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].

Company Overview - DFDS A/S has completed a share capital reduction announced on 23 April 2025, resulting in a total share capital of DKK 1,124,310,980 and a total of 56,215,549 shares, each carrying one vote at the general meeting [1] - The company operates a transport network in and around Europe, generating an annual revenue of DKK 30 billion and employing 14,000 full-time staff [3] Regulatory Compliance - DFDS A/S is required to announce the total number of voting rights and share capital by the end of the month during which any changes occur, as per Section 32 of the Danish Capital Markets Act [2]