OUTLOOK 2024

• EBIT of DKK 2.0-2.4bn
• Revenue growth of 8-11%
• Adjusted free cash flow of around DKK 1.5bn

CEO, Torben Carlsen, comments

“2024 is the first year of our new strategy Moving Together Towards 2030 focused on unlocking the value of our expanded network through organic growth and transitioning to become a greener company.

The expansion of our network to high-growth markets was fulfilled in April with the agreement to acquire the international transport network of Ekol Logistics. The transaction is expected to close in Q4 2024. The newly acquired ferry routes on the Strait of Gibraltar were off to a good start.

The network is in place to support our focus on organic growth. A high priority is also to improve earnings for activities that currently face market headwinds such as the Baltic Sea and Channel ferry networks as well parts of our Cold Chain logistics activities.

We are moving to green and ordered another 100 e-trucks earlier this year underlining our ambition to decarbonise land transport. The short-term decarbonisation of our ferry activities is on target, and in parallel we are laying the groundwork to achieve our ambition of having six green ferries on the water by the end of 2030.”

April Volumes

April volume numbers are compared to 2023 impacted by most of the Easter holiday period falling in March this year compared to April in 2023. In general, this decreases passenger volumes and increases freight volumes for the month compared to 2023.

Ferry – freight: Total volumes in April 2024 were 13.9% above 2023 and up 10.1% adjusted for the addition of Strait of Gibraltar routes in 2024 and closure of the Calais-Tilbury route in 2023.

North Sea volumes were above 2023 following higher volumes on most routes. Mediterranean volumes were below 2023 as volumes were decreased by the timing difference in April 2024 of a national holiday week compared to 2023.

Channel volumes were above 2023 as were Baltic Sea volumes with all routes carrying more volumes.

For the last twelve months 2024-23, the total transported freight lane metres decreased 0.9% to 39.7m from 40.1m in 2023-22. The decrease was 1.9% adjusted for the addition of Strait of Gibraltar routes and the Calais-Tilbury route closure.

Ferry – passenger: The number of passengers in April 2024 were 24.5% above 2023 and down 7.6% adjusted for addition of the Strait of Gibraltar routes. The decrease was driven by the Easter timing difference. The number of cars were 21.1% above 2023 and down 6.2% adjusted for Strait of Gibraltar.

For the last twelve months 2024-23, the total number of passengers increased 21.8% to 5.1m compared to 4.2m for 2023-22. The increase was 10.0% adjusted for the addition of Strait of Gibraltar routes.

Full Q1 2024 interim report here: https://www.dfds.com/en/about/investors/reports-and-presentations/q1-report-2024