DFDS (DFDS) Q2 2026 earnings summary

Executive summary

• Q2 2026 results showed 10% revenue growth to DKK 8.6bn, with EBIT up DKK 291m to DKK 454m and adjusted free cash flow up 35% to DKK 728m, driven by improved Ferry and Logistics performance and strategic initiatives.

• A strategy review was launched to clarify long-term direction, capital allocation, and competitive positioning, with completion expected within six months.

• Safety remains a top priority, with a fatality reported in May 2026 and ongoing investigations to improve protocols.

• Financial leverage improved to 3.4x NIBD/EBITDA, and profit after tax increased DKK 255m to DKK 168m.

• A one-off litigation charge of DKK 53m–62m negatively impacted results, stemming from a case dating back to 2015.

Financial highlights

• Q2 revenue grew 10% year-over-year to DKK 8,584m, driven by fuel surcharges and underlying growth in both divisions.

• EBITDA increased by 35% to DKK 1,205m, and EBIT rose 179% to DKK 454m.

• Adjusted free cash flow for Q2 was DKK 728m (+35% YoY); H1 2026 exceeded DKK 1bn.

• Net interest-bearing debt reduced by DKK 2.1bn YoY to DKK 14.0bn; equity ratio at 36%.

• Earnings per share for Q2: DKK 3.05 (up from DKK -1.67 YoY).

Outlook and guidance

• 2026 revenue growth outlook raised to 3%-5%, mainly due to fuel surcharges.

• EBIT guidance increased to DKK 1.2–1.4bn for 2026.

• Adjusted free cash flow guidance raised to around DKK 500m for the year.

• CapEx guidance unchanged at DKK 1.7bn; acquisition CapEx for Naviera Armas not included pending regulatory clearance.

• Conditional clearance received for Naviera Armas acquisition in Strait of Gibraltar.