Core Insights - The company is implementing a Cost Reduction Programme aimed at achieving DKK 300 million in cost savings by 2026 to enhance financial performance [2][4] - Q3 2025 revenue increased by 4% to DKK 8.3 billion, while organic growth was negative at -2% [3][6] - Significant declines were observed in EBITDA and EBIT, with EBITDA down 7% to DKK 1.4 billion and EBIT down 32% to DKK 536 million [3][6] - Adjusted free cash flow decreased to DKK -40 million from DKK 396 million, indicating a 110% decline [3][6] - The EBIT outlook for 2025 has been revised down to DKK 600-750 million from a previous estimate of DKK 800-1,000 million, primarily due to uncertainties in Q4 2025 [11] Financial Performance - Revenue for Q3 2025 was DKK 8,296 million, compared to DKK 7,965 million in Q3 2024, reflecting a 4% increase [3] - EBITDA for Q3 2025 was DKK 1,397 million, down from DKK 1,508 million in Q3 2024, marking a 7% decrease [3] - EBIT for Q3 2025 was DKK 536 million, a significant drop of 32% from DKK 785 million in Q3 2024 [3] - Adjusted free cash flow for Q3 2025 was reported at DKK -40 million, a decline from DKK 396 million in Q3 2024 [3] - Return on Invested Capital (ROIC) for the last twelve months was 1.4%, down from 5.8% [3] Operational Updates - The Logistics Boost projects are progressing as expected, with further improvements anticipated in Q4 [5] - The Mediterranean ferry network adaptation is on track, with a new pricing model launched in September 2025 showing initial yield recovery [7] - The Türkiye & Europe South (TES) turnaround is progressing slower than expected due to challenging market conditions [7] - The North Sea freight ferry operations remained stable, while the Baltic Sea operations performed well, with expectations for further improvements [9] - The Nordic and Continent logistics units have adapted better to a low-growth market environment [10] Future Outlook - The company anticipates a one-off cost of around DKK 100 million related to the Cost Reduction Programme in Q4 2025 [6][11] - The overall EBIT outlook for 2025 has been adjusted downwards, reflecting uncertainties in the Mediterranean ferry and logistics activities [11]