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DFDS (DFDS) investor relations material
DFDS Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 saw solid improvement in Group EBIT, rising by DKK 150m to DKK 33m, with most business units contributing positively, especially in the Mediterranean region.
Adjusted free cash flow rose 22% to DKK 300m, and financial leverage improved to 3.9x NIBD/EBITDA, on track for the 2026 target below 4.0x.
Five of six strategic turning points outperformed expectations, supporting profit growth.
Both Ferry and Logistics divisions showed improved earnings, driven by cost control and operational initiatives.
CEO succession occurred in April 2026, with an interim CEO appointed and a new CEO joining in July.
Financial highlights
Q1 2026 revenue decreased by 2.5% year-over-year to DKK 7,353m, mainly due to weather disruptions and logistics restructurings.
Adjusted EBITDA rose 39% (DKK 227m) and adjusted EBIT increased by DKK 262m compared to Q1 2025.
Q1 EBITDA was DKK 799m (up 6.9% year-over-year); EBIT margin improved to 0.4%.
Profit after tax improved by DKK 154m but remained negative at DKK -174m.
Net interest-bearing debt reduced by 11% to DKK 15.0bn since Q1 2025.
Outlook and guidance
2026 revenue expected to remain on par with 2025.
EBIT outlook for 2026 raised to DKK 1.0-1.4bn.
Adjusted free cash flow guidance increased to above DKK 250m.
Capex maintained at around DKK 1.7bn.
Freight volumes between Europe and Türkiye/northern Africa expected to grow; road transport markets remain highly competitive.
- Q1 2026 delivered EBIT growth, stronger cash flow, and improved leverage despite lower revenue.DFDS
Q1 20265 May 2026 - 2026 is set for a strong EBIT rebound after a tough 2025, with cost and operational actions driving recovery.DFDS
Q4 202510 Apr 2026 - Q4 2025 marked a turnaround with stable revenue, cost cuts, and improved Mediterranean results.DFDS
Q4 202519 Feb 2026 - Q2 revenue up 9% but EBIT down 28%; 2024 EBIT outlook cut, cash flow target maintained.DFDS
Q2 20241 Feb 2026 - Q3 revenue up 10.8% but EBIT down 11%; 2024 outlook cut amid margin pressure and competition.DFDS
Q3 202416 Jan 2026 - DKK 1.8bn acquisition expands Türkiye-Europe logistics, targeting 5% EBIT margin by 2027.DFDS
M&A Announcement13 Jan 2026 - 2025 EBIT forecast drops to DKK 1.0bn amid Mediterranean competition and restructuring.DFDS
Q4 2024 TU10 Jan 2026 - Q1 revenue up 8% to DKK 7.5bn, but EBIT fell to DKK -117m amid Mediterranean and Logistics challenges.DFDS
Q1 202526 Dec 2025 - 2025 targets recovery and DKK 1 billion EBIT after 2024 profit declines and ongoing challenges.DFDS
Q4 202418 Dec 2025
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