DFDS

Earnings Release • Aug 15, 2025

OUTLOOK CHALLENGED BY MEDITERRANEAN HEADWINDS

OUTLOOK CHALLENGED BY MEDITERRANEAN HEADWINDS

COMPANY ANNOUNCEMENT no. 24 - 15 August 2025

* 2025 is a transitional year to improve financial performance following

events of 2024

* Most of the network broadly in line with expectations and Logistics Boost

projects on track

* Mediterranean focus areas progressed less than expected in Q2

* 2025 EBIT outlook updated to DKK 0.8-1.0bn from around DKK 1.0bn

* 2025 Adjusted free cash flow outlook unchanged DKK 1.0bn

As outlined earlier this year, 2025 is a transitional year for DFDS where the

foundation is laid for improving financial performance following events of 2024.

The Q2 2025 financial performance of most of the network was broadly in line

with expectations for the quarter.

Our key earnings challenge in 2025 is linked to resolving three specific focus

areas:

* Adapting Mediterranean ferry operations to competitive environment change

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

2025

* Delivering on the Logistics Boost turnaround projects initiated in 2024.

The realised and expected delivery on the Logistics Boost projects is on track

and in line with the expectations for 2025 set earlier this year.

The adaptation of the Mediterranean business unit progressed in Q2 2025 but less

than expected. Volumes were to a large extent intact but the impact from pricing

initiatives fell short of expectations. Further actions have been launched to

improve the effectiveness of the yield recovery in the remainder of the year.

The Türkiye & Europe South turnaround progressed well in Q2 2025 with regard to

rightsizing of the network while volumes and margins were below target, partly

due to Turkish transport market dynamics. Achieving the breakeven target in

2025 may therefore be delayed.

To reflect the challenges facing two of the focus areas, the EBIT outlook for

2025 is updated to a range of DKK 0.8-1.0bn from previously an EBIT of around

DKK 1.0bn.

The Q2 cash flow generation was on track and financial leverage is set to

improve as expected in H2. The 2025 outlook for Adjusted free cash flow is

unchanged DKK 1.0bn.

DFDS' Q2 2025 interim report is scheduled for release on 20 August 2025 at

around 7.30am CET.

Contact

Torben Carlsen, CEO +45 33 42 32 01

Karen Boesen, CFO +45 20 58 58 40

Søren Brøndholt Nielsen, IR +45 33 42 33 59

Dennis Kjærsgaard, Media +45 42 30 38 47

About DFDS

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

DKK 30bn and 16,500 full-time employees.

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

related transport and logistics solutions.

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

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

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act