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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.
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Q1 2026 earnings summary11 May, 2026

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.

Addressing asset utilisation in the TES business
Sustainability of Mediterranean freight pricing
Impact of fuel price lag reversal in Q2
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