Core Viewpoint - The company reported a financial turnaround in Q4 2025, with improved cash flow and profitability in the Mediterranean ferry network, which is expected to continue into 2026 [2][3]. Financial Performance - Revenue for Q4 2025 was DKK 7,303 million, a 1% increase from DKK 7,196 million in Q4 2024. For the full year 2025, revenue reached DKK 30,947 million, up 4% from DKK 29,753 million in 2024 [1]. - EBITDA decreased by 5% to DKK 705 million in Q4 2025 and fell 16% to DKK 3,743 million for the full year [1]. - EBIT showed a significant decline of 65%, dropping to DKK -62 million in Q4 2025 and to DKK 520 million for the full year [1]. - Adjusted free cash flow increased by 168% to DKK 440 million in Q4 2025 and rose 24% to DKK 1,184 million for the full year [1]. Cost Management - A cost reduction program of DKK 300 million was initiated in November 2025, with the first phase completed by parting ways with around 400 employees, resulting in a redundancy cost of DKK 97 million reported in Q4 2025 [4][5]. Outlook for 2026 - Revenue in 2026 is expected to be around the same level as in 2025, with EBIT projected to be between DKK 800 million and DKK 1,100 million [10]. - The debt-to-earnings ratio (NIBD/EBITDA) is anticipated to decrease to below 4.0x by the end of 2026 and below 3.5x by the end of 2027, with a revised financial leverage target of 2.5-3.5x [8]. Capital Distribution - The Board of Directors proposed no capital distribution to shareholders for 2025 to prioritize deleveraging the capital structure [9].