ANNOUNCEMENT NO. 33/2026
Q3 2026
- Revenue up 6% to DKK 8.8bn
- EBIT up 28% to DKK 685m
- Adjusted free cash flow of DKK 205m
- CO2e emission intensity increased 1.8% across own fleet
Outlook 2026
- Revenue growth of 4-5% (previously 3-5%)
- EBIT of DKK 1.2-1.4bn, unchanged
- Adjusted free cash flow of DKK 800-1,000m (previously around DKK 500m)
“We are undertaking a multi-year transformation requiring disciplined execution and strong focus on financial results.” says Michael Hansen, CEO.
| Q3 | Q3 | Change, | LTM | LTM | Change, | Full-year | |
| DKK million | 2026 | 2025 | % | 2025-26 | 2024-25 | % | 2025 |
| Revenue | 8,826 | 8,296 | 6 | 32,066 | 30,841 | 4 | 30,947 |
| EBITDA | 1,477 | 1,397 | 6 | 4,186 | 3,780 | 11 | 3,743 |
| EBIT | 685 | 536 | 28 | 1,110 | 584 | 90 | 520 |
| Adjusted free cash flow | 205 | - 40 | n.a. | 1,674 | 908 | 84 | 1,184 |
| ROIC % | - | - | - | 3.2 | 1.4 | - | 1.2 |
| Financial leverage, times | - | - | - | 3.3 | 4.3 | - | 4.1 |
CEO comment
In Q3, we continued to improve our financial performance as EBIT increased by 28% to DKK 685m driven by both divisions.
A significant performance improvement in the Logistics Division is a testament to our dedicated efforts to strengthen the underlying business through our Boost Project turnaround model.
In parallel, we continued to strengthen our financial solidity on the back of strong cash flow generation.
Our overall earnings level remains nonetheless unsatisfactory. Our two business units operating out of Türkiye - Mediterranean and TES - face significant market challenges that set their situation apart from the rest of the network. These challenges continue to weigh considerably on the Group result.
We are addressing these challenges by applying our Boost Project turnaround model for TES and by continued adaptation of Mediterranean’s capacity and its pricing model.
Strong Logistics performance
In Q3, our Logistics Division delivered a strong performance improvement as EBIT increased by DKK 86m to DKK 108m. Excluding TES, this corresponds to a year-to-date return on invested capital of 8%.
This improvement reflects the skills and dedication of people across the Division and that our Boost Project turnaround model is effective. Substantial improvement opportunities still remain in the Division.
Strengthening execution capabilities
The ongoing strategy review will define our future strategic priorities and capital deployment to concentrate our resources on improving value creation for all our stakeholders – short-term and long-term.
We are undertaking a multi-year transformation that requires disciplined execution and a strong focus on delivering superior financial results. To strengthen our transformation capabilities and ensure clear ownership of this agenda, we are expanding the Executive Management Team with a Chief Transformation Officer, who will lead strategy execution and drive the transformation across DFDS.
Outlook
While the EBIT outlook is unchanged, the revenue growth expectation is increased to 4-5% from previously 3-5%. The expectation for the Adjusted free cash flow is increased to
DKK 800-1,000m from previously around DKK 500m.
The outlook assumptions are detailed in the attached report.
Read the Q3 2026 interim report here:
11 November 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
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 32bn 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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