- Q2 EBITDA up 63% to DKK 1.46bn
- Higher earnings across all business units
- Passengers coming back faster than expected
- Extraordinary dividend of DKK 4.00 per share confirmed
- Full-year EBITDA outlook raised to DKK 4.4-4.8bn on 18 July 2022
Group revenue increased 67% to DKK 7.0bn driven by the ongoing recovery in the number of ferry passengers and yields as well as price increases of freight ferry services and logistics solutions to cover rising energy and other costs. In addition, revenue was increased by the acquisitions of HSF Logistics Group in September 2021 and ICT Logistics in January 2022.
EBITDA increased 63% to DKK 1,459m. The total freight EBITDA for ferry and logistics activities before special items increased 25% to DKK 1,204m driven by higher earnings in all business units.
The total Q2 EBITDA for passenger activities in the Channel, Baltic Sea, and Passenger business units increased to DKK 255m from DKK -70m in 2021 as earnings improved in all three business units on the back of the ongoing recovery in passenger travel. The Q2 passenger EBITDA was 15% below 2019, the latest pre-Covid-19 year.
On 18 July 2022, the outlook for EBITDA before special items was raised to DKK 4.4-4.8bn following a stronger than expected recovery in passenger earnings as well as higher freight ferry volumes and earnings (previously DKK 3.9-4.4bn, 2021: DKK 3.4bn). The revenue growth outlook has been updated to around 40% (previously around 35%) due to higher revenue from both passenger and freight activities. The outlook is detailed on page 10 in the full report.