DFDS has reported that its revenues for the first quarter of 2026 reached DKK7.353 billion (US$1.15 billion), a decrease of two per cent from the same period last year.
The company's operating profit meanwhile increased significantly in A1 2026, ending at DKK33 million (US$5.16 million), whereas an operating loss of DKK117 million (US$18.3 million) was reported in Q1 2025.
DFDS also reported an adjusted free cash flow of DKK300 million (US$47 million).
“Financial performance in both divisions continued to improve in Q1 2026, which, together with our cash flow focus, also improved financial leverage,” said Karen D. Boesen, DFDS' CFO and interim CEO.
The ferry division’s performance improvement was driven by a higher freight result, especially in the Mediterranean, while the logistics division’s improvement was mainly due to the continent and Nordic business units.
"The ongoing Iran/Persian Gulf conflict has, since the beginning of March 2026, raised oil prices as well as geopolitical and macro uncertainty," said Boesen. "In our transport network, we have through April 2026 not seen material impacts on volumes. There is, however, a possible downside risk of elevated fuel costs impacting the demand for transport services from both businesses and consumers going forward.
"The significant increase in oil prices, as well as in price spreads, had an initial negative financial impact, which is expected to reverse in Q2 2026. In this volatile market environment, we are focused on adjusting operations in line with market developments. Cost control remains a priority."
DFDS' capital structure was consolidated in Q1 2026 as measured by the debt/equity ratio compared to Q1 2025.
"Financial leverage, measured by debt-to-earnings ratio, improved to 3.9x at the end of Q1 2026 and is on track to fulfil the leverage target we have set for 2026 of a ratio below 4.0x," said Boesen.
The 2026 operating income outlook of DKK1 billion to DKK1.4 billion (US$160 million to US$220 million) is unchanged following the outlook update made on April 14, 2026.
"The expectation for the adjusted free cash flow has been firmed up to above DKK250 (US$39 million) from the previous expectation of a cash flow above zero," added Boesen.
