DFDS — Earnings Release 2021

May 11, 2021

DFDS: Q1 2021 INTERIM REPORT

DFDS: Q1 2021 INTERIM REPORT

Company announcement no. 19/2021

2021 OFF TO A GOOD START

• Fast recovery from Brexit transition
• Mediterranean continued its progress
• Passenger services remained restricted
• EBITDA increased 23% to DKK 750m

Q1 2021

• Mediterranean’s EBITDA up DKK 101m
• Freight total EBITDA up DKK 165m
• High activity on new Irish route
• Acquisition of HSF Logistics Group

OUTLOOK 2021 (raised 23 April)

• EBITDA of DKK 3.2-3.6bn
• Revenue growth of 20-25%, unchanged

“We came through Brexit better than expected thanks to our focus on customer needs and thorough preparations. Next on our agenda is a successful integration of HSF Logistics Group,” says Torben Carlsen, CEO.

Key figures
	2021	2020		2020-21	2019-20		2020
DKK m	Q1	Q1	Change, %	LTM	LTM	Change, %	FY
Revenue	3,768	3,813	-1.2	13,925	16,535	-15.8	13,971
EBITDA before special items	750	610	23.0	2,872	3,565	-19.4	2,732
EBIT before special items	278	133	109.4	1,003	1,650	-39.2	858
Profit before tax and special items	202	98	106.0	687	1,411	-51.3	583
Profit before tax	192	96	99.4	562	1,324	-57.6	466

Freight revenue increased 5% to DKK 3.7bn in Q1 while passenger revenue decreased 72% to DKK 0.1bn. Total revenue decreased 1% to DKK 3.8bn.

Freight EBITDA before special items increased DKK 165m or 25% to DKK 836m while the passenger EBITDA decreased DKK 42m to DKK -93m. Total EBITDA increased 23% to DKK 750m. The improved result for freight ferry and logistics activities was mainly driven by the Mediterranean business unit and activities linked to the Brexit transition.

Tight travel restrictions for passengers were in place throughout Q1 and passenger volumes therefore remained subdued in the quarter. Passenger services are provided in three business units – Passenger, Channel and Baltic Sea.

Outlook 2021

The EBITDA outlook for 2021 was raised on 23 April 2021 following stronger than expected freight results for most business units. Revenue is still expected to grow by 20-25% while the range for EBITDA before special items was raised to DKK 3.2-3.6bn from previously DKK 3.0-3.5bn (2020: DKK 2.7bn). Uncertainty remains high and significant changes to outlook assumptions may still occur in the rest of the year.

The outlook is detailed on page 8 in the full report.

Read the Q1 2021 Interim Report here:

https://www.dfds.com/en/about/investors/reports-and-presentations/q1-report-2021

11 May 2021. Conference call today at 14.00am CET

Access code: 75366786# Phone numbers to the call: DK +45 35445577, US +1 631 913 1422, UK +44 333 300 0804

Contact

Torben Carlsen, CEO +45 33 42 32 01

Karina Deacon, CFO +45 33 42 33 42

Søren Brøndholt Nielsen, IR +45 33 42 33 59

Nicole Seroff, Communications: +45 31 40 34 46

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

• UK_DFDS_Q1_2021