The Negative Outlook reflects the weaker credit metrics observed in 2024, which will continue to be negatively impacted by profitability pressures in 2025, increasing the likelihood of a weaker financial risk profile for an extended period.

The rating continues to be supported by DFDS’ good business risk profile in European ferry and logistics operations. A moderate financial risk profile constrains the rating.

The rating benefits from DFDS’ diversified and profitable business model in ferry and logistics operations.

The rating is supported by improving profitability, as margins and passenger volumes show continuing improvement after a COVID-impacted 2021. Consequent deleveraging is still expected, despite significant future capex and shareholder returns.