For transport and logistics customers, the key shift is in the group’s Logistics Division, which moved into a small operating loss. At the same time, DFDS’ leverage increased to 4.1x net interest-bearing debt (NIBD) / EBITDA, reinforcing management’s message that 2026 will be centred on restoring earnings quality, reducing costs and bringing leverage down.
DFDS’ Logistics Division reported external revenue of DKK 15.6bn in 2025 and an EBIT of -DKK 30m, compared with DKK 200m the year before. The Ferry Division remained profitable, delivering DKK 791m EBIT on external revenue of DKK 15.3bn, although this was also down year-on-year.
In its review of the year, DFDS links the weaker performance to a combination of market disruption and slower demand conditions, highlighting disruptions in the Turkish transport market, slowing demand in northern Europe (particularly in the first half) and the impact of the war in Ukraine on flows and capacity patterns in the Baltic region.
TES: turnaround risk now central to the story
A key element in DFDS’ logistics strategy is TES Logistics, the unit created following the acquisition of Ekol International Transport in 2024. DFDS frames TES as part of its expanded network, but the annual report also flags heightened uncertainty tied to whether projected performance improvements at TES will be achieved. The company notes that this uncertainty feeds into impairment testing assumptions.
DFDS describes the Baltic market as “structurally challenged” in 2025 due to oversupply of ferry and road capacity, linked to the ongoing war in Ukraine. As part of its mitigation measures, DFDS points to a space charter agreement with TT Line, effective from October 2025.
Looking ahead, the company expects freight volumes on trade lanes connecting Europe with Türkiye and northern Africa to continue to grow in 2026. At the same time, DFDS says road transport markets are expected to remain highly competitive, although capacity reductions in 2025 could help ease margin pressure in some markets.
Cost response: DKK 300m savings programme
In response to the weaker earnings profile, DFDS launched a DKK 300m cost reduction programme in November 2025. The initiative covers around 400 positions, and DFDS recognised DKK 97m in redundancy-related costs in 2025. The company expects the benefits of the programme to be reflected in 2026.
From an operational perspective, cost programmes of this type typically translate into tighter overhead control and, in some areas, network and process changes. DFDS does not provide service-level commitments in this context, but the scale and timing suggest 2026 will involve continued organisational adjustments.
Debt down, but leverage up
Despite the loss, DFDS reports strong cash generation in 2025 and a continued focus on debt reduction. Net interest-bearing debt fell to DKK 15.3bn, down DKK 1.9bn year-on-year. However, because earnings declined, leverage increased to 4.1x NIBD/EBITDA at year-end.
DFDS says deleveraging remains a priority and expects NIBD/EBITDA to fall below 4.0x in 2026 and below 3.5x in 2027, while revising its mid-term leverage target range to 2.5–3.5x.
For 2026, DFDS guides for group EBIT of DKK 800–1,100m, compared with DKK 520m in 2025. Within that, Logistics is expected to return to profit, with EBIT guidance of DKK 50–150m versus -DKK 30m in 2025. The company expects revenue to be “around on level” with 2025.
