DFDS

Earnings Release • May 6, 2025

Q1 2025 INTERIM REPORT - 2025-TRANSITION PROGRESSING

Q1 2025 INTERIM REPORT - 2025-TRANSITION PROGRESSING

Announcement no. 19 - 6 May 2025

Q1 2025

* Revenue up 8% to DKK 7.5bn. Organic growth was -1%

* EBIT reduced DKK 317m to DKK -117m

* Adjusted free cash flow increased DKK 573m to DKK 246m

* CO2 ferry emission intensity from own fleet lowered 5.9%

Outlook 2025, unchanged

* EBIT of around DKK 1.0bn

* Revenue growth of around 5%

* Adjusted free cash flow of around DKK 1.0bn

"In March, the earnings trend started to improve following the execution of

multiple turnaround actions during the quarter," says Torben Carlsen, CEO.

Q1 Q1 Change, LTM LTM Change, Full-year

DKK m 2025 2024 % 2024-25 2023-24 % 2024

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Revenue 7,539 7,011 8 30,281 27,975 8 29,753

EBITDA 748 957 -22 4,232 4,875 -13 4,440

EBIT - 117 200 n.a. 1,189 2,163 -45 1,506

Adjusted free cash flow 246 - 327 n.a. 1,530 2,188 -30 957

ROIC, % - - - 3.4 6.9 - 4.4

Financial leverage,

times - - - 4.0 3.2 - 3.9

CEO's comments

2025 is a transitional year, as noted in our latest annual report, where we lay

the groundwork for improving financial performance following the events of 2024.

Firstly, most of our business units are as expected on track to uphold

performance or improve in 2025.

Secondly, we are making progress on resolving three specific focus areas:

* Adapting Mediterranean ferry operations to the changed competitive

environment

* Turning Logistics' Türkiye & Europe South around to breakeven by year-end

2025

* Delivering on the Logistics turnaround projects initiated in 2024.

As expected the three focus areas' substantial negative earnings impact in Q4

2024 continued into Q1 2025.

In March, the earnings trend started to improve following the execution of

multiple turnaround actions during the quarter.

The actions taken include price increases, capacity adjustments, headcount

reductions, closure of unprofitable activities, and office closures/mergers.

Further actions are being taken and we expect the improving earnings trend to

become more visible in our Q2 results and in the remainder of the year.

Adapting to evolving market changes

We are a transport provider moving goods and people in and around Europe. The

expansion of our network to regions positioned to benefit from nearshoring

continue to be validated by recent geopolitical events.

In addition, Europe's determination to become more self-reliant is likely to

grow trade in the coming years with manufacturing hubs such as Türkiye and

Morocco.

Shorter-term we are not assuming any market tailwinds as the shift in US

policies and the ensuing uncertainties may further dampen the already muted

European economic growth outlook for 2025.

Germany's decision to step up defence and infrastructure spending is set to fuel

European growth, but material impacts on activity levels are not expected before

2026. Meanwhile, our focus is on adapting to a low-growth market environment.

Focus on financial solidity

Working capital initiatives and enhanced capex focus are improving our cash

flow. We expect our financial solidity to strengthen through the second half-

year as earnings improve and NIBD decreases.

Outlook 2025

The earnings outlook for 2025 is unchanged an EBIT of around DKK 1.0bn.

Read the Q1 2025 interim report here:

https://www.dfds.com/en/about/investors/reports-and-presentations/q1-report-2025

6 May 2025. Conference call today at 10.00am CET

Register ahead of the call via this link

(https://services.choruscall.it/DiamondPassRegistration/register?confirmationNum

ber=6925459&linkSecurityString=10c2f27501).

Access code is mailed after registration. Follow live-streaming of call via this

link (https://getvisualtv.net/stream/?dfds-q1-2025).

Contact

Torben Carlsen, CEO +45 33 42 32 01

Karen Boesen, CFO +45 20 58 58 40

Søren Brøndholt Nielsen, IR +45 33 42 33 59

Dennis Kjærsgaard Sørensen, Media +45 42 30 38 47

About DFDS

We operate a transport network in and around Europe with annual revenue of DKK

30bn and 16,500 full-time employees.

We move goods in trailers by ferry, road, and rail plus we offer complementary

and related logistics solutions.

We also move car and foot passengers on short sea and overnight ferry routes.

DFDS was founded in 1866 and is headquartered and listed in Copenhagen

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.