Q2 2026 Interim report
DFDS A/S · Marmorvej 18 · DK-2100 Copenhagen Ø · +45 3342 3342 · dfds.com · CVR 14 19 47 11
On track. More to do
Q2 2026 interim report
Q2 overview
2/26
Q2 2026
→ Revenue up 10% to DKK 8.6bn
→ EBIT up DKK 291m to DKK 454m
→ Adjusted free cash flow of
DKK 728m
→ CO2e emission intensity increased
2.0% across total network
Outlook 2026
→ Revenue growth of 3-5%
(previously on level with 2025)
→ EBIT of DKK 1.2-1.4bn
(previously DKK 1.0-1.4bn)
→ Adjusted free cash flow of around
DKK 500m (previously above
DKK 250m)
CEO’s comments
Since joining DFDS just over a month ago, I
have visited key parts of our network to
experience the business firsthand. The
scale and diversity of our operations are
impressive, but what has stood out most is
the expertise and commitment our people
bring to serving customers and keeping
operations moving every day.
This gives me great confidence in the
foundation we have for the future. I look
forward to continuing my journey across the
network, engaging with customers and
colleagues to deepen my understanding of
how we create value and how we can
further strengthen DFDS.
DFDS plays an important role in enabling
trade and travel in and around Europe,
combining ferry, road, and rail transport
with complementary logistics solutions. We
are well positioned in most of our markets,
yet financial performance is far from where
it should be.
We have therefore launched a strategy
review to clarify our long-term vision,
positioning, and priorities. The strategy
review will define the strategic areas where
we will concentrate our efforts and specify
how we can deliver sustainable long-term
value for all our stakeholders. In parallel,
we will continue our dedicated focus on
near-term performance improvements.
The strategy review, including financial
ambitions, will be completed within six
months. Improving DFDS’ financial
performance is a top priority in order to
deliver satisfactory shareholder returns
and to enable future network investments.
“We have launched a
strategy review to clarify our
long-term vision, positioning,
and priorities.”
Michael Hansen, CEO
Q2 financial performance on track
Our Q2 2026 financial performance was in
line with our expectations affirming the full-
year earnings outlook. Both divisions, Ferry
and Logistics, improved Q2 earnings
compared to 2025, including continued
progress on our six turning point actions set
out earlier in the year.
Our financial solidity was further streng-
thened in Q2 as high cash conversion
underpinned an improvement in financial
leverage, NIBD/EBITDA, to 3.4x at the end
of the quarter.
Outlook
The revenue growth outlook is increased to
3-5% from previously around 0%. The low
end of the 2026 EBIT outlook range is
raised to DKK 1,200-1,400m from
previously DKK 1,000-1,400m. The
expectation for the Adjusted free cash flow
is increased to around DKK 500m from
previously above DKK 250m. The outlook
assumptions are detailed on page 4.
Q2 overview
Q2
Q2
Change,
LTM
LTM
Change,
Full-year
DKK million
2026
2025
%
2025-26
2024-25
%
2025
Revenue
8,584
7,810
10
31,536
30,510
3
30,947
EBITDA
1,205
893
35
4,106
3,892
5
3,743
EBIT
454
163
179
961
833
15
520
Adjusted free cash flow
728
538
35
1,429
1,344
6
1,184
ROIC %
-
-
-
2.6
2.2
-
1.2
Financial leverage, times
-
-
-
3.4
4.2
-
4.1
13 August 2026
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Q2 2026 interim report
Key figures
3/26
Key figures
Q2
Q2
H1
H1
LTM
Full-year
DKK million
2026
2025
2026
2025
2025-26
2025
Income statement
Revenue
8,584
7,810
15,938
15,349
31,536
30,947
Ferry Division
4,891
4,313
8,848
8,300
17,547
16,999
Logistics Division
4,200
3,897
8,040
7,947
15,816
15,723
Non-allocated items and eliminations
- 506
- 400
- 950
- 898
- 1,827
- 1,775
Operating profit before depreciation and
amortisation (EBITDA)
1,205
893
2,004
1,640
4,106
3,743
Ferry Division
927
702
1,551
1,276
3,159
2,883
Logistics Division
301
217
528
413
1,094
979
Non-allocated items
- 23
- 26
- 76
- 49
- 147
- 120
Operating profit before amortisation (EBITA)
510
225
598
165
1,181
747
Operating profit (EBIT)
454
163
487
46
961
520
Financial items, net
- 214
- 214
- 392
- 399
- 811
- 818
Profit/loss for the period
168
- 87
- 7
- 415
- 16
- 425
Capital
Total assets
-
-
37,328
38,999
-
37,117
Equity
-
-
13,454
13,492
-
13,447
Net interest-bearing debt
-
-
14,030
16,112
-
15,260
Invested capital, end of period
-
-
27,947
30,096
-
29,184
Cash flows
Cash flows from operating activities
1,240
1,052
2,142
1,811
3,631
3,300
Cash flows from investing activities
- 247
- 232
- 577
- 465
- 454
- 342
Free cash flow
993
821
1,566
1,346
3,177
2,957
Adjusted free cash flow
728
538
1,028
784
1,429
1,184
Q2
Q2
H1
H1
LTM
Full-year
DKK million
2026
2025
2026
2025
2025-26
2025
Key operating and return ratios
Average number of employees (FTE)
-
-
15,448
16,138
Revenue growth (reported), %
9.9
3.0
3.8
5.2
1.9
4.0
EBITDA-margin, %
14.0
11.4
12.6
10.7
13.0
12.1
EBIT-margin, %
5.3
2.1
3.1
0.3
3.0
1.7
Return on invested capital (ROIC), %
-
-
2.6
2.2
2.6
1.2
ROIC before acquisition intangibles (ROIC BAI), %
-
-
4.5
3.8
4.5
2.3
Return on equity, %
-
-
-
-
- 0.2
- 3.1
Key capital and per share ratios
Financial leverage, times
-
-
3.4
4.2
3.4
4.1
Equity ratio, %
-
-
36.0
34.6
-
36.2
Earnings per share (EPS), DKK
3.05
- 1.67
- 0.24
- 7.75
- 0.38
- 7.90
Number of shares, end of period, '000
-
-
56,216
56,216
-
56,216
Share price, DKK
-
-
111.9
112.4
-
95.7
ESG key figures
Emissions per GT mile - Own fleet (CO2)
13.9
13.6
14.1
13.7
14.2
14.0
Lost-time injury frequency (LTIF) - Sea
1
2.4
2.4
2.6
3.6
3.0
3.5
Lost-time injury frequency (LTIF) - Land
5.4
5.2
5.9
4.8
5.4
5.3
Women ratio - Total workforce, %
-
-
23
23
-
23
Women ratio - Board of Directors, %
-
-
33
33
-
33
Financial definitions on page 24.
ESG definitions on page 25.
1
Comparative FY 2025 include incidents reported after issuance of the 2025 Annual Report.
Q2 2026 interim report
Outlook 2026
4/26
→ Revenue growth outlook increased
to 3-5% (previously on level with
2025)
→ EBIT outlook range low end raised
to DKK 1.2-1.4bn (previously
DKK 1.0-1.4bn)
→ Adjusted free cash flow of around
DKK 500m (previously 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 0.5% in 2026 (Source: Thomson
Reuters).
Visibility on European growth for the rest of
2026 continues to be diminished by the
Iran/Gulf conflict. A key uncertainty being
the duration of the current elevated oil
price level. There is therefore a downside
risk that higher fuel costs may impact the
demand for transport services from both
businesses and consumers in H2 2026.
The ongoing war in Ukraine and other
geopolitical developments continue to be
an additional source of uncertainty for
Europe.
Key freight outlook assumptions for 2026
Freight ferry volumes between Europe and
Türkiye/northern Africa are expected to
continue to grow in H2 2026, albeit the
raised oil price creates headwind in some
market areas. Volumes in northern and
eastern Europe are overall expected to
remain on level with 2025 for the rest of the
year.
Road transport markets are in general
expected to remain highly competitive in
H2 2026, although transport capacity
reductions enacted in 2025 did ease
margin pressures through Q2 2026 in some
markets.
Key passenger outlook assumptions for
2026
No major changes are expected in H2 2026
in the passenger route network. Volumes in
northern and eastern Europe are for the
year expected to remain on level with or
just below 2025.
Revenue outlook
The Group’s revenue growth outlook for
2026 is increased to 3-5% from previously
on level with 2025. The increase is primarily
driven by higher fuel surcharges in both
ferry and road transport markets.
Earnings outlook – EBIT
In view of earnings for the first half-year and
a start to Q3 in line with expectations, the
low end of the Group’s 2026 EBIT outlook
range has been raised to DKK 1,200m from
previously DKK 1,000m bringing the revised
outlook range to DKK 1,200-1,400m
(previously DKK 1,000- 1,400m). See
outlook table for divisional split.
From the beginning of March 2026, oil
prices have increased significantly as have
bunker price spreads. The volatility of the
price changes has increased the lag
impact in the freight pass-through model
and in general increased uncertainty. A
higher share of the bunker price spread has
been hedged in the rest of the year to
reduce uncertainty.
Capital expenditure (capex)
Total capex in 2026 is still expected to
amount to around DKK 1.7bn (2025:
DKK 1.0bn), including the planned purchase
in November 2026 of a chartered RoPax
ferry currently deployed on a Jersey route.
A conditional clearance has been received
regarding the agreement to acquire part of
Naviera Armas’ Strait of Gibraltar ferry
operations. Ongoing dialogue with compe-
tition authorities to be finalised. The agreed
asset purchase price of DKK 240m is not
included in capex or the cash flow outlook.
Adjusted free cash flow
The expected full-year Adjusted free cash
flow is increased to around DKK 500m
in2026 (previously above DKK 250m)
following a higher than expected Q2 2026
cash flow.
Outlook 2026
OUTLOOK 2026
DKK million
Outlook 2026
Previous
outlook 2026
2025
Revenue growth
3-5%
Around on level
30,947
EBIT
1,200-1,400
1,000-1,400
520
Per division:
Ferry Division
1,300-1,450
1,150-1,450
791
Logistics Division
150-200
100-200
- 30
Non-allocated items
- 250
- 250
- 241
Capital expenditure (Capex)
- 1,700
- 1,700
- 994
Types:
Operating
- 1,400
- 1,400
- 1,240
Ferries (sale/purchase/new-buildings)
-300
-300
246
Adjusted free cash flow
Around 500
Above 250
1,184
Q2 2026 interim report
Ferry Division
5/26
→ Channel earnings improved by
higher passenger result
→ Mediterranean earnings continued
to improve
→ One-off cost of DKK 53m due to
new ruling in litigation case related
to 2015
→ Q2 revenue up 13% driven mainly
by bunker surcharges
→ Q2 EBIT up DKK 237m to DKK 423m
and up DKK 268m adjusted for
route changes and one-off items
Q2 volumes and activity
Total Q2 freight volumes increased 1.1%
compared to 2025.
North Sea Q2 volumes, adjusted for route
changes, were up 5.5% compared to 2025
driven by higher volumes on both the
Continent-UK routes and the Scandinavia-
UK/Continent routes. The growth on the
latter routes was partly due to a volume
decrease in 2025 caused by a national port
strike in Sweden.
Mediterranean Q2 volumes were 3.3%
below 2025 as continued volume growth
between Egypt/Tunisia and Europe was
offset by lower volumes between Türkiye
and Europe due to capacity reductions and
subdued demand in both European
markets and in Türkiye.
The total Türkiye-Europe export trailer
transport market was in Q2 2026 split
between 54% ferry volumes and 46% road
volumes. Ferry gained 3 ppt market share
versus road compared to Q2 2025. DFDS’
Q2 2026 share of the total market was 34%
and the share for all other ferry operators
was 20%.
Ferry Division
Ferry Division
Q1
Q2
H1
H1
Q1
Q2
Q3
Q4
LTM
Full-
year
DKK million
2026
2026
2026
2025
2025
2025
2025
2025
2025-26
2025
Revenue
3,957
4,891
8,848
8,300
3,988
4,313
4,759
3,940
17,547
16,999
Freight
3,426
3,891
7,317
6,664
3,390
3,274
3,205
3,236
13,758
13,104
Passenger
1
531
999
1,530
1,636
597
1,039
1,555
704
3,789
3,895
Other income
-
-
-
116
116
-
-
3
3
119
Operating costs
2,331
2,884
5,215
5,121
2,562
2,558
2,604
2,350
10,169
10,075
Ferry operations
668
783
1,451
1,417
702
715
754
688
2,893
2,859
Bunker
532
925
1,457
1,339
697
642
641
610
2,708
2,589
Port terminal operations
987
1,035
2,021
1,952
955
997
1,037
875
3,933
3,864
Transport and warehouse solutions
144
141
285
413
209
204
172
178
635
763
Employee costs
706
810
1,517
1,362
652
709
729
757
3,002
2,848
General and administration external costs
295
270
565
658
316
343
343
312
1,220
1,313
EBITDA
625
927
1,551
1,276
574
702
1,083
525
3,159
2,883
Other income/costs, net
- 1
2
1
- 3
0
- 2
1
34
36
32
Depreciation and impairment
485
491
976
1,067
568
500
504
494
1,975
2,066
EBITA
138
438
576
206
5
201
579
65
1,220
850
Amortisation
15
15
29
29
15
15
15
15
59
59
EBIT
124
423
547
177
- 9
186
564
50
1,161
791
Invested capital, end of period
20,737
20,116
20,116
21,783
22,373
21,783
21,952
21,002
20,116
21,002
EBITDA-margin, %
15.8
18.9
17.5
15.4
14.4
16.3
22.7
13.3
18.0
17.0
EBIT-margin, %
3.1
8.7
6.2
2.1
- 0.2
4.3
11.9
1.3
6.6
4.7
CAPEX (excl. acquisitions)
311
233
544
520
245
275
173
116
833
810
ROIC BAI, %, LTM
6.0
7.7
7.7
6.2
8.0
6.2
4.9
5.0
7.7
5.0
ROIC, %, LTM
4.0
5.1
5.1
4.3
5.7
4.3
3.3
3.3
5.1
3.3
Average number of employees
6,083
6,171
6,171
6,312
6,206
6,312
6,411
6,386
6,315
6,386
Number of ferries
2
68
67
67
71
73
71
70
68
67
68
Lane metres, '000
10,767
10,700
21,467
21,059
10,475
10,584
10,198
10,225
41,890
41,482
North Sea
3,509
3,619
7,128
6,820
3,389
3,431
3,345
3,269
13,742
13,434
Mediterranean
1,310
1,337
2,647
2,718
1,335
1,383
1,293
1,309
5,248
5,319
Channel
4,341
4,177
8,518
8,524
4,215
4,309
4,216
4,170
16,904
16,910
Baltic Sea
940
983
1,923
1,787
895
891
931
890
3,743
3,607
Strait of Gibraltar
668
584
1,251
1,210
640
570
414
587
2,253
2,212
Capacity utilisation freight, %
68
63
66
64
64
63
60
64
64
63
Number of cars, '000
169
340
509
542
184
357
630
238
1,377
1,410
Passengers
1
, '000
667
1,273
1,940
2,206
808
1,397
2,167
875
4,982
5,247
Baltic Sea
37
59
95
104
42
63
93
41
229
238
Channel
507
1,080
1,587
1,607
500
1,106
1,590
665
3,842
3,862
Strait of Gibraltar
123
134
257
495
266
228
484
169
910
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 24.
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.
Q2 2026 interim report
Ferry Division
6/26
Channel Q2 freight volumes decreased
3.1% compared to 2025. Volumes were
lower in most market areas which was
partly due to tonnage changes and a slight
decrease in total Dover Strait market
volumes.
Baltic Sea Q2 volumes were 10.3% above
2025 driven by higher volumes on most
routes, including an uplift from the space
charter agreement entered into in 2025 and
reduced direct competition between
Estonia and Sweden.
Strait of Gibraltar Q2 volumes were 2.4%
above 2025.
Q2 passenger volumes were 5.5% below
2025 adjusted for the exit from Tarifa-
Tanger Ville in early May 2025.
Channel Q2 passenger volumes were 2.4%
below 2025 driven by lower Dover Strait
coach volumes offsetting an increase in car
passenger volumes. Jersey passenger
volumes were above 2025. Q2 revenue per
passenger was above 2025 driven by
Channel.
Baltic Sea Q2 passenger volumes were
6.3% below 2025 as higher volumes
between Estonia and Sweden were offset
by an impact from fewer departures due to
the space charter agreement entered into
in 2025. Strait of Gibraltar adjusted
passenger volumes were 24.8% below 2025
following fewer departures due to weather
disruptions and tonnage changes in the
quarter.
Financial performance
Revenue
Q2 revenue increased 13.4% or DKK 578m
to DKK 4,891m compared to 2025. Freight
ferry revenue was above 2025 driven by a
significant increase in oil price surcharges
(BAF) through the quarter. Passenger
revenue adjusted for route changes was
just above 2025 as higher revenue per
passenger offset lower volumes.
EBITDA
Q2 EBITDA increased 31.9% or DKK 224m
to DKK 927m and increased 35.4% or
DKK 256m adjusted for route changes and
one-off items. The primary adjustment in
Q2 2026 was a one-off cost of DKK 53m
following a French court ruling in a litigation
concerning the chartering of two Channel
ferries in 2015, see also Note 1.
The adjusted EBITDA increase was driven
by higher results in all business units,
especially Channel and Mediterranean. The
oil price increases in March 2026 entailed
extra costs in most business units due to a
lag in the freight pass-through model. As
expected this negative impact reversed to
a positive impact in Q2 2026.
EBIT
Q2 depreciation of DKK 491m was 1.8% or
DKK 9m below 2025 due to mainly lower
depreciation on chartered ferries. Q2
amortisation of DKK -15m was unchanged
compared to 2025.
EBIT increased 127.5% or DKK 237m to
DKK 423m from DKK 186m in Q2 2025. EBIT
increased DKK 268m adjusted for route
changes and one-off items.
Capex
Capex in Q2 2026, excluding acquisitions,
amounted to DKK 233m most of which was
related to ferry dockings and upgrades.
Invested capital and ROIC
Invested capital at the end of Q2 2026 was
DKK 20.1bn, a decrease of 7.7% or DKK
1.7bn compared to Q2 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 7.7% compared to 6.2% in 2025,
and ROIC was 5.1% compared to 4.3% 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
Q2 2026 interim report
Logistics Division
7/26
→ Earnings continued to improve in
Q2 driven by the Nordic and
Continent business units
→ Solid performance in UK & Ireland
→ TES’ result improved on a like-for-
like basis
→ Positive impact from Boost
projects continued in Q2
→ Q2 revenue increased 8% driven
mainly by increase in fuel
surcharges
→ Q2 EBIT increased DKK 52m to
DKK 85m
Q2 overview and activity
Transport and logistics Q2 activity levels
were overall on level with 2025 in most
regions of our network. Road freight rates
firmed up through the quarter as transport
capacity decreased.
In our Nordic network Q2 transport activity
levels were overall on level with 2025 while
margins improved in most areas as freight
rates firmed up during the quarter.
Oversupply of warehousing capacity
continued in the quarter. Positive impacts
from Boost projects were achieved in the
quarter.
In our Continent network most activities
continued in Q2 to improve performance
driven by cost control, including capacity
adjustments, and some improvement in
freight rates. The Belgian Boost project
progressed further in Q2. The Dutch/
German cold chain activities benefited also
in Q2 from the normalisation of meat export
volumes to the UK compared to the
disruption caused by the outbreak in H1
2025 of Foot & Mouth Disease in Germany.
Logistics Division
Logistics Division
Q1
Q2
H1
H1
Q1
Q2
Q3
Q4
LTM
Full-
year
DKK million
2026
2026
2026
2025
2025
2025
2025
2025
2025-26
2025
Revenue
3,840
4,200
8,040
7,947
4,050
3,897
3,971
3,805
15,816
15,723
Operating costs
2,550
2,790
5,340
5,288
2,718
2,570
2,539
2,477
10,357
10,305
Gross profit
1,290
1,410
2,700
2,659
1,332
1,327
1,431
1,328
5,459
5,418
Employee costs
883
910
1,794
1,854
940
913
904
907
3,605
3,665
General and administration external costs
180
198
378
392
195
197
196
186
761
775
EBITDA
227
301
528
413
196
217
331
235
1,094
979
Other income/costs, net
21
38
59
68
6
63
5
5
68
78
Depreciation and impairment
234
233
468
456
236
220
291
257
1,016
1,004
EBITA
13
106
119
25
- 34
60
45
- 18
146
52
Amortisation
21
21
41
48
21
26
23
12
76
83
EBIT
- 7
85
78
- 22
- 55
33
21
- 29
70
- 30
Gross profit margin, %
33.6
33.6
33.6
33.5
32.9
34.0
36.0
34.9
34.5
34.5
Invested capital, end of period
7,587
7,357
7,357
7,820
8,024
7,820
7,613
7,630
7,357
7,630
EBITDA-margin, %
5.9
7.2
6.6
5.2
4.8
5.6
8.3
6.2
6.9
6.2
EBIT-margin, %
- 0.2
2.0
1.0
- 0.3
- 1.4
0.9
0.5
- 0.8
0.4
- 0.2
CAPEX (excl. acquisitions)
113
40
153
161
106
55
189
303
646
654
ROIC BAI, %, LTM
- 0.2
0.8
0.8
0.1
1.1
0.1
- 0.6
- 1.0
0.8
- 1.0
ROIC, %, LTM
- 1.1
- 0.5
- 0.5
- 1.1
- 0.5
- 1.1
- 1.5
- 1.6
- 0.5
- 1.6
Average number of employees
8,019
7,919
7,919
9,075
9,181
9,075
8,851
8,709
8,131
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 24.
Q2 2026 interim report
Logistics Division
8/26
In our UK & Ireland network transport
volumes were overall below 2025 while
margin levels were maintained or improved
through cost control and recovery as well
as capacity adjustments. Warehousing
activities maintained a high level of
utilisation. The Scottish cold chain
activities continued to improve margins in
Q2 following a slow start to the year in Q1.
TES’ volumes were in line with expectations
for the quarter. Total Turkish export trailer
volumes to Europe were in Q2 below 2025
following subdued demand from the
primary European export markets. In
addition, the TRY exchange rate continued
to hold back the competitiveness of the
Turkish export industry.
Financial performance
Revenue
Q2 revenue increased 7.8% or DKK 303m to
DKK 4,200m compared to Q2 2025.
The revenue increase was primarily driven
by higher fuel surcharges as well as
underlying growth in some areas. Activity
restructurings reduced revenue compared
to 2025.
EBITDA
EBITDA increased 38.9% or DKK 84m to
DKK 301m.
The higher result was driven by the Conti-
nent and Nordic business units adjusted for
one-off items in Q2 2025. Results continued
in Q2 to be raised by earnings improve-
ments for low performing activities,
including progress on most turnaround
Boost projects. In addition, the activity
result for Continent-UK meat flows was
greatly improved.
The UK & Ireland business unit continued in
Q2 2026 to deliver solid performance on
level with 2025 underpinned by all main
regions.
TES’ Q2 result improved compared to 2025
on a like-for-like basis. The turnaround of
TES was during Q2 reorganised as a Boost
project. Gradual commercial and opera-
tional improvements are expected to be
achieved through the rest of the year.
EBIT
The Q2 2026 gain on sale of assets was
DKK 38m of which the majority was related
to the sale of a Scottish warehouse. The
gain in Q2 2025 of DKK 61m was mainly due
to transactions related to three Swedish
warehouses.
Q2 depreciation increased 5.5% or
DKK 12m to DKK 233m. The variance to Q2
2025 was mainly due to a one-off adjust-
ment that lowered depreciation in Q2 2025.
Q2 amortisation of DKK 21m was DKK 5m
below Q2 2025.
Q2 EBIT increased 157% or DKK 52m to
DKK 85m.
Capex
Capex, excluding acquisitions, was
DKK 40m in Q2 2026 consisting primarily of
transport equipment, mainly trailers. Asset
sales were DKK 67m, including the above
mentioned warehouse sale.
Invested capital and ROIC
The invested capital at the end of Q2 2026
was DKK 7.4bn, a decrease of 5.9% or
DKK 463m compared to Q2 2025. The de-
crease was mainly driven by a reduction in
transport equipment. The Q2 return on in-
vested capital before acquisition intan-
gibles, ROIC BAI, was 0.8% compared to
0.1% in 2025, and ROIC was -0.5% com-
pared to -1.1% in 2025. ROIC was negative
as the tax cost exceeded EBIT.
Logistics Division – EBIT per quarter
-70
-20
30
80
130
180
Q1 Q2 Q3 Q4
DKK million
2024
2025
2026
Q2 2026 interim report
ESG review
9/26
Q2 2026 interim report
ESG review
10/26
Q2 2026 interim report
Group review
11/26
→ Q2 profit after tax improved
DKK 255m to DKK 168m
→ Q2 adjusted free cash flow
increased 35% or DKK 190m to
DKK 728m
→ NIBD reduced 13% or DKK 2.1bn to
DKK 14.0bn since end of Q2 2025
→ Financial leverage (NIBD/EBITDA)
reduced to 3.4x from 4.1x at year-
end 2025
→ Debt level remains moderate at
50/50 debt/equity ratio and 36%
equity ratio
Major Q2 events
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.
Major events after Q2
New CEO joined 1 July
Michael Hansen joined DFDS on 1 July 2026
following his appointment as President &
CEO for DFDS on 12 January 2026.
Capital
Financial leverage on target
Financial leverage, as measured by the
debt-to-earnings ratio NIBD/EBITDA,
improved to 3.4x at the end of Q2 2026
down from 3.9x at the end of Q1 2026.
Financial leverage is expected at year-end
2026 to be a ratio of around 3.5x compared
to the previous expectation of a ratio below
4.0x.
Financial leverage at year-end 2027 is still
expected to be below 3.5x.
The capital structure was further
consolidated by the end of Q2 2026 as the
debt/equity ratio was 50/50 compared to
54/46 at the end of Q2 2025.
Turning point actions
Six turning point actions were set out earlier
in the year to underpin an improvement in
EBIT: Mediterranean recovery, Jersey
ramp-up, freight ferry pricing, Logistics
Boost projects, completion of the cost
reduction programme initiated in 2025, and
a turnaround of the currently lossmaking
TES business unit.
Financial performance
Revenue
The Group’s Q2 revenue increased 9.9% to
DKK 8,584m compared to 2025 following
higher revenue in both divisions.
Divisional revenue developments are
detailed in their respective review sections.
The Group’s H1 revenue increased 3.8% to
DKK 15,938m compared to 2025.
EBITDA
The Group’s Q2 EBITDA increased 34.9% or
DKK 312m to DKK 1,205m following higher
earnings in both divisions. A one-off cost of
DKK 53m is included in Q2 2026 following a
French court ruling in a litigation concer-
ning the chartering of two Channel ferries in
2015, see also Note 1.
Group review
Revenue
DKK million
Q2 2026
Q2 2025
Change, %
Change
Ferry Division
4,891
4,313
13.4
578
Logistics Division
4,200
3,897
7.8
303
Non-allocated items
207
223
- 7.4
- 16
Eliminations
- 713
- 623
14.4
- 90
DFDS Group
8,584
7,810
9.9
775
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
Q2 2026 interim report
Group review
12/26
Divisional EBITDA developments are
detailed in their respective review sections.
Non-allocated items were a cost of
DKK 23m compared to DKK 26m in 2025. A
one-off severance cost of DKK 7m was
included in Q2 2026.
The Group’s H1 EBITDA increased 22.1% or
DKK 363m to DKK 2,004m. EBITDA for the
last twelve months (LTM) was DKK 4,106m.
EBITA and EBIT
The Q2 2026 gain on sale of assets was
DKK 39m of which the majority was related
to the sale of a Scottish warehouse. The
gain in Q2 2025 of DKK 63m was mainly
related to transactions related to three
Swedish warehouses.
Depreciation in Q2 2026 increased 0.8% or
DKK 6m to DKK 735m.
The Group’s Q2 2026 EBITA increased
128% or DKK 286m to DKK 510m compared
to 2025. The Q2 2026 amortisation was
DKK 56m, a decrease of DKK 5m compared
to Q2 2025.
The Group’s Q2 2026 EBIT increased 179%
or DKK 291m to DKK 454m compared to
2025.
The Group’s H1 EBIT increased DKK 441m
to DKK 487m compared to 2025.
Financial items
Total net financial items in Q2 2026 were a
cost of DKK 214m which was on level with
the cost in Q2 2025.
The net interest cost on financial debt
decreased DKK 19m to DKK -103m
adjusted for a one-off litigation interest
cost of DKK 9m. The litigation cost refers to
the French court ruling mentioned above,
see also Note 1. The adjusted interest cost
decrease was due to a reduction in both
financial debt and the interest rate.
The net interest cost on leasing debt
decreased DKK 14m to DKK 64m following
decreases in both the interest rate and
debt.
Exchange rate adjustments and Other
financial items totalled a cost of DKK 38m
in Q2 2026 compared to a cost of DKK 13m
in Q2 2025.
Total net financial items in H1 were a cost
of DKK 392m which was 1.8% or DKK 7m
below H1 2025.
Profit before and after tax
The Q2 2026 profit before tax increased
DKK 291m to DKK 240m compared to 2025.
The Q2 tax cost was DKK 72m and the
profit for the period was DKK 168m.
The H1 profit before tax increased
DKK 449m to DKK 95m compared to 2025
and the H1 profit for the period was
DKK -7m.
Earnings per share
Q2 earnings per share (EPS) increased to
DKK 3.05 from DKK -1.67 in Q2 2025.
Cash flow and investments
The Q2 2026 cash flow from operating
activities increased 17.9% or DKK 188m to
DKK 1,240m compared to Q2 2025 follow-
ing primarily a higher operating result
including adjustment for non-cash items.
The change in working capital was a
positive cash flow of DKK 205m driven
mostly by seasonal passenger prepay-
ments and an inflow of ETS-charges to be
paid to the EU in Q3 2026.
Q2 2026 investing activities was a net cash
outflow of DKK 247m. The operating capex
included DKK 217m related to ferries and
DKK 61m for transport equipment as well as
land and building capex. Proceeds from
sale of assets was DKK 69m, including the
sale of a warehouse in Scotland.
The Q2 2026 cash flow from financing
activities was negative by DKK 821m. Loan
repayments amounted to DKK 550m and
payment of lease liabilities was DKK 266m.
The net cash increase was DKK 172m and
at the end of Q2 2026 cash amounted to
DKK 1,896m.
The H1 2026 cash flow from operating
activities was DKK 2,142m and H1 2026
investing activities was an outflow of
DKK 577m. The H1 2026 cash flow from
financing activities was a net outflow of
DKK 1,470m.
The Q2 2026 adjusted free cash flow was
DKK 728m and DKK 1,028m for H1 2026.
The H2 2026 adjusted free cash flow is
expected to be negative due to a reversal
of passenger prepayments, ETS payments
to the EU, and higher capex than in H1,
including the purchase of a ferry.
Operating profit before depreciation (EBITDA)
DKK million
Q2 2026
Q2 2025
Change, %
Change
Ferry Division
927
702
31.9
224
Logistics Division
301
217
38.9
84
Non-allocated items
- 23
- 26
12.9
3
DFDS Group
1,205
893
34.9
312
EBITDA-margin, %
14.0
11.4
22.8
2.6
Financial items
Q2 2026
Q2 2025
Change, %
Change
DKK million
Interests, net
- 176
- 200
12.1
24
Foreign exchange gains/losses, net
- 28
- 5
428.7
- 23
Other items, net
- 10
- 8
- 20.8
- 2
Total finance, net
- 214
- 214
- 0.3
- 1
Q2 2026 interim report
Group review
13/26
Invested capital and ROIC
Invested capital was DKK 27.9bn at the end
of Q2 2026 which was a decrease of 7.1%
or DKK 2.1bn compared to Q2 2025 and a
decrease of DKK 1.2bn compared to year-
end 2025. Around half of the latter
decrease was due to lower working capital
and the other half to reduction of operating
assets.
Net working capital (NWC) was DKK -1.8bn
at the end of Q2 2026 which was an
improvement of DKK 0.6bn compared to Q2
2025. The improvement in NWC was mainly
driven by an increase in ETS charges which
are to be paid in Q3. The NWC-share of
revenue (LTM) was -5.7%.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 4.5%
in Q2 2026 compared to 3.8% for Q2 2025.
ROIC was 2.6% in Q2 2026 compared to
2.2% for Q2 2025.
Capital structure
At the end of Q2 2026 net-interest-bearing
debt (NIBD) was DKK 14.0bn, a decrease of
8.1% or DKK 1.2bn from year-end 2025.
Financial leverage, as measured by the
ratio of NIBD to pro forma LTM EBITDA, was
3.4x at the end of Q2 2026 compared to
4.2x at the end of Q2 2025 and 4.1x at year-
end 2025.
Equity
Equity amounted to DKK 13,454m at the
end of Q2 2026 which was on level the
equity at year-end 2025 following total
comprehensive income for H1 2026 of
DKK -1m.
The equity ratio decreased to 36.0% at the
end of Q2 2026 compared to 36.2% at
year-end 2025 and 34.6% at the end of Q2
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
Q2 2026 interim report
Statement by the Board of Directors and the Executive Board
14/26
Executive Board Michael Hansen , CEO . Karen Dyrskjøt Boesen , CFO
Board of Directors Claus V. Hemmingsen , Chair , Kristian V. Mørch , Vice Chair , Minna Aila , Anders Götzsche ,
Q2 2026 interim report
Financials
15/26
DFDS Group - Statement of comprehensive income
Q2
Q2
H1
H1
LTM
Full-year
DKK million
2026
2025
2026
2025
2025-26
2025
Profit/loss for the period
- 87
- 7
- 415
- 16
- 425
Other comprehensive income
Items that will not subsequently be reclassified to the income
statement:
Remeasurement of defined benefit pension obligations
- 3
- 72
- 70
Tax on items that will not be reclassified to the income statement
Items that will not be reclassified subsequently to the Income
statement
- 2
- 55
- 52
Items that are or may subsequently be reclassified to the income
statement:
Value adjustment of hedging instruments for the period
- 70
- 7
- 146
- 12
- 212
- 78
Value adjustment transferred to operating costs
- 10
- 13
Value adjustment transferred to financial costs
Foreign exchange adjustments, subsidiaries
- 99
- 32
- 21
Items that are or may be reclassified subsequently to the income
statement
- 78
Total other comprehensive income after tax
- 78
- 45
- 44
Total comprehensive income
- 165
- 1
- 409
- 61
- 469
Attributable to:
Equity holders of DFDS A/S
- 168
- 7
- 412
- 66
- 472
Non-controlling interests
Total comprehensive income
- 165
- 1
- 409
- 61
- 469
DFDS Group - Income statement
Q2
Q2
H1
H1
LTM
Full-year
DKK million
Note
2026
2025
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 profit/ (loss) on associates and joint ventures
- 3
- 4
- 4
- 8
Profit 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)
Amortisation and impairment losses, intangibles
Operating profit (EBIT)
Financial income
Financial costs
Profit/loss before tax
- 51
- 353
- 298
Tax on profit
Profit/loss for the period
- 87
- 7
- 415
- 16
- 425
Attributable to:
Equity holders of DFDS A/S
- 90
- 13
- 419
- 21
- 427
Non-controlling interests
Profit/loss for the period
- 87
- 7
- 415
- 16
- 425
Earnings per share
Basic earnings per share (EPS) of DKK 20, DKK
-1.67
-0.24
-7.75
-0.38
-7.90
Diluted earnings per share (EPS-D) of DKK 20, DKK
-1.67
-0.24
-7.75
-0.38
-7.90
Q2 2026 interim report
Financials
16/26
DFDS Group - Balance sheet, Assets
30 Jun.
30 Jun.
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
30 Jun.
30 Jun.
31 Dec.
DKK million
2026
2025
2025
Share capital
Reserves
- 438
- 448
- 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
Q2 2026 interim report
Financials
17/26
DFDS Group - Statement of changes in equity 1 January - June 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
- 13
- 13
- 7
Other comprehensive income/loss after tax
- 8
- 2
Total comprehensive income/loss
- 8
- 15
- 7
- 1
Transactions with owners:
Acquisition, non-controlling interests
- 5
- 3
Dividends paid, non-controlling interests
- 1
- 1
Share-based payments
Purchase of treasury shares
- 1
- 4
- 5
- 5
Cash from sale of treasury shares related to exercise of share options
- 1
Total transactions with owners
- 7
Equity at 30 June 2026
- 409
- 44
Q2 2026 interim report
Financials
18/26
DFDS Group - Statement of changes in equity 1 January - June 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
- 419
- 419
- 415
Other comprehensive income/loss after tax
- 32
Total comprehensive income/loss
- 32
- 419
- 412
- 409
Transactions with owners:
Dividends paid, non-controlling interests
- 1
- 1
Share-based payments
Reduction of share capital by cancellation of treasury shares
- 35
Total transactions with owners
- 35
- 1
Equity at 30 June 2025
- 436
- 44
Q2 2026 interim report
Financials
19/26
1
At 30 June 2026 DKK 10m (30 June 2025: DKK 19m) of the cash was deposited on restricted bank accounts.
DFDS Group - Statement of cash flows
Q2
Q2
H1
H1
LTM
Full-year
DKK million
Note
2026
2025
2026
2025
2025-26
2025
Operating profit before depreciation and amortisation (EBITDA)
Adjustments for non-cash operating items, etc.
5
- 32
- 159
- 164
Change in working capital
Payment of pension liabilities and provisions
- 9
- 13
- 22
- 24
- 71
- 73
Interest etc., received
Interest etc., paid
- 202
- 223
- 395
- 435
- 802
- 841
Taxes paid
- 47
- 40
- 80
- 94
- 177
Cash flows from operating activities
Investments in ferries including dockings, etc.
- 217
- 255
- 511
- 481
- 746
- 715
Sale of ferries including compensation for ferry declared total loss
Investments in other non-current tangible assets
- 61
- 82
- 191
- 204
- 753
- 766
Sale of other non-current tangible assets
Investments in non-current intangible assets
- 22
- 24
- 41
- 50
- 86
- 95
Divestment of enterprises and activities
Other investing cash flows
- 17
- 2
- 1
- 3
- 19
- 22
Cash flows from investing activities
- 247
- 232
- 577
- 465
- 454
- 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.
- 550
- 829
- 623
- 928
- 1,196
- 1,502
Repayment of corporate bonds
- 667
- 667
Settlement of forward exchange contracts related to borrowings
Payment of lease liabilities
- 266
- 282
- 540
- 565
- 1,755
- 1,780
Settlement of forward exchange contracts related to leases
Acquisition of treasury shares
- 5
- 5
- 5
Other financing cash flows
- 3
Dividends paid to non-controlling interests
- 1
- 1
- 1
- 1
- 2
- 1
Cash flows from financing activities
- 821
- 1,102
- 1,470
- 991
- 3,222
- 2,742
Net cash flows
- 281
- 44
Cash and cash equivalents at beginning of period
Foreign exchange adjustments of cash and cash equivalents
- 8
- 7
- 9
Cash and cash equivalents at end of period
1
Q2 2026 interim report
Financials
20/26
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, significant judgements and
key estimates applied in this interim report are
consistent with those applied in the Group’s 2025
Annual Report, except as described 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 Management’s view, the areas involving significant
accounting estimates and judgements remain
unchanged from those described in DFDS’ 2025
Annual Report
In preparing the interim report, management makes
accounting estimates and judgements and applies
assumptions that affect the recognition and
measurement of the Group's (and the Parent
Company's) assets, liabilities, revenues and expenses.
These estimates, judgements and assumptions are
based on historical experience and other factors
considered reasonable under the circumstances. Due
to their inherent uncertainty, actual outcomes may
differ from those estimates and assumptions.
Impairment considerations
Due to the Group’s net asset value exceeding its
market capitalisation, Management updated the
impairment assessment performed at year-end. No
cash-generating units are considered impaired.
Sensitivity analysis for the Logistics CGU indicates
that reasonably possible changes in key assumptions
- such as an increase in the discount rate of 0.2% or
any meaningful deterioration in the average EBIT
margin for 2027–2030 - could eliminate the headroom
of DKK 277m 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.
Litigation
The Group has been party to ongoing litigation in
France arising from the chartering of the vessels Cote
des Dunes and Cote des Flandres in 2015, including
transfer of undertaking claims pursued by the
liquidator of legal entity SCOP SeaFrance. Although
previous judgments were favourable to the Group, a
rehearing at the Court of Appeal resulted in an
adverse ruling issued in June 2026. As a result, the
Group recognised a charge of DKK 62m in Q2 2026,
comprising DKK 53m recognised in employee costs
and DKK 9m recognised as interest expense. The
Group is reviewing the judgment and evaluating the
basis for a potential appeal.
Note 2 Segment Information
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Eliminations
Total
H1 2026
External revenue
7,934
7,996
7
15,938
Intragroup revenue
914
44
408
-1,365
-
Total revenue
8,848
8,040
415
-1,365
15,938
Ferry and other ship operation and maintenance
2,908
190
0
-29
3,069
Port terminal operations
2,021
57
-
-15
2,063
Transport and warehouse solutions
285
5,094
-
-811
4,568
Employee costs
1,517
1,794
326
-4
3,633
General and administration external costs
565
378
164
-505
601
Operating profit before depreciation and amortisation (EBITDA)
1,551
528
-76
2,004
Operating profit before amortisation (EBITA)
576
119
-97
598
Operating profit (EBIT)
547
78
-138
487
Capital expenditure
544
153
45
743
Invested capital, end of period
20,116
7,357
475
27,947
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Eliminations
Total
H1 2025
External revenue
7,433
7,899
17
15,349
Intragroup revenue
868
48
433
-1,348
-
Total revenue
8,300
7,947
450
-1,348
15,349
Other income
116
-
-
-
116
Ferry and other ship operation and maintenance
2,756
152
0
-23
2,885
Port terminal operations
1,952
50
-
-13
1,988
Transport and warehouse solutions
413
5,087
-
-786
4,714
Employee costs
1,362
1,854
310
-4
3,522
General and administration external costs
658
391
188
-521
716
Operating profit before depreciation and amortisation (EBITDA)
1,276
413
-49
1,640
Operating profit before amortisation (EBITA)
206
25
-67
165
Operating profit (EBIT)
177
-22
-109
46
Capital expenditure
520
425
53
998
Invested capital, end of period
21,783
7,820
493
30,096
Q2 2026 interim report
Financials
21/26
Note 3 Revenue
All material revenue is recognised when each
separate performance obligation in the customer
contract is satisfied in accordance with the "over-
time" principle. Most transports carried out by the
Ferry Division are characterised by short delivery times
(most sailings are less than 30 hours, while sailings to
and from Türkiye can take up to 72 hours). Transports
carried out by the Logistics Division may take place
over a longer period, but the impact is insignificant.
Onboard sales is recognised according to the “a point
in time” principle and amount to DKK 692m (H1 2025:
DKK 752m).
Revenue comprises revenue recognised from
contracts with customers in accordance with IFRS 15
and other revenue (leasing activities). Revenue from
leasing activities amounted to DKK 202m (H1 2025:
DKK 176m).
H1 2026
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
2,281
-
-
2,281
Mediterranean
2,339
1,283
-
3,621
Baltic Sea
750
-
-
750
English Channel
2,565
-
-
2,565
Continent
-
2,662
-
2,662
Nordic
-
2,036
-
2,036
UK/Ireland
-
2,015
-
2,015
Other
-
-
7
7
Total
7,934
7,996
7
15,938
Product and services
Seafreight and shipping logistics solutions
5,659
-
-
5,659
Transport solutions
185
7,885
-
8,070
Passenger seafare and onboard sales
1,498
0
0
1,498
Terminal services
329
5
0
334
Charters
185
-
-
185
Agency and other revenue
78
106
7
191
Total
7,934
7,996
7
15,938
H1 2025
DKK million
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
2,126
-
-
2,126
Mediterranean
2,400
1,529
-
3,929
Baltic Sea
613
-
-
613
English Channel
2,294
-
-
2,294
Continent
-
2,379
-
2,379
Nordic
-
2,002
-
2,002
UK/Ireland
-
1,989
-
1,989
Other
-
-
17
17
Total
7,433
7,899
17
15,349
Product and services
Seafreight and shipping logistics solutions
4,919
-
-
4,919
Transport solutions
265
7,787
0
8,052
Passenger seafare and onboard sales
1,602
-
-
1,602
Terminal services
343
7
-
350
Charters
175
0
-
176
Agency and other revenue
128
105
17
250
Total
7,433
7,899
17
15,349
.
Q2 2026 interim report
Financials
22/26
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:
Derivatives
DFDS' usage of derivatives includes interest rate
swaps, bunker swaps, forward exchange contracts
and currency swaps. The fair values of interest rate
swaps have been calculated by discounting the
expected future interest payments. The discount rate
for each interest payment is estimated based on
market interest rates. The fair value of forward
exchange contracts and bunker contracts are
calculated based on actual forward curves.
Note 5 Adjustments for non-cash
operating items, etc.
H1 2026
H1 2025
DKK million
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
134
134
77
77
Securities (Level 3)
3
3
2
2
Financial liabilities
Derivatives (Level 2)
46
46
115
115
DKK million
H1 2026
H1 2025
Adjustments for non-cash operating items, etc.
Charge recognised in employee costs relating to litigation (non-cash)
53
-
Change in provisions, other
9
- 57
Change in inventory write-downs
- 1
0
Change in provisions for defined benefit plans and jubilee obligations
9
2
Share-based payment expense
16
12
Insurance compensation related to total loss ferry reclassified to investing activities
-
- 116
Total
86
- 159
Q2 2026 interim report
Financials
23/26
Note 6 Supplementary financial
information on the Parent Company
As a result of DFDS A/S' issuance of corporate bonds
on the Oslo Stock Exchange there is a requirement to
provide certain supplementary financial information on
the Parent Company. The following financial
information has been prepared using the same
accounting policies as for the 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
648m, equivalent to 12.1% compared to H1 2025.
Operating profit before depreciation and amortisation
(EBITDA) increased by DKK 234m equivalent to 29.3%
compared to H1 2025.
Profit before tax increased by DKK 118m compared to
H1 2025.
The Parent Company’s net interest-bearing debt
decreased by DKK 1,001m equivalent to 9.0%
compared to 31 December 2025.
Note 7 Events after Balance sheet
date
In August 2025, DFDS announced an agreement to
acquire part of Naviera Armas Trasmediterránea's
ferry operations in the Strait of Gibraltar. The agreed
asset purchase price amounts to DKK 240 million and
is not included in DFDS' capex or cash flow outlook.
During Q3 2026, DFDS received conditional clearance
for the transaction. Dialogue with the relevant
competition authorities is ongoing and remains to be
finalised. Completion of the transaction remains
subject to final regulatory approvals.
H1
H1
LTM
Full-year
DKK million
2026
2025
2025-26
2025
Income statement
Revenue
5,991
5,343
11,943
11,295
Operating profit before depreciation and amortisation (EBITDA)
1,034
800
2,023
1,788
Operating profit before amortisation (EBITA)
348
97
644
392
Operating profit (EBIT)
296
43
537
284
Financial items, net
- 331
- 196
- 1,319
- 1,184
Profit before tax
- 35
- 153
- 782
- 900
Profit/loss for the period
- 35
- 157
- 782
- 905
Assets
Non-current intangible assets
696
718
-
708
Non-current tangible assets
6,599
6,810
-
6,921
Investments in subsidiaries
14,274
14,944
-
14,274
Investments in associates, joint ventures and securities
2
2
-
2
Non-current receivables from subsidiaries
1,439
1,390
-
1,408
Other non-current assets
79
67
-
69
Non-current assets
23,089
23,931
-
23,381
Current receivables from subsidiaries
1,259
957
-
1,166
Receivables from associates and joint ventures
37
31
-
40
Cash
872
815
-
817
Other current assets
1,249
1,058
-
812
Current assets
3,417
2,861
-
2,836
Total assets
26,506
26,792
-
26,217
Equity and liabilities
Equity
9,895
10,654
-
9,932
Non-current liabilities to subsidiaries
24
14
-
16
Other non-current liabilities
8,054
8,822
-
8,580
Non-current liabilities
8,078
8,836
-
8,596
Current liabilities to subsidiaries
4,558
3,746
-
4,124
Other current liabilities
3,975
3,556
-
3,565
Current liabilities
8,533
7,302
-
7,689
Total equity and liabilities
26,506
26,792
-
26,217
Equity ratio, %
37.3
39.8
-
37.9
Net interest-bearing debt
10,164
10,581
-
11,164
Q2 2026 interim report
Financials
24/26
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
Q2 2026 interim report
Financials
25/26
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
Q2 2026 interim report
Financials
26/26
13 August 2026
Company announcement no.: 23/2026
Contact
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