DFDS (DFDS) Q4 2025 earnings summary

Executive summary

• 2025 was challenging with margin pressure, inflation, and competitive low-growth markets, but Q4 showed a turnaround with improved results in the Mediterranean ferry network and logistics units.

• Customer loyalty and satisfaction remained high, supporting recovery.

• Cost reduction program launched in November 2025, reducing 400 positions and incurring DKK 97m in redundancy costs, targeting DKK 300m in savings.

• Actions in 2025, including cost reductions, logistics boost projects, and pricing initiatives, are expected to drive significant improvement in 2026.

• Adjusted free cash flow was strong at DKK 440m in Q4, and the Mediterranean network returned to profitability.

Financial highlights

• Q4 2025 revenue increased 1% year-over-year to DKK 7.3bn; organic growth was -3%.

• Q4 EBITDA was DKK 705m, down 5% year-over-year; Q4 EBIT was -DKK 62m.

• Full-year 2025 revenue grew 4% to DKK 30.9bn; EBITDA declined 16% to DKK 3,743m; EBIT was DKK 520m, down from DKK 1,506m in 2024.

• Profit after tax for 2025 was -DKK 425m.

• Q4 EPS was DKK -5.27, compared to DKK -5.02 in Q4 2024.

Outlook and guidance

• 2026 is expected to be a turning point, with EBIT guidance of DKK 800–1,100m, up from DKK 520m in 2025.

• Revenue is expected to remain flat except for growth in North Africa and the Mediterranean; EBIT improvement driven by cost savings, pricing, and full-year impact of recent initiatives.

• Adjusted free cash flow for 2026 projected to remain positive despite higher CapEx (DKK 1.7bn).

• Financial leverage (NIBD/EBITDA) targeted to fall below 4.0x by end-2026 and below 3.5x by end-2027.

• No capital distribution proposed for 2025 to prioritize deleveraging.