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:
5 May 2026. 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
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
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