DFDS — Annual Report 2025

Feb 19, 2026

DFDS A/S DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 Annual Report 2025 Turning point ahead Moving goods & people in and around Europe Our network combines ferry, road, and rail transport with complementary logistics solutions. Reliability, efficiency, and capacity are the cornerstones of our customer value proposition. We move to meet our customers’ needs across more than 20 countries in and around Europe. In this report we zoom in on one freight shipment handled by our network in 2025 – from the customer booking and pickup to the end delivery travelling along the way by both road and sea. The Management review provides an overview of 2025 in the Letter to shareholders followed by the Outlook that sets the financial scene for 2026. We review progress on our strategy pillars in the section on Purpose, strategy & ambitions, and in Performance, we review the numbers. The Corporate governance section has been expanded this year to provide more insights into how DFDS is managed. The Sustainability statements are still developing in this second year of reporting under the CSRD-rules. Welcome to our Annual Report 2025. 2 / 215 DFDS Annual Report 2025 Management review Key results 2025 4 Key ESG results 2025 5 Intro, letter & outlook Moving goods & people 7 Moving for our customers 8 Chair and CEO letter 9 Key figures 12 2025 major events 13 Outlook 14 Purpose, strategy & ambitions Purpose 17 Strategy 18 Business model 25 Performance Ferry Division 27 Logistics Division 32 Financial review 37 Corporate governance Governance practices 44 Board of Directors 49 Executive Management Team 51 Risks and risk management 53 Share and shareholders 58 Sustainability statement Sustainability strategy 62 Progress across all ESG areas in 2025 63 General disclosures Sustainability in our business 65 Double materiality assessment 67 IRO overview 72 Sustainability governance 75 Basis of preparation 76 Environment E1 Climate change 80 E2 Pollution 91 E4 Biodiversity 93 EU Taxonomy 95 Social S1 Own workforce 101 S2 Workers in the value chain 109 Governance G1 Business conduct 112 Appendix General Disclosure index 117 Financial statements Consolidated financial statements Income statement 122 Statement of comprehensive income 122 Balance sheet 123 Statement of change in equity 124 Statement of cash flows 126 Notes 127 Parent financial statements Income statement 179 Statement of comprehensive income 179 Balance sheet 180 Statement of change in equity 181 Statement of cash flows 183 Notes 184 Reports Statement by the Executive Board and the Bord of Directors 203 Independent Auditor’s Reports 204 Independent Auditor’s Limited Assurance Report on the Sustainability Statement 206 Other Fleet list 209 SASB Reporting 211 Glossary 212 Financial definitions 213 DFDS’ history 214 What we do – Road transport Page 54 Social Page 10 0 Logistics Division Page 32 Ferry Division Page 27 Forward-looking statements This annual report contains forward-looking statements, i.e. statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Various risks and uncertainties pertain to forward-looking statements, such as possible major changes in the demand for ferry services – freight and passengers – as well as road transport and logistics solutions. Demand is to a large extent linked to the level of economic activity and trade in primarily Europe, especially northern Europe, including the UK, as well as adjacent regions, including Türkiye and Morocco. Forward-looking state- ments can also be impacted by, but not limited to: competitor actions, supply chain disruptions, political changes, regulatory developments, changes in economic variables, and extraordinary events such as virus outbreaks and geopolitical instability. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based on the knowledge and information available at the time. New risk factors can arise, which are not possible for Management to predict or to assess the impact of. As future financial results may differ significantly from expectations, forward-looking state- ments should not be relied on as a representation, undertaking, warranty, or prediction of actual results. The management report consists of two parts: the management review and the sustainability statements. This report constitutes DFDS’ Communication on Progress to the UN Global Compact. It covers the DFDS Group’s ESG activities for the financial year 1 Jan to 31 Dec 2025. DFDS Annual Report 2025 3 / 215 Ferry Division Logistics Division Freight ferry Passenger ferry Ferry Division Logistics Division Non-allocated items Transport and logistics Non-allocated items 0 0.5 1.0 1.5 2.0 2.5 3.0 0 10 20 30 40 2023 21.1 6.7 2.5 3.0 2.0 1.5 1.0 0.5 0 2025 0.8 2023 2.1 0.5 2024 1.5 0.2 2025 1.2 2023 2.8 2024 1.0 2025 21.0 7.6 2024 21.9 8.9 30 25 20 15 10 5 0 2025 2023 2024 37 50 13 Key results 2025 Revenue split per activity 2025 Percent (%) Adjusted free cash flow DKK bn Invested capital per division DKK bn EBIT per division DKK bn Revenue DKK bn DFDS Annual Report 2025 4 / 215 CO 2 e emissions own fleet g CO 2 e/GT mile (WtW) 2023 2024 2025 14.5 14.4 14.0 0 0 5 500 1,000 1,500 2,000 2,500 10 15 20 2023 18 2023 1,200 2024 19 2024 2,271 2025 20 2025 2,884 Women in management positions Total workforce (%) Health & Safety – Sea Lost-time Injury Frequency (LTIF) Solar production MWh Health & Safety – Land Lost-time Injury Frequency (LTIF) 0 2 4 6 10 8 2023 8.1 2024 6.8 2025 5.3 0 1 2 3 5 4 2023 3.8 2024 3.9 3.4 2025 Key ESG results 2025 DFDS Annual Report 2025 5 / 215 Intro, letter & outlook DFDS Annual Report 2025 6 / 215 Intro, letter & outlook Location Ferry route Rail transport Moving goods & people 16,100 People (FTE) 68 Ferries 41.5m Lane metres of freight 5.25m Passengers 90 Logistics locations 13,700 trailers and 3,000 trucks 54 warehouses 33 Ferry routes 19 carry only freight 14 carry freight & passengers DFDS Annual Report 2025 7 / 215 Intro, letter & outlook Moving for our customers Customer booking – pickup of cargo Friday, 12:07 At warehouse – processed for transport Friday, 13:46 On road – transport to port Monday, 17:30 At sea – in transit on freight ferry Monday, 22:00 At destination port – unloading from ferry Tuesday, 04:00 On road – transport to warehouse Tuesday, 07:30 Customer delivery Wednesday, 12:58 At departure port – loading on ferry Monday, 19:25 Click to explore a shipment Wijchen → Corby Every day our network is brought to life by more than 16,000 colleagues. Our seafarers keep ferries sailing safely carrying both goods and passengers. Port terminal staff load and unload trailers as well as passengers and cars. Our warehouse staff store, pick & pack, and dispatch consignments. Our truck drivers pick up and deliver goods to their destinations, while back-office specialists support operations with digital services and business solutions. Together, we move to meet our customers’ needs across more than 20 markets in and around Europe. In this report, we follow a freight shipment from the Netherlands to the UK, diving into all touchpoints along its journey through our network. DFDS Annual Report 2025 8 / 215 Intro, letter & outlook Turning point From left to right Torben Carlsen, CEO Claus V. Hemmingsen, Chair of Board of Directors 2026 is set to be a turning point for DFDS following a financially challenging year in 2025. CEO succession in place. We have been moving for all to grow since 1866. Our resilience has been tried and tested for more than one and a half century. When faced with adversity, we have consistently emerged as a stronger company. Our enduring strength is our transport network operated by our very capable and resourceful people to provide highly regarded customer offerings and service levels. We unlock the value of the network by offering multiple products to large freight customers and seamless services to smaller freight customers and passengers. Delivering on our promises to customers is always important, not least during periods with little or no growth in overall market demand. We strive to of- fer best-in-class reliability and efficiency through our freight customer and passenger journeys, and we continue to develop digital solutions as well as more sustainable product options to further enhance the customer experience. Joint letter from the Chair and CEO DFDS Annual Report 2025 9 / 215 Intro, letter & outlook In 2025, a high level of customer loyalty was main- tained and our customer satisfaction scores were again well above industry standards affirming our credentials as a reliable and trusted partner. All in all, we have a strong foundation to navigate DFDS through the current performance challenges. Transition extends to 2026 At the beginning of 2025, we defined three focus areas to resolve during the year. It is clear now that our transition to a higher level of financial performance is going to take longer than envis- aged a year ago. The first focus area, our Logistics Boost turn- around projects initiated in late 2024, progressed well through 2025 as seven of eight projects delivered the expected improvements. We will continue to have a portfolio of Logistics Boost projects in 2026. The structural issues facing the other two focus areas, i.e. the adaptation to new ferry competition in the Türkiye-Italy/Europe corridor and the turn- around of TES (Türkiye & Europe South), turned out to be more severe than anticipated. Meanwhile, our Mediterranean ferry network turned profitable again towards the end of 2025 and is expected to continue to improve profitability in 2026, albeit at a lower level than previously. The network has been adapted through capacity reductions and recent price increases. The TES turnaround duration is contingent on both external market forces and our own continued actions to restructure and optimise operations. The organisation and management is also being adapted to meet the evolving challenges. Commercial gains are beginning to pick up at a moderate pace. A considerable and sustained ef- fort is being applied – not just in TES but through- out the network – to move the turnaround forward. The Turkish transport market is rebalancing, and we believe the reliability, efficiency, and capacity of our end-to end intermodal business model – road/ferry/rail – will prove its worth over time as it has in northern Europe. 2026 is, however, expect- ed to be a financially challenging year for TES. Financial performance in 2025 Our overall financial performance in 2025 was not satisfactory as multiple challenging external and internal factors converged to generate a loss for the year of DKK 0.4bn. The main external challenge was the mentioned Turkish transport market disruption and a slow- down in northern European transport markets, especially in the first half of the year. The war in Ukraine continued in 2025 to suppress both ferry and logistics earnings in the Baltic region. The result for 2025 includes lossmaking activities totalling more than DKK 0.5bn related to mainly TES, Mediterranean, parts of the Nordic and Continent logistics activities as well as some other activities. The turnaround potential is considerable and good progress was made on the Nordic and Continent logistics activities in 2025 as part of the Boost projects, with further improvements expected in 2026. Longstanding parts of the network – such as North Sea, Channel, and UK & Ireland – performed well in 2025, but also faced margin pressure from market headwinds. A highlight of 2025 was strong performance by Strait of Gibraltar, despite exiting one route as a concession renewal was awarded to a competitor. Inflation-driven cost increases emerging post Covid-19 lowered our cost coverage considerably already during 2024 as competitive pressure in both ferry and transport markets prevented setting matching price increases. This margin ‘squeeze’ eased somewhat during 2025 as infla- tion declined through the year, but it remains a challenge across the transport sector. A cost reduction programme of DKK 300m was in response initiated in November 2025 covering around 400 positions with a DKK 97m redundancy cost reported in late 2025. A positive cost impact of the programme will materialise in 2026. Financial recovery and solidity In view of the uncertainties described above, financial performance will in 2026 focus on earnings quality improvements and cash flow generation to lower financial leverage. At this point in time, uncertainty remains too elevated to re-introduce an overall ROIC-target for the Group. ROIC remains however an essential metric in our internal performance review process. The Adjusted free cash flow for 2025 of DKK 1.2bn is testament to our commitment to capital disci- pline and debt reduction. The debt level remains moderate as we enter 2026. The equity ratio was increased to 36% at the end of 2025 and the debt/equity ratio was 52/48. During 2025, NIBD was reduced by DKK 1.9bn to DKK 15.3bn at year-end of which DKK 5.1bn is leasing liabilities. It remains a key priority to reduce our debt-to- earnings ratio, NIBD/EBITDA, of 4.1x at year-end 2025, down from a peak of 4.3x at the end of Q3 2025. We expect the ratio to decrease below 4.0x in 2026 given the earnings and cash flow outlook for 2026, and decrease further to below 3.5x in 2027. Our mid-term target range for NIBD/EBITDA is consequently revised to 2.5-3.5x. CEO succession in place In November 2025, a CEO succession process was initiated and in January 2026, Michael Hansen was appointed President & CEO of DFDS effective from latest 1 July 2026. Michael Hansen is currently President & CEO of Hempel, a global leader in industrial coatings. Michael Hansen is an international executive with extensive leadership experience in ship- ping, transport, and industrial businesses. As President & CEO of Hempel, he led a strategic transformation that lifted financial performance, strengthened cash flow, and improved operation- al scalability. Michael Hansen has in addition a high level of experience in shipping and transport from holding senior management roles for nearly two decades at A.P. Moller – Maersk. Strategy and strategy execution In 2024, the network expansion strategy initiated in 2019 was completed with the acquisition of the TES Logistics business unit, formerly Ekol International Transport. DFDS Annual Report 2025 10 / 215 Intro, letter & outlook The pathways towards 2030 emission intensity reduction targets for ferry and land activities are reported in the Sustainability statement. Headline 2030 targets are unchanged: Ferry: 45% reduction versus 2008 baseline. Land: 75% reduction versus 2022 baseline. We fulfilled our decarbonisation targets for 2025 and remain on track to reach the 2030 targets. The planned pathway contributions from ferry new-buildings are expected to come closer to 2030 than previously expected. This reflects bot- tlenecks in both infrastructure development and alternative fuel availability. We had hoped the International Maritime Organisation’s (IMO) Net-Zero Framework (NZF) would have been approved in October 2025. While adoption is now delayed at least a year, we remain committed to the green transition, also in view of the already existing EU-regulation entailing increasing penalties of not transitioning to low-emission fuels. Capital distribution to remain on pause In 2025, the number of shares were reduced 3% or 1.8m to a total of 56.2m. This was a conse- quence of the share buyback completed in 2024. Our network and thereby the DFDS business mod- el is now strongly positioned both in and around Europe to tap into northern Africa’s and Türkiye’s large growth potential. We expect Türkiye’s growth to rebound once inflation has been re- duced further while no material pickup in Europe’s growth is expected in the coming years. We continue to review non-core activities to simplify and focus the network, and to reduce debt. Again this year we report on achievements and plans for each of our five strategy pathways on page 19-24 in this report. Protect & Grow Profits Standardise to Simplify Digitise to Transform Moving to Green Be a Great Place to Work All of them contribute to maintaining and improv- ing the perception of DFDS as a strong, reliable, and trusted partner. Unlocking network value through organic growth remains our overarching strategic direction. Committed to green Our overarching green transition ambition remains to become a net zero company by 2050. As DFDS’ debt-to-earnings ratio, NIBD/EBITDA, is expected to remain above the revised mid-term target range of 2.5-3.5x through 2026, the Board of Directors proposes to the annual general meet- ing that no capital is distributed to shareholders in 2026. Looking ahead DFDS is a resilient company with enduring strengths, and we will overcome the challenges we face by building on these strengths. Our improved outlook for 2026 marks a turning point in our transition to a higher level of financial performance. Thank you very much to all our colleagues for your perseverance and dedication. We would also like to extend our gratitude to all customers, partners, and stakeholders for our continued collaboration. Torben Carlsen President & CEO Claus V. Hemmingsen Chair of the Board of Directors DFDS Annual Report 2025 11 / 215 Intro, letter & outlook Key figures DKK m 2025 1 EUR m 2025 2024 2023 2022 2 2021 2 Income statement Revenue 4,147 30,947 29,753 27,304 26,873 18,279 – Ferry Division 2,278 16,999 17,858 16,493 16,831 12,216 – Logistics Division 2,107 15,723 13,348 12,096 11,423 7,155 – Non-allocated items and eliminations -238 -1,775 -1,453 -1,285 -1,382 -1,092 Operating profit before depreciation and amortisation (EBITDA) 501 3,743 4,440 4,890 4,974 3,322 – Ferry Division 386 2,883 3,514 3,808 3,984 2,790 – Logistics Division 131 979 1,036 1,228 1,066 564 – Non-allocated items -16 -120 -109 -146 -76 -32 Operating profit before amortisation (EBITA) 100 747 1,716 2,504 2,603 1,446 Operating profit (EBIT) 70 520 1,506 2,326 2,468 1,348 Financial items, net -110 -818 -823 -659 -329 -278 Profit/loss for the year -57 -425 541 1,519 2,019 976 Capital Total assets 4,970 37,117 39,281 34,647 34,084 30,721 Equity 1,800 13,447 13,890 13,932 13,135 11,554 Net interest-bearing debt 2,043 15,260 17,204 14,449 14,109 13,481 Invested capital, end of period 3,907 29,184 31,533 28,770 27,554 25,369 Cash flows Cash flows from operating activities 442 3,300 3,420 3,675 4,480 3,208 Cash flows from investing activities -46 -342 -3,647 -1,149 -2,989 -3,210 Free cash flow 396 2,957 -227 2,526 1,491 -1 Adjusted free cash flow 159 1,184 957 2,773 825 1,000 Unit 2025 2024 2023 2022 2 2021 2 Key operating and return ratios Average number of employees FTE 16,138 14,121 13,191 11,510 8,874 Revenue growth % 4.0 9.0 1.6 47.0 27.7 EBITDA-margin % 12.1 14.9 17.9 18.5 18.2 EBIT-margin % 1.7 5.1 8.5 9.2 7.4 Return on invested capital (ROIC) % 1.2 4.4 7.6 8.7 6.0 ROIC before acquisition intangibles (ROIC BAI) % 2.3 6.6 10.5 11.7 8.0 Return on equity % -3.1 3.9 11.3 16.4 8.7 Key capital and per share ratios Financial leverage times 4.1 3.9 2.9 2.8 3.8 Equity ratio % 36.2 35.4 40.2 38.5 37.6 Earnings per share (EPS) DKK -7.90 9.68 26.89 35.09 16.69 Dividend paid per share DKK - 3.00 5.00 8.00 - Number of shares, end of period '000 56,216 57,970 58,632 58,632 58,632 Share price DKK 96 134 223 256 349 ESG key figures Direct CO 2 e emissions (Scope 1+2) 1,000 tonnes 2,503 2,634 2,568 2,705 2,551 CO 2 e intensity (Scope 1+2) tCO 2 e/MDKK 80.1 88.5 94.4 102.4 148.0 Emissions per GT mile – Own fleet 3 gCO 2 e/GT mile 14.0 14.4 14.5 14.9 15.3 Lost-time injury frequency (LTIF) – Sea Incidents/mio. hrs. 3.4 3.9 3.8 4.5 4.3 Lost-time injury frequency (LTIF) – Land Incidents/mio. hrs. 5.3 6.8 8.1 7.9 7.4 Fatalities (Employees) # 1 0 0 1 1 Women ratio – Total workforce % 23 22 23 24 24 Women ratio – Board of Directors % 33 33 33 33 33 Financial definitions on page 213. 1 Applied exchange rate for Euro as of 31 December 2025: 7.4634 (Average) and 7.4689 (End). 2 In 2024 the accounting policy was changed by excluding non-lease components from the lease components, and by discontinuing capi- talisation of short-term leases for ferries. Com- parative numbers for 2022 and 2021 were not restated. 3 Emissions per GT mile – Own fleet (CO 2 ) has been restated due to emission factor update from TtW to WtW. DFDS Annual Report 2025 12 / 215 Intro, letter & outlook Awarded Jersey ferry services contract 2025 earnings outlook released in January Long-term financial ambitions set on hold Three focus areas announced for 2025 New freight ferry route opened – Rotterdam-Vilagarcia Outbreak of foot and mouth disease (FMD) in Germany (January-April) impacting Continent-UK cold chain volumes Danish Defence ferry contract extended six years Share capital reduced by 1.8m shares Closure of Helsingborg logistics office Exit from passenger ferry route Tarifa-Tanger Ville Erika Markvardsen appointed Chief People Officer and member of EMT 150-year anniversary of Denmark- UK ferry route Biofuel on Amsterdam-Newcastle First e-trucks deployed in UK Purchase options exercised for three Swedish warehouses and subsequent sale and lease-back 2025 earnings outlook lowered Agreement to expand ferry capacity on Strait of Gibraltar (pending regulatory approval) Baltic Sea space charter agreement entered with TT Line (effective 1 October) Danish Shipping’s DEI award Sale of one freight ferry 2025 earnings outlook lowered Cost reduction programme initiated targeting DKK 300m impact in 2026 CEO succession process initiated Space charter agreement on Gothenburg-Zeebrugge extended with CLdN E-truck fleet increased to 147 at year-end 2025 major events Q2 Q3 Q4 Q1 DFDS Annual Report 2025 13 / 215 Intro, letter & outlook Freight ferry volumes in the trade lanes connecting Europe to Türkiye and northern Africa are expected to continue to grow in 2026. The outlook for 2026 builds on multiple assump- tions and may therefore change significantly as the year progresses. General economic growth prospects Europe’s economic growth (GDP: Gross Domestic Product) is expected to be around 1% in 2026 (Source: Thomson Reuters). Positive drivers are expected to be fiscal stimulus in Germany and rising household incomes on the back of easing inflation. Manufacturing output is expected to remain subdued. The GDP-growth in 2026 for Türkiye and northern African countries is expected to be around 3-5%. Considerable uncertainties pertain to the growth expectations due to amongst other things geopolitical events, including the ongoing war in Ukraine, and potential US policy shifts. Key freight outlook assumptions for 2026 Freight ferry volumes in the trade lanes connect- ing Europe to Türkiye and northern Africa are expected to continue to grow in 2026. Volumes in northern and eastern Europe are overall expected to remain on level with 2025. Mediterranean's freight rates are expected to increase in 2026 following the introduction of a new pricing model and capacity reductions. Road transport markets are in general expected to remain highly competitive in 2026, although transport capacity reductions enacted in 2025 may ease margin pressures in some markets. Outlook 2026 Outlook 2026 DKK m Outlook 2026 2025 Revenue Around on level 30,947 EBIT 800-1,100 520 Per division: Ferry Division 1,000-1,200 791 Logistics Division 50-150 -30 Non-allocated items -250 -241 Capital expenditure (Capex) Around -1,700 -994 Operating -1,700 -1,240 Ferries (sale/purchase/new-buildings) 0 246 Adjusted free cash flow Above zero 1,184 Revenue around on level with 2025 EBIT-range of DKK 800-1,100m Adjusted free cash flow above zero DFDS Annual Report 2025 14 / 215 Intro, letter & outlook Key passenger outlook assumptions for 2026 No major changes are expected in 2026 in the passenger route network. Volumes in northern and eastern Europe are overall expected to remain on level with 2025, while Strait of Gibraltar volumes will decrease due to the exit from a route in May 2025. Revenue outlook The Group’s revenue is in 2026 expected to overall be on level with 2025 with no material net impacts in 2026 from full-year impacts of route and activi- ty changes implemented in 2025. Earnings outlook – EBIT EBIT is expected to improve in 2026. The key expected improvement drivers are higher earnings in the Mediterranean and Channel ferry networks as well as in the Nordic and Continent logistics business units following positive full-year impacts of 2025 turnaround projects. In addition, the cost reduction programme initiated in 2025 is expect- ed to alleviate cost coverage challenges and contribute positively to EBIT in 2026. Türkiye & Europe South is expected to report a loss in 2026 on level with 2025 that included a net posi- tive impact from purchase price accounting items. What we do Customer booking – pickup of cargo Friday, 12:07 Several thousand times every month, a customer makes a booking directly in our systems for an end-to-end transport of goods. On Friday 28 November 2025, one of our trucks picked up goods from a customer in Oostrum, southeastern Netherlands for delivery to Barton-under- Needwood in central England. This is where the transport begins. About the shipment Distance: road 460 km, sea 123 nautical miles Expected delivery time: 13:00, December 3rd Part-load Volume: 41 kgs The Group’s EBIT in 2026 is expected to be within a range of DKK 0.8-1.1bn (2025: DKK 0.5bn) based on the above assumptions. See outlook table for divisional split. Capital expenditure (capex) Operating capex is expected to amount to around DKK 1.7bn in 2026 (2025: DKK 1.2bn). No capex from ferries (sale/purchase new-buildings) is at this point in time expected in 2026. The agreement entered into in August 2025 to ac- quire part of the assets of Naviera Armas’ Strait of Gibraltar ferry operations is pending regulatory approvals. The agreed asset purchase price is DKK 240m and not included in the capex outlook as it is expected to be reported as an acquisition. Adjusted free cash flow The Adjusted free cash flow is expected to be above zero in 2026. In 2025, the Adjusted free cash flow was increased by the initiation of a factoring programme and a positive cash flow from ferries. DFDS Annual Report 2025 Intro, letter & outlook 15 / 215 Purpose, strategy & ambitions DFDS Annual Report 2025 Purpose, strategy & ambitions 16 / 215 We care Behaviours We serve our customers with passion We listen before making decisions We do what we say we’ll do If we see a problem, we fix it We learn, develop, and improv e every day We move for all to grow Purpose Since our foundation in 1866, we have been moving goods and people – as well as moving mindsets and important agendas. Moving together with customers, partners, and our people every day to ensure the safe, reliable, and efficient transport of passengers and goods in and around Europe. Moving together we develop better and smarter ways to keep our part of the world moving in a sustainable way. Moving together we empower people to fulfil ambitions, make an impact, and grow. We move forward. We move as one. We move for all to grow. DFDS Annual Report 2025 Purpose, strategy & ambitions 17 / 215 streams through continual customer experience improvements. Moving to Green: Reduce emission intensity for existing assets, invest in low-emission intensity assets, and develop partnerships to source low-emission fuels. Be a Great Place to Work: Ensure employee safety. Promote engaging leadership as well as diversity, equity, and inclusion among all. Green transition The overarching green transition ambition remains to become a net zero company by 2050. The pathway includes specific 2030 emission intensity reduction targets for ferry and land ac- tivities. For ferry, this includes low-emission ferry new-buildings of which timing and scope are yet to be finalised. Financial objectives The short-term earnings objective is to transition to a higher level of financial performance starting with the outlook for 2026. Longer-term earnings objectives will be set once earnings have stabilised. The outlook is expected to reduce financial leverage in 2026. The capital structure is expected to be further consolidated in 2026 as measured by the equity ratio and the debt/ equity ratio. The debt-to-earnings ratio, NIBD/EBITDA, is expected to decrease to below 4.0x at year-end 2026 and expected to decrease to below 3.5x at year-end 2027. Following this expectation, the financial leverage target, as measured by NIBD/ EBITDA, is revised to a mid-term range of 2.5-3.5x from the previous long-term range of 2.0-3.0x. Our Moving Together Towards 2030 strategy is focused on unlocking the value of the expanded network through organic growth and on becoming a sustainable company. Unlocking network value Five pathways are pursued to unlock the value of the expanded network. Protect & Grow Profits: Protect market positions for long-term resilience and grow organically with customers. Standardise to Simplify : Translate the scale benefits of being a larger network into lower cost ratios and customer service improvements. Digitise to Transform: Enhance operating effi- ciency, take out costs, and strengthen revenue Moving Together Towards 2030 Strategy Unlock network value Protect & Grow Profits Standardise to Simplify Digitise to Transform Moving to Green Be a Great Place to Work Green transition 2030: 45% reduction in vessels emissions intensity and 75% reduction in land-based emissions intensity Low-emission ferry new-building programme Financial objectives Mid-term NIBD/EBITDA target range of 2.5-3.5x Debt reduction Non-core asset review Working capital initiatives Cost reduction programme DFDS Annual Report 2025 Purpose, strategy & ambitions 18 / 215 Protecting the network External factors and strategic decisions taken in 2024 led to significant challenges for parts of the network in 2025. In addition to the three focus areas – see page 10 for more information – defined at the beginning of the year, the Baltic market continues to be structurally challenged due to oversupply of both ferry and road transport capacity caused by the war in Ukraine. To mitigate this situation, a space charter agreement with TT Line, effective from October 2025, is expected to bring both commer- cial and cost benefits. Network stability was also shored up through renewal of our space charter agreement with CLdN and a six-year extension of our contract with the Danish Defence. The reduction of excess ferry capacity by the two ferry competitors on the Dover Strait was upheld in 2025 and supply-demand is now better balanced in this market. We remained resilient in the face of increased competition by maintaining our sched- ule, reliability, and high customer service levels. Ferry Aside from contributing to a rebalancing of the Türkiye-Europe transport market, the main strategic priority in the current low-growth market Organic growth ambition partly fulfilled Organic growth ambitions were partly fulfilled for freight activities as demand was held back by little or no economic growth, sector- specific headwinds, and own activity restructurings. Revenue in 2025 from the top 30 freight cus- tomers using multiple products increased 9%, including lost and new accounts. Revenue for the top 25 freight ferry (trailer) customers increased 5% in 2025. Organic passenger revenue growth in 2025 was 3% driven by higher onboard sales, partly from continued growth in Channel duty-free sales. Positioned in high-growth markets Nearshoring of manufacturing closer to end markets is expected to support continued higher growth in the Mediterranean region in the coming years. The regional network coverage includes trade flows between Europe and Morrocco, Tunisia, Egypt as well as Türkiye. Protecting market positions for long-term resilience and growing organically with customers are key strategic priorities. The foundation for protecting and growing our market positions is to consistently provide reli- able, efficient, and competitive ferry and logistics services. This foundation is underpinned by the four other strategy pillars feeding into operating efficiency, customer experience, and development of more sustainable solutions. High customer satisfaction maintained amid activity changes Operating performance and customer satis- faction go hand in hand resulting in a NPS (Net Promoter Score) score in 2025 of 50 for our freight activities, which is in line with our target, and well above the industry benchmark of around 40. The 2025 score was reduced by areas undergoing restructurings, especially in Logistics. The passenger NPS score in 2025 was 34 which is a satisfactory level as a score of 30 is excellent in passenger travel due to factors outside carrier control, e.g. weather, delays, port operations. Personnel and customer service have particularly high satisfaction scores. environment is to protect and improve margins through operating efficiency improvements, including port terminals and rail, and yield man- agement initiatives. The sales organisation was in addition re-organised in 2025 to create one global marketing function for the entire network. Another priority is preparing for fleet renewal to accommodate customer growth requirements. This will also decrease unit cost levels and expand the offering of more sustainable product options to customers. Logistics Profit-over-growth was the main strategic priority in 2025. Transport capacity was aligned with de- mand expectations along with an increased focus on operating efficiency. The number of core products was reduced to five from seven in 2025 to reduce complexity and sup- port the focus on profit-over-growth. The bundling of transport (FTL/LTL) with solutions (warehous- ing/control towers/customs) remains a priority for larger customers with complex supply chains. The primary customer segments are cold chain, FMCG/ retail, industrials, and automotive. Protect & Grow Profits Ferry route network 19 freight-only routes (RoRo) 14 combined freight and passenger routes (RoPax) 68 ferries 8 port terminals with own operations and/or owned Logistics 5 core products Full-load transport (FTL) Part-load transport (LTL) Contract logistics Customs Control towers DFDS Annual Report 2025 Purpose, strategy & ambitions 19 / 215 A Group marketing function and operating model cutting across divisions was launched towards the end of 2025 for a more uniform and efficient marketing approach. In addition, marketing costs were reduced. In the functional domain, People harvested benefits from the new group-wide people man- agement system. In Finance, the Compass project delivered standardisation and efficiencies across core financial processes. Lastly, in Technology & Innovation, ERP implementation extended beyond the original rollout scope finalised in 2024, with focus on integrating acquired companies. Completing the initial scope allowed for retirement of the legacy ERP system in 2025 – a significant milestone that underscores the progress made towards one ERP system across the Group. Key focus areas in 2026 2026 will first and foremost focus on harvesting benefits from the 2025-initiatives. Ferry’s pricing and price agreements, and exter- nal web-interfaces will be further streamlined. Logistics’ commercial focus is to launch a new commercial governance process as well as new pricing and tender tools. Logistics’ operations will focus on the integration of Türkiye & Europe The need for standardisation is also required for handling the changing and growing complexity in regulation, and partly due to exposure to new markets. Regulatory landscape changes call for coordinated, network-wide responses to safe- guard compliance and operational resilience. The full effect of the standardisation pillar is largely achieved in close connection with the digitalisation pillar. Key focus and achievements 2025 In Ferry, a new passenger strategy was launched to leverage scale, standardise global account management, streamline the product portfolio, and update thousands of price agreements using systems launched in 2024. For port terminals, new operational excellence playbooks and toolkits were launched, and continuous improvement ways-of-working were enacted in select terminals, providing immediate financial impact. In Logistics, a joint commercial governance process for all sales functions was implemented across the network. Operationally, focus was on simplifying the organisational structure, streamlining the own-truck fleet, and launching standard operating models and procedures, especially in warehousing. Moreover, new perfor- mance management and governance approach- es were rolled out across the division. The main goals of the standardise strategy pillar is to harvest synergies through more efficient and streamlined processes, ways of working, and procedures, all of which lay the foundation for digitalisation. Over the former strategy period, our network was expanded significantly, bringing new products, markets, operating models, IT landscapes, and legal entities. This growth continues to demand a disciplined approach to consistency and align- ment within and across divisions and functions to manage cost and to unlock network value towards customers. Standardise to simplify aims to manage business complexity and position DFDS for scalability. To unlock strategic scale advantages, the Standardise agenda focuses on three enter- prise-critical domains: Commercial: aligning and unifying products, pricing models, sales execution, and customer experience Operations: codifying and harmonising core operating processes the network Functional: streamlining back-office systems and processes to enable scalability, trans- parency, and cross-organisational cohesion. South (TES) and enhancing the data foundation for improved performance management. The external marketing spend will be further consolidated by the new joint organisation. A functional priority is the ERP roll-out to new activities and streamlining the people manage- ment system across the Group. The finance transformation project Compass is planned to move into the next stage exploring AI agentic use cases to drive further efficiencies whilst also focusing on process integration of acquired enterprises. Standardise to Simplify Launch of new Jersey routes During 2025, operations were launched in Jersey. First departure was conducted only four months after awarded tender, an achievement only possible due to the standardised processes and global ways of working in DFDS – operations, crewing, procurement, and marketing – translating into agility and scalability. Once the tender was awarded, stand- ardised IT solutions and booking flows allowed for ticket sales to be initiated within just 24 days of contract signing. The existing passenger booking platform was deployed for Jersey with minimal customisation, enabling over 4,000 bookings in the first days and the sale of more than 110,000 tickets by year-end. Standardised ways-of-working allowed for three routes – calling four ports and deploying four ferries – to be opened at a company-record pace. DFDS Annual Report 2025 Purpose, strategy & ambitions 20 / 215 Visma, was completed. This strengthens opera- tional efficiency and marks another step towards one unified ERP system across the Group. 2026 priorities The committed focus on leveraging AI agents and machine learning is beginning to deliver tangible results, and investments are set to continue in this area. The first AI agents are already live and working alongside skilled colleagues. In 2026, we will continue to develop the AI pilot projects for both Logistics and Ferry that achieved promising outcomes in 2025, such as identifying spot bookings, reducing secondary moves in ter- minals, and reducing fuel consumption of ferries. Integration of Türkiye & Europe South and Strait of Gibraltar into the Group’s system landscape is a key priority in 2026. Türkiye & Europe South’s integration is expected to extend beyond 2026. Digitising to enhance the customer experience In the Ferry Division the digital transformation advanced with new self-service freight tools, an upgraded online passenger booking platform, and AI-driven operations on ferries and terminals, thereby improving customer experience, opera- tional efficiency, and sustainability. Digital transformation progressed in the Logistics Division through the AI-powered Planning Efficiency and Automation initiative, introducing the Assisted Route Building Optimization tool to cut planning time and driven kilometres. A major leap was made into generative AI with agents balancing transport flows via spot-market por- tals. In parallel, the future licence-to-operate was secured through full system compliance with ViDA (VAT in the Digital Age, EU reform package) and ICS2 (EU Import Control System 2). At Group level, a new HRIS (Human Resources Information System) was successfully rolled out, most recently to colleagues in Türkiye & Europe South, and key modules for Salary Review and Performance Management were also delivered. Steady progress was made in the ERP initiatives, preparing Spain and Morocco (Strait of Gibraltar) to go-live in D365 in January 2026. Targeted D365 upgrades were implemented in Mediterranean and the full transition from the legacy solution, Our digital strategy is designed to support the business by enhancing operational efficiency, reducing costs, and strengthening revenue streams through continuous improvements in customer experience. In 2025 we made good progress toward this ambi- tion. The digital strategy is driven by three guiding principles applied across the network: 1. Always On Always On is the foundation of our digital journey, providing daily reliability for operations and cus- tomers. The focus is on cyber security and building system stability and resilience. 2. Grow Grow is focused on supporting the organic and inorganic growth of the business through system standardisation, scalable solutions and integra- tion projects. 3. Transform Transform is centred around connecting with customers, improving operations, and future- proofing our technology platform. All with the aim of increasing efficiency, working smarter and safer, optimising operations, and connecting more seamlessly with our customers. Digitise to Transform Key deliverables 2025 Ferry • Jersey ticket sales enabled within 24 days of contract award • Piloted AI-driven solutions for dwell time prediction and fuel consump- tion optimisation using machine learning • Enhanced customer experience with improved self-service options • Significantly faster rollout of digital solution for TT-line space charter agreement. Logistics • Assisted Route Building Optimization tool developed to increase planner efficiency and decrease driven kilometres • Transport-flow balancing AI agents developed interacting directly with spot-market portals • ViDA and ICS2 compliance enabled • Part Load capabilities enabled improving operating efficiency and customer tracking visibility. Group • ERP go-live prepared for Spain and Morocco (Strait of Gibraltar) • Global Workday processes for Salary Review and Performance Management Pickup Customer informed digitally that cargo is collected from warehouse Transport Digital customer update that cargo is in transit and ETA provided Port terminal arrival & customs Digital customer update that cargo is loaded on ferry and customs cleared Transport Digital customer update that cargo is in transit and ETA provided Port terminal unloading Driver checks in at terminal for instructions via DFDS Driver App Emission report Quarterly emission report provided to customer Customer delivery Customer update with actual time of arrival plus digital or PDF invoice Booking Customer places cargo pickup order digitally via API in warehouse system Our digital customer journey DFDS Annual Report 2025 Purpose, strategy & ambitions 21 / 215 less energy usage, reduced emissions, and will be a key element during and beyond the green transition. We are driving the transition towards lower emis- sion road transport by a combination of efficiency measures and electrification and by switching diesel for Hydrotreated Vegetable Oil (HVO) as a secondary transition technique. On land, we also focus on optimisation of our op- erations to unlock additional emissions savings. In addition, we plan to produce renewable energy at select locations either via solar PV installations or wind turbines. Commercial opportunities in the green transition As a part of the green transition DFDS offers decarbonised transport solutions across land and sea. Customers can achieve direct or indirect emissions reductions through products supported by verified CO₂e reduction certificates, ensuring credibility and transparency. Our approach re- flects customer preferences, with strong interest in land-based e-truck solutions where cost and operational feasibility align. To shape future low-emission offerings, DFDS en- gages strategic customers through the DFDS Net Zero Co-Lab, a structured forum for co-creation, To reach our targets, our decarbonisation actions are focused on four areas: Efficiency – doing more with fewer resources Electrification – reducing reliance on fossil fuels Alternative fuels – using biofuels and e-fuels Circularity – minimise waste and reuse resources. Advancing electrification and alternative fuels As part of our long-term climate plan, our ambi- tion is to introduce alternatively-fuelled ferries no later than the end of 2030. The vessel of tomorrow programme is contingent on fuel availability and commercial factors and are expected to be powered by low- and near zero-emission fuels such as electricity, methanol, or ammonia. The first vessels to be introduced are likely to be large dual-fuel freight ferries (RoRo) or electric ferries planned for deployment on the English Channel. Our ferry route optimisation programme ‘Every Minute Counts’ is a combination of schedule optimisation and slow steaming. The programme reduces vessel emissions while maintaining high service standards. The efficiencies are coming from reduced turnaround times in port terminals and improved schedules, enabling lower speed on voyages. This leads to reduced fuel consumption, Our dedication to the green transition for ferry and logistics is driven by ambitious climate targets, e-truck investments, biofuel, green ferries and operating efficiencies. We are committing to setting science-based targets and address key environmental high-impact areas to reduce emissions. Dedication and commitment Decarbonising the ferry and logistics sectors requires significant investments by operators such as DFDS in new ferries and vehicles powered by low emission fuels. It also requires additional infrastructure investments and production of low-emission fuels at sufficient scale. DFDS is dedicated to playing an active role in bringing together public authorities, infrastructure companies, utility providers, customers and suppliers in order to advocate for investments in zero-emission technologies and solutions. In 2025, DFDS committed to set both near term and net-zero targets by 2027 under the Science Based Target initiative (SBTi). Until then our existing targets will remain in place. Moving to Green Cost-efficient electrification In a financially challenging year, we have not lowered the priority of our electrifi- cation plans – instead, we’ve looked for ways to achieve the same results with less investment. Terminal tractors are practically de- signed for electrification, running short distances within defined boundaries, with predictable charging windows during op- erational breaks. Unlike long-haul trucks, these tractors work in a controlled envi- ronment with known energy demands. Electric terminal tractors come at a significant cost and production volume is limited, so our Pendik terminal team collaborated with Yıldız Technical University in Istanbul and Portunus, to conduct a comprehensive pre-study and then retrofit an existing diesel tractor. At less than half the cost of a new electric terminal tractor, our retrofitted tractor is now reducing an average of 32 kg CO₂e per hour of service. Learnings from this project are already informing goals to retrofit additional terminal assets across our network. data sharing and exploration of decarbonisation barriers and infrastructure needs. This collabo- ration strengthens customer partnerships and guides the evolution of commercially viable green logistics solutions. Green transition challenges In 2026, the shipping and logistics industries will likely continue to face obstacles in advancing the green transition. While regulatory pressure is increasing, infrastructure development and alter- native fuel availability remain major bottlenecks. The demand for greener transport solutions is intact, yet cost remains a critical barrier as many customers are cautious about paying a premium for low-emission services. The current macroeconomic and market condi- tions as well as political sentiment risk temporari- ly slowing the pace of the investments required for decarbonisation. We, however, remain dedicated to the green transition through updated pathways and SBTi commitment. DFDS Annual Report 2025 Purpose, strategy & ambitions 22 / 215 respectively, to address key risks and concerns. We aim to ensure that robust safety processes, equip- ment, tools, and training are fully integrated into the way we work, as well as available in local lan- guages where applicable. In 2025, we introduced the DFDS Safety Awards – an individual award celebrating a true champion and a team award recognising a team effort in improving safety on site or onboard. A diverse and inclusive workplace We strive to be an inclusive and diverse workplace and believe that diverse groups and teams make better business decisions. We believe that we will be a stronger company if our colleagues differ on gender, race, ethnic background, religion, sexual orientation, age, level of education and socioeconomic background. To support this, we embed diversity considerations into our recruitment, promotion, and talent processes to minimise any bias throughout the process. We are committed to ensuring equal opportu- nities and avoiding discrimination in any of the above-mentioned categories. To ensure our com- mitment to non-discrimination, employees are encouraged to report any concerns or instances of discrimination via DFDS’ whistleblower system or discuss with their manager or a member of the Our ambition is to be a preferred employer for current and potential employees. We strive to support our employees in unlocking their full professional potential and provide them with a Great Place to Work that is safe, diverse, inclusive, and driven by engaging leaders. DFDS is a diverse workplace with more than 16,000 colleagues across Europe, Türkiye and northern Africa. We look to attract and develop talents who are eager to contribute to a dynamic and innovative workplace – a workplace that embeds health & safety into the culture, values diversity & inclusion, fosters professional develop- ment, and empowers people to make a positive impact on our business. A safe workplace DFDS operates a business where more than 65% of employees work in high-risk environments. This requires a constant high focus and priority on health & safety. Establishing a strong safety cul- ture across the entire business and all organisa- tional layers is therefore of utmost importance. Employee safety always comes first. All colleagues at our sites on land and vessels at sea are covered by our health & safety program, with targeted programs for colleagues at sea and on land, Be a Great Place to Work DFDS employee data Employee groups 3,621 seafarers 3,956 truck drivers 3,221 operational staff 645 digital staff 5,028 other office functions Diversity metrics +90 nationalities 7.5 years – average seniority 42.1 years – average age 23% representation of women DFDS Annual Report 2025 Purpose, strategy & ambitions 23 / 215 What we do At warehouse – processed for transport The truck transports the shipment to our warehouse in Wijchen in the Netherlands for crossdocking. Unlike traditional warehousing, crossdock- ing minimizes storage time by en- suring goods are quickly unloaded, sorted, and matched with outbound shipments – readying the shipment for the next step in the supply chain. “Our warehouse in Wijchen is one of our biggest warehouses in our network with the ability to store over 80.000 pallets. On any given day more than 200 trucks crossdock here transporting goods to more than 15 countries across Europe,” says Patrick Noordzij, Managing Director, DFDS, Wijchen. DFDS operates 54 warehouses in 16 different markets executive leadership team, ensuring a safe and supportive environment for everyone. Our approach to diversity and inclusion includes target setting, financial incentives via bonus schemes, engagement surveys, conferences, train- ing sessions, toolboxes, and efforts to raise aware- ness and to make more bias neutral decisions. While we maintain a broad perspective on diver- sity, one of our ongoing priorities is to increase the number of women both in management and across the organisation, as the shipping and logistics industries in some areas have a legacy of a low representation of women. The impact of our actions is particularly visible for office-based managers and Deck & Engine officers where the representation of women is increasing. In August 2025 DFDS was awarded with the Danish Shipping DEI Award 2025 which recognis- es organisations that set the standard and leads the way for inclusion in Denmark’s maritime in- dustry. The jury called DFDS’ approach “inspiring, transparent and culturally transformative – with the potential to influence the entire industry”. A workplace with engaging leaders Engaging leaders are the key driver of employee engagement as well as cultural change across the organisation. Leaders who inspire and support their teams are crucial to create a safe, diverse and inclusive workplace where our values are lived out in daily operations. Leaders who actively promote and model inclu- sive behaviours help build a work environment where everyone feels respected and valued for their unique contributions. This not only enhances employee satisfaction but also drives innovation and better decision-making. To reflect the importance of engaged lead- ers to our operation, our short-term incentive programme includes ESG-related metrics (Environment, Social & Governance) for all eligible managers. This promotes managers to focus both on financial performance and on ESG performance. By tying incentives to ESG metrics, we reinforce our commitment to sustainable practices and responsible leadership. Friday, 13:46 DFDS Annual Report 2025 Intro, letter & outlook 24 / 215 Value creation Facilitating business and trade by transporting goods Creation of stable jobs and safe workplaces Shareholder return Proactive driver of green transformation Provider of a vital infrastructure of ferry routes Connecting people in countries and regions separated by sea Ferry Freight routes Combined freight and passenger routes Port terminals Road & Rail Full-loads, FTL Part-loads, LTL Rail Logistics Solutions Contract logistics / warehousing Customs Control towers We provide ferry, road & rail transport and complementary logistics solutions Resources People Truck drivers and warehouse staff Seafarers and port terminal staff Digital impactors Office challengers Transport equipment and facilities Ferries Trucks and trailers Warehouses and distribution centres Energy Fossil and sustainable fuels Financing Equity Loans Business model DFDS Annual Report 2025 Purpose, strategy & ambitions 25 / 215 Performance DFDS Annual Report 2025 Performance 26 / 215 The ferry network underwent several large changes in 2025 amid a market environment with subdued demand across northern Europe while demand in southern European markets continued to grow. The network was expanded by a new freight ferry route between the Netherlands and Spain as well as a full-year of operations on the route opened in late 2024 between Egypt and Italy. In addition, ferry services for the island of Jersey across four routes were started in March 2025 following the award of a 20-year operating concession. A new space charter agreement was late in 2025 entered into on the Baltic Sea to improve efficiency and scope to mitigate the impact of the war in Ukraine. A longstanding space charter agreement on Gothenburg-Zeebrugge was extended for five years with CLdN. The important partnership with the Danish Defence was extended for six years. 2025 was a successful year for Strait of Gibraltar, despite an exit from the Tarifa-Tanger Ville pas- senger route, driven by more efficient operations and continued market growth. An agreed expan- sion in 2026 of the main route, Algeciras-Tanger Med, with two ferries awaits regulatory approval. The North Sea market was overall stable although the general slowdown in European industrial volume led to a 2% decline in volumes compared to 2024. Despite the lower volumes the route contribution was increased in 2025 although this was offset by higher operating costs, mainly net bunker and ferry costs. The Mediterranean network returned to profit in Q4 2025 following significantly lower earnings in the first half-year and to a lesser extent in Q3 2025. The year's earnings progression reflects the adaptation of the network through the year to a disruptive change in the competitive environment. This was caused by a new competitor's entry of Earnings lowered by more competition, cost pressures, and route changes Mediterranean network adapted to new competitive environment Two new freight routes opened Jersey ferry services launch completed within shortened timeframe Continued organic growth for onboard passenger sales Ferry Division Head of Ferry Division Mathieu Girardin Business units North Sea Mediterranean Channel Baltic Sea Strait of Gibraltar 17.0bn Revenue de creased 5% to DKK 0.8bn EBIT decreased 48% to DKK 6,386 Ferry people (FTE) DFDS Annual Report 2025 Performance 27 / 215 The launch of Jersey ferry services end of March 2025 was completed within a shortened time- frame following several changes in the tender pro- cess. Route operations were launched in a timely manner but at extra cost to procure the required tonnage as well as commercial and operational teething issues. The financial result for the first year was below expectations. Baltic Sea freight volumes increased overall 2% in 2025 reflecting improved market positions and customer agreements in some areas. The pas- senger market picked up in 2025 and our network transported 4% more passengers. Financial performance The Ferry Division’s revenue decreased 4.8% to DKK 16,999m and decreased 1.7% adjusted for bunker surcharges and route changes. The latter include: exit from one route on Strait of Gibraltar, sale of the Oslo-Frederikshavn-Copenhagen route, start of Jersey routes, and two new freight routes. The adjusted decrease was due to lower revenue in the Mediterranean business unit that offset higher revenue in all other business units. The Division’s EBIT decreased 48.1% or DKK 734m to DKK 791m and decreased DKK 590m or 42.9% adjusted for route changes and one-off items. The majority of the EBIT decrease was due to a lower result for the Mediterranean business unit, higher four freight ferries (RoRo) between Istanbul and Trieste. To adapt to the changed ferry capacity in the market, our sailing frequency on Istanbul- Trieste was reduced to six weekly departures through removal of three ferries from the route by year-end. A new pricing model was introduced from September 2025 to gradually restore pricing to sustainable levels. A rebalancing of the market is expected to continue through 2026. Channel's existing activities, i.e. excluding the new Jersey routes, performed below 2024. The number of passengers decreased, but this was offset by a continued increase in the average revenue per passenger driven by competitive duty-free sales offerings on board and on land. Freight volumes declined 2% with pricing overall slightly up. Ferry Division DKK m 2025 2024 ∆ ∆ % Revenue 16,999 17,858 -859 -4.8% Freight 1 13,104 13,138 -34 -0.3% Passenger 1 3,895 4,720 -825 -17.5% Other income 119 - 119 n.a. Operating costs 10,075 10,162 -87 -0.9% Ferry operations 2,859 2,781 78 2.8% Bunker 2,589 2,992 -403 -13.5% Port terminal operations 3,864 3,697 167 4.5% Transport and warehouse solutions 763 692 71 10.2% Employee costs 2,848 2,899 -51 -1.8% General and administration external costs 1,313 1,284 29 2.3% EBITDA 2,883 3,514 -630 -17.9% Other income/costs, net 32 -8 40 513.3% Depreciation and impairment 2,066 1,927 139 7.2% EBITA 850 1,578 -728 -46.2% Amortisation 59 53 5 10.2% EBIT 791 1,525 -734 -48.1% Invested capital, end of period 21,002 21,941 -939 -4.3% EBITDA-margin, % 17.0 19.7 -2.7 n.a. EBIT-margin, % 4.7 8.5 -3.9 n.a. CAPEX (excl. acquisitions) 810 907 -97 -10.7% ROIC BAI, %, LTM 5.0 8.8 -3.7 n.a. ROIC, %, LTM 3.3 6.5 -3.1 n.a. Average number of employees 6,386 6,934 -548 -7.9% Number of ferries 68 70 -2 -2.9% Lane metres, '000 41,482 41,611 -129 -0.3% North Sea 2,3 13,434 13,646 -213 -1.6% Mediterranean 5,319 5,469 -150 -2.7% Channel 4 16,910 16,870 40 0.2% Baltic Sea 3,607 3,532 75 2.1% Strait of Gibraltar 2,212 2,094 118 5.6% Capacity utilisation freight, % 63 61 2 n.a. Number of cars, '000 1,410 1,559 -149 -9.6% Passengers, '000 5,247 6,747 -1,500 -22.2% 1 Revenue split was updated in 2024 to reflect changes following acquisition of FRS Iberia/Maroc Group. 2 2024 includes volumes for the Oslo-Frederikshavn- Copenhagen route. 3 2024 restated to fully include volumes for the Oslo-Zeebrugge- Immingham route. 4 2024 restated to fully include volumes for the Amsterdam- Newcastle route. operating costs, a net negative impact from route changes, including the launch of the Jersey ferry services, and redundancy costs. The cost of bunker was DKK 2.6bn in 2025. Around 94% of the bunker consumption is commercially hedged through bunker clauses (BAF: bunker adjustment factor) in freight customer contracts. Hedging of USD is included in the BAF. The BAF- coverage lags the actual cost by 1-2 months as the surcharge is adjusted on a monthly basis through the year. The remaining consumption is used on passenger routes. The return on invested capital, ROIC, decreased to 3.3% in 2025 from 6.5% in 2024. Invested capital – ferry fleet and port terminals The invested capital was decreased 4.3% or DKK 0.9bn to DKK 21.0bn at year-end 2025. The invested capital includes ferries of DKK 12.9bn and port terminals of DKK 2.6bn. Intangible assets accounted for DKK 6.4bn. At the end of 2025, the ferry route network deployed 68 ferries, including two side-port and container ships, of which 72%, or 49 ferries, were owned and 19 were chartered in for varying periods. Two ferries will be added to the fleet in 2026 if the agreed transaction with Naviera Armas is approved, see more information below. DFDS Annual Report 2025 Performance 28 / 215 and Klaipeda-Travemünde. The agreement has enabled both parties to reduce sailings/costs to mitigate the continued market headwinds from the war in Ukraine while improving the customer offering. On the Strait of Gibraltar, the concession to operate the Tarifa-Tanger Ville passenger route was not renewed by the Port of Tarifa in 2024 and the route was exited in early May 2025. The two high-speed crafts deployed on the route were instead deployed on the new Jersey routes. In August 2025, an agreement was entered into to purchase part of the assets of Naviera Armas’ Strait of Gibraltar ferry operations, including one combined freight and passenger ferry (RoPax) and one highspeed catamaran ferry (HSC). The transaction remains subject to regulatory approvals. Digitisation The digital transformation advanced in 2025 focused on customer connectivity as well as ferry and port terminal operations. On the freight side, self-service capabilities were added to the exist- ing platform allowing customers to amend book- ings digitally, improving flexibility and efficiency. On the passenger side, a new online booking platform was launched and the passenger mobile application was enhanced. Digital pricing models were improved through machine learning to Port terminals are owned and/or operated in eight strategic locations. Market and competitive landscape The competitive landscape underwent changes in some regions in 2025. A significant amount of freight ferry capacity was deployed on the corridor between Türkiye and Italy by a competitor from mid-September 2024. Four ferries were in total deployed by year-end 2025. This disrupted market dynamics, including pricing, for both ferry and road transport com- panies. The market is split 51/49 between ferry and road transport. The share of ferry transport has been increased five ppt since the beginning of 2024. The market is expected to continue to rebalance through 2026 and competition is likely to remain elevated during 2026. Given the Turkish market’s size and growth prospects for both ferry and road transport, the additional ferry capacity's impact is foreseen to reduce longer term. To enhance the efficiency and scope of our Baltic Sea ferry network, a space charter agreement with TT Line was entered into in August 2025, effective from October 2025. The agreement includes the combined freight and passenger (RoPax) route Karlshamn-Klaipeda that both parties operate today as well as access to ca- pacity on two TT Line routes: Klaipeda-Trelleborg deliver more personalised and competitive offer- ings to customers. In terminal operations, AI-driven solutions to predict dwell times for import units were imple- mented. This reduced the number of secondary terminal moves by more than five percentage points, contributing to smoother operations and cost savings. For ferry operations, a machine learning-based solution was developed to predict optimal sailing speeds. The solution has already achieved fuel consumption reductions, lowering both costs and emissions. Ferry vessel market The tight tonnage situation seen during the past years in the market for chartering and sale/purchase of newer ferries eased some- what during 2025 with some operators offering medium to lower range of the large size vessels for relet or sale. Freight ferries (RoRo): A few vessels in both the small and large segments were delivered during the year and have entered operations. The charter rates remained on level with or slightly up on 2024 levels. Sales activity increased of mostly smaller and medium sized ferries. European operators took Key freight customers are forwarders and hauliers for port-to-port transport of trail- ers with or without the driver accompanying the trailer. Heavy industrial goods are transported directly for manufacturers using trailer equivalents, e.g. cassettes to transport paper and steel. Finished vehicles are also transported. Rail transport from select ports. Passengers can bring own cars and most routes also transport foot passengers. The passenger routes are a mix of overnight routes and short-sea routes with a crossing time of a couple of hours. Frequency and network scale → 39,632 annual departures → 19 freight-only routes (RoRo) → 14 combined freight and passenger routes (RoPax) → 41.5 million lane metres transported → 5.2 million passengers and 1.4 million cars Ferry capacity → 68 ferries → 109 sailings per day Port terminal access → 47 ports of call → 8 port terminals owned and/or with own operations DFDS Annual Report 2025 Performance 29 / 215 Ferry fleet overview, year-end 2025 Total fleet Freight ferries (RoRo) Sideport ships Freight & passenger ferries (RoPax) Cruise ferries High- speed craft (HSC) Ownership share, % Average age of owned ships, yrs North Sea 20 18 2 - - 70 17 Mediterranean 18 18 - - - - 78 17 Channel 16 1 - 11 2 2 75 23 Baltic Sea 6 1 - 5 - - 83 17 Strait of Gibraltar 5 1 - 3 1 40 28 Chartered out ferries 3 2 - 1 - - 67 30 Ferry Division 68 41 2 20 2 3 - - delivery of three large ferries while a few older ferries were scrapped. The orderbook up to and including 2027 comprises eight mostly smaller ferries for delivery to non-direct competitors. Demand in the charter market for especially larger and fuel-efficient freight ferries is expected to remain high during 2026. Combined freight and passenger ferries (RoPax): The demand for combined ferries with an over- weight of freight capacity remained on level with 2024, even though several older RoPax ferries were open in the market. Ferry sales were also in 2025 on level with earlier years. Charter activity was limited as only few ferries were open for re- newal and especially newer tonnage is scarce. In 2025, five new-buildings comparable to DFDS- type ferries (RoPax) were delivered to compet- itors. The order book up to and including 2027 comprises ten ferries of which around a third po- tentially could be deployed on competing routes. Demand in the charter market for especially larger and fuel-efficient freight ferries is expected to remain high during 2026. Monday, 17:30 Our transport network is mainly structured around trading corridors that overlap with our ferry routes. The shipment bound for Barton- under-Needwood is transported to our port terminal in Vlaardingen in the Netherlands where it is loaded on to one of our freight ferries. To keep everything running efficiently, our route planners monitor traffic flows and ensure optimal use of our truck fleet. The truck driver is responsible for delivering the unit safely to the terminal, completing the necessary check-in procedures, securing the cargo, and ensuring all documentation is in order. DFDS operates around 3,000 trucks and more than 13,000 trailers DFDS has deployed 147 electric trucks in 8 markets What we do On road – transport to port DFDS Annual Report 2025 Performance 30 / 215 North Sea Mediterranean Channel Baltic Sea Strait of Gibraltar Head of business unit Jacob Andersen Lars Hoffmann Filip Hermann Filip Hermann Ronny Moriana Glindemann Share of Division’s revenue 2025 ¹ 27% 23% 31% 8% 6% Routes – Gothenburg-Brevik/Immingham – Gothenburg-Brevik/Ghent – Gothenburg-Zeebrugge – Esbjerg-Immingham – Cuxhaven-Immingham – Vlaardingen-Felixstowe – Vlaardingen-Immingham – Oslo Fjord-Zeebrugge-Immingham – Rotterdam-Vilagarcia – Istanbul (Pendik)-Trieste/Martas/Bari/ Patras – Istanbul (Yalova)-Sète/Izmir – Mersin-Trieste – Damietta-Trieste – Marseille-Tunis – Amsterdam-Newcastle – Dover-Dunkirk – Dover-Calais – Newhaven-Dieppe – Rosslare-Dunkirk – Jersey-Portsmouth – Jersey-Poole – Jersey-St. Malo – Fredericia/Copenhagen-Klaipeda – Karlshamn-Klaipeda – Kiel-Klaipeda – Kapellskär-Paldiski – Muuga-Vuosaari (freight agreement) – Trelleborg-Klaipeda (space charter) – Travemünde-Klaipeda (space charter) – Algeciras-Ceuta – Algeciras-Tanger Med Ferries – 18 RoRo – 2 side-port & container ships – 18 RoRo – 11 RoPax, 1 RoRo – 2 cruise ferries – 2 HSC – 5 RoPax – 1 RoRo – 3 RoPax – 1 RoRo – 1 HSC Port terminals (owned and/or own operations) – Brevik – Ghent – Gothenburg (joint venture) – Immingham – Vlaardingen – Istanbul, Pendik – Trieste – Dunkirk Main customer segments – Forwarders & hauliers – Manufacturers of heavy industrial goods (automotive, forest and paper products, metals, chemicals) – RDF (refuse derived fuel) – Forwarders & hauliers – Forwarders & hauliers – Car passengers – Leisure passengers – Coach operators – Forwarders & hauliers – Manufacturers of heavy industrial goods (automotive, forest products, metals) – Car passengers – Car passengers – Forwarders & hauliers Main market areas – Benelux – Denmark – Germany – Norway – Sweden – UK – Germany, Italy, France, Spain, and other Continental Europe – Tunisia – Türkiye and adjacent countries – France – Netherlands – Germany – Other continental Europe – Ireland – UK – Baltic countries – Denmark – Finland – Germany – Sweden – Morocco – Spain – France – Benelux – Germany Main competitors – CLdN – P&O Ferries – Road, short-sea container, and rail transport – Stena Line – CMA-CGM – Cotunav – Grimaldi – Road, short-sea container, and rail transport – Ulusoy – Brittany Ferries – Eurotunnel – Irish Ferries – P&O Ferries – Finnlines – Road and rail transport – Stena Line – Tallink Silja – Transfennica – TT Line – Africa Morocco Link (AML) – Armas Trasmediterránea – Baleària 1 Shares do not add up to 100% as Non-allocated revenue items are not included in the table. Ferry Division overview DFDS Annual Report 2025 Performance 31 / 215 The strategic priority of focusing on profit-over- growth was raised in 2025 in response to contin- ued challenging market conditions for both trans- port and logistics solutions. Demand remained overall flat as sentiment among industrials and consumers was held back by geopolitical and macroeconomic uncertainties. Organic growth of 9% was achieved in partnership with the top 30 Enterprise customers – large cus- tomers using multiple products of the network – underpinned by the transport network’s reliability and high customer service levels. Improving financial performance was a key objec- tive for 2025 driven by two defined focus areas: Delivering on Boost turnaround projects initiated in 2024 and turning Türkiye & Europe South around to breakeven. Good progress was made on the Boost projects in 2025 as seven of eight business areas became profitable again during the year. The turnaround of one project – the Danish domestic cold chain activities – will continue in 2026. Margin pressures intensified in 2025 for both transport and logistics activities driven by a combination of capacity oversupply, a weak demand-side, and shorter tender cycles. This impacted especially the northern and continental markets of the network. The UK & Ireland business unit achieved organic growth overall in 2025 on the back of commercial wins and high customer service levels. Margins for some activities were challenged by cost pressures but the overall margin was maintained at a rea- sonable level. The Nordic and Continent business units were in 2025 focused on adapting operations to a low- growth market environment. Transport capac- ity was reduced through the year and several Earnings improved adjusted for acquisitions and one-off items Boost projects progressed well, seven of eight projects profitable Significant loss for Türkiye & Europe South in first full year Organic growth achieved for large Enterprise customers Logistics Division Head of Logistics Division Niklas Andersson Business units Nordic Continent UK & Ireland Türkiye & Europe South 15.7bn Revenue increased 18% to DKK -0.0bn EBIT decreased DKK 230m to DKK 8,709 Logistics people (FTE) DFDS Annual Report 2025 Performance 32 / 215 activities were closed or restructured in 2025 as part of the Boost projects. Overall earnings were severely challenged in the first half-year by mar- ket headwinds for specific regions, especially the Baltics and eastern Europe, and for certain industrials, among others the automotive sector. Earnings were improved in the second half-year but remain at too low levels. On the back of the Boost projects and adaptations made in 2025, both the Nordic and Continent business units are expected to continue to improve in 2026. 2025 was the first full year of operations for TES (Türkiye & Europe South), the Turkish transport company acquired in 2024 to expand the network in a high-growth region supported by nearshoring of supply chains closer to Europe. The addition also extends the proven northern European ferry/ road business model to the region, of which one key strength is the ability to reliably transport large industrial trailer flows. The initial financial objective for TES was to reach a breakeven result towards the end of 2025. At the end of Q2 2025, this objective was postponed as it became evident that TES’ commercial and operational challenges would take longer to turn around. This is partly due to Türkiye's continued effort to combat infla- tion which is lowering domestic consumption and thereby trade flows, a slowdown among European industrials, including the automotive sector, and lastly unfavourable developments in the Turkish transport market owing to the disruption caused by the entry of excess ferry capacity. TES’ turnaround is thus contingent on both inter- nal actions and external market forces which has increased uncertainty about the duration of TES’ turnaround. At this point in time, TES is expected to remain lossmaking through 2026. Logistics Division DKK m 2025 2024 ∆ ∆ % Revenue 15,723 13,348 2,375 17.8% Operating costs Transport and warehousing costs 10,305 8,646 1,659 19.2% Gross profit 5,418 4,703 716 15.2% General and administration external costs 775 756 18 2.4% Employee costs 3,665 2,910 755 25.9% EBITDA 979 1,036 -57 -5.5% Other income/costs, net 78 40 37 92.5% Depreciation and impairment 1,004 794 210 26.4% EBITA 52 282 -230 -81.4% Amortisation 83 82 0 0.6% EBIT -30 200 -230 -115.2% Gross profit margin, % 34.5 35.2 -0.8 n.a. EBITDA-margin, % 6.2 7.8 -1.5 n.a. EBIT-margin, % -0.2 1.5 -1.7 n.a. Invested capital, end of period 7,630 8,940 -1,310 -14.6% CAPEX (excl. acquisitions) 654 573 81 14.1% ROIC BAI, %, LTM -1.0 4.2 -5.2 n.a. ROIC, %, LTM -1.6 1.5 -3.1 n.a. Average number of employees 8,709 6,146 2,563 41.7% Financial performance The Logistics Division’s revenue increased 17.8% to DKK 15,723m and decreased 1.8% adjusted for acquisitions compared to 2024. The adjusted revenue included higher revenue in UK & Ireland, driven by organic growth, offset by lower revenue in Nordic and Continent reflecting a mix of positive organic growth in certain areas and DFDS Annual Report 2025 Performance 33 / 215 lower revenue from activity adjustments/closures and market headwinds. The Division’s EBIT was a loss of DKK 30m compared to a profit of DKK 200m in 2024. EBIT increased 15.1% or DKK 39m to DKK 299m adjusted for acquisitions and one-off items compared to 2024. The adjusted EBIT increase was mainly due to a higher result for the Nordic business unit driven by progress on several Boost projects. UK & Ireland achieved a result on level with 2024 despite a challenging year for the Scottish cold chain activities. Continent’s result was below 2024 due to considerable negative impacts on the first half- year result from automotive activities and lower cold chain export volumes to the UK. The latter was caused by a German outbreak of FMD (Foot & Mouth Disease). Continent’s result second half- year result was above 2024. The 2025 result for TES was a significant loss driven by low utilisation of own transport capacity, insufficient cost coverage, unresolved operational complexities related mainly to rail, and unfavour- able market conditions. The return on invested capital, ROIC, decreased to -1.6% in 2025 from 1.5% in 2024. ROIC was 2.6% adjusted for acquisitions. Monday, 19:25 When the shipment arrives at our port terminal in Vlaardingen near Rotterdam in the Netherlands, the truck driver checks in at the gate – with an option to use the DFDS driver app which speeds up the process – and receives a digital ticket with precise drop-off instructions. From there, our tugmasters take over, moving the trailer and loading it onto the freight ferry. In less than 4 hours, we can turnaround a fully loaded ferry carrying around 260 trailers. Every step of this process is guided by advanced digital systems, ensuring efficiency and accuracy. Our systems also predict trailer arrivals and pick-ups, enabling us to optimise terminal capacity and flow and reduce dwell time. “We want to load and unload the ferries as quickly and safely as possible, and digital technology is crucial in that regard. We also provide real-time updates to customers, so they know exactly when their shipment has been cleared for delivery and pick up ” says Richard van Kleef, Terminal Director, Vlaardingen. Quick loading and unloading not only help us meet delivery schedules. They also allow ferries to sail at optimal speeds, reducing fuel consumption and CO₂ emissions. Check in time at the gate: 25-90 seconds DFDS moves around 450,000 freight units annually in Vlaardingen DFDS owns and/or operates 8 major port terminals in and around Europe What we do At departure port – loading on ferry DFDS Annual Report 2025 Performance 34 / 215 Invested capital – transport equipment and intangibles The invested capital was decreased 14.6% to DKK 7.6bn by year-end 2025. Intangible assets accounted for DKK 3.1bn of the invested capital, including goodwill of DKK 2.4bn. At year-end 2025, the total logistics network deployed 13.7k trailers, 2.7k containers, and 3.0k trucks, including 149 e-trucks. The majority of the equipment was owned. Warehousing capacity was during the year reduced on the Continent and to a lesser extent in the UK. Land and facility asset capital was thus reduced 4.7% to DKK 1.7bn of which DKK 0.8bn are owned facilities. Market and competitive landscape Market participants are a mix of global and pan-European transport and logistics companies as well as smaller, regional companies special- ised in certain geographic corridors, transport modes, and/or customer segments. Digital forwarding platforms continue to develop their business models focused on offering portals supporting competitive pricing, tracking and visibility, easy invoicing and payment processes, and speed of service. A major competitive landscape event in 2025 was DSV’s acquisition of DB Schenker. The European road transport and logistics market is regardless expected to remain a structurally fragmented market. In the second half of 2025 road transport capac- ity started to decline in response to the slowdown in demand and increasing financial hardship for carriers. A number of smaller and medium-sized carriers exited the market during 2025 and others have reduced fleets or postponed investments. Supply-side capacity and flexibility are also im- pacted by driver shortage issues in some regions. Following the decline in transport capacity, demand picked up for longer-term contracts versus spot contracts towards the end of the year. Digital tools are becoming more widespread, including shipment visibility and predictive analytics, to help carriers and customers manage resources more effectively. In 2025, tender cycles continued to shorten despite the declining capacity which is underpinning demand-side price pressure in the market. Carrier costs are expected to continue to rise driven by regulations, emissions reporting, toll systems, and sustainability requirements. This is expected to support further consolidation of the road transport sector. Key customers are food producers, industrials, FMCG, retailers, and the automotive sector. The international trans- port solutions offered are focused on corridors that overlap DFDS’ own ferry route network providing capacity and asset- backed reliable end- to-end solutions. Goods are primarily moved in trailers while container solutions are offered in select corridors as well. For larger customers with complex supply chains, transport solutions are bundled with comple- mentary products such as warehousing, control towers, and customs. 5 core products → Full-load (FTL) transport → Part-load (LTL) transport → Contract logistics/warehousing → Customs → Control towers Network scale 90 locations of which: → 54 warehouses → 14 customs offices Equipment → 13,700 trailers → 3,000 trucks Digitisation Logistics’ digital transformation advanced through the AI-powered Planning Efficiency and Automation initiative. A key focus was the development of the Assisted Route Building Optimization tool, designed to reduce planning time and lower total driven kilometres across operations. The first steps to use generative AI were taken by enabling AI agents to interact directly with spot-market portals to strengthen transport-flow balances. This is expected to start yielding results during 2026. In parallel, a Part Load foundation was laid across core systems, enabling implementation of an integrated cross dock solution and contrib- uting, along with other initiatives, to achieving a 95% tracking rate. The DFDS license to operate was secured by ensuring full compliance with new EU directives such as ViDA (VAT in the Digital Age, EU reform package) and ICS2 (EU Import Control System 2), both of which carry substantial implications for operational security and cost avoidance. DFDS Annual Report 2025 Performance 35 / 215 Logistics Division overview Nordic Continent UK & Ireland Türkiye & Europe South Head of business unit Morgan Olausson Michael Bech Allan Bell Martin Gade Gregersen (until end February 2026) Share of Division’s revenue 2025 25% 30% 27% 18% Key transport flows and other activities – Scandinavia-UK/Ireland – Scandinavia-Baltics/Eastern Europe – Scandinavia-continental Europe (cold chain) – Domestic contract logistics & distribution: Denmark, Sweden – Continent-Scandinavia – Continent-UK/Ireland/Northern Ireland – Domestic contract logistics & distribution: Belgium, Germany, Netherlands, Poland – Northern Ireland-UK – Scotland-England/overseas – Domestic contract logistics & distribution: England, Ireland, Northern Ireland – Türkiye-continental Europe – Domestic contract logistics & distribution: France, Romania Transport equipment 2,852 trucks 149 e-trucks 10,054 trailers 3,656 reefer trailers 2,731 containers Warehouses & distribution centres – 9 – 13 – 18 – 14 Main customer segments – Automotive – Food & beverage producers, including fresh foods – Manufacturers of industrial goods, including metals and paper – Renewables – Retail – Automotive – Construction – FMCG – Food & beverage producers, including fresh foods – Manufacturers of industrial goods – Food & beverage producers, including fresh foods – Retail – Automotive – Clothing/textile – FMCG – Manufacturers of industrial goods Main market areas – Baltic region – Denmark – Finland – Norway – Sweden – Belgium – Czech – France – Germany – Netherlands – Poland – England – Ireland – Northern Ireland – Scotland – Continental Europe – Türkiye Main competitors – Blue Water – DHL – DSV – Green Carrier – LKW Walter – Nagel – NTEX – NTG – Schenker – CLdN – DSV – Ewals Cargo Care – LKW Walter – NTEX – P&O Ferrymasters – Short-sea container carriers – Waberers – ACS&T Logistics – DHL – STEF – XPO Logistics – Yearsley Food – Borusan Lojistik – Mars Logistics – Netlog Logistics – Sarp Intermodal DFDS Annual Report 2025 Performance 36 / 215 Other income in 2025 was an insurance compen- sation of DKK 116m for the total constructive loss (TCL) of a freight ferry. EBITDA Operating profit before depreciation, EBITDA, decreased 15.7% or DKK 698m to DKK 3,743m and decreased 14.2% or DKK 639m adjusted for acquisitions and a one-off redundancy cost of DKK 97m from a groupwide cost reduction pro- gramme initiated in Q4 2025. The Ferry Division’s EBITDA decreased 17.9% or DKK 630m to DKK 2,883m. The result included a redundancy cost of DKK 23m. The Logistics Division’s EBITDA decreased 5.5% or DKK 57m to DKK 979m and decreased 4.2% or DKK 46m adjusted for acquisitions and a redun- dancy cost of DKK 49m. Reporting structure DFDS’ activities are organised in two divisions: The Ferry Division and the Logistics Division. Non- allocated Group items consist of corporate costs not allocated to either division. Revenue Revenue increased 4.0% to DKK 30.9bn in 2025 as higher revenue in the Logistics Division offset lower revenue in the Ferry Division. The Group’s organic revenue growth was -3.1% in 2025. The Ferry Division’s revenue decreased 4.8% to DKK 17.0bn and decreased 1.7% compared to 2024 adjusted for bunker surcharges, acquisi- tions, divestments, and route changes. The Logistics Division’s revenue increased 17.8% to DKK 15.7bn and decreased 1.8% compared to 2024 adjusted for acquisitions. 4% revenue growth driven by full-year impact of acquisitions and route changes Earnings decreased significantly in both divisions Adjusted free cash flow increased to DKK 1.2bn NIBD reduced by DKK 1.9bn Financial review 30.9bn Revenue DKK 29.2bn Invested capital DKK 1.2% ROIC 4.1x Debt-to-earnings ratio DFDS Annual Report 2025 Performance 37 / 215 Non-allocated cost items increased to DKK -120m compared to DKK -109m in 2024. The 2025 result included a redundancy cost of DKK 25m. Associates and gain/loss on asset sales The total income from share of profits from asso- ciates and net gains on sale of assets increased in 2025 by DKK 78m to DKK 112m of which DKK 51m was related to a gain from exercising purchase options for three Swedish warehouses that were subsequently sold and leased back. In addition, a sale of a freight ferry provided a gain of DKK 37m. These risks are described and reported in Note 4.1 on pages 157-161 . Tax and the annual result The ferry activities of the Group are covered by tonnage tax schemes in Denmark, Norway, the Netherlands, Lithuania, France, and Türkiye. The tax Depreciation and EBITA Depreciation increased 8.3% or DKK 232m to DKK 3,023m and decreased 0.6% or DKK 18m adjusted for acquisitions and divestments. The adjusted decrease was driven by lower depre- ciation in the Logistics Division offset by higher depreciation in the Ferry Division following mainly the addition of the Jersey routes. Impairment and write-downs were DKK -84m in 2025 following a write-off of DKK 83m for the TCL of a freight ferry. The Group’s EBITA decreased 56.5% or DKK 969m to DKK 747m. Amortisation and EBIT Amortisation increased 8.2% or DKK 17m to DKK 227m partly due to an increase in software amortisation. The Group’s EBIT decreased 65.5% or DKK 986m to DKK 520m. Financing The net cost of financing decreased 0.6% or DKK 5m to DKK 818m compared to 2024. The net interest cost decreased 4.8% or DKK 39m to DKK 765m. The net interest cost on net financial debt decreased DKK 42m to DKK 475m due to lower debt as the average interest rate remained on level with 2024. The net interest cost on leasing debt increased slightly by DKK 3m to DKK 290m due to a higher interest rate on new leasing contracts as the average debt level decreased compared to 2024. Currency adjustments was a loss of DKK 18m in 2025 while they were an income of DKK 25m in 2024. Other financial costs decreased DKK 10m to DKK 35m in 2025. DFDS is exposed to a range of financial risks relat- ed primarily to changes in exchange rates and interest rates. DFDS is also exposed to liquidity risks in terms of payments and counterparty risks. Revenue Invested capital, end of period Turnover rate, invested capital 2023 2024 2025 Revenue and invested capital EBITDA per quarter 1,800 1,200 600 0 Q4 Q3 Q2 Q1 DKK m 35 25 15 5 0 1.6 1.2 0.8 0.4 0 2021 2022 2023 2024 2025 DKK bn Times on the annual profit was a total cost of DKK 127m. The tax cost was negatively impacted by non-capi- talised tax losses and increased non-tax-deductible interest expenses. The net result for the year was a loss of DKK 425m, a decrease of DKK 965m compared to 2024. Revenue DKK m 2025 2024 ∆ ∆ % Ferry Division 16,999 17,858 -859 -4.8 Logistics Division 15,723 13,348 2,375 17.8 Eliminations etc. -1,775 -1,453 -322 22.2 DFDS Group 30,947 29,753 1,194 4.0 EBIT DKK m 2025 2024 ∆ ∆ % Ferry Division 791 1,525 -734 -48.1 Logistics Division -30 200 -230 -115.0 Non-allocated items -241 -219 -22 10.0 DFDS Group 520 1,506 -986 -65.5 EBIT-margin, % 1.7 5.1 -3.4 n.a. DFDS Annual Report 2025 Performance 38 / 215 and closure of activities as well as redelivery of chartered freight ferries and sale of a freight ferry. Depreciation exceeded in addition capex and the initiation of a factoring programme reduced receivables. The Group’s invested capital decreased 7.4% or DKK 2.3bn to DKK 29.2bn from year-end 2024. The Ferry Division’s invested capital decreased 4.3% or DKK 0.9bn to DKK 21.0bn driven mainly by depreciation above capex, fleet reductions, and lower net working capital. These reductions were offset by a goodwill transfer of DKK 1.1bn from the Logistics Division. The Logistics Division’s invested capital de- creased 14.6% or DKK 1.3bn to DKK 7.6bn due to transport capacity reductions, activity closures, and a lower working capital as well as the above mentioned goodwill transfer. Non-allocated invested capital decreased DKK 0.1bn to DKK 0.6bn in 2025 following a net working capital decrease. The Group’s net working capital decreased DKK 0.9bn to DKK -1.2bn at year-end 2025 from DKK -0.2bn at year-end 2024. The decrease was driven by initiation of the factoring programme and other initiatives taken during the year to reduce the net working capital. Financial performance vs outlook expectations The revenue increase in 2025 of 4.0% to DKK 30.9bn was below the latest revenue growth outlook of around a 5% increase following lower than expected revenue growth in Q4 2025. The EBIT outlook range for 2025 was in November 2025 reduced to DKK 0.6-0.75bn compared to an initial outlook of around DKK 1.0bn released in January 2025. It was furthermore announced in November that the revised outlook range would be lowered by a one-off cost of around DKK 100m due to the initiation of a cost reduction programme. The EBIT for 2025 of DKK 0.52bn was thus in line with the lower end of the latest outlook range, including the one-off cost. The 2025 outlook for the Adjusted free cash flow was lowered to around DKK 0.9bn from around DKK 1.0bn in November 2025. The Adjusted free cash flow for 2025 of DKK 1.2bn thus exceeded the latest expectation driven mainly by a higher than expected positive cash flow impact from working capital. Capital Assets and invested capital Total assets amounted to DKK 37.1bn at year- end 2025, a decrease of 5.5% or DKK 2.2bn compared to 2024 due to primarily divestment 32 28 24 20 16 12 8 4 0 -2 2024 2025 Net working capital Goodwill Other intangible assets Other assets Leased assets Cargo carrying equipment Terminals, land and buildings Ferries and other ships Invested capital DKK bn, year-end Debt – financial and leasing Financial debt (mortgages, bank loans, bonds) decreased 8.2% or DKK 1.1bn to DKK 11.8bn following primarily repayment of bank loans and mortgage reductions linked to fleet reductions. The share of fixed-rate financial debt was 47% at year-end 2025. Leasing debt decreased 11.3% or DKK 0.7bn to DKK 5.2bn owing mainly to redelivery of chartered ferries and lower port terminal liabilities. Net interest-bearing debt (NIBD) decreased 11.3% or DKK 1.9bn to DKK 15.3bn at year-end 2025. Excluding leasing debt, the net inter- est-bearing debt decreased 11.3% or DKK 1.3bn to DKK 10.1bn. Capital structure The debt/equity ratio was lowered to 52/48 at year-end 2025 from 55/45 in 2024, and the equity ratio was increased to 36.2% from 35.4% in 2024. The positive development in the debt level reflects the initiatives to reduce debt and the net working capital improvement. Financial leverage, as measured by the debt-to- earnings ratio NIBD/EBITDA, was 4.1x at year-end 2025 up from 3.9.x in 2024. The leverage is elevated by the current earnings level decline. DFDS’ Board of Directors regularly assesses the capital structure in view of both current and DFDS Annual Report 2025 Performance 39 / 215 Equity and deferred tax Net interest-bearing debt 2021 2023 2022 2024 2025 100 75 50 25 0 %-share of invested capital expected future earnings as well as future invest- ment requirements, including acquisitions. The capital distribution policy, distribution in 2025, and the distribution proposal for 2026 are reported on page 53 . Equity Equity amounted to DKK 13,447m at year-end 2025, including non-controlling interests of DKK 77m. This was a decrease of 3.2% compared to year-end 2024. Total comprehensive income for 2025 was DKK -469m. There were no material transactions with owners in 2025. Impairment test Based on the impairment tests performed in 2025 of the Group’s non-current intangible and tangible assets, no impairments or reversals were rec- ognised, apart from the mentioned write-off of a freight ferry declared a total constructive loss. The impairment tests are described in greater detail in Note 3.1.4 on pages 148-149 . Management acknowledges that, given inherent uncertainties in estimating value-in-use, the results of impairment tests are subject to significant recognition and measurement risk. The reliance on projected improvements in TES perfor- mance – dependent on both internal turnaround initiatives and external market conditions – further increases the overall level of uncertainty. Capital structure Parent company key figures The revenue of the parent company, DFDS A/S, was DKK 11,295m in 2025 and the profit before tax was DKK -900m. Total assets at year-end 2025 amounted to DKK 26,217m and the equity was DKK 9,932m. ROIC Return on invested capital The Group’s ROIC was 1.2% in 2025 compared to 4.4% in 2024 as the return decreased in both the Ferry Division and the Logistics Division. The ROIC is calculated after tax. The Group’s ROIC before acquisition intangibles was 2.3% in 2025 compared to 6.6% in 2024. DFDS’ cost of capital (WACC) is calculated at 7%. The Ferry Division’s ROIC was reduced to 3.3% in 2025 from 6.5% in 2024. The decreased return was mainly driven by lower earnings in the North Sea and Mediterranean business units. Channel’s ROIC was lowered by the start-up of Jersey routes while Strait of Gibraltar’s ROIC exceeded 10% in 2025. The Logistics Division’s ROIC was negative in 2025 due to the lossmaking TES business unit. The ROIC was 2.6% in 2025 excluding TES which was slightly above 2024 driven by a reduction of the division’s invested capital. The ROIC for the UK & Ireland business unit was on level with the 1% 43% 12% 13% 31% Interest-bearing debt composition 2025 Mortgages Bank debt Bonds Lease liabilities Other DFDS Annual Report 2025 Performance 40 / 215 cost of capital while returns for the Nordic and Continent business units were below capital cost. Cash flow and use of funds Capex Capital expenditure, net capex, was in 2025 DKK 1,055m for primarily maintenance and replacement of assets. Operating net capex was DKK 1,240m including DKK 306m of asset sales. The cash flow from the sale/purchase of ferries was a net inflow of DKK 246m, including an insurance compensation of DKK 116m. Ferry capex for dockings and improvements was DKK 665m in 2025. Cargo carrying equipment capex for trucks and trailers was DKK 503m. Capex for land, buildings, and port terminals totalled DKK 159m used mainly for expansion and improve- ment of facilities in the UK. Capex for other assets and it-systems was DKK 198m. Cash flow The cash flow from operating activities decreased 3.5% or DKK 120m to DKK 3,300m compared to 2024. The decrease was driven by the lower opera- ting profit and non-cash adjustments which were offset by a positive working capital change of DKK 817m driven by initiation of the factoring programme. The cash flow from investing and financing ac- tivities were in 2025 impacted by the exercise of purchase options for three Swedish warehouses that were subsequently sold and leased back. The purchase option payments of DKK 649m are included in financing activities while the sale proceeds of DKK 711m are included in investing activities. The net cash inflow from the transac- tion was DKK 61m. The 2025 cash flow from investing activities was an outflow of DKK 342m and an outflow of DKK 1,055m adjusted for the above warehouse sale and acquisitions/divestments. The adjusted amount is detailed under the previous section on Capex. The cash flow from financing activities was an outflow of DKK 2,742m and DKK 2,093m adjusted for the warehouse purchase option payments. The net change in financial debt was DKK -1,011m while the adjusted payment of lease liabilities was DKK 1,131m. The net increase in cash was DKK 215m and at year-end 2025 cash funds amounted to DKK 1,795m. The adjusted free cash flow was DKK 1,184m compared to DKK 957m in 2024. The adjusted free cash flow was in 2025 positively impacted by ini- tiation of the factoring programme as well as the sale of a freight ferry and insurance compensation for a TCL. The adjusted free cash flow excludes acquisitions and subtracts lease payments and is thus the cash flow available for loan payments, capital distribution, and acquisitions. 2021 2022 2023 2024 2025 3.0 2.5 2.0 1.5 1.0 0.5 0.0 DKK bn Adjusted free cash flow, FCF DFDS Annual Report 2025 Performance 41 / 215 What we do At sea – in transit on freight ferry After navigating out of Vlaardingen through the busy Rotterdam harbour, the freight ferry sets course across the North Sea, set to arrive in Felixstowe. The shipment for Barton-under-Needwood is stowed among up to 180 of trailers, all bound for the UK for onward distribution. The officers follow the planned route for the sea passage, adjusting speed along the way for optimal fuel efficiency. The engineers keep the engine running smoothly and the deck crew maintains the deck throughout the crossing. The catering staff prepare food for the crew and the up to 12 truck drivers on board, while they keep the vessel nice and clean. For the captain, ensuring the safety of both vessel, crew and cargo is paramount, and comprehensive onboard safety procedures are followed meticulously. The Vlaardingen-Felixstowe route is one of 33 ferry routes in DFDS' network. 19 freight only. 14 combined passenger and freight. “Being on time on arrival is the main focal point. We want to use as little fuel as possible, so we always discuss the routes and look for tidal-currents that can help our propulsion and let us sail at lower power.” Jens S. Olesen, Master on Scandia Seaways DFDS operates 68 ferries on 33 routes The ferries carry more than 3 million freight units, mostly trailers, and 5.2 million passengers each year Monday, 22:00 DFDS Annual Report 2025 Performance 42 / 215 Corporate governance DFDS Annual Report 2025 Corporate Governance 43 / 215 DFDS’ governance model Board of Directors Executive Board Audit Committee Remuneration Committee Nomination Committee Executive Management Team (EMT) Organisation Shareholders / Annual General Meeting (AGM) Governance practices DFDS is compliant with all Danish corporate governance recommendations Three of six shareholder- elected directors are independent, two are female, and two are non-Danes DFDS’ corporate governance practices are, as a listed company on Nasdaq Copenhagen, anchored in the Danish Committee on Corporate Governance’s recommendations. The governing bodies of DFDS are the Annual general meeting (AGM), the Board of Directors and its committees, and the executive management bodies compris- ing mainly the Executive Board and the Executive Management Team (EMT). Board of Directors The Board of Directors is overall responsible for DFDS’ development and value creation as well as for managing the interests of all stakeholders. The board’s work is anchored by the articles of association, the rules of procedure, and an estab- lished annual cycle of focus areas to ensure that all major governance areas are reviewed at least once annually. The Board has established advisory committees in order to provide dedicated focus on three areas: the Audit Committee, the Remuneration Committee and the Nomination Committee. The Board annually reviews the number and scope of the committees. Committee members are appointed for one year at a time and each com- mittee has three members. DFDS’ Executive Board, CEO and CFO, attend all board meetings and in addition EMT-members and other managers attend board meetings as required. The Board’s Chair and Vice Chair moreover meet with the Executive Board on a monthly basis. The Chair of the Nomination Committee under- takes an annual review of the performance of the Board of Directors with third party assistance every second or third year. DFDS Annual Report 2025 Corporate Governance 44 / 215 Annual Board planning wheel Board committees Audit Committee The Committee’s purpose is to assist the Board of Directors in fulfilling its responsibilities regarding the quality and integrity of DFDS’ accounting, control environment, auditing, financial reporting, sustainability reporting, tax policy, enterprise risk management, data ethics, cyber security, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Board planning wheel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec February (two meetings) Focus: Budget Other key topics: Insurance policy and coverage, Remuneration policy & report, whistle-blower re- ports, safety and operations updates, EB compensation and evaluation, outlook Focus: Annual & Q4 report Other key topics: Corporate governance review and approval People update digitisation March Focus: AGM/ Board constitution Other key topics: External auditors performance & review May (two meetings) Focus: Q1 report Other key topics: Safety and Operations updates Focus: Strategy Business strategy review and approval Sustainability/ESG strat- egy review and approval August Focus: Q2 report Other key topics: Safety Digitisation and Operations updates November Focus: Q3 report/ Governance Other key topics: Capital struc- ture, and financial policy, Risk review, Board self-evaluation, future Board composition GOV-1 Board composition The Board of Directors consists of six shareholder- elected directors, each elected for a one-year term. In addition, three directors are elected by the employees for a four-year term, and their rights and obligations are identical to those of the shareholder-elected directors. No members of the Board are part of DFDS’ executive management. In 2025, three of the six shareholder-elected directors were assessed as independent in ac-cordance with the Danish Corporate Governance Recommendations. Three of the nine directors are women, and two directors have non-Danish nationality – one Finnish and one Swiss. The composition of the Board of Directors aims to ensure that competences that are key to the Company’s performance are represented. The AGM-appointed directors primarily have an international business background with special competences focused on management and board experience from large international compa-nies, strategy execution, finance, accounting, and sustainability. Sector experience is focused on shipping and international transport and logistics. In 2025, Klaus Nyborg did not seek re-election after serving on the board since 2016, and Kristian V. Mørch was elected by the AGM to the Board and further elected as Vice Chair at the constituent board meeting following the AGM. The background and special competences of the directors are reported on pages 49-50. Annual Board planning wheel The Board’s planning wheel comprises seven an- nual meetings that each cover one or more focus areas. The meetings are organised around DFDS’ quarterly financial reporting, including the annual report and budgeting. Besides the quarterly financial performance reviews and a budget review, the main focus areas are strategy, capital structure and financial policy, sustainability, risk review as well as updates on safety and operations, people, and digitisation. In addition, the Board reviews corporate governance practices. Annual planning wheels are likewise established for each of the Board’s committees. DFDS Annual Report 2025 Corporate Governance 45 / 215 as well as the qualifications, independence, and performance of the appointed Statutory Auditor. Furthermore, to ensure compliance with rules on non-audit services provided by the Statutory Auditors. Committee members are Anders Götzsche (Chair), Dirk Reich, and Jill Lauritzen Melby. A total of six meetings were held in 2025, all with full participation. The main topics reviewed, apart from recurring items, were the ongoing migration to a new ERP system, CSRD follow-up, cyber security, and integration oversight of newly acquired entities. Remuneration Committee The Committee’s purpose is to assist the Board of Directors in fulfilling its responsibilities regarding remuneration policy implementation, including incentive schemes. Furthermore, the Committee ensures that DFDS’ executive remuneration com- plies with the remuneration policy as well as regu- latory and corporate governance requirements. The Committee consists of Minna Aila (Chair), Claus V. Hemmingsen, and Dirk Reich. The Committee held four meetings in 2025 with full participation. The Committee’s focus areas in 2025 were preparation of the 2025 Remuneration Report, reviewing and updating the Remuneration Policy ahead of the 2025 AGM as well as review- ing and making recommendation in respect of the remuneration of the Executive Board and the Board of Directors. In addition, the Committee engaged in discussions on the future design of incentive plans, including target setting and eval- uation principles for the short-term incentive and the choice of instruments used in the long-term incentive programme. Nomination Committee The Committee’s purpose is to assist the Board of Directors in fulfilling its responsibilities of ensuring that the required competences are present on the Board of Directors and the Executive Board as well as overseeing the organisational structure of management bodies. The Committee also assists in recruiting for the management bodies. The Committee consists of Minna Aila (Chair), Claus V. Hemmingsen, and Dirk Reich. The Committee held three meetings during 2025 with full participation. The Committee’s focus areas in 2025 were on succession planning within the management bodies as well as evaluation of the Board’s work and performance. Board evaluation The Board of Directors conducts an annual eval- uation to ensure that its composition, competen- cies and working processes remain well aligned with its responsibilities, and that cooperation with the Executive Board continues to function effectively. What we do At destination port – unloading from ferry When the ferry arrives in the port of Felixstowe, the crew and terminal workers are on the clock. Some shipments have priority and need to be unloaded right away, and the ferry needs to be loaded again for the next sailing. After unloading, the shipment is picked up by a truck for transport to our warehouse in Corby. The customer receives a digital update that the shipment is unloaded and customs is cleared. DFDS offers customs services through 14 dedicated customs offices. DFDS ferries call at almost 50 ports in and around Europe, including ports in Türkiye, Egypt, Tunisia and Morocco and Northern Africa Tuesday, 04:00 DFDS Annual Report 2025 Corporate Governance 46 / 215 Gender diversity 2025 Management level Target Target year Female, no. Male, no. Female, % Board of Directors, shareholder-elected 40% - 2 4 33% Board of Directors, employee-elected 40% - 1 2 33% Other management levels, total 30% 2030 4 12 25% –Executive Management Team (level 1) 1 1 50% –Other management (level 2) 3 11 21% Diversity in accordance with Section 107f Gender and nationality are the two primary factors applied to assess the diversity of DFDS’ management bodies. DFDS is dedicated to foster-ing gender diversity across all levels of leadership and we continue to implement clear targets, policies, and progress updates to drive gender balance. A host of other factors also have bearing on the recruitment of directors and executive managers. For the two top management bodies – the Board of Directors and the Executive Board – the re-quired gender balance has been achieved, as de-fined by the Danish Business Authorities. For the other management levels, DFDS has set a target of achieving 30% representation of the under-represented gender by the end of 2030. Policies, actions, and progress are further described in the Sustainability Statement under S1-9 Diversity.The definition of other management levels in section 107f of the Danish Financial Statements Act differs from DFDS’ own definition of Senior Management (the Group Leadership Team). This difference affects the reported KPI for the proportion of women in the Sustainability Statement, although the target level and target year remain identical. Corporate Governance Report 2025 The Board of Directors annually reviews and adjusts DFDS’ corporate governance framework, including various policies, as part of the Board’s planning wheel. DFDS’ position on each of the Danish corporate governance’s recommenda-tions are reported and available in the statutory Corporate Governance Report for 2025. DFDS were compliant with all Danish corporate governance recommendations in 2025. In 2025, the evaluation was facilitated by an ex- ternal consulting firm through a written question- naire completed by the members of the Board of Directors. The assessment covered, among other areas, the effectiveness and value contribution of the Board and its Committees, composition and dynamics, the Chair’s role, strategy devel- opment and execution, performance oversight, expected to step down as President & CEO on the same date. Michael Hansen is an international executive with extensive leadership experience in ship- ping, transport, and industrial businesses. As President & CEO of Hempel, he led a strategic transformation that lifted financial performance, strengthened cash flow, and improved operation- al scalability. Prior to Hempel, he spent nearly two decades with A.P. Moller - Maersk, holding senior management roles across Europe, Latin America, and Oceania, including CEO of Seago Line and Global Head of Sales for Maersk Line. The background and responsibilities of the EMT are reported on page 51 . Board and committee attendance in 2025 Board member Board of Directors Audit Committee Remuneration Committee Nomination Committee Claus V. Hemmingsen 12/12 4/4 3/3 Kristian V. Mørch 12/12 Minna Aila 12/12 4/4 3/3 Anders Götzsche 12/12 6/6 Marianne Henriksen 12/12 Kristian Kristensen 12/12 Jill Lauritzen Melby 12/12 6/6 Dirk Reich 12/12 6/6 4/4 3/3 Lars Skjold-Hansen 12/12 stakeholder engagement, risk management and the general cooperation with the Executive Board. The overall evaluation results were very positive, indicating a well-functioning and dynamic Board. Meanwhile, some follow-up actions were suggest- ed to further strengthen the Board’s performance as well as its focus and time allocation for strate- gy execution, succession planning, and perfor- mance improvement follow-up. The actions will be further discussed and pursued in the course of the 2026 Board activities. Executive management DFDS’ executive management consists of two primary bodies. The Executive Board comprises the CEO and CFO that report to the Board of Directors and are formally registered with the Danish Business Authority. The Executive Management Team (EMT) in 2025 comprised four Executive Vice Presidents (EVPs) and one Senior Vice President (SVP) members besides the Executive Board members. The five EMT-members are responsible for DFDS’ two business divisions – Ferry Division and Logistics Division – and two key functional areas – People Division and Technology & Innovation. One EMT- member, Martin Gade Gregersen, will leave DFDS by the end of February 2026 following his own decision to leave the company. The Board of Directors initiated in November 2025 a CEO succession process. On 12 January 2026, Michael Hansen was appointed President & CEO of DFDS effective from latest 1 July 2026. Michael Hansen is currently President & CEO of Hempel and succeeds Torben Carlsen who is DFDS Annual Report 2025 Corporate Governance 47 / 215 GOV-1, GOV-2 Sustainability governance The Board of Directors approve the ESG strategy as part of the group strategy and is actively in-volved in approving long-term targets. The Board of Directors is updated on strategic ESG topics and progress at least twice a year, including the approval of the annual DMA (Double Materiality Assessment) review. The list of material Impacts, risks and opportunities (IROs), as presented in the Sustainability statement pages 72-74, has been reviewed and approved by the EMT and the Board of Directors. As part of its strategy review, the Board of Directors reviewed DFDS’ climate strategy as well as the climate plans for the Ferry Division and Logistics Division providing for the deploy-ment of increasingly emission-friendly propulsion technologies. The EMT and the Board of Directors meet reg-ularly with in-house experts including the VP of Decarbonisation, the Director of Sustainability, and the Head of CSRD Reporting, which enables them to assess the level of expertise in these functions. The Board of Directors has the ultimate oversight of sustainability, including the methodology and outcome of the DMA, targets, and performance in the approval of the annual sustainability report. The Audit Committee reviews governance, internal controls, and procedures related to sustainability reporting, and the Remuneration Committee oversees the Executive Board’s ESG-related incentives. The Board of Directors’ rules of procedure specify compliance and risk management in the list of tasks while the Audit Committee charter includes responsibility for sustainability reporting. The EMT has ownership of the ESG agenda and is involved in selecting sustainability priorities and driving action plan implementations. In DFDS, the key sustainability expertise deemed relevant and aligned with the identified IROs include: decarbonisation, health & safety, people matters related to own workforce, responsible procurement, biodiversity, and sustainability reporting. Data Ethics in accordance with Section 99d DFDS is committed to protect any data collected in the course of conducting business. This could be personal data, or other types of data, pertain-ing to customers, suppliers, business partners and employees. Operations and connections with third-parties are increasingly being powered by data and technology and the use of data is important for continuously improving customer service and operating efficiency. It is therefore crucial that we handle data with care and comply with all appli-cable laws and standards. DFDS implemented the Data Ethics Policy in 2021 and the policy has been revised ongoingly. In the 2025 update the policy was further strengthen in alignment with group policy framework guidelines. This included expanded descriptions of data col-lection, how it is used, and the policies in place to ensure responsible handling and data use as well as section on AI and EU AI act specifically. The purpose of the policy is to fairly balance the many benefits that data use and new technologies offer versus how data use can impact individuals, busi-nesses and society in the short- and long-term. The Data Ethics Policy supplements our Data Protection Policy and Privacy Notice which sets out the overall requirements for our handling of personal data, and our Information Security Policy and IT policies, which describes how DFDS’ data is managed, including relevant security standards for data storage, access management, and safe IT usage. Privacy Employees can at any time request information on how their personal data is used and what data is collected. Security cameras are only installed as a safety measure, and employee privacy is always considered before installation and use. Training programmes on GDPR are conducted to foster understanding and compliance across the Group. Our 2025 data ethics review is available on our website: https://assets.ctfassets.net/z860498abl84/78vDJ6idwv4ODsyzdEPNq6/8a7856908b4a2d3a0b8540037cfc3045/DFDS_Data_Ethics_Review_2025.pdf Corporate governance policies are available on this web page: https://www.dfds.com/en/about/governance-and-policies More information on DFDS’ corporate governance Statutory report on corporate governance Articles of association Materials from DFDS’ most recent AGM Remuneration policy Diversity policy Group tax policy DFDS Annual Report 2025 Corporate Governance 48 / 215 Board of Directors (as per 19 February 2026) Claus V. Hemmingsen(1962) Chair / 10,000 shares Position: Owner and Managing Director, CVH Consulting ApSJoined Board:29 March 2012Re-elected: 2013-2025 Period of office ends:AGM 2026 Member of Nomination Committee and Remuneration Committee Board meeting participation:12/12 Committee participation:7/7 Chair:HusCompagniet A/S, Innargi Holding A/S (and one wholly-owned subsidiary), Rambøll A/S. Board member: A.P. Møller Holding A/S, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, Den A.P. Møllerske Støttefond, Fonden Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, Global Maritime Forum Fonden and Noble Corporation Plc. The Board of Directors is of the opinion that Claus V. Hemmingsen possesses the following special competences: International, commer-cial, and operational management experience and expertise in shipping, offshore, and oil & gas activities, including HSSE & Sustainability, M&A, capital markets, and non-executive directorships. Claus V. Hemmingsen has been a member of the Board of Directors for more than 12 years and cannot therefore be considered indepen-dent according to the Recommendations on Corporate Governance. Kristian V. Mørch(1967)Vice Chair / 8,308 shares Position:CEO in J. Lauritzen A/SJoined Board:24 March 2025Re-elected:n.a. Period of office ends:AGM 2026 Board meeting participation:12/12Board member: BW Epic Kosan Maritime Pte. Ltd., Gertsen & Olufsen A/S (G&O Maritime Group A/S) The Board of Directors is of the opinion that Kristian V. Mørch possesses the following special competences: International management, expertise in the shipping and maritime sector, investment management, M&A, capital markets, restructuring and joint ventures. Kristian V. Mørch is part of the executive management of J. Lauritzen A/S, which is fully owned by Lauritzen Fonden, and cannot therefore be considered independent under the Danish Recommendations on Corporate Governance. Minna Aila (1966) Board member / 170 shares Position: Executive Vice President, Corporate Affairs & Brand, Konecranes.Joined the board:23 March 2022Re-elected: 2023-2025 Period of office ends:AGM 2026 Chair of Nomination Committee and Remuneration Committee Board meeting participation:12/12 Committee participation:7/7 Minna Aila has no managerial or executive positions in other companies. The Board of Directors is of the opinion that Minna Aila possesses the following special competences: international management, as well as expertise in sustainability, public affairs, branding, and communication. Anders Götzsche (1967) Board member / 3,500 shares Position: Executive Vice President and CFO, VELUX A/SJoined the board:19 March 2018Re-elected: 2019-2025 Period of office ends:AGM 2026 Chair of Audit Committee Board meeting participation:12/12 Committee participation:6/6 Chair:Rosborg Møbler A/S The Board of Directors is of the opinion that Anders Götzsche possesses the following spe-cial competences: International management and board experience, expertise in finance and accounting as well as M&A. Marianne Henriksen (1961) Board member (employee-elected) / 175 shares Joined the board:23 March 2022Re-elected: n.a. Period of office ends:AGM 2026 Board meeting participation:12/12 Marianne Henriksen has no managerial or executive positions in other companies. Kristian Kristensen(1967) Board member (employee-elected) / 4,300 shares Joined the board:23 March 2022Re-elected: n.a. Period of office ends:AGM 2026 Board meeting participation:12/12 Kristian Kristensen has no managerial or executive positions in other companies. DFDS Annual Report 2025 Corporate Governance 49 / 215 Board of Directors Jill Lauritzen Melby(1958) Board member / 4,735 shares Joined the board:18 April 2001Re-elected: 2002-2025 Period of office ends:AGM 2026 Member of Audit Committee Board meeting participation:12/12Committee participation:6/6 Jill Lauritzen Melby has no managerial or executive positions in other companies. The Board of Directors is of the opinion that Jill Lauritzen Melby possesses the following special competences: Expertise in financial control. Due to family relations to the company’s princi-pal shareholder, Lauritzen Fonden, Jill Lauritzen Melby cannot be considered independent ac-cording to the Recommendations on Corporate Governance. Dirk Reich(1963) Board member / 10,000 shares Joined the board:1 July 2019Re-elected: 2020-2025 Period of office ends:AGM 2026 Member of Audit Committee, Nomination Committee, and Remuneration Committee Board meeting participation:12/12Committee participation:13/13 Chair:Log-hub AG, R+R Holding AG Board member: Die Schweizerische Post AG, K2 mobility GmbH The Board of Directors is of the opinion that Dirk Reich possesses the following special compe-tences: International management and board experience, as well as expertise in international logistics activities. Lars Skjold-Hansen (1965) Board member (employee-elected) / 1,030 shares Joined the board:22 March 2013Re-elected:2014-2022 Period of office ends:AGM 2026 Board meeting participation:12/12 Lars Skjold-Hansen has no managerial or executive positions in other companies. Executive Board Torben Carlsen (1965) President & CEO / 160,394 shares Appointed:1 May 2019 (previously CFO of DFDS since 1 June 2009). Torben Carlsen will step down no later than 1 July 2026. Chair:Copenhagen Infrastructure Partners: CI II, CI III and CI IV K/S. Gro Capital Partners: Fund I and II K/S. Chair of the Investment Committees, Danish Shipping. Board member:Royal Unibrew A/S. Karen Dyrskjøt Boesen (1971) EVP & CFO / 5,440 shares Appointed:1 July 2024 Board member: Nordsøfonden. DFDS Annual Report 2025 Corporate Governance 50 / 215 Executive Management Team Torben Carlsen (1965) President & CEO MSc (Finance) Employed since 2009 Karen Dyrskjøt Boesen (1971) Executive Vice President & CFO MSc (Finance) Employed since 2024 Mathieu Girardin (1982) Executive Vice President, Ferry Division ESCP Europe (Master’s in Management), INSEAD (Executive MBA) Employed since 2022 Niklas Andersson (1973) Executive Vice President, Logistics Division Marketing, IHM Business School Employed since 2012 Martin Gade Gregersen (1980) Senior Vice President, Logistics Division Freight forwarder Employed since 2019. Leaving DFDS from end February 2026 Erika Markvardsen (1972) Executive Vice President, Chief People Officer Bachelor of Science, Global Business Engineer Employed since 2023 Rune Keldsen (1979) Executive Vice President, Chief Technology Officer MSc (IT) Employed since 2020 From left to right Torben Carlsen Niklas Andersson Erika Markvardsen Mathieu Girardin Martin Gade Gregersen Karen Dyrskjøt Boesen Rune Keldsen DFDS Annual Report 2025 Corporate Governance 51 / 215 GOV-3 Remuneration policy The overall objective of remuneration policy is to design and uphold remuneration packages that enable DFDS to attract, engage, and retain the right profiles for executive roles in the Board of Directors and the Executive Board. Remuneration is determined by the role, experience, skills, and sustained performance levels aligned with market practices and business needs. Remuneration includes short-term incentives (STI) based on annual business performance metrics and long-term incentives (LTI) promoting sustained value creation. Benefits are generally tailored to the position and local market practices. Remuneration is reviewed annually. The full remuneration policy is available at dfds.com/en/about/governance-and-policies GOV-3 Incentives linked to sustainability DFDS integrates sustainability-related perfor-mance into the STI scheme for the Executive Board through an ESG performance basket representing 20% of total STI weighting. The ESG basket combines three indicators: CO₂ emissions reduction, female representation, and safety performance measured by Lost Time Injury Frequency (LTIF). Each ESG indicator has a high-level internal performance goal that guides assessment; the Remuneration Committee may apply discretion in the final payout determination. The full 2025 remuneration report is available at https://assets.ctfassets.net/z860498abl84/1ntycbfxEyNZfNfiEGPqru/325fce2ff98358af768f1b1443be6335/DFDS-Remuneration-Report-2025.pdf Remuneration The Remuneration Report aims to present a trans- parent and comprehensive overview of the remu- neration of DFDS’ Executive Board and Board of Directors in 2025. The report is aligned with DFDS’ Remuneration Policy and with the requirements of Section 139b of the Danish Company Act. Remuneration is moreover aligned with the Danish recommendations on corporate governance. DFDS Annual Report 2025 Corporate Governance 52 / 215 Risk and risk management Seven key risk categories identified in 2025 External risks from geopolitics and macro still elevated Türkiye-Europe transport market faces an ongoing rebalancing risk TES turnaround duration risk Climate risk remains a significant long-term risk Risk in DFDS is defined as the potential occur- rence of external or internal events (or series of events) that may negatively impact the ability to achieve the company’s objectives or financial goals. The risk management policies form the principles, processes, key responsibilities, and reporting requirements within DFDS. The Board of Directors is responsible for the risk management strategy and the overall risk management framework and policies. The Board, advised by the Audit Committee as appropriate, manages risks and reviews the effectiveness of the risk management and internal control systems. DFDS’ Executive Management Team (EMT) is responsible for the day-to-day risk management processes and for the continuous development of risk management activities. Risk management was in 2025 focused on seven key risk drivers – see page 55 for an overview of risk management process and mapping of risk categories. Three of the risk drivers are assessed to be mainly externally driven: Geopolitics and macroecon- omy, Industry, and Environmental. Mitigation is focused on monitoring, contingency planning, and adaptation. The other four risk drivers are to a higher degree internally driven: Business and operations, IT and technology, Employees, and Compliance. These risks are continuously reviewed and addressed through the embedded management, operational planning, and control processes. Compared to 2024, two risk categories have been added – Industry and Business & operations – to improve transparency. Other categories have been merged for simplification resulting in a total of seven risk categories in 2025 which was on level with 2024. Key external risk impacts DFDS continued in 2025 to be negatively impact- ed by the war in Ukraine that has reduced espe- cially freight volumes in the Baltic Sea region. This has in turn led to overcapacity in certain ferry and transport corridors in the region. To mitigate this situation a space charter agreement was entered into with a competitor in 2025. Geopolitical changes are impacting trade flows and have raised focus on supply chain stability which is promoting nearshoring of manufacturing plants closer to end markets. In combination with the EU’s intention of becoming more self-reliant, this is expected to lower the overall risk profile for DFDS’ network in and around Europe. The industry structure of the Türkiye-Europe transport market was disrupted by the entry in September 2024 of a new ferry competitor between Türkiye and Italy. This has led to over- capacity and lowered pricing significantly in this corridor which is split around 51/49 between ferry and road transport. The duration of the market’s capacity and pricing rebalancing is a significant ongoing risk situation as earnings will likely be depressed through the rebalancing period. DFDS has in response to the entry reduced capacity and started to raise prices again. Especially the ability to raise pricing to a financially sustainable level constitutes a risk. The general industry structure risk of the ferry sector is assessed to be low/medium as com- petitor entry on routes seldom occurs. Over the past 15 years it has occurred three times in DFDS’ route network, excluding the above mentioned Turkish entry. As ferry routes serve regional catchment areas, a competitor’s entry of new capacity on a route will only marginally change market volumes. The capacity increase will however immediately lower pricing and chal- lenge earnings severely due to the high operating leverage of ferry operations. DFDS Annual Report 2025 Corporate Governance 53 / 215 These dynamics mean that rational ferry operators will rarely enter into new direct competition under normal market circumstances. Triggers for entry are therefore mostly related to structural market changes. One example is Brexit which re-intro- duced duty-free sales on the Channel and compli- cated UK-EU trading. A second example is the sud- den drop in volumes on some Baltic Sea corridors following the outbreak of the war in Ukraine. Oversupply of haulage capacity in the European road market has in recent years led to widespread pressure on margins. The risk of continued margin pressure in 2026 is assessed to be easing follow- ing capacity reductions in the market in 2025. Climate change did not entail major direct impacts in 2025. Climate change remains however a signif- icant long-term risk as severe weather events such as storms, wildfires, droughts, and record tempera- tures have considerable potential to impact our transport network, including customer demand. Our Climate Action Plan sets short-term targets as well as a long-term target to become climate neutral by 2050. The execution risk of the Plan is first and foremost linked to the green transition of our ferry operations. The transition pathways towards 2030 are described on page 85-87 . Key internal risk impacts The most significant internal risk is the turnaround duration of the Türkiye & Europe South (TES) business unit. The turnaround is challenged by operational complexities and unfavourable mar- ket dynamics related to the increased industry risk from the entry of a new ferry competitor. As long as the unit is lossmaking, it will prevent DFDS from providing a satisfactory earnings level. The turnaround of other activities also constitutes a risk. A longer-term internal risk is the ability to invest in adequate ferry fleet renewal to sustain and improve the route network’s competitiveness. There are no other internally driven risks that are assessed to exceed low or medium occurrence likelihood with a large financial impact. DFDS’ key 2026 short-term (<36 months) risk analysis The key risks to achieving DFDS’ strategic ambitions, the assessment of each of the key prioritised 2025 risks, and the deployed mitigation strategies are described in the following pages. DFDS’ top seven risks identified during 2025 are shown on the next page on the horizontal axis of the illustration to the right which combines the one-year financial impact with the likelihood of risks occurring over a period of three years. What we do On road – transport to warehouse The shipment arrives in Corby, a strategically located hub that provides fast access to major UK cities and ports. For customers, this means efficient distribution across multiple destinations helping them meet market demands faster. The same easy access concept applies to all DFDS warehouses. The customer has access to a dashboard that provides real-time visibility into stock levels, making it easier to plan and prioritise. DFDS has 26 logistics locations in the UK and Ireland, including 18 warehouses * In 2026, our activities in Corby are being moved to nearby Kettering to a bigger and newer facility. Tuesday, 07:30 DFDS Annual Report 2025 Corporate Governance 54 / 215 Top seven risk areas Likelihood of risk occurring Financial impact (DKK) All positions are residual risks after current mitigation Low Low Medium Medium High High DFDS Enterprise Risk Management Framework DFDS Enterprise Risk Management 1. Risk identification Identification of risks against key business objectives Determination of risk types to be included in process (e.g., operational, legal, reputational etc.) Identification of resources responsible for process in each area 2. Risk assessment Coordination of risk assess- ments through interviews to ensure consistency Identification of DFDS top risks 3. Risk mitigation Identification of appropriate risk responses Risk responses to be based on assessment of loss frequency and impact Management actions to be specific to reducing likelihood and/or impact Action plans with assigned owners developed and moni- tored by risk committee 4. Risk monitoring Continuous monitoring of key identified risks 5. Risk reporting Risk reporting highlighting key risks and recommendations, status of management actions Reporting of early indicators and emerging risks Compliance Em ployees Green transition Industry IT & technology Business & operations Geopolitics & macroeconomy DFDS Annual Report 2025 Corporate Governance 55 / 215 Key risks Geopolitics & macroeconomy Political drivers and economic development Risk description: Geopolitical events can impact European freight and passenger volumes or pricing as trade and travel flows may change if relations between countries or regions shift. Macroeconomic slowdowns can likewise impact volumes or pricing which can lead to material earnings fluctuations. Geopolitical and macroeconomic changes can also impact the supply of oil, gas, essential metals, and other raw materials. Mitigation strategies: The regional nature of ferry routes and the net- work’s geographical diversification in and around Europe balances impacts. A diverse customer portfolio – forwarders/hauliers, indus- trials, food producers, retail, and passengers – also lowers exposure to specific risks. Risk is further balanced by positioning in regions expected to be positively impacted by nearshoring of production and supply chains closer to Europe. Risk assessment – medium: Risk is elevated by the war in Ukraine and its geopolitical implications assuming it continues through 2026. US policy shifts and its economic development add uncertainty as does Türkiye’s political and macroeconomic development. The current European low-growth macro environment is overall expected to continue in 2026 and recession risks cannot be ruled out for indi- vidual European nations. On the other hand, the EU and its member states are initiating investment programmes to improve self-reliance on amongst other things defence and infrastructure which may start to support economic growth during 2026. Industry Structural drivers and competitive dynamics Risk description: The main structural risk driver for the ferry industry is emergence of overcapacity on individual routes. Ferry routes provide services for regional market catchment areas and entry of additional ferries/capacity into such an area is likely to create over- capacity as volumes will respond only marginally to a lower pricing level. Large decreases in price and/or volumes can lead to signif- icant earnings decreases due to ferry operations’ high fixed cost ratio. Road transport and logistics operations’ lower fixed cost ratio enables greater flexibility to adapt to demand changes. Structural oversupply of haulage capacity or warehousing space across a region can however lead to periods with margin pressures. Mitigation strategies: Ensuring freight customers are provided with sufficient capacity to grow their volumes lessens entry risk on routes with limited direct or indirect competition. Cost-efficient operations supporting competitive pricing and high customer service levels also lower risk. Cost flexibility is enhanced by having a ratio of chartered ferries in the fleet. Capacity sharing agreements can mitigate over- capacity. Maintaining cost-efficiency in contracted road transport is focused on alignment of contract durations with fleet management, including balancing own production ratio with leased and more flexible capacity. Risk assessment – high/medium: Rebalancing risk for Türkiye- Europe ferry routes is expected to remain high due to uncertainty on duration and ability to restore pricing to financially sustainable levels. Rebalancing also extends to customer group of transport companies. High market growth will ease rebalancing. Excess Baltic Sea ferry capacity is expected to continue in 2026 if the war in Ukraine continues. Risk expected to ease for European road transport in 2026 as haulage capacity supply was reduced in 2025 while demand is expected to be stable. Warehousing may continue to remain in oversupply in some regions through 2026. Business & operations Customer relations, cost coverage, and operating reliability Risk description: A wide variety of risks relate to business per- formance and operations. Customer dependencies are mainly related to widespread demand changes, although loss of individ- ual large freight customers can impact specific activity earnings. Large contract cancellations may entail extra costs. Reputational damage can also impact customer demand. Cost may increase if inflation-driven increases or performance issues of third-party transport providers cannot be fully compensated by price increases. Equipment failure, unforeseen events, or weather conditions may impact operations and entail extra costs through the value chain. Gaps between planned and actual volumes may lower equipment utilisation. Integration of acquisitions may not be able to achieve planned commercial and operational synergies. Mitigation strategies: Stable customer relations, including retention, are upheld by delivering on value propositions to both freight custom- ers and passengers. This includes managing personal relationships with large freight customers, providing accessible services for smaller customers, and offering competitive terms. For passengers, maintaining highly motivated staff and a consistent, high-quality onboard experience are priorities. Cost coverage is supported by yield management and contract management. Reliable operations are maintained by skilled technical organisations, training of staff, and high priority of safety and maintenance programmes. Risk assessment – low/medium: Customer relation risks are gen- erally expected to continue to be low in 2026 underpinned by the strategic priority of high customer service levels. Cost coverage is expected in 2026 to remain challenged for some activities due to market and competitive dynamics leading to a medium risk level. Operating reliability is expected to be mostly stable and in line with previous years. Green transition Transition to low-emission fuels, climate change Risk description: Failure to comply with climate regulations and meet stakeholder expectations poses significant risks, including loss of busi- ness opportunities, potential fines, and reputational damage. Climate performance influences investor and customer decisions. EU and IMO regulations (e.g., CII, EEDI, ETS, FuelEU Maritime) require improved CO₂ efficiency and impose costs on emissions. The transition to low-emission fuels for ferry operations depends on large-scale availability and infra- structure development, which is progressing slowly. Low-emission fuels currently entail higher costs, and customer acceptance of price increas- es remains uncertain. Climate change may affect weather patterns and hence operational reliability. Regulatory differences between transport modes could shift volumes from sea to road, where green transition risks are lower due to mature low-emission technologies and smaller price gaps. There is financial viability risks associated with being an early mover in green road transport. Mitigation strategies: The ‘Moving to green’ strategy pillar sets decar- bonisation targets for ferry, port terminal, road, and other activities towards 2030. Meeting targets is key to living up to stakeholder expec- tations. Progress on ferry emission reductions is transparent as they are reported each quarter externally. Reductions stem mostly from lower emission from existing equipment, new equipment powered by low-emis- sion fuels or electricity, e-truck deployment, and solar cell installations. Low-emission product options are increasingly being developed and offered to customers. It is in DFDS’ interest to actively support firmer en- vironmental regulations, and this is done through participation in industry forums that engage with regulators and political representatives. Risk assessment – low/medium: Decarbonisation progress in 2025 was on target, though the overall transition pace slowed. Some external low-emission fuel projects were halted, and regulatory progress faces delays, particularly due to primarily US policy headwinds. This is consid- ered a risk as DFDS is likely to reap net benefits from firmer regulations. Environmental climate change impacts have increased in and around Europe but are not expected in the near future to materially impact network operations. DFDS Annual Report 2025 Corporate Governance 56 / 215 Key risks (continued) IT & technology Systems, cyber-attacks, digitisation, and automation Risk description: Information technology systems are critical for daily operations and disruptions can therefore entail significant impacts which could lead to loss of business and extra costs. Disruptions could include loss of data, critical system shutdowns, or information security risks related to customer data. Digitisation, automation, and application of AI-tools are strategic enablers underpinning compet- itive customer solutions and continuous improvement of operational efficiency. Failure to keep up with industry standards can entail both commercial and cost control risks. New digital transport and logistics market platforms entail competitive risks for certain market segments. Mitigation strategies: System disruptions are prevented and pre- empted by cyber security solutions, continuous system monitoring, back-up systems, and standard operating procedures to restore system functionality. This includes ongoing updates to standard systems, testing of recovery processes, identifying and preventing malware, multi-factor authentication, groupwide awareness training, and network segmentation. Continual development and benchmark- ing of digital self-service offerings is a priority to ensure competitive customer solutions. AI-tools are being applied driven by both in-house development and partnerships with external leading digital providers. Risk assessment – medium/low: No major system disruptions took place in 2025 as preventive solutions in place were resilient. Participation in multiple cyber security networks also helps increase industry knowledge and awareness. Cyber activity is expected to remain high in 2026 and preventive and pre-emptive actions have continued high priority. Cyber security risk level is assessed to be medium. The digital solution offerings and the improvement and de- velopment pipeline, including application of AI-tools, are assessed to be competitive in the market. Competitors are expected to continue to introduce incremental solution improvements, but no disruptive advancements are foreseen in 2026. Employees Retention, attraction, and diversity Risk description: DFDS relies on a skilled, dedicated, and diverse workforce to meet customer expectations and uphold operation- al performance. Tight labour markets across Europe continue to drive high competition for talent, creating risks related to employee retention, recruitment capacity, and continuity in business-critical roles. Rising recruitment and onboarding costs, combined with wage inflation exceeding broader market inflation, may not be fully recoverable through customer pricing due to competitive market conditions. In addition, strikes and other forms of labour unrest can disrupt operations and result in increased costs. Persistent short- ages of qualified workers in certain regions and professional groups further amplify these risks. Mitigation strategies: A key objective for the ‘Great place to work’ strategy pillar is to retain and attract employees through focus on safety and welfare, diversity and inclusion, and engaging lead- ership. Continued progress on safety and welfare is of particular importance as ferries, port terminals, warehouses, and heavy-duty trucks involve elevated operational risk. Key initiatives include enhanced safety and welfare programmes across operational sites, employer branding efforts, including stronger partnerships with educational institutions, leadership and development programmes to support internal mobility and capability building. Moreover, di- versity and inclusion initiatives to broaden talent pools and improve engagement, structured onboarding processes to support early retention and faster competency development. Together, these initiatives aim to strengthen DFDS’s employee value proposition and ensure access to the skills required to deliver future growth. Risk assessment – low: Employee retention in 2025 remained aligned with ambitions, with voluntary turnover below the European market average. Attraction efforts are yielding positive results, reflected in increased ability to recruit qualified candidates. Despite this progress, structural shortages in specific regions and compe- tencies continue to represent a material challenge. Compliance Reputational damage and fines Risk description: Compliance with national and international regulations is a prerequisite to operate. Regulations include a wide variety of regulations of operational activities, such as safety, working conditions, and sustainability. In addition, corporate regu- lations include tax, customs, VAT, privacy, sanctions, anti-bribery, and competition law. Regulations are continuously updated adding complexity and internal resource requirements to ensure compli- ance. Non-adherence to regulations could lead to penalties, jeop- ardise operating licenses in some markets, and entail reputational damage. This, in turn, could adversely affect customer and other stakeholder relationships. Mitigation strategies: Adherence to country, market, and corporate regulations is always a priority. It is ensured by close collaboration between Group functions and business units/subsidiaries to monitor and review business activities. Furthermore, a systematic strategy is deployed for managing compliance risks, with assigned individuals across the organisation responsible for discerning, prioritising, and regulating existing or potential legal, policy noncompliance, or ethical risks. The Code of Conduct and regular e-learning courses together maintain awareness of compliance requirements. A whistle-blower function is available for internal reporting of possible non-compliant behaviour and events. Passenger data risks are managed through internal controls and adherence to rules and regulations governing information security. Risk assessment – low: There were no major compliance issues in 2025. No major new regulations are foreseen to be launched in 2026 and compliance risk is overall assessed to be low. DFDS Annual Report 2025 Corporate Governance 57 / 215 Share and shareholders Number of shares reduced 3% to 56.2m 28% share price decrease in 2025 Share capital DFDS has one class of shares. The share capital at year-end 2025 was DKK 1,124m comprising 56,215,549 shares, each with a nominal value of DKK 20. The share capital was reduced by DKK 35.1m in 2025 following cancellation of 1,745,048 shares in March 2025. Stock exchange trading The DFDS share is listed on Nasdaq Copenhagen. In 2025, a total of 70.0m DFDS shares were traded on all trading platforms equal to an annual turnover of DKK 7.2bn compared to DKK 11.6bn in 2024. The average daily turnover was DKK 28.9m compared to DKK 43.4m in 2024. The DFDS share is part of Nasdaq’s Large Cap index. Share price development and yield DFDS’ share price was DKK 95.7 at year-end 2025, a decrease of 28.4% compared to year-end 2024. By comparison, the Danish stock market’s indus- trials index increased 20.4% in 2025. The market value at the end of 2025 was DKK 5.2bn excluding treasury shares. The total distribution yield of the DFDS share was zero in 2025. Distribution policy The starting point for determining the level of cap- ital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. The financial leverage target, as measured by NIBD/EBITDA, Ownership structure, year-end 2025, % Lauritzen Fonden Holding 1 41.6 Institutional shareholders 33.3 Other registered shareholders 13.6 Treasury shares 3.9 Non-registered shareholders 7.6 Total 100.0 Shareholder distribution, year-end 2025 No. of shares No. of shareholders % of share capital 1-50 10,044 0.4% 51-500 10,279 3.3% 501-5,000 2,561 6.2% 5,001-50,000 237 5.4% 50,001- 50 77.1% Total 2 23,171 92.4% 1 With reference to §38 in the Danish Capital Markets Act, Lauritzen Foundation domiciled in Copenhagen, Denmark, has notified DFDS A/S that it holds more than 5% of the share capital and voting rights of the company. 2 Total of registered shareholders. Søren Brøndholt Nielsen, VP, Investor Relations (IR) T +45 3342 3359 udsbn@dfds.com Shareholder’s secretariat, shareholder@dfds. com DFDS Annual Report 2025 Corporate Governance 58 / 215 What we do Customer delivery Wednesday, 12:58 After being stored in Corby overnight, the shipment is transported the last mile to its final destination in Barton-under- Needwood. The customer receives a full digital report on the shipment. This shipment is just one example in continuous flow of goods – from car parts, wood, steal and meat – that DFDS transports to the UK every day. Shipment was 460 km on road and 123 nautical miles at sea is a mid-term range of 2.5-3.5x (revised from the previous long-term range of 2.0-3.0x). For shorter periods, leverage can move outside the range due to special events, e.g. strategic acquisitions. Capital is distributed through dividend and share buybacks. Whether capital is in excess is assessed based on the leverage target as well as future earnings prospects and investment requirements. Distribution to shareholders in 2025 There was no distribution to shareholders through dividend or buyback of shares in 2025 due to the gap between financial leverage and the targeted interval. NIBD/EBITDA was through 2025 increased to 4.1x at year-end from 3.9x at year- end 2024. Capital distribution proposed for 2026 The Board of Directors proposes that no capital is distributed in 2026 as financial leverage is ex- pected to continue to exceed the target leverage range through the year. Shareholders At the end of 2025, DFDS had 23,171 registered shareholders that owned 92.4% of the share capital. Lauritzen Fonden Holding was the largest shareholder with a holding of 41.6% of the total share capital at the end of 2025. Investor Relations The aim of investor relations (IR) is to facilitate a continual dialogue with the financial community, primarily institutional investors and analysts. Key events during the year are quarterly reports, conference calls, and roadshows to present stra- tegic and financial results. Monthly ferry volume figures are moreover released through the year. Management and IR participate at investor conferences, roadshows, and meetings with investors and analysts between quarters. There is a silent period of four weeks prior to the release of quarterly reports. DFDS Annual Report 2025 Corporate Governance 59 / 215 DFDS share price and trading volume, 2025 Share price performance relative to Copenhagen industrials index 2021-2025 Share price, DKK No. of shares, '000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 2025 160 140 120 100 80 60 40 20 0 1,600 1,400 1,200 1,000 800 600 400 200 0 250 200 150 100 50 0 Trading volume Share price Industrial index Nasdaq Copenhagen (OMXGI) DFDS Analysts covering the DFDS share Danske Bank Markets Ulrik Bak T +45 4514 1209 ubak@danskebank.dk DNB Carnegie Alexander Borreskov T +45 3288 0463 alexander.borreskov@ dnbcarnegie.dk Nordea Lars Heindorff T +45 5376 6054 lars.heindorff@ nordea.com RBC Capital Markets Ruairi Cullinane T +44 207 002 2275 ruairi.cullinane@ rbccm.com SEB Equities Kristian Godiksen T +45 53 69 92 41 kristian.godiksen@seb.dk Share related key figures 2025 2024 2023 2022 2021 Share price, DKK Price at year-end 96 134 223 256 349 Price, high 142 234 291 356 400 Price, low 79 123 195 194 262 Market value year-end, DKK m 5,171 7,208 12,557 14,703 20,038 No. of shares year-end, m 56.2 58.0 58.6 58.6 58.6 No. of circulating shares year-end, m 54.0 54.0 56.3 57.3 57.4 Distribution to shareholders, DKK m Dividend paid per share, DKK 0 3.00 5.00 8.00 0 Total dividend paid ex. treasury shares 0 168 281 461 0 Buyback of shares 0 431 300 0 0 Total distribution to shareholders 0 599 581 461 0 FCF yield, % 22.6 13.1 13.4 5.6 5.2 Total distribution yield, % 0 8.2 4.6 3.1 0 Cash payout ratio, % 0 62.6 21.0 55.9 0 Shareholder return Share price change, % -28.3 -40.1 -13.0 -26.5 30.7 Dividend return, % 0 1.3 2.0 2.3 0 Total shareholder return, % -28.3 -38.8 -11.1 -24.2 30.7 Share valuation Equity per share, DKK 247 256 245 227 199 Price/book value, times 0.4 0.5 0.9 1.1 1.8 DFDS Annual Report 2025 Corporate Governance 60 / 215 Sustainability statement DFDS Annual Report 2025 Sustainability statement 61 / 215 Sustainability statement DFDS Annual Report 2025 Sustainability strategy ESG: A strategic compass in challenging times In the Moving Together Towards 2030 strategy, sustainability is integrated through the pillars “Moving to green” and “Great place to work”. Sustainability is thus a core element of how we create value for all stakeholders – customers, employees, partners, investors, and society. As part of our group strategy, we have articulated our ESG (Environmental, Social, and Governance) strategy. It provides strategic direction and ensures continuity across key sustainability topics, enabling us to uphold our commitment to responsible business practices even when circumstances demand difficult decisions. The ESG strategy is fully aligned with DFDS’ core values and our ambition to act as a responsible, trustworthy, and forward-looking business The strategy is structured around three key areas: E – Green transformation S – Responsible & caring employer G – Responsible business practices These topics guide us in integrating sustainable practices across operations, from reducing emissions to strengthening social responsibility. Our ambition is clear: sustainability is essential for long-term competitiveness and for the transformation of our industry. 2025: Staying committed amid complexity 2025 brought changes to the field of sustainability. The CSRD omnibus process announced significant changes in scope and reporting requirements, creating a new situation for many. These challenges open up for possible improvements and we remain focused on delivering meaningful sustainability outcomes that reflect our values and strategic priorities. Due to challenging business performance, we initiated a cost reduction programme in 2025, including significant redundancies and efficiency measures. These decisions were necessary to safeguard our business, and this process has been carried out with care and respect for the people affected. Acting responsibly as an employer remains a priority also when we need to say goodbye to valued colleagues. Our green transition ambitions are unchanged. Investments in decarbonisation and innovation continue to be part of our long-term business plans, as decarbonising our operations is critical to our future. Our ESG strategy ensures that DFDS stays on course – building a competitive, respon- sible, and resilient business. Sustainability in DFDS Integrated in our “Moving together towards 2030” strategy Environmental Social Governance Green transformation Responsible and caring employer Responsible business practices How we bring the strategy to life Decarbonisation Renewable energy Use and reuse of resources Biodiversity Diverse and inclusive workplace Safe place to work Engaging leaders Strong policy framework Whistleblower mechanisms Responsible procurement Incentivised pay on ESG DFDS Annual Report 2025 Sustainability statement 62 / 215 Progress across all ESG areas in 2025 Despite a challenging year, we made progress in all three ESG areas. Moving to green SBTi commitment In October 2025, DFDS committed to set both near-term and net-zero targets via the Science Based Targets initiative (SBTi). Cleaner air truck fleet We continued to develop a low emission truck fleet. (2024 fleet) 13% EURO 5 (18%) 82% EURO 6 (78%) 147 e-trucks (131) 79 trailers with reduced environmental impact (35) Great Place to Work Winner of D&I award In August we won the Danish Shipping D&I award – recognition of the Waves of Talent program and integration of DE&I in processes. The DFDS Safety Award A new tradition was started with the launch of first DFDS Safety awards: Safety Champion (person) and Safety Squad (team). SOS Children Villages partnership Became a proud partner of the initia- tive that will build homes for children in Ukraine impacted by the war. Responsible business practices Improved CDP score In September our CDP score increased to a B – illustrating good environmental management. Improved Ecovadis supply chain score The Sustainable Procurement team improved our supply chain indicator in Ecovadis from 60 to 81. DFDS Annual Report 2025 Sustainability statement 63 / 215 General disclosures Sustainability in our business 65 Double materiality assessment 67 IRO overview 72 Sustainability governance 75 Basis of preparation 76 DFDS Annual Report 2025 Sustainability statement | General disclosures 64 / 215 Upstream Inbound transport of goods Sourcing (of fuels, new vessels, equipment, and facilities) Own operations Ferry Road & Rail Logistics Solutions Downstream Outbound transport of goods Waste handling and recycling (of vessels, equipment and facilities at end of life) Sustainability in our business SBM-1Strategy, business model and value chain Strategy In the “Moving Together Towards 2030” strate-gy, sustainability is integrated into DFDS’ group strategy, driving sustainable and responsible growth. Environmental, social, and governance principles are included in operations and strategic decisions, ensuring progress toward reducing environmental impact, fostering safety and inclu-sivity, and upholding transparency. This approach reflects DFDS’ commitment to creating lasting value for our stakeholders and the communities we serve. In addition, sustainability is integral to our commercial operations, as we provide decar-bonised transport solutions to customers through both direct and indirect emission reductions across our route network. Strategy Business model DFDS operates an integrated transport and logistics model combining ferry, road and rail transport with logistics services such as ware-housing, packaging and cross-docking. These activities enable efficient movement of goods and passengers across our network and support our role as a critical transport infrastructure provider in Northern Europe. People and competencies are the key intangible resources enabling delivery on strategic priorities. Business model Value creation Through our operations and partnerships, we create value for customers, employees, partners, communities and shareholders by ensuring effi-cient transport, connectivity, stable employment, safe workplaces and emissions reduction efforts. Value chain Our value chain covers own operations and busi-ness relationships. Upstream activities include inbound transport, and sourcing of fuel, vessels, equipment, port and terminal services and other critical operational services, with primary empha-sis on first-tier suppliers. Downstream activities include outbound transport, waste handling and recycling. Depending on the customer offering, DFDS’ operations span pre-carriage to port, port handling, sea voyage and onward transport. Boundary decisions Boundary decisions are based on the double ma-teriality assessment described in IRO-1. As part of that process, deeper-tier resource extraction and manufacturing of vessels, trucks and equipment, end-user use of transported goods and end-of-life activities (e.g., refitting and scrapping) were screened. They were excluded due to limited leverage and risk proximity being significantly lower than first-tier upstream activities. We will monitor these stages and revisit their inclusion if risk indicators, leverage, or data availability change. Sustainability impacts and challenges In the shipping and logistics industries, we face constraints related to the availability of alterna-tive fuels, new technologies, and the infrastruc-ture needed to support them. Limited supply, long asset lifecycles and significant investment requirements, especially where infrastructure is less developed, make it challenging to transition away from fossil fuels and maintain consistent operations across our network. We continue to pursue our climate ambitions by testing viable solutions, working with partners and contributing to industry initiatives that support low and zero emission technologies. Our industries also face social challenges, including gender balance and safety. Attracting and retaining women, particularly in operational and seafaring roles, takes time due to structural and occupation-specific factors. We work to strengthen diversity and representation across our workforce. Safety is an inherent risk in ship-ping and logistics, and we prioritise proactive risk management and continuous improvement of safety practices to protect our people and contractors. Key figures for DFDS in 2025 Largest countries by headcount Country Employee headcount UK 3,810 Türkiye 2,998 Denmark 2,012 Poland 1,358 France 1,239 Other 5,054 Total 16,471 Total revenue by significant activities DKK million Revenue Ferry Division 15,294 Logistics Division 15,618 Non-allocated 35 Total 30,947 DFDS Annual Report 2025 Sustainability statement | General disclosures 65 / 215 SBM-2Stakeholder engagement Stakeholder engagement is a natural part of our day-to-day business. We engage and partner with suppliers and customers to rethink business processes and find new ways of collaborating to gain viable traction in the green transformation. Our people make the difference throughout the network, and it is through engagement with our people that we adapt operations to keep goods and people moving in continually changing circumstances. We engage with the financial community, primarily institutional investors and analysts, through our Annual General Meeting and an ongoing dialogue facilitated by Investor Relations. The interests and views of all our stakeholders provide key inputs in our strategy processes, which in turn impacts our business model. The Executive Management Team takes an active role in the stakeholder engagement and the Board of Directors is informed about the views and interests of stakeholders as part of the general strategy and risk management processes. Stakeholder engagement Stakeholder Engagement occurs How it is organised Purpose Outcome taken into account Customers Regular interaction Account management and day-to-day interaction Order fulfilment and customer satisfaction. Understanding the demand for green transport solutions Customer feedback is used to improve our product offering Employees Regular interaction Development activities, surveys, day-to-day interaction with manager To ensure employee wellbeing, engagement, and development Employee feedback lead to actions to ensure that DFDS is a great place to work Investors and ESG analysts Regular interaction Annual General Meeting Interim reporting and ad hoc Ensure transparent market communication and dialogue Investor feedback is part of the corporate decision making process Regulators Adherence to regulatory requirements DFDS may consult regulators or consultants Ensure understanding of regulatory matters Changes in regulation or understanding thereof impacts business decisions, procedures, and reporting NGOs Regular interaction Ad hoc meetings Seeking information or collaboration on common goals NGO feedback informs projects and business decisions ESG rating agencies Annual interaction Reporting on ESG frameworks Create transparency and share DFDS ESG data Demand for data and information informs our reporting practices Peers and market Regular interaction Network activities and desk research Knowledge sharing with peers on ESG matters and finding inspiration Peer feedback informs ESG strategy and reporting and may affect business decisions DFDS Annual Report 2025 Sustainability statement | General disclosures 66 / 215 Double materiality assessment IRO-1Double materiality assessment Methodology Our double materiality assessment (DMA) review process is performed annually and is based on ESRS guidance. The steps in the process are outlined in the graphic on this page. We seek input from a variety of stakeholders, encompassing both internal and external perspectives, to consider a variety of viewpoints and considerations and mitigate any potential biases and knowledge gaps. Assessment boundaries and thresholds We assess impacts, risks and opportunities across our own operations and value chain in line with ESRS requirements. The assessment covers our business relationships with a primary focus on upstream first-tier suppliers of vessels, fuel and en-ergy, port and terminal services and other critical operational services. Beyond first tier, we screen topics using sector guidance, industry analyses, stakeholder engagement and internal expertise. Boundary and prioritisation decisions are based on severity of potential impacts (scale, scope and irremediability), likelihood, our influence and leverage, proximity to our operations and geographic risk signals, and availability of information that can be reliably assured. For impact materiality, our thresholds were determined by DFDS based on the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles, including guidance on prioritisation and the assessment of impact severity. Screened and excluded stages We screened deeper-tier activities, including resource extraction and manufacturing of vessels, trucks and equipment, end-user use of transported goods and end-of-life activities such as refitting and scrapping. These were assessed as not material at our point of influence due to low leverage, indirect linkage, lower relative severity and insufficient data quality for assured reporting. These stages remain under monitoring, and we will revisit their inclusion if risk signals, leverage or data availability change. Process to identify impacts Our DMA process is structured into four distinct steps, aligned with the disclosure requirements set forth by the European Sustainability Reporting Standards (ESRS). Where applicable, we ensure alignment with our organisation’s established operational methodologies. The initial phase involves mapping our business model and value chain, which enables clear dif-ferentiation between impacts arising from our own operations and those within our broader value chain. Consequently, each identified impact, risk, or opportunity (IRO) is categorised based on its origin: either internal operations or the extended value chain. DMA review process Steps Key tasks 1 Preparation and scoping Review the business model and value chain for changes since last review. Review assessment boundaries, thresholds, and relevant stakeholders. 2 Mapping impacts, risks,and opportunities Identify impacts, risks, and opportunities over time. Engage stakeholders and experts to refine the assessment. 3 Assessing materiality Evaluate the materiality of impacts, risks, and opportunities based on severity and likelihood. Prioritise material elements for assessment. 4 Validation and reporting Validate, refine, and document the methodology and results. Translate material impacts, risks, and opportunities to relevant data points. DFDS Annual Report 2025 Sustainability statement | General disclosures 67 / 215 DFDS conducted mapping workshops to identify IROs that could be potentially material to the or-ganisation. The purpose of these workshops was to jointly identify impacts, risks, and opportunities to determine if any topics would simultaneously have both impacts and risks or opportunities. Additionally, the workshops aimed to identify any existing dependencies. To identify relevant stakeholders for the DMA analysis, we engaged external experts for the initial DMA reported in 2024, including represen-tatives from non-governmental organisations (NGOs), pertinent agencies, and trade unions. These experts represent potentially affected stakeholders and provide critical insights that support comprehensive impact mapping and analysis. Scoring Consistent with ESRS standards, we assess the materiality of impacts using the parameters of scale, scope, irremediability, and likelihood. The methodologies applied for each identified impact include the following: • Scale: assessment of the inherent magnitude of the impact on society or the environment. • Scope: evaluation of the extent to which a po-tentially or actually affected stakeholder group, or a defined geographical area, is affected. • Irremediability:measurement of the extent to which damage can be mitigated or reversed. • Likelihood: consideration of the probability of potential impacts, incorporated only for impacts that are not yet actualised. For topics involving actual impacts, likelihood is excluded from the final scoring. The overall im-pact score is calculated as the average of these parameters. An important exception applies to human rights-related topics, where severity, defined as the combination of scale, scope, and irremediability, takes precedence over likelihood in determining the final score. A threshold was established to define materiality; impacts exceeding this threshold were deemed material for reporting. Process to identify risks and opportunities Financial materiality is based on size of financial effect and likelihood of the event. The size of the financial effect is aligned with our Enterprise Risk Management (ERM) framework and parameters. The likelihood scoring for risks and opportunities equals that of impact materiality. A threshold was established to define materiality; risks and op-portunities exceeding this threshold were deemed material for reporting. Decision making process and internal controls A CSRD Steering Committee serves as the control and decision-making body for the methods used throughout the process. Key decisions including identifying stakeholder representatives, scoring of IROs, and annual reviews are under the Steering Committee’s mandate. Controls include sign-offs from stakeholders and a thorough review of methods by the CSRD Reporting Team, who owns and manages the process to ensure its integrity and accuracy. The Enterprise Risk Management (ERM) and DMA processes are interconnected, particularly through the financial materiality assessment. The ERM team has provided input during the DMA process and supported in the identification of fi-nancial effects. High-priority ESG topics identified through the DMA are incorporated into the overall risk profile, ensuring a comprehensive and up-to-date Enterprise Risk Management framework. Integration of DMA process in overall management processes The process to identify, assess, and manage risks and opportunities is largely linked to the DMA process as described, in which management is informed, performs a review and signs off before obtaining the Board of Directors approval. Specific processes per topic E1 Resilience analysis Our strategy and business model are designed to adapt to climate change over the short-, medi-um-, and long-term, due to our inherent operation-al flexibility and ongoing risk management. We integrate short-term climate risks into our broader risk management framework, ensuring constant awareness of significant near-future climate im-pacts. Our network’s flexibility, through adjustable shipping routes, modal shifts, and operational op-timisation based on evolving conditions, enables us to effectively address anticipated challenges while maintaining resilience and continuity for our customers. Our resilience analysis in 2025 demonstrated prog-ress towards our targets. Our vessels represent the largest area of uncertainty, particularly regarding the technological developments and investments needed for the green transition. This includes uncertainties related to alternative fuel availability, technological advancements, and pricing. A major part of our strategy is focused on transitioning to the vessels of tomorrow, ensuring we remain resil-ient and adaptable to future challenges. Based on residual risk after mitigating actions, the risk severity assessment has returned low to medium scores for the sustainability-related risk items in the ERM process. We consider low to medium scores to reflect a high resilience of the business overall. E1 Climate risk scenario analysis To assess our climate-related risks in alignment with CSRD requirements, we applied two distinct climate scenarios from the International Panel on Climate Change (IPCC) that reflect different glob-al warming pathways and policy environments (see also text box on next page). The SSP2-4.5 scenarioUsing the SSP2-4.5 scenario, we assessed how a moderate-emissions trajectory may increase exposure to physical climate hazards and tran-sition risks across our operations. This scenario indicates a progressive rise in the frequency and intensity of extreme weather events over time. Our analysis focused on identifying how these developments may affect logistics, infrastructure, and supply chains, particularly in regions where our operational footprint is more climate-sen-sitive. Key hazards include more severe storms, heatwaves, and increased precipitation variabil-ity, which may disrupt transport routes, damage assets, and challenge planning and scheduling. The projected intensification of these hazards is likely to result in higher operational costs for repairs and maintenance and targeted investments in infrastructure resilience, improved forecasting and monitoring capabilities, and up-dated procedures to maintain continuity during extreme weather events. These insights help us prioritise resilience measures and identify the as-sets most vulnerable to both acute and chronic physical impacts. DFDS Annual Report 2025 Sustainability statement | General disclosures 68 / 215 The SSP1-2.6 scenarioUsing the SSP1-2.6 scenario, we assessed phys-ical hazards and transition risks associated with a pathway limiting global warming to below 2°C, ideally closer to 1.5°C. This scenario assumes am-bitious climate policy implementation, acceler-ated technological development, and significant shifts across energy and transport systems. In this context, we evaluated the potential impacts of stricter emissions regulations, the phasing out of fossil fuels, and rapid adoption of low-carbon technologies. In the short term, we anticipate increased compli-ance costs and higher upfront capital expen-ditures, particularly related to fleet upgrades, energy efficiency improvements, and the adoption of low-carbon fuels and equipment. Over the me-dium and long term we consider the broader im-pact of increased electrification and widespread renewable energy integration as well as the potential reshaping of supply chains as industries adapt to regulatory and technological shifts. Our assessment shows that both our ferry and lo-gistics operations are exposed to transition risks, though the timeline and nature of impacts differ across activities and regions. This analysis pro-vides a clearer view of where strategic planning, investment decisions, and operational adjust-ments may be needed to navigate an accelerated transition to a low-carbon economy. Climate risks Physical risks Ferry Logistics Short-term (12-36 months) Medium-term (3-5 years) Long-term (5+ years) Chronic Changing air temperature • • • • • Sea level rise • • Heat stress • • • • • Acute Storms & Flash Weather Events (heavy precipitation, flooding, extreme wind, hail) • • • • • Transition risks Technology The costs associated with building, acquiring, and adapting to low-carbon technology for both our assets and broader infrastructure investments, pose a significant risk to our financial resources. Increased risk that climate will affect critical technology supply such as biofuel. Increased energy use to meet other physical risk impacts. Cost to replace infrastructure that is not resilient to climate impacts. • • • • • Policy & Legal New policies and regulations may impose costs – such as taxes, reporting obligations, or technology mandates- that DFDS may not be able to fully pass on to customers, and therefore having an impact on our financial resources. • • • • • Market & Reputation There is a risk of not meeting customer demand fast enough due to limited availability of green fuels, as well as the costs and challenges of transitioning to low-carbon technologies in a timely manner. Risk of not meeting customer expectations in terms of accreditation and data transparency. • • • • Financial Insurers could increase insurance premiums or stop issuing insurance all together for assets at high levels of risk. • • • • • Energy Demands Increased risk of overreliance on electricity and risk of a lack of grid stabilisation. Potential increases in cost of energy related to increased demand. • • • • • The SSP2-4.5 scenario, developed by the IPCC, represents a future where societal de-velopment and climate policy progress at a moderate pace. Greenhouse gas emissions peak around mid-century and then decline, but not rapidly enough to meet net-zero tar-gets. This pathway assumes intermediate challenges to mitigation and adaptation, with moderate population growth, energy demand, and technological development. Key inputs include limited climate policy interventions and gradual improvements in technology. SSP2-4.5 is often used to assess physical climate risks under a plau-sible but not extreme emissions trajectory, with projections indicating significant changes in temperature, sea levels, and weather patterns. The SSP1-2.6 scenario, developed by the IPCC, outlines a sustainable development pathway consistent with limiting glob-al warming to below 2°C, ideally closer to 1.5°C. It assumes proactive climate policies, rapid decarbonisation, and wide-spread adoption of clean technologies. Key assumptions include strong international cooperation, significant investments in renewable energy, and major shifts in con-sumption and production patterns. SSP1-2.6 can be categorised as a “best-case” scenario for climate impacts, with effective mitigation efforts reducing the severity of climate-related hazards such as extreme weather and ecosystem disruption. DFDS Annual Report 2025 Sustainability statement | General disclosures 69 / 215 E2 Pollution The ferry and logistics industries significantly con-tribute to global air pollution, with major impacts arising from fuel combustion such as vessel oper-ations, the use of heavy machinery, and extensive transportation processes. Our materiality assess-ment identified emissions of particular concern, including sulphur oxides (SOx), nitrogen oxides (NOx), particulate matter with a diameter less than or equal to 10 micrometers (PM10), carbon monoxide (CO), black carbon (BC), and non-meth-ane volatile organic compounds (NMVOCs). For pollution of water, we identified discharges and spills as potential impacts. In our double materiality assessment (DMA), we conducted a general evaluation of pollution-re-lated IROs across our own operations and value chain. The process did not include detailed screen-ing of specific site locations, business activities, or consultations. The methodologies used in our assessment were broad and did not follow the phased LEAP (Locate, Evaluate, Assess, Prepare) approach or the detailed criteria specified for as-sessing material pollution-related impacts, depen-dencies, risks, and opportunities. We acknowledge these gaps and are committed to enhancing our processes in the future to align more closely with these requirements. S1 Own workforce In the process to identify and assess material IROs, the scope of disclosure includes all employ- ees in the DFDS workforce who could be material-ly impacted by our own operations and activities in our value chain. Through our extensive efforts within health & safe-ty, we have mapped the contexts and activities that may lead to a greater risk of harm for our employees. For this purpose, we divide employ-ees in office and non-office workers, classifying non-office work as high risk. Non-office workers make up 65% of our workforce and are involved in operations conducted on ferries, at terminals, and in haulage and warehouse activities. Material negative impact occurrences are typ-ically individual incidents. Material risks arising from impacts on own workforce include serious accidents in non-office operations in the termi-nals, warehouses and on the road. In the Moving Together Towards 2030 strategy, health & safety is a key focus in the “Be a great place to work” part of the strategy. G1 Business Conduct In the process to identify material IROs, the crite-ria used include activity type (ferry and logistics, respectively) and whether the IRO is related to our own operations or the value chain. In relation to business conduct matters, the criteria also includes the countries we operate in, known business conduct risks in the ferry and logistics industry, and the nature of transactions. Non-material IROs: E3 Water and marine resources DFDS screened its operations and value chain for water- and marine-related IROs using internal expertise in collaboration with external environ-mental impact assessment specialists. Affected communities were not consulted. E5 Resource use and circular economy DFDS screened its operations and value chain for resource-use and circular- economy-related IROs using internal expertise, and for waste topics sup-plemented this with external specialists. Affected communities were not consulted. IRO-2Information materiality DFDS has built the expertise in the CSRD Re-porting Team to translate the IROs into relevant disclosure requirements in alignment with ESRS 1 AR16. The CSRD Reporting Team has involved rel-evant stakeholders across DFDS to inform these judgements and have sought external assistance as relevant. DFDS Annual Report 2025 Sustainability statement | General disclosures 70 / 215 Materiality matrix Impact materiality Financial materiality Financially material Non-material E3, E5 S3, S4 Double material E1 S1, S2 G1 Impact material E2, E4 Non-material Material Non-material Material Environment Social Governance Material E1 Climate change Climate change adaption Climate change mitigation Energy S1 Own workforce Equal treatment Working conditions Work-related rights S2 Workers in the value chain Equal treatment Working conditions G1 Business conduct Corporate culture Whistleblower protection Suppliers Corruption and bribery E2 Pollution Pollution of air Pollution of water E4 Biodiversity and ecosystems Direct drivers of biodiversity loss Non-material E3 Water and marine resources E5 Resource use and circularity S3 Affected communities S4 Customers and end-users SBM-3Changes to IROs compared to 2024 Compared to the 2024 reporting period, DFDS has identified the following changes in material impacts, risks, and opportunities (IROs) for 2025: Pollution (ESRS E2) In addition to air pollution reported in 2024, water pollution has been identified as a material IRO. This reflects growing stakeholder concern and regulatory focus on marine discharges and port-related water contamination. Own workforce (ESRS S1)In 2024, DFDS reported on S1-8 Collective bar-gaining agreements and S1-10 Adequate wages, although no material IROs had been identified. As this remains the case after the updated assess-ment, disclosures for these two measures have been discontinued. End Users (ESRS S4) Passengers are no longer considered material end-users. This change is primarily due to the route adjustment in the Strait of Gibraltar and the sale of the Copenhagen–Oslo route. Remaining passenger activities do not present material impacts or risks under ESRS S4. These changes reflect DFDS’s commitment to regularly reviewing its materiality assessment in line with evolving business activities, stakeholder expectations, and regulatory developments. DFDS Annual Report 2025 Sustainability statement | General disclosures 71 / 215 IRO overview ANI Actual negative impact PNI Potential negative impact R Risk O Opportunity SBM-3 Overview of impacts/risks/opportunities and how they are addressed Location in value chain Time horizon Operation Sub-topic Disclosure reporting Impact, Risk, or Opportunity Upstream Own operations Downstream Short-term Medium-term Long-term Ferry Logistics E1 Climate change Climate change adaptation Costs from extreme weather events that could lead to disruption of operations and derived effects of impacts in the supply chain. • • • Costs for clean-up and repair after hazards as well as upfront investments to protect the infrastructure. • • • • Significant investments needed to retrofit, redesign, or replace fleet to decarbonise operations. In addition to substantial costs, risk of market adopting different technologies. • • • • • • Climate change mitigation Burning fuels to run trucks or ships as well as energy consumption related to buildings (warehouses, terminals, offices) generates GHG emissions. • • • • • • • Risk of stranded assets as uncertainty surrounding the fuel choice of the future still exists. DFDS could risk having vessels in the fleet that do not meet decarbonisation requirements or investing in vessels with new technologies that will not become the future choice. • • • • Branding opportunity from selling green products, especially to clients with sustainability targets and/or limited opportunities to reduce GHG emissions in their own operations. • • • • • • Energy use Consumption of fuels and energy in the ferry fleet and logistics generates large amounts of GHG emissions. • • • • • • Consumption of fuels and energy across value chain for production of vessels, trucks and equipment generates large amounts of GHG emissions. • • • • • • • Limited availability of green energy risk DFDS not meeting customer requirements and decarbonisation targets. • • • • • • R R R ANI R O ANI ANI R DFDS Annual Report 2025 Sustainability statement | General disclosures 72 / 215 ANI Actual negative impact PNI Potential negative impact R Risk O Opportunity SBM-3 Overview of impacts/risks/opportunities and how they are addressed (continued) Location in value chain Time horizon Operation Sub-topic Disclosure reporting Impact, Risk, or Opportunity Upstream Own operations Downstream Short-term Medium-term Long-term Ferry Logistics E2 Pollution Pollution of air Non-GHG pollutants are emitted into the air during our vessel voyages, truck operations, and stationary combustion processes, contributing to air pollution. • • • • • • Pollution of water Impacts of wash water from vessel scrubbers and microplastics from hull paint and other sources. • • • • • E4 Biodiversity and ecosystems Direct impact drivers of biodiversity loss The greenhouse gas emissions associated with our operations lead to effects on biodiversity and ecosystems. • • • • • • Our organisation operates a significant number of vessels, which generate substantial underwater noise during voyages. • • • • • S1 Own workforce Work-life balance Impacts on work-life balance and wellbeing from overtime/working schemes. • • • • • • Health and safety Safety and accident concerns of ship crews, truck drivers, and terminal and warehouse workers. • • • • • • Diversity Both ferry and logistics faces challenges attracting and retaining women. • • • • • • Measures against harassment Bullying and harassment is known to occur in the maritime and logistics industries. • • • • • • ANI ANI ANI PNI ANI R ANI ANI PNI DFDS Annual Report 2025 Sustainability statement | General disclosures 73 / 215 ANI Actual negative impact PNI Potential negative impact R Risk O Opportunity SBM-3 Overview of impacts/risks/opportunities and how they are addressed (continued) Location in value chain Time horizon Operation Sub-topic Disclosure reporting Impact, Risk, or Opportunity Upstream Own operations Downstream Short-term Medium-term Long-term Ferry Logistics S2 Workers in the value chain Secure employment Insecure employment for seasonal workers, leaving risks for human rights. • • • • • • • Work-life balance Nature of work subjecting workers to excessive hours, impacts on work-life balance and wellbeing. • • • • • • • Health and safety Risk of work-related accidents and injuries for ship crews, truck drivers, and workers in terminals and warehouses due to the nature of industry work. • • • • • • • Diversity Both seafarers and logistics faces challenges attracting and retaining women. • • • • • • • Forced labour Risk of having forced labour in the value chain, which can lead to human rights violations, legal repercussions, and reputational damage. • • • • • • • G1 Business Conduct Corporate Culture • • • • • • • • Protection of Whistleblowers Lack of awareness of protection of whistleblowers may potentially keep people away from notifying concerns. • • • • • • • • Management of relationships with suppliers Poor supplier management can lead to negative impacts, including contract terms, pressure on price and lead time, payment practices, and payment conditions. • • • • • • • Prevention and detection including training The shipping and logistics industries are considered to have an above-average exposure to risks of facilitation payments. • • • • • • • • ANI ANI R ANI ANI R PNI Risk of nonadherence to Code of Conduct affecting risk management, productivity and innovation. R R PNI PNI DFDS Annual Report 2025 Sustainability statement | General disclosures 74 / 215 Sustainability governance GOV-4 Statement on due diligence Core elements of due diligence Paragraphs in the sustainability statements Page reference a) Embedding due diligence in governance, strategy and business model ESRS 2 GOV-2 ESRS 2 GOV-3 ESRS 2 SBM-3 Page 48 Page 52 Page 71 b) Engaging with affected stakeholders in all key steps of the due diligence ESRS 2 GOV-2 ESRS 2 SBM-2 ESRS 2 IRO-1 ESRS 2 GOV-3 G1-1 G1-3 G1-4 E1-2 E2-1 E4-2 S1-1 S2-1 Page 48 Page 66 Page 67 Page 52 Page 112 Page 113 Page 114 Page 82 Page 91 Page 93 Page 101 Page 109 c) Identifying and assessing adverse impacts ESRS 2 IRO-1 E1 IRO-1 E2 IRO-1 E4 IRO-1 ESRS 2 SBM-3 E1 SBM-3 E4 SBM-3 S1 SBM-3 S2 SBM-3 G1 IRO-1 Page 67 Page 68 Page 70 Page 71 Page 72 Page 72 Page 73 Page 73 Page 74 Page 70 Core elements of due diligence Paragraphs in the sustainability statements Page reference d) Taking actions to address those adverse impacts E1-3 E2-2 E4-3 S1-4 S2-4 Page 84 Page 91 Page 94 Page 104 Page 110 e) Tracking the effectiveness of these efforts and communicating E1-4 E2-3 E4-4 S1-5 S2-5 Page 83 Page 91 Page 94 Page 104 Page 110 GOV-5Risk management in sustainability reporting To effectively mitigate risks and ensure robust controls in sustainability reporting in compliance with the Corporate Sustainability Reporting Direc-tive (CSRD), DFDS has a dedicated CSRD Report-ing Team within the Group Finance department. Key Risks and Mitigation Strategies for Sustainability Reporting: 1. Data Completeness and Quality: Controls are implemented by the CSRD Reporting Team to ensure the integrity of data inputs. To enhance data quality, reporting processes are continuously strengthened through comprehensive training programs and active engagement with data own-ers, thereby ensuring full compliance. 2. Discrepancies Between Land and Sea Data:Differences in systems and processes between land- and sea-based operations present risks to data quality. Mitigation measures include the deployment of tailored data collection method-ologies specific to land and sea operations to guarantee data accuracy. 3. Manual Reporting Processes: The reliance on manual reporting increases the potential risk for error. To address this, an integrated sustainability reporting software was introduced in 2025 as part of a phased implementation plan; however, cer- tain manual processes will persist in the medium term to ensure operational continuity. Integration of acquired business unit: Following the acquisition of the Türkiye & Europe South (TES) business unit (end 2024), DFDS faces temporary reporting risks due to differing systems and methodologies. TES is currently being inte-grated into DFDS’s health & safety, compliance, and environmental data processes; consequently, TES is excluded from selected metrics during the transition period. Targeted integration activities and strengthened data-governance processes are underway to ensure alignment from 2026. The findings derived from the risk assessment and evaluation of internal controlling have led to an enhanced focus on training preceding the reporting process. We ensure that all depart-ments responsible for sustainability reporting are adequately informed and equipped to fulfil their responsibilities effectively. Furthermore, these functions receive continuous support from the CSRD Reporting Team. Upon receipt of data, the CSRD Reporting Team conducts thorough internal controlling to ensure accuracy and compliance. The Audit Committee and the Board of Directors are re-sponsible for overseeing risks associated with sustain-ability reporting, thereby ensuring the implementation of effective supervisory functions. The Audit Committee receives regular updates regarding the status of report-ing, the results of risk assessments, and the efficacy of internal controls related to CSRD reporting. DFDS Annual Report 2025 Sustainability statement | General disclosures 75 / 215 Basis of preparation BP-1 General basis of preparation The sustainability statement for the period from 1 January 2025 to 31 December 2025 has been prepared according to the requirements of the EU’s Corporate Sustainability Reporting Directive (CSRD) and EFRAG’s European Sustainability Reporting Standards (ESRS). Information in the sustainability statement has been prepared on the same consolidated basis as DFDS A/S’ 2025 financial statements; the consolidated quantita-tive CSRD data comprises the parent company DFDS A/S and the subsidiaries it controls. The reporting covers DFDS’ value chain from the point our customer’s goods start their transpor-tation journey until they are delivered. Thus, any resource extraction or manufacturing of goods in the upstream part of the value chain and any use of transported goods by end-users are deemed outside the boundaries of reporting. BP-2 Specific circumstances Time horizons In the CSRD report, time horizons are defined as fol-lows: Short-term is up to 1 year, medium-term is 1-5, and long-term 5+ years. The definition is aligned to the time horizons applied in DFDS’ enterprise risk management (ERM) framework. Value chain estimation Estimates and judgements used in reporting are reassessed on a yearly basis. We use a spend-based approach for our Scope 3 reporting, in which carbon emissions are estimated based on the categorisation of invoices. Further details in the accounting policies for GHG reporting. Sources of estimation uncertainty DFDS uses estimated values for Scope 3 catego-ries 1, 2, 4, 6 and 8 in Q4 due to fast-close timelines and reliance on supplier data. The estimation methodology was updated from a two-year linear regression to a reporting-year average to improve accuracy following recent acquisitions. Prior-year restatement was deemed impractical. For the Türkiye & Europe South (TES) business unit, Scope 3 emissions for categories 1, 2, 4, 6 and 8 are estimated using a revenue-based proxy, as TES applies a different methodology than the rest of the Group. To ensure consistency and reliability, 10% of Group Scope 3 emissions for these cate-gories is allocated to TES, reflecting its share of Group revenue. The uncertainty of these estimates is assessed as high. Changes in methodologies, data sources, and restatements During 2025, DFDS introduced updates to method-ologies, data sources and calculation boundar-ies across the sustainability statement. These updates improve data accuracy, reflect enhanced operational insight, align with industry-standard practices, and correct identified errors in previously reported information. Where relevant, comparative figures for 2024 have been restated. Environmental methodologies and data GHG emissions for 2024 have been recalculat-ed following the adoption of industry-standard emission factors and a methodological shift from Tank-to-Wake to Well-to-Wake reporting. This pro-vides a more complete representation of upstream fuel impacts and broadens the emissions reported. Scope 3 reporting has been broadened to include Category 8. An error in the interpretation of emis-sions associated with regulated emission trading schemes has been corrected and reflected in the comparative figures. Combined with the meth-odological updates, this results in restatements across E1-6 as further detailed in the disclosure. We have discontinued the unaudited 2023 figure that were included in the E1-6 table of the 2024 report. As our methodology and data quality continue to improve, these early-stage figures risk becoming less comparable over time. Decarbonisation targets updateThe baseline intensity metric for the terminal oper-ations pathway has been revised to reflect updated emission factors and improved operational data availability. The restatement is further detailed in the E1-4 disclosure. Social metrics and reporting boundaries The composition of the leadership group was revised in 2025 to better reflect functional man- agement responsibilities. This update affects the calculation boundary for gender-related KPIs and results in restatements for S1-5 and S1-9, reflecting the updated organisational structure rather than any change in gender balance. The CEO pay ratio in S1-16 has been restated for 2024 following the correction of a calculation error. The restatements are further detailed in the disclo-sures. Reporting of discrimination and harass-ment incidents in S1-17 has been strengthened from 2025 through the inclusion of cases recorded by HR, which adds visibility alongside the existing whistleblower channel. Due to the expanded data coverage, figures for 2025 are not fully compara-ble with previous years. Addition of governance KPIs From 2025, DFDS reports on two additional gover-nance KPIs: Code of Conduct training completion in G1-3 and the share of invoices paid on time in G1-6. These disclosures enhance transparency around internal controls and supplier relationships and align with reporting requirements. Compar-ative data is not presented, as corresponding information for 2024 is not available. S1-8 Collec-tive bargaining agreements and S1-10 Adequate wages were reported in 2024 though they were not linked to an IRO and therefore not in scope. The disclosures have been discontinued. Disclosures related to other frameworks DFDS is a signatory to the UN Global Compact since 2015 and supports selected Sustainable Development Goals (SDGs): 13 Climate Action, 14 Life Below Water, 15 Life on Land, 3 Good Health and Well-being, 5 Gender Equality, and 17 Partner-ships for the Goals. The SDGs are referenced here to show alignment with global frameworks and their connection to the environmental and social topics covered by disclosures. No additional SDG information is included in this report. Incorporation by reference DFDS incorporates information in the sustain-ability statement by reference to the corporate governance section of the management review for disclosure requirements GOV-1, GOV-2 and GOV-3. The index table in the following pages specifies the subsection and page number for each reference. Use of phase-in provisions DFDS has applied the European Commission’s Omnibus “quick fix” amendments (Delegated Regulation adopted July 2025) as follows: DFDS continues to apply phase-in provisions for S1-7, S1-14 §88(d-e), and S1-15. We provide summarised content in accordance with ESRS2 paragraph 17 for E4 Biodiversity and S2 Workers in the Value Chain. We continue to apply phase-in provisions for anticipated financial effects for SBM-3 §48(e), E1-9, E2-6, and E4-6. These changes are made to ensure reporting stability while DFDS prepares for the amended ESRS implementation expected in 2026. DFDS Annual Report 2025 Sustainability statement | General disclosures 76 / 215 IRO-2Index of material disclosures and incorporation by reference ESRS standard DR Description Section Incorporation by reference Page number ESRS 2 BP-1 General basis for preparation of sustainability statement SS 76 BP-2 Disclosures in relation to specific circumstances SS 76 GOV-1 The role of the administrative, management and supervisory bodies MR Governance practices 45, 48 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies MR Governance practices 48 GOV-3 Integration of sustainability-related performance in incentive schemes MR Remuneration 52 GOV-4 Statement on due diligence SS 75 GOV-5 Risk management and internal controls over sustainability reporting SS 75 SBM-1 Strategy, business model and value chain SS 65 SBM-2 Interests and view of stakeholders SS 66 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model SS 71 IRO-1 Description of the process to identify and assess material impacts, risks and opportunities SS 67 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement SS 70 E1 E1.GOV-3 Integration of sustainability-related performance in incentive schemes MR Remuneration 52 E1-1 Transition plan for climate change mitigation SS 81 E1.SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model SS 72 E1.IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities SS 68 E1-2 Policies related to climate change mitigation and adaption SS 82 E1-3 Actions and resources in relation to climate change policies SS 84 E1-4 Targets related to climate change mitigation and adaption SS 83 E1-5 Energy consumption and mix SS 88 E1-6 Gross Scopes 1,2,3, and Total GHG emissions SS 89 E2 E2.IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities SS 70 E2-1 Policies related to pollution SS 91 E2-2 Actions and resources related to pollution SS 91 E2-3 Targets related to pollution SS 91 E2-4 Pollution of air and water SS 91 E4 E4.SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SS 73 E4-2 Policies related to biodiversity and ecosystems (Summary) SS 93 E4-3 Actions and resources related to biodiversity and ecosystems (Summary) SS 94 E4-4 Targets related to biodiversity and ecosystems (Summary) SS 94 DFDS Annual Report 2025 Sustainability statement | General disclosures 77 / 215 IRO-2Index of material disclosures (continued) ESRS standard DR Description Section Incorporation by reference Page number S1 S1.SBM.2 Interests and views of stakeholders SS 66 S1-SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SS 73 S1-1 Policies related to own workforce SS 101 S1-2 Processes for engaging with own workforces and worker’s representatives about impacts SS 102 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns SS 104 S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions SS 104 S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SS 104 S1-6 Characteristics of the undertaking’s employees SS 107 S1-9 Diversity metrics SS 106 S1-14 Health and safety metrics SS 105 S2 S2.SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SS 74 S2-1 Policies related to value chain workers (Summary) SS 109 S2-2 Processes for engaging with value chain workers about impacts (Summary) SS 110 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action (Summary) SS 110 S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (Summary) SS 110 G1 G1.GOV-1 The role of the administrative, supervisory and management bodies MR Governance practices 45, 48 G1.IRO-1 Description of the processes to identify and assess material impacts, risks, and opportunities SS 70 G1-1 Business conduct policies and corporate culture SS 112 G1-2 Management of relationships with suppliers SS 114 G1-3 Prevention and detection of corruption and bribery SS 113 G1-4 Incidents of corruption or bribery SS 114 G1-6 Payment practices SS 114 DFDS Annual Report 2025 Sustainability statement | General disclosures 78 / 215 Environment E1 Climate change 80 E2 Pollution 91 E4 Biodiversity 93 EU Taxonomy 95 DFDS Annual Report 2025 Sustainability statement | Environment 79 / 215 E1 Climate change The shipping and logistics industries are sig-nificant contributors to the causes of climate change and must play a key role in addressing its impacts. At DFDS, we recognise the urgent need to transition to sustainable practices and technol-ogies to minimise our environmental impact. Our approach to decarbonisation focuses on four main techniques: efficiency, electrification, alternative fuels, and circularity. Through strategic investments and collabora-tions, we are working toward decarbonising our operations and supporting the broader industry shift toward a net zero future. Overview of impacts/risks/opportunities and how they are addressed Material IRO IRO description Related policies Actions Targets and ambitions Tracking and effectiveness Climate change adaption Costs from extreme weather events that could lead to disruption of operations and derived effects of impacts in the supply chain. Climate Policy Investment in infrastructure protection Clean-up and repair after hazards Flexibility in operations during extreme weather events Limited disruption of operations Operations resilience Costs for clean-up and repair after hazards as well as upfront investments to protect the infrastructure. Climate Policy Investment in infrastructure protection Clean-up and repair after hazards Limited costs for clean-up. Sufficient protection of infrastructure – Significant investments needed to retrofit, redesign, or replace fleet to decarbonise operations. In addition to substantial costs, risk of market adopting different technologies. Climate Policy Investment in future-proof technologies Net zero by 2050 GHG emission intensity for fleetNo. of electric vehiclesFuelEU maritime compliance Climate change mitigation Burning fuels to run trucks or ships as well as energy consumption related to buildings (warehouses, terminals, offices) generates GHG emissions. Climate Policy Efficiency improvements Electrification Use of alternative fuels Circularity initiatives 45% reduction in vessel CO2e intensity by 2030 75% reduction in land CO2e intensity by 2030 GHG emissions tracking Subject to FuelEU Maritime Risk of stranded assets as uncertainty surrounding the fuel choice of the future still exists. DFDS could risk having vessels in the fleet that do not meet decarbonisation requirements or investing in vessels with new technologies that will not become the future choice. Climate Policy Investment in future-proof technologies Net zero by 2050 Technological upgrades performedFleet changes made Branding opportunity from selling green products, especially to clients with sustainability targets and/or limited opportunities to reduce GHG emissions in their own operations. Climate Policy Development of green products Increase share of green products sold - Energy Consumption of fuels and energy in the ferry fleet and logistics generates large amounts of GHG emissions. Climate Policy Transition to renewable energy Energy efficiency measures 80% of total electricity consumption from renewable energy sources in 2026 and 100% by 2031 Electricity consumption tracking Consumption of fuels and energy across value chain for production of vessels, trucks and equipment generates large amounts of GHG emissions. Climate Policy Responsible procurement Limit scope 3 emissions GHG emissions tracking Limited availability of green energy poses a risk to DFDS’ ability to meet customer requirements and decarbonisation targets. Climate Policy Collaboration with fuel suppliers – – DFDS Annual Report 2025 Sustainability statement | Environment 80 / 215 E1-1 Prioritised decarbonisation and net zero techniques Core decarbonisation techniques High Low Circularity Close to operation Locally-driven Using less energy Efficiency Carbon capture Electrification Benefits of scale Centrally-driven Using cleaner energy Alternative fuels Offsetting Customer / partner collaboration needed Last-resort techniques to address residual emissions E1-1Transition plan for climate change mitigation DFDS’s transition plan for climate change miti-gation is defined in our decarbonisation strategy, “Moving to Green”. Our current transition plan is split into three pillars: decarbonisation at sea, decarbonisation on land, and “getting our house in order”. All three pillars of the transition plan support the goal to be net zero by 2050. By 2030, our goals on land rely on a combination of effi-ciency measures and accelerated electrification, with switching diesel for Hydrotreated Vegetable Oil (HVO) as a secondary, transition technique. At sea, we plan to introduce alternatively-fuelled vessels no later than the end of 2030, along with an ongoing significant emphasis on both tech-nical and operational efficiency improvements, as well as the use of biodiesel in existing vessels. This is necessary as zero-emission fuels and technologies for shipping are less mature than the technologies already available on land. “Getting our house in order” relates to our smallest emis-sion footprint, our everyday activities. In October 2025, DFDS committed to set both near-term and net-zero targets via the Science Based Targets initiative (SBTi). These new targets must be submitted by October 2027, and our existing targets will stand in the meantime. Also in 2025, as a significant part of our transition plan relies on electrification, we set internal targets for renewable energy, at 80% of total consumption in 2026 and 100% by 2030. Decarbonisation levers DFDS’s commitment to achieving both our 2030 targets, and net-zero emissions by 2050 is underpinned by a hierarchy of techniques. Recognising the importance of reducing energy consumption as well as GHG emissions, our primary technique across all areas of operation is to avoid and reduce energy consumption, as well as producing our own energy where possible. This is addressed by a combination of behavioural change, operational efficiency and technical measures. Secondary to this, but equally core to achieving reductions, is to transition away from fossil fuels to lower-emission options. In the near term, both electrification and biofuels are key levers across both land and sea. Longer-term, we aim to use e-fuels, for routes and vessels where full electrification is not possible. Knowing that there will be residual emissions that we cannot eliminate by the above techniques, we will consid-er carbon capture, offsetting, or other techniques that emerge between now and 2050, to reach our net-zero goal. Progress in implementing the transition plan The decarbonisation of our business is a shared responsibility for everyone at DFDS, and there are several teams involved in guiding and driving our climate plans. Our central Decarbonisation and Energy Security Team continues to pursue its function to accelerate progress in reducing emissions across all of our commercial activities. Any strategic decision-making related to decar-bonisation is brought before the Decarbonisation Board, bringing together key stakeholders from the organisation and the CEO. It monitors and ensures the progress of decarbonisation targets and works to prioritise resources across key departments at DFDS to achieve our ambitions. The Decarbonisation Board prioritises investment into new projects based on a standardised KPI framework that takes into account aspects such as financial returns, scalability, technical risk, and relative abatement cost, to ensure that we get the most value from our investments. Investments and funding The climate mitigation action plan requires capital expenditures (capex) for its implementa-tion. The most significant capex include vessel newbuilds and vessel conversion to facilitate the switch to alternative fuels or batteries. Additional-ly, continuing to invest in e-trucks to our fleet and the electrification of our terminals will incur capex on an ongoing basis. The investment needs associated with the vessel decarbonisation pathway are currently under review. As part of the company’s ongoing strate-gic and fleet planning processes, the timing and scale of future capex are being reassessed to reflect updated market conditions, technological developments and long-term transition require-ments. Revised estimates will be disclosed once the review is finalised. DFDS Annual Report 2025 Sustainability statement | Environment 81 / 215 Decarbonisation Board composition Technology & Innovation Central Decarbonisation Team Targets, pathway, to net zero & portfolio Decarbonisation Board Central Sustainability Team Overall ESG New initiatives, policies Status & decisions on initiatives All operations Sustainable Fleet Projects (Green Vessels) Climate policy Policy Objective(s) Relation to IROs Scope Owner Account-ability Third-party standards or initiatives Climate and Environ-mental Policy To mitigate global warming and environmental degradation by reducing greenhouse gas emissions, minimising noise and particle pollution, managing waste responsibly, and protecting ecosystems, including marine life, across all transportation operations. GHG emissions Transition risk Physical climate risk All employees Group Sustain-ability EMT The policy reflects our support of the UN Global Compact’s environmental principles. We are actively seeking diverse funding and subsidy opportunities, including EU and national sources, to support the ambitions of our “Moving to Green” strategy. The pathways set for both vessel and land are to some degree dependent on the available funding we can receive, as well as the maturity and availability of technologies and fuels. In 2025, we have approved investments into several shore power implementations, additional e-trucks, and electrified terminal equipment. In the EU taxonomy reporting, the significant capex required to implement the action plan for climate mitigation relates to economic activities 6.6 freight transport services by road, 6.10 sea and coastal freight water transport, and 6.16 infrastructure enabling low-carbon water transport. Potential locked-in GHG emissions The majority of DFDS’s locked-in emissions are associated with our vessels, which have an indic-ative lifetime of 35 years. These long-lived assets represent a high proportion of DFDS’s future emis-sions profile, given their reliance on fossil fuels and the technical and economic constraints on major conversions for older vessels. We explore retrofitting options across both land and sea assets, with newer vessels offering the greatest potential for upgrades such as alternative fuel systems and carbon capture technologies. When feasible, we prefer retrofitting to new electrifica-tion assets, to increase lifetime and reduce both cost and embedded emissions. For land assets, which are typically leased for shorter periods, locked-in emissions are assessed as low. In addition, DFDS seeks to mitigate locked-in emissions through the use of sustain-able, certified biodiesel or HVO as transition fuels for existing assets. Overall, locked-in emissions from vessels pose a moderate challenge to DFDS’s decarbonisation efforts, and we actively monitor these risks to avoid stranded assets and ensure alignment with our long-term climate targets. Paris Agreement alignment Our pathway to 2050 includes 1.5°C and well below 2°C strategies. However, we do not cur-rently have targets or a transition plan which is explicitly aligned with limiting to 1.5°C in line with the Paris Agreement, and we are currently not excluded from the EU Paris-aligned benchmarks. Our recent commitment to set targets under SBTi will result in a 1.5°C pathway, to be developed by October 2027. E1-2Policies DFDS has a Climate policy supporting our commitment to net-zero emissions by 2050. It addresses climate change mitigation, climate change adaptation, energy efficiency, and renew-able energy deployment. DFDS Annual Report 2025 Sustainability statement | Environment 82 / 215 Scope 1, 2 & 3 CO 2 e emissions Split on material activities E1-4Targets DFDS has set a target for net zero emissions by 2050 across all our operations. The net-zero target includes all emissions scopes and requires that no more than 10% of our total emissions may be reduced by indirect means, such as offsetting. Our 2030 targets focus on two main operational areas: vessels and land. This approach allows us to plan effectively, tailor solutions to operational realities and differences between land and sea, and mea-sure progress in detail. We further split land by type of operation targets into road and terminals. The three pathways for vessels, road, and terminals, respectively, are further detailed and depicted in waterfall charts in the following pages. The 2030 target covers an estimated 89% of our scope 1 emissions and 71% of our total 2025 emis-sions across all scopes. The remaining 29% in-clude fuel for chartered vessels, non-commercial activities, and downstream transportation and dis-tribution. We are committed to set both near-term and net-zero Group targets via the Science Based Targets initiative (SBTi) by October 2027, and our existing targets will stand in the meantime. Framework and methodology for target setting All of our current GHG emission targets are based on a range between the 1.5°C pathway and the well below 2°C. We use the methodologies and assumptions of the Paris Agreement as frame-works to inform our target setting process and incorporate scientific evidence, such as the IPCC Sixth Assessment Report, to ensure our targets are grounded in the latest research. The responsibility for setting targets lies within the Decarbonisation and Energy Security Team, who lead the definition process. The Decarbonisa-tion Board, Executive Management Team (EMT), and the Board of Directors hold responsibility for reviewing and approving targets. Intensity targets Intensity targets ensure consistency and com-parability even as the business evolves and are closely linked to operational activity. Long-term intensity targets are broken down into concrete short-term goals. Intensity targets are based on activity data derived from operational systems and the emission factors defined under our GHG reporting methodology. These intensity targets are fixed unless DFDS revises its long-term strate-gic ambitions. GHG emission scopes covered by targets All our targets, including achieving net-zero by 2050 and specific 2030 targets for vessels, road, and terminals, include carbon dioxide, methane, and nitrous oxide. They cover WtW emissions (combining scope 1 and scope 3 category 3 emissions) from owned assets operating in the DFDS network. These targets are aligned with our GHG inventory boundaries. Our 2030 targets do not account for, or rely on GHG removals, carbon credits, or avoided emissions. The pathways illustrate how we can achieve our 2030 CO₂e emission intensity targets. Each waterfall chart presents a scenario estimating fuel and energy consumption across DFDS’ operations. The composition of fuel and energy then determines how emissions are distributed across different Scopes. The target coverage is estimated as the percentage of emissions within the target boundary relative to the total scope 1-3 emissions. • Scope 1 emissions pertain to DFDS’ direct fuel consumption within our operation, also described as combustion emissions or Tank-to-Wake/Wheel emissions. An estimated 89% of Scope 1 is covered. • Scope 2 emissions cover the upstream emis-sions from electricity, consisting of the emissions up until delivery to DFDS. In the pathways shown, the electricity is covered by Renewable Energy Certificates/ Guarantees of Origin, there-fore the electricity is accounted as zero emission Pathway targets Unit Base year Baseline 2025 2030 target % change base to target Vessels Intensity (gCO2e/GTnautical mile) 2008 20.9 14.0 11.5 -45% Road transport intensity (gCO2e/tonnes-km) 2022 76 66 19 -75% Terminals Intensity (kgCO2e/unit) 2022 121 4 3 -75% 1Restated baseline intensity from 11 due to updated emission factors and previously missing data. See BP-2, p. 76. Split on activities 90% Ferries 8% Trucks 2% Buildings & other Scope 3 33% Scope 2 0.3% Scope 1 67% DFDS Annual Report 2025 Sustainability statement | Environment 83 / 215 as per the EU Renewable Energy Directive, thereby 100% of Scope 2 is covered. • Scope 3 emissions cover the upstream emissions from fuels, consisting of the CO2e emissions from extraction, cultivation, pro-cessing, transport, and distribution of the fuel. An estimated 35% of Scope 3 is covered. A transition from liquid fuel to electricity will cause some shift in emissions between Scopes (from Scope 1 to Scope 2), but the Well-to-Wake/ Wheel approach we apply ensures that DFDS’ 2030 targets results in CO2e emission savings across all Scopes. E1-3Actions In 2025, DFDS advanced its decarbonisation strategy through targeted actions across key levers. We strengthened energy efficiency and energy consumption avoidance by optimising operations and deploying digital solutions to re-duce fuel and energy use. We initiated renewable energy projects and increased procurement of renewable electricity to support our transition goals. Electrification of assets progressed with the deployment of electric vehicles and equip-ment, complemented by charging infrastructure and port electrification initiatives. Finally, we expanded the use of transition fuels and tech-nologies, including biofuels and HVO, to reduce emissions from conventional fuels. These actions reflect our commitment to achieving net-zero emissions by 2050 while balancing cost-efficiency in a financially challenging year. Regulatory environment We monitored and advocated in support of the introduction of the IMO Net Zero Framework (NZF), agreed in April 2025, as a driver for future maritime decarbonisation. Along with many others, we were disappointed by the outcome in October in which none of the core measures were adopted and decision-making was adjourned until 2026. However, as a majority of our oper-ations are within the EU, where ETS and FuelEU Maritime are already in place, and the UK, whose maritime decarbonisation strategy we expect to be implemented, we still view the regulatory conditions as supporting our future transition, albeit in a more fragmented way than if the NZF had been adopted as planned. On road, the delay of EU ETS2 is slowing the transition from fossil fuel to low carbon vehicles. While electric truck prices are falling rapidly, in the short term they remain challenging to operate at or close to cost parity with diesel alternatives and require significant investment in new infrastructure. The progress made with CO2emission standards for heavy-duty vehicles, and the ongoing intro-duction of road tariffs and tolls in some EU mem-ber states under the Eurovignette Directive, does however, provide some cost incentives to low carbon technologies. In particular, we welcome the confirmed extension of the toll exemption for zero-emission trucks. However, the differences in introduction, ramp up and strength of these regulations across Europe creates friction and uncertainty. A simplified and stable regulatory landscape would enable us to make greater long-term investment. DFDS Annual Report 2025 Sustainability statement | Environment 84 / 215 2030 pathway for vessels WtW CO 2 e intensity (gCO 2 e/gross tonnesnautical mile) 2008 2025 actual -45% 2030 20.9 -0.6 Technical upgrades -0.4 Operational efficiency -0.3 Shorepower -1.3 Tonnage strategy 11.5 14 Pathway and future actions for vessels To achieve our targeted 45% reduction in well-to-wake (WtW) CO2e emission intensity of vessel operations by 2030, we continue our focus on the key levers: Avoided energy consumption and energy efficiency Operational efficiency: The Every Minute Counts programme is a combination of schedule optimis-ation and slow steaming on all our network routes. The programme aims to reduce emissions from our existing vessels while maintaining high service standards. Improvements in efficiency are varied from reducing turnaround time in port terminals, improving schedules, to enabling lower speed on voyages. These measures lead to a decrease in fuel consumption, saving energy usage, and will remain integral during and beyond the transition to non-fossil fuels. Technological upgrades:In order to enhance the operational efficiency and long-term sustainabil-ity of our fleet, we continually invest in technology that improves the operational efficiency of our existing fleet. Key initiatives ongoing and for the future include excess energy management, the implementation of a voyage optimisation plat-form, technologies to reduce hull resistance, and wind assisted ship propulsion (WASP). Electrification of assets Our Sustainable Fleet Projects team is investigat-ing the extent to which electrification of vessel propulsion systems is beneficial, also for vessels where the main energy source is a liquid fuel. As the energy usage and emissions reductions are highly dependent on the specific route, vessel type and intended operational profile, there is no simple answer. For future newbuild projects, it is intended to do pre-contract model testing as soon as the main parameters of the vessels are defined in order to make an informed decision as to the most efficient propulsion line. We have previously announced our intention to invest in battery electric vessels on our routes between Dover-Calais and Dover-Dunkerque. This project continues, in collaboration with the three ports involved, who, to make this possible, must also be able to deliver the grid infrastructure needed to charge the vessels at each end of the route. The shore power program continues, with an average of 5 vessels per year planned for conversion to 2030. As with the battery electric vessel projects, we need to match vessels with the availability of infrastructure at port and have a dedicated team that pursues dialogue with the ports and adjusts plans as the external conditions become clearer. Transition fuels and technologies Tonnage plan: We are committed to launching alternatively fuelled vessels by end 2030 that will deliver on the stated reduction target for ‘tonnage plan’ in the vessel pathway. We work with different vessel and fuel scenarios, within which the order and timing of specific vessels is contingent on contractual commitments, market developments and the availability of alternative fuels and port infrastructure. Due to limited technology maturity and fuel avail-ability, ammonia vessels are no longer included in our 2030 plans. Green ammonia continues to be monitored and remains part of our long-term fuel strategy. These vessels of tomorrow will be powered by low- and zero-emission fuels, supported by extensive collaborations such as: • Partnering with authorities to establish risk-based approval processes. • Coordinating with ports to develop bunker standards, safety protocols, and fuelling procedures. • Collaborating with equipment suppliers to monitor and source innovative fuels and technologies. Development in 2025 Progress remained on track with expectations, with no material deviations or significant changes.See also development comments for E1-6 GHG emissions. Baseline year The baseline year is 2008, chosen in line with the IMO baseline year, which was used for the 2030 intensity target introduced in the 2023 IMO GHG Strategy. The pathway cover DFDS’ owned vessels in commercial operation within the network. DFDS Annual Report 2025 Sustainability statement | Environment 85 / 215 2030 pathway for road transport 2030 pathway for road transport 2008 2025 actual -75% 2030 76 -13 Efficiency -14 e-trucks -0.1 H 2 Trucks -20 HVO 19 66 WtW CO 2 e intensity (gCO 2 e/tonne-kilometre) Pathway and future actions for road transport To achieve our targeted 75% reduction in well-to-wheel (WtW) CO₂e emission intensity from road transport by 2030, we focus on three key levers: avoided energy consumption and efficiency, electrification, and transition fuels and technologies. Avoided energy consumption and energy efficiency As part of our ambition to reduce unnecessary en-ergy use across the logistics ecosystem, we con-tinue to advance our collaboration programme with customers through the Net-Zero Co-Lab. The programme brings customers together to reduce overall transport demand through initiatives such as load sharing and collaborative route optimisa-tion. Over time, we aim to extend this approach to suppliers and other partners in the wider transport value chain. Within our own operations, we will continue to strengthen road transport efficiency by: • Enhancing route optimisation to reduce empty running and the number of vehicles required, supported by increasing adoption of AI-driven planning tools • Expanding driver behaviour programmes to improve driving efficiency • Facilitating modal shifts from road to rail or sea where operationally viable Electrification of assetsWe are expanding our e-truck fleet across mul-tiple European markets and actively engaging in efforts to develop reliable and cost-effec-tive charging infrastructure for long-distance transport. Infrastructure availability remains the primary barrier to broad e-truck deployment. As public and private charging networks mature, the share of electric vehicles in our fleet will continue to grow. Transition fuels and technologies Hydrotreated vegetable oil (HVO): HVO provides an immediate opportunity to reduce greenhouse gas emissions in our road operations. While we do not consider HVO a long-term solution, it remains an important component of our pathway to 2030 due to its drop-in compatibility with existing trucks and its low capital requirement. We are committed to sourcing biofuel that meets strin-gent sustainability standards. Hydrogen: Hydrogen fuel cell electric vehicles (FCEVs) and hydrogen combustion technologies continue to develop as potential solutions for long-distance and specialised applications that remain challenging for battery electric vehicles. However, progress depends heavily on national hydrogen infrastructure strategies. Since last year, we have reduced the expected role of hydrogen in our 2030 pathway, but we remain open to piloting hydrogen-based solutions where feasible. Development in 2025 Progress remained on track with expectations, with no material deviations or significant changes. See also development comments for E1-6 GHG emissions. Baseline year The baseline year is 2008, chosen for its reliable and sufficient data. The pathway cover DFDS owned trucks. DFDS Annual Report 2025 Sustainability statement | Environment 86 / 215 2030 pathway for terminals WtW CO 2 e intensity (kgCO 2 e/unit) 2022 2025 actual -75% 2030 6 -1 Efficiency -3 Electrification -4 HVO 3 12 11 4 Pathway and future actions for terminal operations In 2025, following the introduction of a prelimi-nary, bottom-up pathway for terminal operations in 2024, we have created a top-down pathway which provides more clarity on sub-targets within the overall target of a 75% reduction in well-to-wheel (WtW) CO2e emission intensity by 2030. The following techniques will be deployed: Avoided energy consumption and energy efficiency Dual cycling: a technique where loading and unloading is performed simultaneously, reducing empty trips and improving turnaround time of vessels, so that they can sail slower and still be on schedule. Reducing equipment idling times and average speeds of tug master operations: enables both cost and CO2e savings without compromising on operational outcomes. Optimised yard layout: using space on the terminal in such a way as to reduce unnecessary moves. Future efficiency cases are the subject of an ongoing optimisation program including increased digitisation and AI. Green energy production & procurement We plan to produce renewable energy at termi-nals for our vessels and electric trucks in addition to electric terminal equipment. Many of our termi-nals already have limited solar PV installations, and we aim to augment this with either additional solar or wind turbines, depending on the charac-teristics of individual terminals. In addition, we run a project to design and pilot microgrids at some of our key terminals. Electrification of assets The key transition technique for terminals is a shift from fossil fuels to electric terminal vehicles. We are exploring different options to accelerate the transition despite supply of electric port equipment being limited in the market, through initiatives such as piloting retrofits of old diesel equipment. Compared to other parts of our operation, terminals emit relatively little, but they are the place where road and sea converge, and where we foresee the greatest need for a well-managed electrification programme. Transition fuels and technologies Hydrotreated vegetable oil (HVO): HVO offers an immediate opportunity to reduce our greenhouse gas emissions from road transport. Whilst we do not see HVO as the most sustainable fuel and therefore it is not a good long-term solution, It will continue to play a key role in our near-term pathway to 2030, and has the advantage of quickly replacing diesel in existing trucks without significant upfront investment or increasing embedded emissions. We are committed to sourcing biofuel that meets stringent sustain-ability criteria. Development in 2025 In 2025, our terminal operations targeted a carbon intensity of 11 kg CO₂e per unit. Through the successful sourcing and trial-based use of HVO, we achieved an intensity of 4 kg CO₂e per unit, well below this trajectory. This temporary testing phase provided valuable insights into the operational impacts of alternative fuels. The performance illustrated in the chart shows that future reductions can increasingly be met through operational efficiencies and the gradual electrification of terminal equipment. Looking ahead, as the HVO volumes normalise, we expect a temporary increase in carbon intensity while we shift focus back toward long-term efficiency mea-sures and reduce our reliance on HVO to manage operating costs. Baseline year The baseline year is 2022. The pathway covers our owned terminals. The baseline has been restated in 2025, further details in E1-4 targets table. See also BP-2, p. 76. Forecasted DFDS Annual Report 2025 Sustainability statement | Environment 87 / 215 E1-5 Energy consumption and mix Unit 2025 2024 Total fossil energy consumption MWh 8,822,013 9,713,392 Share of fossil sources in total energy consumption % 96.5% 98.6% Fuel consumption from crude oil and petroleum products MWh 8,771,360 9,665,424 Fuel consumption from natural gas MWh 10,856 12,430 Fuel consumption from other fossil sources MWh 3 N/A Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources MWh 39,795 35,536 Total renewable energy consumption MWh 321,267 141,734 Share of renewable sources in total energy consumption % 3.5% 1.4% Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWh 283,380 95,853 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh 35,003 43,427 Consumption of self-generated non-fuel energy MWh 2,884 2,4581 Total energy consumption MWh 9,143,281 9,855,130 E1-5 Energy consumption per net revenue Unit 2025 2024 Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors MWh/MDkk 295 331 E1-5 Energy in high climate impact sectors Unit 2025 2024 Total energy consumption from activities in high climate impact sectors MWh 9,143,281 9,855,130 1 Restated from 24.58 due to a prior-period clerical error. The underlying data and methodology remain unchanged. § Accounting policies Energy consumption and mix We monitor and report energy data in two streams: land-based operations and sea-based operations. Land-Based Operations: Energy for land-based operations is reported for each location. The data is derived from various sources: invoices, fuel or electricity consumption records, and/or meter readings. Both purchased electricity consumption and any electricity generated through the use of on-site solar panels are accounted for through this process. Sea-Based Operations: Energy data for sea-based activities is collected for each voyage, using recorded fuel consumption, on-board meter readings, and/or documented fuel usage. Non-renewable energy share The non-renewable energy share is calculated as the proportion of total energy consumption derived from non-renewable sources. Energy from non-renewable sources can include fuel consumption from crude oil and petroleum products, natural gas, coal or coal products, and other fossil sources. Renewable energy share The renewable energy share is calculated as the proportion of total energy consumption derived from renewable sources. Energy from renewable sources can include fuel consumption from renewable sources including biomass, purchased or acquired electricity, heat, steam, and cooling from renewable sources as well as the consumption of self-generated non-fuel energy from renewable sources. The consumption of purchased or acquired electricity, heat, steam, and cooling is calculated as the proportion of total energy consumption derived from renewable sources where Renewable Energy Certificates (RECs) are present. DFDS adopts a market-based accounting approach for renewable energy, recognising certified purchased electricity as renewable energy consumption. Total energy consumption Total energy consumption is calculated as the sum of total fossil energy consumption and total renewable energy consumption. High climate impact sector DFDS operations are all considered high climate impact sectors according to those listed in NACE Sections A to H. Specifically, DFDS’ activities are in Section H, which includes: Freight rail transport Freight transport by road Sea and coastal passenger water transport Sea and coastal freight water transport Warehousing and storage Warehousing and support activities for transportation and cargo handling Energy Consumption per Net Revenue Energy consumption per net revenue ratio is calculated with the following formula: Energy consumption per net revenue = Total energy consumption from activities in high climate impact sectors (MWh) Net revenue from activities in high climate impact sectors (MDkk) DFDS Annual Report 2025 Sustainability statement | Environment 88 / 215 Development in 2025 In 2025, overall energy consumption and GHG emissions decreased across both ferry and road transport activities. In ferry, lower total sailed distance, route adjustments and efficiency gains, including measures implemented under Every Minute Counts, reduced fuel consumption and emissions despite selected network expan-sions. In road transport, emissions increased as a result of Türkiye & Europe South being included for the full year (acquired end 2024). Continued efficiency improvements in the fleet reduced emission intensity. The energy mix was supplemented by increased use of biofuels and on-site solar electricity production. Efficiency improvements and shifts towards lower-emission energy sources are aligned with the levers in our decarbonisation pathways and contribute to bringing us closer to our reduction targets. In addition, the GHG in-tensity measures improved across the business, reinforcing the effect of operational efficiencies and a gradually cleaner energy mix. E1-6 GHG emission intensity based on net revenue GHG emission intensity per net revenue (tCO2e/MDkk) 2025 2024 GHG emission intensity, location-based 120 134 GHG emission intensity, market-based 120 134 E1-6 GHG emission intensity of our own fleet and route network GHG emission intensity per GT-nautical mile (g CO2e/ GT mile) 2025 2024 Own fleet (owned ferries in operation) 13.98 14.401 Route network (all ferries operating route network) 14.19 14.562 1 Restated from 12 due to emission factor update from TtW to WtW. See BP-2, p. 76. 2 Restated from 12 due to emission factor update from TtW to WtW. See BP-2, p. 76. E1-6 Breakdown of GHG emissions Unit 2025 2024 %N/N-1 Scope 1 GHG emissions Gross Scope 1 GHG emissions ’000 tCO2e 2,491 2,618 -5% Percentage of Scope 1 GHG emissions from regulated emission trading schemes % 88% 88%1 0% Biogenic emissions of CO2e carbon (in Scope 1) ’000 tCO2e 22 24 -8% Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions ’000 tCO2e 12 16 -25% Gross market-based Scope 2 GHG emissions ’000 tCO2e 14 15 -7% Scope 3 GHG emissions by category Total Gross (indirect) Scope 3 GHG emissions ’000 tCO2e 1,213 1,2432 -2% 1 Purchased goods and services ’000 tCO2e 274 314 -13% 2 Capital goods ’000 tCO2e 4 6 -33% 3 Fuel and energy-related activities ’000 tCO2e 484 5063 -4% 4 Upstream transportation and distribution ’000 tCO2e 434 406 7% 6 Business traveling ’000 tCO2e 10 11 -9% 8 Upstream leased assets4 ’000 tCO2e 7 - - Total GHG emissions Total GHG emissions derived from location-based method ’000 tCO2e 3,716 3,8875 -4% Total GHG emissions derived from market-based method ’000 tCO2e 3,718 3,8766 -4% 1 Restated from 40% due to misinterpretation of requirement. See BP-2, p. 76. 2 Restated from 1,345 ’000 tCO2e as a result of change in category 3. 3 Restated from 607 ’000 tCO2e due to a change in emission factors from general to industry-specific. See BP-2, p. 76. 4 New category in 2025, previously included in category 4. No restatement, as prior-period data cannot be reliably reconstructed. See BP-2, p. 76. 5Restated from 3,978 ’000 tCO2e as a result of change in category 3. See BP-2, p. 76. 6Restated from 3,977 ’000 tCO2e as a result of change in category 3. See BP-2, p. 76. DFDS Annual Report 2025 Sustainability statement | Environment 89 / 215 § Accounting policies E1-6 Organisational boundary and operational control DFDS applies a financial control approach when con-solidating environmental performance data in accord-ance with the ESRS requirements. For activities that fall outside DFDS’ financial control, the level of opera-tional control is assessed. Activities conducted through associates, joint ventures and unconsolidated subsidiaries follow the financial control approach. Contractual arrangements are assessed separately to determine whether DFDS has operational control over the activity. Emissions from activities under operational control are included in the Group’s gross Scope 1 and Scope 2 emissions. Where activities are not under op-erational control, the related emissions are reported as gross Scope 3. Activities solely under operational con-trol are considered insignificant, and therefore the re-lated information is not disclosed separately. GHG emissions calculation and conversion GHG emissions are calculated in accordance with the methodology set out in the GHG Protocol. To calculate our total GHG emissions, our consumption values are converted into carbon dioxide equivalents (CO2e). DFDS calculates GHG emissions using unified emission factors from authoritative sources including FuelEU Maritime, GLEC v3.2, DEFRA 2025, IEA 2025, AIB 2024, national district-heating statistics, and Ecoinvent 3.12 across all group activities. Emission factors used follow the most recent, sector-specific, and country-specific datasets available, applying both location-based and market-based electricity methods and distinguishing TTW/WTT and biogenic components. DFDS annually updates factors to ensure consistency with regulatory defaults and the latest datasets. GHG, Scope 1 (CO2e) Scope 1 GHG includes all direct emission sources. This includes all use of fossil fuels for stationary combustion or transportation in owned, leased or rented assets, as well as intentional or unintentional releases of fugitive emissions such as emissions during the use of refrigeration and air conditioning equipment. GHG, Scope 2 – location based (CO2e) Location based Scope 2 GHG includes location-based electricity and purchased or acquired heating, cooling and steam. Location-based electricity is calculated based on the emission intensity of the local grid area where the electricity usage occurs. GHG, Scope 2 – market based (CO2e) Market based Scope 2 GHG includes market-based electricity and purchased or acquired heating, cooling and steam. Market-based electricity is calculated based on the contractual purchases of electricity and residual local grid emissions factors when no contractual agreement is in place. GHG, Scope 3 (CO2e) Our reported Scope 3 emission categories are: 1: Emissions related to purchased goods and services 2: Capital goods 3: Fuel- and energy-related emissions not included in scope 1 or 2 4: Upstream transportation and distribution 6: Business travel 8: Upstream leased assets DFDS does not report on scope 3 in categories 5: Waste generated in operations, 7: Employee commuting, 9: Downstream transportation, 10: Processing of sold products, 11: Use of sold products, 12: End-of-life treatment of sold products, 13: Downstream leased assets, 14: Franchises, 15: Investments, since these activities are not applicable or significant to DFDS. In 2025, DFDS received activity-based emissions reporting from key suppliers, covering relevant reported Scope 3 categories except category 3. This supplier-reported data represents 4% of total Scope 3 emissions. Scope 3 Spend-based DFDS’ spend-based Scope 3 emissions are categorised and calculated using AI-powered software. Uploaded spend data is classified for categorisation, while calculations leverage the GHG Protocol framework and an extensive database of emission factors. Emission factor sources used in the calculation include Exiobase, Ecoinvent, DESNZ (2024) and DESNZ (2025). Categories included in our spend-based approach: 1: Emissions related to purchased goods and services 2: Capital goods 4: Upstream transportation and distribution 6: Business travel 8: Upstream leased assets Scope 3 Activity-based DFDS’ activity-based Scope 3 emissions are category 3: Fuel- and energy-related emissions not included in scope 1 and 2. DFDS primarily uses the average-data method (the amount of fuel and energy registered in scope 1 and 2 and apply an average upstream production and distribution emission factor for fuel or energy type). In addition to category 3 calculations, DFDS incorporates activity-based emissions data received directly from key suppliers for relevant other reported Scope 3 categories. This supplier-provided dataset accounts for 4% of total Scope 3 emissions in 2025. Estimations of Scope 3 spend data As full-year data is not available at the time of reporting, Q4 spend figures are estimated. The estimation is based on the average emissions per quarter calculated from actual data for Q1–Q3 of the reporting year. For the Türkiye & Europe South (TES) business unit, Scope 3 emissions for categories 1, 2, 4, 6 and 8 are estimated using a revenue-based proxy, as TES applies a different methodology than the rest of the Group. To ensure consistency and reliability, 10% of Group Scope 3 emissions for these categories is allocated to TES, reflecting its share of Group revenue. Biogenic emissions of CO2carbon from the combustion or biodegradation of biomass, disclosed separately from Scope 1, Scope 2, and Scope 3. Biogenic emissions refer to CO₂ emissions resulting from the combustion or decomposition of biomass: organic materials such as wood, biofuels, and biogas. These emissions are distinct from fossil-based emissions due to their origin in the short-term carbon cycle, where the CO₂ released is typically reabsorbed by growing biomass. In line with the requirements of the GHG Protocol, direct CO2emissions from the combustion of biomass and biofuels are reported separately of the scopes. For DFDS, this applies to the use of fuel containing biofuels in mobile combustion, as well as the use of fuel containing biofuels in stationary combustion. Only fossil CO2and other GHGs are reported under the scope 1 category, while biogenic CO2is reported under Biogenic CO2separately. Uncertainties and controls For sea-based data, our control process features an automated system that monitors and verifies data as it is transferred from our on-board system to an internal dashboard. This system identifies potential outliers and errors efficiently. To further ensure data accuracy and integrity, we are subject to regular external audits. For land-based data our control process features internal control processes for reported data completion and accuracy. GHG intensity Per net revenue The GHG intensity per net revenue is calculated using the following formulas: GHG intensity (location-based) = Total location-based GHG emissions (tCO2e) Net revenue (MDkk) GHG intensity (market-based) = Total market-based GHG emissions (tCO2e) Net revenue (MDkk) Per GT Mile The disclosure of GHG intensity based on the gross tonnage nautical-mile (GT- mile) performance of our own fleet and route network vessel voyages is calculated as the unit DFDS uses to quantify reduction of GHG emissions. This intensity is calculated by dividing the total GHG emissions, segmented by our fleet and route network, by the GT- miles sailed. Own fleet Own fleet refers to vessels owned by DFDS and deployed in our operational routes. Route network Route network includes all vessels operated by DFDS, whether owned or chartered, that are in active route service. Both definitions exclude vessel movements not related to scheduled route operations, such as docking, maintenance sailings or repositioning between routes. DFDS Annual Report 2025 Sustainability statement | Environment 90 / 215 E2 Pollution At DFDS, we acknowledge that our impact on the pollution of air and water are aspects of our environ-mental footprint. Efforts to lower CO₂e emissions, such as enhancing fuel efficiency, and optimising op-erations, simultaneously reduce the release of harm-ful pollutants. This integrated approach underscores our dedication to responsible practices, cleaner air, and a healthier environment, ensuring our operations align with the goals of a sustainable future. E2-1Policies The Climate Policy outlines our CO2e reduction ambitions, which simultaneously decrease the pol-lution of air from non-GHG pollutants. By reducing fuel consumption and CO2e emissions, we not only advance towards our goal of becoming net zero but also contribute to lower emissions of air pollutants and reduced discharges related to vessel opera-tions, including wash water from exhaust gas clean-ing systems. Given that air and water pollution are key material topics for DFDS and closely linked to our decarbonisation strategy, we consider our cur-rent Climate Policy to provide a common framework for addressing pollution impacts, while acknowledg-ing the need for further policy development to more explicitly address pollution-specific risks. E2-3Targets Our decarbonisation strategy focuses on reducing our CO2e emissions, which by a derivate effect will reduce our air pollution from vessel, truck and stationary combustion processes. Pollution-relat-ed impacts on the marine environment, such as discharges from vessel operations, are managed through compliance with applicable regulations and operational standards. DFDS has not set measurable outcome-oriented targets related to pollution. We will continue to monitor the effectiveness of decarbonisation as a driver for pollution reduction. E2-2Actions and resources DFDS is committed to achieving net-zero emissions by 2050 through enhanced energy efficiency, electri- fication, and the adoption of sustainable fuels. While our decarbonisation efforts contribute to the reduc-tion of air pollution, we acknowledge that our current ESG strategy does not explicitly allocate specific resources or detailed plans to address other forms of pollution or ecosystem restoration. This approach reflects our prioritisation of CO2e material footprint reduction as the foremost sustainability challenge. As we continue to assess the effectiveness of our ongoing initiatives, we will evaluate the necessity for additional or distinct measures. Our truck fleet com-plies with high EURO emission standards, ensuring less pollution from fuel combustion. Furthermore, the majority of our vessels are equipped with advanced scrubbers to significantly reduce sulphur oxide (SOx) emissions, and their engines conform to stringent nitrogen oxide (NOx) emission limits. By adhering to SECA (Sulphur Emission Control Area) requirements, we reduce SOx and particulate emissions, including from vessels that are not equipped with scrubbers. Our decarbonisation strategy primarily targets the reduction of CO2e emissions, which consequentially leads to a decrease in pollution of air and water. E2-4Pollution metrics Pollution of water Emissions from scrubber wash water are man-aged under international conventions, specifically MARPOL and the IMO Ballast Water Management Convention. Compliance is ensured through on-board treatment and monitoring systems installed on vessels. DFDS does not measure or track pollutants emitted to water beyond regulatory compliance. Beyond this, data availability for reporting remains limited. DFDS is assessing options to improve systematic data collection and integration into corporate reporting frameworks as we remain committed to enhancing transparency. We are not in a position to provide a timeline for when full reporting on pollution metrics will be implemented. Development in 2025 Air pollutant emissions in 2025 decreased in line with the overall reduction in fuel consumption across ferry and road transport operations. As these emissions are calculated directly from fuel use, the development reflects the same oper-ational drivers as for GHG emissions, including lower sailed distance, route adjustments and efficiency gains in the ferry division, as well as adjusted fleet activity levels and continued operational improvements in road transport. The increased use of lower-emission energy sources, such as biofuels and on-site renewable electricity, further supported the reduction in air pollutant emissions during the year. Overview of impacts/risks/opportunities and how they are addressed Material IRO IRO description Related policies Actions Targets and ambitions Tracking and effectiveness Pollution of air Non-GHG pollutants are emitted into the air during our vessel voyages, truck operations, and stationary combustion processes, contributing to air pollution. Climate Policy (reducing GHG, no specific policy for pollutants) Use of scrubbers Compliance with emission standards Euro class IV and V trucks E1 Climate change targets Reducing GHG emissions will lower pollutants GHG emissions tracking Pollution of water Impacts of wash water from vessel scrubbers and microplastics from hull paint and other sources Climate Policy (reducing GHG, no specific policy for pollutants) Compliance with emission standards Stay within MARPOL and IMO boundaries Monitoring systems on vessels DFDS Annual Report 2025 Sustainability statement | Environment 91 / 215 Distribution of air pollutants On land Distribution of air pollutants At sea NOx PM10 NMVOCs SOx CO BC 83.9% 5.4% 4.8% 0.1% 1.4% 4.5% 75.6% 0.8% 1.6% 2.8% 19.1% NOx PM10 NMVOCs CO BC E2-4 Pollution of air 2025 2024 Pollutant Unit Emissions Land Emissions Sea Emissions Total Emissions Land Emissions Sea Emissions Total NOx Tonnes 1,793.1 46,832.7 48,625.8 1,891.7 51,468.0 53,359.7 SOx Tonnes 0.1 3,009.7 3,009.8 0.1 3,899.0 3,899.1 CO Tonnes 452.8 2,653.5 3,106.3 420.1 2,908.0 3,328.1 BC Tonnes 19.5 59.1 78.6 18.4 65.0 83.4 PM10 Tonnes 38.6 2,531.6 2,570.2 37.0 2,854.0 2,891.0 NMVOCs Tonnes 67.1 762.3 829.4 11.4 856.0 867.4 § Accounting policies We use the air pollutant calculation methodology found in the Climate & Clean Air Coalition (CCAC), Black Carbon Methodology for the Logistics Sector. For fuel consumption data, see accounting policies for E1-5, page 88. Segregation methodology For both land and sea the fuel is segregated by fuel type and engine type in volume and then applied to the relevant emissions factors. Stationary combustion follows an energy content method where the fuel is segregated by type and converted to energy then multiplied by relevant emission factors. Calculation of sea-based air pollutants For vessels equipped with scrubbers, we apply an additional emission factor to account for emission reductions. Calculation of land-based air pollutants Our current methodology for calculating vehicle emissions does not account for specific vehicle types (i.e., Euro 5 versus Euro 6 trucks) or the distance travelled by each respective vehicle type. At present, we lack the visibility to correlate the total distance in operations by each vehicle type, which has the ability to affect specific pollutants such as NOx which has reduced emissions when using a newer vehicle type i.e., Euro 6 trucks. DFDS Annual Report 2025 Sustainability statement | Environment 92 / 215 E4 Biodiversity In line with the Omnibus “quick fix” amendments and ESRS 2 paragraph 17, DFDS applies the temporary exemption and provides a summarised disclosure for Biodiversity. We have adopted a strategic and targeted approach to strengthen our biodiversity-related efforts and minimise our impact on land and at sea. Our strategy is based on gathering data and engaging with stakeholders to continuously build our understanding of our impact on biodiversity. Strategy As a ferry and logistics company, our business model relies on maritime and land-based infra-structure that may intersect with natural ecosys-tems. Recognising these dependencies, DFDS es-tablished a Biodiversity Strategy in 2024, setting a framework for how biodiversity considerations are integrated into environmental management and operational planning. Our strategy focuses on understanding where our operations may overlap with biodiversity-sensitive areas and improving our capacity to assess and mitigate potential impacts. Given the nature of our operations, the most material biodiversity impacts are associated with vessel activities at sea. We therefore prioritise efforts to understand and mitigate underwater noise impacts over those related to fixed sites. As our data and capabilities evolve, we will continue to refine our understanding of biodiversity dependencies and explore mitigation opportunities. E4-2Policies DFDS’s Biodiversity Policy forms the foundation for our long-term work to reduce our environmen-tal footprint and enhance biodiversity. The policy outlines ambitions to: • Minimise underwater noise and support marine life through innovation and vessel design. • Integrate biodiversity considerations into decision-making across operations. • Supporting research and conservative initiatives. The policy is governed by the Group Sustainability team, overseen by the Executive Management Team and the Board, and is aligned with DFDS’s broader ESG Strategy. Overview of impacts/risks/opportunities and how they are addressed Material IRO IRO description Related policies Actions Targets and ambitions Tracking and effectiveness Biodiversity Loss The greenhouse gas emissions associated with our operations lead to effects on biodiversity and ecosystems. Biodiversity Policy Climate Policy Route adjustments to avoid sensitive areas Collaboration with environmental organisations Ambition to minimise impact on marine life – We operate a significant number of vessels, which generate substantial underwater noise during voyages. Biodiversity Policy • Reviewing URN technology for new-builds Route adjustments Ambition to minimise underwater noise impact – Biodiversity policy Policy Objective(s) Relation to IROs Scope Owner Account-ability Third-party standards or initiatives Biodiversity Policy To minimise biodiversity impact, integrate biodiversity considerations into business processes, and support research and conservation initiatives. GHG-driven ecosystem impact Marine noise pollution All employees Group Sustaina-bility Head of Group Sustaina-bility The policy reflects our support of the UN Global Compact’s environmental principles. DFDS Annual Report 2025 Sustainability statement | Environment 93 / 215 E4-3Actions Our current focus is on monitoring marine ecosystems, strengthening knowledge through partnerships, and reducing pressures on biodi-versity where direct impacts from our operations are identified. To support this, we have taken the following actions: • Mapped all DFDS terminals against Natura 2000 areas to identify proximity to biodiversi-ty-sensitive locations and establish a mon-itoring baseline. Five of our terminals under operational control are located within a 5 km radius of such sites. • Adjusted shipping routes and reduced sailing speed in selected Mediterranean areas to protect endangered marine species, including sperm whales. • Monitored marine wildlife in partnership with ORCA on selected routes, including Amster-dam–Newcastle, to increase insight into spe-cies presence and behaviour. These actions support the Biodiversity Strategy and contribute to strengthening our ability to pre-vent, mitigate, and monitor potential biodiversity impacts across our operations. Part of our long-term ambitions is to ensure that future-generation vessels incorporate noise considerations to minimise their impact on marine biodiversity. This aligns with our sustainable fleet objectives, as we depend on a longer horizon of data collection and evaluations to guide operational decisions so they include biodiversity considerations. E4-4Targets DFDS has not set measurable outcome-oriented targets related to biodiversity. DFDS Annual Report 2025 Sustainability statement | Environment 94 / 215 EU Taxonomy The taxonomy is a classification and reporting sys-tem that identifies sustainable economic activities as defined by EU. It is a cornerstone in the EU’s sustainable finance framework and an essential tool for market transparency. According to the regulation DFDS is required to disclose the proportion of our activities that are taxonomy-eligible and taxono-my-aligned in terms of revenue, capital expenditures (capex), and operating expenditures (opex). DFDS’ Taxonomy-related disclosures have been assessed and prepared in accordance with Regu-lation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020. Eligible economic activities DFDS has conducted an eligibility assessment, concluding that climate change mitigation is the relevant screening criteria. Based on this conclu-sion, we identified the activities most relevant to our operations and their contribution to mitigation objectives. The following five activities have been determined as eligible for DFDS: Freight rail transport (CCM 6.2) Freight transport services by road (CCM 6.6) Sea and coastal freight water transport, vessels for port operations and auxiliary activities (CCM 6.10) Infrastructure enabling low-carbon water transport (CCM 6.16) Acquisition and ownership of buildings (CCM 7.7) Our ocean transport operations are accounted for in activities 6.10, covering our vessels, and 6.16, covering our terminal operations. For the logistics solutions on land, we are accounting for freight by truck in activity 6.6 and by rail in activity 6.2. Activity 7.7 covers our ownership of warehouses and office buildings. In 2025, the taxonomy-eligible share of our reve-nue was 84% (2024: 84%), of which non-aligned was 61% (2024: 61%). The taxonomy-eligible share of operational expenses (opex) was 100% (2024: 100%) of which non-aligned was 75% (2024: 78%), whereas the taxonomy-eligible share of capital expenditures (capex) was 89% (2024: 96%) of which non-aligned was 69% (2024: 74%). Aligned economic activities DFDS has analysed its compliance level with the technical screening criteria and the Do-No-Sig-nificant-Harm (DNSH) criteria for the above-men-tioned activities. Our assessment shows align-ment within three economic activities: Freight rail transport (CCM 6.2), Freight transport services by road (CCM 6.6), and Sea and coastal freight water transport, vessels for port operations and auxiliary activities (CCM 6.10). Alignment has been determined to 23% for revenue (2024: 22%), 25% for opex (2024: 22%) and 20% for capex (2024: 22%). Revenue linked to aligned activities comprise freight transport by rail (DKK 562m), revenue derived from vessels (DKK 6,472m) as well as revenue generated by e-trucks (DKK 91m). Aligned opex constitutes maintenance and servicing cost for owned ships and trucks (DKK 295m). Capex linked to aligned activities include investments and improvements in vessels (DKK 594m) and e-trucks acquisitions (DKK 14m). No additions related to acquisitions were considered aligned. Eligibility and alignment overview Units 2025 2024 Revenue Aligned DKK million 7,125 6,575 Aligned % 23 22 Eligible, non-aligned DKK million 18,958 18,286 Eligible, non-aligned % 61 61 Non-eligible DKK million 4,864 4,892 Non-eligible % 16 16 Total DKK million 30,947 29,753 Opex Aligned DKK million 295 287 Aligned % 25 22 Eligible, non-aligned DKK million 879 1,010 Eligible, non-aligned % 75 78 Non-eligible DKK million - - Non-eligible % - - Total DKK million 1,173 1,297 Capex Aligned DKK million 609 927 Aligned % 20 22 Eligible, non-aligned DKK million 2,085 3,361 Eligible, non-aligned % 69 75 Non-eligible DKK million 317 166 Non-eligible % 11 4 Total DKK million 3,011 4,454 DFDS Annual Report 2025 Sustainability statement | Environment 95 / 215 Proportion of revenue from products or services associated with taxonomy-aligned economic activities 2025 Substantial contribution criteria DNSH criteria (‘Does Not Significantly Harm’) Proportion of taxonomy-aligned or eligible of revenue, 2024 Category(enabling activity or transitional activity) Revenue Proportion of Revenue Climate change mitigation Climate change adaptation Water and marine resources Pollution Circular economy Biodiversity and eco- systems Climate change mitigation Climate change adaptation Water and marine resources Pollutions Circular economy Biodiversity and eco- systems Minimum safeguards Economic activities Code(s) DKK million % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent E/T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy aligned) Freight rail transport CCM 6.2 562 2 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 3 T Freight transport services by road CCM 6.6 91 0 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0 T Sea and coastal freight water transport, vessels for port operations and auxiliary activities CCM 6.10 6,472 21 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 20 T Revenue of environmentally sustainable activities (Taxonomy-aligned) (A.1) 7,125 23 23 0 0 0 0 0 Y Y Y Y Y Y Y 22 Of which enabling - 0 0 0 0 0 0 0 Y Y Y Y Y Y Y 0 E Of which transitional 7,125 23 23 0 0 0 0 0 Y Y Y Y Y Y Y 22 T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight rail transport CCM 6.2 611 2 EL EL N/EL N/EL N/EL N/EL 0 Freight transport services by road CCM 6.6 13,900 45 EL EL N/EL N/EL N/EL N/EL 43 Sea and coastal freight water transport, vessels for port operations and auxiliary activities CCM 6.10 3,834 12 EL EL N/EL N/EL N/EL N/EL 16 Infrastructure enabling low-carbon water transport CCM 6.16 613 2 EL EL N/EL N/EL N/EL N/EL 2 Revenue of Taxonomy-eligible but not environmen-tally sustainable activities (not Taxonomy-aligned activities) (A.2) 18,958 61 61 0 0 0 0 0 61 Total (A.1+A.2) 26,084 84 84 0 0 0 0 0 B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Revenue of Taxonomy-non-eligible activities (B) 4,864 16 Total (A+B) 30,497 100 Y Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N No (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N/EL Not eligible (taxonomy-non-eligible activity for the relevant environment objective). DFDS Annual Report 2025 Sustainability statement | Environment 96 / 215 Proportion of capex from products or services associated with Taxonomy-aligned economic activities 2025 Substantial contribution criteria DNSH criteria (‘Does Not Significantly Harm’) Proportion of taxonomy-aligned or eligible of capex, 2024 Category(enabling activity or transitional activity) Capex Proportion of capex Climate change mitigation Climate change adaptation Water and marine resources Pollution Circular economy Biodiversity and eco- systems Climate change mitigation Climate change adaptation Water and marine resources Pollutions Circular economy Biodiversity and eco- systems Minimum safeguards Economic activities Code(s) DKK million % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent E/T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy aligned) Freight transport services by road CCM 6.6 14 0 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1 T Sea and coastal freight water transport, vessels for port operations and auxiliary activities CCM 6.10 594 20 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 21 T Acquisition and ownership of buildings CCM 7.7 0 0 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0 N/A Capex of environmentally sustainable activities (Taxonomy-aligned) (A.1) 609 20 20 0 0 0 0 0 Y Y Y Y Y Y Y 22 Of which enabling - - 0 0 0 0 0 0 Y Y Y Y Y Y Y 0 E Of which transitional 609 20 20 0 0 0 0 0 Y Y Y Y Y Y Y 21 T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight transport services by road CCM 6.6 843 28 EL EL N/EL N/EL N/EL N/EL 30 Sea and coastal freight water transport, vessels for port operations and auxiliary activities CCM 6.10 246 8 EL EL N/EL N/EL N/EL N/EL 23 Infrastructure enabling low-carbon water transport CCM 6.16 128 4 EL EL N/EL N/EL N/EL N/EL 11 Acquisition and ownership of buildings CCM 7.7 868 29 EL EL N/EL N/EL N/EL N/EL 11 Capex of Taxonomy-eligible but not environmen-tally sustainable activities (not Taxonomy-aligned activities) (A.2) 2,085 69 69 0 0 0 0 0 75 Total (A.1+A.2) 2,694 89 89 0 0 0 0 0 B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Capex of Taxonomy-non-eligible activities (B) 317 11 Total (A+B) 3,011 100 Y Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N No (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N/EL Not eligible (taxonomy-non-eligible activity for the relevant environment objective). DFDS Annual Report 2025 Sustainability statement | Environment 97 / 215 Proportion of opex from products or services associated with Taxonomy-aligned economic activities 2025 Substantial contribution criteria DNSH criteria (‘Does Not Significantly Harm’) Proportion of taxonomy-aligned or eligible of opex, 2023 Category(enabling activity or transitional activity) Opex Proportion of opex Climate change mitigation Climate change adaptation Water and marine resources Pollution Circular economy Biodiversity and eco- systems Climate change mitigation Climate change adaptation Water and marine resources Pollutions Circular economy Biodiversity and eco- systems Minimum safeguards Economic activities Code(s) DKK million % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent E/T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy aligned) Freight transport services by road CCM 6.6 3 0 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0 E Sea and coastal freight water transport, vessels for port operations and auxiliary activities CCM 6.10 292 25 Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 22 T Opex of environmentally sustainable activities (Taxonomy-aligned) (A.1) 295 25 22 0 0 0 0 0 Y Y Y Y Y Y Y 22 Of which enabling - 0 0 0 0 0 0 0 Y Y Y Y Y Y Y 0 E Of which transitional 295 25 22 0 0 0 0 0 Y Y Y Y Y Y Y 22 T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight transport services by road CCM 6.6 609 1 EL EL N/EL N/EL N/EL N/EL 1 Sea and coastal freight water transport, vessels for port operations and auxiliary activities CCM 6.10 270 23 EL EL N/EL N/EL N/EL N/EL 28 Opex of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 879 75 75 0 0 0 0 0 78 Total (A.1+A.2) 1,173 100 100 0 0 0 0 0 B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Opex of Taxonomy-non-eligible activities (B) - 0 Total (A+B) 1,173 100 Y Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N No (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N/EL Not eligible (taxonomy-non-eligible activity for the relevant environment objective). DFDS Annual Report 2025 Sustainability statement | Environment 98 / 215 § Accounting policies Identification of taxonomy eligible and aligned economic activities We have determined the taxonomy-eligible economic activities (the numerator for the taxonomy-eligible KPIs) by the following process: Identifying economic activities and processes across the business of the DFDS Group. Evaluating whether the identified economic activities in the DFDS Group are covered by the economic activity descriptions included in the taxonomy. We have determined the taxonomy-aligned economic activities (the numerator for the taxonomy-alignment KPIs) by the following process: Assessing the substantial contribution to one or more of the climate and environmental objectives Evaluating the “Do No Significant Harm” (‘DNSH’) criteria to the other objectives Determining compliance with the minimum safeguards for social and governance standards (assessed on Group level) Determining compliance with the technical screening criteria per eligible activity. Substantial contribution The economic activities identified as aligned all contribute to climate change mitigation based on the assessment and documentation carried out. 6.2 Freight and rail transport The contribution stems from zero direct tailpipe CO2e emissions from trains and wagons and none are dedicated to the transport of fossil fuels. Revenue is determined by splitting rail service revenue by diesel and electric trains. 6.6 Road transport The contribution stems from zero-emission heavy-duty vehicles emitting less than 1g CO2e/kWh and low-emission heavy-duty vehicles emitting less than half of the reference CO2emissions of vehicles in their sub-group. To determine alignment, we define the e-trucks meeting the criteria and include the part of the transportation that has been carried out by the e-trucks in question. 6.10 Sea and coastal freight The contribution stems from vessels that are exclusively operating coastal and short sea services designed to enable the modal shift of freight on land to sea. The sea freight produces lower CO2e emissions than the average reference CO2e emission defined for heavy vehicles in accordance with Article 11 of Regulation 2109/1242. In addition, vessels with an attained value below the Energy Efficiency Design Index (EEDI) or Energy Efficiency Existing Ships Index (EEXI) value, respectively, are considered equivalent. Note that this is a transitional alignment that applies until year 2025 (included). 7.7 Acquisition and ownership of buildings The contribution is related to the energy performance of the building as documented by energy performance certificates and related documents. Do no significant harm For each eligible criteria we have assessed whether the economic activity has a negative impact on any of the other climate and environmental objectives. We have assessed each activity’s alignment with every DNSH criteria by either investigating internally if our operations comply with the stated criteria, or if we are complying with other EU regulations and environmental standards. We only report alignment for economic activities when we have reliable data proving that no negative impacts have been identified. Climate change adaptation Across the four aligned activities, the climate risk and vulnerability has been assessed in the climate risk scenario analysis performed in the reporting year. Sustainable use and protection of water and marine resources Pollution to water has been assessed and found not to have material impact. Transition to a circular economy Documentation received from rail service providers for waste management plans. Truck manufacturers have provided details of the recyclability aligned to EU regulation. Vessels are compliant with MARPOL, EU regulation No. 1257/2013, and commitment to Hong Kong Convention. § Accounting policies Pollution prevention and control Certificates from train service suppliers to document the use of electric propulsion in the delivery of the service. For e-trucks data on tyres according to Euro classes determine whether they do significant harm. In some locations, e-trucks are fitted with different types of tyres according to seasons/weather conditions. In cases where e-trucks are fitted with non-compliant tyres for a part of the year (or the full year), they will not be considered aligned. Vessels follow sulphur and NOx requirements and measures to minimise toxicity of anti-fouling paint is in place. Protection and restoration of biodiversity and ecosystems Ballast water treatment in place on vessels, measures to prevent invasive species and noise vibration limitations in place. Minimum safeguards Our economic activities are carried out in compliance with the Minimum Safeguards. DFDS has policies and processes in place to ensure that human rights are respected within our own operations as well as the value chain, including third-party workers, hauliers, and seafarers. As such we comply with the minimum labour and human rights standards. Taxation is governed by our Group Tax Policy. The foundation on how DFDS makes decisions and interacts with stakeholders is described in our Code of Conduct, which also includes how we deal with fair competition and bribery/corruption. Calculations The taxonomy-eligible KPIs have been calculated as followed: Eligible Revenue KPI = Eligible Revenue / Total Revenue Eligible opex KPI = Eligible opex / Total opex as defined by the EU Commission Eligible capex KPI = Eligible capex/ Total capex The taxonomy-alignment KPIs have been calculated as followed: Aligned Revenue KPI = Aligned Revenue / Total Revenue Aligned opex KPI = Aligned opex / Total opex as defined by the EU Commission Aligned capex KPI = Aligned capex / Total capex The denominator for the taxonomy KPIs has been determined as followed: Total Revenue is aligned with note 2.2 Revenue Total opex is aligned with the opex definition by the EU Commission, which covers direct expenditures relating to the day-to-day servicing of assets or property, plant and equipment (maintenance and repairs, short-term leases, R&D, utilities and administrative expenses). Total capex is defined as additions to tangible and intangible assets reported in note 3.1.1 Non-current intangible assets (excluding Goodwill since not defined as an intangible asset, cf. IAS 38), note 3.1.2 Noncurrent tangible assets and note 3.1.3 Leases. Reconciling to line items: addition on acquisition of enterprises, additions (except for development projects and assets under construction), transfers (only from development projects and assets under construction), addition/remeasurement. Double counting: DFDS has no economic activities that contributes to several environmental objectives. DFDS has ensured that allocation to Revenue, opex and capex KPIs across identified economic activities are not double counted. This has been verified by enabling controls such as reconciling the taxonomy KPIs to the consolidated financial statements. Disaggregation of KPIs: The identified economic activities are not subject to disaggregation of taxonomy KPIs. DFDS Annual Report 2025 Sustainability statement | Environment 99 / 215 Social S1 Own workforce 101 S2 Workers in the value chain 109 DFDS Annual Report 2025 Sustainability statement | Social 100 / 215 S1 Own workforce Sustainable business is about people. We strive to “be a great place to work” by supporting the health, safety, and well-being of all our employ-ees, including both their physical and mental health. We strive to be an inclusive and diverse workplace and believe that a diverse workforce makes better decisions. We believe that prioritis-ing people is a way to attract and retain a diverse workforce. We want DFDS to be a company where all employees act according to our values and where we can rely on our colleagues’ knowledge and expertise as well as their ability to act with agility and solve problems as they arise. S1-1Human rights and policies As a responsible employer, we are fully committed to respecting human rights as defined by the UN Guiding Principles on Business and Human Rights and OECD guidelines for Multinational Enter-prises. We have formalised our commitment and processes in a Human Rights Policy. We perform human rights impact assessments (HRIA), which is performed as part of the double materiality assessment, and serves as the foundation for our continued work with human rights and our efforts to create transparency. The entire organisation shares the responsibility of respecting and pro-tecting human rights. The coordination of human rights efforts at DFDS is entrusted to the Director of Sustainability. Expertise from other functions in DFDS will be included on an ad hoc basis based on impact findings. Forced labour DFDS is dedicated to eradicating modern slavery and human trafficking from our value chain and all aspects of our operations. We prioritise transparency and awareness in these efforts. Through our HR policies and procedures, we not only ensure compliance with national laws but also uphold international conventions safeguard-ing employee rights, including those employed through third parties. The Human Rights Policy outlines our approach and actions and addresses forced labour. Our Code of Conduct (CoC) further specifies what we expect of our employees in this regard. Workplace accidents We aim to ensure that robust safety processes, equipment, tools, and training are fully inte-grated into the way we work as governed by the H&S Policy. The local H&S organisations and Marine Standards department are responsible for implementing and integrating our “Safety- First” approach into existing procedures and processes on both land and sea. Equal opportunities and anti- discrimination We do not tolerate discrimination against any employee or job applicant based upon the individ-ual’s race, religion, ethnic origin, gender, gender identity, sexual orientation, age, disability, or Overview of impacts/risks/opportunities and how they are addressed Material IRO IRO description Related policies Actions Targets and ambitions Tracking and effectiveness Health and Safety Safety and accident concerns of ship crews, truck drivers, and terminal and warehouse workers. Health & Safety Policy Safety training Safety audits Upgrade safety equipment Striving for zero accidents Ongoing decrease in injury frequency Internal Health & Safety KPIs Diversity DFDS faces challenges in attracting and retaining women, especially for non-office positions. Diversity, Equity, & Inclusion Policy Diversity training Gender diversity targets Women cadet program Reaching gender diversity targets by 2030 Gender diversity KPIs Inclusion measures in MyVoice survey Work-life balance Impacts on work-life balance and wellbeing from overtime/working schemes. Human Rights Policy Labour Code of Conduct Flexible working schemes Mental health support Objective setting/performance review process Improve employee satisfaction Employee satisfaction measures in MyVoice survey Harassment Harassment is a known risk in the maritime and logistics sectors. Code of Conduct Diversity, Equity, & Inclusion Policy Anti-harassment training Whistleblower system Eliminate incidents of harassment Number and severity of incident reports DFDS Annual Report 2025 Sustainability statement | Social 101 / 215 Human rights due diligence process Source: OECD RBC Due Dilligence Guidance. other characteristics. Policies aimed at elimi-nating discrimination include the Human Rights Policy, the CoC, and the Diversity, Equity, and In-clusion (DEI) Policy. Everyone can report incidents they experience personally or witness happening to others, and we encourage open and honest communication. Our DEI Policy outlines a specific commitment to gender diversity to ensure the inclusion and ability to attract women to an industry with an overrepre-sentation of men. The procedure to implement policies to prevent and mitigate discrimination, and ensure equal op-portunities, includes publication of policies on the DFDS intranet and notification to all employees, office and non-office. The procedure for detection and action is handled in our whistleblower pro-cess, by managers or HR depending on how the case is reported. Social policies overview DFDS has a range of policies in place to manage material impacts on our own workforce. These policies have been implemented to ensure the identification, prevention and mitigation of potential risks and impacts and to address opportunities. Depending on purpose and scope, the policies are owned and approved by relevant bodies as listed in the policies table. Ownership entails enforcement of policies and the responsi-bility to ensure that principles are integrated into practices and culture. Policies are rolled out via internal channels, including training sessions, introduction pro-grammes, intranet, and other management communication such as townhall meetings. The policies are also publicly available on our website. Our policies are subject to review at regular intervals. Any commitment to relevant internationally rec-ognised instruments is included in the last column of the policies table. S1-2Engagement with people As part of our continuous due diligence process, we engage systematically with our employees and their representatives concerning material im-pacts. Our primary engagement initiatives include an annual engagement survey and an annual performance appraisal process for all employees. These processes are designed to support employ-ee engagement, performance, and development, and align with DFDS’s overarching strategy and business objectives. The annual engagement survey, MyVoice, is dis-tributed to all employees, encompassing both of-fice-based and non-office employees. The survey questions are organised into three key categories: Engagement, Diversity and Inclusion, and Health and Wellbeing. In 2025, the survey achieved a re-sponse rate of 73%, with an aggregated engage- ment score of 7.5. The reduction in response rate is likely impacted by the integration of the Türkiye & Europe South business unit in late 2024, which substantially increased the proportion of non-of-fice employees, such as truck drivers. This group often faces practical challenges in participating in surveys, including limited access to digital tools during working hours and less time available for administrative tasks. It is a key concern to raise the participation rate of non-office employees and we will continue to raise awareness and work with managers to improve the rate year on year. The overall engagement score showed a slight decline compared to the previous year and may have been impacted by the external challenges faced by DFDS in recent years. Engagement also encompasses regular interac-tions between employees and managers, which may be initiated by either party. All employees are actively encouraged to communicate any concerns or grievances through HR, their man-agement team, or the whistleblower system. Both formal and informal engagement channels serve as valuable sources of insight into employee per-spectives and inform our strategic decision-mak-ing processes. Our comprehensive engagement framework, combined with established grievance mecha-nisms, ensures the mitigation of actual or poten-tial adverse impacts and enables timely actions to foster positive outcomes. 2 Identify, assess, prioritise adverse impacts In operations, supply chains & business relationships 4 Track Implementation and results 3 Cease, prevent or mitigate Adverse impacts 6 Provide for or cooperate In remediation when appropriate 1 Embed responsible business conduct Into policies & management systems 5 Communicate How impacts are addressed Engage stakeholders DFDS Annual Report 2025 Sustainability statement | Social 102 / 215 Policies Own workforce policies Policy Objective(s) Relation to IROs Scope Owner Accountability Third-party standards or initiatives Code of Conduct Our Code of Conduct (CoC) is our internal guideline for how employees should act responsibly, treat each other with respect, and respond to ethical issues. It is directly linked to the UN Global Compact’s ten guiding principles and covers topics like human rights, diversity and inclusion, anti-harassment and discrimination, environmental protection, anti-corruption, and bribery. Human rights, diversity & inclusion, anti-harassment and discrimination, environmental protection, anti-corruption, and bribery. All DFDS employees People Board of Directors UN Global Compact’s ten guiding principles Labour Code of Conduct The Labour Code of Conduct (LCoC), describes our minimum standard for critical working conditions of our employees. The aim is to prevent, remedy and account for any adverse human rights events across the company. Prevent, remedy and account for any adverse human rights issues. All DFDS employees People EMT Human rights At DFDS, we recognise the importance of human rights and are committed to conducting our business in compliance with the United Nations Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development guidelines on responsible business conduct. The purpose of this policy is to establish a framework to ensure that human rights considerations are prioritised within DFDS. Working conditions, equal treatment and opportunities. DFDS employees, across the value chain, and external stakeholders People Board of Directors United Nations Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development guidelines on responsible business conductModern Slavery Statement (UK Modern Slavery Act 2015), annuallyOutlining steps taken to prevent modern slavery and human trafficking in DFDS’s operations and supply chain Diversity, Equity, & Inclusion Policy The purpose of the Diversity, Equity, and Inclusion Policy is to establish a general framework to ensure we have a work environment that is truly inclusive, diverse, and free from any bias, discrimination, and harassment. We strive to be diverse and inclusive within the dimensions of ethnicity, gender, language, age, sexual orientation, religion, socioeconomic status, physical and mental ability, thinking styles, experience, and education. Work environment that is truly inclusive, diverse, and free from any bias, discrimination, and harassment. All DFDS employees People EMT Health & Safety Policy How we conduct our Health & Safety responsibilities is a cornerstone and an integral part of DFDS’s business. Throughout our operations, DFDS is committed to achieving the goal of: • Zero accidents • No harm to people • A safe and healthy working environment • Industry-leading service to our customers through a safe and healthy operation Zero accidents No harm to people A Safe and Healthy working environment Industry-leading service to our customers through a safe and healthy operation. All DFDS employees HSSE EMT Whistle-blower DFDS Compliance Line system is an additional means of reporting that enables both employees and external stakeholders to report existing or potential violations of law or regulations, certain parts of the DFDS Code of Business Conduct, or other serious irregularities directly to DFDS. Grievance mechanism. Potential breaches of Code of Conduct, laws and regulation. DFDS employees, across the value chain, and external stakeholders Legal Board of Directors United Nations Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development guidelines on responsible business conduct. Danish national regulation DFDS Annual Report 2025 Sustainability statement | Social 103 / 215 S1-3 Channels to raise concerns DFDS has established a formal channel for em-ployees to anonymously report any concerns re-garding breaches of acceptable behaviour within the company through a Whistleblower System, which is hosted by an independent third party. The Whistleblower Policy governs the operation of this system and the procedures for handling reports. In addition to the Whistleblower System, employ-ees are encouraged to communicate incidents or concerns of unacceptable behaviour directly to their local manager, the HR department, or a member of the Executive Management Team. The Whistleblower System ensures that reports can be submitted anonymously, while providing protections to whistleblowers against any form of retaliation. The grievance and complaints handling mechanism is accessible to both employees and third parties via our website. The Whistleblower System’s availability is further reinforced through links on the DFDS intranet, QR-code stickers placed at physical locations and within company vehicles. Communication and awareness is ensured by training as part of the on-boarding program, the Code of Conduct training. See further details under G1 Business Conduct. All reports are managed with strict confiden-tiality by the designated Whistleblower team. Appropriate actions are taken on a case-by-case basis, proportionate to the severity of the matter. The Board of Directors receives regular updates regarding reports and findings derived from the Whistleblower System. The level of awareness and trust in the mecha-nisms available for raising concerns is evaluated annually through the employee engagement survey, which incorporates specific questions regarding the Whistleblower System. DFDS strictly prohibits and does not tolerate any form of retaliation by colleagues or partners against individuals who submit reports in good faith or participate in investigations, as explicitly outlined in our Whistleblower Policy. Enabling remedy Our general approach to providing remedy for negative impacts is part of our grievance mech-anism process, in which the outcome of an issue raised through our whisteblower system may result in an action to remedy the matter. Any material impacts identified through man-agers, HR, or the whistleblower system are addressed promptly, including the provision of ap-propriate remedies as deemed necessary. Com-prehensive records and reporting mechanisms are maintained to document the resolution process, particularly within the whistleblower system. S1-4, S1-5 Setting targets and taking action DFDS has defined ambitions and targets to address key areas such as health and safety, di-versity and inclusion, and employee engagement. By measuring and tracking progress, we ensure continuous improvement in working conditions, reflecting our responsibility to create long-term value for both our people and our business. None of the social metrics have been validated by an external body. To ensure that our own practices and the tran-sition to a greener economy do not cause or contribute to material negative impacts on our workforce, DFDS applies a structured due-dili-gence approach. This includes preventive pol-icies, risk assessments, safe-work procedures, training, and tracking. The processes used to identify necessary and appropriate actions in response to actual or potential negative impacts include the annual engagement survey, the whis-tleblower system, reports from H&S systems, and insights gathered from managers. Resources allocated to manage material impacts include HR and H&S systems for tracking performance and managing actions, dedicated teams and functions, and targeted campaigns. Should tensions arise between preventing negative impacts and business pressures, DFDS prioritises employee well-being and compliance with our Code of Conduct. Targets, metrics and actions are outlined in the following pages. Employee engagement metrics 2025 2024 Response rate (%) 73% 80% Engagement score (No.) 7.5 7.6 DFDS Annual Report 2025 Sustainability statement | Social 104 / 215 Health & safety TargetsDFDS maintains a zero-accident ambition as part of our safety culture. DFDS has not adopted a measurable, time-bound outcome-oriented target, as defining a non-zero incident target is considered inconsistent with this ambition. We track the effectiveness of our actions through internal operational targets for Lost-Time Injury Frequency (LTIF) and follow-up on corrective and preventive actions. ActionsWe operate the group-wide SAFE Behaviours programme to enhance safety knowledge. Actions include awareness campaigns and training to strengthen our safety culture. In 2025, we launched a DFDS Safety Award recognise and celebrate outstanding contributions to HSSE. At sea, a fleet management software monitors HSSE perfor-mance on all vessels. On land, an online platform standardises HSSE reporting across locations. Development in 2025In 2025, we continued strengthening our safety performance, reflected in a decline in LTIF across both our land-based operations and our fleet at sea. This positive development shows the impact of our ongoing initiatives, including the SAFE Behaviours programme, enhanced reporting tools, and continuous awareness and training efforts. However, the year was also marked by two tragic fatalities – one involving a member of our work-force and one involving a third-party worker. Our thoughts remain with their families, colleagues, and everyone affected by these losses. A thorough review of the circumstances surrounding both inci-dents has been completed, and the learnings are being integrated into our Safety First programme to help prevent similar events in the future. While reduced LTIF indicates progress, these inci-dents serve as a powerful reminder that our non-of-fice colleagues are working in high-risks areas and that we must continue strengthening our safety culture and working toward our zero-accident ambition. We remain committed to continually im-proving safety across all operations and support-ing those impacted as we embed these learnings and pursue further risk-reducing measures. S1-14 Health and safety management system 2025 2024 % Total Total Percentage of employees covered 100 100 S1-14 Fatalities 2025 2024 Own employees Contractors Own employees Contractors Number of fatalities 1 1 0 0 S1-14 Lost-time injury frequency (LTIF) 2025 2024 Incidents/mio. hours Land Sea Total Land Sea Total Lost-time injury frequency (LTIF) 5.3 3.4 4.3 6.8 3.9 5.3 § Accounting policies Health & safety management system Health & Safety monitoring covers DFDS employees on land, and all crew working on the vessels. Türkiye & Europe South (TES) business unit, acquired at the end of 2024, has been operating under a separate system and is currently being integrated into the DFDS health & safety management system. Fatalities Own employees Number of fatalities among employees caused by work-related accidents during 1st of January – 31st of December. Contractors Number of fatalities among third-party contractors caused by work-related accidents while operating for DFDS during 1st of January – 31st of December. Lost-time injury frequency (LTIF) LTIF represents the number of work-related injuries resulting in an employee being unable to work for more than 24 hours, calculated per one million exposure hours. Türkiye & Europe South business unit’s reporting approach differs from DFDS’s established Health & Safety processes, and it has not been possible to convert Türkiye & Europe South business unit data to DFDS’s methodology. As the integration of Türkiye & Europe South business unit into DFDS’s Health & Safety reporting is still ongoing, the business unit is excluded from the LTIF metric for 2024–2025. Reporting for Türkiye & Europe South business unit is expected to commence from 2026. Based on headcount, BU TES accounts for approximately 15% of DFDS’s total employees. DFDS Annual Report 2025 Sustainability statement | Social 105 / 215 Diversity, equity, and inclusion (DEI) TargetsWith the aim of improving gender diversity in DFDS, we have set targets for the underrepre-sented gender on various levels: For the highest management body (the Board of Directors), the gender target has been achieved with the underrepresented gender in two of the six board positions as elected at the Annual General Meet-ing. Note that the definition of other management levels differs from the gender diversity targets reported in the Corporate Governance section according to the Danish Statements Act section 107f. This impacts the women percentage metric, while the target and target year are identical. The target-setting, the tracking of performance, and identifying improvements in the performance is undertaken by management in the People division. The process is informed by specialists, research, historical data and performance, and in dialogue with the EMT. As such, our own workforce or workforce representatives have not been directly involved. ActionsDEI is integrated into recruitment, promotion, and talent management with structured targets, incentives, surveys, training, and awareness efforts. Monitoring covers all organisational levels, including the Board and EMT. We focus on increasing women in leadership, office manage-ment, and maritime roles, supported by initiatives like the Danish Shipping Charter and a women cadet programme: Waves of Talent. Work-life balance TargetsWhile we have not set any measurable targets, it is our ambition for any negative impacts to be eliminated. For work-life balance the annual employee engagement survey, MyVoice, tracks relevant indicators by which we evaluate the progress. ActionsDFDS offers flexible working schemes where possible. Mental health is addressed in awareness campaigns and support activities are available.Clarity on expectations and balance in workload is ensured in objective-setting and performance review process. S1-5 Gender diversity targets Gender targets, women in % 2030 Target 2025 2024 Board of Directors achieved 33 33 Executive Management Team1 30 29 29 Group Leadership Team 30 24 232 All Managers 30 20 19 All employees 30 23 22 Office - 42 43 Non-office - 13 13 S1-9 Gender distribution in management 2025 2024 Headcount No. % No. % Executive Management Team1 Women 2 29 2 29 Men 5 71 5 71 Group Leadership Team Women 11 24 112 232 Men 35 76 372 772 All managers Women 473 20 466 19 Men 1,867 80 1,945 81 Not declared 2 0 1 0 S1-9 Age distribution 2025 2024 Headcount Total - No. Total - % Total - No. Total - % Employees under age 30 3,155 19 3,300 19 Employees between age 30-50 8,509 52 8,939 51 Employees above age 50 4,807 29 5,197 30 1 After 31.12.2025 one member left (man). This is not reflected in the numbers. 2 Restated from 19% (6 women and 26 men) due to updated organisational structure. See BP-2, p. 76. § Accounting policies Gender diversity targets Targets presented as the percentage of the underrepresented gender (women). DFDS’s own definition of top management: Executive Management Team (EMT) CEO, CFO, and selected executive/senior vice presidents Group Leadership Team (GLT) EMT and a wider group of Vice Presidents and Directors. The composition of the GLT reflects the strategic and operational requirements of the business and ensures representation of key business areas. Gender at top management level See definitions of EMT and GLT above. Age distribution The age distribution data is calculated as the headcount as of December 31, as recorded in HR systems. DFDS Annual Report 2025 Sustainability statement | Social 106 / 215 Harassment and discrimination TargetsWhile we have not set any measurable targets, it is our ambition for negative impacts to be elim-inated. To evaluate progress, we track relevant indicators in the annual employee engagement survey, the whistleblower system and HR reports. ActionsAnti-harassment training is mandatory and em-ployees are encouraged to report incidents. Development in 2025Expanded data coverage in 2025 resulted in an increase in reported cases. Without the new data, discrimination incidents increased by 8 whereas total complaints decreased by 5. This highlights the continued importance of DE&I efforts and Code of Conduct training. Characteristics of own employees Total head count end of year was 16,471. The most representative number in the financial statement is the average FTEs, which amounts to 16,138. As a cross-reference, the average no. of FTEs is lower due to part-time employment. Development in 2025The employee turnover increased which led to a corresponding decrease in the number of employees. The change is primarily driven by the restructuring of the Türkiye & Europe South business unit, acquired end of 2024, and the dis-continuation of a route in the Strait of Gibraltar. S1-17 Discrimination and complaints 2025 2024 Number Total Total Number of incidents of discrimination 511 22 Number of human rights issues and incidents 12 0 Total number of complaints filed through channels for people in the undertaking’s own workforce to raise concerns 1113 96 Complaints to NCP 0 0 Total number of fines, penalties, and compensation for damages as a result of the incidents and complaints disclosed above 0 0 S1-6 Employees by gender 2025 2024 Headcount Total Total Women 3,799 3,905 Men 12,670 13,496 Other 2 35 Total 16,471 17,436 S1-6 Employees per country >10% 2025 2024 Headcount Total Total Denmark 2,012 1,743 Türkiye 2,998 3,251 UK 3,810 3,828 1 Expanded data coverage for 2025, figures not fully comparable with previous year. 2025 without the new data source would have been 31 incidents. See BP-2, p. 76. 2 The fatality in own workforce reported in S1-14 is considered a human rights incident. Incidents in the value chain are not included here. 3 Expanded data coverage for 2025, figures not fully comparable with previous year. 2025 without the new data source would have been 91 incidents. See BP-2, p. 76. § Accounting policies Complaints through channels to raise concerns Complaints through channels to raise concerns are measured as the number of cases reported through the DFDS whistleblower line and discrimination/harassment cases reported to HR in the reporting year. As the integration of Türkiye & Europe South business unit into DFDS’s reporting processes is still ongoing, the business unit is excluded from the discrimination/harassment reporting to HR. The whistleblower line is open to own workforce and external parties. Given the anonymity option, it is not possible to distinguish between internal and external reports. Human rights issues and incidents Measured as the number of reports in the whistleblower system and cases reported to HR that legal has assessed to be human rights issues and incidents. Human right issues connected to the value chain are not included. Discrimination Discrimination is measured as the number of incidents of discrimination that have been reported in our whistleblower system and to HR in the reporting year (self-declared as ‘Discrimination or Harassment’). Complaints to NCP This is the number of complaints filed to National Contact Points (NCP) for OECD Multinational Enterprises as reported to the company by NCP. Amounts related to incidents These are measured as the fines, penalties, and compensation for damages, as a result of the incidents and complaints disclosed. Gender Land-based data on gender categories varies between countries, depending on the local legislation. For some countries, the category ‘other’ and ‘not declared’ (grouped as ‘not declared’), has been recorded and included in the report. Seafarers are recorded as are men/ women in accordance with their certification and travel documents. Employees by country The number of employees by headcount and breakdown by country in which DFDS has >10% of its total number of employees. DFDS Annual Report 2025 Sustainability statement | Social 107 / 215 S1-6 Employees by contract type 2025 Headcount Women Men Not declared Total - No. of permanent 3,375 11,565 2 14,942 - No. of temporary 377 999 0 1,376 - No. of non-guaranteed hours 48 105 0 153 No. of employees, total 3,800 12,669 2 16,471 2024 - No. of permanent 3,547 12,413 19 15,979 - No. of temporary 337 1,057 15 1,409 - No. of non-guaranteed hours 21 26 1 48 No. of employees, total 3,905 13,496 35 17,436 S1-6 Employee turnover 2025 2024 Headcount Total Total Total no. of leavers 4,024 2,566 Rate of employee turnover (%) 24 18 S1-16 Remuneration 2025 2024 Number Number CEO pay ratio 46 411 Gender pay gap N/A N/A 1 Restated from a ratio of 33 due to error in calculation. See BP-2, p. 76. § Accounting policies Headcount Headcount (HC) is the total number of employees, regardless of their contract type. The headcount is based on the number of employees on the 31st of December as recorded in HR systems for land-based employees and seafarers respectively. Employees on long-term leave are excluded from the calculation. FTE (full-time equivalents) FTE is the measurement of an employee’s contractual working hours in relation to a full-time contract in the given position and country. The figure quantifies the workforce in terms of full-time positions. Employees on long-term leave are excluded from the calculation. The FTE number is calculated as an average for the reporting period. Contract types Permanent contracts: Contracts without ending day; that are valid until the employee or employer chooses to cancel it. Temporary contracts: Contracts with a fixed term. Non-guaranteed hours: Hourly paid employees such as student workers. Employee turnover Number of employees (HC) who have left DFDS, both voluntarily or due to other factors such as dismissal or retirement, between 1st of January and 31st of December. Employee turnover does not include seasonal workers. Calculated as follows: Employee turnover rate (%) = Number of employees who left/Average number of employees Average number of employees = Average of: Number of employees pr. end previous year + Number of employees pr. end current year100 Remuneration ratio The remuneration ratio is calculated by dividing the annual total remuneration of the CEO (including granted long-term incentives) by the average total remuneration of employees in DFDS Group, excluding the CEO. The CEO pay ratio is calculated using average employee remuneration due to current methodological limitations in our HR data landscape, which do not allow for extraction of a reliable median employee pay figure. Gender pay gap DFDS is currently unable to report the gender pay gap as required by ESRS due to fragmented data across legacy systems and entities acquired in recent years still being integrated. In addition, a sizeable part of our workforce consists of seafarers whose employment and pay structures differ from land based employees, limiting comparability and calculation in line with the prescribed methodology. A new HR system implemented in 2024 is improving data consistency and centralisation. Combined with ongoing integration efforts and preparations for compliance with the EU Pay Transparency Act, we expect these limitations to be resolved by 2027, at which point we aim to report the gender pay gap and change the CEO pay ratio calculation from based on average to median employee remuneration. DFDS Annual Report 2025 Sustainability statement | Social 108 / 215 S2 Workers in the value chain In line with the Omnibus “quick fix” amendments and ESRS 2 paragraph 17, DFDS applies the temporary exemption and provides a summarised disclosure for Workers in the value chain. DFDS recognises the importance of fair labour practices and human rights throughout the supply chain. Supply chain sustainability is an integral part of DFDS’ Sustainable Procurement Program and we aim to use our leverage to promote human rights, environmental care, good labour practices, anti-corruption, and high ethical standards. We want to ensure transparency and account-ability in our operations, highlighting our efforts to improve working conditions, promote fair wages, and prevent labour exploitation. We use a dedicated management system to assess and identify sustainability risks within the supply chain based on the suppliers’ country and industry risk profile. In parallel, we perform audits of third-par-ty transport suppliers to ensure they adhere to our Supplier Code of Conduct. S2-1 Human rights and policies Human rights Our human rights commitment and approach is described under Own Workforce and encompass-es workers in our value chain. The key channels for engagement with value chain workers include our grievance mechanism, our supplier audits, and the general dialogue in the supplier rela- tionship. DFDS has a procedure to assess and approve the provision of remedy for individuals or communities adversely affected by our business activities. Based on the Human Rights Index, we have an awareness on our operations in Türkiye and Mo-rocco for forced and compulsory labour impacts in the value chain. Supplier Code of Conduct DFDS’ Supplier Code of Conduct (SCoC) sets the standard for our supply chain to operate in accordance with business principles expressedby the code. It applies to first-tier suppliers, parent, subsidiary, or affiliate entities, as well as those with whom they do business, including suppliers, subcontractors, joint venture partners, and other third parties. It is the suppliers’ respon-sibility to ensure that their business relationships also have processes to manage their adverse impacts on human rights, labour, environment, and anti-corruption. Overview of impacts/risks/opportunities and how they are addressed Material IRO IRO description Related policies Actions Targets and ambitions Tracking and effectiveness Secure employment Insecure employment for certain workers, leaving risks for human rights. Supplier Code of Conduct (SCoC) Our SCoC sets the minimum expectations from suppliers. Suppliers are assessed and/or audited for compliance with SCoC. Increase SCoC commitment (G1) Tracking SCoC commitment (G1) Assessments and audits track the effectiveness and adherence with our SCoC. Work-life balance Nature of work subjecting workers to excessive hours, impacts on work-life balance and wellbeing . SCoC (as above) (as above) (as above) Health and safety Risk of work-related accidents and injuries for ship crews, truck drivers, and workers in terminals and warehouses due to the nature of industry work . SCoC Health & Safety Policy (S1) (as above) (as above) (as above) Diversity Both seafarers and logistics faces challenges attracting and retaining women . SCoC DE&I policy (S1) (as above) (as above) (as above) Forced labour Risk of having forced labour in the value chain, which can lead to human rights violations, legal repercussions, and reputational damage. SCoC (as above) (as above) (as above) DFDS Annual Report 2025 Sustainability statement | Social 109 / 215 Forced labour DFDS is dedicated to eradicating modern slavery and human trafficking from our supply chain and all aspects of our organisation. We prioritise transparency and awareness in these efforts. Through our HR policies and procedures, we not only ensure compliance with national laws but also uphold international conventions safe-guard-ing employee rights, including those employed through third parties. Our Human Rights Policy and SCoC addresses trafficking, forced labour, and child labour. S2-2 Engagement with value chain workers As outlined in the SCoC, we expect our suppliers to establish a process of continuous due diligence in relation to their actual and potential adverse impacts. The process shall: • regularly assess potential and actual impacts on the areas of fundamental responsibility, • integrate impact assessment findings across relevant internal processes and functions, so as to ensure the prevention and mitigation of identified adverse impacts; and • account for and report to DFDS how impacts are being addressed. The feedback from these processes in turn inform our decisions and activities aimed at managing actual and potential impacts. During audits of suppliers (specifically third-par-ty hauliers), we engage with business owners and their workers either directly or through a third-party performing the audit on our behalf. In-person audits and remote audits are per-formed at intervals ranging from bi-annually to every two years depending on the analysed risk of the supplier in question. The risk indicators taken into account include the risk of human rights violations and the size of DFDS’ annual spend related to the supplier. The outcomes of the audit and feedback from the process are relevant inputs for how we manage actual and potential impacts. The management in Group Procurement has the operational responsibility for ensuring engage-ment with value chain workers. Ultimately, the EMT ensures executive ownership of the ESG agenda and is actively involved in selecting sustainability priorities and driving the implemen-tation of related action plans. S2-4Taking action Our action plans to manage material IROs related to value chain workers are centred around our SCoC, our supplier assessment processes, and the audits we perform directly or with the help of third parties. These actions are aimed at unveiling non-conformance, enabling a dialogue to plan actions, and improve the working conditions in our value chain. In our supplier audits, any non-conformities are assessed for severity. DFDS will allow a certain time to rectify the matter depending on the severi-ty of the finding and in particular, severe cases the supplier relationship may be discontinued. Any material impacts brought to our attention through the whistleblower system are dealt with, including providing remedy as deemed necessary. Records and reporting to document remedy is in place for the whistleblower process. We engage with suppliers using a tool for managing ESG risk and compliance, for performance improvements. The effectiveness of actions and initiatives are assessed through our audits and whistleblower reports. S2-5Targets DFDS has not set measurable outcome-oriented targets related to workers in the value chain. Workers in the value chain policy Policy Objective(s) Relation to IROs Scope Owner Account-ability §21 Third-party standards or initiatives Supplier Code of Conduct (SCoC) Through DFDS’ Sustainable Procurement Program, we endeavour to work with suppliers who share a similar commitment to responsible business practices. DFDS’ SCoC includes the values and the requirements that we expect our suppliers to live up to when conducting business in an environmentally responsible, ethical, and social way. Our SCoC describes what behaviours we value, and how we expect suppliers to respond to ethical issues. Human rights, diversity & inclusion, anti-harassment and discrimination, environmental protection, anti-corruption, and bribery DFDS suppliers Procure-ment EMT Incorporates the IMPA ACT fundamentals and is based on the UN Global Compact and Guiding Principles on Environment, Labour Practices, Business Ethic and Human Rights. Modern Slavery Statement (UK Modern Slavery Act 2015) DFDS Annual Report 2025 Sustainability statement | Social 110 / 215 Governance G1 Business conduct 112 DFDS Annual Report 2025 Sustainability statement | Governance 111 / 215 G1 Business conduct DFDS is committed to conducting business in a responsible, ethical, and transparent manner to meet stakeholders’ expectations of high business integrity standards. Our approach to business integrity is embedded in our corporate values, policies, and procedures. Providing maritime transport and logistics services mean we are in close contact with many people throughout our value chain. Corruption is an inherent risk to our business, and we mitigate this by having clear policies for employees and suppliers on how to act. While we actively engage in dialogues with governments and authorities with respect to infra-structure issues of common interest, we do not support or provide donations to individual political parties or politicians. We believe that engaging in partnerships and industry organisa-tions and taking an industry perspective serves the company and our stakeholders best, just as we actively share knowledge and data to move the industry forward. G1-1Corporate culture and policies DFDS has a range of policies in place to manage material impacts related to business conduct and corporate culture, including Whistleblower Policy, Code of Conduct (CoC) and Supplier Code of Conduct (SCoC) as presented under S1 Own workforce and S2 Workers in the value chain. DFDS’s corporate culture is fundamentally grounded in our CoC and in our corporate values. Within an organisation comprising more than 16,400 employees distributed across land and sea operations, diverse regions, cultures, and professional functions, considerable effort is required to sustain a robust corporate culture. The Executive Management Team (EMT) is responsible for overseeing and approving communication initiatives and interactions that advance the corporate culture, including the onboarding of new employees and training programs that reinforce our CoC and the DFDS culture. The operational responsibility for these activities resides with the People Division. Additionally, the annual employee survey, MyVoice, is utilised as a key instrument to assess and evaluate the state of the corporate culture. The CoC outlines how employees are expected to react if they should become aware of behaviour in contradiction of the CoC, including instructions on who to inform or to report via the whistleblower system. CoC training, which is mandatory for all employees, includes training in whistleblower reporting. The whistleblower system is open to internal and external stakeholders which is ac-cessible on intranet and dfds.com. The whistleblower system offers the possibility to report material irregularities (with certain regional limitations as stipulated by local regulation). DFDS will not retaliate nor tolerate any form of retalia-tion against people for making a good faith report Overview of impacts/risks/opportunities and how they are addressed Material IRO IRO description Related policies Actions Targets and ambitions Tracking and effectiveness Corporate culture Risk of nonadherence to Code of Conduct affecting risk management, productivity and innovation Code of Conduct Whistleblower Policy Mandatory Code of Conduct training for all employees Culture initiatives overseen by EMT and People Division Maintain strong culture aligned with DFDS values Ensure 100% CoC training coverage MyVoice employee survey used to assess culture health Training completion tracked in learning systems Protection of whistleblowers Lack of awareness of protection of whistleblowers may potentially keep people away from notifying concerns Code of Conduct Whistleblower Policy • Open whistleblower system for employees & external stake-holders Maintain trust in the system Ensure prompt, independent investigations Tracking whistle-blower reports Management of relationships with suppliers including payment practices Poor supplier management can lead to negative impacts, including contract terms, pressure on price and lead time, payment practices, and payment conditions Supplier Code of Conduct Sustainable Procurement Program Supplier ESG risk assessment Haulage compliance audits Standardised payment terms Improve transparency and standardisation in supplier relationship Tracking of supplier risk Tracking of audit results Corruption and bribery The shipping and logistics sector is considered to have an above-average exposure to risks of facilitation payments Code of Conduct Mandatory anti-corruption and anti-bribery training for all employees Investigation of all allegations via whistleblower channels Procedures to detect and prevent corruption/bribery Zero tolerance towards bribery and corruption Tracking whistle-blower reports Tracking of CoC training DFDS Annual Report 2025 Sustainability statement | Governance 112 / 215 or participating in an investigation, as stated in our Whistleblower Policy and in adherence with national law. DFDS is committed to investigate business conduct incidents reported in the whistleblower system promptly, independently, and objectively. Business conduct training is considered man-datory and specific online training is assigned to the relevant employees. The suite of training opportunities is open to all and it is the responsi-bility of each manager to suggest and oversee the non-mandatory training as relevant. G1-3Prevention and detection of corruption and bribery DFDS is firmly committed to the eradication of corruption and bribery. We recognise that facilitation payments represent a persistent challenge within the ferry and logistics indus-tries. Given that DFDS primarily operates within Europe, we assess the risk as comparatively lower, based on the Corruption Perceptions Index published by Transparency International. Nevertheless, we acknowledge the existence of these risks, particularly in regions outside the European Union where the index indicates higher susceptibility to corruption. From an indus-try-wide perspective, the functions within DFDS most at risk related to corruption and bribery risks are listed in the table below. Prevention DFDS has established procedures designed to prevent and address allegations or incidents of corruption and bribery. The CoC provides clear guidance to employees on expected behaviour, including the prevention and reporting of any suspected corruption or bribery. Allegations or incidents are handled by the Legal department following a process aligned with whistleblower case management to ensure confidentiality and integrity. Detection For detection, DFDS primarily relies on employ-ees and externals to report concerns through established reporting channels, including the whistleblower system. This approach reflects the company’s commitment to fostering a culture of transparency and accountability, where em-ployees are encouraged and supported in raising concerns without fear of retaliation. Investigation Investigations of corruption or bribery allegations reported through the Whistleblower System or via internal channels are conducted by the designated whistleblower officer within the Legal department. As such, the investigation function is not fully independent from the management structure responsible for implementing anti-corruption and bribery prevention measures. This approach ensures consistency and legal oversight, although it does not establish a separate investigative body outside the existing governance framework. The process to report outcomes of any such in-vestigations is part of the whistleblower reporting process. Integration in policies DFDS integrates its anti-corruption and anti-brib-ery principles into the CoC, which is provided to all employees during onboarding to ensure clarity on expectations and responsibilities. Updates to the CoC are communicated promptly to all employees through established internal channels, ensuring continued accessibility and understand-ing of policy implications. This approach supports consistent awareness and reinforces DFDS’s commitment to ethical business practices. Training Training in the CoC, which covers our anti-corrup-tion and anti-bribery policies, is mandatory for all employees. The training is delivered as an online, on demand course for office based employees and seafarers, and completion is tracked through our online learning systems for land and sea, respectively. Training of non-office land-based employees is performed in-person by managers. Training material is provided to the managers, who determine how training is performed. Track-ing of completion has not been established. In 2025, the completion rate for the online CoC training was 81% for both land and sea. We are working to increase this rate through improved follow up processes and strengthened compli-ance controls. Functions at DFDS that are most at risk in respect of corruption and bribery Function Risk Procurement This function often involves large contracts and significant financial transactions, making it a prime target for bribery. Customs and border Control Interactions with customs officials can be a hotspot for bribery, as employees might offer payments to expedite shipments or avoid inspections. Freight forwarding and shipping This area involves numerous third-party interactions, including with port authorities and shipping agents. Bribes might be used to secure favourable shipping routes or to bypass regulations. Sales and marketing Sales teams might engage in bribery to win contracts. Finance and accounting Corruption can occur through fraudulent invoicing, or manipulating financial records to cover up illicit payments. DFDS Annual Report 2025 Sustainability statement | Governance 113 / 215 Given that the CoC training is mandatory for all employees, the functions-at-risk targeted by training programmes is 100%. The CoC training is mandatory for the adminis-trative and management bodies. The Board of Directors approve any updates to the CoC but are not required to complete the training. G1-4Incidents of corruption and bribery DFDS has had no convictions for violation of an-ti-corruption or anti-bribery laws in the reporting year and consequently no fines for such violation. G1-2Management of relationships with suppliers Supply chain sustainability is an integral part of DFDS’s Sustainable Procurement Programme. We impact our supply chain through promoting human rights, environmental care, good labour practices, and high ethical standards. Our Supplier Code of Conduct (SCoC) incorporates the IMPA Act (Inter-national Marine Purchasing Association) funda-mentals and is based on the UN Global Compact and Guiding Principles on Environment, Labour Practices, Business Ethic and Human Rights. DFDS’s SCoC sets the standard for our supply chain to operate in accordance with ethical business principles and conform to all applicable international laws, rules, and local regulation. We expect our suppliers to adhere to our principles and standards and to develop and implement relevant management systems appropriate for a company of their size in line with our SCoC. We use a dedicated management system to assess and identify sustainability risks within our supply chain. The monitoring of our supply chain is performed in three steps: 1. We assess our supply chain on ESG risks based on the three criteria: spend, supplier’s country of origin and industry. 2. We engage and thoroughly evaluate suppliers within a target group of suppliers on ESG mat-ters including Environment, Human & Labour Rights, Ethics and Sustainable Procurement. Target group suppliers are suppliers that amount to annual spend >10mDKK and/or suppliers that are flagged as high risk in the first step. Based on this evaluation, suppliers receive scores accordingly. 3. Based on the suppliers’ score and in connec-tion to our post assessment policy, we further engage suppliers on improvements and corrective actions. Our ESG supplier evaluation programme enables us to better address higher-risk areas in our sup-ply chain and engage in a constructive dialogue with our suppliers to develop more innovative and sustainable products and/or services. In paral-lel, we perform audits of third-party transport suppliers to ensure they adhere to our SCoC. We expect our suppliers to sign our SCoC and would revert to sanctions to the point of terminating the relationship with a supplier who violates the SCoC or refuses to take part in a remediation plan. To ensure awareness of sustainability matters, all DFDS buyers and category managers are in scope for sustainable procurement training. G1-6Payment practices DFDS has implemented a strategic initiative, which aims to optimise payment efficiency and reinforce our commitment to timely transactions and payments on time. This is achieved by align- G1-3Code of Conduct training 20251 Groups of employees No. in scope Completion % Seafarers 3,621 81% Land, office 4,607 81% Land, non-office 5,661 N/A 1 This metric is reported from 2025; no comparative figures are available. See BP-2, p. 76. G1-2Sustainable procurement (entity specific) % 2025 2024 Sustainable procurement Total Total Supplier Code of Conduct commitment 67 64 ESG assessment of suppliers >10 mDKK 100 100 Sustainable Procurement training completion 100 98 § Accounting policies Code of Conduct training The training completion rate includes all employees who have been employed for at least 90 days at the end of the reporting period. Tracking of training for land based non-office employees is not yet established. Türkiye & Europe South business unit, acquired at the end of 2024, is currently being integrated into DFDS compliance processes and is therefore excluded for the reporting period. Based on headcount, Türkiye & Europe South business unit accounts for 15% of DFDS’s total employees. Supplier Code of Conduct commitment Suppliers who have signed DFDS’ Supplier Code of Conduct (SCoC) is the percentage of current suppliers contracted by Group Procurement based on registration in DFDS’s sustainable procurement database. ESG assessment of suppliers Percentage of current suppliers contracted by Group Procurement with a spend >10 mDKK undergoing ESG assessment based on registration in EcoVadis database. Sustainable Procurement training completion DFDS buyers and category managers trained in Sustainable Procurement is the completion rate of employees in scope for the training. The completion rate is based on registrations in the training system. DFDS Annual Report 2025 Sustainability statement | Governance 114 / 215 ing standard payment terms across suppliers. In recognition of the importance of flexibility, espe-cially for SMEs, deviation from standard payment terms may be approved on a case-by-case evalu-ation. The aim is to simultaneously streamline pro-curement processes while maintaining transpar-ency and fairness in our supplier relations. The resulting shift in the composition of payment terms has contributed to an increase in the aver-age number of days to pay. Standard payment terms across suppliers are current month + 63 days. Additionally, minimum acceptable payment terms are current month +30 days to ensure a balance between supplier relationship and financial sustainability. DFDS does not have any outstanding legal proceedings for late payments. G1-6Payment practices 2025 2024 Days to pay, average (No) 48 42 Paid on time, average (%) 88.5 N/A1 1 This metric is reported from 2025; no comparative figures are available. See BP-2, p. 76. § Accounting policies Number of convictions for violation of anti-corruption and anti-bribery laws The number of convictions for violation of anti-corruption and anti-bribery laws includes all convictions as a result of legal proceedings against DFDS in the reporting year. Amount of fines for violation of anti-corruption and anti-bribery laws The amount of fines paid for violation of anti-corruption and anti-bribery laws includes fines paid as a result of legal proceedings on these matters against DFDS in the reporting year. Average number of days to pay invoices The average number of days to pay invoices has been collected across entities and presents an average. As the integration of Türkiye & Europe South business unit into DFDS’s reporting processes is still ongoing, the business unit is excluded from the average number of days to pay. Percentage of payments aligned to payment terms (paid on time): The average percentage of payments aligned with the payment terms agreed. As the integration of Türkiye & Europe South business unit into DFDS’s reporting processes is still ongoing, the business unit is excluded from the percentage of paid on time. Number of legal proceedings outstanding for late payments The number of legal proceedings outstanding for late payments includes all legal proceedings against DFDS relating to late payments of business partners that are outstanding at year end. DFDS Annual Report 2025 Sustainability statement | Governance 115 / 215 General disclosure index 117 Appendix DFDS Annual Report 2025 116 / 215 Sustainability statement | Appendix General disclosure index Disclosure Requirement Datapoint Sustainability statements | Appendix SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Section Page ESRS 2 GOV-1 21 (d) Board’s gender diversity Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation (EU) 2020/1816 ( 27 ), Annex II Management review 45, 48 ESRS 2 GOV-1 21 (e) Percentage of board members who are independent Delegated Regulation (EU) 2020/1816, Annex II Management review 45, 48 ESRS 2 GOV-4 30 Statement on due diligence Indicator number 10 Table #3 of Annex 1 Sustainability statement 75 ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities Indicator number 4 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 (28) Table 1: Qualitative Delegated Regulation (EU) 2020/1816, Annex II Not applicable to DFDS - ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Not applicable to DFDS - ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1818 ( 29 ), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II Not applicable to DFDS - ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II Not applicable to DFDS - ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 Regulation (EU) 2021/1119, Article 2(1) Sustainability statement 81 ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2 Sustainability statement 81 ESRS E1-4 34 GHG emission reduction targets Indicator number 4 Table #2 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 6 Sustainability statement 83 ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 Sustainability statement 88 ESRS E1-5 37 Energy consumption and mix Indicator number 5 Table #1 of Annex 1 Sustainability statement 88 DFDS Annual Report 2025 117 / 215 Sustainability statement | Appendix General disclosure index (continued) Disclosure Requirement Datapoint Sustainability statements | Appendix SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Section Page ESRS E1-5 40-43 Energy intensity associated with activities in high climate impact sectors Indicator number 6 Table #1 of Annex 1 Sustainability statement 88 ESRS E1-6 44 Gross Scope 1,2, 3 and TotalGHG emissions Indicators number 1 and 2 Table #1 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) Sustainability statement 89 ESRS E1-6 53-55 Gross GHG emissions intensity Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 8(1) Sustainability statement 89 ESRS E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 Sustainability statement 91 ESRS 2 - SBM 3 - E4 16 (a) i Indicator number 7 Table #1 of Annex 1 Sustainability statement 73 ESRS 2 - SBM 3 - E4 16 (b) Indicator number 10 Table #2 of Annex 1 Sustainability statement 73 ESRS 2 - SBM 3 - E4 16 (c) Indicator number 14 Table #2 of Annex 1 Sustainability statement 73 ESRS E4-2 24 (b) Sustainable land/agriculture practices or policies Indicator number 11 Table #2 of Annex 1 Not applicable to DFDS - ESRS E4-2 24 (c) Sustainable oceans/seas practices or policies Indicator number 12 Table #2 of Annex 1 Sustainability statement 93 ESRS E4-2 24 (d) Policies to address deforestation Indicator number 15 Table #2 of Annex 1 Not applicable to DFDS - ESRS 2 - SBM3-S1 14 (f) Risk of incidents of forced labour Indicator number 13 Table #3 of Annex I Not applicable to DFDS - ESRS 2 - SBM3-S1 14 (g) Risk of incidents of child labour Indicator number 12 Table #3 of Annex I Not applicable to DFDS - DFDS Annual Report 2025 118 / 215 Sustainability statement | Appendix General disclosure index (continued) Disclosure Requirement Datapoint Sustainability statements | Appendix SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Section Page ESRS S1-1 20 Human rights policy commitments Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I Sustainability statement 101 ESRS S1-1 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 Delegated Regulation (EU) 2020/1816, Annex II Sustainability statement 101 ESRS S1-1 22 Process and measures for preventing trafficking in human beings Indicator number 11 Table #3 of Annex I Sustainability statement 101 ESRS S1-1 23 Workplace accident prevention policy or management system Indicator number 1 Table #3 of Annex I Sustainability statement 101 ESRS S1-3 32 (c) Grievance/complaints handling mechanisms Indicator number 5 Table #3 of Annex I Sustainability statement 104 ESRS S1-14 88 (b) and (c) Number of fatalities and number and rate of work-related accidents Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Sustainability statement 105 ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness Indicator number 3 Table #3 of Annex I Sustainability statement 105 ESRS S1-16 97 (a) Unadjusted gender pay gap Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Sustainability statement 108 ESRS S1-16 97 (b) Excessive CEO pay ratio Indicator number 8 Table #3 of Annex I Sustainability statement 108 ESRS S1-17 103 (a) Incidents of discrimination Indicator number 7 Table #3 of Annex I Sustainability statement 107 ESRS S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) Sustainability statement 107 ESRS 2-SBM3-S2 11 (b) Significant risk of child labour or forced labour in the value chain Indicators number 12 and n. 13 Table #3 of Annex I Sustainability statement 74 ESRS S2-1 17 Human rights policy commitments Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 Sustainability statement 109 ESRS S2-1 18 Policies related to value chain workers Indicator number 11 and n. 4 Table #3 of Annex 1 Sustainability statement 109 DFDS Annual Report 2025 119 / 215 Sustainability statement | Appendix General disclosure index (continued) Disclosure Requirement Datapoint Sustainability statements | Appendix SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Section Page ESRS S2-1 19 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Sustainability statement 109 ESRS S2-1 19 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 Delegated Regulation (EU) 2020/1816, Annex II Sustainability statement 109 ESRS S2-4 36 Human rights issues and incidents connected to its upstream and downstream value chain Indicator number 14 Table #3 of Annex 1 Not applicable to DFDS - ESRS G1-1 10 (b) United Nations Convention against Corruption Indicator number 15 Table #3 of Annex 1 Sustainability statement 112 ESRS G1-1 10 (d) Protection of whistle-blowers Indicator number 6 Table #3 of Annex 1 Sustainability statement 112 ESRS G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II) Sustainability statement 114 ESRS G1-4 24 (b) Standards of anti-corruption and anti-bribery Indicator number 16 Table #3 of Annex 1 Not applicable to DFDS - DFDS Annual Report 2025 120 / 215 Sustainability statement | Appendix Consolidated financial statements Income statement 122 Statement of comprehensive income 122 Balance sheet 123 Statement of change in equity 124 Statement of cash flows 126 Notes 127 DFDS Annual Report 2025 Consolidated financial statements 121 / 215 Income statement 1 January – 31 December DKK million Note 202 5 2024 Revenue 2.1, 2.2 30,947 29,753 Other income 119 - Costs: Ferry and other ship operation and maintenance 2.3 5,713 6,117 Port terminal operations 3,933 3,814 Transport and warehouse solutions 9,138 7,596 Employee costs 2.4 7,117 6,361 General and administration external costs 1,423 1,424 Operating profit before depreciation and amortisation (EBITDA) 3,743 4,440 Share of loss on associates and joint ventures 8 9 Profit on disposal of non-current assets, net 121 43 Depreciation and write-offs of tangible and right-of-use assets 2.5 3,108 2,793 R eversal of impairment losses 2.5 - 33 Operating profit before amortisation (EBITA) 747 1,716 Amortisation of intangible assets 2 . 5 227 210 Operating profit (EBIT) 520 1,506 Financial income 4.4 38 47 Financial costs 4.4 856 870 Profit/loss before tax -298 683 Tax on profit 2.6 127 142 Profit/loss for the year -425 541 Profit/loss for the year is attributable to: Equity holders of DFDS A/S -427 534 Non-controlling interests 2 6 Profit/loss for the year -425 541 Earnings per share 4.8 Basic earnings per share (EPS) of DKK 20, DKK -7.90 9.68 Diluted earnings per share (EPS-D) of DKK 20, DKK -7.90 9.67 Statement of comprehensive income 1 January – 31 December DKK million Note 2025 2024 Profit/loss for the year -425 541 Other comprehensive income Items that will not subsequently be reclassified to the income statement: Remeasurement of defined benefit pension obligations 3.2.5 -70 9 Tax on items that will not be reclassified to the income statement 2.6 17 -2 Items that will not subsequently be reclassified to the income statement -52 7 Items that are or may subsequently be reclassified to the income statement: Value adjustment of hedging instruments for the year -78 -168 Value adjustment transferred to operating costs 0 -26 Value adjustment transferred to financial costs 107 109 Foreign exchange adjustments, subsidiaries -21 76 Items that are or may subsequently be reclassified to the income statement 8 -8 Total other comprehensive loss after tax -44 -1 Total comprehensive income /loss -469 540 Total comprehensive income/loss for the year is attributable to: Equity holders of DFDS A/S -472 534 Non-controlling interests 3 6 Total comprehensive income /loss -469 540 DFDS Annual Report 2025 Consolidated financial statements 122 / 215 Balance sheet Assets DKK million Note 31 December 202 5 31 December 2024 Goodwill 7,631 7,497 Port concession rights 1,122 1,189 Customer relationships 677 755 Software 394 395 Non-current intangible assets 3.1.1 9,825 9,837 Land and buildings 3.1.2 823 828 Terminals 3.1.2 770 821 Ferries and other ships 3.1.2 11,106 11,712 Equipment, etc. 3.1.2 2,403 2,531 Assets under construction and prepayments 3.1.2 394 374 Right-of-use assets 3.1.3 5,037 5,667 Non-current tangible assets 20,533 21,933 Investments in associates, joint ventures, securities and other 2 5 Deferred tax 2.6 74 82 Pension assets 3.2.5 5 25 Derivative financial instruments 4.2 69 113 Other non-current assets 150 225 Total non-current assets 30,507 31,996 Inventories 3.2.2 255 322 Receivables 3.2.1 4,080 4,871 Prepaid costs 447 452 Derivative financial instruments 4.2 34 51 Cash and cash equivalents 1,795 1,589 Current assets 6,610 7,286 Assets 37,117 39,281 Balance sheet Equity and liabilities DKK million Note 31 December 202 5 31 December 2024 Share capital 1,124 1,159 Reserves -446 -490 Retained earnings 12,693 13,145 Equity attributable to equity holders of DFDS A/S 13,371 13,814 Non-controlling interests 77 75 Equity 4.6 13,447 13,890 Interest-bearing liabilities 4.5 14,477 17,113 Deferred tax 2.6 550 522 Pension and jubilee liabilities 3.2.5 123 104 P rovisions 3.2.6 59 58 Derivative financial instruments 4.2 40 74 Non-current liabilities 15,249 17,870 Interest-bearing liabilities 4.5 2,539 1,621 Trade payables 3.2.3 3,753 3,984 P rovisions 3.2.6 636 392 Corporation tax 39 78 Other payables 3.2.4 1,135 1,160 Derivative financial instruments 4.2 81 69 Prepayments from customers 238 218 Current liabilities 8,421 7,521 Liabilities 23,670 25,392 Equity and liabilities 37,117 39,281 DFDS Annual Report 2025 Consolidated financial statements 123 / 215 Statement of change in equity 1 January – 31 December 2025 DKK million Share capital Translation reserve Hedging reserve Treasury shares Retained earnings Equity attributable to equity holders of DFDS A/S Non- controlling interests Total Equity at 1 January 2025 1,159 -404 -6 -79 13,145 13,814 75 13,890 Comprehensive income for the year Profit/loss for the year -427 -427 2 -425 Other comprehensive income/loss after tax -22 29 -52 -45 1 -44 Total comprehensive income /loss -22 29 -479 -472 3 -469 Transactions with owners Dividends paid, non-controlling interests 0 -1 -1 Share-based payments 28 28 28 Cash from sale of treasury shares related to exercise of share options 0 0 0 0 Reduction of share capital by cancellation of treasury shares -35 35 0 0 Total transactions with owners -35 0 0 35 27 28 -1 27 Equity at 31 December 202 5 1,124 -426 23 -44 12,693 13,371 77 13,447 The Parent company’s share capital is divided into 56,215,549 shares of DKK 20 each. All shares have equal rights. There are no restrictions on voting rights. The shares are fully paid up. The Board of Directors proposes that dividends of DKK 0 per share be distributed in 2026 (2025: DKK 0). DFDS Annual Report 2025 Consolidated financial statements 124 / 215 Statement of change in equity 1 January – 31 December 2024 DKK million Share capital Translation reserve Hedging reserve Treasury shares Retained earnings Equity attributable to equity holders of DFDS A/S Non- controlling interests Total Equity at 1 January 2024 1,173 -481 78 -48 13,119 13,840 92 13,932 Comprehensive income for the year Profit for the year 534 534 6 541 Other comprehensive income/loss after tax 76 -84 7 0 -1 -1 Total comprehensive income 76 -84 542 534 6 540 Transactions with owners Acquisition, non-controlling interests 13 13 -20 -7 Dividends paid, non-controlling interests 0 -2 -2 Dividends paid -176 -176 -176 Dividends on treasury shares 8 8 8 Share-based payments 26 26 26 Share buyback -46 -385 -431 -431 Cash from sale of treasury shares related to exercise of share options 2 -2 0 0 Reduction of share capital by cancellation of treasury shares -13 13 0 0 Total transactions with owners -13 0 0 -31 -516 -560 -22 -582 Equity at 31 December 2024 1,159 -404 -6 -79 13,145 13,814 75 13,890 DFDS Annual Report 2025 Consolidated financial statements 125 / 215 Statement of cash flows 1 January – 31 December DKK million Note 202 5 2024 Operating profit before depreciation and amortisation (EBITDA) 3,743 4,440 Adjustments for non-cash operating items, etc. 5.4 -164 37 Change in working capital 5.4 753 -64 Payment of pension liabilities and provisions -73 -48 Interest etc., received 60 47 Interest etc., paid -841 -848 Taxes paid -177 -144 Cash flows from operating activities 3,300 3,420 Investments in ferries including dockings, etc. -715 -818 Sale of ferries including compensation for ferry declared total loss 298 - Investments in other non-current tangible assets -766 -669 Sale of other non-current tangible assets 1 956 138 Investments in non-current intangible assets -95 -96 Acquisition of enterprises and activities including earn-outs, net of cash acquired 5.5 - -2,574 Divestment of enterprises and activities 2 378 Other investing cash flows -22 -7 Cash flows from investing activities -342 -3,647 Free cash flow 2,957 -227 DKK million Note 202 5 2024 Proceeds from bank loans, loans secured by mortgage in ferries, etc. 4.3 491 8,441 Repayment and instalments of bank loans, loans secured by mortgage in ferries, etc. 4.3 -1,502 -6,645 Proceeds from issuance of corporate bonds 4.3 - 1,203 Repayment of corporate bonds including settlement of cross currency swap 4.3 - -305 Payment of lease liabilities 1 4.3 -1,780 -1,024 Settlement of forward exchange contracts related to leases 9 12 Acquisition of treasury shares and share buyback 4.7 - -431 Other financing cash flows 41 -6 Dividends paid to non-controlling interests -1 -2 Dividends paid to equity holders of DFDS A/S - -168 Cash flows from financing activities -2,742 1,075 Net cash flows 215 848 Cash and cash equivalents at 1 January 1,589 737 Foreign exchange adjustments of cash and cash equivalents -9 5 Cash and cash equivalents at 31 December 2 1,795 1,589 1 In 2025, 'Sale of other non-current tangible assets' includes proceeds of DKK 711m and 'Payment of lease liabilities' includes payments of DKK 649m which are related to the exercise of purchase options for three leased warehouses which were subsequently sold and leased back. 2 At 31 December 2025 DKK 18m (2024: DKK 11m) of the cash and cash equivalents was deposited on restricted bank accounts. DFDS Annual Report 2025 Consolidated financial statements 126 / 215 Notes 1. Basis of preparation of the consolidated financial statements ......................................... 128 1.1 Principal accounting policies ..................................................................................... 129 1.2 New accounting policies and disclosures .................................................................. 131 1.3 Significant accounting estimates and judgements ................................................... 131 2. Net operating profit after tax (NOPAT) .............................................................................. 132 2.1 Segment information .................................................................................................. 133 2.2 Revenue ..................................................................................................................... 135 2.3 Costs .......................................................................................................................... 136 2.4 Employee costs .......................................................................................................... 136 2.5 Amortisation, depreciation, and impairment losses for the year ............................... 137 2.6 Tax .............................................................................................................................. 137 3. Invested capital ................................................................................................................ 141 3.1 Invested capital excluding net working capital 3.1.1 Non-current intangible assets ........................................................................ 142 3.1.2 Non-current tangible assets ........................................................................... 143 3.1.3 Right-of-use assets and lease liabilities ......................................................... 145 3.1.4 Impairment testing .......................................................................................... 148 3.2 Net working capital 3.2.1 Receivables ..................................................................................................... 150 3.2.2 Inventories ....................................................................................................... 151 3.2.3 Supplier finance arrangements ...................................................................... 152 3.2.4 Other payables ............................................................................................... 152 3.2.5 Pension and jubilee liabilities .......................................................................... 152 3.2.6 Provisions ........................................................................................................ 155 4. Capital structure and finances .......................................................................................... 156 4.1 Financial and operational risks .................................................................................. 157 4.2 Information on financial instruments .......................................................................... 162 4.3 Changes in liabilities arising from financing activities ............................................... 163 4.4 Financial income and costs ........................................................................................ 164 4.5 Interest-bearing liabilities ........................................................................................... 165 4.6 Equity .......................................................................................................................... 166 4.7 Treasury shares .......................................................................................................... 166 4.8 Earnings per share ...................................................................................................... 166 5. Other notes ........................................................................................................................ 167 5.1 Remuneration to the Executive Board and Board of Directors ................................... 168 5.2 Fee to auditors appointed at the Annual General Meeting ......................................... 168 5.3 Share based payment ................................................................................................ 169 5.4 Cash flows ................................................................................................................... 172 5.5 Acquisitions and non-controlling interests .................................................................. 173 5.6 Guarantees, collateral and contingent liabilities ........................................................ 175 5.7 Contractual commitments .......................................................................................... 175 5.8 Related party transactions .......................................................................................... 175 5.9 Events after the balance sheet date ........................................................................... 175 5.10 Company overview ...................................................................................................... 176 DFDS Annual Report 2025 Consolidated financial statements 127 / 215 1. Basis of preparation of the consolidated financial statements DFDS Annual Report 2025 Consolidated financial statements 128 / 215 1.1 Principal accounting policies Accounting policies are generally included in the notes to which they relate. This note provides a list of other potentially material accounting policies adopted in the preparation of these consolidated financial statements to the extent that they have not been disclosed in the notes to which they relate. These policies have been consistently applied to all of the years presented, unless otherwise stated. The financial statements are for the Group consisting of DFDS A/S and its subsidiaries. The accounting policies have been made within the framework of the prevailing IFRS accounting standards as adopted by the EU. The actual text of the standard is not repeated in the notes. The description of accounting policies in the notes forms part of the overall description of DFDS’ accounting policies. Basis of reporting The 2025 consolidated financial statements and Parent company financial statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). On 19 February 2026, the Board of Directors and the Executive Management Board considered and approved the 2025 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 25 March 2026. Basis for preparation The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company’s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as “Fair value through profit and loss” (FVTPL) are measured at fair value. Rounding In general, rounding may cause variances in sums and percentages in the Annual Report. Application of materiality and relevance The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with other information, is disclosed. Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor. Alternative performance measures In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS accounting standards. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS. For definitions of key figures please refer to the section ‘Financial definitions’. Climate related risk When preparing the consolidated financial statements, Management considers climate-related risks, where these could potentially impact reported amounts materially. The areas in which climate-related risks have been assessed at the end of 2025 are included within the individual notes outlined below: Note 3.1.2 Non-current tangible assets Note 3.1.3 Right-of-use assets and lease liabilities Note 3.1.4 Impairment testing DFDS Annual Report 2025 Consolidated financial statements 129 / 215 1.1 Principal accounting policies (continued) Description of accounting policies Basis of consolidation The consolidated financial statements include the Parent company DFDS A/S and the subsidiaries in which the Parent company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent company and its subsidiaries are referred to as the Group. The consolidated financial statements are based on the Parent company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The consolidated financial statements are prepared by applying the Group’s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries’ net asset value at the acquisition date. The Group’s investments in associates and joint ventures are recognised in the consolidated financial statements at the Group’s proportionate share of the associate’s/joint venture’s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group’s interest in the respective associate/jointly controlled enterprise. Non-controlling interests In the consolidated financial statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests’ share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group’s results and equity, respectively, but are presented separately in the proposed profit appropriation and the statement of change in equity. Translation of foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK). Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement as financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair value through profit and loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the consolidated financial statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries’ equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in other comprehensive income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent company’s and the non-controlling interests’ share of equity. Report under the ESEF regulation The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group’s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS accounting taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2025-12-31-en.zip. DFDS Annual Report 2025 Consolidated financial statements 130 / 215 1.2 New accounting policies and disclosures New International Financial Reporting Standards and Interpretations Accounting pronouncements, which have become effective from 1 January 2025 and have therefore been adopted by the Group do not have a significant impact on the Group’s financial results or position. New standards and interpretations not yet adopted The IASB has issued amended standards and interpretations with effective date post 31 December 2025, some of which have not yet been endorsed by the EU. The new and amended standards and interpretations are not mandatory for the financial reporting for 2025. The Group expects to adopt the Standards and Interpretations when they become mandatory. IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 (effective for annual periods beginning on or after 1 January 2027) will not impact the recognition or measurement of items in the financial statements however, it will impact presentation and disclosure with retrospective application. The standard introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and adds requirements for aggregation and disaggregation of financial information. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts are, as follows: The share of profit or loss of associates and joint ventures will be classified within the investing category in the statement of profit or loss. Foreign exchange differences will be classified in the same category as the income or expense arising from the underlying item that gives rise to the foreign exchange difference. New disclosures will be added: (a) management-defined performance measures and (b) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1. In the statement of cash flows, the starting point will be changed to operating profit or loss, and interest re-ceived and other financial income will be classified within investing activities, while interest paid and other fi-nancial expenses will be classified within financing activities. Other amendments are not expected to have a material impact on the Group’s financial statements. 1.3 Significant accounting estimates and judgements Significant estimates and judgements In the preparation of the consolidated financial statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent company. These assumptions are based on historical experience and other factors such as the current state of the world economy and climate-related matters which are, by their nature, uncertain and unpredictable. The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates and judgements. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: Note Key accounting estimates and judgements Estimate / Judgement Impact 2.6 Deferred tax assets Estimate 3.1.2 Assessment of useful life and residual values Estimate 3.1.3 Lease extension options Estimate/Judgement 3.1.4 Impairment testing of goodwill and non-current assets, definition of cash-generating units (CGUs) and assessment inputs Estimate/Judgement 5.5 Purchase price allocation in connection with acquisitions Estimate/Judgement Level or potential impact to the consolidated financial statements: Low Medium High Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. DFDS Annual Report 2025 Consolidated financial statements 131 / 215 2. Net operating profit after tax (NOPAT) This section provides the notes of the main components that forms the basis of net operating profit after tax (NOPAT) which is a measure of profit that excludes the costs and tax benefit of debt financing by measuring the operating profit (EBIT) adjusted for corporate income tax on EBIT. Together with invested capital, NOPAT forms the basis of the ROIC calculation. Reference is made to section 3. DKK million Note 202 5 2024 Revenue 2.1, 2.2 30,947 29,753 Other income 119 - Costs: Ferry and other ship operation and maintenance 2.3 5,713 6,117 Port terminal operations 3,933 3,814 Transport and warehouse solutions 9,138 7,596 Employee costs 2.4 7,117 6,361 G eneral and administration external costs 1,423 1,424 Operating profit before depreciation and amortisation (EBITDA) 3,743 4,440 Share of loss on associates and joint ventures 8 9 Profit on disposal of non-current assets, net 121 43 Depreciation on tangibles and right-of-use assets 2.5 3,108 2,793 Reversal of impairment losses 2.5 - 33 Operating profit before amortisation (EBITA) 747 1,716 Amortisation of intangibles 2.5 227 210 Operating profit (EBIT) 520 1,506 Corporate income tax on EBIT 1 168 176 Net operating profit after tax (NOPAT) 353 1,330 Net operating profit after tax (NOPAT) before amortisation of acquisition intangibles 491 1,464 Return on invested capital (ROIC) , % 1.2% 4.4% Return on invested capital before acquisition intangibles (ROIC BAI), % 2.3% 6.6% 1 Corporate income tax is calculated for each entity within the Group following the tax legislation and current tax rate in each tax jurisdiction adjusted by the tax effect from financial items. The amounts per entity are then consolidated. DFDS Annual Report 2025 Consolidated financial statements 132 / 215 2.1 Segment information The segmentation, including the allocation of operating profit, assets, liabilities, and other financial metrics, aligns with the Group’s internal reporting structure. Management has defined the Group’s business segments based on the reporting regularly presented to the Group Executive Management, which serves as the foundation for strategic and operational decision-making. Segment performance is assessed by Management using EBITDA and EBIT as key performance indicators. Segment costs comprise directly attributable expenses as well as systematically allocated indirect costs, primarily related to Group functions. Non-allocated costs represent general corporate functions that cannot be reasonably attributed to individual segments. These costs mainly include expenses associated with the Group Executive Management and the Board of Directors, as well as central functions such as Treasury, Investor Relations, Legal, Procurement, Communication, Finance, and selected Group-wide projects. Segment assets include assets which are directly related to the segment such as non-current intangibles, non-current tangibles, other non-current and right-of-use assets, inventories, receivables, prepayments, and cash. Segment liabilities include current and non-current liabilities. The Ferry Division operates a network of ferry routes in and around Europe, and also routes connecting Europe with Türkiye and North Africa, facilitating the transportation of freight units - primarily trailers - and passengers. The fleet comprises a mix of RoRo and RoPax vessels. DFDS also owns and/or operates port terminals at strategic locations across the route network. Key freight customers include forwarders, hauliers, and manufacturers of heavy industrial goods. Passenger services cater mainly to individuals traveling with their own vehicles. The Logistics Division provides transport solutions for full- and part loads as well as contract logistics solutions, including warehousing and transport of frozen meat and fish. The customers are primarily manufacturers of industrial goods and consumables as well as retailers. No single customer accounts for 10% or more of the total revenue. 2025 DKK million Ferry Division Logistics Division Non- allocated Eliminations Total External revenue 15,294 15,618 35 30,947 Intragroup revenue 1,705 105 850 -2,660 - Total revenue 16,999 15,723 885 -2,660 30,947 Other Income 119 0 - 119 Ferry and other ship operation and maintenance 5,448 311 0 -46 5,713 Port terminal operations 3,864 100 0 -31 3,933 Transport and warehouse solutions 763 9,895 0 -1,520 9,138 Employee costs 2,848 3,665 613 -8 7,117 General and administrationexternal costs 1,313 774 392 -1,056 1,423 Operating profit before depreciation and amortisation (EBITDA) 2,883 979 -120 3,743 Operating profit before amortisation (EBITA) 850 52 -155 747 Operating profit (EBIT) 791 -30 -241 520 Profit/loss before tax -298 Profit/loss for the year -425 Capital expenditure 810 917 109 1,836 Invested capital 21,002 7,630 552 29,184 DFDS Annual Report 2025 Consolidated financial statements 133 / 215 2.1 Segment information (continued) 2024 DKK million Ferry Division Logistics Division Non- allocated Eliminations Total External revenue 16,489 13,253 11 29,753 Intragroup revenue 1,369 95 836 -2,300 - Total revenue 17,858 13,348 847 -2,300 29,753 Ferry and other ship operation and maintenance 5,773 387 0 -43 6,117 Port terminal operations 3,697 137 0 -19 3,814 Transport and warehouse solutions 692 8,122 0 -1,218 7,596 Employee costs 2,899 2,910 563 -10 6,361 General and administration external costs 1,284 756 393 -1,009 1,424 Operating profit before depreciation and amortisation (EBITDA) 3,514 1,036 -109 4,440 Operating profit before amortisation (EBITA) 1,578 282 -145 1,716 Operating profit (EBIT) 1,525 200 -219 1,506 Profit before tax 683 Profit for the year 541 Capital expenditure 2,303 2,941 99 5,343 Invested capital 21,941 8,940 652 31,533 Geographical breakdown The Group does not have a natural geographic split on countries since it operates routes connecting Europe to Türkiye and Northern Africa. The routes support each other with sales and customer services located in one country whereas the actual revenue is created in other countries. Consequently, it is not possible to present a meaningful split of revenues and non-current assets by country. The split is therefore presented by the sea and geographical areas in which DFDS operates. The geographical split of revenue is shown in the revenue note. Reference is made to note 2.2. The applied split results in seven geographical areas: North Sea, Mediterranean, Baltic Sea, English Channel, Continent, Nordic and UK/Ireland. As a consequence of the Group’s business model, the routes do not directly own the ferries but charter the ferries from a Group internal vessel pool. Ferries are regularly redeployed across the Group’s route network to optimise operations. In addition, certain non-current assets - such as IT software and corporate assets owned by the headquarters - are utilised across the entire Group. As a result, these assets cannot be meaningfully attributed to specific geographical areas. It is therefore not possible to meaningfully estimate the exact value of the non-current assets per geographical area. Instead, an allocation has been used based on business unit. DKK million North Sea Mediter-ranean Baltic Sea English Channel Continent Nordic UK/ Ireland Total 2025 Non-current assets 7,756 11,440 2,031 3,063 1,998 1,804 2,415 30,507 2024 Non-current assets 7,837 12,507 2,853 2,132 2,479 1,780 2,406 31,996 § Accounting policies Geographical information is based on seven geographical areas. When allocating non-current assets to geographical areas, DFDS assesses the location of the legal entity that owns the assets as well as in which geographical area the entity operates in. Segment income and costs include transactions between the two segments. Such transactions are carried out on market terms. Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are paid by the business segments based on revenue generated. DFDS Annual Report 2025 Consolidated financial statements 134 / 215 2.2 Revenue 2025 DKK million Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea 4,156 - - 4,156 Mediterranean1 4,619 2,957 - 7,576 Baltic Sea 1,334 - - 1,334 English Channel 5,185 - - 5,185 Continent - 4,786 - 4,786 Nordic - 3,868 - 3,868 UK/Ireland - 4,006 - 4,006 Other - - 35 35 Total revenue 15,294 15,618 35 30,947 Product and services Seafreight and shipping logistics solutions 9,817 - 0 9,817 Transport solutions 443 15,482 0 15,925 Passenger seafare and onboard sales 3,815 0 - 3,815 Terminal services 606 11 - 617 Charters 341 0 - 341 Agency and other revenue 271 125 35 432 Total revenue 15,294 15,618 35 30,947 Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 364m (2024: DKK 476m). Onboard sales amounts to DKK 1,631m (2024: DKK 1,916m). Typically, payment is due upon or after completion of the services in the Logistics Division and at the start of the journey in the Ferry Division. 2024 DKK million Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea2 4,770 - - 4,770 Mediterranean 5,787 358 - 6,145 Baltic Sea 1,245 - - 1,245 English Channel2 4,687 - - 4,687 Continent - 4,912 - 4,912 Nordic - 4,101 - 4,101 UK/Ireland - 3,883 - 3,883 Other - - 11 11 Totalrevenue 16,489 13,253 11 29,753 Product and services Seafreight and shipping logistics solutions 10,046 - - 10,046 Transport solutions 624 12,891 - 13,516 Passenger seafare and onboard sales3 4,574 - - 4,574 Terminal services 591 7 - 599 Charters 448 - - 448 Agency and other revenue 205 355 11 572 Totalrevenue 16,489 13,253 11 29,753 1 2025 Mediterranean Logistics Division includes Ekol Transport Group acquired in November 2024. 2 North Sea and English Channel have been restated to reflect the closing of the passenger business unit (following the sale of the Oslo-Frederikshavn- Copenhagen route) which resulted in Amsterdam – Newcastle revenue being fully allocated to English Channel. 3 Passenger seafare and onboard sales include the Oslo-Frederikshavn- Copenhagen route Q1-Q3 2024, and from February 2024, FRS Iberia/Maroc. DFDS Annual Report 2025 Consolidated financial statements 135 / 215 2.2 Revenue (continued) § Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc., is recognised in the income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the “over-time principle”. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short-term the impact from splitting these contracts into “distinct services” will not have material impact. Most transports carried out by the Ferry Division are characterised by short delivery time (most sailings are less than 30 hours while sailings to/from Türkiye are up to 72 hours). Transports carried out by the Logistics Division can be over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales are recognised at a “point in time”. Revenue is measured at fair value excluding value added tax and after deduction of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are following market terms. DFDS makes use of subcontractors throughout its logistics operations for the transportation and delivery of products. When making use of subcontractors, DFDS has determined that it is acting as a principal providing the service to its clients. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered. When allocating revenue to geographical areas within the Ferry segment, DFDS assigns revenue based on the region that owns the route. For example, if a unit is shipped between the Netherlands and the UK via one of the North Sea routes, the revenue is attributed to the North Sea region. Similarly, in the Logistics segment, transports are allocated to specific corridors. A corridor represents a transport connection between two countries and includes traffic in both directions. Each corridor is managed by a legal entity from one of the countries involved, and this entity belongs to a designated geographical area. Consequently, external revenue is allocated according to the geographical area of the legal entity that owns the corridor. 2.3 Costs DKK million 2025 2024 Ferry and other ship operation and maintenance: Ferry and other ship costs including charter related cost 2,414 2,320 Bunker 2,607 3,021 Catering costs and shop consumables 692 777 Total ferry and other ship operation and maintenance 5,713 6,117 § Accounting policies Ferry and other ship costs comprise costs of sales related to maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Catering costs and shop consumables include consumption of inventory of goods for sale. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport and warehouse solutions are costs related to land-based activities such as stevedoring, terminal, and haulage costs. General and administration external costs comprise external costs such as consultant fees, IT-related costs, utilities and property maintenance costs, audit fees, marketing costs, etc. Cost linked to Maritime Emission Trading Scheme (ETS) is recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and reported within ferry and other ship costs including charter related cost. 2.4 Employee costs DKK million 2025 2024 Wages, salaries and remuneration 5,576 5,195 Hereof capitalised employee costs -54 -42 Defined contribution pension plans 221 233 Defined benefit pension plans 15 11 Other social security costs 729 539 Share based payment 28 26 Other employee costs 602 399 Total employee costs 7,117 6,361 Full time equivalents (FTE), average 16,1 38 14,121 Reference is made to note 3.2.5 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group’s share based payment schemes. § Accounting policies Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. DFDS Annual Report 2025 Consolidated financial statements 136 / 215 2.5 Amortisation, depreciation, and impairment losses for the year DKK million 2025 2024 Amortisation and depreciation for the year: Software 88 76 Port concession rights etc. 57 52 Customer relationships 81 82 Total amortisation for the year 227 210 Land and buildings 37 34 Terminals 69 70 Ferries and other ships 1,248 1,171 Equipment etc. 589 449 Right-of-use assets 1,165 1,069 Total depreciation and write-offs for the year 3,108 2,793 Total amortisation, depreciation and write-offs for the year 3,335 3,002 Reversal of impairment losses for the year: Ferries and other ships - 33 Total reversal of impairment losses for the year - 33 Total amortisation, depreciation, write-offs and impairment losses for the year 3,335 2,969 § Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. 2.6 Tax DKK million 2025 2024 Current tax 100 157 Movement in deferred tax for the year 15 -5 Adjustment to corporation tax in respect of prior years and one-offs -10 -19 Adjustment to deferred tax in respect of prior years 5 11 Tax for the year 110 144 Tax for the year is recognised as follows: Tax in the income statement 127 142 Tax in Other comprehensive income -17 2 Tax for the year 110 144 Tax in the income statement can be specified as follows: Profit/loss before tax -298 683 Income subject to tonnage tax 318 399 Profit/loss before tax subject to corporate income tax -616 284 22% tax of profit before tax -135 63 Adjustment of calculated tax in foreign subsidiaries compared to 22% -29 -1 Tax effect of: Non-taxable/non-deductible items 120 -62 Tax asset for the year, not recognised 172 148 Utilisation of non-capitalised tax assets 0 -1 Adjustments of tax in respect of prior years and one-offs -6 -9 Corporate income tax 123 138 Tonnage tax 4 4 Total tax in the income statement 127 142 Effective tax rate (%) -42.5 20.8 Effective tax rate before adjustment of prior years’ tax and one-offs (%) -44.4 22.2 Tax in Other comprehensive income can be specified as follows: Corporate income tax 0 0 Movement deferred tax -17 2 Total tax in Other comprehensive income -17 2 DFDS Annual Report 2025 Consolidated financial statements 137 / 215 2.6 Tax (continued) The majority of the ferry activities performed in the Danish, Turkish, Spanish, French, and Lithuanian enterprises in the Group are included in local tonnage tax schemes where the taxable income related to transportation of passengers and freight is calculated based on the tonnage deployed during the year and not the actual profits generated. Taxable income related to other activities is taxed according to the normal corporate income tax rules and at the standard corporate tax rates. In 2025, the Group realised a total effective tax rate adjusted for prior years’ tax and one-offs of -44.4% (2024: 22.2%). DFDS A/S and its Danish subsidiaries are subject to compulsory joint taxation with Lauritzen Fonden Holding ApS and its Danish controlled enterprises. Lauritzen Fonden Holding ApS is the administration company in the joint taxation and settles all payments of corporation tax due by the joint taxed enterprises. In accordance with the Danish rules on joint taxation, DFDS A/S and its Danish subsidiaries are liable for their own corporate tax due and are only subsidiary and pro rata liable for the corporation tax liabilities towards the Danish tax authorities for all other enterprises that are part of the Danish joint taxation. 2025 DKK million Other intangible assets Ferries and other ships Land and buildings, terminals and other equipment Provisions Other accrued costs and income Tax loss carried forward Set-off Total Deferred tax: Deferred tax at 1 January 46 158 275 -3 10 -46 440 Foreign exchange adjustments 1 7 -5 - - 1 4 InternalTransfers 129 -112 -19 1 1 - 0 Addition on acquisition of enterprises - - 48 -35 - - 13 Recognised in the income statement -21 -15 17 40 -7 18 32 Recognised in other comprehensive income - - - -17 - - -17 Adjustment regarding prior years recognised in the income statement 1 105 -91 - -8 -4 4 Deferred tax at 31 December 154 143 225 -13 -2 -31 476 Deferred tax assets - - - 13 45 31 -16 74 Deferred tax liabilities 154 143 225 - 43 - -16 550 Deferred tax at 31 December, net 154 143 225 -13 -2 -31 0 476 DFDS Annual Report 2025 Consolidated financial statements 138 / 215 2.6 Tax (continued) 2024 DKK million Other intangible assets Ferries and other ships Land and buildings, terminals and other equipment Provisions Other accrued costs and income Tax loss carried forward Set-off Total Deferred tax: Deferred tax at 1 January 50 127 273 -14 6 -54 388 Foreign exchange adjustments 2 -2 8 -1 -2 -1 4 Addition on acquisition of enterprises - 37 5 - - - 42 Recognised in the income statement -6 -5 -15 10 6 3 -7 Recognised in other comprehensive income - - - 2 - - 2 Adjustment regarding prior years recognised in the income statement - 1 4 - - 6 11 Deferred tax at 31 December 46 158 275 -3 10 -46 440 Deferred tax assets - - - 3 38 46 -5 82 Deferred tax liabilities 46 158 275 - 48 - -5 522 Deferred tax at 31 December, net 46 158 275 -3 10 -46 0 440 The Group has unrecognised tax losses carried forward of DKK 2,767m with a tax value of DKK 691m (2024: tax losses of DKK 1,946m, tax value of DKK 482m). Of the unrecognised tax losses carried forward of DKK 2,767m (2024: DKK 1,946m), DKK 1,703m expires within the next five years (2024: DKK 1,714m) and DKK 1,064m expires after more than five years (2024: DKK 232m). The tax losses of DKK 2,767m (2024: DKK 1,946m) have not been recognised as it has been assessed that the losses cannot be utilised in the foreseeable future. The Group is liable to a contingent tax that may arise at the withdrawal from tonnage taxation schemes. The Group controls the withdrawal and has no plans to withdraw from the schemes and consequently no deferred tax has been recognised. The Group is within the scope of the OECD Pillar II model rules regarding minimum taxation of 15%. The rules were implemented throughout EU in 2023 with effect from 1 January 2024. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar II income taxes, as provided in the amendments to IAS 12 in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between the effective tax rate per jurisdiction calculated as per Pillar II legislation and the 15% minimum rate. Since income from shipping is excluded from the minimum taxation rules, the rules do not have any material impact for the Group. Based on preliminary calculations, in 2025 an insignificant amount of less than DKK 5m has been provided for in top-up taxes related to Group entities. Due to the preliminary nature of the calculations, differences may occur when preparing the Pillar II filing, however any such differences are not material. DFDS Annual Report 2025 Consolidated financial statements 139 / 215 2.6 Tax (continued) !Significant accounting estimates Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Estimates are performed annually based on forecasts, business initiatives and likely structural changes for the coming years. § Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years' taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments. Deferred tax is provided for using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/receivable tax and/or as deferred tax assets/liabilities. DFDS Annual Report 2025 Consolidated financial statements 140 / 215 3. Invested capital Invested capital is a key component when calculating ROIC. Reference is made to section 2 for more details about NOPAT. The following section provides the notes of the main components that forms the basis of the Invested capital, being net working capital (non-interest-bearing current assets minus non-interest bearing current liabilities plus non-current prepaid costs minus pension and jubilee liabilities and other provisions) plus non-current intangible and tangible assets. Furthermore, notes that are closely related to the non-current intangible assets, tangible assets, and right-of use assets such as impairment testing are also included in this section. DKK million Note 202 5 2024 Invested capital excluding net working capital: Non-current intangible assets 3.1.1 9,825 9,837 Non-current tangible assets 3.1.2 15,496 16,266 Right-of-use assets 3.1.3 5,037 5,667 Invested capital excluding net working capital 30,358 31,770 Net working capital: Receivables 3.2.1 4,080 4,873 Inventories 3.2.2 255 322 Prepaid costs 447 452 Derivatives related to operating activities, financial assets measured at fair value 4.2 31 88 Derivatives related to operating activities, financial liabilities measured at fair value 4.2 -8 -4 Pension assets 3.2.5 5 25 Pension and jubilee liabilities 3.2.5 -123 -104 P rovisions 3.2.6 -694 -449 Trade payables -3,753 -3,984 Corporation tax -39 -78 Other payables 3.2.4 -1,135 -1,160 Prepayments from customers -238 -218 Net working capital -1,174 -237 Invested capital 29,184 31,533 Average invested capital 30,376 30,041 DFDS Annual Report 2025 Consolidated financial statements 141 / 215 3.1 Invested capital excluding net working capital 3.1.1 Non-current intangible assets 2025 DKK million Goodwill Port concession rights Customer relationships Software3 Total Cost at 1 January 2025 7,610 1,464 1,012 875 10,961 Foreign exchange adjustments -15 0 -9 0 -24 Addition on acquisition of enterprises 1491 - - - 149 Additions - - 0 952 95 Disposals 0 0 0 21 21 Transfers 0 -25 25 -8 -8 Cost at 31 December 2025 7,744 1,439 1,028 941 11,152 Amortisation and impairment losses at 1 January 2025 113 275 257 480 1,125 Foreign exchange adjustments 0 - -2 0 -2 Amortisation charge 57 81 88 227 Disposals 0 - 0 21 21 Transfers - -15 15 0 0 Amortisation and impairment losses at 31 December 2025 113 317 351 547 1,328 Carrying amount at 31 December 2025 7,631 1,122 677 394 9,825 For information regarding the impairment tests reference is made to note 3.1.4. 2024 DKK million Goodwill Port concession rights Customer relationships Software3 Total Cost at 1 January 2024 5,066 1,214 1,008 775 8,063 Foreign exchange adjustments 27 4 9 0 40 Addition on acquisition of enterprises 2,5181 - 0 13 2,531 Additions - 2464 - 962 342 Disposals - - 5 9 14 Transfers - - 0 0 0 Cost at 31 December 2024 7,610 1,464 1,012 875 10,961 Amortisation and impairment losses at 1 January 2024 114 223 178 412 926 Foreign exchange adjustments -1 - 2 0 2 Amortisation charge 52 82 76 210 Disposals - - 5 9 13 Amortisation and impairment losses at 31 December 2024 113 275 257 480 1,125 Carrying amount at 31 December 2024 7,497 1,189 755 395 9,837 § Accounting policies Non-current intangible assets – Other than goodwill Generally, intangible assets are measured at cost, less accumulated amortisation and any impairment losses, unless otherwise stated. The cost comprises expenses to external suppliers, materials and components, direct wages and salaries, as well as interest incurred from the time of payment until the asset becomes available for use. Assets are amortised on a straight-line basis over their estimated useful life. Any changes in the amortisation period or residual value are recognised prospectively as change in accounting estimates. Goodwill Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group’s CGUs at the time of acquisition. § Accounting policies (continued) Port concession rights Port concession rights represent the value of access to strategically located ports, measured at fair value on the acquisition date. These rights are recognised as intangible assets and are amortised systematically over the duration of the concession period. Customer relationships Customer relationships represent the value of established customer connections or similar assets identified during business combinations. These intangible assets have a finite useful life and are measured at cost, net of accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis over the estimated useful life, which is up to 15 years. Software Amortisation is applied on a straight-line basis over the estimated useful life, typically 3–5 years. In exceptional cases, the amortisation period may extend up to 10 years, particularly for significant internally developed commercial and operational systems. 1 Addition from acquisition of enterprises relate to Ekol Transport Group, reference is made to note 5.5. 2 Primarily relates to the implementation of a new ERP system. 3 The carrying amount of completed software primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. 4 Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets. DFDS Annual Report 2025 Consolidated financial statements 142 / 215 3.1.2 Non-current tangible assets 2025 DKK million Land and buildings Terminals Ferries and other ships Equipmentetc. Assets under construction and prepayments Total Cost at 1 January 2025 949 1,476 20,141 4,382 374 27,322 Foreign exchange adjustments -18 -12 108 -23 -1 53 Addition on acquisition of enterprises1 - - - 112 -4 108 Additions 4 1 25 358 1,056 1,443 Disposals 6312 0 1,0343 499 3 2,166 Transfers4 672 20 718 236 -1,027 618 Cost at 31 December 2025 976 1,484 19,959 4,566 394 27,379 Depreciation and impairment losses at 1 January 2024 121 655 8,429 1,851 11,056 Foreign exchange adjustments -1 -10 65 -7 46 Depreciation charge and write-offs 37 69 1,248 589 1,944 Disposals 2 0 8893 273 1,163 Transfers -3 0 0 3 0 Depreciation and impairment losses at 31 December 2025 153 714 8,853 2,163 0 11,883 Carrying amount at 31 December 2025 823 770 11,106 2,403 394 15,496 2024 DKK million Land and buildings Terminals Ferries and other ships Equipmentetc. Assets under construction and prepayments Total Cost at 1 January 2024 862 1,453 21,636 3,645 415 28,012 Foreign exchange adjustments 17 14 -42 38 1 28 Addition on acquisition of enterprises1 17 10 631 568 1 1,227 Additions 2 38 48 143 1,259 1,490 Disposals 19 13 423 409 5 869 Transfers 69 17 809 403 -1,297 0 Divestment of activities5 - 43 2,517 6 - 2,566 Cost at 31 December 2024 949 1,476 20,141 4,382 374 27,322 Depreciation and impairment losses at 1 January 2024 104 630 9,854 1,706 12,294 Foreign exchange adjustments 1 10 -32 14 -7 Depreciation charge and write-offs 34 70 1,171 449 1,724 Reversal of impairment 0 0 33 0 33 Disposals 18 12 423 317 769 Divestment of activities5 - 43 2,108 2 2,153 Depreciation and impairment losses at 31 December 2024 121 655 8,429 1,851 0 11,056 Carrying amount at 31 December 2024 828 821 11,712 2,531 374 16,266 !Significant accounting estimates Assessment of useful life and residual values Estimation of useful lives is based on experience. When there is an indication of a change in an asset’s useful life, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environmental requirements. !Significant accounting estimates (continued) Management has also considered that the impact of climate-related factors, including regulatory changes, technological advancements, and DFDS’ own emission reduction ambitions, may in the future affect the estimated useful life of vessels. As a result, the expected timing for replacing existing vessels could accelerate. To mitigate these risks, the Group is increasingly adopting alternative fuel sources, such as biofuels, and implementing a range of operational and technical measures to enhance energy efficiency. These initiatives, together with DFDS’ structured approach to achieving emissions reduction, may help reduce the risk of obsolescence within the current fleet. Management has assessed these factors and concluded that, as of 31 December 2025, no changes to the remaining useful life of vessels or other tangible assets were required. 1 Addition from acquisition of enterprises relate to Ekol Transport Group, reference is made to note 5.5. 2 Disposals of land and buildings primarily relate to a sale-and-leaseback transaction involving three warehouse facilities located in Sweden. 3 Disposals of ferries and other ships primarily relate to the disposal of Cappadocia Seaways. 4 Primarily transfers arising from the exercise of purchase options for warehouses and trucks, with remaining transfers relating to the capitalisation of assets under construction. 5 Primarily related to the two passenger cruise ferries Crown Seaways and Pearl Seaways which were divested as part of the Oslo-Frederikshavn- Copenhagen route. DFDS Annual Report 2025 Consolidated financial statements 143 / 215 3.1.2 Non-current tangible assets(continued) § Accounting policies Non-current tangible assets The following applies unless otherwise stated: • Assets are measured at cost less accumulated depreciation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. • The basis for depreciation is determined as the cost less estimated residual value. • The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. • Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. • The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: • Safety measures. • Measures to extend the useful life of the ferries and other ships. • Measures to reduce climate impact. • Measures to improve earnings. • Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries' or ships' next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2½ years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the income statement as ‘Profit on disposal of non-current assets, net’. § Accounting policies(continued) Passenger cruise ferries and freight and passenger (RoPax) ferries Due to differences in the wear and tear of certain components of passenger cruise ferries and RoPax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (RoRo) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation – expected useful life and residual value The depreciation period for components with low wear is 35 years for both RoPax and RoRo ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of ferries is estimated as the expected fair value at the end of their useful lifetime. Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: • Buildings 25-50 years • Terminals etc. 10-40 years • Equipment etc. 4-10 years • Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the carrying amount at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the income statement as ‘Profit on disposal of non-current assets, net'. DFDS Annual Report 2025 Consolidated financial statements 144 / 215 3.1.3 Right-of-use assets and lease liabilities The Group has lease contracts for various items of land and buildings, terminals, ferries, equipment etc. in its operations. The Group’s obligations under the leases are secured by the lessors' title to the leased assets. Several lease contracts include extension and termination options, which are negotiated by Management to provide flexibility in managing the asset portfolio. Some lease contracts include variable lease payments, which are further described below. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period. 2025 DKK million Land and buildings Terminals Ferries and other ships Equipmentetc. Total Cost at 1 January 2025 1,895 3,282 2,620 883 8,680 Foreign exchange adjustments 27 -69 2 2 -38 Additions 292 44 102 209 646 Remeasurement 512 96 -7 4 605 Disposals 84 2 284 190 560 Transfer1 -683 - - -10 -693 Cost at 31 December 2025 1,958 3,351 2,433 898 8,640 Depreciation and impairment lossesat 1 January 2025 637 1,212 830 335 3,014 Foreign exchange adjustments 12 -8 1 1 5 Depreciation charge 302 264 381 218 1,165 Disposals 71 2 281 159 513 Transfer1 -64 - - -2 -66 Depreciation and impairment losses 31 December 2025 815 1,466 931 392 3,603 Carrying amount at 31 December 2025 1,144 1,885 1,502 506 5,037 2024 DKK million Land and buildings Terminals Ferries and other ships Equipmentetc. Total Cost at 1 January 2024 1,524 3,222 2,437 736 7,918 Foreign exchange adjustments -11 68 -3 2 56 Addition on acquisition of enterprises2 202 15 - 34 251 Additions 36 8 53 258 354 Remeasurement 184 157 370 21 732 Disposals 31 - 236 166 434 Divestment of activities3 9 188 - - 197 Cost at 31 December 2024 1,895 3,282 2,620 883 8,680 Depreciation and impairment lossesat 1 January 2024 436 998 601 282 2,318 Foreign exchange adjustments -4 27 -3 1 21 Depreciation charge 233 255 391 190 1,069 Disposals 24 - 160 139 323 Divestment of activities3 5 67 - - 72 Depreciation and impairment losses 31 December 2024 637 1,212 830 335 3,014 Carrying amount at 31 December 2024 1,259 2,070 1,790 549 5,667 1 Relates to exercise of purchase options for warehouses and trucks. 2 Relates to acquisition of FRS Iberia/Maroc and Ekol Transport Group. 3 Relates to divestment of terminals and offices as part of Oslo - Frederikshavn - Copenhagen route. DFDS Annual Report 2025 Consolidated financial statements 145 / 215 3.1.3 Right-of-use assets and lease liabilities (continued) Set out below are the carrying amounts of lease liabilities (included under interest-bearing liabilities) and the movements during the period. DKK million 2025 2024 As at 1 January 5,872 5,832 Foreign exchange adjustments -129 82 Addition on acquisition of enterprises - 251 Additions 686 355 Remeasurement 605 732 Instalments 1,7801 1,024 Disposals 48 112 Divestment of activities - 1272 Transfer - -1173 Total lease liabilities at 31 December 5,207 5,872 Non-discounted lease liabilities expiring within the following periods from the balance sheet date: DKK million 2025 2024 Within 1 year 1,203 1,293 1-3 years 2,549 2,659 3-5 years 1,059 1,296 After 5 years 1,273 1,551 Total lease liability, non-discounted 6,085 6,798 Lease liabilities are recognised in the balance sheet as follows: DKK million 2025 2024 Non-current liabilities 4,232 4,846 Current liabilities 974 1,027 Total lease liabilities 5,207 5,872 The following amounts from leases are recognised in the income statement: DKK million 2025 2024 Expenses relating to short-term leases (included in costs) 1 30 Expenses relating to low-value assets (included in costs) 111 151 Variable lease payments (included in costs) 157 104 Depreciation, ships 381 391 Depreciation, other non-current assets 784 678 Interest expenses on lease liabilities 290 286 Gain arising from sale and leaseback transactions 514 - Total amount recognised in the income statement 1,673 1,640 The following amounts from leases are recognised in the statement of cash flows: DKK million 2025 2024 Cash flows from operating activities, gross -270 -285 Interest etc., paid -290 -286 Cash flows from operating activities, net -560 -571 Cash flows from financing activities, net -1,780 -1,024 Total cash outflows from leases -2,339 -1,595 In 2025 the Group paid DKK 2,339m (2024: DKK 1,595m) regarding lease agreements whereof interest expenses related to lease liabilities amount to DKK 290m (2024: DKK 286m), instalments of lease liability amount to DKK 1,780m (2024: DKK 1,024m), and DKK 270m (2024: DKK 285m) relates to short-term leases, low-value leases and variable lease payments. At 31 December 2025 the Group was committed to short-term and low-value leases for an amount of DKK 243m (2024: DKK 144m). The Group has two terminal lease contracts that contains variable payments based on the number of transferred units. The terms align the lease expense with the units transferred and revenue earned. In addition, the Group has multiple leases with variable payments based on usage. The below table provides information on the Group’s variable lease payments in relation to fixed payments: DKK million Fixed payments Variable payments 2025 Fixed payments Variable payments 2024 Lease payments 144 62 206 145 58 203 Variable rent only - 95 95 - 46 46 Total 31 December 144 157 301 145 104 249 A 10% increase in units transferred would increase total lease payments by 7%. As at 31 December 2025, potential future cash outflows of DKK 258m (undiscounted) have not been included in the lease liability, because it is not reasonably certain that the leases will be extended (or not terminated) (2024: DKK 333m). 1 Includes payment of DKK 649m triggered by exercising the purchase option on three warehouse facilities located in Sweden. 2 Relates to divestment of terminals and offices as part of Oslo - Frederikshavn - Copenhagen route. 3 Relates to a lease liability of DKK 117m which has been settled and offset against a trade receivable. 4 Relates to exercise of purchase options on three warehouse facilities located in Sweden. The warehouses were subsequently sold for a total sales price of DKK 711m and leased back. DFDS Annual Report 2025 Consolidated financial statements 146 / 215 3.1.3 Right-of-use assets and lease liabilities (continued) Group as a lessor Future minimum receivable under non-cancellable operating leases as at 31 December are as follows: Operating lease commitments (lessor) DKK million Ferries and other ships Equipment etc. 2025 Ferries and other ships Equipment etc. 2024 Minimum lease payments (income) Within 1 year 325 34 359 264 - 264 1-3 years 295 - 295 177 - 177 3-5 years 147 - 147 - - - Total minimum lease payments (income) 767 34 801 442 - 442 The specified minimum lease payments are not discounted. Operating lease and rental income recognised in the income statement amount to DKK 364m in 2025 (2024: DKK 476m). The contracts are entered into on normal conditions. At inception of each individual agreement, Management assesses and determines whether the agreement is a finance or an operating leasing agreement. !Significant accounting estimates and judgements Extension options The Group has entered into lease agreements with extension options. Management exercises significant judgement in determining whether these extension options are reasonably certain to be exercised and, in that connection, considers all relevant factors that create an economic and strategic incentive to exercise the extension option. Management has also considered the impact of decarbonisation and climate-related risks on assessing the likelihood of extending lease agreements. Such risks include new climate-related legislation restricting the use of certain assets and new technology demanded by climate-related legislation. § Accounting policies Group as lessee (lease in) The right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs, whereas lease liabilities are measured at the present value of lease payments to be made over the lease term. Lease payments are discounted using DFDS’ incremental borrowing rate. Depreciation follows the straight-line method over the lease term or the useful life of the right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease liability will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For contracts with a rolling term (evergreen leases), Management exercises judgement in determining useful lifetime of the underlying right-of-use asset. Group as lessor (lease out) For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the income statement. Lease income from assets leased out on an operating lease is recognised in the income statement on a straight-line basis over the lease term. Sale and leaseback transactions Sale and leaseback transactions are assessed to determine whether the transfer of the asset qualifies as a true sale in accordance with IFRS 15 Revenue from Contracts with Customers. If control is transferred to the buyer and the transaction qualifies as a true sale, DFDS derecognises the asset and recognises a right-of-use asset and a lease liability. The right-of-use asset is measured as the proportion of the previous carrying amount of the asset that relates to the retained right of use. The lease liability is measured at the present value of future lease payments. Any gain or loss arising on the sale is recognised in the income statement only to the extent that it relates to the rights transferred to the buyer. The portion of the gain or loss that relates to the right of use retained is included as part of the right-of-use asset. In case the sale and leaseback transaction does not qualify as a true sale, then the transaction is considered a financial arrangement where the assets continue to be recognised on the balance sheet and the proceed received is recognised as a financial liability. DFDS Annual Report 2025 Consolidated financial statements 147 / 215 3.1.4 Impairment testing The Group performs an annual impairment test of goodwill together with other non-current assets. Similar to 2024, the impairment test performed in 2025 did not result in an impairment. Cash-generating units (CGUs) The Group’s Ferry CGUs are the Freight Ferry CGU (encompassing North Sea, Baltic Sea and Mediterranean), the Channel, Amsterdam – Newcastle, Strait of Gibraltar and Jersey ferry services. The Group's logistics activities are tested as a single CGU, as Management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - are the cash inflows generated by all logistics activities together. The defined CGUs align with the Groups internal reporting structure. Key assumptions The recoverable amount is determined based on value-in-use calculations. Value-in-use is calculated as the discounted value of the estimated future net cash flows per CGU. Key parameters for the forecast periods are trends in revenue, EBIT-margin, future investments, and growth expectations. These parameters are determined specifically for each CGU. Key parameters are based on Management's past experience and external sources where available. The discount rate is assessed separately for each CGU to reflect the weighted average cost of capital (WACC), which incorporates the risk-free interest rate along with an appropriate risk premium. The weighting of the cost of debt and cost of equity is based on the capital structure of a relevant peer group. Cash flows are assessed on the basis of approved forecasts for 2026 and strategy and projections beyond 2026. The projections include the estimated impact of long-term strategic decisions and assessment of opportunities for future growth and required investments. For CGUs which include growth in the terminal period, OECD’s prediction for EU long-term consumer price index growth rate of 2.0% has been applied (2024: 2.0%). Ferry 2025 was a challenging year, impacted by a volatile market environment, intensified competition, and several one-off effects across both freight and passenger operations. Profitability was further affected by start-up and transition costs, capacity imbalances, and operational disruptions. In response, Management implemented a range of corrective actions, including securing new customer agreements, adjusting capacity and vessel deployment, and initiating pricing and cost-efficiency measures. These actions weighed on short-term results but were necessary to stabilise the business and create a stronger platform for recovery. In 2026, Management expects an improvement in performance, driven by ongoing pricing initiatives, efficiency measures, and more balanced market conditions. Targeted volume growth, selective price increases, and the benefit of cost-reduction programmes are expected to support margin recovery across the network. Overall, 2026 is positioned as a transition year, with focus on restoring profitability while maintaining disciplined capacity and cost control. Looking beyond 2026, the forecast assumes stable growth alongside continued margin progression. Revenue and volume development are expected to broadly reflect underlying market trends, supported by incremental pricing improvements, operational efficiencies, and the expiry of less favourable contracts. The forecast also assumes a market environment characterised by increased competition, requiring continued adaptation to maintain competitiveness and safeguard profitable growth. Based on these assumptions, projected average annual EBIT growth rate defined as compound annual growth rate (CAGR) for the Freight Ferry CGU for the years 2026–2030 is estimated at 22% (2024: 28%). Strong EBIT growth is expected in 2027 and 2028 primarily driven by volume recovery and efficiency improvements in the North Sea, combined with price stabilisation in the Mediterranean following a period of intensified competition. The pre-tax discount rate applied was 6.6% (2024: 6.8%). For the Strait of Gibraltar, projected average annual EBIT growth rate defined as compound annual growth rate (CAGR) for the years 2026–2030 is estimated at 15% (2024: 34%). Elevated growth is projected in 2027 reflecting recovery from lower profitability in 2026, which is expected to be driven by operational changes and market consolidation effects in the corridor. Thereafter, EBIT growth is expected to normalise, supported by steady and strong volume development driven by relative high market growth, in particular in Morocco, improving utilisation on our vessels and thus driving a gradual margin expansion. The pre-tax discount rate applied was 6.6% (2024: 6.8%). The Channel, Amsterdam - Newcastle and Jersey CGUs have no goodwill. Logistics 2025 was a transition year for the Logistics Division, characterised by challenging market conditions and actions to restore profitability. The year was impacted by low volumes, operational disruptions, and legacy performance issues, particularly in the first half. In response, DFDS executed a broad turnaround programme, exiting loss-making activities, improving operational efficiency, and materially reducing the cost base. 2026 is budgeted based on a bottom-up, market-driven approach and reflects a more stable operational setup with significantly lower restructuring costs than in 2025. Earnings are expected to benefit from a full-year effect of efficiency measures, continued optimisation of haulage and fleet composition, increased use of rail solutions where feasible, and improved asset utilisation. Revenue growth is expected to be driven by market recovery in selected geographies, while focus remains firmly on execution discipline and profitability rather than volume growth. Over the longer term, the base-case outlook assumes relatively stable revenue growth of around 2% per year, aligned with the broader economic environment. EBIT-margins are expected to gradually improve towards historical levels. This improvement is supported by a simplified operating model, continued efficiency initiatives, and a structurally stronger and less volatile business mix following the turnaround actions implemented in 2025. These projections rely on a successful turnaround of TES and are therefore contingent on both internal actions and external market developments, which adds to the overall uncertainty. TES is expected to remain lossmaking through 2026. Based on these assumptions, projected average annual EBIT growth rate defined as compound annual growth rate (CAGR) for Logistics for the years 2026–2030 is estimated at 35% (2024: 20%). The pre-tax discount rate applied was 7.8% (2024: 6.8%). To conclude, the impairment tests performed in 2025 did not trigger any impairment losses on the CGUs’ assets. DFDS Annual Report 2025 Consolidated financial statements 148 / 215 3.1.4 Impairment testing (continued) Sensitivity analysis As part of the preparation of impairment tests, sensitivity analysis is prepared based on relevant risk factors and scenarios that Management can determine with reasonable reliability. Sensitivity analysis is prepared by altering the estimates until it reaches a point where the value-in-use is equal to the carrying amount. For the Logistics CGU, an increase in the discount rate of 0.1% (2024: 1%), all other assumptions held constant, would reduce the value-in-use to the level of the carrying amount. Similarly, a decrease in the average EBIT- margin during the forecast period of 0.33 percentage points for the Logistics CGU, all other things being equal, would result in the value-in-use equalling the carrying amount. For the Logistics CGU, the value-in-use exceeds the carrying amount by DKK 160m. For Ferry Division, Management's assessment is that no changes in key assumptions are reasonably likely to reduce the value-in-use below the carrying value. Impairment tests Based on the impairment tests prepared at year-end 2025, no cash-generating units are deemed impaired in 2025. In 2024, no cash-generating units were deemed impaired and DKK 33m of impairment losses recognised in prior years were reversed in connection with the sale of the Oslo-Frederikshavn-Copenhagen route, allocated to ships. Recognised goodwill is attributable to the following CGUs: DKK million 2025 2024 Ferry: Freight Ferry (North Sea, Baltic Sea and Mediterranean) 4,473 3,386 Strait of Gibraltar 758 757 Logistics: Logistics 2,400 3,354 Totalrecognised goodwill 7,631 7,497 § Accounting policies The carrying amount of goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated. !Significant accounting estimates and judgements Climate related matters Management continuously monitors climate related risks when measuring the recoverable amount. While the Groups' operations are not currently exposed to significant physical risk, the value-in-use may be impacted by transition risk, such as legislation, regulations, and changes in demand for the Group's services. Expectations for the following years have been incorporated into projected cash flows: increased operating costs for e-trucks and investments to improve fuel efficiency and conversion to green fuels. Determination of CGUs and assessment inputs of key parameters Judgement and estimates are applied in the determination of CGUs to which goodwill is allocated for impairment testing as well as in the selection of methodologies and assumptions applied in impairment tests. The determination of CGUs differs based on the business area. Most of the freight ferries in North Sea, Baltic Sea and Mediterranean are interchangeable with each other and where and how the fleet of ferries is deployed is centrally decided. Consequently, these areas are tested for impairment as a single CGU. Conversely, the vessels servicing the Channel, Strait of Gibraltar, Amsterdam-Newcastle and Jersey routes can be used exclusively in each specific itinerary. Consequently, these areas are individually tested for impairment as a separate CGUs. In logistics, Management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - is the cash inflows generated by all logistics routes together. This is based on increased integration, creation of the equipment pool, and the fact that our logistics routes are largely interdependent and managed with the common objective of supporting the Group's ferry business across regions. Key assumptions Value-in-use calculations rely on Management’s expectations for future cash flows based on budgets and forecasts, incorporating several assumptions such as market conditions, inflation, and discount rates. While these assumptions involve uncertainty, they represent Management’s best estimates. DFDS Annual Report 2025 Consolidated financial statements 149 / 215 3.2 Net working capital 3.2.1 Receivables DKK million 2025 2024 Other non-current receivables 0 2 Total non-current receivables 0 2 Trade receivables 3,368 4,203 Receivables from associates and joint ventures 68 45 Corporation tax and joint taxation contribution, receivable 111 61 Public authorities (VAT, etc.) 320 317 Other receivables and current assets 212 246 Total current receivables 4,080 4,871 Total current and non-current receivables 4,080 4,873 The carrying amount of receivables is in all material respects equal to the fair value. Collateral is pledged as security for certain receivables. The collateral consists of bank guarantees with a fair value of DKK 65m (2024: DKK 58m). DKK million 2025 2024 Ageing of trade receivables at 31 December Not past due 2,837 3,662 Up to 30 days 431 426 31-60 days 58 73 61-90 days 36 28 91-120 days 31 1 More than 120 days 110 96 Receivables, gross 3,503 4,286 Expected credit loss allowance 135 83 Trade receivables 3,368 4,203 DKK million 2025 2024 Movements expected credit loss allowance Credit loss allowance at 1 January 83 73 Foreign exchange adjustments -1 0 Addition on acquisition of enterprises 17 10 Write-downs 64 33 Realised losses -8 -12 Reversed write-downs -22 -21 Expected credit loss allowance at 31 December 135 83 DFDS Annual Report 2025 Consolidated financial statements 150 / 215 3.2.1 Receivables (continued) The last five years DFDS’ realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2024: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years. Accordingly, at year-end 2025 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2024: 0.0%) plus adjustments for forward-looking factors were considered relevant. § Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS’ risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group’s policy of undertaking credit risks, assessment of significant customers is performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers’ ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the income statement. DFDS uses factoring arrangements as one of the working capital management tools. Sold trade receivables are derecognised once significant related risks and rewards of ownership have been transferred to the buyer. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. 3.2.2 Inventories DKK million 2025 2024 Bunker 140 195 Goods for sale 122 133 Write-down of inventories end of year -7 -5 Total inventories 255 322 Write-down of inventories during the year is an expense of DKK 5m (2024: income of DKK 8m due to reversal of previous years' write-downs). § Accounting policies Bunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower. DFDS Annual Report 2025 Consolidated financial statements 151 / 215 3.2.3 Supplier finance arrangements The Group participates in supplier finance arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers to DFDS. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS will settle the invoice at a later stage. The Group has entered into arrangements with the following terms: Bunker linked payables extended to current month + 93 days (2024: current month + 93 days). Multiple logistics suppliers' payables extending payment to current month + 93 days (2024: current month + 93 days). Carrying amount of liabilities under supplier finance arrangements DKK million 2025 2024 Presented within trade payables 1 January 567 730 Presented within trade payables 31 December 497 567 of which suppliers received payment (from financial institution) 486 558 Range of payment due dates Payment terms for liabilities that are part of supplier financing arrangements range from 30 days to current month + 93 days (2024: from 30 days to current month + 93 days).Payment terms for comparable trade payables that are not part of supplier financing arrangements typically range from 30 days to current month + 63 days (2024: from 30 days to current month + 63 days). Non-cash changes There were no significant non-cash changes in the carrying amounts of supplier finance liabilities (2024: none). § Accounting policies All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital. 3.2.4 Other payables DKK million 2025 2024 Holiday pay obligations, etc. 621 721 Public authorities (VAT, duty, etc.) 177 142 Payables to associates and joint ventures 22 16 Accrued interests 32 47 Other payables 283 233 Total other payables 1,135 1,160 § Accounting policies Other payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc. 3.2.5 Pension and jubilee liabilities The Group contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Group has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the income statement when incurred. The Group has defined benefit plans, primarily in the UK. In addition, there are minor defined benefit plans in Norway, Belgium, Italy, Türkiye, Lithuania, France, Germany, and Sweden. The UK accounts for -5.8%1(2024: -46.9%) of the total net liability and 85.5% (2024: 88.4%) of the funded and unfunded obligation. The majority of the defined benefit plans are pension plans that yearly pay out a certain percentage of the employee’s final salary upon retirement. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employee except for certain closed 1 The UK defined benefit plans are at accounting basis overfunded by DKK 5m as per end of 2025 (2024: DKK 25m). DFDS Annual Report 2025 Consolidated financial statements 152 / 215 3.2.5 Pension and jubilee liabilities (continued) plans in the UK and some of the other minor plans. The defined benefit plans typically include a spouse pension and disability insurance. Some of the pension plans in Sweden are multi-employer plans, covering a large number of enterprises. The plans are collective and covered through contributions paid to the pension company Alecta. The Swedish Financial Accounting Standards Council’s interpretations committee (Redovisningsrådet) has defined this plan as a multi-employer defined benefit plan. Presently, it is not possible to obtain sufficient information from Alecta to apportion assets and liabilities of the plans to the participating employers. Consequently, the pension plans are similarly to prior years treated as defined contribution plans. The contributions are DKK 3m in 2025 (2024: DKK 3m). The collective funding ratio at Alecta amounts to 167% as per September 2025 (September 2024: 163%). For 2026, the contributions are expected to be DKK 3m. DFDS’ share of the multi-employer plan is estimated to be around 0.0036% and the liability follows the share of the total plan. In 2024, a ruling in the UK on amendments made to a non-DFDS pension scheme for the years 1997 – 2016 was concluded. This ruling might have implications on the Group as amendments were also made to the Group's UK pension schemes in the period in question. A pension bill in its final stage is being debated in the UK parliament. The pension bill will make it possible with retroactive effect to issue the needed actuarial confirmations that makes the amendments valid. Management has obtained legal assessments and will continue to seek legal advice on the matter and act accordingly. However, as the bill is not yet in force the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2025 year-end. Based on actuarial calculations the defined benefit plans show the following liabilities: DKK million 2025 2024 Present value of funded defined benefit obligations 567 609 Fair value of plan assets -572 -633 Funded defined benefit obligations, net -5 -24 Present value of unfunded defined benefit obligations 93 77 Recognised liabilities for defined benefit obligations 89 53 Provision for jubilee liabilities 29 27 Total actuarial liabilities, net 118 79 Pension assets1 5 25 Pension and jubilee liabilities 123 104 Total actuarial liabilities, net 118 79 DKK million 2025 2024 Movements in the net present value of funded and unfunded defined benefit obligations Funded and unfunded obligations at 1 January 685 714 Addition regarding acquisition - 4 Foreign exchange adjustments -35 33 Current service costs 17 11 Interest costs 36 31 Actuarial gain(-)/loss(+) arising from changes in demographic assumptions 7 -1 Actuarial gain(-)/loss(+) arising from changes in financial assumptions -15 -68 Past service costs -3 0 Benefits paid -51 -45 Transfers 19 7 Funded and unfunded obligations at 31 December 661 685 Movements in the fair value of the defined benefit plan assets Plan assets at 1 January -633 -650 Foreign exchange adjustments 31 -32 Calculated interest income -33 -30 Return on plan assets excluding calculated interest income 77 59 Costs of managing the assets - 2 Employer contributions -48 -23 Benefits paid 34 40 Plan assets at 31 December -572 -633 Plan assets consist of the following: Cash and cash equivalents -5 -4 Blended investment funds - -627 Insured plans2 -567 -2 Total plan assets -572 -633 1 The UK defined benefit plans are at accounting basis overfunded by DKK 5m as per end of 2025 (2024: DKK 25m). 2 The UK funded defined benefit plans implemented a buy-in during 2025, resulting in the plans becoming fully insured. Prior to the buy-in, the pension scheme assets were held in blended investment funds. DFDS Annual Report 2025 Consolidated financial statements 153 / 215 3.2.5 Pension and jubilee liabilities (continued) DKK million 2025 2024 Expenses recognised as employee costs in the income statement: Current service costs 17 11 Past service costs -3 - Total included in employee costs regarding defined benefit plans 15 11 Expenses recognised as financial costs in the income statement: Interest costs 36 31 Interest income 33 30 Total included in financial costs regarding defined benefit plans 3 1 Total expenses for defined benefit plans recognised in the income statement 17 12 Expenses recognised in other comprehensive income, gain(-)/loss(+): Remeasurements of plan obligations -8 -70 Remeasurements of plan assets 77 61 Total included in other comprehensive income regarding defined benefit plans 70 -9 Actuarial calculations or roll forward calculations are performed annually for all defined benefit plans. Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The following significant assumptions have been used for the actuarial calculations: 2025 Assumptions UK Others Weighted average1 Discount rate 5.5% 2.0%-5.3% 5.2% Social security rate2 0.0% 0.0%-3.3% 0.0% Future salary increase2 0.0% 0.0%-28.9% 1.1% Future pension increase 3.0% 0.0%-3.0% 2.5% Inflation 2.4% 0.0%-23.4% 3.3% 2024 Assumptions UK Others Weighted average¹ Discount rate 5.4% 1.5%-3.3% 5.1% Social security rate2 0.0% 0.0%-3.3% 0.0% Future salary increase2 0.0% 0.0%-3.5% 0.3% Future pension increase 3.2% 0.0%-2.3% 2.8% Inflation 2.5% 0.0%-26.2% 3.0% Significant actuarial assumptions for the determination of the retirement benefit obligation are the discount rate, expected future remuneration increases, and expected mortality. The sensitivity analysis below has been determined based on reasonably likely changes in the assumptions occurring at the end of the period. DKK million 2025 2024 Sensitivity analysis Reported obligation 31 December 661 685 Discount rate -0.5% point compared to assumptions 691 724 Discount rate +0.5% point compared to assumptions 629 650 Salary increase -0.5% point compared to assumptions 657 684 Salary increase +0.5% point compared to assumptions 661 687 Mortality -1 year compared with used mortality tables 646 671 Mortality +1 year compared with used mortality tables 683 710 The mortality table used for the two defined benefit schemes in the UK is the public S3PxA table with annual improvement of 1.25% (2024: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 22.9 years (2024: 22.7 years). Weighted average duration on the liabilities end of 2025 is 10.8 years (2024: 11.6 years). The Group expects to make a contribution of DKK 17m to the defined benefit plans in 2026. The expected contribution for 2025 was DKK 42m, which turned out to be DKK 64m. The higher contribution for 2025 is primarily related to completion of a buy-in process for the two defined benefit schemes in the UK. DKK million 2025 2024 Maturity analysis of the obligations 0-1 year 56 48 1-5 years 149 149 After 5 years 455 489 Total obligations 661 685 1 All factors are weighted at the pro rata share of the individual actuarial obligation. 2 Schemes closed for new members will have a social security rate and future salary increase of 0%. DFDS Annual Report 2025 Consolidated financial statements 154 / 215 3.2.5 Pension and jubilee liabilities (continued) § Accounting policies Contributions to defined contribution pension plans are recognised in the income statement in the period in which they relate, and any payable contributions are accrued in the balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value-in-use of future benefits payable under the plan is made once a year. The value-in-use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value-in-use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value-in-use less the fair value of any assets under the plan is recognised in the balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the income statement based on actuarial estimates and financial expectations at the beginning of the year. The difference between the calculated development in pension assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains and losses. Changes in the benefits payable for employees' past service to the enterprise result in an adjust-ment of the actuarial calculation of the value-in-use, which is classified as past service costs. Past service costs are recognised in the income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits. Other non-current employee obligations include jubilee benefits, etc. 3.2.6 Provisions DKK million 2025 2024 Provisions at 1 January 449 134 Foreign exchange adjustments 0 1 Addition from acquisition of enterprises 1421 47 Provisions made during the year2 605 345 Used during the year -466 -59 Reversal of unused provisions -19 -12 Transfers -19 -7 Provisions at 31 December 694 449 Provisions are expected to be payable in: 0-1 year 636 392 1-5 years 58 55 After 5 years 0 3 Provisions at 31 December 694 449 Of the Group’s provision of DKK 694m (2024: DKK 449m), DKK 536m (2024 DKK 318m) is ETS emission provision; DKK 46m (2024: DKK 34m) is redelivery provision on leases; DKK 33m (2024: DKK 24m) is related to investments in associates and joint ventures; DKK 0m (2024: DKK 9m) is restructuring provision, and DKK 79m (2024: DKK 65m) is other provisions. § Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management’s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material. Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges - and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows. 1 Addition from acquisition of enterprises relate to Ekol Transport Group. 2 Includes mainly provision for emitted greenhouse gases related to the Maritime EU Emissions Trading System (ETS) and is included in the income statement in the line item Ferry and other ship operation and maintenance. DFDS Annual Report 2025 Consolidated financial statements 155 / 215 4. Capital structure and finances This section shows how the activities of DFDS are financed. DFDS targets a financial leverage ratio between 2.5 and 3.5x, where the ratio is measured as net interest-bearing debt to operating profit before depreciation and amortisation (EBITDA). The following section provides the notes of the main components that form basis of the net interest-bearing debt. Furthermore, the section includes information on financial and operational risks, financial instruments, treasury shares, and earnings per share. DKK million Note 202 5 2024 Interest-bearing liabilities 1 4.5 17,016 18,733 Derivative financial instruments, related to interest-bearing activities, net 4.2 42 62 Securities 4.2 -2 -2 Cash -1,795 -1,589 Net interest-bearing debt (NIBD) 15,260 17,204 Operating profit before depreciation and amortisation (EBITDA) 3,743 4,440 Financial leverage ratio (NIBD/EBITDA, times) 4.1 3.9 2 1 Hereof DKK 5,207m (2024: DKK 5,872m) relating to lease liabilities that have different characteristics than other liabilities included in interest- bearing liabilities. 2 The ratio includes pro forma EBITDA for the last twelve months for acquired companies. DFDS Annual Report 2025 Consolidated financial statements 156 / 215 4.1 Financial and operational risks DFDS’ risk management policy DFDS’ risk management policy is governed by the DFDS Financial Policy, which is approved by the Board of Directors on an annual basis. The policy outlines principles, targets, and strategies for managing the Group's financial risk. To minimise potential adverse effects on the Group’s financial performance, DFDS uses financial derivatives strictly for hedging commercial exposures - not for speculative purposes. The most important financial risk factors are 1) bunker price risk, 2) interest rate risk, 3) currency exchange risk, 4) liquidity risk and 5) credit exposure. Bunker price risk Fluctuations in bunker prices, which are denominated in USD, constitute a significant risk for DFDS. In the freight segment, fluctuations in bunker prices and the related foreign exchange risk are customarily passed on to customers through a bunker adjustment factor (BAF). In the passenger segment, changes in bunker costs are reflected in ticket prices to the extent possible. To reduce exposure to bunker and currency risk, approximately 96% (94% in 2024) of DFDS’ consumption was covered by BAF agreements. As the BAF is based on low-sulphur fuel prices, while certain ferries are equipped with scrubbers and therefore consume high-sulphur fuel, the Group is exposed to a price spread risk between low- and high-sulphur fuel. The risk related to the price spread between high-sulphur and low-sulphur fuel is partly hedged using commodity swaps. In accordance with the DFDS Financial Policy, net bunker exposure may be hedged up to 100% for the following four quarters and up to 50% for the fifth and sixth quarters. Interest rate risk DFDS is primarily exposed to interest rate risk through funding. According to DFDS’ Financial Policy the interest rate on more than 40% of the loan portfolio including long-term charter agreements must be fixed with a weighted average duration of 9-36 months. DFDS enters into interest rate swaps and caps to comply with this policy. Total net interest-bearing debt (including fair values of derivative financial instruments related to interest-bearing activities) amounts to DKK 15,260m at year-end 2025 (2024: DKK 17,204m). The Group’s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 2.7 years (2024: 3.4 years). In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 5,110m (2024: DKK 4,817m) have been entered into to mitigate the Group’s exposure to interest rate risk. At year-end 2025, 47% of the Group’s debt was fixed-rate including interest rate derivatives (2024: 42%). Share of fixed-rate debt including long-term charter liabilities amounted to 51% (2024: 47%). The weighted average duration of the Group’s debt portfolio, including charter liabilities, was 1.0 year (2024: 1.3 years). A 1 percentage point increase in interest rates compared with the actual levels in 2025 would, all else being equal, have increased the Group’s net interest expense, including hedging effects, by DKK 70m (2024: DKK 59m). Conversely, a 1 percentage point decrease in interest rates would have reduced net interest expense by DKK 70m (2024: DKK 59m). A 1 percentage point increase in interest rates compared with the level at the balance sheet date would, all else being equal, have had a positive impact of DKK 62m on the Group’s hedging reserve (2024: DKK 90m). Conversely, a 1 percentage point decrease in interest rates would have had a negative impact of DKK 63m on the hedging reserve (2024: DKK 93m). Currency exchange risk Currency exchange risk is monitored continuously and actively hedged to reduce exposure using forward exchange contracts and currency swaps. According to DFDS’ Financial Policy, DFDS can hedge balance exposures, and net of hedging, balance exposures must be kept below an equivalent to DKK 150m in each currency. According to the Financial Policy, DFDS can also hedge exposures from expected cash flows from operations up to four quarters ahead and cash flows from off-balance sheet contractual commitments. Approximately 91% of DFDS’ revenues in 2025 were invoiced in foreign currencies (2024: 87%) with the most substantial revenue generated in EUR which accounted for 61% of total revenue (2024: 64%). Apart from DKK and EUR, revenue is mainly generated in SEK, GBP, and NOK. However, SEK, GBP, and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. EUR is considered a minor risk due to Denmark’s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above. The operational currency cash flow is defined as the Group's consolidated net currency cash flows from revenues and operational costs. The table shows the impact on the Group's operating profit before depreciation and amortisation (EBITDA). All else equal, a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would impact the Group's profit and loss by the amounts presented below. Currency sensitivities for 2025 are based on annual volatility over a two year period. Operational currency cash flow risk EBITDA DKK million 2025 2024 SEK, income statement effect, 6% strengthening(2024: 10%) 27 6 NOK, income statement effect, 7% strengthening(2024: 10%) 11 5 GBP, income statement effect, 4% strengthening(2024: 10%) 20 3 TRY, income statement effect, 8% strengthening(2024: 10%) -20 -13 USD, income statement effect, 7% strengthening(2024: 10%) -8 -19 DFDS Annual Report 2025 Consolidated financial statements 157 / 215 4.1 Financial and operational risks(continued) The Group's most significant currency balance positions are in EUR, SEK, NOK, GBP, TRY, and USD relating to debt, trade payables and trade receivables. All else equal a strengthening of SEK, NOK, GBP, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below. Currency balance risk DKK million 2025 2024 SEK, equity and income statement effect, 6% strengthening(2024: 10%) 0 -12 NOK, equity and income statement effect, 7% strengthening(2024: 10%) -3 -1 GBP, equity and income statement effect, 4% strengthening(2024: 10%) 5 -3 TRY, equity and income statement effect, 8% strengthening(2024: 10%) -4 4 USD, equity and income statement effect, 7% strengthening (2024: 10%) -3 2 Liquidity risks DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash sources over cash uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 4,425m (2024: DKK 3,383m), of which undrawn committed facilities amount to DKK 2,629m (2024: DKK 1,794m). Short-term deposits amounted to DKK 373m at 31 December 2025 (2024: DKK 0m). Total cash including short-term deposits amounted to DKK 1,795m in 2025 (2024: DKK 1,589m). As described in note 3.2.3, the Group participates in supply chain financing arrangements which provide the Group with extended payment terms with banks as finance providers. The banks are externally rated with high quality credit scores and have a long-standing relationship with DFDS. The Group therefore sees no significant liquidity risk related to the finance providers’ ability to finance the arrangements. DFDS’ contractual maturities of financial instruments, including estimated interest payments, are stated in the table below: 2025 DKK million 0-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash and cash equivalents 1,795 - - - Trade receivables 3,368 - - - Receivables from associates and joint ventures 68 - - - Other receivables and current assets 643 - - - Derivative financial assets Commodity swaps 1 - - - Interest swaps & caps 15 17 15 23 Cross currency interest rate swaps 1 - - - Forward exchange contracts and currency swaps 17 6 6 1 Total financial assets 5,907 24 21 24 Non-derivative financial liabilities Bank loans and mortgage on ferries and other ships 1,232 7,635 740 786 Issued corporate bonds 735 959 643 - Lease liabilities (undiscounted) 1,203 2,549 1,059 1,273 Trade payables 3,753 - - - Payables to associates and joint ventures 22 - - - Other payables 283 - - - Derivative financial liabilities Interest swaps & caps 22 14 - - Cross currency interest rate swaps 52 25 2 - Forward exchange contracts and currency swaps 8 - - - Total financial liabilities 7,309 11,182 2,444 2,059 DFDS Annual Report 2025 Consolidated financial statements 158 / 215 4.1 Financial and operational risks(continued) 2024 DKK million 0-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash and cash equivalents 1,589 - - - Trade receivables 4,203 - - - Receivables from associates and joint ventures 45 - - - Other receivables and current assets 624 2 - - Derivative financial assets Interest swaps & caps 14 21 14 27 Forward exchange contracts and currency swaps 36 19 19 13 Total financial assets 6,510 42 33 40 Non-derivative financial liabilities Bank loans and mortgage on ferries and other ships 882 9,220 428 947 Issued corporate bonds 141 1,280 1,060 - Lease liabilities (undiscounted) 1,293 2,659 1,296 1,551 Trade payables 3,984 - - - Payables to associates and joint ventures 16 - - - Other payables 233 - - - Derivative financial liabilities Interest swaps & caps 25 31 2 - Cross currency interest rate swaps 40 35 7 - Forward exchange contracts and currency swaps 4 - - - Total financial liabilities 6,618 13,225 2,793 2,498 Assumptions for the maturity table The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions. The undiscounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation to settle at net amount. Credit exposure DFDS’ credit exposure is primarily attributable to trade and other receivables and cash. The receivables including work in progress services are stated in the balance sheet net of write-downs. Reference is made to note 3.2.1 for further information on write-downs on trade receivables and work in progress services. According to the Group’s policy of undertaking credit risks, assessments of all customers and other partners are performed. DFDS’ credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS’ Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. According to the Financial Policy, DKK 500m is the maximum allowed credit risk towards a financial counterparty. For a number of customers, the Group uses non-recourse factoring. At year-end the Group had de-recognised receivables without recourse having due date after 31 December 2025 amounting to DKK 886m (2024: none). Expense recognised from the factoring arrangement under operating cost was DKK 21m (2024: none). Capital structure The basis for determining the level of capital distribution to shareholders is the Group' current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.5 and 3.5x. NIBD/EBITDA was 4.1x at year-end 2025 (2024: 3.9x). DFDS Annual Report 2025 Consolidated financial statements 159 / 215 4.1 Financial and operational risks(continued) 2025 Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity DKK million Hedge instrument Time to maturity Notional principal amount Fair value assets Fair value liabilities 0-1 year 1-3 years 3-5 years After 5 years Fair value recognised on hedging reserve in equity Average hedge rate Expected future transactions Interest Interest swaps DKK 0-4 years 2,895 9 -20 -4 -7 0 0 -11 2.49% Interest Interest swaps EUR 0-9 years 2,216 62 -16 -2 10 15 23 46 2.11% Bond loans Currency swaps NOK/DKK 0-4 years 2,190 0 -78 -2 -1 1 0 -2 NOK/DKK 0.6546 Ship loans Currency swaps EUR/DKK 0-2 year 1,094 1 0 1 0 0 0 1 EUR/DKK 7.4575 Ferry investments and ferry charter Forward exchange contracts 0-6 years 413 16 0 -2 -4 -4 -1 -12 EUR/USD 1.2674 Other financial hedging Commodities Commodity hedges 0-1 year 43 1 0 1 0 0 0 1 N/A Sales and goods purchased Forward exchange contracts and currency swaps 0-1 year 2,435 14 -8 0 0 0 0 0 N/A Total derivative financial instruments 103 -122 -9 -2 12 22 23 The fair value of the interest swaps has been calculated by discounting the expected future interest payments. The discount rate for each interest payment is estimated based on market interest rates. The fair value of forward exchange contracts and bunker contracts are calculated based on actual forward curves. DFDS Annual Report 2025 Consolidated financial statements 160 / 215 4.1 Financial and operational risks(continued) 2024 Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity DKK million Hedge instrument Time to maturity Notional principal amount Fair value assets Fair value liabilities 0-1 year 1-3 years 3-5 years After 5 years Fair value recognised on hedging reserve in equity Average hedge rate Expected future transactions Interest Interest swaps DKK 0-5 years 2,505 12 32 -8 -10 -2 - -20 2.57% Interest Interest swaps EUR 0-10 years 2,312 64 26 -2 0 14 27 39 2.07% Bond loans Currency swaps NOK/DKK 0-5 years 2,115 - 81 0 -2 -2 - -5 NOK/DKK 0.6546 Ship loans Currency swaps EUR/DKK 0-3 year 1,193 1 - 0 0 - - 1 EUR/DKK 7.4575 Ferry investments and ferry charter Forward exchange contracts 0-7 years 553 61 - -3 -7 -7 -5 -21 EUR/USD 1.2674 Other financial hedging Commodities Commodity hedges 0-1 year 81 0 - 0 - - - 0 N/A Sales and goods purchased Forward exchange contracts and currency swaps 0-1 year 2,082 27 4 - - - - - N/A Totalderivative financial instruments 165 143 -13 -19 3 22 -6 DFDS Annual Report 2025 Consolidated financial statements 161 / 215 4.2 Information on financial instruments DKK million 2025 2024 Carrying amount per category of financial instruments Financial assets measured at fair value: Derivatives, related to operating activities 31 88 Derivatives, related to interest-bearing activities 72 77 Financial assets measured at amortised cost: Trade receivables, receivables from associates and joint ventures, other receivables and cash 5,442 6,084 Financial assets measured at fair value through profit or loss: Securities 2 2 Total financial assets 5,547 6,251 Financial liabilities measured at fair value: Derivatives, related to operating activities 8 4 Derivatives, related to interest-bearing activities 114 139 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables 21,106 23,013 Total financial liabilities 21,228 23,156 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging). Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. Level 3: Valuation methods where possible material input is not based on observable market data. 2025 DKK million Level 1 Level 2 Level 3 Derivatives, financial assets - 103 - Securities, financial assets - - 2 Derivatives, financial liabilities - 122 - Net asset/liability - -19 2 2024 DKK million Level 1 Level 2 Level 3 Derivatives, financial assets - 165 - Securities, financial assets - - 2 Derivatives, financial liabilities - 143 - Net asset/liability - 22 2 Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 for description of the valuation method. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2025 (2024: no transfers). DFDS Annual Report 2025 Consolidated financial statements 162 / 215 4.2 Information on financial instruments (continued) § Accounting policies Derivative financial instruments Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. 4.3 Changes in liabilities arising from financing activities The table below discloses the cash as well as non-cash changes in interest-bearing liabilities and derivative financial instruments related to issued corporate bonds. The changes arising from cash flows form part of the cash flows from financing activities in the statement of cash flows. Non-cash changes DKK million 1 Jan.2025 Cashflows Acqui-sitions/divest-ments of enterprises Foreign exchange move-ments New/ disposed/Remea-sured leases Fair value changes Other changes 31 Dec. 2025 Changes in 2025 Interest-bearing liabilities: Bank loans and mortgage on ferries 10,445 -975 -19 6 - - 7 9,464 Issued corporate bonds 2,110 - - -2 - - 2 2,110 Lease liabilities 5,872 -1,780 - -129 1,243 - - 5,207 Other liabilities 306 -36 -19 - - - -16 236 Total interest-bearing liabilities 18,733 -2,790 -37 -125 1,243 - -7 17,016 Derivatives financial instruments: Derivatives related to issued corporate bonds 81 - - 0 - -3 - 78 Total liabilities from financing activities 18,814 -2,790 -37 -125 1,243 -3 -7 17,094 DFDS Annual Report 2025 Consolidated financial statements 163 / 215 4.3 Changes in liabilities arising from financing activities (continued) Non-cash changes DKK million 1 Jan.2024 Cashflows Acqui-sitionsof enterprises Foreign exchange move-ments New/ disposed/Remea-sured leases Fair value changes Other changes 31 Dec. 2024 Changes in 2024 Interest-bearing liabilities: Bank loans and mortgage on ferries 8,140 1,796 492 12 4 10,445 Issued corporate bonds 1,257 943 - -88 -2 2,110 Lease liabilities 5,832 -1,024 251 82 848 -1171 5,872 Other liabilities - - 306 0 - 306 Total interest-bearing liabilities 15,229 1,716 1,049 6 848 0 -115 18,733 Derivatives financial instruments: Derivatives related to issued corporate bonds 28 -46 - 98 - 81 Total liabilities from financing activities 15,257 1,670 1,049 6 848 98 -115 18,814 4.4 Financial income and costs DKK million 2025 2024 Financial income Interest income from banks, etc.2 30 20 Foreign exchange gain, net3 - 25 Other financial income 8 1 Total financial income 38 47 Financial costs Interest expense to banks, credit institutions, corporate bonds, etc.2 502 536 Interest expense on lease liabilities4 290 286 Foreign exchange loss, net3 18 - Defined benefit pension plans5 3 1 Other financial costs 43 47 Total financial costs 856 870 Financial income and costs, net -818 -823 § Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised foreign exchange gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. 1 Includes a lease liability of DKK 117m which has been settled and offset against a trade receivable. 2 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 50m (2024: DKK 40m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 3 Foreign exchange gains in 2025 amounts to DKK 546m (2024: DKK 560m) and foreign exchange losses amounts to DKK 565m (2024: DKK 535m). 4 Reference is made to note 3.1.3. 5 Reference is made to note 3.2.5. DFDS Annual Report 2025 Consolidated financial statements 164 / 215 4.5 Interest-bearing liabilities DKK million 2025 2024 Bank loans and mortgage on ferries 8,569 9,894 Issued corporate bonds 1,481 2,110 Lease liability 4,232 4,846 Other non-current liabilities 195 263 Total interest-bearing non-current liabilities 14,477 17,113 Bank loans and mortgage on ferries 895 551 Issued corporate bonds 629 - Lease liability 974 1,027 Other non-current liabilities 41 44 Total interest-bearing current liabilities 2,539 1,621 Total interest-bearing liabilities 17,016 18,733 In 2025, DFDS entered into a new EUR 50m term loan based on EURIBOR 3M, with an original three year maturity (maturing 2028). The facility was subsequently extended by one year and now matures in 2029. In addition, DFDS refinanced two vessel mortgages. As of 31 December 2025, the vessel mortgages were committed and undrawn. Both vessel mortgages are as of January 2026 fully drawn, and the previously outstanding vessel mortgages as of 31 December 2025 have been repaid. The new mortgages have a five year maturity and are based on CIBOR 3M. Some DFDS loan facilities include financial covenants related to one or more of the following: leverage ratio, minimum security to loan value and equity ratio. During 2025, DFDS complied with all of the above. In 2024 DFDS obtained two new term loans in relation to the acquisition of FRS Iberia/Maroc and Ekol Transport Group, both with a maturity of 3 years and based on CIBOR 3M. In addition, DFDS refinanced a part of the U.N. Ro-Ro acquisition facility. The new facility has maturity of 3 years and is based on CIBOR 3M. In 2024, DFDS also issued two corporate bonds; a 3 year bond with a nominal amount of NOK 750m, maturing 15 March 2027 with a floating rate based on NIBOR 3M + 1.85%, and a 5 year bond with a nominal amount of NOK 1,000m, maturing 15 March 2029 with a floating rate based on NIBOR 3M + 2.15%. Both bonds are listed on the Oslo Stock Exchange and have been swapped to DKK. The fair value of the interest-bearing liabilities amounts to DKK 17,028m (2024: DKK 18,750m). The fair value measurement is categorised within level 2 in the fair value hierarchy also for issued corporate bonds for which the fair value measurement is categorised within level 2 due to limited active market. The fair value of the financial liabilities is determined as the present value of expected future repayments and interest rates. The Group’s actual borrowing rate for equivalent terms is used as the discount rate. DKK 1,839m of the interest-bearing liabilities fall due after five years (2024: DKK 2,340m). No unusual conditions in connection with the borrowings are made. The loan agreements can be settled at fair value plus a small surcharge, whereas premature settlement of the corporate bonds requires a repurchase of the bonds. Reference is made to note 4.1 for financial risks, etc. DKK million 2025 2024 Allocation of currency, principal nominal amount: DKK 6,127 7,069 EUR 6,776 7,262 NOK 2,132 2,136 GBP 941 1,149 USD 491 634 SEK 484 411 Other 64 71 Total interest-bearing liabilities 17,016 18,733 § Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement under financial costs over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects. DFDS Annual Report 2025 Consolidated financial statements 165 / 215 4.6 Equity § Accounting policies Dividends Proposed dividends are recognised as liabilities at the date on which they are adopted at the Annual General Meeting (time of declaration). Reserve for treasury shares The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve. Currency translation reserve The reserve comprises DFDS A/S shareholders’ share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity. Reserve for hedging The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective. 4.7 Treasury shares Number of shares 2025 2024 Treasury shares at 1 January 3,973,770 2,415,910 Acquisition of treasury shares - 2,312,185 Disposal of treasury shares due to exercise of share options and restricted stock units -20,457 -92,344 Cancellation of treasury shares -1,754,048 -661,981 Treasury shares at 31 December 2,199,265 3,973,770 Market value of treasury shares based on quoted share price at 31 December, DKK million 210 530 4.7 Treasury shares(continued) In accordance with the Annual General Meeting in March 2025 the Board of Directors is authorised – until 23 March 2029 – to acquire treasury shares up to 5,621,554 shares corresponding to a nominal share value of DKK 112,431,080. However, DFDS’ total number of treasury shares cannot at any time exceed 10% of DFDS A/S’ share capital. Furthermore, the price cannot deviate by more than 10% from the listed acquisition price on NASDAQ Copenhagen at the time of acquisition. DFDS A/S has during 2025 not acquired any treasury shares (2024: acquired treasury shares in connection with a share buyback for a total payment of DKK 431m). Furthermore, during 2025 DFDS A/S has disposed treasury shares in connection with employees’ exercise of restricted stock units for which no consideration was received (2024: no consideration received). On the Annual General Meeting in March 2025, it was decided to cancel 1,754,048 of the treasury shares (2024: 661,981 treasury shares). This resulted in a reduction of the Company's share capital by nominally 35,080,960 (2024: 13,239,620). The cancellation had legal effect from 23 April 2025. The Parent company’s holding of treasury shares at 31 December 2025 is 2,199,265 shares of DKK 20 each (2024: 3,973,770 shares), corresponding to 3.91% (2024: 6.85%) of the Parent company’s share capital. Treasury shares are used to cover the share option scheme and restricted stock unit plan for employees. 4.8 Earnings per share 2025 2024 Profit/loss for the year (DKK million) -425 541 Attributable to non-controlling interests (DKK million) -2 -6 Attributable to DFDS Group -427 534 Weighted average number of issued ordinary shares 56,753,777 58,161,318 Weighted average number of treasury shares -2,739,959 -2,971,710 Weighted average number of circulating ordinary shares 54,013,818 55,189,609 Effects of dilution from issued share options and restricted stock unit plans 139,566 100,119 Weighted average number of circulating ordinary shares (diluted) 54,153,384 55,289,728 Basic earnings per share (EPS) of DKK 20 in DKK -7.90 9.68 Diluted earnings per share (EPS-D) of DKK 20 in DKK -7.90 9.67 When calculating diluted earnings per share for 2025, 1,613,776 share options (2024: 1,314,242 share options) have been omitted as they are out-of-the-money. The share options might dilute earnings per share in the future. DFDS Annual Report 2025 Consolidated financial statements 166 / 215 5. Other notes DFDS Annual Report 2025 Consolidated financial statements 167 / 215 5.1 Remuneration to the Executive Board and Board of Directors DKK'000 2025 2024 Remuneration to the Executive Board Wages and salaries 14,600 13,358 Bonus 4,153 2,465 Defined contribution pension plans 1,460 1,336 Share based payment 7,550 5,771 Other employee costs 411 537 Total remuneration to the Executive Board 28,174 23,467 Total remuneration to the Board 4,500 4,500 Total remuneration to the Audit Committee 500 500 Total remuneration to the Nomination Committee 150 150 Total remuneration to the Remuneration Committee 150 150 Total remuneration to the Board of Directors 5,300 5,300 Total remuneration to the Executive Board and Board of Directors 33,474 28,767 The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can – within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as the Executive Board consisting of CEO Torben Carlsen and CFO Karen Dyrskjøt Boesen (Karina Deacon until 30 June 2024). 5.2 Fee to auditors appointed at the Annual General Meeting DKK million 2025 2024 Audit fees 13 15 Other assurance engagements 2 3 Tax and VAT advice 1 2 Non-audit services 0 1 Total fees 16 22 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, has performed other services than the statutory audit relating to assurance work for CSRD, other assurance opinions and agreed-upon procedures, tax assistance relating to restructurings, general tax advisory and other tax compliance as well as other general accounting advice. DFDS Annual Report 2025 Consolidated financial statements 168 / 215 5.3 Share based payment Long-term incentives The decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares. Share options Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.9% of the share capital (2024: 2.3%) if all remaining share options are exercised. Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent company’s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021 and later at an exercise price equal to the average share price of the Parent company’s shares five days after the release of the Q4 report with an addition of 10%. The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates. 2025 Number of shares Executive Board Key employees ResignedExecutiveBoard mem-bers and employees Total Average exerciseprice per option DKK Outstanding at 1 January 339,776 755,479 218,987 1,314,242 290.07 Transferred between categories - -210,639 210,639 0 283.09 Granted during the year 264,647 475,641 151,728 892,016 116.00 Expired during the year -101,678 -142,481 -166,916 -411,075 314.00 Forfeited during the year - - -181,407 -181,407 207.08 Outstanding at 31 December 502,745 878,000 233,031 1,613,776 197.65 Of this exercisable at the end of the year 80,536 114,451 82,109 277,096 323.34 2024 Number of shares Executive Board Key employees ResignedExecutiveBoard mem-bers and employees Total Average exerciseprice per option DKK Outstanding at 1 January 417,534 552,807 153,263 1,123,604 315.93 Transferred between categories -128,040 -20,442 148,482 0 306.61 Granted during the year 113,932 292,783 - 406,715 238.00 Expired during the year -63,650 -69,669 -69,898 -203,217 330.72 Forfeited during the year - - -12,860 -12,860 261.25 Outstanding at 31 December 339,776 775,479 218,987 1,314,242 290.07 Of this exercisable at the end of the year 138,715 266,839 167,595 573,149 310.80 The share options granted in 2025 had a fair value of DKK 17.4m (2024: DKK 13.4m), equal to an average fair value per option of DKK 20.14 (2024: DKK 33.03). No share options have been exercised during 2025 (2024: nil). Vesting of share options is expensed in the income statement for 2025 with DKK 11m (2024: DKK 10m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2025 have an average weighted remaining contractual time of 3.2 years (2024: 2.2 years). DFDS Annual Report 2025 Consolidated financial statements 169 / 215 5.3 Share based payment(continued) Assumptions concerning the calculation of fair value at time of grant: Year of grant Exercise price Market price at grant date Expected volatility Risk-free interest rate Expected annualdividends per share (DKK) at grant date Expected term Fair value per option at time of granting 2025 116 103.30 34.38% 1.81% 1.00 3 years 20.14 2024 238 217.60 33.06% 2.55% 9.33 3 years 33.03 2023 292 269.40 38.66% 2.79% 9.00 3 years 55.59 2022 344 307.20 34.60% -0.19% 12.00 3 years 41.38 2021 301 271.00 34.81% -0.55% 6.33 3 years 42.66 The expected volatility for 2021 to 2025 is based on the historical volatility for the past three years. The risk-free interest rate is based on three-year Danish government bonds. Restricted Stock Units (RSUs) RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.60% (2024: 0.28%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2025 with DKK 15m (2024: DKK 13m). The number of RSUs granted in 2021 and later is based on the average share price of the Parent company’s shares five days after the release of the Q4 report. 2025 Number of shares Executive Board Key employees Other managerial staff ResignedExecutiveBoard mem-bers and employees Total Outstanding at 1 January 32,532 79,571 42,807 7,283 162,193 Transferred between categories - -22,602 -9,556 32,158 0 Granted during the year 50,747 90,913 50,852 38,546 231,058 Vested in period -5,748 -8,050 - -6,659 -20,457 Forfeited during the year - - - -36,282 -36,282 Outstanding at 31 December 77,531 139,832 84,103 35,046 336,512 Of this exercisable at the end of the year - - - - 0 2024 Number of shares Executive Board Key employees Other managerial staff ResignedExecutiveBoard mem-bers and employees Total Outstanding at 1 January 29,124 49,622 20,207 2,647 101,600 Transferred between categories -5,112 -3,361 -5,707 14,180 0 Granted during the year 17,364 44,622 28,307 - 90,293 Vested in period -8,844 -11,312 - -2,009 -22,165 Forfeited during the year - - - -7,535 -7,535 Outstanding at 31 December 32,532 79,571 42,807 7,283 162,193 Of this exercisable at the end of the year - - - - 0 Year of grant Expected term Fair value per share at time of granting 2025 3 years 105.03 2024 3 years 216.72 2023 3 years 265.42 DFDS Annual Report 2025 Consolidated financial statements 170 / 215 5.3 Share based payment(continued) Employee recognition In December 2020 up to 50 shares free of charge were awarded to each employee. The shares have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period were entitled to the shares. During 2024 the last 69,490 shares have been transferred. Vesting of shares for 2024 was an expense of DKK 3m. § Accounting policies The Group has set up equity-settled share option plans and RSUs. Treasury shares are used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under other payables or on equity depending on whether settlement is done in cash or shares, respectively. DFDS Annual Report 2025 Consolidated financial statements 171 / 215 5.4 Cash flows DKK million 2025 2024 Adjustments for non-cash operating items, etc. Insurance compensation for ferry declared total loss¹ -116 - Change in other provisions2 -100 5 Change in write-down of inventories for the year 5 -8 Change in provision for defined benefit plans and jubilee obligations 20 14 Vesting of share option plans and employee shares expensed in the Income statement 28 26 Adjustments for non-cash operating items, etc. -164 37 Change in working capital Change in inventories 63 13 Change in receivables, such as trade receivables, prepaid costs, etc.3 819 -304 Change in liabilities, such as trade payables, deferred income, ETS emission provision, current account with joint ventures, etc. -130 227 Change in working capital 753 -64 § Accounting policies The statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of non-cash operating items, items presented as part of EBITDA but to be presented under investing activities or financing activities in the statement of cash flows, changes in working capital (such as trade payables, deferred income, ETS emission provision, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flows from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Furthermore, cash flows from investing activities also includes compensation received from ferries declared total loss. Cash flows from financing activities includes changes in the size or composition of the Group’s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand. 1 2025 is insurance compensation related to the total constructive loss declared for the freight ferry Finlandia Seaways. 2The 2025 number mainly includes the non-cash release of a provision for onerous contracts, partly offset by other non-cash provisions. 32025 is mainly driven by the implementation of a factoring programme during 2025. At year-end the Group had derecognised receivables without recourse having due date after 31 December by to DKK 886m. DFDS Annual Report 2025 Consolidated financial statements 172 / 215 5.5 Acquisitions and non-controlling interests Acquisitions during 2025 No acquisitions took place during 2025. Acquisitions during 2024 Ekol Transport Group On 15 November 2024, DFDS Group completed the acquisition of Ekol Transport Group, headquartered in Istanbul, Türkiye, and obtained control from that date. The acquisition is part of the Logistics Division. The addition of Ekol’s international transport network enables DFDS to offer end-to-end logistics solutions between Türkiye and Europe, including distribution services and warehousing in Türkiye. In Q4 2025, the purchase price allocation for Ekol Transport Group disclosed in the table has been finalised, reducing net assets and increasing goodwill by DKK 149 million compared to the preliminary 2024 numbers. The change reflects updated assessments of employee bonuses liability of DKK 39m, fair value uplift of trucks, trailers and containers of DKK 112m, loss-making contracts of DKK 139m, fair value adjustment of trade receivables of DKK -11m, other liabilities of DKK 35m and deferred tax liabilities of DKK 37m. DFDS paid DKK 1,678m for the acquired company. Cash in the acquired company amounted to DKK 241m, consequently, the liquidity effect was DKK 1,438m. Trade receivables have been recognised at the acquisition date at a fair value of DKK 555m which is DKK 15m below their gross value. In connection with the acquisition, DFDS has measured identifiable intangible assets, which are recognised in the acquisition balance sheet at their fair value. A provision for onerous customer contracts is recognised in the acquisition balance sheet with a value of DKK 138m Following the recognition of acquired identifiable assets and liabilities at their fair value, goodwill arising from the acquisition was measured at DKK 1,910m. The goodwill represents the know-how taken over and the value of combining this with the existing DFDS network. The acquisition significantly expands DFDS’s logistics footprint across Europe and strengthens its connectivity with Türkiye, enabling the Group to offer end-to-end transport and logistics solutions directly to customers engaged in trade between the two regions. Goodwill has been allocated to the Logistics Division (DKK 829m) and Ferry Division (DKK 1,081m). The value allocated to Ferry Division is based on synergies related to diverting additional traffic from land to sea transport as well as secure existing volumes. The goodwill is not deductible for tax purposes. FRS Iberia/Maroc The purchase price allocation for FRS Iberia/Maroc is unchanged and considered final. For further details of this acquisition, refer to the 2024 Annual Report. DKK million EkolTransport Group Non-current intangible assets 13 Land and buildings 208 Equipment etc. 709 Inventories 15 Trade receivables 555 Other receivables 196 Cash at hand and in bank 241 Deferred tax liability -17 Interest bearing debt -790 Trade payables -805 Other current liabilities -558 Net assets acquired -233 Goodwill at acquisition 1,910 Total purchase price 1,678 Cash and bank balances acquired -241 Fair value of the purchase price 1,438 DFDS Annual Report 2025 Consolidated financial statements 173 / 215 5.5 Acquisitions and non-controlling interests(continued) Acquisition of non-controlling interests During 2025, DFDS A/S did not acquire any additional shares in AB DFDS Seaways (2024: DKK 7m, corresponding to an ownership increase of 0.43%). Consequently, the ownership interest remains unchanged at 99.27%. No badwill was recognised in 2025 (2024: badwill of DKK 13m recognised directly in equity). !Significant accounting estimates In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available. Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied. § Accounting policies Enterprises acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Enterprises disposed are recognised in the consolidated financial state-ments until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority inter-ests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are rec-ognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment test. Allocation of goodwill to cash-generating units is described in note 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a dif-ferent functional currency than the Group’s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recog-nised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable to the Group’s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost. DFDS Annual Report 2025 Consolidated financial statements 174 / 215 5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 448m (2024: DKK 359m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 0m (2024: DKK 28m). The Group is in 2025 as well as in 2024 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS’ financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 5,425m (2024: DKK 5,785m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 3,253m (2024: DKK 3,681m). At year-end 2025 DKK 18m (2024: DKK 11m) of the cash was deposited on restricted bank accounts. 5.7 Contractual commitments DKK million 2025 2024 Contractual commitments property, plant and equipment, term 0-1 year 82 95 Contractual commitments financial instrument, term 0-1 year 696 387 Contractual commitments property, plant and equipment, term 1-5 years 0 1 Contractual commitments financial instrument term 1-5 years 26 28 Contractual commitments (undiscounted) 804 511 The Group’s contractual commitments in 2025 include the purchase of EU Allowances related to the EU Emissions Trading System (ETS) regulations. The purchase of ETS allowances has been done via forward instruments with physical delivery. These instruments are treated as off-balance sheet items as the own-use exemption under IFRS 9 is applied. 5.8 Related party transactions Lauritzen Fonden, Copenhagen, with a nominal shareholding of 41.6%, through Lauritzen Fonden Holding Aps, exercises de facto control over DFDS A/S. Accordingly, the members of the Board of Directors and the Executive Board at Lauritzen Fonden as well as all companies owned by Lauritzen Fonden are related parties. Furthermore, related parties comprise DFDS’ Executive Board and Board of Directors, leading employees, and close members of the family of those, DFDS’ subsidiaries, associates and joint ventures, reference is made to note 5.10. No buyback programme has been carried out in 2025. In 2024 DFDS purchased 960,702 shares for an amount of DKK 179m from Lauritzen Fonden as part of the share buyback programme announced on 9 February 2024. No distribution of dividends was carried out in 2025 (2024: DKK 3.00 per share). In addition to intra-group balances and transactions (primarily charter hire, financing and commissions etc.), which are eliminated on consolidation, usual Executive Board and Board of Directors remuneration (reference is made to note 2.4 and 5.1), share options and restricted share units to the Executive Board and leading employees (reference is made to note 5.3), the below transactions have been carried out during the year. The table below depicts material transactions with related parties. DKK million Sale of services Purchase of services Receiv-ables Liabilities 2025 Associates and joint ventures 91 251 68 22 2024 Associates and joint ventures 64 233 45 16 5.9 Events after the balance sheet date Appointment of new CEOOn 12 January 2026 Michael Hansen was appointed as President & CEO for DFDS effective from latest 1 July 2026 where he will replace Torben Carlsen who is expected to step down as President & CEO on thesame date. No adjustments have been made to the financial statements for the year ended 31 December 2025 as a result of this appointment. DFDS Annual Report 2025 Consolidated financial statements 175 / 215 5.10 Company overview Company Ownership share 2025¹ Country City Currency Share capital Parent company DFDS A/S5 Denmark Copenhagen DKK 1,124,310,980 Subsidiaries: DFDS Belgium N.V.2 Belgium Gent EUR 2,355,976 N&K Cold Chain Logistics (Shanghai) Co., Ltd. China Shanghai CNY 2,901,420 DFDS Logistics s.r.o.2 Czech Republic Prague CZK 1,100,000 DFDS Logistics A/S Denmark Esbjerg DKK 600,000 DFDS Logistics Denmark A/S2 Denmark Herning DKK 500,000 DFDS Køletransport A/S2 Denmark Esbjerg DKK 500,000 Dronningens Kvarter 1 Aps2 Denmark Copenhagen DKK 500,000 Lundvej 15 ApS2 Denmark Copenhagen DKK 100.000 DFDS Logistics OÜ2 Estonia Tallinn EUR 3,000 DFDS Logistics OY2 Finland Turku EUR 2,520 DFDS Seaways S.A.S.2 France Dieppe EUR 37,000 DFDSLogistics France SARL France Sète EUR 2,045,000 DFDS Germany ApS & Co. KG2, 3 Germany Hamburg EUR 25,000 DFDS Logistics GermanyGmbH Germany Gernsheim EUR 435,621 EU Trucking Service GmbH Germany Lingenfeld EUR 50,000 DFDS Grundstücksverwal-tungs GmbH & Co KG. Germany Neuenkirchen-Vörden EUR 20,000 DFDS Logistics GmbH Germany Neuenkirchen-Vörden EUR 25,000 DFDS Logistics Deutschland GmbH Germany Neuenkirchen-Vörden EUR 25,000 Ekol Logistics Kft Hungary Budapest HUF 720,000,000 Alphatrans-Szállítás Szolgáltató Kft. Hungary Gyula HUF 3,000,000 Bond Delivery Ireland Ltd.2 Ireland Dublin EUR 20 Company Ownership share 2025¹ Country City Currency Share capital DFDS Logistics Contracts (Ireland) Ltd.2 Ireland Dublin EUR 200 DFDS Seaways Ireland Ltd.² Ireland Dublin EUR 100 Lucey Transport Logistics Ltd.2 Ireland Dublin EUR 3,000 McBurney Refrigeration (Ireland) Ltd.2 Ireland Dublin EUR 100 DFDS Logistics Italy Srl. Italy Novara EUR 400,001 Samer Seaports & Terminals S.R.L. 59.28 Italy Trieste EUR 2,800,000 DFDS SIA Latvia Liepaja EUR 113,886 AB DFDS Seaways2 99.27 Lithuania Klaipeda EUR 95,251,735 UAB DFDS Trucking Lithuania Klaipeda EUR 89,782 DFDS Maroc S.A.R.L.A.U. Morocco Tangier MAD 24,162,000 Red fish Speedlines SARL2 Morocco Tangier MAD 6,600,000 Alphatrans International Trucking B.V. Netherlands Brielle EUR 18,000 EU Trucking Service B.V.6 Netherlands Eindhoven EUR 270,000 DFDS Logistics Nijmegen B.V. Netherlands Nijmegen EUR 18,151 DFDS Warehousing Rotterdam B.V. Netherlands Rotterdam EUR 18,000 DFDS Holding B.V.² Netherlands Vlaardingen EUR 40,000,000 DFDS Logistics B.V. Netherlands Vlaardingen EUR 455,000 DFDS NewCo B.V.² Netherlands Vlaardingen EUR 1 DFDS Seaways B.V. Netherlands Vlaardingen EUR 18,400 DFDS Logistics Wijchen B.V. Netherlands Wijchen EUR 20,000 DFDS Trucking Wijchen B.V. Netherlands Wijchen EUR 18,152 DFDS Warehousing Wijchen B.V. Netherlands Wijchen EUR 18,152 DFDS Distri Holding B.V. Netherlands Winterswijk EUR 18,000 DFDS Logistics Winterswijk B.V. Netherlands Winterswijk EUR 18,151 DFDS Property and Equipment B.V. Netherlands Winterswijk EUR 20,000 DFDS Property Nijmegen B.V. Netherlands Winterswijk EUR 18,000 1 Unless otherwise indicated, the companies are 100% owned by the DFDS Group. 2 The Company is directly owned by the Parent company DFDS A/S. 3 Relief in accordance with Sec. 264b German Commercial Code (HGB). 4 Due to minority protection in the shareholders’ agreements the DFDS Group does not have a controlling interest. 5 Includes Dutch branch, Estonian branch, French branch, Lithuanian branch, Norwegian branch, Swedish branch, Jersey branch and UK branch of DFDS A/S. 6 Includes Belgian branch. DFDS Annual Report 2025 Consolidated financial statements 176 / 215 5.10 Company overview(continued) Company Ownership share 2025¹ Country City Currency Share capital NorthSea Terminal AS² Norway Brevik NOK 1,000,000 DFDS Logistics AS2 Norway Lysaker NOK 25,000,000 DFDS Logistics Cold AS2 Norway Oslo NOK 12,000,000 DFDSLogistics Services Sp. z o.o. Poland Koninko PLN 500,000 DFDS Polska Sp. z o.o.2 Poland Poznan PLN 10,005,000 DFDS Investments Sp. z o.o. 80.00 Poland Szubin PLN 5,000 DFDS Logistics Polska Sp. z o.o. 80.00 Poland Szubin PLN 50,000 Ekol International Logistics SRL Romania Bucharest RON 65,060 Romania Transport Group S.R.L. Romania Tibod RON 1,000 DFDS Logistics Iberia S.L. Spain Barcelona EUR 1,603,100 DFDS Iberia S.L.U.² Spain Tarifa EUR 8,700,000 DFDS LogisticsSpain S.L. Spain Tarragona EUR 60,000 DFDS Seaways Hispania S.L.² Spain Valencia EUR 3,000 DFDS AB² Sweden Gothenburg SEK 500,000 DFDS Logistics Contracts AB Sweden Gothenburg SEK 50,000 DFDS Logistics Partners AB 85.00 Sweden Gothenburg SEK 1,000,000 DFDS Logistics Services AB Sweden Gothenburg SEK 1,100,000 DFDS Professionals AB2 87.50 Sweden Gothenburg SEK 25,000 DFDS Denizcilik ve Tasimacilik A.Ş. 98.80 Türkiye Istanbul EUR 369,967,159 DFDS Turkey Denizcilik ve Tasi Yati A.Ş. Türkiye Istanbul EUR 565,640,176 DFDS Taşımacılık Hizmetleri Ltd. Türkiye Istanbul EUR 42,872,747 DFDS Lojistik A.Ş. Türkiye Istanbul EUR 150,210,796 LLC DFDS Ukraine Kiev UAH 357,644 Bondelivery NI Ltd.2 UK Ballymena GBP 260,110 McBurney Transport Group Ltd.2 UK Ballymena GBP 947,934 DFDS Logistics Ltd.2 UK Immingham GBP 15,150,000 DFDS Logistics Services Ltd.2 UK Immingham GBP 100 Company Ownership share 2025¹ Country City Currency Share capital DFDS Seaways Holding Ltd.2 UK Immingham GBP 250,000 DFDS Seaways Plc.2 UK Immingham GBP 45,250,000 Associates and joint ventures: Euro Asia cold Chain Logistic 52.04 China Shanghai CNY 22,100,000 DeaL Energy A/S2 50.00 Denmark Hellerup DKK 500,000 Bohus Terminal Holding AB4 65.00 Sweden Gothenburg SEK 50,000 Gothenburg RO/RO Terminal AB 65.00 Sweden Gothenburg SEK 5,000,000 25 Dormant entities DFDS Annual Report 2025 Consolidated financial statements 177 / 215 Parent financial statements Income statement 179 Statement of comprehensive income 179 Balance sheet 180 Statement of change in equity 181 Statement of cash flows 183 Notes 184 DFDS Annual Report 2025 Parent financial statements 178 / 215 Income statement 1 January – 31 December DKK million Note 202 5 2024 Revenue 1 11,295 11,538 Other income 116 - Costs: Ferry and other ship operation and maintenance 2 3,488 3,662 Port terminal operations 2,839 2,626 Transport and warehouse solutions 466 484 Employee costs 3 1,624 1,741 General and administration external costs 1,204 1,250 Operating profit before depreciation and amortisation (EBITDA) 1,788 1,775 Profit on disposal of non-current assets, net 2 0 Depreciation and write-offs of tangible and right-of-use assets 5 1,398 1,248 Reversal of impairment losses 5 - 33 Operating profit before amortisation (EBITA) 392 560 Amortisation of intangible assets 5 108 91 Operating profit (EBIT) 284 469 Financial income 6 527 129 Financial costs 6 1,711 694 Profit/loss before tax -900 -96 Tax on profit 7 -4 28 Profit/loss for the year -905 -68 Statement of comprehensive income 1 January – 31 December DKK million Note 202 5 2024 Profit/loss for the year -68 Other comprehensive income Items that are or may subsequently be reclassified to the Income statement: Value adjustment of hedging instruments for the year -163 Value adjustment transferred to operating costs -26 Value adjustment transferred to financial costs 127 Foreign exchange adjustments, foreign branches -905 Items that will not subsequently be reclassified to the Income statement: Remeasurement of defined benefit pension obligations 2 - Items that will not subsequently be reclassified to the Income statement -3 Items that are or may subsequently be reclassified to the Income statement -65 Total other comprehensive income/loss after tax -65 Total comprehensive loss -132 2 0 -87 0 104 7 25 26 -878 DFDS Annual Report 2025 Parent financial statements 179 / 215 Balance sheet Assets DKK million Note 31 December 202 5 31 December 2024 Goodwill 116 Non-current intangible assets 8 724 Land and buildings 9 17 Terminals 9 27 Ferries and other ships 9 4,682 Equipment, etc. 9 145 Assets under construction and prepayments 9 220 Right-of-use assets 10 1,747 Non-current tangible assets 6,839 Investments in subsidiaries 116 Port concession rights 207 229 Software 385 378 708 15 21 4,678 152 142 1,913 6,921 11 14,459 Investments in associates, joint ventures and securities 2 Receivables 12 1,362 Derivative financial instruments 23, 24 108 Other non-current assets 15,930 Total n on-current assets 23,494 Inventories 13 151 Receivables 12 1,878 Prepaid costs 107 Derivative financial instruments 23, 24 32 Cash and cash equivalents 661 Current assets 2,829 Assets 26,323 14,274 2 1,408 69 15,753 23,381 141 1,718 131 28 817 2,836 26,217 Balance sheet Equity and liabilities DKK million Note 31 December 202 5 31 December 2024 Share capital 1,159 Reserves 294 Retained earnings 9,319 Equity 10,773 Interest-bearing liabilities 20 9,893 Deferred tax 16 3 Pension and jubilee liabilities 18 15 Derivative financial instruments 23, 24 110 Non-current liabilities 10,021 Interest-bearing liabilities 20 2,863 Trade payables 1,256 P rovisions 19 176 Corporation tax - Other payables 22 1,023 Derivative financial instruments 23, 24 69 Prepayments from customers 143 Current liabilities 5,529 Liabilities 15,550 Equity and liabilities 26,323 1,124 360 8,447 9,932 8,525 5 14 51 8,596 5,108 14 1,162 292 5 896 67 160 7,689 16,285 26,217 DFDS Annual Report 2025 Parent financial statements 180 / 215 Statement of change in equity 1 January – 31 December 2025 DKK million Share capital Translation reserve Hedging reserve Reserve for development costs Treasury shares Retained earnings Total Equity at 1 January 2025 Comprehensive income for the year Profit/loss for the year Other comprehensive income after tax Total comprehensive income /loss Transactions with owners Share-based payments Reduction of share capital by cancellation of treasury shares Capitalised development costs, additions Total transactions with owners Equity at 31 December 202 5 1,159 -34 28 379 -79 9,319 10,773 -905 -905 7 17 2 26 7 17 -903 -878 26 26 Cash from sale of treasury shares to subsidiaries 0 11 11 -35 35 0 0 6 -6 0 -35 0 0 6 35 31 37 1,124 -26 45 385 -44 8,447 9,932 The Parent company’s share capital is divided into 56,215,549 shares of DKK 20 each. All shares have equal rights. There are no restrictions on voting rights. The shares are fully paid up. The Board of Directors proposes that dividends of DKK 0 per share be distributed in 2026 (2025: DKK 0). DFDS Annual Report 2025 Parent financial statements 181 / 215 Statement of change in equity 1 January – 31 December 2024 DKK million Share capital Translation reserve Hedging reserve Reserve for development costs Treasury shares Retained earnings Total Equity at 1 January 2024 Comprehensive income for the year Profit/loss for the year Other comprehensive income after tax Total comprehensive income /loss Transactions with owners Share-based payments Reduction of share capital by cancellation of treasury shares Capitalised development costs, additions Total transactions with owners Equity at 31 December 2024 1,173 -31 90 360 -48 9,938 11,481 -68 -68 -3 -62 0 -65 -3 -62 -68 -132 Dividends paid -176 -176 Dividends on treasury shares 8 8 23 23 Share buyback -46 -385 -431 Cash from sale of treasury shares related to exercise of share options 2 -2 0 -13 13 0 0 19 -19 0 -13 0 0 19 -31 -551 -576 1,159 -34 28 379 -79 9,319 10,773 DFDS Annual Report 2025 Parent financial statements 182 / 215 Statement of cash flows 1 January – 31 December DKK million Note 202 5 2024 Operating profit before depreciation and amortisation (EBITDA) 1,788 1,775 Adjustments for non-cash operating items, etc. 25 16 Change in working capital 26 -81 Payment of pension liabilities and provisions -1 Interest etc., received 91 Interest etc., paid -525 Taxes received 13 Cash flows from operating activities 1,286 Investments in ferries including dockings, etc. -547 Sale of ferries including compensation for ferry declared total loss - Investments in other non-current tangible assets -11 Sale of other non-current tangible assets 7 Investments in non-current intangible assets -93 Acquisition of enterprises and activities, including earn-outs 11 -1,557 Divestment of enterprises and activities 378 Group internal acquisition of enterprises 11 -45 Capital contributions to subsidiaries, purchase of minority shares, etc. 11 -1,566 Dividends received from subsidiaries 35 Other investing cash flows -4 Cash flows from investing activities -3,402 Free cash flow -2,116 -88 317 -1 111 -553 13 1,587 -518 124 -53 2 -92 - - -1 -560 18 -12 -1,091 496 DKK million Note 202 5 2024 Proceed from bank loans, loans secured by mortgage in ferries , etc. 21 8,433 Repayment and instalments of bank loans, loans secured by mortgage in ferries, etc. 21 -4,711 Proceed from issuance of corporate bonds 21 1,203 Repayment of corporate bonds including settlement of cross currency swap 21 -305 Payment of lease liabilities 21 -652 Change in Group internal financing, net 21 -971 Acquisition of treasury shares and share buyback -431 100 -911 - - -765 1,224 - Cash received from sale of treasury shares to subsidiaries 11 - Dividends paid -168 Cash flows from financing activities 2,397 Net cash flows 281 Cash and cash equivalents at 1 January 381 Cash and cash equivalents at 31 December 661 - -340 156 661 817 DFDS Annual Report 2025 Parent financial statements 183 / 215 Notes Note 1 Revenue ....................................................................................................................... 185 Note 2 Costs ............................................................................................................................ 185 Note 3 Employee costs ............................................................................................................ 186 Note 4 Fees to auditors appointed at the Annual General Meeting ........................................ 186 Note 5 Amortisation, depreciation, and impairment losses for the year ................................. 186 Note 6 Financial income and costs ......................................................................................... 187 Note 7 Tax ............................................................................................................................... 187 Note 8 Non-current intangible asset ....................................................................................... 188 Note 9 Non-current tangible assets ........................................................................................ 189 Note 10 Right-of-use assets and lease liabilities ...................................................................... 190 Note 11 Investments in subsidiaries .......................................................................................... 191 Note 12 Receivables ................................................................................................................. 192 Note 13 Inventories ................................................................................................................... 192 Note 14 Supplier finance arrangements ................................................................................... 193 Note 15 Distribution to shareholders and treasury shares ........................................................ 193 Note 16 Deferred tax ................................................................................................................. 193 Note 17 Share based payment ................................................................................................. 194 Note 18 Pension and jubilee liabilities ....................................................................................... 194 Note 19 Provisions ..................................................................................................................... 194 Note 20 Interest-bearing liabilities ............................................................................................ 195 Note 21 Changes in liabilities arising from financing activities ................................................. 195 Note 22 Other payables ............................................................................................................ 196 Note 23 Information on financial instruments ........................................................................... 196 Note 24 Financial and operational risks .................................................................................... 197 Note 25 Non-cash operating items ........................................................................................... 199 Note 26 Change in working capital ........................................................................................... 199 Note 27 Acquisition and divestments of enterprises, activities and non-controlling interests .... 199 Note 28 Guarantees, collateral and contingent liabilities ........................................................ 199 Note 29 Contractual commitments .......................................................................................... 199 Note 30 Related party transactions .......................................................................................... 200 Note 31 Impairment testing ...................................................................................................... 200 Note 32 Events after the balance sheet date ............................................................................ 200 Note 33 Accounting policies ..................................................................................................... 201 DFDS Annual Report 2025 Parent financial statements 184 / 215 Note 1 Revenue 202 5 DKK million Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea 4,752 - - 4,752 Baltic Sea 1,325 - - 1,325 English Channel 4,379 - - 4,379 Continent - 387 - 387 Nordic - 405 - 405 UK/Ireland - 17 - 17 Other - - 30 30 Total revenue 10,456 808 30 11,295 Product and services Seafreight and shipping logistics solutions 6,579 0 - 6,579 Transport solutions 32 527 - 560 Passenger seafare and onboard sales 2,981 - - 2,981 Terminal services 98 - - 98 Charters 351 - - 351 Agency and other revenue 415 281 30 726 Total revenue 10,456 808 30 11,295 Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 351m (2024: DKK 437m). Onboard sales amounts to DKK 1,417m (2024: DKK 1,741m). 202 4 DKK million Ferry Division Logistics Division Non- allocated Total Geographical markets North Sea 6,083 - - 6,083 Baltic Sea 1,293 - - 1,293 English Channel 3,261 - - 3,261 Continent - 413 - 413 Nordic - 455 - 455 UK/Ireland - 17 - 17 Other - - 16 16 Total revenue 10,637 886 16 11,538 Product and services Seafreight and shipping logistics solutions 6,321 0 - 6,321 Transport solutions 23 585 - 608 Passenger seafare and onboard sales 3,494 0 - 3,494 Terminal services 100 0 0 100 Charters 437 - - 437 Agency and other revenue 263 300 16 579 Total revenue 10,637 886 16 11,538 Note 2 Costs DKK million 202 5 2024 Ferry and other ship operation and maintenance: Ferry and other ship cost including charter related cost 1,501 1,357 Bunker 1,428 1,631 Catering costs and shop consumables 559 675 Total ferry and other ship operation and maintenance 3,488 3,662 DFDS Annual Report 2025 Parent financial statements 185 / 215 Note 3 Employee costs DKK million 202 5 202 4 Wages, salaries and remuneration 1,361 1,428 Hereof capitalised employee costs -54 - 42 Defined contribution pension plans 89 105 Other social security costs 81 86 Share based payment 1 26 23 Employee shares 1 1 Other employee costs 120 142 Total employee costs 1,624 1,741 Full time equivalents (FTE) , average 2,614 3,135 Reference is made to note 5.1 of the consolidated financial statements for a description of the Parent company’s remuneration to the Executive Board and remuneration to the Board of Directors as these are the same for the Parent company and the Group. Note 4 Fees to auditors appointed at the Annual General Meeting DKK million 202 5 202 4 Audit fees 4 4 Other assurance engagements 2 3 Tax and VAT advice 0 2 Non-audit services 0 1 Total fees 6 10 Note 5 Amortisation, depreciation, and impairment losses for the year DKK million 202 5 2024 Amortisation and depreciation for the year: Software 74 Port concession rights etc. 17 Total amortisation for the year 91 Land and buildings 2 Terminals 7 Ferries and other ships 522 Equipment etc. 44 Right-of-use assets 673 Total depreciation and write-offs for the year 1,248 Total amortisation, depreciation and write-offs for the year 1,339 Reversal of impairment losses for the year: Ferries and other ships 33 Total reversal of impairment losses for the year 33 Total amortisation, depreciation, write-offs and impairment losses for the year 1,306 85 23 108 2 7 579 46 764 1,398 1,506 - - 1,506 1 Reference is made to note 17. DFDS Annual Report 2025 Parent financial statements 186 / 215 Note 6 Financial income and costs DKK million 202 5 202 4 Financial income Interest income from banks, etc. 11 Interest income from subsidiaries 62 Foreign exchange gain, net 1 18 Reversal of impairment of investments in subsidiaries 2 - Dividends received from subsidiaries 38 Other financial income 0 Total financial income 129 Financial costs Interest expense to banks, credit institutions, corporate bonds, etc. 326 Interest expense on lease liabilities 3 105 Interest expense to subsidiaries 103 Foreign exchange loss, net 1 - Impairment of investments in subsidiaries 2 138 Other financial costs 22 Total financial costs 694 Financial income and costs, net -565 15 96 - 398 18 0 527 337 112 83 20 1,142 17 1,711 -1,184 DFDS A/S makes forward exchange transactions, etc., on behalf of all subsidiaries, and therefore foreign exchange gains and losses in DFDS A/S also consist of the Group’s gross transactions. Transactions entered into on behalf of subsidiaries are transferred to the subsidiaries on back-to-back terms. Except for interest income (net) relating to interest swap agreements of DKK 51m (2024: DKK 21m), interest income and interest expenses relate to financial instruments measured at amortised cost. Note 7 Tax DKK million 202 5 202 4 Current joint tax contributions 2 - Movement in deferred tax for the year 0 -3 Adjustment to corporation tax in respect of prior years -1 - 25 Adjustment to deferred tax in respect of prior years 3 - Tax for the year 4 - 28 Tax for the year is recognised as follows: Tax in the income statement 4 - 28 Tax for the year 4 - 28 Tax in the income statement can be specified as follows: Profit/loss before tax -900 -96 Income subject to tonnage tax 211 374 Profit/loss before tax subject to corporate income tax -1,111 -470 22% tax of profit before tax -244 -103 Tax effect of: Non-taxable/non-deductible items 4 243 97 Adjustments of tax in respect of prior years 2 - 25 Corporate income tax 1 - 31 Tonnage tax 3 3 Total tax in the income statement 4 - 28 Effective tax rate (%) 0.5 30.0 Effective tax rate before adjustment of prior years’ tax (%) 0.2 3.6 The ferry activities are included in the Danish tonnage tax scheme where the taxable income related to transportation of passengers and freight is calculated based on the tonnage deployed during the year. Taxable income related to other activities is taxed according to the normal corporate income tax rules at the standard corporate tax rate of 22%. DFDS A/S and its Danish subsidiaries are subject to compulsory joint taxation with Lauritzen Fonden Holding ApS and its Danish controlled enterprises. Lauritzen Fonden Holding ApS is the administration company in the joint taxation and settles all payments of corporation tax due by the joint taxed enterprises with the tax authorities. In accordance with the Danish rules on joint taxation, DFDS A/S and its Danish subsidiaries are liable for their own corporate tax due and are only subsidiary and pro rata liable for the corporation tax liabilities towards the Danish tax authorities for all other enterprises that are part of the Danish joint taxation. 1 Foreign exchange gains in 2025 amounts to DKK 418m (2024: DKK 462m) and foreign exchange losses amounts to DKK 439m (2024: DKK 444m). 2 Reference is made to note 31. 3 Reference is made to note 10. 4 Primarily relates to tax exempt dividends from subsidiaries, write down of investment in subsidiaries and interest restriction. DFDS Annual Report 2025 Parent financial statements 187 / 215 Note 8 Non-current intangible assets 2025 DKK million Goodwill Total Cost at 1 January 202 5 Additions Cost at 31 December 202 5 Amortisation and impairment losses at 1 January 202 5 Amortisation charge Amortisation and impairment losses at 31 December 202 5 Carrying amount at 31 December 202 5 Port concession rights Software 116 246 834 1,196 - - 92 92 Disposals - - 20 20 116 246 906 1,268 - 17 456 472 23 85 108 Disposals - - 20 20 - 40 521 560 116 1 207 385 2 708 2024 Goodwill Total Cost at 1 January 2024 116 857 Additions - 339 Cost at 31 December 2024 116 1,196 Amortisation and impairment losses at 1 January 2024 - 381 Amortisation charge 91 Amortisation and impairment losses at 31 December 2024 472 Carrying amount at 31 December 2024 116 724 DKK million Port concession rights Software - 741 246 3 93 246 834 - 381 17 74 - 17 456 229 378 1 Goodwill in the Parent company relates to the acquisition of two freight and passenger routes in 2016 and 2011, respectively, and one freight route in 2005. 2 The carrying amount of completed software primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. 3 Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets. DFDS Annual Report 2025 Parent financial statements 188 / 215 Note 9 Non-current tangible assets 202 5 DKK million Land and buildings Terminals Ferries and other ships Equipment etc. Cost at 1 January 202 5 Foreign exchange adjustments Additions Disposals Transfers Depreciation and impairment losses at 1 January 202 5 Foreign exchange adjustments Depreciation charge and write-offs Disposals Depreciation and impairment losses at 31 December 202 5 0 Carrying amount at 31 December 202 5 Assets under construction and prepayments Total 24 53 8,337 514 220 9,147 0 0 3 0 0 3 - - 153 0 420 573 0 - 495 5 2 503 - 1 428 52 -496 -15 Cost at 31 December 202 5 24 53 8,425 561 142 9,205 7 25 3,654 368 4,055 0 0 1 0 1 2 7 579 46 634 0 - 488 5 493 9 32 3,747 409 4,197 15 21 4,678 152 142 5,008 202 4 DKK million Land and buildings Terminals Ferries and other ships Equipment etc. Cost at 1 January 2024 Foreign exchange adjustments Additions Disposals Transfers Depreciation and impairment losses at 1 January 2024 Foreign exchange adjustments Depreciation charge and write-offs Disposals Depreciation and impairment losses at 31 December 2024 0 Carrying amount at 31 December 2024 Assets under construction and prepayments Total 25 90 10,646 526 218 11,506 0 0 1 0 0 1 - 5 - 556 561 1 - 339 16 3 358 0 - - 545 7 -552 0 Divestment of activities 1 - 43 2,517 4 - 2,564 24 53 8,337 514 220 9,147 5 61 5,611 337 6,014 0 0 1 0 1 2 7 522 44 575 - - 338 11 350 Cost at 31 December 2024 Reversal of impairment charges - - 33 - 33 Divestment of activities 1 - 43 2,108 1 2,152 7 25 3,654 368 4,055 17 27 4,682 145 220 5,092 1 Relates to divestment of ships, terminal and equipment as part of Oslo - Frederikshavn - Copenhagen route. DFDS Annual Report 2025 Parent financial statements 189 / 215 Note 10 Right-of-use assets and lease liabilities The Parent company has lease contracts for various items of land and buildings, terminals and ferries in its operations. The Parent company's obligations under the leases are secured by the lessors' title to the leased assets. Several lease contracts include extension and termination options, which are negotiated by Management to provide flexibility in managing the asset portfolio. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period. 202 5 DKK million Land and buildings Terminals Ferries and other ships Total Cost at 1 January 202 5 181 223 3,735 4,139 Foreign exchange adjustments 1 1 Remeasurement 4 36 591 185 85 4,327 4,596 0 0 2 2 Additions - 44 342 386 8 0 546 553 631 D isposals - 175 - 175 Cost at 31 December 202 5 185 85 4,327 4,596 Depreciation and impairment losses at 1 January 202 5 35 70 2,132 2,237 Depreciation charge 18 12 642 673 Di sposals - 61 - 61 Depreciation and impairment losses 31 December 202 5 53 22 2,775 2,849 Carrying amount at 31 December 202 5 132 63 1,552 1,747 DKK million Land and buildings Terminals Total - - 72 72 193 128 5,145 5,466 53 22 2,775 2,849 Foreign exchange adjustments 0 0 2 2 19 11 734 764 - - 62 62 71 33 3,449 3,553 121 95 1,696 1,913 202 4 Ferries and other ships Cost at 1 January 2024 Foreign exchange adjustments 0 0 Remeasurement Divestment of activities 1 Cost at 31 December 2024 Depreciation and impairment losses at 1 January 2024 Depreciation charge Divestment of activities 1 Depreciation and impairment losses 31 December 2024 Carrying amount at 31 December 2024 Set out below are the carrying amounts of lease liabilities (included under interest-bearing liabilities) and the movements during the period. DKK million 202 5 2024 As at 1 January 1,960 2,103 Foreign exchange adjustments 8 -6 Additions 386 - Remeasurement 553 631 Instalments 765 652 Disposal 10 - Divestment of activities 1 - 116 Total lease liabilities at 31 December 2,132 1,960 Non-discounted l ease liabilities expiring within the following periods from the balance sheet date: DKK million 202 5 2024 Within 1 year 898 789 1-3 years 1,032 826 3-5 years 290 377 After 5 years 151 236 Total lease liability, non-discounted 2,371 2,228 Lease liabilities are recognised in the balance sheet as follows: DKK million 202 5 2024 Non-current liabilities 1,333 1,269 Current liabilities 800 691 Total lease liabilities 2,132 1,960 1 Relates to divestment of terminals and offices as part of Oslo - Frederikshavn - Copenhagen route. DFDS Annual Report 2025 Parent financial statements 190 / 215 Note 10 Right-of-use assets and lease liabilities (continued) The following amounts from leases are recognised in the income statement: DKK million 202 5 2024 Expenses relating to low-value assets (included in costs) 6 Interest expenses on lease liabilities Depreciation, other non-current assets Total amount recognised in the income statement 783 The following amounts from leases are recognised in the statement of cash flows: DKK million 202 5 2024 C ash flows from operating activities, gross -6 Interest etc. paid -105 C ash flows from operating activities, net -110 C ash flows from financing activities -652 Total cash outflow from leases -763 Expenses relating to short-term leases (included in costs) 37 - 7 Depreciation, ships 734 642 30 31 112 105 920 -45 -112 -156 -765 -921 In 2025 the Parent company paid DKK 921m (2024: DKK 763m) regarding lease agreements whereof interest expenses related to lease liabilities amount to DKK 112m (2024: DKK 105m), instalments of lease liability amount to DKK 765m (2024: DKK 652m), and DKK 45m (2024: DKK 6m) relates to short-term and low-value leases. At 31 December 2025 the Parent company was committed to low-value leases where the total commitment was DKK 21m (2024: DKK 16m). The Parent company has no lease contracts including fixed and variable payments. The Parent company as a lessor The Parent company has entered into several operating leases of its ferries. Future minimum receivable under non-cancellable operating leases as at 31 December are as follows: Operating lease commitments (lessor) DKK million 202 5 202 4 Minimum lease payments (income) Ferries Within 1 year 325 264 1-3 years 295 177 3-5 years 147 - Total minimum lease payments (income) 767 442 The specified minimum lease payments are not discounted. Operating lease and rental income recognised in the income statement amounts to DKK 351m in 2025 (2024: DKK 437m). The contracts are entered into on normal conditions. Note 11 Investments in subsidiaries DKK million 202 5 202 4 Cost at 1 January 11,901 Additions 1 3,134 Disposals 16 Cost at 31 December 15,019 Accumulated impairment losses at 1 January 436 Disposals 14 Impairment losses 2 138 Reversal of prior year impairment losses 2 - Accumulated impairment losses at 31 December 560 Carrying amount at 31 December 14,459 15,019 560 15,579 560 - 1,142 398 - 1,305 14,274 Reference is made to the company overview in the consolidated financial statements note 5.10. The carrying amount of investments in subsidiaries is tested for impairment at least at year-end. 1 2025: Primarily relating to capital increase in DFDS Seaways Plc., DFDS Holding B.V. and DFDS Køletransport A/S. 2024: Primarily relating to the acquisition of FRS Iberia/Maroc and capital increase in DFDS Logistics AS. 2 Reference is made to note 31. DFDS Annual Report 2025 Parent financial statements 191 / 215 Note 12 Receivables DKK million 202 5 202 4 Interest-bearing receivables from subsidiaries 1,408 1,362 Total non-current receivables 1,408 1,362 Trade receivables 454 693 Interest-bearing receivables from subsidiaries 1 681 643 Non-interest-bearing receivables from subsidiaries 484 428 Receivables from associates and joint ventures 40 29 Other receivables and current assets 58 77 Receivable corporation tax 0 9 Total current receivables 1,718 1,878 Total current and non-current receivables 3,125 3,240 The carrying amount of receivables is in all material respects equal to the fair value. DKK million 202 5 202 4 Ageing of trade receivables at 31 December Not past due 370 614 Up to 30 days 58 63 31-60 days 4 12 61-90 days 6 3 91-120 days 14 1 More than 120 days 13 12 Receivables, gross 465 705 Expected credit loss allowance 11 12 Trade receivables 454 693 DKK million 202 5 202 4 Movements expected credit loss allowance Credit loss allowance at 1 January 12 15 Write-downs 10 6 Realised losses -6 -5 Reversed write-downs -5 -5 Expected credit loss allowance at 31 December 11 12 Write-downs and realised losses are recognised in ferry and other ship operation and maintenance costs in the Income statement. Reference is made to note 4.1 in the consolidated financial statements for a description of credit risk. Note 13 Inventories DKK million 202 5 202 4 Bunker 83 91 Goods for sale 65 65 Write-down of inventories end of year -7 - 5 Total inventories 141 151 Write-down of inventories during the year is an expense of DKK 5m (2024: income of DKK 8m due to reversal of previous years' write-downs). 1 The carrying amount of Interest-bearing receivables from subsidiaries relates to current credit facilities that are made available to subsidiaries. DFDS Annual Report 2025 Parent financial statements 192 / 215 Note 14 Supplier finance arrangements DFDS A/S participates in supplier arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS A/S will settle the invoice towards the financial institution at a later stage. DFDS A/S has entered into arrangements with the following terms: Bunker linked payables extended to current month + 93 days (2024: current month + 93 days). Multiple logistics suppliers' payables extending payment to current month + 93 days (2024: current month + 93 days). Carrying amount of liabilities under supplier finance arrangements The carrying amount presented within trade payables is DKK 305m (2024: DKK 394m) of which suppliers received payment from financial institution amounting to DKK 304m (2024: DKK 393m). Range of payment due dates Payment terms for liabilities that are part of supplier financing arrangements range from 30 days to current month + 93 days (2024: from 30 days to current month + 93 days). Payment terms for comparable trade payables that are not part of supplier financing arrangements typically range from 30 days to current month + 63 days (2024: from 30 days to current month + 63 days) Non-cash changes There were no significant non-cash changes in the carrying amounts of supplier finance liabilities (2024: none). Note 15 Distribution to shareholders and treasury shares Distribution to shareholders In 2025 no dividend was paid and no share buyback was made. In 2024 a dividend of DKK 3.00 per share was paid in March 2024, corresponding to DKK 168m excluding dividend on treasury shares, and further, a share buyback of 2,312,185 shares was made during 2024 for a total purchase sum of DKK 431m, i.e. a total distribution to the shareholders in 2024 of DKK 599m. The Board of Directors proposes to the 2026 Annual General Meeting in March 2026 that no dividend is paid in 2026. Treasury shares Information regarding the Parent company’s and the Group’s holding of treasury shares is identical. Reference is made to the consolidated financial statements note 4.7. Note 16 Deferred tax 202 5 DKK million Land and buildings, terminals and other equipment Provisions Tax loss carried forward Total Deferred tax at 1 January 6 -1 -3 3 Recognised in the income statement -1 0 - 0 Adjustment regarding prior years recognised in the Income statement - - 3 3 Deferred tax at 31 December, net 6 0 0 5 202 4 DKK million Land and buildings, terminals and other equipment Provisions Tax loss carried forward Total Deferred tax at 1 January 7 -1 - 6 Recognised in the income statement -1 - -3 -4 Deferred tax at 31 December, net 6 -1 -3 3 By joining the tonnage taxation scheme, DFDS A/S is subject to the requirements of the scheme until end of 2031. DFDS A/S is liable to a contingent tax that may realise at the withdrawal from the tonnage taxation scheme. DFDS A/S controls the withdrawal and has no plans to withdraw from the scheme and consequently no deferred tax has been recognised. DFDS Annual Report 2025 Parent financial statements 193 / 215 Note 17 Share based payment Information regarding long-term incentives for the Parent company and the Group is identical. Reference is made to the consolidated financial statements note 5.3. Employee recognition In December 2020 up to 50 shares free of charge were awarded to each employee. The shares have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period were entitled to the shares. During 2024 the last 69,490 shares have been transferred. Vesting of shares for 2024 was an expense of DKK 3m. Note 18 Pension and jubilee liabilities The Parent company contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Parent company has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the income statement when incurred. The Parent company has minor defined benefit plans. The defined benefit plans are pension plans that yearly pay out a certain percentage of the final salary the employee has when the employee retires. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employees. The defined benefit plans typically include a spouse pension. Based on actuarial calculations the defined benefit plans show the following liabilities: DKK million 202 5 202 4 Present value of unfunded defined benefit obligations 5 6 Recognised liabilities for defined benefit obligations 5 6 Provision for jubilee liabilities 9 9 Total actuarial liabilities 14 15 Note 19 Provisions DKK million 202 5 202 4 P rovisions at 1 January 176 56 Provisions made during the year 1 288 166 Used during the year -160 - 38 Reversal of unused provisions -12 - Transfers 0 -7 P rovisions at 31 December 292 176 P rovisions are expected to be payable in: 0-1 year 292 176 P rovisions at 31 December 292 176 Of the Parent company’s provision of DKK 292m (2024: DKK 176m), DKK 284m (2024: DKK 166m) is ETS emission provision, DKK 1m (2024: DKK 3m) is redelivery provisions, DKK 0m (2024: DKK 7m) is restructuring provisions, and DKK 7m (2024: 0m) is other provisions. 1 Includes mainly provision for emitted greenhouse gases related to the Maritime EU Emissions Trading System (ETS). DFDS Annual Report 2025 Parent financial statements 194 / 215 Note 20 Interest-bearing liabilities DKK million 202 5 2024 Bank loans and mortgage on ferries 5,712 6,514 Issued corporate bonds 1 1,481 2,110 Lease liability 1,333 1,269 Total interest-bearing non-current liabilities 8,525 9,893 Bank loans and mortgage on ferries 209 210 Issued corporate bonds 1 629 - Lease liability 800 691 Payables to subsidiaries 2 3,470 1,962 Total interest-bearing current liabilities 5,108 2,863 Total interest-bearing liabilities 13,633 12,756 The fair value of the interest-bearing liabilities amounts to DKK 13,645m (2024: DKK 12,722m). The fair value measurement is categorised within level 3 in the fair value hierarchy except for the part that relates to issued corporate bonds of nominal NOK 3,345m for which the fair value measurement is categorised within level 2 due to a limited active market. The fair value of the financial liabilities is determined as the present value of expected future repayments and interest rates. The Group’s actual borrowing rate for equivalent terms is used as the discount rate. The fair value of the issued corporate bonds nominal NOK 3,345m has been calculated based on the quoted bond price December 2025 which is the latest quoted price (2024: quoted bond price in December 2024). DKK 828m of the Interest-bearing liabilities in the Parent company fall due after five years (2024: DKK 1,034m). No unusual conditions in connection with borrowings are made. The loan agreements can be settled at fair value plus a small surcharge, whereas premature settlement of the corporate bonds requires a repurchase of the bonds. Reference is made to note 24 for financial risks, etc. DKK million 202 5 2024 Allocation of currency, principal nominal amount: DKK 6,259 6,873 EUR 3,819 3,088 SEK 777 463 NOK 2,146 2,177 GBP 602 137 USD 14 10 Other 16 9 Total interest-bearing liabilities 13,633 12,756 Note 21 Changes in liabilities arising from financing activities The table below discloses the cash as well as non-cash changes in Interest-bearing liabilities, Derivative financial instruments related to issued corporate bonds and payables to subsidiaries, non-interest-bearing. The changes arising from cash flows form part of the cash flows from financing activities in the statement of cash flows. Non-cash changes DKK million 1 Jan. 2025 Cash flows Foreign exchange move- ments New/ disposed/ Remea- sured leases Fair value changes Other changes 31 Dec. 202 5 Changes in 202 5 Interest-bearing liabilities: Bank loans and mortgage on ferries Issued corporate bonds Lease liabilities Payables to subsidiaries, interest-bearing Total interest-bearing liabilities Derivative financial instruments: Derivatives related to issued corporate bonds Other: Payables to subsidiaries, non-interest-bearing Total liabilities from financing activities Receivables from subsidiaries Total cash flows 6,724 -811 1 - - 6 5,921 2,110 - -2 - - 2 2,110 1,960 -765 8 929 - 0 2,132 1,962 1,508 3 - - - - 3,470 12,756 -68 7 929 0 8 13,633 81 - - - -3 - 78 798 -144 3 - - - - 655 13,635 -212 7 929 -3 8 14,365 -140 3 -351 1 The Parent company issued corporate bonds in 2023 and 2024 totalling NOK 3,345m (DKK 2,110m), of which NOK 1,000m (DKK 629m) is set to mature in March 2026. Reference is made to the consolidated financial statements note 4.5. 2 The carrying amount of Interest-bearing payables to subsidiaries relates to deposit facilities that are made available to sub- sidiaries. 3 Cash flows related to payables/receivables from subsidiaries are presented net in the statement of cash flows under financing activities in the line “Change in Group internal financing, net” by DKK 1,224m. DFDS Annual Report 2025 Parent financial statements 195 / 215 Note 21 Changes in liabilities arising from financing activities (continued) Non-cash changes DKK million 1 Jan. 2024 Cash flows Foreign exchange move- ments New/ disposed/ remea- sured leases Fair value changes Other changes 31 Dec. 2024 Changes in 2024 Interest-bearing liabilities: Bank loans and mortgage on ferries 2,998 3,722 1 - - 4 6,724 Issued corporate bonds 1,257 943 -88 - - -2 2,110 Lease liabilities 2,103 -652 -6 515 - 0 1,960 Payables to subsidiaries, interest-bearing 1,767 195 1 - - - - 1,962 Total interest-bearing liabilities 8,125 4,208 -93 515 0 2 12,756 Derivative financial instruments: Derivatives related to issued corporate bonds 28 -46 - - 98 - 81 Other: Payables to subsidiaries, non-interest-bearing 711 87 1 - - - - 798 Total liabilities from financing activities 8,864 4,249 -93 515 98 2 13,635 Receivables from subsidiaries -1,253 1 Total cash flows 2,996 Note 22 Other payables DKK million 202 5 202 4 Holiday pay obligations, etc. 116 Payables to associates and joint ventures 16 Public authorities (VAT, duty, etc.) 22 3 9 Total other payables 1,023 122 26 22 Payables to subsidiaries 655 798 Accrued interests 32 Other payables 40 32 896 Note 23 Information on financial instruments DKK million 202 5 2024 Carrying amount per category of financial instruments Financial assets measured at fair value: Derivatives, related to operating activities 75 Derivatives, related to interest-bearing activities 65 Financial assets measured at amortised cost: Trade receivables, receivables from subsidiaries, receivables from associates and joint ventures, other receivables and cash 3,869 Financial assets measured at fair value through profit or loss: Securities 1 Total financial assets 4,011 Financial liabilities measured at fair value: Derivatives, related to operating activities 65 Derivatives, related to interest-bearing activities 113 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to subsidiaries, payables to associates and joint ventures and other payables 14,897 Total financial liabilities 15,075 31 66 3,930 1 4,029 20 98 15,543 15,660 1 Cash flows related to payables/receivables from subsidiaries are presented net in the statement of cash flows under financing activities in the line “Change in Group internal financing, net” by DKK -971m. DFDS Annual Report 2025 Parent financial statements 196 / 215 Note 23 Information on financial instruments (continued) Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con- tent (modification or repackaging). Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. Level 3: Valuation methods where possible material input is not based on observable market data. DKK million 202 5 Level 1 Level 2 Level 3 Derivatives, financial assets - 140 - Securities, financial assets - - 1 Derivatives, financial liabilities - 178 - 0 -38 1 202 4 - 97 - - - 1 - 117 - Net asset/liability 0 -20 1 DKK million Level 1 Level 2 Level 3 Derivatives, financial assets Securities, financial assets Derivatives, financial liabilities Net asset/liability Derivative financial assets and liabilities are measured at level 2. Reference is made to note 4.1 in the consolidated financial statements for description of the valuation method. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2025 (2024: No transfers). Note 24 Financial and operational risks DFDS’ risk management policy The description of DFDS’ risk management policy, financial risks and capital management is identical for the Group and the Parent company. Reference is made to the consolidated financial statements note 4.1. The following specifications for the Parent company are different to the similar specifications for the Group. Financial risks Interest rate risks A 1 percentage point increase in interest rates compared with the actual levels in 2025 would, all else being equal, have increased the Parent company’s net interest expense by DKK 48m (2024: DKK 35m). Conversely, a 1 percentage point decrease in interest rates would have reduced net interest expense by DKK 48m (2024: DKK 35m). Credit risk For a number of customers, the Parent company uses non-recourse factoring. At year-end the Parent company had de-recognised receivables without recourse having due date after 31 December 2025 amounting to DKK 50m (2024: none). Expense recognised from the factoring arrangement under operating cost was DKK 2m (2024: none). Liquidity risks The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements: DFDS Annual Report 2025 Parent financial statements 197 / 215 Note 24 Financial and operational risks (continued) DKK million 2025 0-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash and cash equivalents Trade receivables Non-interest bearing receivables from subsidiaries Interest bearing receivables from subsidiaries Receivables from associates and joint ventures Derivative financial assets Interest swaps & caps Forward exchange contracts and currency swaps Total financial assets Non-derivative financial liabilities Bank loans and mortgages on ferries and other ships Issued corporate bonds Lease liabilities (undiscounted) Trade payables Payables to associates and joint ventures Non-interest bearing p ayables to subsidiaries Other payables Derivative financial liabilities Interest swaps & caps 817 - - - 454 - - - 484 - - - 681 1,597 - - 40 - - - Other receivables and current assets 58 - - - Commodity swaps 1 - - - 10 17 15 23 Cross currency interest rate swaps 1 - - - 17 6 6 1 2,563 1,620 21 24 416 5,116 305 748 735 959 643 - 898 1,032 290 151 1,162 - - - 22 - - - 655 - - - Interest bearing p ayables to subsidiaries 3,470 - - - 72 - - - 11 9 - - Cross currency interest rate swaps Forward exchange contracts and currency swaps 52 25 2 - 4 9 6 1 Total financial liabilities 7,495 7,149 1,246 900 Besides the contractual maturities the Parent company has issued guarantees for DKK 5,227m (2024: DKK 4,424m). These are not presented in the above table as the contractual maturity is not possible to predict. Reference is made to note 28. Assumptions for the maturity table The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions. The non-discounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation to settle at net amount. DKK million 2024 0-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash and cash equivalents 661 - - - Trade receivables 693 - - - Non-interest bearing receivables from subsidiaries 428 - - - Interest bearing receivables from subsidiaries 643 - - Receivables from associates and joint ventures 29 - - - 77 - - Derivative financial assets Interest swaps & caps 8 15 14 27 Forward exchange contracts and currency swaps 24 19 19 13 Total financial assets 2,563 1,396 33 40 Non-derivative financial liabilities Bank loans and mortgages on ferries and other ships 424 5,814 307 896 Issued corporate bonds 141 1,280 1,060 - Lease liabilities (undiscounted) 789 826 377 236 Trade payables 1,256 - - - Payables to associates and joint ventures 16 - - - Non-interest bearing payables to subsidiaries 798 - - - Other payables 71 - - - Derivative financial liabilities Interest swaps & caps 15 15 2 1,362 Other receivables and current assets - Interest bearing payables to subsidiaries 1,962 - Cross currency interest rate swaps 40 35 7 - Forward exchange contracts and currency swaps 13 19 19 13 5 ,52 5 7,989 1,772 Total financial liabilities 1,145 DFDS Annual Report 2025 Parent financial statements 198 / 215 Note 25 Non-cash operating items DKK million 202 5 202 4 Change in provisions 0 Change in write-down of inventories for the year -8 Change in provision for defined benefit plans and jubilee obligations 0 Vesting of share option plans and employee shares expensed in the income statement 23 Non-cash operating items 16 Insurance compensation received for ferry declared total loss -116 0 -2 3 2 26 -88 Note 26 Change in working capital DKK million 202 5 202 4 Change in inventories 19 Change in receivables, such as trade receivables, prepaid costs, etc. -55 Change in liabilities, such as trade payables, deferred income, ETS emission provision, current account with joint ventures, etc. -45 Change in working capital -81 7 250 60 317 Note 27 Acquisition and divestments of enterprises, activities, and non-controlling interests There were no material investments or divestments made during the year. In 2024, the Parent company acquired FRS Iberia/Maroc, and in June 2024, an agreement was made to divest the Oslo–Frederikshavn–Copenhagen route to Gotlandsbolaget. The divestment resulted in a disposal of related assets and liabilities, and a reversal of DKK 33m in prior impairments. Note 28 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Parent company amount to DKK 88m. The Parent company has issued guarantees of DKK 5,227m (2024: DKK 4,424m) of which the Parent company issued guarantees on behalf of subsidiaries of 5,227m (2024: DKK 4,396m). In addition, the Parent company has issued guarantees up to DKK 0m (2024: DKK 28m) to defined benefit pension schemes in the UK. Certain ferries with a total carrying amount of DKK 2,821m (2024: DKK 2,943m) have been pledged as security for mortgage on ferries with a total carrying amount of DKK 1,404m (2024: DKK 1,597m). Note 29 Contractual commitments DKK million 202 5 202 4 Contractual commitments, term 0-1 year 182 Contractual commitments, term 1-5 years 21 Total contractual commitments (undiscounted) 203 321 18 339 The Parent company’s contractual commitments in 2025 include the purchase of EU Allowances related to the EU Emissions Trading System (ETS) regulations. The purchase of ETS allowances has been done via forward instruments with physical delivery. These instruments are treated as off-balance sheet items as the own-use exemption under IFRS 9 is applied. DFDS Annual Report 2025 Parent financial statements 199 / 215 Note 30 Related party transactions Description of the Parent company’s related parties is equal to the description for the Group. Reference is made to the consolidated financial statements note 5.8. 2025 Sale of service Purchase of service Receivables Liabilities Capital contribution Associates and joint ventures 11 233 29 16 - Subsidiaries 1,372 1,957 2,433 2,821 1,561 2024 DKK million 11 236 40 22 - 1,449 2,284 2,573 4,140 560 DKK million Sale of service Purchase of service Receivables Liabilities Capital contribution Associates and joint ventures Subsidiaries Note 31 Impairment testing Introductions DFDS tests all non-current assets for impairment at least annually, and additionally whenever there is an indication of impairment. For a description of the definition of CGUs, the basis for impairment testing, and the calculation of recoverable amounts, reference is made to the consolidated financial statements, note 3.1.4. Impairment tests of investments in subsidiaries, associates, and joint ventures In the Parent company, impairment tests are performed for each subsidiary, associate, and joint venture when there is an indication of impairment. Each individual entity is considered the lowest level of CGU. Expected net cash flows are assessed at entity level based on approved forecasts for 2026 and business plans covering the period beyond 2026. The projections reflect the estimated impact of long-term strategic decisions, expected future growth opportunities, and required investments. A Gordon growth model is applied to calculate the net present value (NPV) of the projected cash flows, using a long-term growth rate of 2.0%. Note 31 Impairment testing (continued) Determination of discount rate The Parent company applies a discount rate determined individually for each subsidiary, associate, or joint venture, based on the business area to which the entity belongs. For 2025, the applied discount rates are based on the WACC for each division, in accordance with note 3.1.4 of the consolidated financial statements. The WACC applied is 6.6% for the Ferry Division and 7.8% for the Logistics Division (2024: Group WACC 6.8%). Impairment losses recognised 2025 In 2025, investments in subsidiaries were impaired by a total of DKK 1,142m, as the calculated value-in-use of the individual investments was lower than their carrying amounts. Impairment losses recognised in previous years were reversed by DKK 398m, with the reversals recognised under financial items. The impairment in 2025 is triggered by a combination of higher interest rates, increased competition, and higher turnaround costs, which has caused the recovery period for returning to expected EBIT-margins to become longer than anticipated for certain companies. 2024 In 2024, investments in subsidiaries were impaired by a total of DKK 138m, as the calculated value-in-use of the individual investments was lower than their carrying amounts. No reversal of write-down related to previous years have been made. Note 32 Events after the balance sheet date Appointment of new CEO On 12 January 2026 Michael Hansen was appointed as President & CEO for DFDS effective from latest 1 July 2026 where he will replace Torben Carlsen who is expected to step down as President & CEO on the same date. No adjustments have been made to the financial statements for the year ended 31 December 2025 as a result of this appointment. DFDS Annual Report 2025 Parent financial statements 200 / 215 Note 33 Accounting policies The 2025 financial statements have been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. Critical accounting estimates and assessments In the process of preparing the Parent company financial statements, a number of accounting estimates and judgements have been made that affect assets and liabilities at the balance sheet date and income and expenses for the reporting period. Management regularly reassesses these estimates and judgements, partly on the basis of historical experience and a number of other factors in the given circumstances. In the opinion of Management, the accounting estimates and judgements mentioned in note 1.3 Significant accounting estimates and judgements of the consolidated financial statements are also significant in the preparation of the Parent company financial statements. Furthermore, impairment test of investments in subsidiaries requires critical accounting estimates and assessments. Impairment testing of investments in subsidiaries Impairment testing of investments in subsidiaries is carried out if there is indication of impairment. The impairment tests are based on the expected future cash flows for the tested subsidiaries. For further details of estimates and assessments relating to investments in subsidiaries reference is made to note 31. Management is of the opinion that, except for impairment testing of investments in subsidiaries, no accounting estimates or judgements are made in connection with the presentation of the Parent company financial statements that are material to the financial reporting, other than those disclosed in note 1.3 to the consolidated financial statements. Receivables from Group entities Receivables from Group entities are measured at amortised cost. These are considered to have low credit risk based on the Group’s credit rating and, consequently, the creditworthiness of the major subsidiaries within the Group. Impairment of receivables from Group entities is assessed on an ongoing basis. The impairment provision, calculated based on 12-month expected credit losses, is considered immaterial. Description of accounting policies The Parent company accounting policies are consistent with the accounting policies described in the consolidated financial statements with the following exceptions: Business combinations In the Parent company common control acquisitions (and disposals) of enterprises and activities are measured and recognised in accordance with the ‘book value method’ by which differences, if any, between purchase price and book value of the acquired/sold enterprise/activity are recognised directly in equity. Translation of foreign currencies Foreign exchange adjustments of balances accounted for as part of the total net investment in enterprises that have a functional currency other than DKK are recognised in the income statement for the year as finan- cial income and costs in the Parent company financial statements. Likewise, foreign exchange gains and loss- es on the portion of loans and derivative financial instruments that has been entered into to hedge the net investment in these enterprises are recognised directly in the income statement for the year as financial in- come and costs. Dividends from investments in subsidiaries, associates and joint ventures Dividends from investments in subsidiaries, associates and joint ventures are recognised in the Parent company’s Income statement for the year in which the dividends are declared. If distributions exceed the subsidiary’s, the associate’s or the joint venture’s comprehensive income for the period, an impairment test is carried out. Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures are measured at cost in the Parent company’s balance sheet. Impairment testing is carried out if there is any indication of impairment. The carrying amount is written down to the recoverable amount whenever the carrying amount exceeds the recoverable amount. The impairment loss is recognised as financial cost in the income statement for the year. If the Parent company has a legal or constructive obligation to cover a deficit in subsidiaries, associates and joint ventures, a provision for this is recognised. Equity Reserves for development costs The reserve for development costs comprises of DFDS’ development costs corresponding to the capitalised development cost in the balance sheet. The reserve is non distributable and cannot be used to cover deficit. The reserve is dissolved upon disposal of the development cost either by sale or if the development cost is no longer part of the entity’s operation. The reserve will then be transferred to the distributable reserves. The reserve will be reduced, and the distributable reserves increased concurrently with either depreciations or write-downs. For a description of the hedging reserve, translation reserve and treasury shares, reference is made to the consolidated financial statements, note 4.6. DFDS Annual Report 2025 Parent financial statements 201 / 215 Reports Statement by the Executive Board and the Board of Directors 203 Independent Auditor’s Reports 204 Independent Auditor’s Limited Assurance Report on the Sustainability Statement 206 DFDS Annual Report 2025 202 / 215 Reports Statement by the Executive Board and the Board of Directors The Board of Directors and Executive Board have today considered and adopted the Annual Report of DFDS A/S for the financial year 1 January – 31 December 2025. The consolidated financial statements and the Parent company financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. The Management’s Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the Parent company financial statements give a true and fair view of the financial position at 31 December 2025 of the Group and the Parent company and of the results of the Group and Parent company operations and cash flows for 2025. In our opinion, Management’s Report includes a fair review of the development in the operations and financial circumstances of the Group and the Parent company, of the results for the year and of the financial position of the Group and the Parent company as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent company are facing. Additionally, the Sustainability statement, which is part of Management’s Report, has been prepared, in all material respects, in accordance with paragraph 99 a of the Danish Financial Statements Act. This includes compliance with the European Sustainability Reporting Standards (ESRS) including that the process undertaken by Management to identify the reported information (the “Process”) is in accordance with the description set out in the section “Double Materiality Assessment”. Furthermore, disclosures within the section “EU Taxonomy” for sustainable activities within the environmental section of the Sustainability statement are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”). The Sustainability statement includes forward-looking statements based on disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. In our opinion, the annual report of DFDS A/S for the financial year 1 January to 31 December 2025 with the file name DFDS-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, 19 February 2026 Executive Board Torben Carlsen Karen Boesen President & Ceo Executive Vice President & CFO Board Of Directors Claus V. Hemmingsen Kristian V. Mørch Minna Aila Anders Götzsche Chair Vice Chair Marianne Henriksen Kristian Kristensen Jill Lauritzen Melby Dirk Reich Lars Skjold-Hansen DFDS Annual Report 2025 Reports 203 / 215 Independent Auditor’s Reports TO THE SHAREHOLDERSOF DFDS A/S Report on the audit of the Financial Statements Our opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S for the financial year 1 January to 31 December 2025 comprise income statement and statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. Appointment We were first appointed auditors of DFDS A/S on 23 March 2021 for the financial year 2021. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 5 years including the financial year 2025. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Acquisition of Ekol Transport Anonim Sirketi The Group acquired Ekol Transport Anonim Sirketi (‘Ekol’) on 15 November 2024. The Group completed the purchase price allocation (‘PPA’) for the Ekol acquisition in 2025, including the assessment of the fair value of the assets acquired and liabilities assumed. In order to determine the fair value of the separately identified assets and liabilities as part of the acquisition, the valuation methodologies require input based on assumptions about the future and use of discounted cash flow forecasts. The significant judgements and estimates involved in the PPA mainly related to assessing the fair value of customer relationships, loss-making contracts and property, plant and equipment including right-of-use assets. We focused on the PPA because it involves the identification of the acquired assets and liabilities and determination of their respective fair values, which requires complex and subjective judgements and estimates by Management, which are material for the Consolidated Financial Statements. Reference is made to note 5.5 in the Consolidated Financial Statements. How our audit addressed the Key Audit Matter As part of our audit, we audited the final PPA for Ekol. We tested the final PPA adjustments made by Management by assessing the main judgements and estimates made as well as the methodologies and models applied in determining assets and liabilities assumed at fair value. We tested the main data and challenged the significant assumptions made by Management. We also tested the mathematical accuracy of the models used. We involved our internal valuation experts in assessing the valuation methodologies and the significant assumptions used by Management. Finally, we assessed the disclosures relating to business combinations. Valuation of goodwill, terminals, ferries and other related assets The carrying amount of non-current tangible assets (including right-of-use assets) as well as intangible assets is significant to the Consolidated Financial Statements. Management monitors the carrying value of these assets based on defined cash generating units (CGUs) and performs impairment tests, if any indication of impairment or reversal of previous impairments exist. Furthermore, goodwill is tested once a year for impairment. Management’s assessment of the recoverability of the carrying amount of the assets is based on value-in-use calculations. Furthermore, Management obtains independent broker valuations to assess the fair value less cost to sell of ferries and other ships. Bearing in mind the generally long-lived nature of the assets, the significant assumptions in estimating the value-in-use calculations are revenue, EBIT, future investments, and growth expectations. The impairment tests performed did not lead to impairments or reversals of impairments being recognised in the Consolidated Financial Statements. We focused on this area as the amounts involved are significant and because Management is required to perform estimates and exercise judgements and because of the inherent complexity in estimating the value-in-use. Reference is made to note 3.1.4 in the Consolidated Financial Statements. How our audit addressed the Key Audit Matter As part of our audit, we challenged the impairment indicator assessment performed by Management. We considered the appropriateness and challenged the CGUs defined by Management as well as the methodology used by Management to assess the carrying amount of non-current assets assigned to CGUs. We carried out risk assessment procedures in order to obtain an understanding of IT systems, business processes, and relevant controls regarding data and assumptions used in the impairment models. In respect of the controls, we assessed whether they were designed and implemented to effectively address the risk of material misstatement. In respect of the specific controls that we planned to rely on, we tested whether they were performed on a consistent basis. We performed detailed testing of Management’s impairment tests of goodwill and for the individual CGUs where indicators of impairment were identified. We tested the mathematical accuracy of impairment models prepared by Management and challenged the significant assumptions affecting the future cash flows, including assumptions related to revenue, EBIT, future investments and growth expectations, etc. In assessing the discount rates and the overall methodology applied, we involved our valuation specialists. Finally, we tested the mathematical accuracy of the impairment models prepared by Management. We also assessed the disclosures of these matters in the Consolidated Financial Statements. DFDS Annual Report 2025 Reports 204 / 215 Statement on the Management Report Management is responsible for the Management Report. The Management Report comprise Management Review and the Sustainability Statement. Our opinion on the Financial Statements does not cover the Management Report, and we do not as part of the audit express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read the Management Report and, in doing so, consider whether the Management Report is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether the Management Report includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to the Sustainability Statement covered by the separate auditor’s limited assurance report hereon. Based on the work we have performed, in our view, the Management Report is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act, except for the requirements in paragraph 99 a related to the Sustainability Statement, cf. above. We did not identify any material misstatement in the Management Report. Management’s responsibilities for the Financial Statements Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of DFDS A/S for the financial year 1 January to 31 December 2025 with the filename DFDS-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: The preparing of the annual report in XHTML format; The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged us-ing judgement where necessary; Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements present-ed in human-readable format; and For such internal control as Management deter-mines necessary to enable the preparation of an an-nual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: Testing whether the annual report is prepared in XHTML format; Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tag-ging process; Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suita-ble element in the ESEF taxonomy has been identified; Evaluating the use of anchoring of extension ele-ments to elements in the ESEF taxonomy; and Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of DFDS A/S for the financial year 1 January to 31 December 2025 with the file name DFDS-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. Hellerup, 19 February 2026 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR No. 33771231 Rasmus Friis Jørgensen State Authorised Public Accountant mne28705 Thomas Wraae Holm State Authorised Public Accountant mne30141 DFDS Annual Report 2025 Reports 205 / 215 Independent auditor’s limited assurance report on the Sustainability Statement To the stakeholders of DFDS A/S Limited assurance conclusion We have conducted a limited assurance engagement on the sustainability statement of DFDS A/S (the “Group”) included in the Management’s Report (the “Sustainability Statement”) page 61 – 120, for the financial year 1 January – 31 December 2025. Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statement (the “Process”) is in accordance with the description set out in the section “Double Materiality Assessment”; and compliance of the disclosures in the section “EU Taxonomy” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”). Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement section of our report. Our independence and quality management We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Management’s responsibilities for the Sustainability Statement Management is responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process as included in the section “Double Materiality Assessment” of the Sustainability Statement. This responsibility includes: understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affected stakeholders; the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term; the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and making assumptions that are reasonable in the circumstances. Management is further responsible for the preparation of the Sustainability Statement, which includes the information identified by the Process, in accordance with the Danish Financial Statements Act paragraph 99 a, including: compliance with the ESRS; preparing the disclosures as included in the section “EU Taxonomy” of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation; designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. Inherent limitations in preparing the Sustainability Statement In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. Auditor’s responsibilities for the assurance engagement Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include: Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in the section “Double Materiality Assessment”. Our other responsibilities in respect of the Sustainability Statement include: Identifying where material misstatements are likely to arise, whether due to fraud or error; and Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement. In conducting our limited assurance engagement, with respect to the Process, we: Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management; and reviewing the Group’s internal documentation of its Process; and Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in the section “Double Materiality Assessment”. In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statement including the consolidation processes by obtaining an understanding of the Group’s control environment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; Evaluated whether the information identified by the Process is included in the Sustainability Statement; DFDS Annual Report 2025 Reports 206 / 215 Evaluated whether the structure and the presentation of the Sustainability Statement are in accordance with the ESRS; Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; Performed substantive assurance procedures on selected information in the Sustainability Statement; Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and the management review; Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement. Hellerup 19 February 2026 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR no 33771231 Rasmus Friis Jørgensen State Authorised Public Accountant mne28705 Thomas Wraae Holm State Authorised Public Accountant mne30141 DFDS Annual Report 2025 Reports 207 / 215 Other DFDS Annual Report 2025 Other 208 / 215 Freight ferries (RoRo) Year built GT Lane metres Passengers TEU ³ Deployment North Sea Ficaria Seaways 2006/09/11 37,939 4,731 Gothenburg-Immingham Freesia Seaways 2005/09/14 37,939 4,731 Gothenburg-Immingham Petunia Seaways 2004/13 32,523 3,831 Gothenburg-Immingham Begonia Seaways 2004/09/14 37,939 4,731 Gothenburg-Ghent Humbria Seaways 1 2020 60,465 6,690 Gothenburg-Ghent Primula Seaways 2004/14/16 37,985 4,650 Gothenburg-Ghent Flandria Seaways 1 2020 60,465 6,690 Gothenburg-Zeebrugge Ark Dania 2014 33,313 3,000 342 Esbjerg-Immingham Ark Germania 2014 33,313 3,000 342 Esbjerg-Immingham Magnolia Seaways 2003/13 32,523 3,831 Cuxhaven-Immingham Botnia Seaways 2000 11,530 1,899 300 Cuxhaven-Immingham Hollandia Seaways 2019 60,465 6,690 Vlaardingen-Immingham Scandia Seaways 1 2021 60,465 6,690 Vlaardingen-Immingham Acacia Seaways 2017 32,835 4,076 Vlaardingen-Felixstowe Suecia Seaways 1999/11/14 24,613 2,772 180 Vlaardingen-Felixstowe Tulipa Seaways 2017 32,391 4,076 Vlaardingen-Felixstowe Transporter 2 1991 6,620 1,250 296 Oslo-Immingham Belgia Seaways 2000 21,005 2,475 Villagarcia-Rotterdam Mediterranean Ephesus Seaways 2019 60,465 6,690 Istanbul-Trieste Troy Seaways 2019 60,465 6,690 Istanbul-Trieste Gallipoli Seaways 2001/20 26,525 3,214 Istanbul-Trieste Assos Seaways 2005/19 29,060 3,726 Istanbul-Trieste Dardanelles Seaways 2006/19 29,060 3,726 Istanbul-Trieste Paqize 1 2010 29,429 3,663 Istanbul-Trieste Freight ferries (RoRo) Year built GT Lane metres Passengers TEU ³ Deployment Fadiq 1 2017 32,770 4,076 Istanbul-Sete Artemis Seaways 2005/20 29,060 3,726 Istanbul-Sete Pergamon Seaways 2013/20 31,595 4,094 Istanbul-Sete Galata Seaways 2010/19 34,215 4,350 Istanbul-Sete Myra Seaways 2009/17/19 34,236 4,350 Istanbul-Sete Sumela Seaways 2008/18/19 34,236 4,350 Istanbul-Sete Aspendos Seaways 2005/19 29,060 3,726 Mersin-Trieste Zeugma Seaways 2008/17/19 34,236 4,350 Mersin-Trieste Hafnia Sea 2,7 2008 25,609 3,322 Mersin-Trieste Olympos Seaways 2002/20 26,525 3,214 Trieste-Damietta Selandia Seaways 1998/13 24,803 2,772 Marseille-Tunis Francesco Nullo 5 2010 29,004 3,700 Marseille-Tunis Baltic Sea Ark Futura 1996/00 18,725 2,308 246 Fredericia-Køge-Klaipeda Strait of Gibraltar EOS 2 1998 12,433 1,775 Algeciras-Tanger Med Jersey Caesarea Trader 1996 11,166 1,250 Jersey-Portsmouth Chartered out/not allocated Arrow 2 1998 7,606 1,140 N.a. Britannia Seaways 2000/11/14 24,613 2,772 180 N.a. 1 Chartered (bareboat charter) 2 Chartered (time charter) 3 TEU: 20 foot container unit 4 Short-sea day ferry 5 VSA: Vessel sharing agreement with owner/charterer 6 SCA: Slot charter agreement with DFDS 7 From January 2026 Fleet list year-end 2025 Freight and passenger ferries (RoPax) Channel Dunkerque Seaways 4 2005 35,923 2,900 780 Dover-Dunkirk Delft Seaways 4 2006 35,923 2,900 780 Dover-Dunkirk Dover Seaways 4 2006 35,923 2,900 780 Dover-Dunkirk Côte Des Flandres 4 2005 33,940 1,900 2.000 Dover-Calais Côte Des Dunes 4 2001 33,796 1,900 2.473 Dover-Calais Côte d'Opale 1 2021 40,331 3,100 927 Dover-Calais Côte d'Albâtre 1 2006 18,940 1,270 600 Newhaven-Dieppe Seven Sisters 1 2006 18,940 1,270 600 Newhaven-Dieppe DFDS Annual Report 2025 Other 209 / 215 29% 3% 1% 1% 66% Freight ferries (RoRo) 70% Freight and passenger ferries (RoPax) 70% High-speed craft (HSC) Passenger cruise ferries Sideport and container ships 100% 100% 0% 18 20 22 Freight ferries (RoRo) Freight and passenger ferries (RoPax) High-speed craft (HSC) Passenger cruise ferries 39 Ownership shares of fleet, end 2025 Average age of owned ferries in route network, end 2025 Gross tons fleet distribution, end 2025 Freight ferries (RoRo) Sideport and container ships Freight and passenger ferries (RoPax) Passenger cruise ferries High-speed craft (HSC) Freight and passenger ferries (RoPax) Year built GT Lane metres Passengers TEU ³ Deployment Athena Seaways 2007/15 26,141 2,593 462 Rosslare-Dunkirk Victoria Seaways 2009/14 25,675 2,500 600 Rosslare-Dunkirk Baltic Sea Optima Seaways 1999 25,263 2,300 336 Karlshamn-Klaipeda Luna Seaways 2022 56,043 4,500 600 Karlshamn-Klaipeda Aura Seaways 2021 56,043 4,500 600 Kiel-Klaipeda Regina Seaways 1 2010/15 25,666 2,500 600 Kiel-Klaipeda Sirena Seaways 2002/03 22,382 2,056 623 Paldiski-Kappelskär Strait of Gibraltar Kattegat 1996 14,379 1,240 974 Algeciras-Tanger Med Tanger Express 1996 14,379 1,240 974 Algeciras-Tanger Med Kaunas 2 1989 25,606 1,539 249 Algeciras-Tanger Med Jersey Stena Vinga 2 2005 14,551 1,235 340 Jersey-Portsmouth Chartered out/not allocated Patria Seaways 1991 18,332 1,800 213 N.a. Passenger cruise ferries King Seaways 1987/93/06 31,788 1,410 1,534 Newcastle-Ijmuiden Princess Seaways 1986/93/06 31,356 1,410 1,364 Newcastle-Ijmuiden High-speed craft (HSC) Strait of Gibraltar Ceuta Jet 1998 2,273 428 Algeciras-Ceuta Jersey Levante Jet 2015 5,537 330 672 Jersey-St. Malo Tarifa Jet 1997 4,995 777 Jersey-St. Malo Sideport ships Lysvik Seaways 2 1998/04 7,409 160 Westcoast Norway-Continent/UK Lysbris Seaways 2 1999/04 7,409 160 Westcoast Norway-Continent/UK Fleet list year-end 2025 (continued) DFDS Annual Report 2025 Other 210 / 215 SASB Marine Transportation Industry Standard (Sustainability disclosures & activity metrics) The scope of the SASB reporting is limited to operations of vessels for which DFDS holds the Document of Compliance. This includes all our owned vessels as well as the following vessels that are in our fleet through bareboat charters or under management: Ceuta Jet, Cote D'Albatre, Cote D'Opale, Fadiq, Flandria Seaways, Humbria Seaways, Paqize, Regina Seaways, Scandia Seaways, Seven Sisters and Tanger Express. Unfortunately in 2025 DFDS experienced a very serious marine-related fatalities involving third-party personnel, accounting for 6% of marine casualties for 2025. The incident occurred on board REGINA SEAWAYS in Klaipeda, where an external contractor suffered a fatal fall from a lorry into the lower hold . This incident underlines the continued need for strengthened safety per- formance across DFDS’s maritime and terminal operations. Please note that since these SASB standards are specific to the Marine Transportation industry, the disclosures differ from other ESG data in this report. The SASB disclosures do not consid- er DFDS's business areas outside of Marine Transportation, including items such as trucking, warehousing, offices, etc. Topic Accounting metric 2025 2024 Unit of measure Code Greenhouse gas emissions Gross global Scope 1 emissions (vessels only) 2,090,428 2,589,407 Metric tonnes CO 2 e TR-MT-110a.1 Discussion of long-term and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets AR 2025 p. 83-87 AR 2024 p. 89-92 TR-MT-110a.2 (1) Total energy consumed 27,424,804 34,244,324 Gigajoules (GJ) TR-MT-110a.3 (2) percentage heavy fuel oil 89% 90% Percentage (%) TR-MT-110a.3 (3) percentage renewable 2% 0% Percentage (%) TR-MT-110a.3 Average Energy Efficiency Design Index (EEDI) for new ships No new ships No new ships gCO 2 per ton-nm TR-MT-110a.4 Air quality Nitrogen Oxides (NOx) 43,171 49,020 Metric tonnes (t) TR-MT-120a.1 Sulphur Dioxides (SOx) 2,258 3,346 Metric tonnes (t) TR-MT-120a.1 Particulate matter (PM10) 2,320 2,700 Metric tonnes (t) TR-MT-120a.1 Ecological impacts Shipping duration in marine protected areas or areas of protected conservation status 1,222 * # of days travelled TR-MT-160a.1 Percentage of fleet implementing ballast water (1) exchange 0% 0% Percentage (%) TR-MT-160a.2 (2) treatment 92% 92% Percentage (%) TR-MT-160a.2 Number of spills and releases to the environment 0 0 # of spills TR-MT-160a.3 Aggregate volume of spills and releases to the environment 0 0 Cubic meters (m³) TR-MT-160a.3 Employee health & safety Lost time incident frequency (LTIF) 3.4 3.9 Rate TR-MT-320a.1 Business ethics Number of calls at ports in countries that have the 20 lowest rankings in Transparency International’s Corruption Perception Index 0 0 # of calls TR-MT-510a.1 Total amount of monetary losses as a result of legal proceedings associated with bribery or corruption 0 0 DKK TR-MT-510a.2 Accident & safety management Number of marine casualties 16 10 # of casualties TR-MT-540a.1 Percentage of which classified as very serious 6% 0% Percentage (%) TR-MT-540a.1 Number of Conditions of Class or Recommendations 33 52 # of Class or Recommendations TR-MT-540a.2 Number of port state control (1) deficiencies 132 138 # of deficiencies TR-MT-540a.3 (2) detentions 1 1 # of detentions TR-MT-540a.3 Activity metrics Number of shipboard employees 3,621 3,871 # of employees TR-MT-000.A Total distance travelled by vessels 5,226,757 5,498,864 Nautical miles (nm) TR-MT-000.B Operating days 19,829 21,263 # of operating days TR-MT-000.C Deadweight tonnage 616,270 654,364 Thousand deadweight tonnes TR-MT-000.D Number of vessels in total shipping fleet 63 66 # of vessels TR-MT-000.E Number of port calls 38,087 42,537 # of port calls TR-MT-000.F Twenty-foot equivalent unit (TEU) capacity *** *** TEU TR-MT-000.G * Data unavailable for 2024 and prior. Includes shipping duration of Natura 2000 sites ** The remaining 8% of the fleet consists of vessels with no ballast system or a fixed ballest system requiring no exchange *** As the DFDS fleet fall within the RoRo/ RoPax category, it is not applicable to track TEU capacity DFDS Annual Report 2025 Other 211 / 215 Ferry route: Sailings typically between only two ports, and hence over reasonably short distances, on a fixed sailing schedule, often with one or more daily departures. Route can transport both pas- sengers and freight trailers according to demand and ferry types deployed Green transport: Transport by ferries, trucks, or rail powered by green electricity or sustainable fuels Intermodal: Transport solution that combines different transport modes (road, rail, ferry) Lane metre: An area on a ship deck one lane wide and one metre long. Used to measure freight volumes Logistics solution: A solution for operating one or more parts of a supply chain besides transport. Typically includes storage, cross docking of consignments, picking and packing, assembly, and distribution. Plus information processing, e.g. booking and tracking MGO: Marine gas oil, also known as marine diesel with sulphur content at or below 0.1% Non-allocated items: Corporate costs not allocated to divisions AGM: Annual general meeting BAF: Bunker adjustment factor, surcharge for price changes in bunker fuel oil Bareboat charter: Lease of a ship without crew for an agreed period Bunker: Oil-based fuel used by ferries Charter: Lease of a ship for an agreed period Charter-out: Leasing of a ship to an external party for an agreed period Door-door transport solution: Transport of goods in a trailer from customer pick-up point to final destination Ferry: Vessel with one or more ramps that enables passenger cars and trailers, with or without an accompanying truck, to be rolled on and off. Freight can also be carried by trailer equivalents, i.e. a rolling cassette carrying industrial goods that do not fit in a trailer or containers. Northern Europe: The Nordic countries, Benelux, the UK, Ireland, France, Germany, Poland, and the Baltic nations Power-to-X: Process that converts electricity to sustainable fuels, for example via electrolysis Ro-pax: Combined freight and passenger ferry Ro-ro: Roll on-roll off: Freight ferry on which trailers and trailer equivalents are driven or tugged on and off Scrubber: Exhaust gas cleaning system that removes sulphur oxides from a vessel’s boiler exhaust gases Short sea: Shipping between destinations with a duration of typically 1-3 days. Converse is deep- sea shipping between continents with a duration of weeks Sideport ship: Ship with ramps for loading/ un- loading via ports in the ship's side Space charter: Third-party lease of space on a ferry deck Stevedoring: Loading and unloading ferries in a port terminal Time charter: Lease of a ferry with crew for an agreed period Tonnage tax: Taxation levied on ships according to ship tonnage, i.e. weight of ships Trailer: An unpowered vehicle for transport of goods pulled by a truck Vessel sharing agreement/slot charter: Agreement between two or more parties on the distribution and use of a ship's freight-carrying capacity Whistleblower scheme: System enabling employ- ees or stakeholders to report anonymously on po- tential breaches to rules, guidelines or regulations Glossary DFDS Annual Report 2025 Other 212 / 215 EBITA-margin, % EBITA / Revenue EBIT-margin, % EBIT / Revenue Equity per share Equity excluding non-controlling interests at year-end / Number of circulating shares at year-end Equity ratio, % Equity / Total assets Financial leverage / Debt-to-earnings ratio, times NIBD / EBITDA, including pro forma EBITDA for acquired companies Free cash flow Cash flow from operating activities minus cash flow from investing activities Free cash flow yield (FCF yield), % Adjusted free cash flow / Market value at year- end plus non-controlling interests Invested capital Net working capital (non-interest-bearing current assets minus non-interest bearing current liabili- ties plus non-current prepaid costs minus pension and jubilee liabilities and other provisions) plus non-current intangible and tangible assets Adjusted free cash flow Free cash flow excluding acquisitions/divest- ments minus payment of lease liabilities and currency contracts related to leases Cash pay-out ratio, % Total distribution to shareholders / Adjusted free cash flow Capital expenditure (CAPEX) Purchase of intangible assets and property, plant and equipment for the year Net capital expenditure (Net CAPEX) CAPEX excluding acquisitions minus asset sales Dividend paid per share Dividend for the year / Number of shares at the end of the period Dividend return, % Paid dividend per share / Share price at beginning of year Earnings per share (EPS) Profit for the year excluding non-controlling interests / Weighted average number of circulating shares EBITDA-margin, % EBITDA / Revenue Net interest-bearing debt (NIBD) Interest-bearing liabilities (excluding net pension provision) minus interest-bearing assets minus cash and securities Net operating profit after taxes (NOPAT) EBIT minus payable tax for the period adjusted for corporate income tax Operating profit before depreciation (EBITDA) Profit before interest, tax, depreciation, amortisa- tion, and impairment on non-current assets Operating profit before amortisation (EBITA) Profit before interest, tax, and amortisation Operating profit (EBIT) Profit before interest and tax Price-to-book value, times Share price at year-end / Equity per share at year-end Return on equity, % Profit for the year excluding non-controlling interests / Average equity excluding non-controlling interests Return on invested capital (ROIC), % NOPAT / Average invested capital ROIC before acquisition intangibles (ROIC BAI), % NOPAT excluding amortisation on intangible assets recognised in connection with acquisition of enterprises and activities (goodwill and other non-current intangible assets) / Average invested capital excluding acquisition intangible assets Total distribution yield, % Total distribution to shareholders / Market value at year-end plus non-controlling interests Total shareholder return, % (Share price end period – Share price beginning period + Dividend per share) / Share price beginning period Weighted average cost of capital (WACC) Average capital cost for net interest-bearing liabilities and equity, weighted according to the capital structure Financial definitions DFDS Annual Report 2025 Other 213 / 215 For many years DFDS transported emigrants seeking a better future to the USA. During the world wars, DFDS kept up supplies of critical food and coal to people in Europe helping to uphold jobs and industry. After the second world war, DFDS’ fleet, many now powered by diesel engines, kept moving: goods from USA to Europe, people between coun- tries, goods between UK and mainland Europe, between the Mediterranean and Scandinavia, and to and from Iceland. At the end of the 1960’es, DFDS were the among the first to develop a roll-on-roll-off solution, paving the way for more efficient shipping of freight units such as trailers carrying industrial cargo. The logistics activities were developed from 1972 to complement the ferry routes with door-door road transport solutions and to provide solutions in other markets as well. In 2000, the entire trans- port division was divested to re-focus the Group DFDS * has enabled trade and travel since the company was founded in 1866 by C.F. Tietgen’s merger of four Danish steamship companies. Goods and coal from the UK, the world’s industrial locomotive at the time, were sailed to Scandinavia and other regions where markets for textiles and energy, amongst other things, were developing. The new shipping lines conversely created access for farmers in these regions to supply the UK’s rap- idly growing demand for food and raw materials. DFDS developed quickly in line with the growth it helped create. Routes were also launched to the USA bringing back soya cake as feed to European farmers. This supported their transfor- mation from exporters of livestock to producers and exporters of processed products such as butter and bacon. DFDS also opened new routes to connect Danish and Scandinavian cities with each other and the world. All this was based on a fleet of more than 120 ships, among the largest in the world at the time. on ferry activities. Land transport and logistics activities have since then been gradually devel- oped to support the ferry network. The ferry and logistics network has been further expanded and strengthened in and around Europe through organic growth and acquisitions. Key milestones have been the addition of Norfolkline in 2010, operating on the North Sea and the Channel, and UN RoRo in 2018. The latter significantly expanded the route network in the Mediterranean and at the beginning of 2024, DFDS also entered the ferry market on the Strait of Gibraltar through an acquisition. In recent years, several larger logistics acquisions have added further capabili- ties to the network. Not least with the acquisition of the Turkish transport company Ekol International Transport in late 2024. * Abbreviation in Danish for The United Steamship Company. Moving for all to grow since 1866 DFDS Annual Report 2025 Other 214 / 215 Financial calendar 2026 25 March Annual general meeting (AGM) 5 May Q1 report 2026 14 August Q2 report 2026 5 November Q3 report 2026 Addresses of DFDS’ subsidiaries, locations and offices are available from www.dfds.com · DFDS A/S, Marmorvej 18, DK 2100 Copenhagen Ø · +45 3342 3342 · www. dfds.com · CVR 14194711 Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2025-01-012025-12-312024-01-012024-12-31549300JZVW1Y1UZ5UK38Reporting class DOpinionBasis for Opinion549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember549300JZVW1Y1UZ5UK382025-01-012025-12-31549300JZVW1Y1UZ5UK382024-01-012024-12-31549300JZVW1Y1UZ5UK382025-12-31549300JZVW1Y1UZ5UK382024-12-31549300JZVW1Y1UZ5UK382024-12-31ifrs-full:IssuedCapitalMember549300JZVW1Y1UZ5UK382025-01-012025-12-31ifrs-full:IssuedCapitalMember549300JZVW1Y1UZ5UK382025-12-31ifrs-full:IssuedCapitalMember549300JZVW1Y1UZ5UK382024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JZVW1Y1UZ5UK382025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JZVW1Y1UZ5UK382025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JZVW1Y1UZ5UK382024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JZVW1Y1UZ5UK382025-01-012025-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JZVW1Y1UZ5UK382025-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JZVW1Y1UZ5UK382024-12-31ifrs-full:TreasurySharesMember549300JZVW1Y1UZ5UK382025-01-012025-12-31ifrs-full:TreasurySharesMember549300JZVW1Y1UZ5UK382025-12-31ifrs-full:TreasurySharesMember549300JZVW1Y1UZ5UK382024-12-31ifrs-full:RetainedEarningsMember549300JZVW1Y1UZ5UK382025-01-012025-12-31ifrs-full:RetainedEarningsMember549300JZVW1Y1UZ5UK382025-12-31ifrs-full:RetainedEarningsMember549300JZVW1Y1UZ5UK382024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300JZVW1Y1UZ5UK382025-01-012025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300JZVW1Y1UZ5UK382025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300JZVW1Y1UZ5UK382024-12-31ifrs-full:NoncontrollingInterestsMember549300JZVW1Y1UZ5UK382025-01-012025-12-31ifrs-full:NoncontrollingInterestsMember549300JZVW1Y1UZ5UK382025-12-31ifrs-full:NoncontrollingInterestsMember549300JZVW1Y1UZ5UK382023-12-31ifrs-full:IssuedCapitalMember549300JZVW1Y1UZ5UK382024-01-012024-12-31ifrs-full:IssuedCapitalMember549300JZVW1Y1UZ5UK382023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JZVW1Y1UZ5UK382024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JZVW1Y1UZ5UK382023-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JZVW1Y1UZ5UK382024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JZVW1Y1UZ5UK382023-12-31ifrs-full:TreasurySharesMember549300JZVW1Y1UZ5UK382024-01-012024-12-31ifrs-full:TreasurySharesMember549300JZVW1Y1UZ5UK382023-12-31ifrs-full:RetainedEarningsMember549300JZVW1Y1UZ5UK382024-01-012024-12-31ifrs-full:RetainedEarningsMember549300JZVW1Y1UZ5UK382023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300JZVW1Y1UZ5UK382024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300JZVW1Y1UZ5UK382023-12-31ifrs-full:NoncontrollingInterestsMember549300JZVW1Y1UZ5UK382024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember549300JZVW1Y1UZ5UK382023-12-31549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember1549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember2549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember1549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember2549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember3549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember4549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember5549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember6549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember7549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember8549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember9549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember1549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember2549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember1549300JZVW1Y1UZ5UK382025-01-012025-12-31cmn:ConsolidatedMember2549300JZVW1Y1UZ5UK382024-01-012024-12-31cmn:ConsolidatedMemberiso4217:DKKiso4217:DKKxbrli:sharesxbrli:pure