DFDS

Earnings Release • Nov 6, 2025

Q3 2025 INTERIM REPORT - STAYING THE TRANSITION COURSE

Q3 2025 INTERIM REPORT - STAYING THE TRANSITION COURSE

ANNOUNCEMENT NO. 33/2025

Q3 2025

* Revenue up 4% to DKK 8.3bn. Organic growth was -2%

* EBIT reduced 32% to DKK 536m

* CO2 ferry emission intensity from own fleet lowered 2.7%

Outlook 2025

* EBIT lowered to DKK 0.6-0.75bn from DKK 0.8-1.0bn excluding one-off

programme cost

* Cost Reduction Programme one-off cost of around DKK 100m in Q4 2025

* Adjusted free cash flow of around DKK 0.9bn down from DKK 1.0bn

"We are launching a Cost Reduction Programme to accelerate our transition to a

higher level of financial performance," says Torben Carlsen, CEO.

Q3 Q3 Change, LTM LTM Change, Full-year

DKK m 2025 2024 % 2024-25 2023-24 % 2024

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Revenue 8,296 7,965 4 30,841 29,389 5 29,753

EBITDA 1,397 1,508 - 7 3,780 4,690 -19 4,440

EBIT 536 785 - 32 584 1,862 -69 1,506

Adjusted free cash flow - 40 396 - 110 908 2,186 -58 957

ROIC % - - - 1.4 5.8 - 4.4

Financial leverage,

times - - - 4.3 3.3 - 3.9

CEO's comments

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

the foundation for improving financial performance following the events of 2024.

We have three focus areas that are challenged on earnings and key to improving

performance.

Today, we are expanding our transition toolbox to accelerate the transition to a

higher level of financial performance with a Cost Reduction Programme targeting

DKK 300m of cost reductions in 2026. See separate announcement for details.

Focus area updateThe Logistics Boost projects progressed in line with

expectations in Q3 and further improvements are expected in Q4.

The adaptation of the Mediterranean ferry network moved forward in Q3 as the new

pricing model launched in September 2025 provided an initial yield recovery as

planned.

The third focus area, the Türkiye & Europe South (TES) turnaround, progressed on

the other hand less than expected in Q3. The earnings trend is improving but

slower than expected amid challenging market conditions.

Q3 network performance as expected

The Q3 result for the network, excluding focus areas, was overall as expected

and above 2024 when adjusted for route changes, especially the sale of Oslo-

Copenhagen and the exit from Tarifa-Tanger Ville.

The North Sea freight ferry operations were stable and Baltic Sea had a good

quarter with further improvements expected on the back of our new space charter

agreement. Channel performed well overall in Q3 even though the Jersey routes

incurred extra costs for mainly tonnage changes.

Strait of Gibraltar delivered on expectations in Q3 and we are excited about

deploying the two additional acquired ferries in 2026 pending regulatory

approval.

Q3 was a turning point for our Nordic and Continent logistics units and both are

now better adapted to a low-growth market environment. Our UK & Ireland

logistics unit continued its stable performance in Q3.

Outlook

The 2025 EBIT outlook is lowered to DKK 600-750m from previously DKK 800-1,000m

driven mainly by uncertainties regarding the development in Q4 2025 for the

Mediterranean ferry and logistics activities. In addition, the above outlook

range will be reduced by the one-off programme cost of around DKK 100m. The

outlook is detailed on page 4.

Read the Q3 2025 interim report here:

DFDS Q3 Report 2025 | DFDS (https://www.dfds.com/en/about/investors/reports-and-

presentations/q3-report-2025)

6 November 2025. Conference call today at 10.00am CET

Register ahead of the call via this link

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

ber=8807699&linkSecurityString=18588f5120).

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

link (https://getvisualtv.net/stream/?dfds-q3-2025).

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 Sørensen, Media +45 42 30 38 47

About DFDS

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

30bn and 16,500 full-time employees.

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

and 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.