DFDS A/S
Transport & logistics·DFDS · Nasdaq Copenhagen·Fiscal year to 31/12/2025
DFDS A/S DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 Annual Report 2025 Turning point ahead Moving goods & people in and around Europe Our network combines ferry, road, and rail transport with complementary logistics solutions.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Automotive
End markets
DriverNegative impact: weakens
“This is partly due to Türkiye's continued effort to combat inflation which is lowering domestic consumption and thereby trade flows, a slowdown among European industrials, including the automotive sector, and lastly unfavourable developments in the Turkish transport market owing to the disruption caused by the entry of excess ferry capacity.”
Annual report 2025A · The company itself
Market
“The primary customer segments are cold chain, FMCG/ retail, industrials, and automotive.”
Annual report 2025A · The company itself
Market
“The bundling of transport (FTL/LTL) with solutions (warehousing/control towers/customs) remains a priority for larger customers with complex supply chains.”
Annual report 2025A · The company itself
Market
“Another priority is preparing for fleet renewal to accommodate customer growth requirements.”
Annual report 2025A · The company itself
Market
“European operators took Key freight customers are forwarders and hauliers for port-to-port transport of trailers with or without the driver accompanying the trailer. Heavy industrial goods are transported directly for manufacturers using trailer equivalents, e.g.”
Annual report 2025A · The company itself
Green shipping: alternative fuels and electric vessels
Regulation
DriverNegative impact: weakens
“While regulatory pressure is increasing, infrastructure development and alternative fuel availability remain major bottlenecks. The demand for greener transport solutions is intact, yet cost remains a critical barrier as many customers are cautious about paying a premium for low-emission services.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“At less than half the cost of a new electric terminal tractor, our retrofitted tractor is now reducing an average of 32 kg CO₂e per hour of service.”
Annual report 2025A · The company itself
Shipping and logistics
End markets
StrategyPositive impact: strengthens
“The network was expanded by a new freight ferry route between the Netherlands and Spain as well as a full-year of operations on the route opened in late 2024 between Egypt and Italy. In addition, ferry services for the island of Jersey across four routes were started in March 2025 following the award of a 20-year operating concession. A new space charter agreement was late in 2025 entered into on the Baltic Sea to improve efficiency and scope to mitigate the impact of the war in Ukraine.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“An agreed expansion in 2026 of the main route, Algeciras-Tanger Med, with two ferries awaits regulatory approval.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Organic growth of 9% was achieved in partnership with the top 30 Enterprise customers – large customers using multiple products of the network – underpinned by the transport network’s reliability and high customer service levels.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“To enhance the efficiency and scope of our Baltic Sea ferry network, a space charter agreement with TT Line was entered into in August 2025, effective from October 2025.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Monday, 17:30 Our transport network is mainly structured around trading corridors that overlap with our ferry routes.”
Annual report 2025A · The company itself
Market
“DFDS A/S DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 Annual Report 2025 Turning point ahead Moving goods & people in and around Europe Our network combines ferry, road, and rail transport with complementary logistics solutions.”
Annual report 2025A · The company itself
Market
“Various risks and uncertainties pertain to forward-looking statements, such as possible major changes in the demand for ferry services – freight and passengers – as well as road transport and logistics solutions.”
Annual report 2025A · The company itself
Market
“Outlook 2026 Outlook 2026 DKK m Outlook 2026 2025 Revenue Around on level 30,947 EBIT 800-1,100 520 Per division: Ferry Division 1,000-1,200 791 Logistics Division 50-150 -30 Non-allocated items -250 -241 Capital expenditure (Capex) Around -1,700 -994 Operating -1,700 -1,240 Ferries (sale/purchase/new-buildings) 0 246 Adjusted free cash flow Above zero 1,184 Revenue around on level with 2025 EBIT-range of DKK 800-1,100m Adjusted free cash flow above zero Key passenger outlook assumptions for 2026 No major changes are expected in 2026 in the passenger route network.”
Annual report 2025A · The company itself
Market
“Revenue for the top 25 freight ferry (trailer) customers increased 5% in 2025.”
Annual report 2025A · The company itself
Market
““Our warehouse in Wijchen is one of our biggest warehouses in our network with the ability to store over 80.000 pallets. On any given day more than 200 trucks crossdock here transporting goods to more than 15 countries across Europe,” says Patrick Noordzij, Managing Director, DFDS, Wijchen.”
Annual report 2025A · The company itself
Market
“Average number of employees 8,709 6,146 2,563 41.7% Financial performance The Logistics Division’s revenue increased 17.8% to DKK 15,723m and decreased 1.8% adjusted for acquisitions compared to 2024. The adjusted revenue included higher revenue in UK & Ireland, driven by organic growth, offset by lower revenue in Nordic and Continent reflecting a mix of positive organic growth in certain areas and lower revenue from activity adjustments/closures and market headwinds.”
Annual report 2025A · The company itself
Market
“European operators took Key freight customers are forwarders and hauliers for port-to-port transport of trailers with or without the driver accompanying the trailer.”
Annual report 2025A · The company itself
Market
“Market and competitive landscape Market participants are a mix of global and pan-European transport and logistics companies as well as smaller, regional companies specialised in certain geographic corridors, transport modes, and/or customer segments.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Automation and robotics
Technology
DriverPositive impact: strengthens
“Positioned in high-growth markets Nearshoring of manufacturing closer to end markets is expected to support continued higher growth in the Mediterranean region in the coming years.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Digital transformation progressed in the Logistics Division through the AI-powered Planning Efficiency and Automation initiative, introducing the Assisted Route Building Optimization tool to cut planning time and driven kilometres.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The network has been adapted through capacity reductions and recent price increases.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“warehouses → 14 customs offices Equipment → 13,700 trailers → 3,000 trucks Digitisation Logistics’ digital transformation advanced through the AI-powered Planning Efficiency and Automation initiative.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“priorities The committed focus on leveraging AI agents and machine learning is beginning to deliver tangible results, and investments are set to continue in this area.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2026, we will continue to develop the AI pilot projects for both Logistics and Ferry that achieved promising outcomes in 2025, such as identifying spot bookings, reducing secondary moves in terminals, and reducing fuel consumption of ferries.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“warehouses → 14 customs offices Equipment → 13,700 trailers → 3,000 trucks Digitisation Logistics’ digital transformation advanced through the AI-powered Planning Efficiency and Automation initiative.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Digitalisation
Technology
StrategyPositive impact: strengthens
“Our Moving Together Towards 2030 strategy is focused on unlocking the value of the expanded network through organic growth and on becoming a sustainable company.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In Finance, the Compass project delivered standardisation and efficiencies across core financial processes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Once the tender was awarded, standardised IT solutions and booking flows allowed for ticket sales to be initiated within just 24 days of contract signing.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Retail
End markets
Market
“The primary customer segments are cold chain, FMCG/ retail, industrials, and automotive.”
Annual report 2025A · The company itself
Market
“Revenue in 2025 from the top 30 freight customers using multiple products increased 9%, including lost and new accounts.”
Annual report 2025A · The company itself
Market
“Protect & Grow Profits Ferry route network 19 freight-only routes (RoRo) 14 combined freight and passenger routes (RoPax) 68 ferries 8 port terminals with own operations and/or owned Logistics 5 core products Full-load transport (FTL) Part-load transport (LTL) Contract logistics Customs Control towers A Group marketing function and operating model cutting across divisions was launched towards the end of 2025 for a more uniform and efficient marketing approach.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Asia and emerging markets
Geography
StrategyPositive impact: strengthens
“was the first full year of operations for TES (Türkiye & Europe South), the Turkish transport company acquired in 2024 to expand the network in a high-growth region supported by nearshoring of supply chains closer to Europe. The addition also extends the proven northern European ferry/ road business model to the region, of which one key strength is the ability to reliably transport large industrial trailer flows.”
Annual report 2025A · The company itself
Geography
“Our network and thereby the DFDS business model is now strongly positioned both in and around Europe to tap into northern Africa’s and Türkiye’s large growth potential.”
Annual report 2025A · The company itself
Aviation and travel
End markets
Market
“Organic passenger revenue growth in 2025 was 3% driven by higher onboard sales, partly from continued growth in Channel duty-free sales.”
Annual report 2025A · The company itself
Market
“Passengers can bring own cars and most routes also transport foot passengers. The passenger routes are a mix of overnight routes and short-sea routes with a crossing time of a couple of hours.”
Annual report 2025A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Electrification
Technology
StrategyPositive impact: strengthens
“We are driving the transition towards lower emission road transport by a combination of efficiency measures and electrification and by switching diesel for Hydrotreated Vegetable Oil (HVO) as a secondary transition technique.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Advancing electrification and alternative fuels As part of our long-term climate plan, our ambition is to introduce alternatively-fuelled ferries no later than the end of 2030.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Industrial manufacturing
End markets
Market
“Standardise to Simplify : Translate the scale benefits of being a larger network into lower cost ratios and customer service improvements.”
Annual report 2025A · The company itself
Market
“European operators took Key freight customers are forwarders and hauliers for port-to-port transport of trailers with or without the driver accompanying the trailer. Heavy industrial goods are transported directly for manufacturers using trailer equivalents, e.g.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
DriverNegative impact: weakens
“Carrier costs are expected to continue to rise driven by regulations, emissions reporting, toll systems, and sustainability requirements. This is expected to support further consolidation of the road transport sector.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We will continue to have a portfolio of Logistics Boost projects in 2026. The structural issues facing the other two focus areas, i.e. the adaptation to new ferry competition in the Türkiye-Italy/Europe corridor and the turnaround of TES (Türkiye & Europe South), turned out to be more severe than anticipated.”
Annual report 2025A · The company itself
Sea freight and freight rates
Raw materials and inputs
Market
“Financial performance The Ferry Division’s revenue decreased 4.8% to DKK 16,999m and decreased 1.7% adjusted for bunker surcharges and route changes.”
Annual report 2025A · The company itself
Market
“The Ferry Division’s revenue decreased 4.8% to DKK 17.0bn and decreased 1.7% compared to 2024 adjusted for bunker surcharges, acquisitions, divestments, and route changes.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Agriculture and food production
End markets
Market
“The primary customer segments are cold chain, FMCG/ retail, industrials, and automotive.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Beer and beverages
End markets
Market
“The primary customer segments are cold chain, FMCG/ retail, industrials, and automotive.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
E-commerce
Technology
StrategyPositive impact: strengthens
“The sales organisation was in addition re-organised in 2025 to create one global marketing function for the entire network.”
Annual report 2025A · The company itself
Electric vehicles and EV batteries
End markets
Market
“At year-end 2025, the total logistics network deployed 13.7k trailers, 2.7k containers, and 3.0k trucks, including 149 e-trucks.”
Annual report 2025A · The company itself
Energy efficiency
Technology
StrategyPositive impact: strengthens
“On land, we also focus on optimisation of our operations to unlock additional emissions savings.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Demand is to a large extent linked to the level of economic activity and trade in primarily Europe, especially northern Europe, including the UK, as well as adjacent regions, including Türkiye and Morocco.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The main external challenge was the mentioned Turkish transport market disruption and a slowdown in northern European transport markets, especially in the first half of the year.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“General economic growth prospects Europe’s economic growth (GDP: Gross Domestic Product) is expected to be around 1% in 2026 (Source: Thomson Reuters).”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The GDP-growth in 2026 for Türkiye and northern African countries is expected to be around 3-5%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We expect Türkiye’s growth to rebound once inflation has been reduced further while no material pickup in Europe’s growth is expected in the coming years.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The North Sea market was overall stable although the general slowdown in European industrial volume led to a 2% decline in volumes compared to 2024.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Ferry Division overview The strategic priority of focusing on profit-overgrowth was raised in 2025 in response to continued challenging market conditions for both transport and logistics solutions. Demand remained overall flat as sentiment among industrials and consumers was held back by geopolitical and macroeconomic uncertainties.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverPositive impact: strengthens
“High customer satisfaction maintained amid activity changes Operating performance and customer satisfaction go hand in hand resulting in a NPS (Net Promoter Score) score in 2025 of 50 for our freight activities, which is in line with our target, and well above the industry benchmark of around 40.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Road transport markets are in general expected to remain highly competitive in 2026, although transport capacity reductions enacted in 2025 may ease margin pressures in some markets.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Logistics Profit-over-growth was the main strategic priority in 2025.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The key expected improvement drivers are higher earnings in the Mediterranean and Channel ferry networks as well as in the Nordic and Continent logistics business units following positive full-year impacts of 2025 turnaround projects.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Ferry Division overview The strategic priority of focusing on profit-overgrowth was raised in 2025 in response to continued challenging market conditions for both transport and logistics solutions. Demand remained overall flat as sentiment among industrials and consumers was held back by geopolitical and macroeconomic uncertainties.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“We fulfilled our decarbonisation targets for 2025 and remain on track to reach the 2030 targets.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Green transition The overarching green transition ambition remains to become a net zero company by 2050.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Commercial opportunities in the green transition As a part of the green transition DFDS offers decarbonised transport solutions across land and sea.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Carrier costs are expected to continue to rise driven by regulations, emissions reporting, toll systems, and sustainability requirements. This is expected to support further consolidation of the road transport sector.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Forward-looking statements can also be impacted by, but not limited to: competitor actions, supply chain disruptions, political changes, regulatory developments, changes in economic variables, and extraordinary events such as virus outbreaks and geopolitical instability.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The war in Ukraine continued in 2025 to suppress both ferry and logistics earnings in the Baltic region.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“To mitigate this situation, a space charter agreement with TT Line, effective from October 2025, is expected to bring both commercial and cost benefits.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The result for 2025 includes lossmaking activities totalling more than DKK 0.5bn related to mainly TES, Mediterranean, parts of the Nordic and Continent logistics activities as well as some other activities.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Global trade volumes
Macro
DriverPositive impact: strengthens
“Demand is to a large extent linked to the level of economic activity and trade in primarily Europe, especially northern Europe, including the UK, as well as adjacent regions, including Türkiye and Morocco.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Key freight outlook assumptions for 2026 Freight ferry volumes in the trade lanes connecting Europe to Türkiye and northern Africa are expected to continue to grow in 2026.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Margin pressures intensified in 2025 for both transport and logistics activities driven by a combination of capacity oversupply, a weak demand-side, and shorter tender cycles.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the second half of 2025 road transport capacity started to decline in response to the slowdown in demand and increasing financial hardship for carriers. A number of smaller and medium-sized carriers exited the market during 2025 and others have reduced fleets or postponed investments.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Inflation
Macro
DriverNegative impact: weakens
“Inflation-driven cost increases emerging post Covid-19 lowered our cost coverage considerably already during 2024 as competitive pressure in both ferry and transport markets prevented setting matching price increases.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“This margin ‘squeeze’ eased somewhat during 2025 as inflation declined through the year, but it remains a challenge across the transport sector.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“This is partly due to Türkiye's continued effort to combat inflation which is lowering domestic consumption and thereby trade flows, a slowdown among European industrials, including the automotive sector, and lastly unfavourable developments in the Turkish transport market owing to the disruption caused by the entry of excess ferry capacity.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Fuel
Raw materials and inputs
InputNegative impact: weakens
“We are driving the transition towards lower emission road transport by a combination of efficiency measures and electrification and by switching diesel for Hydrotreated Vegetable Oil (HVO) as a secondary transition technique.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The cost of bunker was DKK 2.6bn in 2025. Around 94% of the bunker consumption is commercially hedged through bunker clauses (BAF: bunker adjustment factor) in freight customer contracts.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“While regulatory pressure is increasing, infrastructure development and alternative fuel availability remain major bottlenecks. The demand for greener transport solutions is intact, yet cost remains a critical barrier as many customers are cautious about paying a premium for low-emission services.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Electricity
Raw materials and inputs
InputNegative impact: weakens
“The first vessels to be introduced are likely to be large dual-fuel freight ferries (RoRo) or electric ferries planned for deployment on the English Channel.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Terminal tractors are practically designed for electrification, running short distances within defined boundaries, with predictable charging windows during operational breaks.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Supply-side capacity and flexibility are also impacted by driver shortage issues in some regions.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Transport capacity was aligned with demand expectations along with an increased focus on operating efficiency.”
Annual report 2025A · The company itself
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“To shape future low-emission offerings, DFDS engages strategic customers through the DFDS Net Zero Co-Lab, a structured forum for co-creation, To reach our targets, our decarbonisation actions are focused on four areas: Efficiency – doing more with fewer resources Electrification – reducing reliance on fossil fuels Alternative fuels – using biofuels and e-fuels Circularity – minimise waste and reuse resources.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Targeted D365 upgrades were implemented in Mediterranean and the full transition from the legacy solution, Our digital strategy is designed to support the business by enhancing operational efficiency, reducing costs, and strengthening revenue streams through continuous improvements in customer experience.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“In parallel, the future licence-to-operate was secured through full system compliance with ViDA (VAT in the Digital Age, EU reform package) and ICS2 (EU Import Control System 2).”
Annual report 2025A · The company itself
Financial regulation
Regulation
DriverNegative impact: weakens
“In parallel, the future licence-to-operate was secured through full system compliance with ViDA (VAT in the Digital Age, EU reform package) and ICS2 (EU Import Control System 2).”
Annual report 2025A · The company itself
Growing middle class
Geography
DriverPositive impact: strengthens
“Positioned in high-growth markets Nearshoring of manufacturing closer to end markets is expected to support continued higher growth in the Mediterranean region in the coming years.”
Annual report 2025A · The company itself
Hydrogen and Power-to-X
Technology
InputNegative impact: weakens
“The vessel of tomorrow programme is contingent on fuel availability and commercial factors and are expected to be powered by lowand near zero-emission fuels such as electricity, methanol, or ammonia.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“It remains a key priority to reduce our debt-toearnings ratio, NIBD/EBITDA, of 4.1x at year-end 2025, down from a peak of 4.3x at the end of Q3 2025.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Other currencies
Macro
DriverMixed impact: mixed
“Mediterranean's freight rates are expected to increase in 2026 following the introduction of a new pricing model and capacity reductions.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“DFDS A/S DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 DFDS A/S · Marmorvej 18 · DK 2100 Copenhagen Ø · +45 3342 3342 · www.dfds.com · CVR 14 19 47 11 Annual Report 2025 Turning point ahead Moving goods & people in and around Europe Our network combines ferry, road, and rail transport with complementary logistics solutions.”
Annual report 2025A · The company itself
Geography
“Together, we move to meet our customers’ needs across more than 20 markets in and around Europe.”
Annual report 2025A · The company itself
Geography
“Longstanding parts of the network – such as North Sea, Channel, and UK & Ireland – performed well in 2025, but also faced margin pressure from market headwinds.”
Annual report 2025A · The company itself
Geography
“Meanwhile, our Mediterranean ferry network turned profitable again towards the end of 2025 and is expected to continue to improve profitability in 2026, albeit at a lower level than previously.”
Annual report 2025A · The company itself
Geography
“A highlight of 2025 was strong performance by Strait of Gibraltar, despite exiting one route as a concession renewal was awarded to a competitor.”
Annual report 2025A · The company itself
Animal diseases and biosecurity
Macro
DriverNegative impact: weakens
“The latter was caused by a German outbreak of FMD (Foot & Mouth Disease).”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“Demand is to a large extent linked to the level of economic activity and trade in primarily Europe, especially northern Europe, including the UK, as well as adjacent regions, including Türkiye and Morocco.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“The structural issues facing the other two focus areas, i.e. the adaptation to new ferry competition in the Türkiye-Italy/Europe corridor and the turnaround of TES (Türkiye & Europe South), turned out to be more severe than anticipated.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“Demand is to a large extent linked to the level of economic activity and trade in primarily Europe, especially northern Europe, including the UK, as well as adjacent regions, including Türkiye and Morocco.”
Annual report 2025A · The company itself
Competitors mentioned in the report
CLdN, P&O Ferries, Stena Line, Grimaldi, Ulusoy, Brittany Ferries, Eurotunnel, Irish Ferries, Finnlines, Tallink Silja, Transfennica, TT Line, DSV, DHL, Schenker, Ewals Cargo Care, LKW Walter, XPO Logistics, Africa Morocco Link (AML), Armas Trasmediterránea, Baleària
Financial figures
| Revenue latest fiscal year | 30.95 bn DKK |
| Revenue growth vs. the year before, same method | 4 % |
| EBITDA reported by the company | 3.74 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | -7.9 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.