DFDS — Interim / Quarterly Report 2026

May 5, 2026

Q1 2026 INTERIM REPORT - STEADY PROGRESS

Q1 2026 INTERIM REPORT - STEADY PROGRESS

ANNOUNCEMENT NO. 16/2026

Q1 2026

* Revenue down 2% to DKK 7.4bn

* EBIT up DKK 150m to DKK 33m. Underlying increase of DKK 262m

* Adjusted free cash flow of DKK 300m

* CO2e emissions from own fleet increased 2.9%

Outlook 2026

* Revenue on level with 2025

* EBIT of DKK 1.0-1.4bn

* Adjusted free cash flow of above DKK 250m

"Financial performance in both divisions continued to improve in Q1 2026 which

together with our cash flow focus also improved financial leverage," says Karen

D. Boesen, CFO & Interim CEO.

Q1 Q1 Change, LTM LTM Change, Full-year

DKK million 2026 2025 % 2025-26 2024-25 % 2025

-------------------------------------------------------------------------------

Revenue 7,353 7,539 -2 30,761 30,281 2 30,947

EBITDA 799 748 7 3,794 4,232 -10 3,743

EBIT 33 - 117 n.a. 670 1,189 -44 520

Adjusted free cash flow 300 246 22 1,238 1,530 -19 1,184

ROIC % - - - 1.6 3.4 - 1.2

Financial leverage,

times - - - 3.9 4.0 - 4.1

CEO comment

Financial performance in both divisions continued to improve in Q1 2026 which

together with our cash flow focus also improved financial leverage.

The Ferry Division's performance improvement was driven by a higher freight

result, especially in Mediterranean. The Logistics Division's improvement was

mainly due to the Continent and Nordic business units.

Earnings were in addition improved by five of six turning point actions set out

earlier in the year. The sixth turning point, the TES turnaround, developed in

line with expectations and is in 2026 expected to perform on level with 2025.

Navigating volatile markets

The ongoing Iran/Gulf conflict has since the beginning of March 2026 raised oil

prices as well as geopolitical and macro uncertainty.

In our transport network, we have through April 2026 not seen material impacts

on volumes. There is however a possible downside risk of elevated fuel costs

impacting the demand for transport services from both businesses and consumers

going forward.

The significant increase in oil prices, as well as in price spreads, had an

initial negative financial impact which is expected to reverse in Q2 2026.

In this volatile market environment, we are focused on adjusting operations in

line with market developments. Cost control remains a priority.

Financial leverage on target

Our capital structure was consolidated in Q1 2026 as measured by the debt/equity

ratio compared to Q1 2025.

Financial leverage, measured by debt-to-earnings ratio, NIBD/EBITDA, improved to

3.9x at the end of Q1 2026 and is on track to fulfil the leverage target we have

set for 2026 of a ratio below 4.0x.

Outlook

The 2026 EBIT outlook of DKK 1,000-1,400m is unchanged following the outlook

update made on 14 April 2026.

The expectation for the Adjusted free cash flow has been firmed up to above DKK

250m from the previous expectation of a cash flow above zero.

The outlook assumptions are detailed in the attached report.

Read the Q1 2026 interim report here:

DFDS Q1 Report 2026 | DFDS

(https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.dfds.com%

2Fen%2Fabout%2Finvestors%2Freports-and-presentations%2Fq1-report-

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5 May 2026. Conference call today at 10.00am CET

Register ahead of the call via this link

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

ber=7011780&linkSecurityString=147a27863c).

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

link (https://getvisualtv.net/stream/?dfds-q1-2026).

Contact

Karen Boesen, CFO & Interim CEO +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 15,000 full-time employees.

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

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