The CMA CGM Group will acquire 10 of its global ocean terminals, including two in the United States, through a joint venture with an American private equity investor. The U.S.-based joint venture, United Ports LLC, was created with a $2.4-billion investment from Stonepeak of Los Angeles, an infrastructure specialist which owns a 25% share of the company. “The creation of United Ports LLC marks an important step in the development of our terminal activities in the United States and globally,” said Chairm ...

Core Insights - The overall financial results for the company in 2025 were disappointing despite stable volumes in Liner and Forwarding and solid performance in Logistics services [5] Q4 2025 Results - Revenue for Q4 2025 was EUR 201.4 million, a decrease of EUR 25.8 million or 11.4% compared to Q4 2024 [1] - Operating expenses were EUR 188.6 million, down EUR 11.4 million or 5.7% year over year, primarily due to lower global freight rates and reduced fuel consumption [2] - EBITDA for Q4 2025 was EUR 12.7 million, a significant decrease of 53% from EUR 27.1 million in Q4 2024 [2] Annual Performance 2025 - Total revenue for the year was EUR 807.5 million, a decline of EUR 39.6 million or 4.7% [6] - Total expenses for the year amounted to EUR 737.8 million, a decrease of EUR 11.5 million or 1.5% [6] - Salary expenses increased by EUR 11.8 million or 7.8%, largely due to contractual wage increases and currency effects [6] - EBITDA for the year was EUR 69.7 million, down from EUR 97.8 million in 2024 [6] - Net earnings for the year were EUR 9.3 million, compared to EUR 30 million in 2024 [6] Cost Drivers - Significant wage increases, rising supplier costs, and declining unit prices in the sailing system were the main contributors to the EBITDA decline [3][9] - Cost-saving measures implemented included reductions in the vessel fleet, changes to the sailing system, and workforce efficiency initiatives [3][14] Liquidity and Financial Ratios - Liquidity remained strong at the end of the period despite lower cash flow from operations compared to the previous year [4] - The leverage ratio at year-end was 3.17, up from 2.28 at year-end 2024, while the long-term target range is 2-3 [7] - The equity ratio was 46.7%, aligning with the company's long-term target of approximately 40% [7] Market Dynamics - Volume in Liner decreased by 6.1% during Q4, with a notable increase in imports to Iceland driven by vehicle imports, offset by a decline in exports due to lower industrial cargo volumes [10][11] - International forwarding experienced a substantial decline in global freight rates but still delivered acceptable results [12] - The company adapted to shifts in global supply chains, successfully transitioning some services to domestic trucking [13] Strategic Initiatives - A new company strategy, Eimskip 3.0, was developed with strong employee participation, focusing on enhancing operations and performance [15][16] - Mitigation measures are expected to deliver annual savings of EUR 13.5 million, with additional initiatives underway to support long-term performance [14]

Group 1: Economic Impact of Tariffs - Businesses and consumers began feeling the effects of President Trump's tariffs in mid-2025, leading to economic uncertainty and inflation, but some experts believe the U.S. may see advantages as stability returns [1] - The tariff environment has required a major reorientation of distributors and resellers, but there is now a sense of stability regarding tariffs for the next year [2] - Domestic manufacturers are expected to benefit from reduced competition and increased pricing power due to tariffs impacting foreign firms [3] Group 2: Sector-Specific Effects - Sectors such as electronics, beauty products, home goods, toys, and clothing are already experiencing impacts from tariffs, with the "de minimis" tariff rule affecting offshore retailers like Shein and Temu [2] - Shipping and logistics companies face increased processing workloads due to tariffs, which adds costs and slows delivery times [3] Group 3: Consumption and Environmental Considerations - Tariffs may lead to reduced consumption in the U.S., which could positively impact environmental and sustainability efforts [4] - There is an expectation of shrinkage in the number of units consumed by Americans and a reduction in diversity of options available [5]

Company Overview - DFDS operates a transport network in and around Europe with an annual revenue of DKK 30 billion and employs 16,500 full-time staff [2] - The company provides services for moving goods in trailers via ferry, road, and rail, along with complementary transport and logistics solutions [2] - DFDS also facilitates the movement of car and foot passengers on short sea and overnight ferry routes [2] - Founded in 1866, DFDS is headquartered and listed in Copenhagen [2] Financial Calendar for 2026 - The deadline for submission of proposals to the Annual General Meeting (AGM) is set for 11 February 2026 [1] - The annual report for 2025 and Q4 review will be released on 19 February 2026 [1] - The AGM is scheduled for 25 March 2026 [1] - The Q1 report for 2026 will be published on 5 May 2026 [1] - The Q2 report for 2026 is expected on 14 August 2026 [1] - The Q3 report for 2026 will be available on 5 November 2026 [1] Monthly Ferry Volume Updates for 2026 - Monthly ferry volume updates will be released on the following dates in 2026: - 13 January - 12 February - 12 March - 14 April - 12 May - 11 June - 10 July - 14 August (7:30 am CET) - 11 September - 13 October - 12 November - 11 December [1]

Core Viewpoint - The shipping and logistics company is maintaining consistent weekly departures for its service connecting India and North America [1] Group 1 - The company has informed customers about the reliability of its service [1]

Financial Performance - Revenue for Q3 2025 was $5 million, a decrease of 7% compared to $54 million in Q3 2024[9, 12] - Gross profit in Q3 2025 increased by 6% to 41%, compared to 35% in Q3 2024[9] - Operating costs in Q3 2025, excluding impairment charges, reduced by 34% compared to Q3 2024[9] - Adjusted EBITDA for Q3 2025 was $832k, compared to $174k in Q3 2024[9] - Net loss includes an impairment charge of $39 million[14] Balance Sheet - Cash and cash equivalents were $4007k at the end of Q2 2025, compared to $2823k at the end of 2024[9, 16] - A short-term note receivable of $2 million was added[9] - Intangible assets & Goodwill decreased from $9353k to $5243k[16] Strategic Initiatives - The company expects Q4 2025 and Q1 2026 revenue to decline compared to the prior year due to customer transition[9] - The company is transitioning customers to a new Proactive shipping partner[9] - The company is completing integrations with e-commerce shopping carts[9]

Safe Harbor 3Q25 Earnings Call Presentation This presentation may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea's and managements' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the sta ...

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]

Core Viewpoint - DFDS is initiating a Cost Reduction Programme aimed at achieving DKK 300 million in cost savings by 2026 to enhance financial performance and competitiveness in a changing market environment [2][3][7] Group 1: Cost Reduction Programme - The Cost Reduction Programme will primarily involve a reduction of approximately 400 office-based positions and other specific cost initiatives across the organization [3][7] - A one-off cost of around DKK 100 million is expected to be incurred in Q4 2025, mainly related to redundancies [3][7] Group 2: Financial Outlook - The EBIT outlook for 2025 has been lowered to DKK 600-750 million from a previous estimate of DKK 800-1,000 million, largely due to uncertainties in Q4 2025 for Mediterranean ferry and logistics activities [4][7] - The full-year 2025 Adjusted free cash flow is now expected to be around DKK 0.9 billion, down from a prior estimate of DKK 1.0 billion [4][7] Group 3: Company Overview - DFDS operates a transport network in Europe with an annual revenue of DKK 30 billion and employs approximately 16,500 full-time staff [6][8]

Company Overview - DFDS operates a transport network in and around Europe with an annual revenue of DKK 30 billion and employs 16,500 full-time staff [3] - The company provides services for moving goods in trailers by ferry, road, and rail, as well as offering complementary transport and logistics solutions [3] - DFDS also facilitates the movement of car and foot passengers on short sea and overnight ferry routes [3] - Founded in 1866, DFDS is headquartered and listed in Copenhagen [3] Upcoming Financial Report - DFDS is set to publish its Q3 2025 report on 6 November 2025 at approximately 07:30 CET [1] - The report will be presented by CEO Torben Carlsen and CFO Karen Boesen during a live conference call [1] - Following the presentation, there will be a Q&A session for investors, analysts, and other interested parties [1] Conference Call Details - The Q3 conference call is scheduled for 6 November 2025 at 10:00 CET [2] - Participants must register in advance to access the call, with an access code provided via email after registration [2] - Live-streaming of the conference call will be available through a designated link [2]