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DFDS, Europe’s largest ferry and logistics operator, on 5 May 2026 reported a sharp earnings turnaround in the first quarter, swinging its operating profit (EBIT) to DKK 33m from a loss of DKK 117m a year earlier. The Copenhagen listed group raised its full year EBIT outlook to DKK 1.0 to 1.4 billion, up from DKK 800m to 1.1 billion previously, while warning that the Iran/Gulf conflict and surging oil prices cloud the demand picture for the rest of the year.
Revenue dipped 2% to DKK 7.4 billion. But underneath that headline, both the Ferry Division and the Logistics Division posted improved results, and adjusted free cash flow rose 22% to DKK 300m. Financial leverage, measured by the ratio of net debt to EBITDA, fell to 3.9 times, inside the company’s 2026 target of below 4.0 times and down from 4.1 times at the end of 2025.
Ferry Division Powers Ahead on Freight Pricing and Mediterranean Turnaround
The Ferry Division delivered EBIT of DKK 124m, compared with a loss of DKK 9m in Q1 2025. On an adjusted basis, stripping out route changes and one off items including a prior year vessel write down, the improvement was DKK 208m.
Total freight volumes rose 2.8%, with capacity utilisation jumping to 68% from 64% a year ago. North Sea volumes grew 3.1%, driven by stronger flows between the Continent and the UK. In the Mediterranean, volumes fell 1.9% as capacity reductions on routes between Turkiye and Europe took effect, but the business unit contributed more than half of the division’s adjusted EBITDA increase thanks to cost savings and a new pricing model.
The Turkiye to Europe trailer transport market in Q1 was split 53% ferry and 47% road, with the ferry mode gaining two percentage points of market share compared to Q1 2025. DFDS held a 34% share of the combined ferry and road market.
Passenger volumes declined 5.5% on a comparable basis. Channel passenger numbers fell 2.7%, weighed down by lower coach traffic and a shrinking car market, while Baltic Sea passengers dropped 11.6% following fewer departures linked to a space charter agreement.
Interim CEO Karen D. Boesen, who took over the role on 18 April after Torben Carlsen stepped down, said the company’s turnaround actions were delivering results. Five of six so called turning point initiatives are contributing, including Mediterranean recovery, Jersey route ramp up, freight ferry pricing, Logistics Boost projects, and cost reduction programme completion. The sixth, the Turkiye and Europe South (TES) turnaround, is expected to perform on level with 2025.
Logistics Division Narrows Losses as Boost Projects Gain Traction
The Logistics Division posted EBIT of DKK minus 7m, a DKK 48m improvement from a loss of DKK 55m in Q1 2025, even as revenue fell 5.2% to DKK 3.8 billion. EBITDA rose 16% to DKK 227m.
Continent and Nordic business units drove the gains. Two Boost restructuring projects were completed and a Belgian project progressed on track. Cold chain meat flows between the Continent and the UK improved sharply compared to Q1 2025, when Germany’s Foot and Mouth Disease outbreak disrupted trade.
Transport and logistics markets remained competitive, with persistent overcapacity in European road transport. Activity was mixed in the Nordic network, with continued softness in parts of Norway, Finland, and the Baltics. In England and Ireland, operations were robust and a new, larger warehouse in Kettering replaced the Corby facility. Turkish export trailer volumes to Europe edged up 1% but asset utilisation in TES remained below target.
The division’s headcount fell to 8,019 from 9,181 a year earlier, reflecting restructurings and closures of several TES country organisations.
Oil Prices, Leadership Change, and the Road Ahead
The Iran/Gulf conflict drove oil prices higher from March 2026, increasing bunker costs and widening price spreads. A one to two month lag in the freight surcharge pass through mechanism created a negative impact in March, which the company expects to reverse into a positive effect in Q2. Through April, DFDS said it had not seen material impacts on transport volumes, but flagged a downside risk that sustained high fuel costs could dampen demand from businesses and consumers.
The leadership transition continued. Michael Hansen is set to join as President and CEO on 1 July 2026, following his appointment in January. In April, DFDS agreed to purchase the Stena Vinga, a RoPax ferry currently deployed on the Jersey to Portsmouth route, for completion in November 2026. A separate deal to acquire part of Naviera Armas‘ Strait of Gibraltar ferry assets for DKK 240m remains pending regulatory approval.
On emissions, the company’s own fleet CO2 intensity rose 2.9% to 14.2 grams per gross tonnage nautical mile, driven by higher average sailing speeds and lower biofuel consumption in the quarter. DFDS said total biofuel use for the full year is expected to match or exceed 2025 levels as consumption is distributed more evenly. The company is progressing its Science Based Targets commitment, with validation submission planned by October 2027.
Net debt stood at DKK 15.0 billion at the end of Q1, down DKK 1.8 billion or 11% from a year earlier. Shares in DFDS traded at DKK 104, up from DKK 90 at the end of Q1 2025. The company employs around 15,100 people, down from 16,500 a year ago.
