Competitive tension intensified on the Turkey–Italy trailer corridor via Trieste after a new entrant launched a direct service in September 2024, later reinforced and joined by another operator. DFDS reports that volumes held up but price initiatives fell short of expectations. In response, the group is introducing a new pricing model from September and has diverted capacity to alternative routes, including Trieste–Damietta and stronger links to France and Tunisia.
Q2 at a glance: revenue nudges higher, EBIT down sharply; guidance trimmed
Group: Revenue DKK 7,810 million (+3% year on year); EBIT DKK 163 million (−69% year on year). Guidance for 2025 revised to EBIT DKK 0.8–1.0 billion, ~5% revenue growth, and adjusted free cash flow around DKK 1.0 billion. Operating capex guided at ~DKK 1.4 billion; financial leverage stood at 4.2x.
Ferry division: Revenue DKK 4,313 million (−6.9%); EBITDA DKK 702 million; EBIT DKK 186 million (−63.4%). Management attributes more than 90% of the division’s adjusted EBITDA decline to the Mediterranean, alongside higher net fuel costs, start-up costs for Jersey passenger services and periods with non-deployed tonnage.
Network highlights: Mediterranean volumes +2.4% (supported by flows to France/Tunisia and the new Egypt connection; Turkey–Italy via Trieste under rate pressure). North Sea −1.8% (Swedish port strikes), English Channel +0.5% (Jersey boost), Baltic −4.5%, Strait of Gibraltar +6.3%. New routes included Damietta–Trieste and Vilagarcía–Rotterdam.
Logistics division: Revenue DKK 3,897 million; EBIT DKK 33 million. Northern Europe and the Continent faced overcapacity and aggressive tendering; the UK & Ireland achieved positive organic growth. Conditions were more challenging in Turkey and Southern Europe, with rail bottlenecks into Germany adding to costs.
Trieste corridor: new entrants squeeze rates on the Turkey–Italy route
The Turkey–Italy corridor via Trieste became a focal point of competition after a direct Trieste–Ambarlı link was launched in September 2024, later expanded and joined by another operator. DFDS, which uses Trieste as a main gateway for Turkish traffic, saw profitability hit as rates lagged expectations. The company has diverted capacity towards Egypt, France and Tunisia and will introduce a new tariff model from September.
Logistics ‘Boost’: headcount cuts and site consolidations to protect margins
DFDS accelerated its “Boost” restructuring in Logistics, covering eight projects. More than 400 full-time positions have been cut, five activities discontinued and eight sites closed or consolidated. In the new Türkiye & Europe South division, over 1,000 equipment units have been sold and around 1,000 full-time positions reduced, with greater reliance on subcontracting.
Country view: what the report says about key markets
Germany: Rail bottlenecks into Germany added cost and complexity in Q2. German meat exports to the UK resumed from April but remained at lower levels through the quarter.
Spain: In the Strait of Gibraltar, volumes rose 6.3% in Q2. DFDS closed the Tarifa–Tangier Ville passenger route on 5 May 2025 and redeployed two vessels to Jersey operations. The group also launched the Vilagarcía–Rotterdam freight route.
Netherlands: The Amsterdam–Newcastle passenger route continued on B100 biofuel in Q2. DFDS launched the Vilagarcía–Rotterdam route linking Spain and the Netherlands.
In case you missed it: DSV road market update: capacity declines, costs in focus – integration with Schenker to transform the industry
Outlook: H2 hinges on pricing reset and Mediterranean competition
DFDS’s second quarter shows resilient volumes but weaker pricing on the Turkey–Italy corridor via Trieste, weighing on Ferry earnings and driving a lower full-year EBIT outlook. Management is responding with a September pricing model, route adjustments—including Egypt and Spain–Netherlands connectivity—and ongoing logistics restructuring. Performance in H2 will depend on execution of these measures amid sustained competitive pressure in the Mediterranean.
