In This Article:
Announcement no. 19 - 6 May 2025
Q1 2025
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Revenue up 8% to DKK 7.5bn. Organic growth was -1%
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EBIT reduced DKK 317m to DKK -117m
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Adjusted free cash flow increased DKK 573m to DKK 246m
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CO2 ferry emission intensity from own fleet lowered 5.9%
Outlook 2025, unchanged
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EBIT of around DKK 1.0bn
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Revenue growth of around 5%
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Adjusted free cash flow of around DKK 1.0bn
“In March, the earnings trend started to improve following the execution of multiple turnaround actions during the quarter,” says Torben Carlsen, CEO.
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| Q1 | Q1 | Change, | LTM | LTM | Change, | Full-year |
| DKK m | 2025 | 2024 | % | 2024-25 | 2023-24 | % | 2024 |
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| Revenue | 7,539 | 7,011 | 8 | 30,281 | 27,975 | 8 | 29,753 |
| EBITDA | 748 | 957 | -22 | 4,232 | 4,875 | -13 | 4,440 |
| EBIT | - 117 | 200 | n.a. | 1,189 | 2,163 | -45 | 1,506 |
| Adjusted free cash flow | 246 | - 327 | n.a. | 1,530 | 2,188 | -30 | 957 |
| ROIC, % | - | - | - | 3.4 | 6.9 | - | 4.4 |
| Financial leverage, times | - | - | - | 4.0 | 3.2 | - | 3.9 |
CEO’s comments
2025 is a transitional year, as noted in our latest annual report, where we lay the groundwork for improving financial performance following the events of 2024.
Firstly, most of our business units are as expected on track to uphold performance or improve in 2025.
Secondly, we are making progress on resolving three specific focus areas:
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Adapting Mediterranean ferry operations to the changed competitive environment
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Turning Logistics’ Türkiye & Europe South around to breakeven by year-end 2025
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Delivering on the Logistics turnaround projects initiated in 2024.
As expected the three focus areas’ substantial negative earnings impact in Q4 2024 continued into Q1 2025.
In March, the earnings trend started to improve following the execution of multiple turnaround actions during the quarter.
The actions taken include price increases, capacity adjustments, headcount reductions, closure of unprofitable activities, and office closures/mergers.
Further actions are being taken and we expect the improving earnings trend to become more visible in our Q2 results and in the remainder of the year.
Adapting to evolving market changes
We are a transport provider moving goods and people in and around Europe. The expansion of our network to regions positioned to benefit from nearshoring continue to be validated by recent geopolitical events.
In addition, Europe’s determination to become more self-reliant is likely to grow trade in the coming years with manufacturing hubs such as Türkiye and Morocco.
Shorter-term we are not assuming any market tailwinds as the shift in US policies and the ensuing uncertainties may further dampen the already muted European economic growth outlook for 2025.
Germany’s decision to step up defence and infrastructure spending is set to fuel European growth, but material impacts on activity levels are not expected before 2026. Meanwhile, our focus is on adapting to a low-growth market environment.