Denmark · Delayed Price · Currency is DKK DFDS A/S Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 showed a strong turnaround with EBIT up DKK 150 million year-over-year, driven by Ferry and Logistics improvements. Full-year EBIT guidance was raised to DKK 1.0–1.4 billion, with leverage ratio reduced to 3.9 and free cash flow guidance improved.
Fiscal Year 2025
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2025 was a challenging year with margin pressure and lower earnings, but Q4 marked a turnaround with improved results in key segments. 2026 guidance anticipates a significant EBIT increase, driven by cost savings, pricing, and operational improvements, with positive cash flow expected.
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Q3 saw revenue growth from acquisitions but lower EBITDA due to ferry division challenges, especially in the Mediterranean. A DKK 300 million cost reduction program was launched, and 2025 EBIT guidance was lowered amid competitive and operational uncertainties.
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Q2 results were weighed down by Mediterranean ferry challenges, with stable performance elsewhere and strong logistics boost project progress. EBIT guidance was lowered, CapEx reduced, and free cash flow guidance maintained, as recovery actions and new pricing models are implemented.
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Q1 2025 saw 8% revenue growth driven by acquisitions, but underlying performance was mixed due to Mediterranean and logistics challenges. Turnaround actions are underway, with improved trends expected in H2, and full-year guidance remains unchanged despite ongoing market and geopolitical risks.
Fiscal Year 2024
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2024 saw network expansion and organic growth, but earnings were depressed by Mediterranean competition, Ekol losses, and macro headwinds. 2025 is set as a transition year with a focus on recovery, cost control, and working capital improvements, targeting DKK 1 billion EBIT and free cash flow.
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Revenue grew 9% in 2024, but EBIT is expected to drop to DKK 1 billion in 2025 due to Mediterranean competition and Ekol integration. Previous long-term financial targets are withdrawn, with a strong focus on cash flow, asset management, and adapting to new market realities.
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The acquisition expands logistics operations into the Türkiye-Europe corridor, aiming to leverage synergies and recover profitability by 2027. Integration will focus on commercial recovery, cost optimization, and network consolidation, with significant IT investment and a clear plan to address operational challenges.
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Q3 2024 saw 4% organic revenue growth but an 11% EBIT decline due to margin pressures and competition, especially in the Mediterranean and logistics. 2024 EBIT and cash flow guidance were lowered, with recovery hinging on Mediterranean performance and ongoing cost controls.
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Q2 saw revenue growth but significant EBIT and EBITDA declines due to market headwinds and underperformance in logistics, especially the Nordic cold chain. 2024 EBIT guidance was lowered, but the adjusted free cash flow target remains unchanged at DKK 1.5 billion.