• Q3 EBITDA of DKK 1.6bn was ahead of expectations
  • Strong passenger high season
  • Freight performance as expected below last year
  • Cash flow further improved
  • EBITDA outlook firmed up to DKK 4.9-5.2bn (DKK 4.8-5.2bn)

Q3 2023

  • EBITDA on a level with 2022
  • Adjusted free cash flow DKK 503m
  • Financial leverage stable at 2.9x
  • CO2 ferry emission intensity lowered 4%


  • EBITDA firmed up to DKK 4.9-5.2bn
  • Revenue around same level as 2022
  • Investments reduced to DKK 0.1bn

“We have firmed up our outlook on the back of a solid quarter, not least a very good passenger result. Freight markets are currently challenging and we continue to adapt our ferry and road capacity to optimise utilisation,” says Torben Carlsen, CEO.

 20232022 2022-232021-22 2022
DKK mQ3Q3 Change, % LTMLTM Change, % Full-year
Operating profit before depreciation (EBITDA)1,5921,59105,0924,73284,974
Operating profit before amortisation (EBITA)9271,002-72,5832,45952,603
Operating profit (EBIT)888968-82,4202,32942,468
Profit before tax693853-191,8602,021-82,139

Q3 revenue decreased 1.8% to DKK 7.2bn but increased 6.7% adjusted for ferry bunker surcharges. The adjusted growth was driven by higher ferry revenue and revenue from logistics acquisitions.

The Q3 EBITDA of DKK 1,592m was on level with Q3 2022. The freight ferry EBITDA of DKK 535m was 26% lower than last year due to a spike in oil price spreads in Q3 2022. Underlying freight ferry earnings were on level with 2022 despite lower volumes. The Q3 passenger EBITDA increased 29% to DKK 758m as results improved across the route network. Logistics Division’s EBITDA increased 8% to DKK 319m driven by acquisitions while underlying performance was below last year due to lower activity levels and one-off costs.

Year-to-date (Q1-3) revenue increased 1% to DKK 20.5bn compared to the same period last year and Q1-3 EBITDA increased 3% to DKK 4,004m. EBITDA was DKK 5,092m for the last twelve months (LTM, 2022-23).

The Q3 adjusted free cash flow was DKK 503m and DKK 1.69bn for LTM. Net interest-bearing debt (NIBD) was reduced 1% from Q2 2023 on the back of the positive cash flow.

Outlook 2023
The EBITDA outlook is firmed up to DKK 4.9-5.2bn (previously DKK 4.8-5.2bn) as Q3 financial performance was ahead of expectations. The investment outlook, excluding acquisitions, was reduced to DKK 0.1bn (previously DKK 1.6bn) following the sale and leaseback of three ferries announced in October 2023. The outlook is detailed on page 10 in the report.

Read the Q3 2023 interim report here:


15 November 2023. 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.

Sign up for Capital Markets Day 13 December here.

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
Christina Bruun Madsen, Media +45 51 71 42 88

About DFDS

We operate a transport network in and around Europe with annual revenue of DKK 27bn and 13,000 full-time employees.

We move goods in trailers by ferry, road, and rail plus we offer complementary and related 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.