NOVEMBER: SOFT FREIGHT AND PASSENGER VOLUMES

Core Insights - Total freight volumes in November 2025 were 3.6 million lane metres, which is 1.8% lower than 2024 and 3.8% lower when adjusted for route changes [1][2] - Year-to-date (YTD) growth rates for freight volumes were -0.4% and -1.8% respectively [1] - The number of passengers in November 2025 decreased by 10.5% to 195,000 compared to 2024, with a YTD growth rate of -4.5% [2][3] Freight Volumes - North Sea volumes were below 2024 levels due to soft volumes on most routes, while Mediterranean volumes were also below 2024 due to capacity reductions [1] - Channel volumes remained stable compared to 2024, with new Jersey volumes offsetting a slowdown in Dover Strait volumes [2] - For the last twelve months (2025-24), total transported freight lane metres increased by 0.1% to 41.5 million from 41.4 million in 2024-23, but decreased by 2.1% when adjusted for route changes [2] Passenger Volumes - The total number of passengers for the last twelve months (2025-24) decreased by 19.7% to 5.3 million compared to 6.6 million for 2024-23, with a decrease of 5.5% when adjusted for route changes [3] - The number of cars transported in November was 6.8% below 2024 when adjusted for route changes [2] DFDS Ferry Volumes - DFDS reported a November 2025 freight volume of 3,627,000 lane metres, a decrease of 1.8% from 2024, while the last twelve months showed a slight increase of 0.1% [4] - The number of passengers in November 2025 was 203,000, down 21.5% from 2024, with the last twelve months showing a decrease of 19.7% [4] Company Overview - DFDS operates a transport network in Europe with an annual revenue of DKK 30 billion and employs 16,500 full-time staff [6] - The company provides ferry transport for goods and passengers, along with complementary logistics solutions [6]