Positive trend
- Financial performance started to turn around in Q4 2025 as the underlying result was above 2024 adjusted for non-comparable items.
- DFDS closed the year with strong cash flow performance.
- The Mediterranean ferry network turned profitable again in Q4 2025 and is expected to continue to improve profitability in 2026.
- The Nordic and Continent logistics business units also improved performance driven to a large extent by the Boost turnaround projects.
These positive developments more than offset lower results in a few other areas.
- Slowdown in Channel ferry market volumes, even though onboard spending continued to grow.
- Cost coverage continued to be an issue in the quarter as competitive pressures prevented setting fully matching price increases.
- A cost reduction programme of DKK 300m was initiated in November 2025, with 400 office-based colleagues were made redundant.
- A DKK 97m redundancy cost is consequently reported in Q4 2025. During 2026, further specific cost reduction initiatives will be realised to deliver a targeted total cost reduction of DKK 300m.
Outlook 2026
- Revenue expected to be around level with 2025.
- EBIT guided at DKK 800–1,100m (2025: DKK 520m).
- Mediterranean and Channel ferry networks expected to improve earnings.
- Nordic and Continent logistics to benefit from full-year impact of 2025 turnaround projects.
- Operating capex expected at around DKK 1.7bn; no new ferry newbuild capex planned.
- Adjusted free cash flow expected to be above zero.
- Outlook subject to economic uncertainty, including ~1% expected EU GDP growth and geopolitical risks.
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