Q4 2023 INTERIM & FULL-YEAR REPORT: SOLID RESULT FOR 2023

ANNOUNCEMENT NO. 05 - 9 February 2024


· EBITDA of DKK 5.0bn in line with Win23
· Revenue up 2% to DKK 27.3bn
· Ferry & Logistics network expanded
· Adjusted free cash flow of DKK 2.8bn
· Total dividend and share buyback of DKK 600m
· EBIT 2024 outlook of DKK 2.0-2.4bn (2023: DKK 2.3bn)

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*Q4 2023*

· Challenging freight markets
· EBITDA reduced 5% to DKK 1.0bn
· Cash inflow of DKK 1.5bn from sale and leaseback of three ferries
· CO2 ferry emission intensity lowered 2%

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*OUTLOOK 2024*

· EBIT of DKK 2.0-2.4bn
· Revenue growth of 5-8%
· Adjusted free cash flow of around DKK 1.5bn


“We’re pleased to deliver a solid result for 2023 despite challenging freight markets. Our ferry and logistics network has been expanded significantly, and in 2024 we will focus on unlocking value as we start executing on our new strategic and financial ambitions,” says Torben Carlsen, CEO.


*KEY FIGURES*                   *2023* *2022*   *2023* *2022*  
*DKK m* *Q4* *Q4* * Change, % * *Full-year* *Full-year* * Change, % *            
Revenue 6,832 6,542 4.4 27,304 26,873 1.6
*Operating profit before depreciation and amortisation (EBITDA)* * 1,030 * * 1,088 * *-5.3* *5,034 * *4,974 * *1.2*
Operating profit before amortisation (EBITA) 409 488 -16.2 2,504 2,603 -3.8
Operating profit (EBIT) 358 452 -20.8 2,326 2,468 -5.8
*Profit before tax* *170 * * 378 * *-54.9* *1,652 * * 2,139 * *-22.8*


Q4 revenue increased 4.4% to DKK 6.8bn and in-creased 9.1% adjusted for ferry bunker surcharges. The adjusted growth was driven by higher ferry revenue from both freight and passengers as well as revenue from logistics acquisitions.

The Q4 EBITDA of DKK 1,030m was 5.3% below Q4 2022. The freight ferry EBITDA of DKK 669m was 8.2% below 2022 due to a spike in oil price spreads in Q4 2022. Underlying freight ferry earnings were above 2022 as higher rates and cost control offset lower volumes. The Q4 passenger EBITDA decreased 12.3% to DKK 115m due to reversal of a provision in Q4 2022. Logistics Division’s EBITDA increased 11.5% to DKK 310m driven by acquisitions while underlying performance was reduced by lower activity levels and one-off costs.

Full-year revenue increased 1.6% to DKK 27,304m compared to 2022 and EBITDA increased 1.2% to DKK 5,034m.

The full-year Adjusted free cash flow was DKK 2,773m, including an inflow of DKK 1,466m from a sale and leaseback of three ferries. NIBD/EBITDA was 2.9x at year-end.

Outlook 2024
Revenue is expected to grow by 5-8% in 2024. The EBIT outlook for 2024 is DKK 2.0-2.4bn (2023: DKK 2.3bn), and the Adjusted free cash flow is expected to be around DKK 1.5bn. The outlook is detailed in the full report.


Read the Q4 2023 interim and full-year report here:

https://www.dfds.com/en/about/investors/reports-and-presentations/q4-report-2023

9 February 2024. Conference call today at 10.00am CET

Register ahead of the call via this *link*. Access code is mailed after registration.

Follow live-streaming of call via this *link*.


*Contact*
Torben Carlsen, CEO +45 33 42 32 01
Karina Deacon, CFO +45 33 42 33 42
Søren Brøndholt Nielsen, IR +45 33 42 33 59
Dennis Kjærsgaard Sørensen, Media +45 42 30 38 47

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*About DFDS*

We operate a transport network in and around Europe with annual revenue of DKK 27bn and 13,200 full-time employees.

We move goods in trailers by ferry, road, and rail plus we offer complementary and related logistics solutions.

We also move car and foot passengers on short sea and overnight ferry routes.

DFDS was founded in 1866 and is headquartered and listed in Copenhagen


This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.


*Attachment*

· DFDS_NO_05_09_02_2024_Q4_REPORT