Copenhagen, DENMARK

Q3 2022 INTERIM REPORT no. 31 - 17 November 2022

  • Q3 EBITDA up 88% to DKK 1.59bn
  • Higher earnings in all business units
  • Passenger earnings 11% above 2019 (pre-Covid-19)
  • Financial leverage of 2.9x back in target range
  • Full-year EBITDA outlook raised to DKK 4.8-5.0bn

Q3 2022

  • ROIC above 8% target
  • Operating cash flow of DKK 1.4bn
  • Ferry CO2 emissions reduced 4% (g/CO2/GT per mile)


  • EBITDA raised to DKK 4.8-5.0bn (previously DKK 4.4-4.8bn)
  • Revenue growth of around 45%

“Steady demand from freight customers and strong return of passengers raised our result again in Q3. With financial leverage back in our target range, we are well positioned to face challenges and to pursue growth opportunities,” says Torben Carlsen, CEO.

 20222021 2021-222020-21 2021
DKK mQ3Q3 Change, % LTMLTM Change, % FY
EBITDA before special items1,591 848 88 4,786 3,265 47 3,411
EBIT before special items9683321912,3171,294791,313
Profit before tax and special items8532632242,0009741051,035
Profit before tax853 291 193 2,021 907 123 1,069

Group revenue increased 64% to DKK 7.2bn driven by the continued recovery in passenger numbers and spending as well as price increases for freight services to cover rising energy and other costs. Revenue was also increased by the acquisitions of HSF Logistics Group in September 2021 and ICT Logistics in January 2022.

Total EBITDA before special items increased 88% to DKK 1,591m. The EBITDA for freight ferry and logistics activities increased 28% to DKK 1,036m driven by higher earnings in all business units except for Channel. Oil price increases were covered by the contractual pass-through clauses for ferry services. Cost coverage for logistics services improved in Q3 on the back of initiatives taken in previous quarters.

The Q3 EBITDA for passenger activities in the Channel, Baltic Sea, and Passenger business units increased to DKK 569m from DKK 52m in 2021. The continued recovery in passenger travel improved earnings in all three business units. The Q3 passenger EBITDA was 11% above 2019, the latest pre-Covid-19 year.

Outlook 2022
The outlook for EBITDA before special items is raised to DKK 4.8-5.0bn following a strong Q3 result and steady demand in both freight and passenger markets (previously DKK 4.4-4.8bn, 2021: DKK 3.4bn). Revenue is expected to grow by around 45% compared to 2021 (previously around 40%). The outlook is detailed on page 10 in the full report.

Read the Q3 2022 interim report here:

17 November 2022. 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.

Torben Carlsen, CEO +45 33 42 32 01
Karina Deacon, CFO +45 33 42 33 42
Søren Brøndholt Nielsen, IR +45 33 42 33 59
Nicole Seroff, Communications: +45 31 40 34 46

About DFDS

DFDS provides ferry and transport services in and around Europe, generating annual revenues of around DKK 25bn.

To over 10,000 freight customers, we deliver high reliability through ferry & port terminal services and transport & logistics solutions.

For millions of passengers, we provide safe overnight and short sea ferry services.

Our 11,000 employees are located on ferries, terminals, distribution centres, and in offices across 20 countries. DFDS was founded in 1866, headquartered in Copenhagen, and listed on Nasdaq Copenhagen.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.