DFDS reports strong Q2 results
DFDS reported strong revenue growth of 67% due to passengers returning much faster than expected, alongside higher freight earnings. EBITDA increased 63% to DKK 1.46bn. Based on the strong performance, DFDS has upgraded its outlook for the full year.
CEO, Torben Carlsen said: “We delivered an excellent set of results for the second quarter with EBITDA increasing 63%. We are very satisfied with our performance across all business units, which demonstrates the resilience of our business and our ability to adapt to difficult market conditions. We improved our Logistics operating margins and delivered strong cash flow.”
In Ferry, volumes increased 4.1% driven by continued growth in Turkish exports to Europe, as well as an increase in capacity on our routes between Turkey and France and Turkey and Italy. We also saw passenger traffic return faster than expected as people were eager to travel again. Ferry travel also benefited from airline travel disruptions.
In Q2, the Logistics Division’s revenue increased 92% to DKK 2,979m, impacted positively by the acquisitions of HSF Logistics and ICT Logistics. The total EBITDA for the DFDS Group before special items increased 63% to DKK 1,459m.
Market situation and outlook
While the current macroeconomic situation and continued supply chain constraints create uncertainty regarding economic growth expectations in 2022, demand for freight services remains robust. As a result, DFDS now expects to grow revenue by around 40% in 2022. This is based on the strong performance for the first half of 2022, higher bunker surcharge revenue, and continued recovery in passenger volumes.
Financial highlights Q2