DFDS April volumes: passenger growth continues, slowdown in freight

May 12, 2023

DFDS Q1 2023: ahead of expectations

  • Revenue up 9% to DKK 6.3bn driven by the continued recovery in passenger numbers and spending, price increases for freight services to cover rising energy and other costs, and a positive impact from acquisitions.
  • EBITDA up 23% to DKK 1.0bn.
  • EBITDA for the freight ferry activities increased 4% to DKK 717m.
  • EBITDA for the Logistics Division increased 38% to DKK 299m.
  • EBITDA for passenger activities across the route network increased DKK 100m to DKK 9m which was on level with Q1 2019, the latest pre-Covid-19 year.
  • Freight volumes between the UK and Continent/Scandinavia declined in Q1, especially on the English Channel, while domestic transport volumes, also in the UK, were more robust. The war in Ukraine lowered freight volumes in the Baltic region compared to 2022.
  • For the last twelve months (LTM) 2023-22, EBITDA increased 4% to DKK 5,160m.
  • The outlook for EBITDA of DKK 4.5-5.0bn is unchanged. Revenue is overall still expected to remain at the same level as 2022. The investment outlook of around DKK 1.6bn is also unchanged, excluding acquisitions.

Read the Q1 2023 interim report here