Q2 2026 INTERIM REPORT - ON TRACK. MORE TO DO
ANNOUNCEMENT NO. 23/2026 - 13 August 2026
In view of company announcement no. 22 released earlier today, DFDS has decided to announce the half-year results one day earlier than stated in DFDS’ financial calendar.
Q2 2026
- Revenue up 10% to DKK 8.6bn
- EBIT up DKK 291m to DKK 454m
- Adjusted free cash flow of DKK 728m
- CO2e emission intensity increased 2.0% across total network
Outlook 2026
- Revenue growth of 3-5% (previously on level with 2025)
- EBIT of DKK 1.2-1.4bn (previously DKK 1.0-1.4bn)
- Adjusted free cash flow of around DKK 500m (previously above DKK 250m)
“We have launched a strategy review to clarify our long-term vision, positioning, and priorities.” says Michael Hansen, CEO.
| Q2 | Q2 | Change, | LTM | LTM | Change, | Full-year | |
| DKK million | 2026 | 2025 | % | 2025-26 | 2024-25 | % | 2025 |
| Revenue | 8,584 | 7,810 | 10 | 31,536 | 30,510 | 3 | 30,947 |
| EBITDA | 1,205 | 893 | 35 | 4,106 | 3,892 | 5 | 3,743 |
| EBIT | 454 | 163 | 179 | 961 | 833 | 15 | 520 |
| Adjusted free cash flow | 728 | 538 | 35 | 1,429 | 1,344 | 6 | 1,184 |
| ROIC % | - | - | - | 2.6 | 2.2 | - | 1.2 |
| Financial leverage, times | - | - | - | 3.4 | 4.2 | - | 4.1 |
CEO comment
Since joining DFDS just over a month ago, I have visited key parts of our network to experience the business firsthand. The scale and diversity of our operations are impressive, but what has stood out most is the expertise and commitment our people bring to serving customers and keeping operations moving every day.
This gives me great confidence in the foundation we have for the future. I look forward to continuing my journey across the network, engaging with customers and colleagues to deepen my understanding of how we create value and how we can further strengthen DFDS.
DFDS plays an important role in enabling trade and travel in and around Europe, combining ferry, road, and rail transport with complementary logistics solutions. We are well positioned in most of our markets, yet financial performance is far from where it should be.
We have therefore launched a strategy review to clarify our long-term vision, positioning, and priorities. The strategy review will define the strategic areas where we will concentrate our efforts and specify how we can deliver sustainable long-term value for all our stakeholders. In parallel, we will continue our dedicated focus on near-term performance improvements.
The strategy review, including financial ambitions, will be completed within six months. Improving DFDS’ financial performance is a top priority in order to deliver satisfactory shareholder returns and to enable future network investments.
Q2 financial performance on track
Our Q2 2026 financial performance was in line with our expectations affirming the full-year earnings outlook. Both divisions, Ferry and Logistics, improved Q2 earnings compared to 2025, including continued progress on our six turning point actions set out earlier in the year.
Our financial solidity was further strengthened in Q2 as high cash conversion underpinned an improvement in financial leverage, NIBD/EBITDA, to 3.4x at the end of the quarter.
Outlook
The revenue growth outlook is increased to 3-5% from previously around 0%. The low end of the 2026 EBIT outlook range is raised to DKK 1,200-1,400m from previously DKK 1,000-1,400m. The expectation for the Adjusted free cash flow is increased to around DKK 500m from previously above DKK 250m.
The outlook assumptions are detailed in the attached report.
Read the Q2 2026 interim report here:
https://www.dfds.com/en/about/investors/reports-and-presentations/q2-report-2026
13 August 2026. Conference call tomorrow 14 August 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
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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