Danish ferry and logistics operator DFDS raised its 2026 adjusted free cash flow forecast to DKK800 million–1 billion ($119.2 million–$149 million) on Wednesday, November 11. The upgrade came after third-quarter earnings before interest and tax (EBIT) rose 28 per cent to DKK685 million.
Quarterly revenue increased six per cent to DKK8.826 billion. Profit for the period rose to DKK437 million from DKK276 million a year earlier.
The previous cash flow forecast, issued in August, was around DKK500 million. The company attributed the increase to third-quarter cash generation, including working capital initiatives. It also cited lower expected ferry capital expenditure in the fourth quarter, helped by an anticipated Ro-Pax ferry sale.
Group EBIT guidance was held at DKK1,200–1,400 million. The ferry division outlook was cut to DKK1.225–1.375 billion, while the logistics division forecast was raised to DKK225–275 million. Revenue growth guidance was lifted to four to five per cent on rising fuel surcharges.
Ferry division EBIT rose 12.2 per cent to DKK633 million. Logistics EBIT increased by DKK86 million to DKK108 million.
"Our two business units operating out of Turkey - Mediterranean and TES - face significant market challenges that set their situation apart from the rest of the network," said CEO Michael Hansen. "These challenges continue to weigh considerably on the group result."
Mediterranean freight volumes fell 3.1 per cent after capacity was reduced, particularly on the Istanbul–Trieste route. The Turkey and Europe South (TES) logistics unit posted a result level with 2025. Rail works in Italy and border bottlenecks in Turkey added operating costs for the unit.
October freight volumes reached 3.691 million lane metres, up 1.5 per cent from a year earlier. Gains on the North Sea, Mediterranean and Strait of Gibraltar routes offset declines on the English Channel and Baltic Sea. In September, freight volumes had been broadly unchanged year on year.