltar Q1 volumes were
4.3% above 2025 despite fewer departures.
Q1 passenger volumes were 5.5% below
2025 adjusted for two large route changes:
exit from Tarifa-Tanger Ville in early May
2025 and start-up of Jersey routes in late
March 2025.
Channel Q1 adjusted passenger volumes
were 2.7% below 2025 driven mostly by a
decrease in coach volumes as well as lower
volumes in the total car market. Q1 revenue
per passenger was above 2025.
Baltic Sea Q1 passenger volumes were
11.6% below 2025 driven mostly by fewer
departures following the space charter
agreement entered into in 2025. Strait of
Gibraltar adjusted passenger volumes were
13.2% below 2025 following fewer
departures due to mainly weather
disruptions.
Financial performance
Revenue
Q1 revenue decreased 0.8% to DKK 3,957m
compared to 2025. Freight ferry revenue
was above 2025 driven by the higher
volumes in most business units and an
overall increase in freight rates. Passenger
revenue was below 2025 driven mainly by
the lower volumes, including route
changes.
EBITDA
EBITDA increased 8.9% or DKK 51m to
DKK 625m and increased 46.2% or
DKK 190m adjusted for route changes and
one-off items.
The adjusted EBITDA increase was driven
by higher results in most business units.
Mediterranean provided more than half of
the increase from a mix of cost savings
from capacity reductions and introduction
of a new pricing model. The oil price
increases in March 2026 entailed extra
costs in most business units due to lag in
the freight pass-through model.
EBITA and EBIT
Q1 depreciation of DKK 485m was on level
with 2025 as higher docking depreciation
and the addition of the Jersey routes offset
capacity reductions and other route
changes in the network.
Q1 impairment and write-downs was zero
compared to a write-down of DKK 83m in
Q1 2025 for the total constructive loss
(TCL) of a freight ferry.
EBIT increased DKK 133m to DKK 124m
from DKK -9m in Q1 2025. EBIT increased
DKK 208m adjusted for route changes and
one-off items, including a net positive TCL
impact in Q1 2025.
Capex
Capex in Q1 2026, excluding acquisitions,
amounted to DKK 311m most of which was
related to ferry dockings and upgrades.
Invested capital and ROIC
Invested capital at the end of Q1 2026 was
DKK 20.7bn, a decrease of 7.3% or
DKK 1.6bn compared to Q1 2025. The
decrease was driven by a reduction in
owned and chartered ferries as well as a
lower net working capital. The return on
invested capital before acquisition
intangibles, ROIC BAI, was 6.0% compared
to 8.0% in 2025, and ROIC was 4.0%
compared to 5.7% in 2025.
Freight ferry – transported lane metres
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Q1 Q2 Q3 Q4
LM '000
2024
2025
2026
Q1 2026 interim report
Logistics Division
7/25
→ Mixed market demand across
regions
→ Positive impact from Boost
projects
→ Improving earnings trend
continued in Q1
→ TES Q1 result on level with 2025 on
a comparable basis
→ Q1 revenue decreased 5%
→ Q1 EBITDA up 16% to DKK 227m
→ Q1 EBIT increased DKK 48m to
DKK -7m
Q1 overview and activity
Transport and logistics activity levels were
in Q1 stable in most regions of our network,
although the harsh winter dampened
activity levels in some regions. There is still
an oversupply of road transport capacity in
Europe, although capacity was reduced
during 2025.
In our Nordic network activity levels were
mixed with stable and positive trading for
many traffics and logistics segments. There
was continued softness in parts of the
Norwegian, Finnish, Baltic, and eastern
European segments. The capacity
utilisation of the Danish cold chain
activities was lower than expected.
In our Continent network most activities
continued in Q1 to improve performance
driven by the completion of two Boost
projects while the Belgian Boost project
progressed in Q1 and is on track to achieve
further improvements. The Dutch/German
cold chain activities continued to benefit
from the normalisation of meat export
volumes to the UK compared to the
disruption caused by the outbreak in Q1
2025 of Foot & Mouth Disease in Germany.
Logistics Division
Logistics Division
Q1
Q1
Q2
Q3
Q4
LTM
Full-year
DKK million
2026
2025
2025
2025
2025
2025-26
2025
Revenue
3,840
4,050
3,897
3,971
3,805
15,513
15,723
Operating costs
2,550
2,718
2,570
2,539
2,477
10,137
10,305
Employee costs
883
940
913
904
907
3,608
3,665
General and administration external costs
180
195
197
196
186
759
775
EBITDA
227
196
217
331
235
1,009
979
Other income/costs, net
21
6
63
5
5
93
78
Depreciation and impairment
234
236
220
291
257
1,003
1,004
EBITA
13
- 34
60
45
- 18
100
52
Amortisation
21
21
26
23
12
82
83
EBIT
- 7
- 55
33
21
- 29
18
- 30
Invested capital, end of period
7,587
8,024
7,820
7,613
7,630
7,587
7,630
EBITDA-margin, %
5.9
4.8
5.6
8.3
6.2
6.5
6.2
EBIT-margin, %
- 0.2
- 1.4
0.9
0.5
- 0.8
0.1
- 0.2
CAPEX (excl. acquisitions)
113
106
55
189
303
661
654
ROIC BAI, %, LTM
-0.2
1.1
0.1
-0.6
-1.0
-0.2
-1.0
ROIC, %, LTM
-1.1
-0.5
-1.1
- 1.5
- 1.6
-1.1
- 1.6
Average number of employees
8,019
9,181
9,075
8,851
8,709
8,419
8,709
The Logistics Division provides transport
and logistics solutions through four business
units covering geographical areas: Nordic,
Continent, UK & Ireland, and Türkiye &
Europe South (TES). The Logistics Division is
a major customer of the Ferry Division’s
freight ferry route network.
Financial definitions on page 23
Q1 2026 interim report
Logistics Division
8/25
The German activities were downsized and
performance stabilised.
In England and Ireland, Q1 transport and
warehousing activities were robust. The
Corby warehouse was successfully
replaced with a larger warehouse in
Kettering during the quarter. Scottish cold
chain volumes recovered towards the end
of Q1 following a slow start to the year. Q1
transport volumes between Northern
Ireland and England remained subdued.
Turkish export trailer volumes to Europe
were in Q1 1% above 2025. Market growth is
expected to remain moderate for the rest of
the year.
Financial performance
Revenue
Q1 revenue decreased 5.2% or DKK 210m
to DKK 3,840m compared to Q1 2025.
The revenue decrease was driven by lower
activity levels in some regions of the UK &
Ireland and Nordic business units. In
addition, activity restructurings reduced
revenue, including the closure of several
country organisations in TES.
EBITDA
EBITDA increased 15.7% or DKK 31m to
DKK 227m.
The higher result was driven by the Conti-
nent and Nordic business units. Results
were raised by earnings improvements for
low performing activities, including pro-
gress on the turnaround Boost projects. In
addition, the activity result for Continent-
UK meat flows was greatly improved.
The UK & Ireland business unit performed
on level with 2025 driven by continued
earnings growth in England and Ireland
while lower cold chain volumes reduced the
result for Scotland.
The Q1 result for Türkiye & Europe South
(TES) was in line with expectations.
Volumes were increased during the quarter
while production efficiency remained
challenged by insufficient asset utilisation.
EBITA and EBIT
Q1 depreciation of DKK 234m was on level
with Q1 2025 as lower depreciation in Q1
2026 from activity changes was offset by
PPA items reported in Q1 2025. Q1
amortisation of DKK 21m was on level with
Q1 2025.
EBIT increased DKK 48m to DKK -7m.
Capex
Capex, excluding acquisitions, was
DKK 113m in Q1 2026 consisting primarily of
transport equipment, mainly trailers. Asset
sales were DKK 98m.
Invested capital and ROIC
The invested capital at the end of Q1 2026
was DKK 7.6bn, a decrease of 5.4% or
DKK 0.4bn compared to Q1 2025. The
decrease was mainly driven by a reduction
in transport equipment.
The Q1 return on invested capital before
acquisition intangibles, ROIC BAI, was
-0.2% compared to 1.1% in 2025, and ROIC
was -1.1% compared to -0.5% in 2025.
Q1 2026 interim report
ESG review
9/25
→ CO2e emissions from own fleet
→ Two e-trucks in UK added to the
→ Women in management positions
Q1 2026 interim report
ESG review
10/25
Q1 2026 interim report
Group review
11/25
→ Working capital cash flow positive
by DKK 220m in Q1 2026
→ NIBD reduced 11% or DKK 1.8bn
since Q1 2025
→ Debt-to-earnings ratio
(NIBD/EBITDA) reduced to 3.9x
→ Debt level remains moderate with
52/48 debt/equity ratio and 35%
equity ratio
Major Q1 events
There were no major events to report in
Q1 2026.
Major events after Q1
RoPax ferry purchase
In April 2026, DFDS entered into an
agreement to purchase the combined
freight and passenger ferry (RoPax) Stena
Vinga for completion and delivery in
November 2026. The ferry is on charter and
deployed on the Jersey-Portsmouth route.
The ferry was built in 2005.
CEO succession process
DFDS’ CEO succession process was
initiated on 6 November 2025. Torben
Carlsen stepped down as President & CEO
on 17 April 2026 and Karen Boesen, CFO
was appointed Interim CEO effective from
18 April 2026. See Note 1 for information on
the severance cost included in Q1 2026.
Michael Hansen will join DFDS on 1 July
2026 following his appointment as
President & CEO for DFDS on 12 January
2026.
Capital
Financial leverage
The 2026 target for the debt-to-earnings
ratio, NIBD/EBITDA, is a decrease to below
4.0x at year-end. The 2027 target is a
decrease to below 3.5x.
NIBD/EBITDA was 3.9x at the end of Q1
2026 and on track to meet the above 2026
target.
The debt/equity ratio was 52/48 at the end
of Q1 2026 and the equity ratio was 35%.
Cost reduction programme
The cost reduction programme is on track
to deliver a total cost reduction of
DKK 300m in 2026. In addition to the
reduction in the number employees
completed in 2025, further specific cost
reduction initiatives are being implemented
in 2026.
Financial performance
Revenue
The Group’s Q1 revenue decreased 2.5% to
DKK 7,353m compared to 2025 following
lower revenue in both divisions.
Divisional revenue developments are
detailed in their respective review sections.
Other income was zero in Q1 2026. In Q1
2025 an insurance compensation of
DKK 116m was reported for the total
constructive loss (TCL) of a freight ferry.
Group review
Revenue
DKK million
Q1 2026
Q1 2025
Change, %
Change
Ferry Division
3,957
3,988
- 0.8
- 31
Logistics Division
3,840
4,050
- 5.2
- 210
Non-allocated items
208
226
- 8.1
- 18
Eliminations
- 652
- 725
- 10.1
73
DFDS Group
7,353
7,539
- 2.5
- 186
Moving Together Towards 2030
Unlocking value
• Protect & Grow Profits
• Standardise to simplify
• Digitise to transform
• Moving to green
• Be a great place to work
Green transition
• 2030: 45% reduction in ferry
emissions intensity and 75%
reduction in land-based emissions
intensity
• Low-emission ferry new-building
programme
Cash flow focus
• Mid-term NIBD/EBITDA target
range of 2.5-3.5x
• Debt reduction
• Non-core asset review
• Working capital initiatives
• Cost reduction programme
Q1 2026 interim report
Group review
12/25
EBITDA
The Group’s Q1 EBITDA increased 6.9% or
DKK 51m to DKK 799m following improved
performance in both divisions. The Group’s
Q1 EBITDA increased 38.6% or DKK 226m
adjusted for ferry route changes and one-
off items, including the TCL in 2025.
Divisional EBITDA developments are
detailed in their respective review sections.
Non-allocated items were a cost of
DKK 53m compared to DKK 22m in Q1
2025. The increase was mainly related to a
one-off CEO severance cost.
EBITA and EBIT
Q1 depreciation of DKK 732m was on level
with Q1 2025. Impairment and write-downs
was in Q1 2026 an income of DKK 1m and a
cost of DKK 83m in Q1 2025. The latter
amount was related to the TCL of a freight
ferry.
The Group’s Q1 EBITA increased DKK 149m
to DKK 88m compared to 2025. The Q1
amortisation of DKK 55m was on level with
Q1 2025.
The Group’s Q1 EBIT increased DKK 150m
to DKK 33m compared to 2025 and
increased DKK 261m adjusted for ferry
route changes and one-off items, including
the net impact of the TCL in 2025.
Financial items
Total net financial items in Q1 were a cost
of DKK 177m, a decrease of 4.3% or
DKK 8m compared to Q1 2025.
The net interest cost on financial debt
increased DKK 8m to DKK 119m following
an interest rate increase that offset a
reduction in financial debt.
The net interest cost on leasing debt
decreased DKK 5m to DKK 68m following
mainly a debt decrease.
Exchange rate adjustments and Other
financial items totalled an income of
DKK 10m in Q1 2026 compared to a cost of
DKK 1m in Q1 2025.
Profit before and after tax
The Q1 profit before tax improved by
DKK 158m to DKK -144m from DKK -302m in
Q1 2025. The tax cost was DKK 30m and
the profit for the period was DKK -174m.
Earnings per share
Q1 earnings per share (EPS) was DKK -3.29
compared to DKK -6.09 in Q1 2025.
Cash flow and investments
The Q1 cash flow from operating activities
increased 18.8% or DKK 143m to
DKK 902m compared to Q1 2025. The
increase was driven by the higher operating
result and a positive tax cash flow following
a refund of excess tax payments from
previous years. The Q1 2026 change in
working capital was positive by DKK 220m.
This was mostly related to a seasonal uplift
in passenger prepayments.
Q1 investing activities was a cash outflow
of DKK 329m. Operating capex before
asset sales was DKK 443m, including
DKK 295m for ferry dockings and upgrades,
DKK 110m for transport equipment, and the
remainder for land facilities and digital
development. Cash from sale of assets in
Q1 2026 totalled DKK 98m, mainly
transport equipment.
The Q1 cash flow from financing activities
was DKK -649m with a net outflow from
loan financing items of DKK 373m and
lease liability payments of DKK 274m.
The net cash decrease was DKK 76m and
at the end of Q1 2026 cash amounted to
DKK 1,724m.
The Q1 2026 adjusted free cash flow was
DKK 300m up from DKK 246m in
Q1 2025.
Invested capital and ROIC
Invested capital was DKK 28.9bn at the end
of Q1 2026, a decrease of 7.4% or
DKK 2.3bn compared to Q1 2025. The
decrease reflects reductions in operating
assets, mainly ferries and transport
equipment, and a lowering of working
capital.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 3.1%
in Q1 2026 compared to 5.3% for Q1 2025.
ROIC was1.6% in Q1 2026 compared to
3.4% for Q1 2025.
Capital structure
At the end of Q1 2026 net-interest-bearing
debt (NIBD) was DKK 15.0bn, a decrease of
10.9% or DKK 1.8bn from Q1 2025. NIBD
was decreased DKK 0.3bn since year-end
2025.
Operating profit before depreciation (EBITDA)
DKK million
Q1 2026
Q1 2025
Change, %
Change
Ferry Division
625
574
8.9
51
Logistics Division
227
196
15.7
31
Non-allocated items
- 53
- 22
138.5
- 31
DFDS Group
799
748
6.9
51
EBITDA-margin, %
10.9
9.9
9.6
0.9
Financial items
DKK million
Q1 2026
Q1 2025
Change, %
Change
Interests, net
- 188
- 184
- 1.7
- 3
Foreign exchange gains/losses, net
18
9
- 110.1
9
Other items, net
- 8
- 10
16.9
2
Total finance, net
- 177
- 185
4.3
8
Q1 2026 interim report
Group review
13/25
Financial leverage, as measured by the
debt-to-earnings ratio, NIBD/EBITDA LTM,
was improved to 3.9x at the end of Q1 2026
compared to 4.0x at the end of Q1 2025
and 4.1x at year-end 2025.
Equity
Equity amounted to DKK 13,250m at the
end of Q1 2026, including non-controlling
interests of DKK 75m, a decrease of 1.5% or
DKK 198m compared to year-end 2025 in
line with the total comprehensive income
for Q1 2026 of DKK -203m.
The equity ratio was 35.4% at the end of Q1
2026 compared to 36.2% at year-end 2025.
DFDS GROUP - EBIT
-200
-100
0
100
200
300
400
500
600
700
800
900
Q1 Q2 Q3 Q4
DKK million
2024
2025
2026
Q1 2026 interim report
Statement by the Board of Directors and the Executive Board
14/25
Executive Board Karen Dyrskjøt Boesen , CFO & Interim CEO
Board of Directors Claus V. Hemmingsen /Chair , Kristian V. Mørch /Vice Chair , Minna Aila , Anders Götzsche ,
Q1 2026 interim report
Financials
15/25
DFDS Group - Income statement
Q1
Q1
LTM
Full-year
DKK million
Note
2026
2025
2025-26
2025
Revenue
3
Other income
Costs:
Ferry and other ship operation and maintenance
Port terminal operations
Transport and warehouse solutions
Employee costs
General and administration external costs
Operating profit before depreciation and amortisation (EBITDA)
Share of loss on associates and joint ventures
Profit/loss on disposal of non-current assets, net
Depreciation and write-offs, ferries and other ships
Depreciation and write-offs, other non-current assets
Operating profit before amortisation (EBITA)
- 60
Amortisation and impairment losses, intangibles
Operating profit (EBIT)
- 117
Financial income
Financial costs
Profit/loss before tax
- 144
- 302
- 140
- 298
Tax on profit
Profit/loss for the period
- 174
- 328
- 271
- 425
Attributable to:
Equity holders of DFDS A/S
- 178
- 329
- 276
- 427
Non-controlling interests
Profit/loss for the period
- 174
- 328
- 271
- 425
Earnings per share
Basic earnings per share (EPS) of DKK 20, DKK
- 3.29
- 6.09
- 5.10
- 7.90
Diluted earnings per share (EPS-D) of DKK 20, DKK
- 3.29
- 6.09
- 5.10
- 7.90
DFDS Group - Statement of comprehensive income
Q1
Q1
LTM
Full-year
DKK million
2026
2025
2025-26
2025
Profit/loss for the period
- 174
- 328
- 271
- 425
Other comprehensive income
Items that will not subsequently be reclassified to the income statement:
Remeasurement of defined benefit pension obligations
- 4
- 74
- 70
Tax on items that will not be reclassified to the income statement
Items that will not be reclassified subsequently to the Income statement
- 4
- 56
- 52
Items that are or may subsequently be reclassified to the income statement:
Value adjustment of hedging instruments for the period
- 76
- 5
- 149
- 78
Value adjustment transferred to operating costs
- 3
Value adjustment transferred to financial costs
Foreign exchange adjustments, subsidiaries
- 80
- 21
Items that are or may be reclassified subsequently to the Income statement
- 25
- 101
Total other comprehensive income after tax
- 28
- 157
- 44
Total comprehensive income
- 203
- 244
- 428
- 469
Profit for the year is attributable to:
Equity holders of DFDS A/S
- 206
- 245
- 433
- 472
Non-controlling interests
Total comprehensive income
- 203
- 244
- 428
- 469
Q1 2026 interim report
Financials
16/25
DFDS Group - Balance sheet, Assets
31 Mar.
31 Mar.
31 Dec.
DKK million
2026
2025
2025
Goodwill
Port concession rights
Customer relationships
Software
Non-current intangible assets
Land and buildings
Terminals
Ferries and other ships
Equipment, etc.
Assets under construction and prepayments
Right-of-use assets
Non-current tangible assets
Investments in associates, joint ventures, securities and other
Deferred tax
Pension assets
Derivative financial instruments
Other non-current assets
Total non-current assets
Inventories
Trade receivables
Receivables from associates, joint ventures and securities
Other receivables
Prepaid costs
Derivative financial instruments
Cash and cash equivalents
Total current assets
Assets
DFDS Group - Balance sheet, Equity and Liabilities
31 Mar.
31 Mar.
31 Dec.
DKK million
2026
2025
2025
Share capital
Reserves
- 470
- 405
- 446
Retained earnings
Equity attributable to equity holders of DFDS A/S
Non-controlling interests
Equity
Interest-bearing liabilities
Lease liabilities
Deferred tax
Pension and jubilee liabilities
Provisions
Derivative financial instruments
Non-current liabilities
Interest-bearing liabilities
Lease liabilities
Trade payables
Provisions
Corporation tax
Other payables
Derivative financial instruments
Prepayments from customers
Current liabilities
Liabilities
Equity and liabilities
Q1 2026 interim report
Financials
17/25
DFDS Group - Statement of changes in equity 1 January - March 2026
DKK million
Share
capital
Translation
reserve
Hedging
reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2026
- 426
- 44
Comprehensive income for the period
Profit/loss for the period
- 178
- 178
- 174
Other comprehensive income/loss after tax
- 33
- 4
- 29
- 28
Total comprehensive income/loss
- 33
- 182
- 206
- 203
Transactions with owners:
Acquisition, non-controlling interests
- 5
- 3
Share-based payments
Cash from sale of treasury shares related to exercise of share options
- 1
Total transactions with owners
- 5
Equity at 31 March 2026
- 417
- 10
- 43
Q1 2026 interim report
Financials
18/25
DFDS Group - Statement of changes in equity 1 January - March 2025
DKK million
Share
capital
Translation
reserve
Hedging
reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2025
- 404
- 6
- 79
Comprehensive income for the period
Profit/loss for the period
- 329
- 329
- 328
Other comprehensive income after tax
Total comprehensive income/loss
- 329
- 245
- 244
Transactions with owners:
Share-based payments
Total transactions with owners
Equity at 31 March 2025
- 338
- 79
Q1 2026 interim report
Financials
19/25
1
At 31 March 2026 DKK 23m (31 March 2025: DKK 9m) of the cash was deposited on restricted bank accounts.
DFDS Group - Statement of cash flows
Q1
Q1
LTM
Full-year
DKK million
2026
2025
2025-26
2025
Operating profit before depreciation and amortisation (EBITDA)
Adjustments for non-cash operating items, etc.
- 126
- 22
- 164
Change in working capital
Payment of pension liabilities and provisions
- 14
- 11
- 75
- 73
Interest etc., received
Interest etc., paid
- 194
- 211
- 823
- 841
Taxes received/paid
- 40
- 86
- 177
Cash flows from operating activities
Investments in ferries including dockings, etc.
- 295
- 225
- 785
- 715
Sale of ferries including compensation for ferry declared total loss
Investments in other non-current tangible assets
- 130
- 121
- 775
- 766
Sale of other non-current tangible assets
Investments in non-current intangible assets
- 19
- 26
- 88
- 95
Divestment of enterprises and activities
Other investing cash flows
- 1
- 4
- 22
Cash flows from investing activities
- 329
- 234
- 438
- 342
Free cash flows
Proceeds from bank loans, loans secured by mortgage in ferries, etc.
Repayment and instalments of bank loans, loans secured by mortgage in ferries, etc.
- 72
- 100
- 1,475
- 1,502
Repayment of corporate bonds
- 667
- 667
Settlement of forward exchange contracts related to borrowings
Payment of lease liabilities
- 274
- 283
- 1,771
- 1,780
Settlement of forward exchange contracts related to leases
Other financing cash flows
- 3
Dividends paid to non-controlling interests
- 1
- 1
Cash flows from financing activities
- 649
- 3,502
- 2,742
Net cash flows
- 76
- 497
Cash and cash equivalents at beginning of period
Foreign exchange adjustments of cash and cash equivalents
- 5
- 9
Cash and cash equivalents at end of period
1
Q1 2026 interim report
Financials
20/25
Note 1 Accounting policies and
significant estimates
Basis of reporting
This note outlines the Group’s principal accounting
policies and highlights newly issued or amended IFRS
standards and interpretations relevant to the period.
In general, rounding may cause variances in sums
and percentages in this report.
Accounting policies
The interim report has been prepared in accordance
with IAS 34, Interim Financial Reporting, as adopted by
the European Union, and in accordance with the
additional Danish disclosure requirements for listed
companies.
The accounting policies, judgements, and estimates
applied in this interim report are consistent with those
used in the preparation of the Group’s 2025 Annual
Report, except where otherwise stated below.
Implementation of new or changed accounting
standards and interpretations
DFDS has adopted all new, amended, and revised
IFRS standards and interpretations endorsed by the
European Union that became effective for the
financial year commencing on 1 January 2026. None
of these changes have had a material impact on the
Group’s financial statements.
Significant estimates
In the view of Management, the areas where
accounting estimates and assessments are significant
remain unchanged from DFDS’ latest Annual Report.
In preparing the interim report, management
undertakes several accounting estimates and
judgements and makes assumptions which provide
the basis for recognition and measurement of the
assets, liabilities, revenues and expenses of the Group
and the Parent Company. These estimates,
judgements and assumptions are based on historical
experience and other factors which management
considers reasonable under the circumstances, but
which by their nature are uncertain and unpredictable.
The assumptions may be incomplete or inaccurate,
and unanticipated events or circumstances may
occur, for which reason the actual results may deviate
from the applied estimates, judgements, and
assumptions.
Impairment considerations due to the current macro
environment
Due to the Group’s net asset value exceeding its
market capitalisation, we have updated our year-end
impairment calculations. We continue to conclude
that no cash-generating units are impaired.
Sensitivity analysis for the Logistics CGU indicates
that reasonably possible changes in key assumptions
- such as an increase in the discount rate of 0.1% or
any meaningful deterioration in the average EBIT
margin for 2027–2030 - could eliminate the headroom
of DKK 66m entirely.
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.
CEO transition
In connection with the CEO succession, DFDS has
recognised a cost of DKK 37m in Q1 2026. The total
cost of the CEO transition amounts to approximately
DKK 44m, reflecting 24 months of remuneration in
accordance with the departing CEO's contractual
terms.
Note 2 Segment Information
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Eliminations
Total
Q1 2026
External revenue1
3,534
3,815
4
7,353
Intragroup revenue
423
25
204
- 652
-
Total revenue
3,957
3,840
208
- 652
7,353
Ferry and other ship operation and maintenance
1,200
85
-
- 16
1,269
Port terminal operations
987
27
-
- 9
1,005
Transport and warehouse solutions
144
2,438
-
- 370
2,213
Employee costs
706
883
178
- 3
1,765
General and administration external costs
295
180
82
- 254
302
Operating profit before depreciation and amortisation (EBITDA)
625
227
- 53
799
Operating profit before amortisation (EBITA)
138
13
- 63
88
Operating profit (EBIT)
124
- 7
- 83
33
Capital expenditure
311
113
19
443
Invested capital, end of period
20,737
7,587
358
28,682
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Eliminations
Total
Q1 2025
External revenue
3,501
4,029
9
7,539
Intragroup revenue
486
21
217
- 725
-
Total revenue
3,988
4,050
226
- 725
7,539
Other income
116
-
-
-
116
Ferry and other ship operation and maintenance
1,398
77
-
- 13
1,462
Port terminal operations
955
21
-
- 5
972
Transport and warehouse solutions
209
2,620
-
- 445
2,384
Employee costs
652
940
151
- 2
1,742
General and administration external costs
316
195
98
- 260
348
Operating profit before depreciation and amortisation (EBITDA)
574
196
- 22
748
Operating profit before amortisation (EBITA)
5
- 34
- 32
- 60
Operating profit (EBIT)
- 9
- 55
- 52
- 117
Capital expenditure
245
333
29
608
Invested capital, end of period
22,373
8,024
590
30,987
Q1 2026 interim report
Financials
21/25
Note 3 Revenue
All material revenue is recognised when each
separate obligation in the customer contract is
fulfilled following the "over-time principle". Most
transports carried out by the Ferry Division are
characterised by short delivery time (most sailings are
less than 30 hours while sailings to/from Türkiye are up
to 72 hours). Transports carried out by Logistics
Division can take delivery over a longer period, but the
impact is insignificant.
On-board sales is recognised according to the “a point
in time” principle and amount to DKK 282m (Q1 2025:
DKK 312m).
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 105m (Q1 2025: DKK 146m).
Q1 2026
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
1,108
-
-
1,108
Mediterranean
1,083
620
-
1,703
Baltic Sea
330
-
-
330
English Channel
1,013
-
-
1,013
Continent
-
1,283
-
1,283
Nordic
-
953
-
953
UK/Ireland
-
958
-
958
Other
-
-
4
4
Total
3,534
3,815
4
7,353
Product and services
Seafreight and shipping logistics solutions
2,594
-
-
2,594
Transport solutions
87
3,773
-
3,860
Passenger seafare and onboard sales
520
-
-
520
Terminal services
166
3
-
170
Charters
97
-
-
97
Agency and other revenue
69
39
4
113
Total
3,534
3,815
4
7,353
Q1 2025
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
1,067
-
-
1,067
Mediterranean
1,228
853
-
2,082
Baltic Sea
295
-
-
295
English Channel
911
-
-
911
Continent
-
1,187
-
1,187
Nordic
-
1,025
-
1,025
UK/Ireland
-
964
-
964
Other
-
-
9
9
Total
3,501
4,029
9
7,539
Product and services
Seafreight and shipping logistics solutions
2,384
-
-
2,384
Transport solutions
131
3,977
-
4,108
Passenger seafare and onboard sales
586
-
-
586
Terminal services
177
4
-
181
Charters
146
-
-
146
Agency and other revenue
78
48
9
135
Total
3,501
4,029
9
7,539
Q1 2026 interim report
Financials
22/25
Note 4 Fair value measurement of
financial instruments
The table discloses fair value and carrying amount of
financial instruments measured at fair value in the
balance sheet. Furthermore, categorisation of the
valuation method according to the fair value hierarchy
is stated.
Transfers between levels of the fair value hierarchy are
recognised at the date of the event or change in
circumstances that prompted the transfer.
There were no transfers between levels of the fair
value hierarchy during the financial period in 2026.
Techniques for calculating fair values:
DFDS' usage of derivatives includes interest rate
swaps, bunker swaps, forward exchange contracts
and currency swaps. The fair values of interest rate
swaps have been calculated by discounting the
expected future interest payments. The discount rate
for each interest payment is estimated based on
market interest rates. The fair value of forward
exchange contracts and bunker contracts are
calculated based on actual forward curves.
Note 5 Supplementary financial
information on the Parent Company
As a result of DFDS A/S' issuance of corporate bonds
on the Oslo Stock Exchange there is a requirement to
provide certain supplementary financial information
on the Parent Company. The following financial
information has been prepared using the same
accounting policies as for the 2025 Annual Report,
except for those described in note 1 Accounting
policies and significant estimates. DFDS has adopted
all new, amended or revised accounting standards
and interpretations (IFRS Accounting Standards)
endorsed by the EU effective for the accounting period
beginning on 1 January 2026. For further description
reference is made to note 1 Accounting policies and
significant estimates.
The Parent Company’s revenue increased by DKK
179m, equivalent to 7.25% compared to Q1 2025.
Operating profit before depreciation and amortisation
(EBITDA) decreased by DKK 26m equivalent to 7.79%
compared to Q1 2025.
Profit before tax increased by DKK 3m compared to Q1
2025.
The Parent Company’s net interest-bearing debt
decreased by DKK 484m equivalent to 4.34%
compared to 31 December 2025.
Note 6 Events after Balance sheet
date
In April, DFDS agreed to acquire a vessel at the end of
the current lease term for approximately DKK 300m.
The agreement is accounted for as a separate
transaction, with no remeasurement of the existing
lease liability or right‑of‑use asset. Upon completion,
the vessel will be recognised as owned ships.
Q1 2026
Q1 2025
DKK million
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
146
146
129
129
Securities (Level 3)
3
3
2
2
Financial liabilities
Derivatives (Level 2)
95
95
48
48
Q1
Q1
Full-year
DKK million
2026
2025
2025
Income statement
Revenue
2,642
2,463
11,295
Operating profit before depreciation and amortisation (EBITDA)
312
339
1,788
Operating profit before amortisation (EBITA)
- 31
- 32
392
Operating profit (EBIT)
- 57
- 58
284
Financial items, net
- 108
- 110
- 1,184
Profit before tax
- 165
- 168
- 900
Profit/loss for the period
- 165
- 168
- 905
Assets
Non-current intangible assets
700
723
708
Non-current tangible assets
6,812
6,680
6,921
Investments in subsidiaries
14,274
14,459
14,274
Investments in associates, joint ventures and securities
2
2
2
Non-current receivables from subsidiaries
1,423
1,377
1,408
Other non-current assets
96
85
69
Non-current assets
23,308
23,326
23,381
Current receivables from subsidiaries
977
1,103
1,166
Receivables from associates and joint ventures
37
30
40
Cash
778
1,138
817
Other current assets
1,088
963
812
Current assets
2,881
3,234
2,836
Total assets
26,188
26,560
26,217
Equity and liabilities
Equity
9,732
10,635
9,932
Non-current liabilities to subsidiaries
25
48
16
Other non-current liabilities
8,166
9,398
8,580
Non-current liabilities
8,191
9,446
8,596
Current liabilities to subsidiaries
4,260
3,095
4,124
Other current liabilities
4,005
3,384
3,565
Current liabilities
8,265
6,478
7,689
Total equity and liabilities
26,188
26,560
26,217
Equity ratio, %
37.2
40.0
37.9
Net interest-bearing debt
10,680
10,358
11,164
Q1 2026 interim report
Financials
23/25
Adjusted free cash flow
Free cash flow excluding acquisitions/
divestments minus payment of lease
liabilities and currency contracts related to
leases
Capital expenditure (CAPEX)
Purchase of intangible assets and property,
plant and equipment for the year
Net capital expenditure (Net CAPEX)
CAPEX excluding acquisitions minus asset
sales
Earnings per share (EPS)
Profit for the period excluding non-
controlling interests / Weighted average
number of circulating shares
EBITDA-margin, %
EBITDA / Revenue
EBIT-margin, %
EBIT / Revenue
Equity ratio, %
Equity / Total assets
Financial leverage / Debt-to-earnings
ratio, times
NIBD / EBITDA LTM, including pro forma
EBITDA for acquired companies
Free cash flow
Cash flow from operating activities minus
cash flow from investing activities
Invested capital
Net working capital (non-interest-bearing
current assets minus non-interest-bearing
current liabilities plus non-current prepaid
costs minus pension and jubilee liabilities
and other provisions) plus non-current
intangible and tangible assets
Net interest-bearing debt (NIBD)
Interest-bearing liabilities (excluding net
pension provision) minus interest-bearing
assets minus cash and securities
Net operating profit after taxes (NOPAT)
EBIT adjusted for corporate income tax
Operating profit before depreciation and
amortisation (EBITDA)
Profit before interest, tax, depreciation,
amortisation, and impairment on non-
current assets
Operating profit before amortisation
(EBITA)
Profit before interest, tax, and amortisation
Operating profit (EBIT)
Profit before interest and tax
Return on equity, %
Profit for the period excluding non-
controlling interests / Average equity
excluding non-controlling interests
Return on invested capital (ROIC) %
NOPAT / Average invested capital
ROIC before acquisition intangibles (ROIC
BAI) %
NOPAT excluding amortisation on
intangible assets recognised in connection
with acquisition of enterprises and
activities (goodwill and other non-current
intangible assets) / Average invested
capital excluding acquisition intangible
assets
Financial definitions
Q1 2026 interim report
Financials
24/25
Attendance at Board meetings
(All Board members)
Percentage of total number of Board
meetings attended
Board nationality – non-Danish
(AGM elected members)
Percentage of non-Danish members of
total number of members of the Board of
Directors elected at the Annual General
Meeting
CO2 emissions per GT nautical mile
(Own fleet)
Emissions measured as gCO2 per gross
tonnage nautical mile for vessels in
commercial operation (Own fleet)
CO2 emissions per GT nautical mile
(Route network)
Emissions measured as gCO2 per gross
tonnage nautical mile for vessels in
commercial operation (Route network)
Fatalities, colleagues
Number of fatalities among employees
caused by work-related accidents
Fatalities, contractors
Number of fatalities among third-party
contractors caused by work-related
accidents while operating for DFDS
Independent directors
(AGM elected members)
Percentage of independent directors of
total number of members of the Board of
Directors elected at the Annual General
Meeting
Lost time injury frequency (LTIF), land
Number of registered work-related
accidents disabling a land-based
employee to work for more than 24 hours
per one million exposure hours
Lost time injury frequency (LTIF), sea
Number of registered work-related
accidents disabling a seafarer to work for
more than 24 hours per one million
exposure hours
Managers
Percentage of women of total number of
management positions, excluding senior
management, defined as positions with
responsibility for at least one other
employee (end of period)
Non-office based
Percentage of women of total number of
non-office based employees (end of period)
Office based
Percentage of women of total number of
office based employees (end of period)
Representation of women on Board of
Directors (AGM elected members)
Percentage of women of total number of
members of the Board of Directors,
excluding staff appointed members,
elected at the Annual General Meeting
Senior management
Percentage of women of total number of
senior management positions in the Global
Leadership Team (GLT)
Spills (>1 barrel)
Incidents of oil spills larger than one barrel
into the sea from vessels in operation
Total workforce
Percentage of women in total workforce
(end of period)
Whistle-blower reporting
Number of cases of whistle-blower reports
ESG definitions
Q1 2026 interim report
Financials
25/25
5 May 2026
Company announcement no.: 16/2025
Contact
Karen D. Boesen, CFO & Interim CEO: +45 20 58 58 40
Søren Brøndholt Nielsen, IR: +45 33 42 33 59
Dennis Kjærsgaard Sørensen, Media: +45 42 30 38 47
DFDS was founded in 1866 and is headquartered and listed in
Disclaimer
The statements about the future in this announcement contain
risks and uncertainties and actual developments may therefore
diverge significantly from statements about the future.
Addresses of DFDS’ subsidiaries, locations and offices are available from www.dfds.com
DFDS A/S, Marmorvej 18 DK 2100 Copenhagen Ø 14 19 47 11