OUTLOOK CHALLENGED BY MEDITERRANEAN HEADWINDS

Core Viewpoint - 2025 is identified as a transitional year for DFDS, focusing on improving financial performance following challenges faced in 2024 [1][6]. Financial Performance - The Q2 2025 financial performance of most of the network was broadly in line with expectations [1]. - Q2 cash flow generation was on track, with financial leverage expected to improve in H2 2025 [4]. Earnings Challenges - Key earnings challenges in 2025 are linked to three specific focus areas, including the Logistics Boost projects, which are on track [1][6]. - The EBIT outlook for 2025 has been updated to a range of DKK 0.8-1.0 billion, down from a previous estimate of around DKK 1.0 billion due to challenges in the Mediterranean and Türkiye & Europe South regions [3][6]. Mediterranean Business Unit - Adaptation of the Mediterranean business unit progressed in Q2 2025 but fell short of expectations, particularly in pricing initiatives [2][6]. - Further actions have been initiated to enhance yield recovery effectiveness for the remainder of the year [2]. Türkiye & Europe South - The turnaround in the Türkiye & Europe South region progressed well in Q2 2025, but volumes and margins were below target, potentially delaying the breakeven target for 2025 [3][6]. Cash Flow Outlook - The outlook for Adjusted free cash flow in 2025 remains unchanged at DKK 1.0 billion [4][6]. Company Overview - DFDS operates a transport network in and around Europe, generating annual revenue of DKK 30 billion and employing 16,500 full-time staff [5][8].