”Key takeaways: After profit warning for 2025 last week DFDS has published the full Q2 25 report. The revised guidance for 2025 is maintained – hence EBIT of DK-K0.8-1.0bn with free cash flow of around DKK1bn for 2025. Reported net debt to EBITDA was 4.2x end-Q2 25 – up from 4.0x in Q1 25. DFDS states that the covenant headroom to the leverage ratio exceeds 20% (hence covenants at least 5x). DFDS has DKK1.9bn of cash as of Q2 25 which we see as sufficient. As of end-2024 DFDS had pledged vessels with a book value of DKK5.8bn (15% of total assets, 36% of total tangible assets excluding right-of-use assets) for loans of DKK3.7bn. We note that the operating cash flow was DKK1.1bn in Q2 25 – down from DKK1.3bn in Q2 24.“
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