DFDS AS (DFDDF) Q4 2025 Earnings Call Highlights: Navigating Challenges and Strategic Improvements

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Fri, February 20, 2026 at 12:01 AM GMT+9 3 min read

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**Q4 Revenue:** Flat, with a 1% increase; organic growth was negative at -3%.

**Q4 EBITDA:** 705 million, a 5% decrease from the previous year.

**Q4 EBIT:** 62 million.

**Full Year Revenue Growth:** 4%, driven by acquisitions and offset by route sales.

**Full Year EBITDA:** 3.7 billion, a 16% decrease.

**Full Year EBIT:** 520 million, significantly down from the previous year.

**Profit After Tax:** Negative 425 million for the year.

**Free Cash Flow:** 2.3 billion, adjusted to 1.2 billion for the year.

**Debt Reduction:** Decrease in net interest-bearing debt by 1.9 billion compared to 2024.

**Equity Ratio:** 36%, up 1% from 2024.

**Debt to Equity Ratio:** Improved to 52:48 from 55:45 in 2024.

**Net Debt to EBITDA Ratio:** 4.1, a slight increase from 2024.

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

DFDS AS (DFDDF) reported a financial turnaround in Q4 2025, with improvements continuing into January 2026.

Customer satisfaction scores remained high throughout 2025, surpassing industry standards in both ferry and logistics sectors.

The company successfully implemented a new pricing model in the Mediterranean, leading to a positive result in Q4.

DFDS AS (DFDDF) reduced its CO2 emissions and increased the use of environmentally friendly equipment, aligning with its ESG goals.

The company achieved a significant reduction in net interest-bearing debt by 1.9 billion compared to 2024, improving its debt-to-equity ratio.

Negative Points

2025 was a challenging year with results below expectations due to margin pressures and a competitive, low-growth market environment.

The new concession routes in Jersey faced more challenges than anticipated, impacting overall performance.

Organic growth was negative, driven by a slower passenger market and reductions in logistics activities.

The company's EBITD decreased by 16% for the full year 2025, reflecting a challenging financial performance.

The turnaround of the Turkey and Europe South business was slower than expected, with ongoing challenges in the ferry market.

Q & A Highlights

Q: Can you elaborate on the guidance for 2026, specifically the building blocks to achieve the EBIT range of DKK 800 to 1.1 billion? A: Torben Carlsen, CEO, explained that the guidance is based on five primary blocks, each expected to deliver a significant impact. The cost savings program is expected to generate DKK 300 million, but part of this will offset inflationary pressures. The guidance range is considered achievable and reflects a near doubling of 2025 results, with improvements already visible in Q4 2025 and January 2026.

Story Continues  

Q: What are the expectations for 2027, considering 2026 is a transition year? A: Torben Carlsen, CEO, stated that while there will be an uplift in 2027, the focus is currently on delivering 2026 results. Improvements are expected in areas like the test turnaround, but specific projections for 2027 will be discussed after achieving 2026 targets.

Q: Can you clarify the improvement in the Mediterranean ferry business in Q4 2025? A: Torben Carlsen, CEO, clarified that the Mediterranean business saw a positive uplift of DKK 49 million in Q4 2025. The full impact of pricing model changes and capacity adjustments will be more evident in Q1 2026, as some customer agreements were still under old pricing models during Q4.

Q: What is the expected earnings uplift for the test business in 2026? A: Torben Carlsen, CEO, noted that while operational improvements are expected, accounting adjustments may offset these gains in EBIT. The focus remains on delivering improvements in other areas where actions have already been implemented.

Q: How does the movement of goodwill from logistics to the ferry division impact impairment testing? A: Karen Boesen, CFO, explained that moving over a billion from logistics to ferry freight reduces the book value for logistics, impacting impairment testing. The projections are more conservative than last year, and no impairment is currently required.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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