DFDS

Annual Report • Feb 21, 2025

DFDS ANNUAL REPORT 2024

DFDS ANNUAL REPORT 2024

COMPANY ANNOUNCEMENT no. 08 - 21 February 2025

Full-year 2024

* Revenue up 9% to DKK 29.8bn

* EBIT lowered 35% to DKK 1.5bn

* Adjusted free cash flow of DKK 1.0bn

Outlook 2025

* Revenue growth of around 5%

* EBIT of around DKK 1.0bn

* Adjusted free cash flow of around DKK 1.0bn

Q4

Q4 2023 2024 Full- 2023 Full-year

DKK m 2024 Restated Change % year Restated Change, %

-------------------------------------------------------------------------------

Revenue 7,196 6,832 5 29,753 27,304 9

EBITDA 743 993 -25 4,440 4,890 -9

EBIT 2 358 -99 1,506 2,326 -35

Adjusted free

cash flow 164 1,392 -88 957 2,773 -65

ROIC, % - - - 4.4 7.6 -42

Financial

leverage, times - - - 3.9 2.9 34

CEO's comments

In 2024, we partnered with our customers to achieve positive organic growth and

customer satisfaction improved further. We continued to standardise and digitise

our network to enhance customer service and operating efficiency. We also

stepped up our efforts on employee safety and remain on track to reach our green

transition targets.

Our network was expanded in 2024 to high-growth regions supported by nearshoring

through the acquisitions of FRS Iberia/ Maroc (Strait of Gibraltar ferry routes)

and Ekol International Transport (Turkish transport and logistics company).

In addition, we were awarded a 20-year Jersey ferry services concession contract

beginning from March 2025. Conversely, we divested the Oslo-route in line with

our strategic focus.

From a growth perspective, we made good progress on many fronts in 2024.

"The underlying strength of our network is intact, though we have specific

challenges to resolve in 2025 before we again can deliver a satisfactory

earnings level," says Torben Carlsen, CEO.

From a financial perspective, 2024 fell short of our expectations, also due to a

significant earnings decrease in Q4 2024. While an EBIT of DKK 1.5bn for the

full-year 2024 is unsatisfactory, the underlying strength of our network is

intact, though we have specific challenges to resolve in 2025 before we can

again deliver a satisfactory earnings level.

2025 will be a transitional year with two paths to lay the foundation for

improving financial performance.

The first path is to continue to protect & grow the revenue and profits of our

business units. Most of these are set to uphold performance or improve in 2025.

The second path of 2025 is to resolve three specific focus areas: Adapting

Mediterranean ferry operations to the changed competitive environment and

turning the newly acquired Ekol International Transport around to breakeven by

year-end 2025. Furthermore to deliver on the Logistics turnaround projects

initiated in 2024.

Capital distribution

In 2024, a total of DKK 599m was distributed to shareholders. For 2025, the

Board of Directors proposes to the annual general meeting that no capital is

distributed to shareholders in order to prioritise a deleveraging of the capital

structure.

Outlook 2025

The profit outlook for 2025 reflects muted expectations for European economic

growth and the specific focus areas mentioned above. The Group's EBIT is in

2025 expected to be around DKK 1.0bn (2024: DKK 1.5bn). The outlook is further

detailed in the annual report.

Conference call today at 10.00am CET

Register ahead of the call via this link

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

ber=6756403&linkSecurityString=fd8872ebb).

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

link (https://getvisualtv.net/stream/?dfds-full-year-report-2024).

The annual report and a Q4 2024 review are attached and along with other

materials also available here (https://www.dfds.com/en/about/investors/reports-

and-presentations/annual-report-q4-report-2024).

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, Media +45 42 30 38 47

About DFDS

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

DKK 30bn and 14,000 full-time employees.

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

related transport and logistics solutions.

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

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

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act