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].

Core Viewpoint - The company reported solid financial performance for Q4 and full-year 2025, despite significant market challenges, and anticipates completing the Schenker integration by the end of 2026 [2][3]. Financial Performance - Q4 2025 revenue reached DKK 71,685 million, a 64.5% increase from DKK 43,514 million in Q4 2024 [2]. - Full-year 2025 revenue was DKK 247,331 million, up from DKK 167,106 million in 2024, marking a 47.9% growth [2]. - Gross profit for Q4 2025 was DKK 19,119 million, compared to DKK 10,788 million in Q4 2024, reflecting a 77.5% increase [2]. - Operating profit (EBIT) before special items for Q4 2025 was DKK 5,592 million, a 42.1% increase from DKK 3,936 million in Q4 2024 [2]. - Adjusted earnings for the period were DKK 2,999 million in Q4 2025, slightly up from DKK 2,849 million in Q4 2024 [2]. - Adjusted free cash flow for 2025 was DKK 16,335 million, significantly higher than DKK 5,550 million in 2024 [2]. Integration of Schenker - The integration of Schenker is progressing faster than expected, with 30% completion in 2025, and is now anticipated to finalize by the end of 2026 [8]. - The company expects annual synergies from the integration to reach DKK 9 billion, with a financial impact of at least DKK 4,000 million expected in 2026 [8]. - Total transaction and integration costs for 2025 were DKK 4,527 million, higher than anticipated due to rapid integration progress [9]. Divisional Performance - The Air & Sea division reported EBIT before special items of DKK 3,071 million in Q4 2025, a 4.1% growth in constant currencies compared to the previous year [4]. - The Road division achieved EBIT before special items of DKK 1,009 million in Q4 2025, significantly up from DKK 311 million in the same period last year [5]. - Contract Logistics reported EBIT before special items of DKK 1,514 million in Q4 2025, compared to DKK 531 million in Q4 2024, driven by Schenker's contribution and improved warehouse utilization [6]. Future Outlook - The company anticipates EBIT before special items for 2026 to be in the range of DKK 23,000 - 25,500 million, including synergies from Schenker [11]. - The effective tax rate is expected to remain around 28.0% in 2026 due to ongoing integration costs [11].

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 transportation of 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] Share Vesting Information - On 2 February 2026, Torben Carlsen, the CEO of DFDS, was awarded 10,173 shares as a result of the vesting of Restricted Share Units (RSUs) granted in 2023 under the company's Long-Term Incentive (LTI) program [1]

Core Insights - Synopsys was the best-performing stock in the S&P 500 after announcing an expanded partnership with Nvidia, with shares jumping around 5% [6][8] - Moderna's shares fell 7% due to a report about stricter vaccine approval processes by the FDA, impacting other vaccine producers as well [3][8] - Sandisk's shares dropped nearly 6% after reversing gains from its S&P 500 debut, despite overall significant gains since its spinoff from Western Digital [4][8] - Bitcoin and major cryptocurrencies saw a decline, with Coinbase Global and Robinhood Markets shares also falling [5] - Deckers Outdoor shares rose 4.5% following an upgrade from analysts, driven by positive growth outlooks for its Hoka and Ugg brands [9] - Transport and logistics companies Old Dominion Freight Line and J.B. Hunt Transport Services saw their shares increase over 3% after positive analyst ratings [10] Company-Specific Developments - Synopsys announced a $2 billion investment from Nvidia to collaborate on AI applications, boosting its stock performance [6][8] - Moderna's revenue, primarily from its COVID-19 vaccine, is under pressure due to regulatory changes, affecting its stock negatively [3][8] - Sandisk's stock performance reflects volatility post-spinoff, despite a strong demand for AI-driven memory products [4][8] - Deckers Outdoor's stock performance is supported by strong brand demand and recent analyst upgrades [9] - Old Dominion Freight Line and J.B. Hunt Transport Services received positive analyst ratings, contributing to their stock price increases [10]

Core Insights - The integration of AI technology is significantly transforming cross-border trade and logistics between China and ASEAN countries, enhancing efficiency and safety in operations [4][5][6][8]. Group 1: AI in Trade and Logistics - Vietnamese truckers are utilizing AI-enabled devices for navigation and safety, facilitating smoother transport into China [1]. - Friendship Pass, as China's largest land port with ASEAN, has implemented AI for customs clearance and cargo inspection, reducing the need for human intervention [5][6]. - AI applications in logistics are revolutionizing the industry, with platforms monitoring real-time interactions between support staff and truckers [7][8]. Group 2: AI Innovations and Collaborations - Guangxi Beitou IT Innovation Technology Investment Group has developed an AI platform that analyzes drivers' facial expressions to enhance safety, providing services to over 10,000 drivers [8]. - The region is focusing on creating AI products tailored for ASEAN markets, including air-ground inspection drones and digital certificate platforms [9]. - Guangxi has established the China-Laos AI Innovation Cooperation Center, marking a significant step in AI collaboration between China and ASEAN [12][13]. Group 3: Regional AI Development Initiatives - The Wuxiang Cloud Valley AI Intelligent Computing Industrial Park aims to foster AI development and resource sharing across ASEAN industries [16][17]. - Guangxi's vision includes constructing a network of AI industrial parks, targeting an output of AI-related industries exceeding 100 billion yuan (approximately 13.9 billion USD) by 2027 [23]. - Nanning is actively building the China-ASEAN AI Innovation Cooperation Center, focusing on AI, new energy applications, and health technologies [20][21][22].