DFDS (DFDS) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a significant turnaround, with EBIT up DKK 150 million to DKK 33 million, driven by Ferry and Logistics divisions, especially in the Mediterranean region.

• Six key recovery actions and cost reduction initiatives are underway, targeting DKK 300 million in annual savings.

• Most business units contributed positively, with five of six strategic turning points outperforming expectations.

• Market volatility increased due to geopolitical tensions, particularly in the Iran/Gulf region.

• CEO succession occurred in April 2026, with a DKK 37 million severance cost impacting non-allocated items.

Financial highlights

• Group revenue declined 2.5% year-over-year, mainly due to fewer sailings, weather disruptions, and restructuring impacts.

• EBITDA rose 6.9% to DKK 799 million; EBIT improved by DKK 150 million to DKK 33 million.

• Adjusted EBITDA up DKK 227 million (39%); adjusted EBIT up DKK 262 million year-over-year.

• Adjusted free cash flow increased 22% to DKK 300 million.

• Net interest-bearing debt reduced by DKK 1.8 billion year-over-year to DKK 15.0 billion.

Outlook and guidance

• Full-year 2026 revenue expected to be on par with 2025.

• EBIT guidance raised to DKK 1.0–1.4 billion for 2026.

• CapEx maintained at DKK 1.7 billion, including the Stena Vinga ferry acquisition.

• Adjusted free cash flow guidance improved to above DKK 250 million.