Core Insights - The company reported a revenue increase of 3% to DKK 7.8 billion in Q2 2025, but organic growth was negative at -2% [5][4] - EBITDA decreased by 28% to DKK 893 million, while EBIT fell by 69% to DKK 163 million [4][5] - Adjusted free cash flow was DKK 538 million, down 26% from the previous year [4][5] - The company aims to achieve an EBIT of DKK 0.8-1.0 billion for 2025, revised down from around DKK 1.0 billion [10] Financial Performance - Q2 2025 revenue was DKK 7,810 million compared to DKK 7,580 million in Q2 2024, reflecting a 3% increase [4] - EBITDA for Q2 2025 was DKK 893 million, down from DKK 1,232 million in Q2 2024, marking a 28% decline [4] - EBIT decreased significantly by 69% to DKK 163 million in Q2 2025 from DKK 519 million in Q2 2024 [4] - Adjusted free cash flow fell to DKK 538 million from DKK 724 million, a 26% decrease [4] Operational Challenges - The Mediterranean activities remain a key earnings challenge, with pricing initiatives not meeting expectations [3][8] - The Türkiye & Europe South turnaround is progressing but may face delays in achieving breakeven due to market dynamics [9][10] - The company is focusing on improving yield recovery in the Mediterranean business unit for the remainder of the year [8] Strategic Outlook - The company expects to maintain an adjusted free cash flow outlook of DKK 1.0 billion for 2025 [10] - Geopolitical factors, including a new trade agreement between the EU and USA, may impact demand for EU exports, influencing the company's operations [11][12] - The company anticipates growth in nearshoring, benefiting from trading with manufacturing hubs like Türkiye and Morocco [12]

Core Viewpoint - 2025 is identified as a transitional year for DFDS, focusing on improving financial performance following challenges faced in 2024 [1][6]. Financial Performance - The Q2 2025 financial performance of most of the network was broadly in line with expectations [1]. - Q2 cash flow generation was on track, with financial leverage expected to improve in H2 2025 [4]. Earnings Challenges - Key earnings challenges in 2025 are linked to three specific focus areas, including the Logistics Boost projects, which are on track [1][6]. - The EBIT outlook for 2025 has been updated to a range of DKK 0.8-1.0 billion, down from a previous estimate of around DKK 1.0 billion due to challenges in the Mediterranean and Türkiye & Europe South regions [3][6]. Mediterranean Business Unit - Adaptation of the Mediterranean business unit progressed in Q2 2025 but fell short of expectations, particularly in pricing initiatives [2][6]. - Further actions have been initiated to enhance yield recovery effectiveness for the remainder of the year [2]. Türkiye & Europe South - The turnaround in the Türkiye & Europe South region progressed well in Q2 2025, but volumes and margins were below target, potentially delaying the breakeven target for 2025 [3][6]. Cash Flow Outlook - The outlook for Adjusted free cash flow in 2025 remains unchanged at DKK 1.0 billion [4][6]. Company Overview - DFDS operates a transport network in and around Europe, generating annual revenue of DKK 30 billion and employing 16,500 full-time staff [5][8].