DFDS

Earnings Release • Aug 15, 2023

Q2 2023 INTERIM REPORT - OUTLOOK RAISED h1 {font-size: 1.8em;}h2 {font-size: 1.6em}

Q2 2023 INTERIM REPORT - OUTLOOK RAISED

ANNOUNCEMENT NO. 28/2023

• Q2 performance better than expected
• Result below Q2 2022 due to temporary boost of Channel earnings in Q2 2022
• Logistics acquisitions performing well
• EBITDA outlook raised to DKK 4.8-5.2bn (DKK 4.5-5.0bn) on 14 August 2023

Q2 2023

• EBITDA decreased 5% to DKK 1.4bn
• Adjusted free cash flow DKK 601m

• NIBD reduced 4% from Q1 2023

• CO2 emissions 8% lower per GT nautical mile

OUTLOOK 2023

• EBITDA raised to DKK 4.8-5.2bn
• Revenue around same level as 2022
• Investments of DKK 1.6bn

“We have raised our outlook as we continued to deliver strong operational performance in Q2, and despite headwind in some regions, we achieved a result that was better than expected,” says Torben Carlsen, CEO.

KEY FIGURES
	2023	2022		2022-23	2021-22		2022
DKK m	Q2	Q2	Change, %	LTM	LTM	Change, %	Full-year
Revenue	6,942	7,170	-3	27,148	23,102	18	26,873
Operating profit before depreciation (EBITDA)	1,404	1,474	-5	5,090	3,987	28	4,974
Operating profit before amortization (EBITA)	765	874	-13	2,658	1,841	44	2,603
Operating profit (EBIT)	718	841	-15	2,500	1,722	45	2,468
Profit before tax	560	760	-26	2,020	1,459	38	2,139

Q2 revenue decreased 3.2% to DKK 6.9bn but increased 2.5% adjusted for bunker surcharges, driven by higher passenger and logistics revenue. Freight ferry revenue was below last year as lower volumes were partly offset by higher rates.

Q2 EBITDA decreased 5% to DKK 1,404m. The freight ferry EBITDA of DKK 754m was 20% lower than last year as Q2 2022 earnings were boosted by elevated Channel earnings and exceptionally high levels of oil price spreads, that have now normalised. Moreover, Q2 2023 volumes were lower than last year. The Q2 passenger EBITDA increased 28% to DKK 350m as results were improved across the route network. Logistics Division’s EBITDA increased 26% to DKK 345m driven by acquisitions.

For the first half-year (H1), revenue increased 2% to DKK 13.3bn compared to the same period last year and H1 EBITDA increased 5% to DKK 2,413m. EBITDA was DKK 5,090m for the last twelve months (LTM, 2022-23).

The Q2 adjusted free cash flow was DKK 601m and DKK 1,455m for the last twelve months (LTM). Net interest-bearing debt (NIBD) was reduced 4% from Q1 2023 on the back of the positive cash flow.

Outlook 2023

The EBITDA outlook is raised to DKK 4.8-5.2bn (previously DKK 4.5-5.0bn) following better than expected H1 financial performance. Revenue is overall still expected to remain at the same level as 2022.

The outlook is detailed on page 9 in the full report.

Read the Q2 2023 interim report here:

https://www.dfds.com/en/about/investors/reports-and-presentations/q2-report-2023

15 August 2023. Conference call today at 10.00am CET

Register ahead of the call via this link. Access code is mailed after registration.

Follow live-streaming of call via this link.

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

Christina Bruun Madsen, Media +45 51 71 42 88

About DFDS

We operate a transport network in and around Europe with annual revenue of DKK 27bn and 12,800 full-time employees.

We move goods in trailers by ferry, road, and rail plus we offer related logistics solutions.

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

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

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

Attachment

• DFDS_NO_28_15_08_2023_Q2_REPORT