Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	37117000000	dkk
ifrs-full:Assets	2024-12-31	39281000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	30947000000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	29753000000	dkk

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   <mrv:SustainabilityReport contextRef="ctx-1" id="f0__s8__8__7-1" xml:lang="en">GOV-1 Board composition The Board of Directors consists of six shareholder- elected directors, each elected for a one-year term. In addition, three directors are elected by the employees for a four-year term, and their rights and obligations are identical to those of the shareholder-elected directors. No members of the Board are part of DFDS’ executive management.In 2025, three of the six shareholder-elected directors were assessed as independent in ac-cordance with the Danish Corporate Governance Recommendations. Three of the nine directors are women, and two directors have non-Danish nationality – one Finnish and one Swiss. The composition of the Board of Directors aims to ensure that competences that are key to the Company’s performance are represented. The AGM-appointed directors primarily have an international business background with special competences focused on management and board experience from large international compa-nies, strategy execution, finance, accounting, and sustainability. Sector experience is focused on shipping and international transport and logistics.In 2025, Klaus Nyborg did not seek re-election after serving on the board since 2016, and Kristian V. Mørch was elected by the AGM to the Board and further elected as Vice Chair at the constituent board meeting following the AGM. The background and special competences of the directors are reported on pages 49-50.GOV-1, GOV-2 Sustainability governance The Board of Directors approve the ESG strategy as part of the group strategy and is actively in-volved in approving long-term targets. The Board of Directors is updated on strategic ESG topics and progress at least twice a year, including the approval of the annual DMA (Double Materiality Assessment) review. The list of material Impacts, risks and opportunities (IROs), as presented in the Sustainability statement pages 72-74, has been reviewed and approved by the EMT and the Board of Directors. As part of its strategy review, the Board of Directors reviewed DFDS’ climate strategy as well as the climate plans for the Ferry Division and Logistics Division providing for the deploy-ment of increasingly emission-friendly propulsion technologies.The EMT and the Board of Directors meet reg-ularly with in-house experts including the VP of Decarbonisation, the Director of Sustainability, and the Head of CSRD Reporting, which enables them to assess the level of expertise in these functions.The Board of Directors has the ultimate oversight of sustainability, including the methodology and outcome of the DMA, targets, and performance in the approval of the annual sustainability report.The Audit Committee reviews governance, internal controls, and procedures related to sustainability reporting, and the Remuneration Committee oversees the Executive Board’s ESG-related incentives. The Board of Directors’ rules of procedure specify compliance and risk management in the list of tasks while the Audit Committee charter includes responsibility for sustainability reporting. The EMT has ownership of the ESG agenda and is involved in selecting sustainability priorities and driving action plan implementations. In DFDS, the key sustainability expertise deemed relevant and aligned with the identified IROs include: decarbonisation, health &amp; safety, people matters related to own workforce, responsible procurement, biodiversity, and sustainability reporting.Board of Directors (as per 19 February 2026)Claus V. Hemmingsen(1962) Chair / 10,000 shares Position: Owner and Managing Director, CVH Consulting ApSJoined Board:29 March 2012Re-elected: 2013-2025 Period of office ends:AGM 2026 Member of Nomination Committee and Remuneration Committee Board meeting participation:12/12 Committee participation:7/7 Chair:HusCompagniet A/S, Innargi Holding A/S (and one wholly-owned subsidiary), Rambøll A/S. Board member: A.P. Møller Holding A/S, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, Den A.P. Møllerske Støttefond, Fonden Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, Global Maritime Forum Fonden and Noble Corporation Plc.The Board of Directors is of the opinion that Claus V. Hemmingsen possesses the following special competences: International, commer-cial, and operational management experience and expertise in shipping, offshore, and oil &amp; gas activities, including HSSE &amp; Sustainability, M&amp;A, capital markets, and non-executive directorships.Claus V. Hemmingsen has been a member of the Board of Directors for more than 12 years and cannot therefore be considered indepen-dent according to the Recommendations on Corporate Governance.Kristian V. Mørch(1967)Vice Chair / 8,308 shares Position:CEO in J. Lauritzen A/SJoined Board:24 March 2025Re-elected:n.a. Period of office ends:AGM 2026 Board meeting participation:12/12Board member: BW Epic Kosan Maritime Pte. Ltd., Gertsen &amp; Olufsen A/S (G&amp;O Maritime Group A/S) The Board of Directors is of the opinion that Kristian V. Mørch possesses the following special competences: International management, expertise in the shipping and maritime sector, investment management, M&amp;A, capital markets, restructuring and joint ventures.Kristian V. Mørch is part of the executive management of J. Lauritzen A/S, which is fully owned by Lauritzen Fonden, and cannot therefore be considered independent under the Danish Recommendations on Corporate Governance. Minna Aila (1966) Board member / 170 shares Position: Executive Vice President, Corporate Affairs &amp; Brand, Konecranes.Joined the board:23 March 2022Re-elected: 2023-2025 Period of office ends:AGM 2026 Chair of Nomination Committee and Remuneration CommitteeBoard meeting participation:12/12 Committee participation:7/7 Minna Aila has no managerial or executive positions in other companies. The Board of Directors is of the opinion that Minna Aila possesses the following special competences: international management, as well as expertise in sustainability, public affairs, branding, and communication.Anders Götzsche (1967) Board member / 3,500 shares Position: Executive Vice President and CFO, VELUX A/SJoined the board:19 March 2018Re-elected: 2019-2025 Period of office ends:AGM 2026 Chair of Audit CommitteeBoard meeting participation:12/12 Committee participation:6/6 Chair:Rosborg Møbler A/S The Board of Directors is of the opinion that Anders Götzsche possesses the following spe-cial competences: International management and board experience, expertise in finance and accounting as well as M&amp;A.Marianne Henriksen (1961) Board member (employee-elected) / 175 sharesJoined the board:23 March 2022Re-elected: n.a. Period of office ends:AGM 2026 Board meeting participation:12/12Marianne Henriksen has no managerial or executive positions in other companies.Kristian Kristensen(1967) Board member (employee-elected) / 4,300 sharesJoined the board:23 March 2022Re-elected: n.a. Period of office ends:AGM 2026 Board meeting participation:12/12Kristian Kristensen has no managerial or executive positions in other companies.Board of DirectorsJill Lauritzen Melby(1958) Board member / 4,735 sharesJoined the board:18 April 2001Re-elected: 2002-2025 Period of office ends:AGM 2026 Member of Audit CommitteeBoard meeting participation:12/12Committee participation:6/6Jill Lauritzen Melby has no managerial or executive positions in other companies.The Board of Directors is of the opinion that Jill Lauritzen Melby possesses the following special competences: Expertise in financial control.Due to family relations to the company’s princi-pal shareholder, Lauritzen Fonden, Jill Lauritzen Melby cannot be considered independent ac-cording to the Recommendations on Corporate Governance. Dirk Reich(1963) Board member / 10,000 sharesJoined the board:1 July 2019Re-elected: 2020-2025 Period of office ends:AGM 2026 Member of Audit Committee, Nomination Committee, and Remuneration CommitteeBoard meeting participation:12/12Committee participation:13/13 Chair:Log-hub AG, R+R Holding AGBoard member: Die Schweizerische Post AG, K2 mobility GmbHThe Board of Directors is of the opinion that Dirk Reich possesses the following special compe-tences: International management and board experience, as well as expertise in international logistics activities. Lars Skjold-Hansen (1965) Board member (employee-elected) / 1,030 sharesJoined the board:22 March 2013Re-elected:2014-2022 Period of office ends:AGM 2026 Board meeting participation:12/12 Lars Skjold-Hansen has no managerial or executive positions in other companies.Executive BoardTorben Carlsen (1965) President &amp; CEO / 160,394 sharesAppointed:1 May 2019 (previously CFO of DFDS since 1 June 2009). Torben Carlsen will step down no later than 1 July 2026.Chair:Copenhagen Infrastructure Partners: CI II, CI III and CI IV K/S. Gro Capital Partners: Fund I and II K/S. Chair of the Investment Committees, Danish Shipping.Board member:Royal Unibrew A/S.Karen Dyrskjøt Boesen (1971) EVP &amp; CFO / 5,440 sharesAppointed:1 July 2024Board member: Nordsøfonden.GOV-3 Remuneration policy The overall objective of remuneration policy is to design and uphold remuneration packages that enable DFDS to attract, engage, and retain the right profiles for executive roles in the Board of Directors and the Executive Board. Remuneration is determined by the role, experience, skills, and sustained performance levels aligned with market practices and business needs. Remuneration includes short-term incentives (STI) based on annual business performance metrics and long-term incentives (LTI) promoting sustained value creation. Benefits are generally tailored to the position and local market practices. Remuneration is reviewed annually.The full remuneration policy is available at dfds.com/en/about/governance-and-policiesGOV-3 Incentives linked to sustainability DFDS integrates sustainability-related perfor-mance into the STI scheme for the Executive Board through an ESG performance basket representing 20% of total STI weighting. The ESG basket combines three indicators: CO₂ emissions reduction, female representation, and safety performance measured by Lost Time Injury Frequency (LTIF). Each ESG indicator has a high-level internal performance goal that guides assessment; the Remuneration Committee may apply discretion in the final payout determination.The full 2025 remuneration report is available at https://assets.ctfassets.net/z860498abl84/1ntycbfxEyNZfNfiEGPqru/325fce2ff98358af768f1b1443be6335/DFDS-Remuneration-Report-2025.pdfSBM-1Strategy, business model and value chain StrategyIn the “Moving Together Towards 2030” strate-gy, sustainability is integrated into DFDS’ group strategy, driving sustainable and responsible growth. Environmental, social, and governance principles are included in operations and strategic decisions, ensuring progress toward reducing environmental impact, fostering safety and inclu-sivity, and upholding transparency. This approach reflects DFDS’ commitment to creating lasting value for our stakeholders and the communities we serve. In addition, sustainability is integral to our commercial operations, as we provide decar-bonised transport solutions to customers through both direct and indirect emission reductions across our route network. StrategyBusiness modelDFDS operates an integrated transport and logistics model combining ferry, road and rail transport with logistics services such as ware-housing, packaging and cross-docking. These activities enable efficient movement of goods and passengers across our network and support our role as a critical transport infrastructure provider in Northern Europe. People and competencies are the key intangible resources enabling delivery on strategic priorities.Business modelValue creationThrough our operations and partnerships, we create value for customers, employees, partners, communities and shareholders by ensuring effi-cient transport, connectivity, stable employment, safe workplaces and emissions reduction efforts.Value chainOur value chain covers own operations and busi-ness relationships. Upstream activities include inbound transport, and sourcing of fuel, vessels, equipment, port and terminal services and other critical operational services, with primary empha-sis on first-tier suppliers. Downstream activities include outbound transport, waste handling and recycling. Depending on the customer offering, DFDS’ operations span pre-carriage to port, port handling, sea voyage and onward transport.Boundary decisionsBoundary decisions are based on the double ma-teriality assessment described in IRO-1. As part of that process, deeper-tier resource extraction and manufacturing of vessels, trucks and equipment, end-user use of transported goods and end-of-life activities (e.g., refitting and scrapping) were screened. They were excluded due to limited leverage and risk proximity being significantly lower than first-tier upstream activities. We will monitor these stages and revisit their inclusion if risk indicators, leverage, or data availability change.Sustainability impacts and challengesIn the shipping and logistics industries, we face constraints related to the availability of alterna-tive fuels, new technologies, and the infrastruc-ture needed to support them. Limited supply, long asset lifecycles and significant investment requirements, especially where infrastructure is less developed, make it challenging to transition away from fossil fuels and maintain consistent operations across our network. We continue to pursue our climate ambitions by testing viable solutions, working with partners and contributing to industry initiatives that support low and zero emission technologies.Our industries also face social challenges, including gender balance and safety. Attracting and retaining women, particularly in operational and seafaring roles, takes time due to structural and occupation-specific factors. We work to strengthen diversity and representation across our workforce. Safety is an inherent risk in ship-ping and logistics, and we prioritise proactive risk management and continuous improvement of safety practices to protect our people and contractors.Key figures for DFDS in 2025Largest countries by headcountCountryEmployee headcountUK3,810Türkiye2,998Denmark2,012Poland1,358France1,239Other5,054Total16,471Total revenue by significant activities DKK millionRevenueFerry Division15,294Logistics Division15,618Non-allocated35Total30,947SBM-2Stakeholder engagementStakeholder engagement is a natural part of our day-to-day business. We engage and partner with suppliers and customers to rethink business processes and find new ways of collaborating to gain viable traction in the green transformation. Our people make the difference throughout the network, and it is through engagement with our people that we adapt operations to keep goods and people moving in continually changing circumstances. We engage with the financial community, primarily institutional investors and analysts, through our Annual General Meeting and an ongoing dialogue facilitated by Investor Relations. The interests and views of all our stakeholders provide key inputs in our strategy processes, which in turn impacts our business model. The Executive Management Team takes an active role in the stakeholder engagement and the Board of Directors is informed about the views and interests of stakeholders as part of the general strategy and risk management processes.Stakeholder engagementStakeholder Engagement occursHow it is organisedPurposeOutcome taken into accountCustomersRegular interactionAccount management and day-to-day interactionOrder fulfilment and customer satisfaction. Understanding the demand for green transport solutionsCustomer feedback is used to improve our product offeringEmployeesRegular interactionDevelopment activities, surveys, day-to-day interaction with managerTo ensure employee wellbeing, engagement, and developmentEmployee feedback lead to actions to ensure that DFDS is a great place to workInvestors and ESG analystsRegular interactionAnnual General MeetingInterim reporting and ad hocEnsure transparent market communication and dialogueInvestor feedback is part of the corporate decision making processRegulatorsAdherence to regulatory requirementsDFDS may consult regulators or consultantsEnsure understanding of regulatory mattersChanges in regulation or understanding thereof impacts business decisions, procedures, and reportingNGOsRegular interactionAd hoc meetingsSeeking information or collaboration on common goalsNGO feedback informs projects and business decisionsESG rating agenciesAnnual interactionReporting on ESG frameworksCreate transparency and share DFDS ESG dataDemand for data and information informs our reporting practicesPeers and marketRegular interactionNetwork activities and desk researchKnowledge sharing with peers on ESG matters and finding inspirationPeer feedback informs ESG strategy and reporting and may affect business decisionsDouble materiality assessmentIRO-1Double materiality assessmentMethodology Our double materiality assessment (DMA) review process is performed annually and is based on ESRS guidance. The steps in the process are outlined in the graphic on this page. We seek input from a variety of stakeholders, encompassing both internal and external perspectives, to consider a variety of viewpoints and considerations and mitigate any potential biases and knowledge gaps. Assessment boundaries and thresholdsWe assess impacts, risks and opportunities across our own operations and value chain in line with ESRS requirements. The assessment covers our business relationships with a primary focus on upstream first-tier suppliers of vessels, fuel and en-ergy, port and terminal services and other critical operational services. Beyond first tier, we screen topics using sector guidance, industry analyses, stakeholder engagement and internal expertise.Boundary and prioritisation decisions are based on severity of potential impacts (scale, scope and irremediability), likelihood, our influence and leverage, proximity to our operations and geographic risk signals, and availability of information that can be reliably assured.For impact materiality, our thresholds were determined by DFDS based on the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles, including guidance on prioritisation and the assessment of impact severity. Screened and excluded stagesWe screened deeper-tier activities, including resource extraction and manufacturing of vessels, trucks and equipment, end-user use of transported goods and end-of-life activities such as refitting and scrapping. These were assessed as not material at our point of influence due to low leverage, indirect linkage, lower relative severity and insufficient data quality for assured reporting. These stages remain under monitoring, and we will revisit their inclusion if risk signals, leverage or data availability change.Process to identify impactsOur DMA process is structured into four distinct steps, aligned with the disclosure requirements set forth by the European Sustainability Reporting Standards (ESRS). Where applicable, we ensure alignment with our organisation’s established operational methodologies.The initial phase involves mapping our business model and value chain, which enables clear dif-ferentiation between impacts arising from our own operations and those within our broader value chain. Consequently, each identified impact, risk, or opportunity (IRO) is categorised based on its origin: either internal operations or the extended value chain.DMA review processStepsKey tasks1Preparationand scopingReview the business model and value chain for changes since last review.Review assessment boundaries, thresholds, and relevant stakeholders.2Mapping impacts, risks,and opportunitiesIdentify impacts, risks, and opportunities over time.Engage stakeholders and experts to refine the assessment.3AssessingmaterialityEvaluate the materiality of impacts, risks, and opportunities based on severity and likelihood.Prioritise material elements for assessment.4Validation and reportingValidate, refine, and document the methodology and results.Translate material impacts, risks, and opportunities to relevant data points.DFDS conducted mapping workshops to identify IROs that could be potentially material to the or-ganisation. The purpose of these workshops was to jointly identify impacts, risks, and opportunities to determine if any topics would simultaneously have both impacts and risks or opportunities. Additionally, the workshops aimed to identify any existing dependencies.To identify relevant stakeholders for the DMA analysis, we engaged external experts for the initial DMA reported in 2024, including represen-tatives from non-governmental organisations (NGOs), pertinent agencies, and trade unions. These experts represent potentially affected stakeholders and provide critical insights that support comprehensive impact mapping and analysis.ScoringConsistent with ESRS standards, we assess the materiality of impacts using the parameters of scale, scope, irremediability, and likelihood. The methodologies applied for each identified impact include the following:•	Scale: assessment of the inherent magnitude of the impact on society or the environment.•	Scope: evaluation of the extent to which a po-tentially or actually affected stakeholder group, or a defined geographical area, is affected.•	Irremediability:measurement of the extent to which damage can be mitigated or reversed.•	Likelihood: consideration of the probability of potential impacts, incorporated only for impacts that are not yet actualised.For topics involving actual impacts, likelihood is excluded from the final scoring. The overall im-pact score is calculated as the average of these parameters. An important exception applies to human rights-related topics, where severity, defined as the combination of scale, scope, and irremediability, takes precedence over likelihood in determining the final score.A threshold was established to define materiality; impacts exceeding this threshold were deemed material for reporting.Process to identify risks and opportunities Financial materiality is based on size of financial effect and likelihood of the event. The size of the financial effect is aligned with our Enterprise Risk Management (ERM) framework and parameters.The likelihood scoring for risks and opportunities equals that of impact materiality. A threshold was established to define materiality; risks and op-portunities exceeding this threshold were deemed material for reporting. Decision making process and internal controlsA CSRD Steering Committee serves as the control and decision-making body for the methods used throughout the process. Key decisions including identifying stakeholder representatives, scoring of IROs, and annual reviews are under the Steering Committee’s mandate. Controls include sign-offs from stakeholders and a thorough review of methods by the CSRD Reporting Team, who owns and manages the process to ensure its integrity and accuracy. The Enterprise Risk Management (ERM) and DMA processes are interconnected, particularly through the financial materiality assessment. The ERM team has provided input during the DMA process and supported in the identification of fi-nancial effects. High-priority ESG topics identified through the DMA are incorporated into the overall risk profile, ensuring a comprehensive and up-to-date Enterprise Risk Management framework. Integration of DMA process in overall management processesThe process to identify, assess, and manage risks and opportunities is largely linked to the DMA process as described, in which management is informed, performs a review and signs off before obtaining the Board of Directors approval.Specific processes per topicE1 Resilience analysisOur strategy and business model are designed to adapt to climate change over the short-, medi-um-, and long-term, due to our inherent operation-al flexibility and ongoing risk management. We integrate short-term climate risks into our broader risk management framework, ensuring constant awareness of significant near-future climate im-pacts. Our network’s flexibility, through adjustable shipping routes, modal shifts, and operational op-timisation based on evolving conditions, enables us to effectively address anticipated challenges while maintaining resilience and continuity for our customers.Our resilience analysis in 2025 demonstrated prog-ress towards our targets. Our vessels represent the largest area of uncertainty, particularly regarding the technological developments and investments needed for the green transition. This includes uncertainties related to alternative fuel availability, technological advancements, and pricing. A major part of our strategy is focused on transitioning to the vessels of tomorrow, ensuring we remain resil-ient and adaptable to future challenges.Based on residual risk after mitigating actions, the risk severity assessment has returned low to medium scores for the sustainability-related risk items in the ERM process. We consider low to medium scores to reflect a high resilience of the business overall.E1 Climate risk scenario analysisTo assess our climate-related risks in alignment with CSRD requirements, we applied two distinct climate scenarios from the International Panel on Climate Change (IPCC) that reflect different glob-al warming pathways and policy environments (see also text box on next page).The SSP2-4.5 scenarioUsing the SSP2-4.5 scenario, we assessed how a moderate-emissions trajectory may increase exposure to physical climate hazards and tran-sition risks across our operations. This scenario indicates a progressive rise in the frequency and intensity of extreme weather events over time. Our analysis focused on identifying how these developments may affect logistics, infrastructure, and supply chains, particularly in regions where our operational footprint is more climate-sen-sitive. Key hazards include more severe storms, heatwaves, and increased precipitation variabil-ity, which may disrupt transport routes, damage assets, and challenge planning and scheduling.The projected intensification of these hazards is likely to result in higher operational costs for repairs and maintenance and targeted investments in infrastructure resilience, improved forecasting and monitoring capabilities, and up-dated procedures to maintain continuity during extreme weather events. These insights help us prioritise resilience measures and identify the as-sets most vulnerable to both acute and chronic physical impacts.The SSP1-2.6 scenarioUsing the SSP1-2.6 scenario, we assessed phys-ical hazards and transition risks associated with a pathway limiting global warming to below 2°C, ideally closer to 1.5°C. This scenario assumes am-bitious climate policy implementation, acceler-ated technological development, and significant shifts across energy and transport systems. In this context, we evaluated the potential impacts of stricter emissions regulations, the phasing out of fossil fuels, and rapid adoption of low-carbon technologies.In the short term, we anticipate increased compli-ance costs and higher upfront capital expen-ditures, particularly related to fleet upgrades, energy efficiency improvements, and the adoption of low-carbon fuels and equipment. Over the me-dium and long term we consider the broader im-pact of increased electrification and widespread renewable energy integration as well as the potential reshaping of supply chains as industries adapt to regulatory and technological shifts.Our assessment shows that both our ferry and lo-gistics operations are exposed to transition risks, though the timeline and nature of impacts differ across activities and regions. This analysis pro-vides a clearer view of where strategic planning, investment decisions, and operational adjust-ments may be needed to navigate an accelerated transition to a low-carbon economy.Climate risksPhysical risksFerryLogisticsShort-term(12-36 months)Medium-term(3-5 years)Long-term(5+ years)ChronicChanging air temperature •••••Sea level rise••Heat stress•••••AcuteStorms &amp; Flash Weather Events (heavy precipitation, flooding, extreme wind, hail) •••••Transition risksTechnology The costs associated with building, acquiring, and adapting to low-carbon technology for both our assets and broader infrastructure investments, pose a significant risk to our financial resources. Increased risk that climate will affect critical technology supply such as biofuel. Increased energy use to meet other physical risk impacts. Cost to replace infrastructure that is not resilient to climate impacts.  •••••Policy &amp; Legal New policies and regulations may impose costs – such as taxes, reporting obligations, or technology mandates- that DFDS may not be able to fully pass on to customers, and therefore having an impact on our financial resources. •••••Market &amp; Reputation There is a risk of not meeting customer demand fast enough due to limited availability of green fuels, as well as the costs and challenges of transitioning to low-carbon technologies in a timely manner. Risk of not meeting customer expectations in terms of accreditation and data transparency.  ••••FinancialInsurers could increase insurance premiums or stop issuing insurance all together for assets at high levels of risk. •••••Energy DemandsIncreased risk of overreliance on electricity and risk of a lack of grid stabilisation. Potential increases in cost of energy related to increased demand.•••••The SSP2-4.5 scenario, developed by the IPCC, represents a future where societal de-velopment and climate policy progress at a moderate pace. Greenhouse gas emissions peak around mid-century and then decline, but not rapidly enough to meet net-zero tar-gets. This pathway assumes intermediate challenges to mitigation and adaptation, with moderate population growth, energy demand, and technological development. Key inputs include limited climate policy interventions and gradual improvements in technology. SSP2-4.5 is often used to assess physical climate risks under a plau-sible but not extreme emissions trajectory, with projections indicating significant changes in temperature, sea levels, and weather patterns.The SSP1-2.6 scenario, developed by the IPCC, outlines a sustainable development pathway consistent with limiting glob-al warming to below 2°C, ideally closer to 1.5°C. It assumes proactive climate policies, rapid decarbonisation, and wide-spread adoption of clean technologies. Key assumptions include strong international cooperation, significant investments in renewable energy, and major shifts in con-sumption and production patterns. SSP1-2.6 can be categorised as a “best-case” scenario for climate impacts, with effective mitigation efforts reducing the severity of climate-related hazards such as extreme weather and ecosystem disruption. E2 PollutionThe ferry and logistics industries significantly con-tribute to global air pollution, with major impacts arising from fuel combustion such as vessel oper-ations, the use of heavy machinery, and extensive transportation processes. Our materiality assess-ment identified emissions of particular concern, including sulphur oxides (SOx), nitrogen oxides (NOx), particulate matter with a diameter less than or equal to 10 micrometers (PM10), carbon monoxide (CO), black carbon (BC), and non-meth-ane volatile organic compounds (NMVOCs). For pollution of water, we identified discharges and spills as potential impacts. In our double materiality assessment (DMA), we conducted a general evaluation of pollution-re-lated IROs across our own operations and value chain. The process did not include detailed screen-ing of specific site locations, business activities, or consultations. The methodologies used in our assessment were broad and did not follow the phased LEAP (Locate, Evaluate, Assess, Prepare) approach or the detailed criteria specified for as-sessing material pollution-related impacts, depen-dencies, risks, and opportunities. We acknowledge these gaps and are committed to enhancing our processes in the future to align more closely with these requirements. S1 Own workforceIn the process to identify and assess material IROs, the scope of disclosure includes all employ-ees in the DFDS workforce who could be material-ly impacted by our own operations and activities in our value chain. Through our extensive efforts within health &amp; safe-ty, we have mapped the contexts and activities that may lead to a greater risk of harm for our employees. For this purpose, we divide employ-ees in office and non-office workers, classifying non-office work as high risk. Non-office workers make up 65% of our workforce and are involved in operations conducted on ferries, at terminals, and in haulage and warehouse activities. Material negative impact occurrences are typ-ically individual incidents. Material risks arising from impacts on own workforce include serious accidents in non-office operations in the termi-nals, warehouses and on the road. In the Moving Together Towards 2030 strategy, health &amp; safety is a key focus in the “Be a great place to work” part of the strategy.G1 Business ConductIn the process to identify material IROs, the crite-ria used include activity type (ferry and logistics, respectively) and whether the IRO is related to our own operations or the value chain. In relation to business conduct matters, the criteria also includes the countries we operate in, known business conduct risks in the ferry and logistics industry, and the nature of transactions. Non-material IROs:E3 Water and marine resourcesDFDS screened its operations and value chain for water- and marine-related IROs using internal expertise in collaboration with external environ-mental impact assessment specialists. Affected communities were not consulted.E5 Resource use and circular economyDFDS screened its operations and value chain for resource-use and circular- economy-related IROs using internal expertise, and for waste topics sup-plemented this with external specialists. Affected communities were not consulted.IRO-2Information materialityDFDS has built the expertise in the CSRD Re-porting Team to translate the IROs into relevant disclosure requirements in alignment with ESRS 1 AR16. The CSRD Reporting Team has involved rel-evant stakeholders across DFDS to inform these judgements and have sought external assistance as relevant.SBM-3Changes to IROs compared to 2024Compared to the 2024 reporting period, DFDS has identified the following changes in material impacts, risks, and opportunities (IROs) for 2025:Pollution (ESRS E2)In addition to air pollution reported in 2024, water pollution has been identified as a material IRO. This reflects growing stakeholder concern and regulatory focus on marine discharges and port-related water contamination. Own workforce (ESRS S1)In 2024, DFDS reported on S1-8 Collective bar-gaining agreements and S1-10 Adequate wages, although no material IROs had been identified. As this remains the case after the updated assess-ment, disclosures for these two measures have been discontinued. End Users (ESRS S4)Passengers are no longer considered material end-users. This change is primarily due to the route adjustment in the Strait of Gibraltar and the sale of the Copenhagen–Oslo route. Remaining passenger activities do not present material impacts or risks under ESRS S4.These changes reflect DFDS’s commitment to regularly reviewing its materiality assessment in line with evolving business activities, stakeholder expectations, and regulatory developments.IRO overviewANIActual negative impactPNIPotential negative impactRRiskOOpportunitySBM-3 Overview of impacts/risks/opportunities and how they are addressedLocation in value chainTime horizonOperationSub-topicDisclosure reporting Impact, Risk, or OpportunityUpstreamOwn operationsDownstreamShort-termMedium-termLong-termFerryLogisticsE1Climate changeClimate change adaptationCosts from extreme weather events that could lead to disruption of operations and derived effects of impacts in the supply chain.•••Costs for clean-up and repair after hazards as well as upfront investments to protect the infrastructure.••••Significant investments needed to retrofit, redesign, or replace fleet to decarbonise operations.In addition to substantial costs, risk of market adopting different technologies.••••••Climate change mitigationBurning fuels to run trucks or ships as well as energy consumption related to buildings (warehouses, terminals, offices) generates GHG emissions.•••••••Risk of stranded assets as uncertainty surrounding the fuel choice of the future still exists. DFDScould risk having vessels in the fleet that do not meet decarbonisation requirements or investingin vessels with new technologies that will not become the future choice.••••Branding opportunity from selling green products, especially to clients with sustainability targets and/or limited opportunities to reduce GHG emissions in their own operations.••••••Energy useConsumption of fuels and energy in the ferry fleet and logistics generates large amounts of GHG emissions.••••••Consumption of fuels and energy across value chain for production of vessels, trucks and equipment generates large amounts of GHG emissions.•••••••Limited availability of green energy risk DFDS not meeting customer requirements and decarbonisation targets.••••••RRRANIROANIANIRANIActual negative impactPNIPotential negative impactRRiskOOpportunitySBM-3 Overview of impacts/risks/opportunities and how they are addressed (continued)Location in value chainTime horizonOperationSub-topicDisclosure reporting Impact, Risk, or OpportunityUpstreamOwn operationsDownstreamShort-termMedium-termLong-termFerryLogisticsE2PollutionPollution of airNon-GHG pollutants are emitted into the air during our vessel voyages, truck operations, and stationary combustion processes, contributing to air pollution. ••••••Pollution of waterImpacts of wash water from vessel scrubbers and microplastics from hull paint and other sources.•••••E4Biodiversity and ecosystemsDirect impact drivers of biodiversity lossThe greenhouse gas emissions associated with our operations lead to effectson biodiversity and ecosystems.••••••Our organisation operates a significant number of vessels, which generatesubstantial underwater noise during voyages.•••••S1Own workforceWork-life balanceImpacts on work-life balance and wellbeing from overtime/working schemes.••••••Health and safetySafety and accident concerns of ship crews, truck drivers, and terminal and warehouse workers.••••••DiversityBoth ferry and logistics faces challenges attracting and retaining women.••••••Measures against harassmentBullying and harassment is known to occur in the maritime and logistics industries.••••••ANIANIANIPNIANIRANIANIPNIANIActual negative impactPNIPotential negative impactRRiskOOpportunitySBM-3 Overview of impacts/risks/opportunities and how they are addressed (continued)Location in value chainTime horizonOperationSub-topicDisclosure reporting Impact, Risk, or OpportunityUpstreamOwn operationsDownstreamShort-termMedium-termLong-termFerryLogisticsS2Workers in the value chainSecure employmentInsecure employment for seasonal workers, leaving risks for human rights.•••••••Work-life balance Nature of work subjecting workers to excessive hours, impacts on work-life balance and wellbeing.•••••••Health and safetyRisk of work-related accidents and injuries for ship crews, truck drivers, and workers in terminals and warehouses due to the nature of industry work.•••••••DiversityBoth seafarers and logistics faces challenges attracting and retaining women.•••••••Forced labourRisk of having forced labour in the value chain, which can lead to human rights violations, legal repercussions, and reputational damage.•••••••G1Business ConductCorporate Culture ••••••••Protection of Whistleblowers Lack of awareness of protection of whistleblowers may potentially keep people away from notifying concerns.••••••••Management of relationships with suppliersPoor supplier management can lead to negative impacts, including contract terms, pressure on price and lead time, payment practices, and payment conditions.•••••••Prevention and detection including trainingThe shipping and logistics industries are considered to have an above-average exposure to risks of facilitation payments.••••••••ANIANIRANIANIRPNIRisk of nonadherence to Code of Conduct affecting risk management, productivity and innovation.RRPNIPNISustainability governanceGOV-4 Statement on due diligenceCore elements of due diligenceParagraphs in the sustainability statementsPage referencea) Embedding due diligence in governance, strategy and business model ESRS 2 GOV-2 ESRS 2 GOV-3 ESRS 2 SBM-3 Page 48Page 52Page 71b) Engaging with affected stakeholders in all key steps of the due diligence ESRS 2 GOV-2 ESRS 2 SBM-2 ESRS 2 IRO-1 ESRS 2 GOV-3 G1-1 G1-3 G1-4 E1-2 E2-1 E4-2 S1-1 S2-1 Page 48Page 66Page 67Page 52Page 112Page 113Page 114Page 82Page 91 Page 93Page 101Page 109c) Identifying and assessing adverse impacts ESRS 2 IRO-1E1 IRO-1 E2 IRO-1 E4 IRO-1 ESRS 2 SBM-3 E1 SBM-3 E4 SBM-3 S1 SBM-3 S2 SBM-3 G1 IRO-1 Page 67Page 68Page 70Page 71Page 72Page 72Page 73Page 73Page 74Page 70Core elements of due diligenceParagraphs in the sustainability statementsPage referenced) Taking actions to address those adverse impacts E1-3 E2-2 E4-3 S1-4 S2-4 Page 84Page 91Page 94Page 104Page 110e) Tracking the effectiveness of these efforts and communicating E1-4 E2-3 E4-4 S1-5 S2-5 Page 83Page 91Page 94Page 104Page 110GOV-5Risk management in sustainability reportingTo effectively mitigate risks and ensure robust controls in sustainability reporting in compliance with the Corporate Sustainability Reporting Direc-tive (CSRD), DFDS has a dedicated CSRD Report-ing Team within the Group Finance department.Key Risks and Mitigation Strategies for Sustainability Reporting:1. Data Completeness and Quality: Controls are implemented by the CSRD Reporting Team to ensure the integrity of data inputs. To enhance data quality, reporting processes are continuously strengthened through comprehensive training programs and active engagement with data own-ers, thereby ensuring full compliance.2. Discrepancies Between Land and Sea Data:Differences in systems and processes between land- and sea-based operations present risks to data quality. Mitigation measures include the deployment of tailored data collection method-ologies specific to land and sea operations to guarantee data accuracy.3. Manual Reporting Processes: The reliance on manual reporting increases the potential risk for error. To address this, an integrated sustainability reporting software was introduced in 2025 as part of a phased implementation plan; however, cer-tain manual processes will persist in the medium term to ensure operational continuity.Integration of acquired business unit: Following the acquisition of the Türkiye &amp; Europe South (TES) business unit (end 2024), DFDS faces temporary reporting risks due to differing systems and methodologies. TES is currently being inte-grated into DFDS’s health &amp; safety, compliance, and environmental data processes; consequently, TES is excluded from selected metrics during the transition period. Targeted integration activities and strengthened data-governance processes are underway to ensure alignment from 2026. The findings derived from the risk assessment and evaluation of internal controlling have led to an enhanced focus on training preceding the reporting process. We ensure that all depart-ments responsible for sustainability reporting are adequately informed and equipped to fulfil their responsibilities effectively. Furthermore, these functions receive continuous support from the CSRD Reporting Team. Upon receipt of data, the CSRD Reporting Team conducts thorough internal controlling to ensure accuracy and compliance.The Audit Committee and the Board of Directors are re-sponsible for overseeing risks associated with sustain-ability reporting, thereby ensuring the implementation of effective supervisory functions. The Audit Committee receives regular updates regarding the status of report-ing, the results of risk assessments, and the efficacy of internal controls related to CSRD reporting.Basis of preparationBP-1 General basis of preparationThe sustainability statement for the period from 1 January 2025 to 31 December 2025 has been prepared according to the requirements of the EU’s Corporate Sustainability Reporting Directive (CSRD) and EFRAG’s European Sustainability Reporting Standards (ESRS). Information in the sustainability statement has been prepared on the same consolidated basis as DFDS A/S’ 2025 financial statements; the consolidated quantita-tive CSRD data comprises the parent company DFDS A/S and the subsidiaries it controls. The reporting covers DFDS’ value chain from the point our customer’s goods start their transpor-tation journey until they are delivered. Thus, any resource extraction or manufacturing of goods in the upstream part of the value chain and any use of transported goods by end-users are deemed outside the boundaries of reporting. BP-2 Specific circumstances Time horizons In the CSRD report, time horizons are defined as fol-lows: Short-term is up to 1 year, medium-term is 1-5, and long-term 5+ years. The definition is aligned to the time horizons applied in DFDS’ enterprise risk management (ERM) framework.Value chain estimationEstimates and judgements used in reporting are reassessed on a yearly basis. We use a spend-based approach for our Scope 3 reporting, in which carbon emissions are estimated based on the categorisation of invoices. Further details in the accounting policies for GHG reporting. Sources of estimation uncertaintyDFDS uses estimated values for Scope 3 catego-ries 1, 2, 4, 6 and 8 in Q4 due to fast-close timelines and reliance on supplier data. The estimation methodology was updated from a two-year linear regression to a reporting-year average to improve accuracy following recent acquisitions. Prior-year restatement was deemed impractical. For the Türkiye &amp; Europe South (TES) business unit, Scope 3 emissions for categories 1, 2, 4, 6 and 8 are estimated using a revenue-based proxy, as TES applies a different methodology than the rest of the Group. To ensure consistency and reliability, 10% of Group Scope 3 emissions for these cate-gories is allocated to TES, reflecting its share of Group revenue. The uncertainty of these estimates is assessed as high.Changes in methodologies, data sources, and restatements During 2025, DFDS introduced updates to method-ologies, data sources and calculation boundar-ies across the sustainability statement. These updates improve data accuracy, reflect enhanced operational insight, align with industry-standard practices, and correct identified errors in previously reported information. Where relevant, comparative figures for 2024 have been restated. Environmental methodologies and data GHG emissions for 2024 have been recalculat-ed following the adoption of industry-standard emission factors and a methodological shift from Tank-to-Wake to Well-to-Wake reporting. This pro-vides a more complete representation of upstream fuel impacts and broadens the emissions reported. Scope 3 reporting has been broadened to include Category 8. An error in the interpretation of emis-sions associated with regulated emission trading schemes has been corrected and reflected in the comparative figures. Combined with the meth-odological updates, this results in restatements across E1-6 as further detailed in the disclosure.We have discontinued the unaudited 2023 figure that were included in the E1-6 table of the 2024 report. As our methodology and data quality continue to improve, these early-stage figures risk becoming less comparable over time. Decarbonisation targets updateThe baseline intensity metric for the terminal oper-ations pathway has been revised to reflect updated emission factors and improved operational data availability. The restatement is further detailed in the E1-4 disclosure. Social metrics and reporting boundaries The composition of the leadership group was revised in 2025 to better reflect functional man-agement responsibilities. This update affects the calculation boundary for gender-related KPIs and results in restatements for S1-5 and S1-9, reflecting the updated organisational structure rather than any change in gender balance. The CEO pay ratio in S1-16 has been restated for 2024 following the correction of a calculation error. The restatements are further detailed in the disclo-sures. Reporting of discrimination and harass-ment incidents in S1-17 has been strengthened from 2025 through the inclusion of cases recorded by HR, which adds visibility alongside the existing whistleblower channel. Due to the expanded data coverage, figures for 2025 are not fully compara-ble with previous years. Addition of governance KPIs From 2025, DFDS reports on two additional gover-nance KPIs: Code of Conduct training completion in G1-3 and the share of invoices paid on time in G1-6. These disclosures enhance transparency around internal controls and supplier relationships and align with reporting requirements. Compar-ative data is not presented, as corresponding information for 2024 is not available. S1-8 Collec-tive bargaining agreements and S1-10 Adequate wages were reported in 2024 though they were not linked to an IRO and therefore not in scope. The disclosures have been discontinued.Disclosures related to other frameworks DFDS is a signatory to the UN Global Compact since 2015 and supports selected Sustainable Development Goals (SDGs): 13 Climate Action, 14 Life Below Water, 15 Life on Land, 3 Good Health and Well-being, 5 Gender Equality, and 17 Partner-ships for the Goals. The SDGs are referenced here to show alignment with global frameworks and their connection to the environmental and social topics covered by disclosures. No additional SDG information is included in this report. Incorporation by referenceDFDS incorporates information in the sustain-ability statement by reference to the corporate governance section of the management review for disclosure requirements GOV-1, GOV-2 and GOV-3. The index table in the following pages specifies the subsection and page number for each reference.Use of phase-in provisionsDFDS has applied the European Commission’s Omnibus “quick fix” amendments (Delegated Regulation adopted July 2025) as follows: DFDS continues to apply phase-in provisions for S1-7, S1-14 §88(d-e), and S1-15. We provide summarised content in accordance with ESRS2 paragraph 17 for E4 Biodiversity and S2 Workers in the Value Chain. We continue to apply phase-in provisions for anticipated financial effects for SBM-3 §48(e), E1-9, E2-6, and E4-6. These changes are made to ensure reporting stability while DFDS prepares for the amended ESRS implementation expected in 2026.IRO-2Index of material disclosures and incorporation by referenceESRS standardDRDescriptionSectionIncorporation by referencePage numberESRS 2BP-1General basis for preparation of sustainability statementSS76BP-2Disclosures in relation to specific circumstancesSS76GOV-1The role of the administrative, management and supervisory bodiesMRGovernance practices45, 48GOV-2Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodiesMRGovernance practices48GOV-3Integration of sustainability-related performance in incentive schemesMRRemuneration52GOV-4Statement on due diligenceSS75GOV-5Risk management and internal controls over sustainability reportingSS75SBM-1Strategy, business model and value chainSS65SBM-2Interests and view of stakeholdersSS66SBM-3Material impacts, risks, and opportunities and their interaction with strategy and business modelSS71IRO-1Description of the process to identify and assess material impacts, risks and opportunitiesSS67IRO-2Disclosure requirements in ESRS covered by the undertaking’s sustainability statement SS70E1E1.GOV-3Integration of sustainability-related performance in incentive schemesMRRemuneration52E1-1Transition plan for climate change mitigationSS81E1.SBM-3Material impacts, risks, and opportunities and their interaction with strategy and business modelSS72E1.IRO-1Description of the processes to identify and assess material climate-related impacts, risks and opportunitiesSS68E1-2Policies related to climate change mitigation and adaptionSS82E1-3Actions and resources in relation to climate change policiesSS84E1-4Targets related to climate change mitigation and adaptionSS83E1-5Energy consumption and mixSS88E1-6Gross Scopes 1,2,3, and Total GHG emissionsSS89E2E2.IRO-1Description of the processes to identify and assess material pollution-related impacts, risks and opportunitiesSS70E2-1Policies related to pollutionSS91E2-2Actions and resources related to pollutionSS91E2-3Targets related to pollutionSS91E2-4Pollution of air and waterSS91E4E4.SBM-3Material impacts, risks and opportunities and their interaction with strategy and business modelSS73E4-2Policies related to biodiversity and ecosystems (Summary)SS93E4-3Actions and resources related to biodiversity and ecosystems (Summary)SS94E4-4Targets related to biodiversity and ecosystems (Summary)SS94IRO-2Index of material disclosures (continued)ESRS standardDRDescriptionSectionIncorporation by referencePage numberS1S1.SBM.2Interests and views of stakeholdersSS66S1-SBM-3Material impacts, risks and opportunities and their interaction with strategy and business modelSS73S1-1Policies related to own workforceSS101S1-2Processes for engaging with own workforces and worker’s representatives about impactsSS102S1-3Processes to remediate negative impacts and channels for own workforce to raise concernsSS104S1-4Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actionsSS104S1-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SS104S1-6Characteristics of the undertaking’s employeesSS107S1-9Diversity metricsSS106S1-14Health and safety metricsSS105S2S2.SBM-3Material impacts, risks and opportunities and their interaction with strategy and business modelSS74S2-1Policies related to value chain workers (Summary)SS109S2-2Processes for engaging with value chain workers about impacts (Summary)SS110S2-4Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action (Summary)SS110S2-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (Summary)SS110G1G1.GOV-1The role of the administrative, supervisory and management bodiesMRGovernance practices45, 48G1.IRO-1Description of the processes to identify and assess material impacts, risks, and opportunitiesSS70G1-1Business conduct policies and corporate cultureSS112G1-2Management of relationships with suppliers SS114G1-3Prevention and detection of corruption and briberySS113G1-4Incidents of corruption or briberySS114G1-6Payment practicesSS114E1 Climate change The shipping and logistics industries are sig-nificant contributors to the causes of climate change and must play a key role in addressing its impacts. At DFDS, we recognise the urgent need to transition to sustainable practices and technol-ogies to minimise our environmental impact.Our approach to decarbonisation focuses on four main techniques: efficiency, electrification, alternative fuels, and circularity.Through strategic investments and collabora-tions, we are working toward decarbonising our operations and supporting the broader industry shift toward a net zero future. Overview of impacts/risks/opportunities and how they are addressedMaterial IROIRO descriptionRelated policies ActionsTargets and ambitions Tracking and effectivenessClimate change adaption Costs from extreme weather events that could lead to disruption of operations and derived effects of impacts in the supply chain.Climate PolicyInvestment in infrastructure protectionClean-up and repair after hazards Flexibility in operations during extreme weather eventsLimited disruption of operationsOperations resilienceCosts for clean-up and repair after hazards as well as upfront investments to protect the infrastructure.Climate PolicyInvestment in infrastructure protection Clean-up and repair after hazards Limited costs for clean-up. Sufficient protection of infrastructure–Significant investments needed to retrofit, redesign, or replace fleet to decarbonise operations. In addition to substantial costs, risk of market adopting different technologies.Climate PolicyInvestment in future-proof technologies Net zero by 2050 GHG emission intensity for fleetNo. of electric vehiclesFuelEU maritime complianceClimate change mitigation Burning fuels to run trucks or ships as well as energy consumption related to buildings (warehouses, terminals, offices) generates GHG emissions.Climate PolicyEfficiency improvements Electrification Use of alternative fuels Circularity initiatives 45% reduction in vessel CO2e intensity by 2030 75% reduction in land CO2e intensity by 2030 GHG emissions trackingSubject to FuelEU MaritimeRisk of stranded assets as uncertainty surrounding the fuel choice of the future still exists. DFDS could risk having vessels in the fleet that do not meet decarbonisation requirements or investing in vessels with new technologies that will not become the future choice.Climate PolicyInvestment in future-proof technologies Net zero by 2050 Technological upgrades performedFleet changes madeBranding opportunity from selling green products, especially to clients with sustainability targets and/or limited opportunities to reduce GHG emissions in their own operations.Climate PolicyDevelopment of green products Increase share of green products sold-EnergyConsumption of fuels and energy in the ferry fleet and logistics generates large amounts of GHG emissions.Climate PolicyTransition to renewable energy Energy efficiency measures 80% of total electricity consumption from renewable energy sources in 2026 and 100% by 2031Electricity consumption trackingConsumption of fuels and energy across value chain for production of vessels, trucks and equipment generates large amounts of GHG emissions.Climate PolicyResponsible procurementLimit scope 3 emissionsGHG emissions trackingLimited availability of green energy poses a risk to DFDS’ ability to meet customer requirements and decarbonisation targets.Climate PolicyCollaboration with fuel suppliers ––E1-1Transition plan for climate change mitigationDFDS’s transition plan for climate change miti-gation is defined in our decarbonisation strategy, “Moving to Green”. Our current transition plan is split into three pillars: decarbonisation at sea, decarbonisation on land, and “getting our house in order”. All three pillars of the transition plan support the goal to be net zero by 2050. By 2030, our goals on land rely on a combination of effi-ciency measures and accelerated electrification, with switching diesel for Hydrotreated Vegetable Oil (HVO) as a secondary, transition technique. At sea, we plan to introduce alternatively-fuelled vessels no later than the end of 2030, along with an ongoing significant emphasis on both tech-nical and operational efficiency improvements, as well as the use of biodiesel in existing vessels. This is necessary as zero-emission fuels and technologies for shipping are less mature than the technologies already available on land. “Getting our house in order” relates to our smallest emis-sion footprint, our everyday activities.In October 2025, DFDS committed to set both near-term and net-zero targets via the Science Based Targets initiative (SBTi). These new targets must be submitted by October 2027, and our existing targets will stand in the meantime.Also in 2025, as a significant part of our transition plan relies on electrification, we set internal targets for renewable energy, at 80% of total consumption in 2026 and 100% by 2030. Decarbonisation leversDFDS’s commitment to achieving both our 2030 targets, and net-zero emissions by 2050 is underpinned by a hierarchy of techniques. Recognising the importance of reducing energy consumption as well as GHG emissions, our primary technique across all areas of operation is to avoid and reduce energy consumption, as well as producing our own energy where possible. This is addressed by a combination of behavioural change, operational efficiency and technical measures. Secondary to this, but equally core to achieving reductions, is to transition away from fossil fuels to lower-emission options. In the near term, both electrification and biofuels are key levers across both land and sea. Longer-term, we aim to use e-fuels, for routes and vessels where full electrification is not possible. Knowing that there will be residual emissions that we cannot eliminate by the above techniques, we will consid-er carbon capture, offsetting, or other techniques that emerge between now and 2050, to reach our net-zero goal.Progress in implementing the transition planThe decarbonisation of our business is a shared responsibility for everyone at DFDS, and there are several teams involved in guiding and driving our climate plans. Our central Decarbonisation and Energy Security Team continues to pursue its function to accelerate progress in reducing emissions across all of our commercial activities. Any strategic decision-making related to decar-bonisation is brought before the Decarbonisation Board, bringing together key stakeholders from the organisation and the CEO. It monitors and ensures the progress of decarbonisation targets and works to prioritise resources across key departments at DFDS to achieve our ambitions. The Decarbonisation Board prioritises investment into new projects based on a standardised KPI framework that takes into account aspects such as financial returns, scalability, technical risk, and relative abatement cost, to ensure that we get the most value from our investments. Investments and fundingThe climate mitigation action plan requires capital expenditures (capex) for its implementa-tion. The most significant capex include vessel newbuilds and vessel conversion to facilitate the switch to alternative fuels or batteries. Additional-ly, continuing to invest in e-trucks to our fleet and the electrification of our terminals will incur capex on an ongoing basis. The investment needs associated with the vessel decarbonisation pathway are currently under review. As part of the company’s ongoing strate-gic and fleet planning processes, the timing and scale of future capex are being reassessed to reflect updated market conditions, technological developments and long-term transition require-ments. Revised estimates will be disclosed once the review is finalised.Climate policyPolicyObjective(s)Relation to IROsScopeOwnerAccount-abilityThird-party standards or initiativesClimate and Environ-mental PolicyTo mitigate global warming and environmental degradation by reducing greenhouse gas emissions, minimising noise and particle pollution, managing waste responsibly, and protecting ecosystems, including marine life, across all transportation operations. GHG emissions  Transition riskPhysical climate riskAll employees Group Sustain-ability EMTThe policy reflects our support of the UN Global Compact’s environmental principles. We are actively seeking diverse funding and subsidy opportunities, including EU and national sources, to support the ambitions of our “Moving to Green” strategy. The pathways set for both vessel and land are to some degree dependent on the available funding we can receive, as well as the maturity and availability of technologies and fuels. In 2025, we have approved investments into several shore power implementations, additional e-trucks, and electrified terminal equipment.In the EU taxonomy reporting, the significant capex required to implement the action plan for climate mitigation relates to economic activities 6.6 freight transport services by road, 6.10 sea and coastal freight water transport, and 6.16 infrastructure enabling low-carbon water transport.Potential locked-in GHG emissionsThe majority of DFDS’s locked-in emissions are associated with our vessels, which have an indic-ative lifetime of 35 years. These long-lived assets represent a high proportion of DFDS’s future emis-sions profile, given their reliance on fossil fuels and the technical and economic constraints on major conversions for older vessels. We explore retrofitting options across both land and sea assets, with newer vessels offering the greatest potential for upgrades such as alternative fuel systems and carbon capture technologies. When feasible, we prefer retrofitting to new electrifica-tion assets, to increase lifetime and reduce both cost and embedded emissions. For land assets, which are typically leased for shorter periods, locked-in emissions are assessed as low. In addition, DFDS seeks to mitigate locked-in emissions through the use of sustain-able, certified biodiesel or HVO as transition fuels for existing assets. Overall, locked-in emissions from vessels pose a moderate challenge to DFDS’s decarbonisation efforts, and we actively monitor these risks to avoid stranded assets and ensure alignment with our long-term climate targets.Paris Agreement alignmentOur pathway to 2050 includes 1.5°C and well below 2°C strategies. However, we do not cur-rently have targets or a transition plan which is explicitly aligned with limiting to 1.5°C in line with the Paris Agreement, and we are currently not excluded from the EU Paris-aligned benchmarks. Our recent commitment to set targets under SBTi will result in a 1.5°C pathway, to be developed by October 2027. E1-2PoliciesDFDS has a Climate policy supporting our commitment to net-zero emissions by 2050. It addresses climate change mitigation, climate change adaptation, energy efficiency, and renew-able energy deployment. E1-4TargetsDFDS has set a target for net zero emissions by 2050 across all our operations. The net-zero target includes all emissions scopes and requires that no more than 10% of our total emissions may be reduced by indirect means, such as offsetting. Our 2030 targets focus on two main operational areas: vessels and land. This approach allows us to plan effectively, tailor solutions to operational realities and differences between land and sea, and mea-sure progress in detail. We further split land by type of operation targets into road and terminals. The three pathways for vessels, road, and terminals, respectively, are further detailed and depicted in waterfall charts in the following pages.The 2030 target covers an estimated 89% of our scope 1 emissions and 71% of our total 2025 emis-sions across all scopes. The remaining 29% in-clude fuel for chartered vessels, non-commercial activities, and downstream transportation and dis-tribution. We are committed to set both near-term and net-zero Group targets via the Science Based Targets initiative (SBTi) by October 2027, and our existing targets will stand in the meantime. Framework and methodology for target settingAll of our current GHG emission targets are based on a range between the 1.5°C pathway and the well below 2°C. We use the methodologies and assumptions of the Paris Agreement as frame-works to inform our target setting process and incorporate scientific evidence, such as the IPCC Sixth Assessment Report, to ensure our targets are grounded in the latest research. The responsibility for setting targets lies within the Decarbonisation and Energy Security Team, who lead the definition process. The Decarbonisa-tion Board, Executive Management Team (EMT), and the Board of Directors hold responsibility for reviewing and approving targets.Intensity targetsIntensity targets ensure consistency and com-parability even as the business evolves and are closely linked to operational activity. Long-term intensity targets are broken down into concrete short-term goals. Intensity targets are based on activity data derived from operational systems and the emission factors defined under our GHG reporting methodology. These intensity targets are fixed unless DFDS revises its long-term strate-gic ambitions.GHG emission scopes covered by targetsAll our targets, including achieving net-zero by 2050 and specific 2030 targets for vessels, road, and terminals, include carbon dioxide, methane, and nitrous oxide. They cover WtW emissions (combining scope 1 and scope 3 category 3 emissions) from owned assets operating in the DFDS network. These targets are aligned with our GHG inventory boundaries. Our 2030 targets do not account for, or rely on GHG removals, carbon credits, or avoided emissions. The pathways illustrate how we can achieve our 2030 CO₂e emission intensity targets. Each waterfall chart presents a scenario estimating fuel and energy consumption across DFDS’ operations. The composition of fuel and energy then determines how emissions are distributed across different Scopes. The target coverage is estimated as the percentage of emissions within the target boundary relative to the total scope 1-3 emissions.•	Scope 1 emissions pertain to DFDS’ direct fuel consumption within our operation, also described as combustion emissions or Tank-to-Wake/Wheel emissions. An estimated 89% of Scope 1 is covered. •	Scope 2 emissions cover the upstream emis-sions from electricity, consisting of the emissions up until delivery to DFDS. In the pathways shown, the electricity is covered by Renewable Energy Certificates/ Guarantees of Origin, there-fore the electricity is accounted as zero emission Pathway targetsUnitBase yearBaseline20252030 target% change base to targetVesselsIntensity (gCO2e/GT*nautical mile)2008 20.9 14.011.5 -45%Road transportintensity (gCO2e/tonnes-km)2022 76 6619 -75%TerminalsIntensity (kgCO2e/unit)2022 121 43 -75%1Restated baseline intensity from 11 due to updated emission factors and previously missing data. See BP-2, p. 76. as per the EU Renewable Energy Directive, thereby 100% of Scope 2 is covered.•	Scope 3 emissions cover the upstream emissions from fuels, consisting of the CO2e emissions from extraction, cultivation, pro-cessing, transport, and distribution of the fuel. An estimated 35% of Scope 3 is covered.A transition from liquid fuel to electricity will cause some shift in emissions between Scopes (from Scope 1 to Scope 2), but the Well-to-Wake/ Wheel approach we apply ensures that DFDS’ 2030 targets results in CO2e emission savings across all Scopes. E1-3ActionsIn 2025, DFDS advanced its decarbonisation strategy through targeted actions across key levers. We strengthened energy efficiency and energy consumption avoidance by optimising operations and deploying digital solutions to re-duce fuel and energy use. We initiated renewable energy projects and increased procurement of renewable electricity to support our transition goals. Electrification of assets progressed with the deployment of electric vehicles and equip-ment, complemented by charging infrastructure and port electrification initiatives. Finally, we expanded the use of transition fuels and tech-nologies, including biofuels and HVO, to reduce emissions from conventional fuels. These actions reflect our commitment to achieving net-zero emissions by 2050 while balancing cost-efficiency in a financially challenging year.Regulatory environmentWe monitored and advocated in support of the introduction of the IMO Net Zero Framework (NZF), agreed in April 2025, as a driver for future maritime decarbonisation. Along with many others, we were disappointed by the outcome in October in which none of the core measures were adopted and decision-making was adjourned until 2026. However, as a majority of our oper-ations are within the EU, where ETS and FuelEU Maritime are already in place, and the UK, whose maritime decarbonisation strategy we expect to be implemented, we still view the regulatory conditions as supporting our future transition, albeit in a more fragmented way than if the NZF had been adopted as planned.On road, the delay of EU ETS2 is slowing the transition from fossil fuel to low carbon vehicles. While electric truck prices are falling rapidly, in the short term they remain challenging to operate at or close to cost parity with diesel alternatives and require significant investment in new infrastructure. The progress made with CO2emission standards for heavy-duty vehicles, and the ongoing intro-duction of road tariffs and tolls in some EU mem-ber states under the Eurovignette Directive, does however, provide some cost incentives to low carbon technologies. In particular, we welcome the confirmed extension of the toll exemption for zero-emission trucks. However, the differences in introduction, ramp up and strength of these regulations across Europe creates friction and uncertainty. A simplified and stable regulatory landscape would enable us to make greater long-term investment.Pathway and future actions for vesselsTo achieve our targeted 45% reduction in well-to-wake (WtW) CO2e emission intensity of vessel operations by 2030, we continue our focus on the key levers:Avoided energy consumption and energy efficiencyOperational efficiency: The Every Minute Counts programme is a combination of schedule optimis-ation and slow steaming on all our network routes. The programme aims to reduce emissions from our existing vessels while maintaining high service standards. Improvements in efficiency are varied from reducing turnaround time in port terminals, improving schedules, to enabling lower speed on voyages. These measures lead to a decrease in fuel consumption, saving energy usage, and will remain integral during and beyond the transition to non-fossil fuels.Technological upgrades:In order to enhance the operational efficiency and long-term sustainabil-ity of our fleet, we continually invest in technology that improves the operational efficiency of our existing fleet. Key initiatives ongoing and for the future include excess energy management, the implementation of a voyage optimisation plat-form, technologies to reduce hull resistance, and wind assisted ship propulsion (WASP). Electrification of assetsOur Sustainable Fleet Projects team is investigat-ing the extent to which electrification of vessel propulsion systems is beneficial, also for vessels where the main energy source is a liquid fuel. As the energy usage and emissions reductions are highly dependent on the specific route, vessel type and intended operational profile, there is no simple answer. For future newbuild projects, it is intended to do pre-contract model testing as soon as the main parameters of the vessels are defined in order to make an informed decision as to the most efficient propulsion line. We have previously announced our intention to invest in battery electric vessels on our routes between Dover-Calais and Dover-Dunkerque. This project continues, in collaboration with the three ports involved, who, to make this possible, must also be able to deliver the grid infrastructure needed to charge the vessels at each end of the route.The shore power program continues, with an average of 5 vessels per year planned for conversion to 2030. As with the battery electric vessel projects, we need to match vessels with the availability of infrastructure at port and have a dedicated team that pursues dialogue with the ports and adjusts plans as the external conditions become clearer.Transition fuels and technologies Tonnage plan: We are committed to launching alternatively fuelled vessels by end 2030 that will deliver on the stated reduction target for ‘tonnage plan’ in the vessel pathway. We work with different vessel and fuel scenarios, within which the order and timing of specific vessels is contingent on contractual commitments, market developments and the availability of alternative fuels and port infrastructure. Due to limited technology maturity and fuel avail-ability, ammonia vessels are no longer included in our 2030 plans. Green ammonia continues to be monitored and remains part of our long-term fuel strategy.These vessels of tomorrow will be powered by low- and zero-emission fuels, supported by extensive collaborations such as:•	Partnering with authorities to establish risk-based approval processes.•	Coordinating with ports to develop bunker standards, safety protocols, and fuelling procedures.•	Collaborating with equipment suppliers to monitor and source innovative fuels and technologies.Development in 2025Progress remained on track with expectations, with no material deviations or significant changes.See also development comments for E1-6 GHG emissions.Baseline yearThe baseline year is 2008, chosen in line with the IMO baseline year, which was used for the 2030 intensity target introduced in the 2023 IMO GHG Strategy. The pathway cover DFDS’ owned vessels in commercial operation within the network. Pathway and future actions for road transport To achieve our targeted 75% reduction in well-to-wheel (WtW) CO₂e emission intensity from road transport by 2030, we focus on three key levers: avoided energy consumption and efficiency, electrification, and transition fuels and technologies.Avoided energy consumption and energy efficiencyAs part of our ambition to reduce unnecessary en-ergy use across the logistics ecosystem, we con-tinue to advance our collaboration programme with customers through the Net-Zero Co-Lab. The programme brings customers together to reduce overall transport demand through initiatives such as load sharing and collaborative route optimisa-tion. Over time, we aim to extend this approach to suppliers and other partners in the wider transport value chain.Within our own operations, we will continue to strengthen road transport efficiency by:•	Enhancing route optimisation to reduce empty running and the number of vehicles required, supported by increasing adoption of AI-driven planning tools•	Expanding driver behaviour programmes to improve driving efficiency•	Facilitating modal shifts from road to rail or sea where operationally viableElectrification of assetsWe are expanding our e-truck fleet across mul-tiple European markets and actively engaging in efforts to develop reliable and cost-effec-tive charging infrastructure for long-distance transport. Infrastructure availability remains the primary barrier to broad e-truck deployment. As public and private charging networks mature, the share of electric vehicles in our fleet will continue to grow.Transition fuels and technologiesHydrotreated vegetable oil (HVO): HVO provides an immediate opportunity to reduce greenhouse gas emissions in our road operations. While we do not consider HVO a long-term solution, it remains an important component of our pathway to 2030 due to its drop-in compatibility with existing trucks and its low capital requirement. We are committed to sourcing biofuel that meets strin-gent sustainability standards.Hydrogen: Hydrogen fuel cell electric vehicles (FCEVs) and hydrogen combustion technologies continue to develop as potential solutions for long-distance and specialised applications that remain challenging for battery electric vehicles. However, progress depends heavily on national hydrogen infrastructure strategies. Since last year, we have reduced the expected role of hydrogen in our 2030 pathway, but we remain open to piloting hydrogen-based solutions where feasible.Development in 2025Progress remained on track with expectations, with no material deviations or significant changes. See also development comments for E1-6 GHG emissions. Baseline yearThe baseline year is 2008, chosen for its reliable and sufficient data. The pathway cover DFDS owned trucks. Pathway and future actions for terminal operationsIn 2025, following the introduction of a prelimi-nary, bottom-up pathway for terminal operations in 2024, we have created a top-down pathway which provides more clarity on sub-targets within the overall target of a 75% reduction in well-to-wheel (WtW) CO2e emission intensity by 2030. The following techniques will be deployed:Avoided energy consumption and energy efficiencyDual cycling: a technique where loading and unloading is performed simultaneously, reducing empty trips and improving turnaround time of vessels, so that they can sail slower and still be on schedule.Reducing equipment idling times and average speeds of tug master operations: enables both cost and CO2e savings without compromising on operational outcomes.Optimised yard layout: using space on the terminal in such a way as to reduce unnecessary moves.Future efficiency cases are the subject of an ongoing optimisation program including increased digitisation and AI.Green energy production &amp; procurementWe plan to produce renewable energy at termi-nals for our vessels and electric trucks in addition to electric terminal equipment. Many of our termi-nals already have limited solar PV installations, and we aim to augment this with either additional solar or wind turbines, depending on the charac-teristics of individual terminals. In addition, we run a project to design and pilot microgrids at some of our key terminals. Electrification of assetsThe key transition technique for terminals is a shift from fossil fuels to electric terminal vehicles. We are exploring different options to accelerate the transition despite supply of electric port equipment being limited in the market, through initiatives such as piloting retrofits of old diesel equipment.Compared to other parts of our operation, terminals emit relatively little, but they are the place where road and sea converge, and where we foresee the greatest need for a well-managed electrification programme.Transition fuels and technologiesHydrotreated vegetable oil (HVO): HVO offers an immediate opportunity to reduce our greenhouse gas emissions from road transport. Whilst we do not see HVO as the most sustainable fuel and therefore it is not a good long-term solution, It will continue to play a key role in our near-term pathway to 2030, and has the advantage of quickly replacing diesel in existing trucks without significant upfront investment or increasing embedded emissions. We are committed to sourcing biofuel that meets stringent sustain-ability criteria.Development in 2025In 2025, our terminal operations targeted a carbon intensity of 11 kg CO₂e per unit. Through the successful sourcing and trial-based use of HVO, we achieved an intensity of 4 kg CO₂e per unit, well below this trajectory. This temporary testing phase provided valuable insights into the operational impacts of alternative fuels.The performance illustrated in the chart shows that future reductions can increasingly be met through operational efficiencies and the gradual electrification of terminal equipment. Looking ahead, as the HVO volumes normalise, we expect a temporary increase in carbon intensity while we shift focus back toward long-term efficiency mea-sures and reduce our reliance on HVO to manage operating costs.Baseline yearThe baseline year is 2022. The pathway covers our owned terminals. The baseline has been restated in 2025, further details in E1-4 targets table. See also BP-2, p. 76.E1-5 Energy consumption and mixUnit20252024Total fossil energy consumption MWh8,822,0139,713,392Share of fossil sources in total energy consumption%96.5%98.6%Fuel consumption from crude oil and petroleum productsMWh8,771,3609,665,424Fuel consumption from natural gasMWh10,85612,430Fuel consumption from other fossil sourcesMWh3N/AConsumption of purchased or acquired electricity, heat, steam, and cooling from fossil sourcesMWh39,79535,536Total renewable energy consumptionMWh321,267141,734Share of renewable sources in total energy consumption%3.5%1.4%Fuel consumption for renewable sources, including biomass(also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)MWh283,38095,853Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sourcesMWh35,00343,427Consumption of self-generated non-fuel energy MWh2,8842,4581Total energy consumption MWh9,143,2819,855,130E1-5 Energy consumption per net revenue Unit20252024Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectorsMWh/MDkk295331E1-5 Energy in high climate impact sectorsUnit20252024Total energy consumption from activities in high climate impact sectorsMWh9,143,2819,855,1301	Restated from 24.58 due to a prior-period clerical error. The underlying data and methodology remain unchanged.§ Accounting policiesEnergy consumption and mix We monitor and report energy data in two streams: land-based operations and sea-based operations. Land-Based Operations: Energy for land-based operations is reported for each location. The data is derived from various sources: invoices, fuel or electricity consumption records, and/or meter readings. Both purchased electricity consumption and any electricity generated through the use of on-site solar panels are accounted for through this process. Sea-Based Operations: Energy data for sea-based activities is collected for each voyage, using recorded fuel consumption, on-board meter readings, and/or documented fuel usage.Non-renewable energy shareThe non-renewable energy share is calculated as the proportion of total energy consumption derived from non-renewable sources. Energy from non-renewable sources can include fuel consumption from crude oil and petroleum products, natural gas, coal or coal products, and other fossil sources. Renewable energy shareThe renewable energy share is calculated as the proportion of total energy consumption derived from renewable sources. Energy from renewable sources can include fuel consumption from renewable sources including biomass, purchased or acquired electricity, heat, steam, and cooling from renewable sources as well as the consumption of self-generated non-fuel energy from renewable sources. The consumption of purchased or acquired electricity, heat, steam, and cooling is calculated as the proportion of total energy consumption derived from renewable sources where Renewable Energy Certificates (RECs) are present. DFDS adopts a market-based accounting approach for renewable energy, recognising certified purchased electricity as renewable energy consumption. Total energy consumptionTotal energy consumption is calculated as the sum of total fossil energy consumption and total renewable energy consumption. High climate impact sectorDFDS operations are all considered high climate impact sectors according to those listed in NACE Sections A to H. Specifically, DFDS’ activities are in Section H, which includes:Freight rail transportFreight transport by roadSea and coastal passenger water transportSea and coastal freight water transportWarehousing and storageWarehousing and support activities for transportation and cargo handlingEnergy Consumption per Net RevenueEnergy consumption per net revenue ratio is calculated with the following formula: Energy consumption per net revenue =Total energy consumption from activities in high climate impact sectors (MWh)Net revenue from activities in high climate impact sectors (MDkk)Development in 2025In 2025, overall energy consumption and GHG emissions decreased across both ferry and road transport activities. In ferry, lower total sailed distance, route adjustments and efficiency gains, including measures implemented under Every Minute Counts, reduced fuel consumption and emissions despite selected network expan-sions. In road transport, emissions increased as a result of Türkiye &amp; Europe South being included for the full year (acquired end 2024). Continued efficiency improvements in the fleet reduced emission intensity.The energy mix was supplemented by increased use of biofuels and on-site solar electricity production. Efficiency improvements and shifts towards lower-emission energy sources are aligned with the levers in our decarbonisation pathways and contribute to bringing us closer to our reduction targets. In addition, the GHG in-tensity measures improved across the business, reinforcing the effect of operational efficiencies and a gradually cleaner energy mix.E1-6 GHG emission intensity based on net revenue GHG emission intensity per net revenue (tCO2e/MDkk) 20252024 GHG emission intensity, location-based 120134GHG emission intensity, market-based 120134E1-6 GHG emission intensity of our own fleet and route networkGHG emission intensity per GT-nautical mile (g CO2e/ GT mile)20252024 Own fleet (owned ferries in operation)13.9814.401Route network (all ferries operating route network)14.1914.5621	Restated from 12 due to emission factor update from TtW to WtW. See BP-2, p. 76.2	Restated from 12 due to emission factor update from TtW to WtW. See BP-2, p. 76.E1-6 Breakdown of GHG emissions Unit20252024%N/N-1Scope 1 GHG emissions Gross Scope 1 GHG emissions ’000 tCO2e2,4912,618-5%Percentage of Scope 1 GHG emissions from regulated emission trading schemes%88%88%10%Biogenic emissions of CO2e carbon (in Scope 1) ’000 tCO2e2224-8%Scope 2 GHG emissionsGross location-based Scope 2 GHG emissions ’000 tCO2e1216-25%Gross market-based Scope 2 GHG emissions’000 tCO2e1415-7%Scope 3 GHG emissions by categoryTotal Gross (indirect) Scope 3 GHG emissions ’000 tCO2e1,2131,2432-2%1 Purchased goods and services ’000 tCO2e274314-13%2 Capital goods’000 tCO2e46-33%3 Fuel and energy-related activities ’000 tCO2e4845063-4%4 Upstream transportation and distribution ’000 tCO2e4344067%6 Business traveling ’000 tCO2e1011-9%8 Upstream leased assets4’000 tCO2e7--Total GHG emissionsTotal GHG emissions derived from location-based method ’000 tCO2e3,7163,8875-4%Total GHG emissions derived from market-based method’000 tCO2e3,7183,8766-4%1	Restated from 40% due to misinterpretation of requirement. See BP-2, p. 76.2	Restated from 1,345 ’000 tCO2e as a result of change in category 3.3	Restated from 607 ’000 tCO2e due to a change in emission factors from general to industry-specific. See BP-2, p. 76.4	New category in 2025, previously included in category 4. No restatement, as prior-period data cannot be reliably reconstructed. See BP-2, p. 76.5Restated from 3,978 ’000 tCO2e as a result of change in category 3. See BP-2, p. 76.6Restated from 3,977 ’000 tCO2e as a result of change in category 3. See BP-2, p. 76.§ Accounting policies E1-6Organisational boundary and operational controlDFDS applies a financial control approach when con-solidating environmental performance data in accord-ance with the ESRS requirements. For activities that fall outside DFDS’ financial control, the level of opera-tional control is assessed. Activities conducted through associates, joint ventures and unconsolidated subsidiaries follow the financial control approach. Contractual arrangements are assessed separately to determine whether DFDS has operational control over the activity. Emissions from activities under operational control are included in the Group’s gross Scope 1 and Scope 2 emissions. Where activities are not under op-erational control, the related emissions are reported as gross Scope 3. Activities solely under operational con-trol are considered insignificant, and therefore the re-lated information is not disclosed separately.GHG emissions calculation and conversion GHG emissions are calculated in accordance with the methodology set out in the GHG Protocol. To calculate our total GHG emissions, our consumption values are converted into carbon dioxide equivalents (CO2e). DFDS calculates GHG emissions using unified emission factors from authoritative sources including FuelEU Maritime, GLEC v3.2, DEFRA 2025, IEA 2025, AIB 2024, national district-heating statistics, and Ecoinvent 3.12 across all group activities. Emission factors used follow the most recent, sector-specific, and country-specific datasets available, applying both location-based and market-based electricity methods and distinguishing TTW/WTT and biogenic components. DFDS annually updates factors to ensure consistency with regulatory defaults and the latest datasets. GHG, Scope 1 (CO2e)Scope 1 GHG includes all direct emission sources. This includes all use of fossil fuels for stationary combustion or transportation in owned, leased or rented assets, as well as intentional or unintentional releases of fugitive emissions such as emissions during the use of refrigeration and air conditioning equipment.GHG, Scope 2 – location based (CO2e)Location based Scope 2 GHG includes location-based electricity and purchased or acquired heating, cooling and steam. Location-based electricity is calculated based on the emission intensity of the local grid area where the electricity usage occurs. GHG, Scope 2 – market based (CO2e)Market based Scope 2 GHG includes market-based electricity and purchased or acquired heating, cooling and steam. Market-based electricity is calculated based on the contractual purchases of electricity and residual local grid emissions factors when no contractual agreement is in place.GHG, Scope 3 (CO2e)Our reported Scope 3 emission categories are: 1: Emissions related to purchased goods and services 2: Capital goods 3: Fuel- and energy-related emissions not included in scope 1 or 24: Upstream transportation and distribution 6: Business travel8: Upstream leased assetsDFDS does not report on scope 3 in categories 5: Waste generated in operations, 7: Employee commuting, 9: Downstream transportation, 10: Processing of sold products, 11: Use of sold products, 12: End-of-life treatment of sold products, 13: Downstream leased assets, 14: Franchises, 15: Investments, since these activities are not applicable or significant to DFDS. In 2025, DFDS received activity-based emissions reporting from key suppliers, covering relevant reported Scope 3 categories except category 3. This supplier-reported data represents 4% of total Scope 3 emissions.Scope 3 Spend-basedDFDS’ spend-based Scope 3 emissions are categorised and calculated using AI-powered software. Uploaded spend data is classified for categorisation, while calculations leverage the GHG Protocol framework and an extensive database of emission factors. Emission factor sources used in the calculation include Exiobase, Ecoinvent, DESNZ (2024) and DESNZ (2025).Categories included in our spend-based approach: 1: Emissions related to purchased goods and services 2: Capital goods 4: Upstream transportation and distribution 6: Business travel8: Upstream leased assetsScope 3 Activity-basedDFDS’ activity-based Scope 3 emissions are category 3: Fuel- and energy-related emissions not included in scope 1 and 2. DFDS primarily uses the average-data method (the amount of fuel and energy registered in scope 1 and 2 and apply an average upstream production and distribution emission factor for fuel or energy type). In addition to category 3 calculations, DFDS incorporates activity-based emissions data received directly from key suppliers for relevant other reported Scope 3 categories. This supplier-provided dataset accounts for 4% of total Scope 3 emissions in 2025.Estimations of Scope 3 spend data As full-year data is not available at the time of reporting, Q4 spend figures are estimated. The estimation is based on the average emissions per quarter calculated from actual data for Q1–Q3 of the reporting year. For the Türkiye &amp; Europe South (TES) business unit, Scope 3 emissions for categories 1, 2, 4, 6 and 8 are estimated using a revenue-based proxy, as TES applies a different methodology than the rest of the Group. To ensure consistency and reliability, 10% of Group Scope 3 emissions for these categories is allocated to TES, reflecting its share of Group revenue.Biogenic emissions of CO2carbon from the combustion or biodegradation of biomass, disclosed separately from Scope 1, Scope 2, and Scope 3.Biogenic emissions refer to CO₂ emissions resulting from the combustion or decomposition of biomass: organic materials such as wood, biofuels, and biogas. These emissions are distinct from fossil-based emissions due to their origin in the short-term carbon cycle, where the CO₂ released is typically reabsorbed by growing biomass. In line with the requirements of the GHG Protocol, direct CO2emissions from the combustion of biomass and biofuels are reported separately of the scopes. For DFDS, this applies to the use of fuel containing biofuels in mobile combustion, as well as the use of fuel containing biofuels in stationary combustion. Only fossil CO2and other GHGs are reported under the scope 1 category, while biogenic CO2is reported under Biogenic CO2separately. Uncertainties and controls For sea-based data, our control process features an automated system that monitors and verifies data as it is transferred from our on-board system to an internal dashboard. This system identifies potential outliers and errors efficiently. To further ensure data accuracy and integrity, we are subject to regular external audits. For land-based data our control process features internal control processes for reported data completion and accuracy. GHG intensity Per net revenueThe GHG intensity per net revenue is calculated using the following formulas: GHG intensity (location-based) = Total location-based GHG emissions (tCO2e)Net revenue (MDkk)GHG intensity (market-based) = Total market-based GHG emissions (tCO2e)Net revenue (MDkk)Per GT Mile The disclosure of GHG intensity based on the gross tonnage nautical-mile (GT- mile) performance of our own fleet and route network vessel voyages is calculated as the unit DFDS uses to quantify reduction of GHG emissions. This intensity is calculated by dividing the total GHG emissions, segmented by our fleet and route network, by the GT- miles sailed. Own fleetOwn fleet refers to vessels owned by DFDS and deployed in our operational routes.Route network Route network includes all vessels operated by DFDS, whether owned or chartered, that are in active route service. Both definitions exclude vessel movements not related to scheduled route operations, such as docking, maintenance sailings or repositioning between routes.E2 Pollution At DFDS, we acknowledge that our impact on the pollution of air and water are aspects of our environ-mental footprint. Efforts to lower CO₂e emissions, such as enhancing fuel efficiency, and optimising op-erations, simultaneously reduce the release of harm-ful pollutants. This integrated approach underscores our dedication to responsible practices, cleaner air, and a healthier environment, ensuring our operations align with the goals of a sustainable future.E2-1Policies The Climate Policy outlines our CO2e reduction ambitions, which simultaneously decrease the pol-lution of air from non-GHG pollutants. By reducing fuel consumption and CO2e emissions, we not only advance towards our goal of becoming net zero but also contribute to lower emissions of air pollutants and reduced discharges related to vessel opera-tions, including wash water from exhaust gas clean-ing systems. Given that air and water pollution are key material topics for DFDS and closely linked to our decarbonisation strategy, we consider our cur-rent Climate Policy to provide a common framework for addressing pollution impacts, while acknowledg-ing the need for further policy development to more explicitly address pollution-specific risks. E2-3Targets Our decarbonisation strategy focuses on reducing our CO2e emissions, which by a derivate effect will reduce our air pollution from vessel, truck and stationary combustion processes. Pollution-relat-ed impacts on the marine environment, such as discharges from vessel operations, are managed through compliance with applicable regulations and operational standards.DFDS has not set measurable outcome-oriented targets related to pollution. We will continue to monitor the effectiveness of decarbonisation as a driver for pollution reduction. E2-2Actions and resources DFDS is committed to achieving net-zero emissions by 2050 through enhanced energy efficiency, electri-fication, and the adoption of sustainable fuels. While our decarbonisation efforts contribute to the reduc-tion of air pollution, we acknowledge that our current ESG strategy does not explicitly allocate specific resources or detailed plans to address other forms of pollution or ecosystem restoration. This approach reflects our prioritisation of CO2e material footprint reduction as the foremost sustainability challenge. As we continue to assess the effectiveness of our ongoing initiatives, we will evaluate the necessity for additional or distinct measures. Our truck fleet com-plies with high EURO emission standards, ensuring less pollution from fuel combustion. Furthermore, the majority of our vessels are equipped with advanced scrubbers to significantly reduce sulphur oxide (SOx) emissions, and their engines conform to stringent nitrogen oxide (NOx) emission limits. By adhering to SECA (Sulphur Emission Control Area) requirements, we reduce SOx and particulate emissions, including from vessels that are not equipped with scrubbers.Our decarbonisation strategy primarily targets the reduction of CO2e emissions, which consequentially leads to a decrease in pollution of air and water. E2-4Pollution metricsPollution of water Emissions from scrubber wash water are man-aged under international conventions, specifically MARPOL and the IMO Ballast Water Management Convention. Compliance is ensured through on-board treatment and monitoring systems installed on vessels. DFDS does not measure or track pollutants emitted to water beyond regulatory compliance.Beyond this, data availability for reporting remains limited. DFDS is assessing options to improve systematic data collection and integration into corporate reporting frameworks as we remain committed to enhancing transparency. We are not in a position to provide a timeline for when full reporting on pollution metrics will be implemented. Development in 2025Air pollutant emissions in 2025 decreased in line with the overall reduction in fuel consumption across ferry and road transport operations. As these emissions are calculated directly from fuel use, the development reflects the same oper-ational drivers as for GHG emissions, including lower sailed distance, route adjustments and efficiency gains in the ferry division, as well as adjusted fleet activity levels and continued operational improvements in road transport. The increased use of lower-emission energy sources, such as biofuels and on-site renewable electricity, further supported the reduction in air pollutant emissions during the year.Overview of impacts/risks/opportunities and how they are addressedMaterial IROIRO descriptionRelated policies ActionsTargets and ambitions Tracking and effectivenessPollution of air Non-GHG pollutants are emitted into the air during our vessel voyages, truck operations, and stationary combustion processes, contributing to air pollution.Climate Policy (reducing GHG, no specific policy for pollutants)Use of scrubbers Compliance with emission standardsEuro class IV and V trucksE1 Climate change targets Reducing GHG emissions will lower pollutantsGHG emissions trackingPollution of water  Impacts of wash water from vessel scrubbers and microplastics from hull paint and other sourcesClimate Policy (reducing GHG, no specific policy for pollutants)Compliance with emission standardsStay within MARPOL and IMO boundariesMonitoring systems on vessels E2-4 Pollution of air20252024PollutantUnitEmissions LandEmissionsSeaEmissionsTotalEmissions LandEmissionsSeaEmissionsTotalNOxTonnes 1,793.146,832.748,625.81,891.751,468.0 53,359.7 SOxTonnes0.13,009.73,009.80.1 3,899.0 3,899.1 COTonnes452.82,653.53,106.3420.12,908.0 3,328.1 BCTonnes19.559.178.618.4 65.0 83.4PM10Tonnes38.62,531.62,570.237.0 2,854.0 2,891.0 NMVOCsTonnes67.1762.3829.411.4 856.0 867.4 § Accounting policiesWe use the air pollutant calculation methodology found in the Climate &amp; Clean Air Coalition (CCAC), Black Carbon Methodology for the Logistics Sector.For fuel consumption data, see accounting policies for E1-5, page 88. Segregation methodologyFor both land and sea the fuel is segregated by fuel type and engine type in volume and then applied to the relevant emissions factors. Stationary combustion follows an energy content method where the fuel is segregated by type and converted to energy then multiplied by relevant emission factors.Calculation of sea-based air pollutantsFor vessels equipped with scrubbers, we apply an additional emission factor to account for emission reductions.Calculation of land-based air pollutantsOur current methodology for calculating vehicle emissions does not account for specific vehicle types (i.e., Euro 5 versus Euro 6 trucks) or the distance travelled by each respective vehicle type. At present, we lack the visibility to correlate the total distance in operations by each vehicle type, which has the ability to affect specific pollutants such as NOx which has reduced emissions when using a newer vehicle type i.e., Euro 6 trucks. E4 Biodiversity In line with the Omnibus “quick fix” amendments and ESRS 2 paragraph 17, DFDS applies the temporary exemption and provides a summarised disclosure for Biodiversity.We have adopted a strategic and targeted approach to strengthen our biodiversity-related efforts and minimise our impact on land and at sea. Our strategy is based on gathering data and engaging with stakeholders to continuously build our understanding of our impact on biodiversity.StrategyAs a ferry and logistics company, our business model relies on maritime and land-based infra-structure that may intersect with natural ecosys-tems. Recognising these dependencies, DFDS es-tablished a Biodiversity Strategy in 2024, setting a framework for how biodiversity considerations are integrated into environmental management and operational planning.Our strategy focuses on understanding where our operations may overlap with biodiversity-sensitive areas and improving our capacity to assess and mitigate potential impacts. Given the nature of our operations, the most material biodiversity impacts are associated with vessel activities at sea. We therefore prioritise efforts to understand and mitigate underwater noise impacts over those related to fixed sites. As our data and capabilities evolve, we will continue to refine our understanding of biodiversity dependencies and explore mitigation opportunities. E4-2Policies DFDS’s Biodiversity Policy forms the foundation for our long-term work to reduce our environmen-tal footprint and enhance biodiversity. The policy outlines ambitions to:•	Minimise underwater noise and support marine life through innovation and vessel design.•	Integrate biodiversity considerations into decision-making across operations.•	Supporting research and conservative initiatives.The policy is governed by the Group Sustainability team, overseen by the Executive Management Team and the Board, and is aligned with DFDS’s broader ESG Strategy. Overview of impacts/risks/opportunities and how they are addressedMaterial IROIRO descriptionRelated policies ActionsTargets and ambitions Tracking and effectivenessBiodiversity LossThe greenhouse gas emissions associated with our operations lead to effects on biodiversity and ecosystems.Biodiversity PolicyClimate PolicyRoute adjustments to avoid sensitive areasCollaboration with environmental organisationsAmbition to minimise impact on marine life –We operate a significant number of vessels, which generate substantial underwater noise during voyages.Biodiversity Policy• Reviewing URN technology for new-buildsRoute adjustmentsAmbition to minimise underwater noise impact–Biodiversity policyPolicyObjective(s)Relation to IROsScopeOwnerAccount-abilityThird-party standards or initiativesBiodiversity Policy To minimise biodiversity impact, integrate biodiversity considerations into business processes, and support research and conservation initiatives. GHG-driven ecosystem impact Marine noise pollutionAll employees Group Sustaina-bility Head of Group Sustaina-bility The policy reflects our support of the UN Global Compact’s environmental principles. E4-3Actions Our current focus is on monitoring marine ecosystems, strengthening knowledge through partnerships, and reducing pressures on biodi-versity where direct impacts from our operations are identified. To support this, we have taken the following actions:•	Mapped all DFDS terminals against Natura 2000 areas to identify proximity to biodiversi-ty-sensitive locations and establish a mon-itoring baseline. Five of our terminals under operational control are located within a 5 km radius of such sites. •	Adjusted shipping routes and reduced sailing speed in selected Mediterranean areas to protect endangered marine species, including sperm whales.•	Monitored marine wildlife in partnership with ORCA on selected routes, including Amster-dam–Newcastle, to increase insight into spe-cies presence and behaviour.These actions support the Biodiversity Strategy and contribute to strengthening our ability to pre-vent, mitigate, and monitor potential biodiversity impacts across our operations.Part of our long-term ambitions is to ensure that future-generation vessels incorporate noise considerations to minimise their impact on marine biodiversity. This aligns with our sustainable fleet objectives, as we depend on a longer horizon of data collection and evaluations to guide operational decisions so they include biodiversity considerations. E4-4Targets DFDS has not set measurable outcome-oriented targets related to biodiversity.S1 Own workforce Sustainable business is about people. We strive to “be a great place to work” by supporting the health, safety, and well-being of all our employ-ees, including both their physical and mental health. We strive to be an inclusive and diverse workplace and believe that a diverse workforce makes better decisions. We believe that prioritis-ing people is a way to attract and retain a diverse workforce. We want DFDS to be a company where all employees act according to our values and where we can rely on our colleagues’ knowledge and expertise as well as their ability to act with agility and solve problems as they arise.S1-1Human rights and policiesAs a responsible employer, we are fully committed to respecting human rights as defined by the UN Guiding Principles on Business and Human Rights and OECD guidelines for Multinational Enter-prises. We have formalised our commitment and processes in a Human Rights Policy. We perform human rights impact assessments (HRIA), which is performed as part of the double materiality assessment, and serves as the foundation for our continued work with human rights and our efforts to create transparency. The entire organisation shares the responsibility of respecting and pro-tecting human rights. The coordination of human rights efforts at DFDS is entrusted to the Director of Sustainability. Expertise from other functions in DFDS will be included on an ad hoc basis based on impact findings. Forced labourDFDS is dedicated to eradicating modern slavery and human trafficking from our value chain and all aspects of our operations. We prioritise transparency and awareness in these efforts. Through our HR policies and procedures, we not only ensure compliance with national laws but also uphold international conventions safeguard-ing employee rights, including those employed through third parties. The Human Rights Policy outlines our approach and actions and addresses forced labour. Our Code of Conduct (CoC) further specifies what we expect of our employees in this regard. Workplace accidentsWe aim to ensure that robust safety processes, equipment, tools, and training are fully inte-grated into the way we work as governed by the H&amp;S Policy. The local H&amp;S organisations and Marine Standards department are responsible for implementing and integrating our “Safety- First” approach into existing procedures and processes on both land and sea. Equal opportunities and anti- discriminationWe do not tolerate discrimination against any employee or job applicant based upon the individ-ual’s race, religion, ethnic origin, gender, gender identity, sexual orientation, age, disability, or Overview of impacts/risks/opportunities and how they are addressedMaterial IROIRO descriptionRelated policies ActionsTargets and ambitions Tracking and effectivenessHealth and SafetySafety and accident concerns of ship crews, truck drivers, and terminal and warehouse workers.Health &amp; Safety PolicySafety training  Safety audits  Upgrade safety equipmentStriving for zero accidents  Ongoing decrease in injury frequencyInternal Health &amp; Safety KPIs  DiversityDFDS faces challenges in attracting and retaining women, especially for non-office positions.Diversity, Equity, &amp; Inclusion  PolicyDiversity training  Gender diversity targets  Women cadet programReaching gender diversity targets by 2030  Gender diversity KPIs  Inclusion measures in  MyVoice  surveyWork-life balanceImpacts on work-life balance and wellbeing from  overtime/working schemes.Human Rights Policy Labour Code of ConductFlexible working schemes  Mental health supportObjective setting/performance review processImprove employee satisfaction  Employee satisfaction measures  in  MyVoice  survey   HarassmentHarassment is a known risk in the  maritime and logistics sectors.Code of ConductDiversity, Equity, &amp; Inclusion  PolicyAnti-harassment training  Whistleblower systemEliminate incidents of harassment  Number and severity of incident  reports  other characteristics. Policies aimed at elimi-nating discrimination include the Human Rights Policy, the CoC, and the Diversity, Equity, and In-clusion (DEI) Policy. Everyone can report incidents they experience personally or witness happening to others, and we encourage open and honest communication. Our DEI Policy outlines a specific commitment to gender diversity to ensure the inclusion and ability to attract women to an industry with an overrepre-sentation of men. The procedure to implement policies to prevent and mitigate discrimination, and ensure equal op-portunities, includes publication of policies on the DFDS intranet and notification to all employees, office and non-office. The procedure for detection and action is handled in our whistleblower pro-cess, by managers or HR depending on how the case is reported. Social policies overview DFDS has a range of policies in place to manage material impacts on our own workforce. These policies have been implemented to ensure the identification, prevention and mitigation of potential risks and impacts and to address opportunities. Depending on purpose and scope, the policies are owned and approved by relevant bodies as listed in the policies table. Ownership entails enforcement of policies and the responsi-bility to ensure that principles are integrated into practices and culture. Policies are rolled out via internal channels, including training sessions, introduction pro-grammes, intranet, and other management communication such as townhall meetings. The policies are also publicly available on our website. Our policies are subject to review at regular intervals. Any commitment to relevant internationally rec-ognised instruments is included in the last column of the policies table. S1-2Engagement with peopleAs part of our continuous due diligence process, we engage systematically with our employees and their representatives concerning material im-pacts. Our primary engagement initiatives include an annual engagement survey and an annual performance appraisal process for all employees. These processes are designed to support employ-ee engagement, performance, and development, and align with DFDS’s overarching strategy and business objectives.The annual engagement survey, MyVoice, is dis-tributed to all employees, encompassing both of-fice-based and non-office employees. The survey questions are organised into three key categories: Engagement, Diversity and Inclusion, and Health and Wellbeing. In 2025, the survey achieved a re-sponse rate of 73%, with an aggregated engage-ment score of 7.5. The reduction in response rate is likely impacted by the integration of the Türkiye &amp; Europe South business unit in late 2024, which substantially increased the proportion of non-of-fice employees, such as truck drivers. This group often faces practical challenges in participating in surveys, including limited access to digital tools during working hours and less time available for administrative tasks. It is a key concern to raise the participation rate of non-office employees and we will continue to raise awareness and work with managers to improve the rate year on year. The overall engagement score showed a slight decline compared to the previous year and may have been impacted by the external challenges faced by DFDS in recent years.Engagement also encompasses regular interac-tions between employees and managers, which may be initiated by either party. All employees are actively encouraged to communicate any concerns or grievances through HR, their man-agement team, or the whistleblower system. Both formal and informal engagement channels serve as valuable sources of insight into employee per-spectives and inform our strategic decision-mak-ing processes.Our comprehensive engagement framework, combined with established grievance mecha-nisms, ensures the mitigation of actual or poten-tial adverse impacts and enables timely actions to foster positive outcomes.PoliciesOwn workforce policiesPolicyObjective(s)Relation to IROsScopeOwnerAccountabilityThird-party standards or initiativesCode of ConductOur Code of Conduct (CoC) is our internal guideline for how employees should act responsibly, treat each other with respect, and respond to ethical issues. It is directly linked to the UN Global Compact’s ten guiding principles and covers topics like human rights, diversity and inclusion, anti-harassment and discrimination, environmental protection, anti-corruption, and bribery.Human rights, diversity &amp; inclusion, anti-harassment and discrimination, environmental protection, anti-corruption, and bribery.All DFDS employees PeopleBoard of DirectorsUN Global Compact’s ten guiding principlesLabour Code of ConductThe Labour Code of Conduct (LCoC), describes our minimum standard for critical working conditions of our employees. The aim is to prevent, remedy and account for any adverse human rights events across the company.Prevent, remedy and account for any adverse human rights issues.All DFDS employeesPeopleEMTHuman rightsAt DFDS, we recognise the importance of human rights and are committed to conducting our business in compliance with the United Nations Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development guidelines on responsible business conduct. The purpose of this policy is to establish a framework to ensure that human rights considerations are prioritised within DFDS.Working conditions, equal treatment and opportunities.DFDS employees, across the value chain, and external stakeholdersPeopleBoard of DirectorsUnited Nations Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development guidelines on responsible business conductModern Slavery Statement (UK Modern Slavery Act 2015), annuallyOutlining steps taken to prevent modern slavery and human trafficking in DFDS’s operations and supply chainDiversity, Equity, &amp; Inclusion PolicyThe purpose of the Diversity, Equity, and Inclusion Policy is to establish a general framework to ensure we have a work environment that is truly inclusive, diverse, and free from any bias, discrimination, and harassment. We strive to be diverse and inclusive within the dimensions of ethnicity, gender, language, age, sexual orientation, religion, socioeconomic status, physical and mental ability, thinking styles, experience, and education.Work environment that is truly inclusive, diverse, and free from any bias, discrimination, and harassment.All DFDS employeesPeopleEMTHealth &amp; Safety Policy How we conduct our Health &amp; Safety responsibilities is a cornerstone and an integral part of DFDS’s business. Throughout our operations, DFDS is committed to achieving the goal of: • Zero accidents • No harm to people • A safe and healthy working environment • Industry-leading service to our customers through a safe and healthy operationZero accidents No harm to people A Safe and Healthy working environment Industry-leading service to our customers through a safe and healthy operation.All DFDS employeesHSSEEMTWhistle-blowerDFDS Compliance Line system is an additional means of reporting that enables both employees and external stakeholders to report existing or potential violations of law or regulations, certain parts of the DFDS Code of Business Conduct, or other serious irregularities directly to DFDS.Grievance mechanism. Potential breaches of Code of Conduct, laws and regulation.DFDS employees, across the value chain, and external stakeholdersLegalBoard of DirectorsUnited Nations Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development guidelines on responsible business conduct. Danish national regulationS1-3 Channels to raise concernsDFDS has established a formal channel for em-ployees to anonymously report any concerns re-garding breaches of acceptable behaviour within the company through a Whistleblower System, which is hosted by an independent third party. The Whistleblower Policy governs the operation of this system and the procedures for handling reports. In addition to the Whistleblower System, employ-ees are encouraged to communicate incidents or concerns of unacceptable behaviour directly to their local manager, the HR department, or a member of the Executive Management Team. The Whistleblower System ensures that reports can be submitted anonymously, while providing protections to whistleblowers against any form of retaliation. The grievance and complaints handling mechanism is accessible to both employees and third parties via our website. The Whistleblower System’s availability is further reinforced through links on the DFDS intranet, QR-code stickers placed at physical locations and within company vehicles. Communication and awareness is ensured by training as part of the on-boarding program, the Code of Conduct training. See further details under G1 Business Conduct.All reports are managed with strict confiden-tiality by the designated Whistleblower team. Appropriate actions are taken on a case-by-case basis, proportionate to the severity of the matter. The Board of Directors receives regular updates regarding reports and findings derived from the Whistleblower System. The level of awareness and trust in the mecha-nisms available for raising concerns is evaluated annually through the employee engagement survey, which incorporates specific questions regarding the Whistleblower System. DFDS strictly prohibits and does not tolerate any form of retaliation by colleagues or partners against individuals who submit reports in good faith or participate in investigations, as explicitly outlined in our Whistleblower Policy.Enabling remedyOur general approach to providing remedy for negative impacts is part of our grievance mech-anism process, in which the outcome of an issue raised through our whisteblower system may result in an action to remedy the matter. Any material impacts identified through man-agers, HR, or the whistleblower system are addressed promptly, including the provision of ap-propriate remedies as deemed necessary. Com-prehensive records and reporting mechanisms are maintained to document the resolution process, particularly within the whistleblower system. S1-4, S1-5 Setting targets and taking action DFDS has defined ambitions and targets to address key areas such as health and safety, di-versity and inclusion, and employee engagement. By measuring and tracking progress, we ensure continuous improvement in working conditions, reflecting our responsibility to create long-term value for both our people and our business. None of the social metrics have been validated by an external body.To ensure that our own practices and the tran-sition to a greener economy do not cause or contribute to material negative impacts on our workforce, DFDS applies a structured due-dili-gence approach. This includes preventive pol-icies, risk assessments, safe-work procedures, training, and tracking. The processes used to identify necessary and appropriate actions in response to actual or potential negative impacts include the annual engagement survey, the whis-tleblower system, reports from H&amp;S systems, and insights gathered from managers. Resources allocated to manage material impacts include HR and H&amp;S systems for tracking performance and managing actions, dedicated teams and functions, and targeted campaigns. Should tensions arise between preventing negative impacts and business pressures, DFDS prioritises employee well-being and compliance with our Code of Conduct. Targets, metrics and actions are outlined in the following pages. Employee engagement metrics20252024Response rate (%)73%80%Engagement score (No.)7.57.6Health &amp; safetyTargetsDFDS maintains a zero-accident ambition as part of our safety culture. DFDS has not adopted a measurable, time-bound outcome-oriented target, as defining a non-zero incident target is considered inconsistent with this ambition. We track the effectiveness of our actions through internal operational targets for Lost-Time Injury Frequency (LTIF) and follow-up on corrective and preventive actions.ActionsWe operate the group-wide SAFE Behaviours programme to enhance safety knowledge. Actions include awareness campaigns and training to strengthen our safety culture. In 2025, we launched a DFDS Safety Award recognise and celebrate outstanding contributions to HSSE. At sea, a fleet management software monitors HSSE perfor-mance on all vessels. On land, an online platform standardises HSSE reporting across locations. Development in 2025In 2025, we continued strengthening our safety performance, reflected in a decline in LTIF across both our land-based operations and our fleet at sea. This positive development shows the impact of our ongoing initiatives, including the SAFE Behaviours programme, enhanced reporting tools, and continuous awareness and training efforts. However, the year was also marked by two tragic fatalities – one involving a member of our work-force and one involving a third-party worker. Our thoughts remain with their families, colleagues, and everyone affected by these losses. A thorough review of the circumstances surrounding both inci-dents has been completed, and the learnings are being integrated into our Safety First programme to help prevent similar events in the future.While reduced LTIF indicates progress, these inci-dents serve as a powerful reminder that our non-of-fice colleagues are working in high-risks areas and that we must continue strengthening our safety culture and working toward our zero-accident ambition. We remain committed to continually im-proving safety across all operations and support-ing those impacted as we embed these learnings and pursue further risk-reducing measures.S1-14 Health and safety management system20252024%TotalTotalPercentage of employees covered100100S1-14 Fatalities20252024Own employeesContractorsOwn employeesContractorsNumber of fatalities 1100S1-14 Lost-time injury frequency (LTIF) 20252024Incidents/mio. hoursLandSeaTotalLandSeaTotalLost-time injury frequency (LTIF) 5.33.44.36.83.95.3§ Accounting policiesHealth &amp; safety management systemHealth &amp; Safety monitoring covers DFDS employees on land, and all crew working on the vessels. Türkiye &amp; Europe South (TES) business unit, acquired at the end of 2024, has been operating under a separate system and is currently being integrated into the DFDS health &amp; safety management system.FatalitiesOwn employeesNumber of fatalities among employees caused by work-related accidents during 1st of January – 31st of December.ContractorsNumber of fatalities among third-party contractors caused by work-related accidents while operating for DFDS during 1st of January – 31st of December.Lost-time injury frequency (LTIF)LTIF represents the number of work-related injuries resulting in an employee being unable to work for more than 24 hours, calculated per one million exposure hours.Türkiye &amp; Europe South business unit’s reporting approach differs from DFDS’s established Health &amp; Safety processes, and it has not been possible to convert Türkiye &amp; Europe South business unit data to DFDS’s methodology. As the integration of Türkiye &amp; Europe South business unit into DFDS’s Health &amp; Safety reporting is still ongoing, the business unit is excluded from the LTIF metric for 2024–2025. Reporting for Türkiye &amp; Europe South business unit is expected to commence from 2026. Based on headcount, BU TES accounts for approximately 15% of DFDS’s total employees.Diversity, equity, and inclusion (DEI)TargetsWith the aim of improving gender diversity in DFDS, we have set targets for the underrepre-sented gender on various levels: For the highest management body (the Board of Directors), the gender target has been achieved with the underrepresented gender in two of the six board positions as elected at the Annual General Meet-ing. Note that the definition of other management levels differs from the gender diversity targets reported in the Corporate Governance section according to the Danish Statements Act section 107f. This impacts the women percentage metric, while the target and target year are identical. The target-setting, the tracking of performance, and identifying improvements in the performance is undertaken by management in the People division. The process is informed by specialists, research, historical data and performance, and in dialogue with the EMT. As such, our own workforce or workforce representatives have not been directly involved. ActionsDEI is integrated into recruitment, promotion, and talent management with structured targets, incentives, surveys, training, and awareness efforts. Monitoring covers all organisational levels, including the Board and EMT. We focus on increasing women in leadership, office manage-ment, and maritime roles, supported by initiatives like the Danish Shipping Charter and a women cadet programme: Waves of Talent. Work-life balanceTargetsWhile we have not set any measurable targets, it is our ambition for any negative impacts to be eliminated. For work-life balance the annual employee engagement survey, MyVoice, tracks relevant indicators by which we evaluate the progress. ActionsDFDS offers flexible working schemes where possible. Mental health is addressed in awareness campaigns and support activities are available.Clarity on expectations and balance in workload is ensured in objective-setting and performance review process.S1-5 Gender diversity targetsGender targets, women in %2030Target20252024Board of Directorsachieved3333Executive Management Team1302929Group Leadership Team3024232All Managers302019All employees302322 Office- 4243Non-office- 1313S1-9 Gender distribution in management20252024HeadcountNo.%No.%Executive Management Team1Women229229Men571571Group Leadership TeamWomen1124112232Men3576372772All managersWomen4732046619Men1,867801,94581Not declared2010S1-9 Age distribution20252024HeadcountTotal - No.Total - %Total - No.Total - %Employees under age 303,155193,300 19Employees between age 30-50 8,509528,939 51Employees above age 50 4,807295,197301	After 31.12.2025 one member left (man). This is not reflected in the numbers.2	Restated from 19% (6 women and 26 men) due to updated organisational structure. See BP-2, p. 76.§ Accounting policiesGender diversity targetsTargets presented as the percentage of the underrepresented gender (women).DFDS’s own definition of top management:Executive Management Team (EMT)CEO, CFO, and selected executive/senior vice presidentsGroup Leadership Team (GLT)EMT and a wider group of Vice Presidents and Directors. The composition of the GLT reflects the strategic and operational requirements of the business and ensures representation of key business areas.Gender at top management levelSee definitions of EMT and GLT above.Age distributionThe age distribution data is calculated as the headcount as of December 31, as recorded in HR systems.Harassment and discriminationTargetsWhile we have not set any measurable targets, it is our ambition for negative impacts to be elim-inated. To evaluate progress, we track relevant indicators in the annual employee engagement survey, the whistleblower system and HR reports. ActionsAnti-harassment training is mandatory and em-ployees are encouraged to report incidents.Development in 2025Expanded data coverage in 2025 resulted in an increase in reported cases. Without the new data, discrimination incidents increased by 8 whereas total complaints decreased by 5. This highlights the continued importance of DE&amp;I efforts and Code of Conduct training.Characteristics of own employeesTotal head count end of year was 16,471. The most representative number in the financial statement is the average FTEs, which amounts to 16,138. As a cross-reference, the average no. of FTEs is lower due to part-time employment.Development in 2025The employee turnover increased which led to a corresponding decrease in the number of employees. The change is primarily driven by the restructuring of the Türkiye &amp; Europe South business unit, acquired end of 2024, and the dis-continuation of a route in the Strait of Gibraltar. S1-17 Discrimination and complaints20252024NumberTotalTotalNumber of incidents of discrimination 51122Number of human rights issues and incidents120Total number of complaints filed through channels for people in the undertaking’s own workforce to raise concerns111396Complaints to NCP00Total number of fines, penalties, and compensation for damages as a result of the incidents and complaints disclosed above 00S1-6 Employees by gender20252024HeadcountTotalTotal Women3,7993,905Men12,67013,496Other235Total16,47117,436S1-6 Employees per country &gt;10%20252024HeadcountTotalTotal Denmark2,0121,743Türkiye2,9983,251UK3,8103,8281	Expanded data coverage for 2025, figures not fully comparable with previous year. 2025 without the new data source would have been 31 incidents. See BP-2, p. 76.2	The fatality in own workforce reported in S1-14 is considered a human rights incident. Incidents in the value chain are not included here.3	Expanded data coverage for 2025, figures not fully comparable with previous year. 2025 without the new data source would have been 91 incidents. See BP-2, p. 76.§ Accounting policiesComplaints through channels to raise concernsComplaints through channels to raise concerns are measured as the number of cases reported through the DFDS whistleblower line and discrimination/harassment cases reported to HR in the reporting year. As the integration of Türkiye &amp; Europe South business unit into DFDS’s reporting processes is still ongoing, the business unit is excluded from the discrimination/harassment reporting to HR. The whistleblower line is open to own workforce and external parties. Given the anonymity option, it is not possible to distinguish between internal and external reports.Human rights issues and incidentsMeasured as the number of reports in the whistleblower system and cases reported to HR that legal has assessed to be human rights issues and incidents. Human right issues connected to the value chain are not included.Discrimination Discrimination is measured as the number of incidents of discrimination that have been reported in our whistleblower system and to HR in the reporting year (self-declared as ‘Discrimination or Harassment’).Complaints to NCPThis is the number of complaints filed to National Contact Points (NCP) for OECD Multinational Enterprises as reported to the company by NCP. Amounts related to incidentsThese are measured as the fines, penalties, and compensation for damages, as a result of the incidents and complaints disclosed. Gender Land-based data on gender categories varies between countries, depending on the local legislation. For some countries, the category ‘other’ and ‘not declared’ (grouped as ‘not declared’), has been recorded and included in the report. Seafarers are recorded as are men/ women in accordance with their certification and travel documents. Employees by country The number of employees by headcount and breakdown by country in which DFDS has &gt;10% of its total number of employees.S1-6 Employees by contract type2025HeadcountWomenMen Not declaredTotal - No. of permanent3,37511,565214,942- No. of temporary 37799901,376- No. of non-guaranteed hours481050153No. of employees, total 3,80012,669216,4712024- No. of permanent3,547 12,413 1915,979- No. of temporary 337 1,057 15 1,409 - No. of non-guaranteed hours21 26 1 48No. of employees, total 3,905 13,496 35 17,436S1-6 Employee turnover20252024HeadcountTotalTotalTotal no. of leavers4,0242,566Rate of employee turnover (%)2418S1-16 Remuneration20252024NumberNumberCEO pay ratio46411Gender pay gapN/AN/A1	Restated from a ratio of 33 due to error in calculation. See BP-2, p. 76.§ Accounting policiesHeadcountHeadcount (HC) is the total number of employees, regardless of their contract type. The headcount is based on the number of employees on the 31st of December as recorded in HR systems for land-based employees and seafarers respectively. Employees on long-term leave are excluded from the calculation. FTE (full-time equivalents)FTE is the measurement of an employee’s contractual working hours in relation to a full-time contract in the given position and country. The figure quantifies the workforce in terms of full-time positions. Employees on long-term leave are excluded from the calculation. The FTE number is calculated as an average for the reporting period. Contract types Permanent contracts: Contracts without ending day; that are valid until the employee or employer chooses to cancel it. Temporary contracts: Contracts with a fixed term. Non-guaranteed hours: Hourly paid employees such as student workers. Employee turnoverNumber of employees (HC) who have left DFDS, both voluntarily or due to other factors such as dismissal or retirement, between 1st of January and 31st of December. Employee turnover does not include seasonal workers.Calculated as follows:Employee turnover rate (%) = Number of employees who left/Average number of employeesAverage number of employees = Average of: Number of employees pr. end previous year + Number of employees pr. end current year*100Remuneration ratio The remuneration ratio is calculated by dividing the annual total remuneration of the CEO (including granted long-term incentives) by the average total remuneration of employees in DFDS Group, excluding the CEO.The CEO pay ratio is calculated using average employee remuneration due to current methodological limitations in our HR data landscape, which do not allow for extraction of a reliable median employee pay figure. Gender pay gapDFDS is currently unable to report the gender pay gap as required by ESRS due to fragmented data across legacy systems and entities acquired in recent years still being integrated. In addition, a sizeable part of our workforce consists of seafarers whose employment and pay structures differ from land based employees, limiting comparability and calculation in line with the prescribed methodology. A new HR system implemented in 2024 is improving data consistency and centralisation. Combined with ongoing integration efforts and preparations for compliance with the EU Pay Transparency Act, we expect these limitations to be resolved by 2027, at which point we aim to report the gender pay gap and change the CEO pay ratio calculation from based on average to median employee remuneration. S2 Workers in the value chain In line with the Omnibus “quick fix” amendments and ESRS 2 paragraph 17, DFDS applies the temporary exemption and provides a summarised disclosure for Workers in the value chain.DFDS recognises the importance of fair labour practices and human rights throughout the supply chain. Supply chain sustainability is an integral part of DFDS’ Sustainable Procurement Program and we aim to use our leverage to promote human rights, environmental care, good labour practices, anti-corruption, and high ethical standards. We want to ensure transparency and account-ability in our operations, highlighting our efforts to improve working conditions, promote fair wages, and prevent labour exploitation. We use a dedicated management system to assess and identify sustainability risks within the supply chain based on the suppliers’ country and industry risk profile. In parallel, we perform audits of third-par-ty transport suppliers to ensure they adhere to our Supplier Code of Conduct. S2-1 Human rights and policies Human rights Our human rights commitment and approach is described under Own Workforce and encompass-es workers in our value chain. The key channels for engagement with value chain workers include our grievance mechanism, our supplier audits, and the general dialogue in the supplier rela-tionship. DFDS has a procedure to assess and approve the provision of remedy for individuals or communities adversely affected by our business activities.Based on the Human Rights Index, we have an awareness on our operations in Türkiye and Mo-rocco for forced and compulsory labour impacts in the value chain.Supplier Code of Conduct DFDS’ Supplier Code of Conduct (SCoC) sets the standard for our supply chain to operate in accordance with business principles expressedby the code. It applies to first-tier suppliers, parent, subsidiary, or affiliate entities, as well as those with whom they do business, including suppliers, subcontractors, joint venture partners, and other third parties. It is the suppliers’ respon-sibility to ensure that their business relationships also have processes to manage their adverse impacts on human rights, labour, environment, and anti-corruption. Overview of impacts/risks/opportunities and how they are addressedMaterial IROIRO descriptionRelated policies ActionsTargets and ambitions Tracking and effectivenessSecure employment Insecure employment for certain workers, leaving risks for human rights.      Supplier Code of Conduct  (SCoC)Our SCoC sets the minimum expectations from suppliers.  Suppliers are assessed and/or audited for compliance with  SCoC.  Increase SCoC commitment (G1)Tracking SCoC commitment (G1)Assessments and audits track the effectiveness and adherence with our  SCoC.  Work-life balance  Nature of work subjecting workers to excessive hours,  impacts  on work-life balance and wellbeing . SCoC(as above)(as above)(as above)Health and safety Risk of work-related accidents and injuries for ship crews, truck drivers, and workers in terminals and warehouses due to the nature of industry work   . SCoCHealth &amp; Safety Policy  (S1) (as above)(as above)(as above)Diversity  Both seafarers and  logistics  faces challenges attracting and  retaining  women .SCoCDE&amp;I policy  (S1) (as above)(as above)(as above)Forced labour Risk of having forced labour in the value chain, which can lead to human rights violations, legal repercussions, and reputational damage.SCoC(as above)(as above)(as above)Forced labour DFDS is dedicated to eradicating modern slavery and human trafficking from our supply chain and all aspects of our organisation. We prioritise transparency and awareness in these efforts. Through our HR policies and procedures, we not only ensure compliance with national laws but also uphold international conventions safe-guard-ing employee rights, including those employed through third parties. Our Human Rights Policy and SCoC addresses trafficking, forced labour, and child labour. S2-2 Engagement with value chain workers As outlined in the SCoC, we expect our suppliers to establish a process of continuous due diligence in relation to their actual and potential adverse impacts. The process shall: •	regularly assess potential and actual impacts on the areas of fundamental responsibility, •	integrate impact assessment findings across relevant internal processes and functions, so as to ensure the prevention and mitigation of identified adverse impacts; and •	account for and report to DFDS how impacts are being addressed. The feedback from these processes in turn inform our decisions and activities aimed at managing actual and potential impacts.During audits of suppliers (specifically third-par-ty hauliers), we engage with business owners and their workers either directly or through a third-party performing the audit on our behalf. In-person audits and remote audits are per-formed at intervals ranging from bi-annually to every two years depending on the analysed risk of the supplier in question. The risk indicators taken into account include the risk of human rights violations and the size of DFDS’ annual spend related to the supplier. The outcomes of the audit and feedback from the process are relevant inputs for how we manage actual and potential impacts.The management in Group Procurement has the operational responsibility for ensuring engage-ment with value chain workers. Ultimately, the EMT ensures executive ownership of the ESG agenda and is actively involved in selecting sustainability priorities and driving the implemen-tation of related action plans.S2-4Taking action Our action plans to manage material IROs related to value chain workers are centred around our SCoC, our supplier assessment processes, and the audits we perform directly or with the help of third parties. These actions are aimed at unveiling non-conformance, enabling a dialogue to plan actions, and improve the working conditions in our value chain. In our supplier audits, any non-conformities are assessed for severity. DFDS will allow a certain time to rectify the matter depending on the severi-ty of the finding and in particular, severe cases the supplier relationship may be discontinued. Any material impacts brought to our attention through the whistleblower system are dealt with, including providing remedy as deemed necessary. Records and reporting to document remedy is in place for the whistleblower process. We engage with suppliers using a tool for managing ESG risk and compliance, for performance improvements. The effectiveness of actions and initiatives are assessed through our audits and whistleblower reports.S2-5Targets DFDS has not set measurable outcome-oriented targets related to workers in the value chain. Workers in the value chain policyPolicyObjective(s)Relation to IROsScopeOwnerAccount-ability§21 Third-party standards or initiativesSupplier Code of Conduct (SCoC)Through DFDS’  Sustainable Procurement Program, we endeavour to work with suppliers who share a similar commitment to responsible business practices. DFDS’ SCoC includes the values and the requirements that we expect our suppliers to live up to when conducting business in an environmentally responsible, ethical, and social way. Our SCoC describes what behaviours we value, and how we expect suppliers to respond to ethical issues. Human rights, diversity &amp; inclusion, anti-harassment and discrimination, environmental protection, anti-corruption, and bribery DFDS suppliersProcure-mentEMTIncorporates the IMPA ACT fundamentals and is based on the UN Global Compact and Guiding Principles on Environment, Labour Practices, Business Ethic and Human Rights.Modern Slavery Statement (UK Modern Slavery Act 2015)G1 Business conduct DFDS is committed to conducting business in a responsible, ethical, and transparent manner to meet stakeholders’ expectations of high business integrity standards. Our approach to business integrity is embedded in our corporate values, policies, and procedures. Providing maritime transport and logistics services mean we are in close contact with many people throughout our value chain. Corruption is an inherent risk to our business, and we mitigate this by having clear policies for employees and suppliers on how to act. While we actively engage in dialogues with governments and authorities with respect to infra-structure issues of common interest, we do not support or provide donations to individual political parties or politicians. We believe that engaging in partnerships and industry organisa-tions and taking an industry perspective serves the company and our stakeholders best, just as we actively share knowledge and data to move the industry forward.G1-1Corporate culture and policiesDFDS has a range of policies in place to manage material impacts related to business conduct and corporate culture, including Whistleblower Policy, Code of Conduct (CoC) and Supplier Code of Conduct (SCoC) as presented under S1 Own workforce and S2 Workers in the value chain. DFDS’s corporate culture is fundamentally grounded in our CoC and in our corporate values. Within an organisation comprising more than 16,400 employees distributed across land and sea operations, diverse regions, cultures, and professional functions, considerable effort is required to sustain a robust corporate culture. The Executive Management Team (EMT) is responsible for overseeing and approving communication initiatives and interactions that advance the corporate culture, including the onboarding of new employees and training programs that reinforce our CoC and the DFDS culture. The operational responsibility for these activities resides with the People Division. Additionally, the annual employee survey, MyVoice, is utilised as a key instrument to assess and evaluate the state of the corporate culture.The CoC outlines how employees are expected to react if they should become aware of behaviour in contradiction of the CoC, including instructions on who to inform or to report via the whistleblower system. CoC training, which is mandatory for all employees, includes training in whistleblower reporting. The whistleblower system is open to internal and external stakeholders which is ac-cessible on intranet and dfds.com.The whistleblower system offers the possibility to report material irregularities (with certain regional limitations as stipulated by local regulation). DFDS will not retaliate nor tolerate any form of retalia-tion against people for making a good faith report Overview of impacts/risks/opportunities and how they are addressedMaterial IROIRO descriptionRelated policies ActionsTargets and ambitions Tracking and effectivenessCorporate culture   Risk of nonadherence to Code of Conduct affecting risk management,  productivity  and innovation  Code of Conduct   Whistleblower  PolicyMandatory Code of Conduct training for all employees   Culture initiatives overseen by EMT and People Division  Maintain  strong culture aligned with DFDS values   Ensure 100% CoC training coverage MyVoice  employee survey  used  to assess culture health   Training completion tracked in learning systems Protection of  whistleblowers    Lack of awareness of protection of whistleblowers may potentially keep  people  away from notifying concerns  Code of Conduct  Whistleblower  Policy• Open whistleblower system for employees &amp; external stake-holders   Maintain  trust in the system   Ensure prompt, independent investigations Tracking whistle-blower reportsManagement of relationships with suppliers including payment practices    Poor supplier management can lead to negative impacts, including contract terms, pressure on price and lead time, payment practices, and payment conditions  Supplier Code of Conduct   Sustainable Procurement Program Supplier ESG risk assessment   Haulage compliance audits   Standardised  payment terms  Improve transparency and  standardisation  in supplier relationship  Tracking of supplier riskTracking of audit resultsCorruption and bribery   The shipping and  logistics  sector is considered to have an above-average exposure to risks of facilitation payments  Code of Conduct  Mandatory anti-corruption and anti-bribery training for all employees   Investigation of  all allegations  via whistleblower channels   Procedures to detect and prevent corruption/bribery  Zero tolerance towards bribery and corruption  Tracking whistle-blower reportsTracking of CoC trainingor participating in an investigation, as stated in our Whistleblower Policy and in adherence with national law. DFDS is committed to investigate business conduct incidents reported in the whistleblower system promptly, independently, and objectively. Business conduct training is considered man-datory and specific online training is assigned to the relevant employees. The suite of training opportunities is open to all and it is the responsi-bility of each manager to suggest and oversee the non-mandatory training as relevant. G1-3Prevention and detection of corruption and bribery DFDS is firmly committed to the eradication of corruption and bribery. We recognise that facilitation payments represent a persistent challenge within the ferry and logistics indus-tries. Given that DFDS primarily operates within Europe, we assess the risk as comparatively lower, based on the Corruption Perceptions Index published by Transparency International. Nevertheless, we acknowledge the existence of these risks, particularly in regions outside the European Union where the index indicates higher susceptibility to corruption. From an indus-try-wide perspective, the functions within DFDS most at risk related to corruption and bribery risks are listed in the table below.PreventionDFDS has established procedures designed to prevent and address allegations or incidents of corruption and bribery. The CoC provides clear guidance to employees on expected behaviour, including the prevention and reporting of any suspected corruption or bribery. Allegations or incidents are handled by the Legal department following a process aligned with whistleblower case management to ensure confidentiality and integrity. DetectionFor detection, DFDS primarily relies on employ-ees and externals to report concerns through established reporting channels, including the whistleblower system. This approach reflects the company’s commitment to fostering a culture of transparency and accountability, where em-ployees are encouraged and supported in raising concerns without fear of retaliation. InvestigationInvestigations of corruption or bribery allegations reported through the Whistleblower System or via internal channels are conducted by the designated whistleblower officer within the Legal department. As such, the investigation function is not fully independent from the management structure responsible for implementing anti-corruption and bribery prevention measures. This approach ensures consistency and legal oversight, although it does not establish a separate investigative body outside the existing governance framework. The process to report outcomes of any such in-vestigations is part of the whistleblower reporting process. Integration in policies DFDS integrates its anti-corruption and anti-brib-ery principles into the CoC, which is provided to all employees during onboarding to ensure clarity on expectations and responsibilities. Updates to the CoC are communicated promptly to all employees through established internal channels, ensuring continued accessibility and understand-ing of policy implications. This approach supports consistent awareness and reinforces DFDS’s commitment to ethical business practices. TrainingTraining in the CoC, which covers our anti-corrup-tion and anti-bribery policies, is mandatory for all employees. The training is delivered as an online, on demand course for office based employees and seafarers, and completion is tracked through our online learning systems for land and sea, respectively. Training of non-office land-based employees is performed in-person by managers. Training material is provided to the managers, who determine how training is performed. Track-ing of completion has not been established. In 2025, the completion rate for the online CoC training was 81% for both land and sea. We are working to increase this rate through improved follow up processes and strengthened compli-ance controls. Functions at DFDS that are most at risk in respect of corruption and briberyFunctionRiskProcurementThis function often involves large contracts and significant financial transactions, making it a prime target for bribery.Customs and border ControlInteractions with customs officials can be a hotspot for bribery, as employees might offer payments to expedite shipments or avoid inspections.Freight forwarding and shippingThis area involves numerous third-party interactions, including with port authorities and shipping agents. Bribes might be used to secure favourable shipping routes or to bypass regulations.Sales and marketingSales teams might engage in bribery to win contracts.Finance and accountingCorruption can occur through fraudulent invoicing, or manipulating financial records to cover up illicit payments.Given that the CoC training is mandatory for all employees, the functions-at-risk targeted by training programmes is 100%. The CoC training is mandatory for the adminis-trative and management bodies. The Board of Directors approve any updates to the CoC but are not required to complete the training. G1-4Incidents of corruption and bribery DFDS has had no convictions for violation of an-ti-corruption or anti-bribery laws in the reporting year and consequently no fines for such violation. G1-2Management of relationships with suppliers Supply chain sustainability is an integral part of DFDS’s Sustainable Procurement Programme. We impact our supply chain through promoting human rights, environmental care, good labour practices, and high ethical standards. Our Supplier Code of Conduct (SCoC) incorporates the IMPA Act (Inter-national Marine Purchasing Association) funda-mentals and is based on the UN Global Compact and Guiding Principles on Environment, Labour Practices, Business Ethic and Human Rights. DFDS’s SCoC sets the standard for our supply chain to operate in accordance with ethical business principles and conform to all applicable international laws, rules, and local regulation. We expect our suppliers to adhere to our principles and standards and to develop and implement relevant management systems appropriate for a company of their size in line with our SCoC. We use a dedicated management system to assess and identify sustainability risks within our supply chain. The monitoring of our supply chain is performed in three steps: 1.	We assess our supply chain on ESG risks based on the three criteria: spend, supplier’s country of origin and industry. 2.	We engage and thoroughly evaluate suppliers within a target group of suppliers on ESG mat-ters including Environment, Human &amp; Labour Rights, Ethics and Sustainable Procurement. Target group suppliers are suppliers that amount to annual spend &gt;10mDKK and/or suppliers that are flagged as high risk in the first step. Based on this evaluation, suppliers receive scores accordingly. 3.	Based on the suppliers’ score and in connec-tion to our post assessment policy, we further engage suppliers on improvements and corrective actions. Our ESG supplier evaluation programme enables us to better address higher-risk areas in our sup-ply chain and engage in a constructive dialogue with our suppliers to develop more innovative and sustainable products and/or services. In paral-lel, we perform audits of third-party transport suppliers to ensure they adhere to our SCoC. We expect our suppliers to sign our SCoC and would revert to sanctions to the point of terminating the relationship with a supplier who violates the SCoC or refuses to take part in a remediation plan. To ensure awareness of sustainability matters, all DFDS buyers and category managers are in scope for sustainable procurement training. G1-6Payment practices DFDS has implemented a strategic initiative, which aims to optimise payment efficiency and reinforce our commitment to timely transactions and payments on time. This is achieved by align-G1-3Code of Conduct training20251Groups of employees No. in scopeCompletion %Seafarers3,62181%Land, office4,60781%Land, non-office5,661N/A1	This metric is reported from 2025; no comparative figures are available. See BP-2, p. 76.G1-2Sustainable procurement (entity specific)%20252024Sustainable procurementTotalTotalSupplier Code of Conduct commitment6764ESG assessment of suppliers &gt;10 mDKK100100Sustainable Procurement training completion10098§ Accounting policiesCode of Conduct training The training completion rate includes all employees who have been employed for at least 90 days at the end of the reporting period. Tracking of training for land based non-office employees is not yet established. Türkiye &amp; Europe South business unit, acquired at the end of 2024, is currently being integrated into DFDS compliance processes and is therefore excluded for the reporting period. Based on headcount, Türkiye &amp; Europe South business unit accounts for 15% of DFDS’s total employees. Supplier Code of Conduct commitment Suppliers who have signed DFDS’ Supplier Code of Conduct (SCoC) is the percentage of current suppliers contracted by Group Procurement based on registration in DFDS’s sustainable procurement database. ESG assessment of suppliers Percentage of current suppliers contracted by Group Procurement with a spend &gt;10 mDKK undergoing ESG assessment based on registration in EcoVadis database. Sustainable Procurement training completionDFDS buyers and category managers trained in Sustainable Procurement is the completion rate of employees in scope for the training. The completion rate is based on registrations in the training system. ing standard payment terms across suppliers. In recognition of the importance of flexibility, espe-cially for SMEs, deviation from standard payment terms may be approved on a case-by-case evalu-ation. The aim is to simultaneously streamline pro-curement processes while maintaining transpar-ency and fairness in our supplier relations. The resulting shift in the composition of payment terms has contributed to an increase in the aver-age number of days to pay. Standard payment terms across suppliers are current month + 63 days. Additionally, minimum acceptable payment terms are current month +30 days to ensure a balance between supplier relationship and financial sustainability. DFDS does not have any outstanding legal proceedings for late payments. G1-6Payment practices20252024Days to pay, average (No)4842Paid on time, average (%)88.5N/A11	This metric is reported from 2025; no comparative figures are available. See BP-2, p. 76.§ Accounting policiesNumber of convictions for violation of anti-corruption and anti-bribery laws The number of convictions for violation of anti-corruption and anti-bribery laws includes all convictions as a result of legal proceedings against DFDS in the reporting year. Amount of fines for violation of anti-corruption and anti-bribery laws The amount of fines paid for violation of anti-corruption and anti-bribery laws includes fines paid as a result of legal proceedings on these matters against DFDS in the reporting year.Average number of days to pay invoices The average number of days to pay invoices has been collected across entities and presents an average. As the integration of Türkiye &amp; Europe South business unit into DFDS’s reporting processes is still ongoing, the business unit is excluded from the average number of days to pay.Percentage of payments aligned to payment terms (paid on time):The average percentage of payments aligned with the payment terms agreed. As the integration of Türkiye &amp; Europe South business unit into DFDS’s reporting processes is still ongoing, the business unit is excluded from the percentage of paid on time.Number of legal proceedings outstanding for late payments The number of legal proceedings outstanding for late payments includes all legal proceedings against DFDS relating to late payments of business partners that are outstanding at year end.General disclosure indexDisclosure RequirementDatapointSustainability statements | AppendixSFDR referencePillar 3 referenceBenchmark regulation referenceEU Climate Law referenceSectionPageESRS 2 GOV-121 (d)Board’s gender diversityIndicator number 13 of Table #1 of Annex 1Commission Delegated Regulation (EU) 2020/1816 ( 27 ), Annex IIManagement review45, 48ESRS 2 GOV-121 (e)Percentage of board members who are independentDelegated Regulation (EU) 2020/1816, Annex IIManagement review45, 48ESRS 2 GOV-430Statement on due diligenceIndicator number 10 Table #3 of Annex 1Sustainability statement75ESRS 2 SBM-140 (d) iInvolvement in activities related to fossil fuel activities Indicator number 4 Table #1 of Annex 1Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 (28) Table 1: QualitativeDelegated Regulation (EU) 2020/1816, Annex IINot applicable to DFDS- ESRS 2 SBM-140 (d) iiInvolvement in activities related to chemical production Indicator number 9 Table #2 of Annex 1Delegated Regulation (EU) 2020/1816, Annex IINot applicable to DFDS-ESRS 2 SBM-140 (d) iiiInvolvement in activities related to controversial weaponsIndicator number 14 Table #1 of Annex 1Delegated Regulation (EU) 2020/1818 ( 29 ), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex IINot applicable to DFDS-ESRS 2 SBM-140 (d) ivInvolvement in activities related to cultivation and production of tobacco Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex IINot applicable to DFDS-ESRS E1-114Transition plan to reach climate neutrality by 2050Regulation (EU) 2021/1119, Article 2(1)Sustainability statement81ESRS E1-116 (g)Undertakings excluded from Paris-aligned BenchmarksArticle 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturityDelegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2Sustainability statement81ESRS E1-434GHG emission reduction targetsIndicator number 4 Table #2 of Annex 1Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metricsDelegated Regulation (EU) 2020/1818, Article 6Sustainability statement83ESRS E1-538Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1Sustainability statement88ESRS E1-537Energy consumption and mixIndicator number 5 Table #1 of Annex 1Sustainability statement88General disclosure index (continued)Disclosure RequirementDatapointSustainability statements | AppendixSFDR referencePillar 3 referenceBenchmark regulation referenceEU Climate Law referenceSectionPageESRS E1-540-43Energy intensity associated with activities in high climate impact sectorsIndicator number 6 Table #1 of Annex 1Sustainability statement88ESRS E1-644Gross Scope 1,2, 3 and TotalGHG emissionsIndicators number 1 and 2 Table #1 of Annex 1Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturityDelegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)Sustainability statement89ESRS E1-653-55Gross GHG emissions intensityIndicators number 3 Table #1 of Annex 1Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metricsDelegated Regulation (EU) 2020/1818, Article 8(1)Sustainability statement89ESRS E2-428Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soilIndicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1Sustainability statement91ESRS 2 - SBM 3 - E416 (a) iIndicator number 7 Table #1 of Annex 1Sustainability statement73ESRS 2 - SBM 3 - E416 (b)Indicator number 10 Table #2 of Annex 1Sustainability statement73ESRS 2 - SBM 3 - E416 (c)Indicator number 14 Table #2 of Annex 1Sustainability statement73ESRS E4-224 (b)Sustainable land/agriculture practices or policiesIndicator number 11 Table #2 of Annex 1Not applicable to DFDS-ESRS E4-224 (c)Sustainable oceans/seas practices or policiesIndicator number 12 Table #2 of Annex 1Sustainability statement93ESRS E4-224 (d)Policies to address deforestationIndicator number 15 Table #2 of Annex 1Not applicable to DFDS-ESRS 2 - SBM3-S114 (f)Risk of incidents of forced labourIndicator number 13 Table #3 of Annex INot applicable to DFDS-ESRS 2 - SBM3-S114 (g)Risk of incidents of child labourIndicator number 12 Table #3 of Annex INot applicable to DFDS-General disclosure index (continued)Disclosure RequirementDatapointSustainability statements | AppendixSFDR referencePillar 3 referenceBenchmark regulation referenceEU Climate Law referenceSectionPageESRS S1-120Human rights policy commitmentsIndicator number 9 Table #3 and Indicator number 11 Table #1 of Annex ISustainability statement101ESRS S1-121Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8Delegated Regulation (EU) 2020/1816, Annex IISustainability statement101ESRS S1-122Process and measures for preventing trafficking in human beingsIndicator number 11 Table #3 of Annex ISustainability statement101ESRS S1-123Workplace accident prevention policy or management systemIndicator number 1 Table #3 of Annex ISustainability statement101ESRS S1-332 (c)Grievance/complaints handling mechanismsIndicator number 5 Table #3 of Annex ISustainability statement104ESRS S1-1488 (b) and (c)Number of fatalities and number and rate of work-related accidentsIndicator number 2 Table #3 of Annex IDelegated Regulation (EU) 2020/1816, Annex IISustainability statement105ESRS S1-1488 (e)Number of days lost to injuries, accidents, fatalities or illnessIndicator number 3 Table #3 of Annex ISustainability statement105ESRS S1-1697 (a)Unadjusted gender pay gapIndicator number 12 Table #1 of Annex IDelegated Regulation (EU) 2020/1816, Annex IISustainability statement108ESRS S1-1697 (b)Excessive CEO pay ratioIndicator number 8 Table #3 of Annex ISustainability statement108ESRS S1-17103 (a)Incidents of discrimination Indicator number 7 Table #3 of Annex ISustainability statement107ESRS S1-17104 (a)Non-respect of UNGPs on Business and Human Rights and OECDIndicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex IDelegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)Sustainability statement107ESRS 2-SBM3-S211 (b)Significant risk of child labour or forced labour in the value chainIndicators number 12 and n. 13 Table #3 of Annex ISustainability statement74ESRS S2-117Human rights policy commitmentsIndicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1Sustainability statement109ESRS S2-118Policies related to value chain workersIndicator number 11 and n. 4 Table #3 of Annex 1Sustainability statement109General disclosure index (continued)Disclosure RequirementDatapointSustainability statements | AppendixSFDR referencePillar 3 referenceBenchmark regulation referenceEU Climate Law referenceSectionPageESRS S2-119Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines Indicator number 10 Table #1 of Annex 1Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)Sustainability statement109ESRS S2-119Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8Delegated Regulation (EU) 2020/1816, Annex IISustainability statement109ESRS S2-436Human rights issues and incidents connected to its upstream and downstream value chainIndicator number 14 Table #3 of Annex 1Not applicable to DFDS-ESRS G1-110 (b)United Nations Convention against Corruption Indicator number 15 Table #3 of Annex 1Sustainability statement112ESRS G1-110 (d)Protection of whistle-blowersIndicator number 6 Table #3 of Annex 1Sustainability statement112ESRS G1-424 (a)Fines for violation of anti-corruption and anti-bribery lawsIndicator number 17 Table #3 of Annex 1Delegated Regulation (EU) 2020/1816, Annex II)Sustainability statement114ESRS G1-424 (b)Standards of anti-corruption and anti-briberyIndicator number 16 Table #3 of Annex 1Not applicable to DFDS-</mrv:SustainabilityReport>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f0__s8__8__8-1" xml:lang="en">Gender diversity 2025Management level Target Target year Female, no. Male, no. Female, % Board of Directors, shareholder-elected 40% -  2 4 33% Board of Directors, employee-elected 40% -  1 2 33% Other management levels, total 30% 2030 4 12 25% –Executive Management Team (level 1) 1 1 50% –Other management (level 2) 3 11 21% Diversity in accordance with Section 107fGender and nationality are the two primary factors applied to assess the diversity of DFDS’ management bodies. DFDS is dedicated to foster-ing gender diversity across all levels of leadership and we continue to implement clear targets, policies, and progress updates to drive gender balance. A host of other factors also have bearing on the recruitment of directors and executive managers. For the two top management bodies – the Board of Directors and the Executive Board – the re-quired gender balance has been achieved, as de-fined by the Danish Business Authorities. For the other management levels, DFDS has set a target of achieving 30% representation of the under-represented gender by the end of 2030. Policies, actions, and progress are further described in the Sustainability Statement under S1-9 Diversity.The definition of other management levels in section 107f of the Danish Financial Statements Act differs from DFDS’ own definition of Senior Management (the Group Leadership Team). This difference affects the reported KPI for the proportion of women in the Sustainability Statement, although the target level and target year remain identical.Corporate Governance Report 2025The Board of Directors annually reviews and adjusts DFDS’ corporate governance framework, including various policies, as part of the Board’s planning wheel. DFDS’ position on each of the Danish corporate governance’s recommenda-tions are reported and available in the statutory Corporate Governance Report for 2025.DFDS were compliant with all Danish corporate governance recommendations in 2025.Diversity, equity, and inclusion (DEI)TargetsWith the aim of improving gender diversity in DFDS, we have set targets for the underrepre-sented gender on various levels: For the highest management body (the Board of Directors), the gender target has been achieved with the underrepresented gender in two of the six board positions as elected at the Annual General Meet-ing. Note that the definition of other management levels differs from the gender diversity targets reported in the Corporate Governance section according to the Danish Statements Act section 107f. This impacts the women percentage metric, while the target and target year are identical. The target-setting, the tracking of performance, and identifying improvements in the performance is undertaken by management in the People division. The process is informed by specialists, research, historical data and performance, and in dialogue with the EMT. As such, our own workforce or workforce representatives have not been directly involved. ActionsDEI is integrated into recruitment, promotion, and talent management with structured targets, incentives, surveys, training, and awareness efforts. Monitoring covers all organisational levels, including the Board and EMT. We focus on increasing women in leadership, office manage-ment, and maritime roles, supported by initiatives like the Danish Shipping Charter and a women cadet programme: Waves of Talent. </mrv:StatementOfTheDiversityPolicies>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f0__s8__8__10" xml:lang="en">Data Ethics in accordance with Section 99dDFDS is committed to protect any data collected in the course of conducting business. This could be personal data, or other types of data, pertain-ing to customers, suppliers, business partners and employees.Operations and connections with third-parties are increasingly being powered by data and technology and the use of data is important for continuously improving customer service and operating efficiency. It is therefore crucial that we handle data with care and comply with all appli-cable laws and standards. DFDS implemented the Data Ethics Policy in 2021 and the policy has been revised ongoingly. In the 2025 update the policy was further strengthen in alignment with group policy framework guidelines. This included expanded descriptions of data col-lection, how it is used, and the policies in place to ensure responsible handling and data use as well as section on AI and EU AI act specifically. The purpose of the policy is to fairly balance the many benefits that data use and new technologies offer versus how data use can impact individuals, busi-nesses and society in the short- and long-term. The Data Ethics Policy supplements our Data Protection Policy and Privacy Notice which sets out the overall requirements for our handling of personal data, and our Information Security Policy and IT policies, which describes how DFDS’ data is managed, including relevant security standards for data storage, access management, and safe IT usage. Privacy Employees can at any time request information on how their personal data is used and what data is collected. Security cameras are only installed as a safety measure, and employee privacy is always considered before installation and use. Training programmes on GDPR are conducted to foster understanding and compliance across the Group.Our 2025 data ethics review is available on our website: https://assets.ctfassets.net/z860498abl84/78vDJ6idwv4ODsyzdEPNq6/8a7856908b4a2d3a0b8540037cfc3045/DFDS_Data_Ethics_Review_2025.pdf</mrv:StatementOfPolicyForDataEthics>
   <mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f0__s8__8__11">https://www.dfds.com/en/about/governance-and-policies</mrv:LinkToCorporateGovernanceReport>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f0__s8__8__14" xml:lang="en">EU TaxonomyThe taxonomy is a classification and reporting sys-tem that identifies sustainable economic activities as defined by EU. It is a cornerstone in the EU’s sustainable finance framework and an essential tool for market transparency. According to the regulation DFDS is required to disclose the proportion of our activities that are taxonomy-eligible and taxono-my-aligned in terms of revenue, capital expenditures (capex), and operating expenditures (opex). DFDS’ Taxonomy-related disclosures have been assessed and prepared in accordance with Regu-lation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020. Eligible economic activities DFDS has conducted an eligibility assessment, concluding that climate change mitigation is the relevant screening criteria. Based on this conclu-sion, we identified the activities most relevant to our operations and their contribution to mitigation objectives. The following five activities have been determined as eligible for DFDS: Freight rail transport (CCM 6.2) Freight transport services by road (CCM 6.6) Sea and coastal freight water transport, vessels for port operations and auxiliary activities (CCM 6.10) Infrastructure enabling low-carbon water transport (CCM 6.16) Acquisition and ownership of buildings (CCM 7.7) Our ocean transport operations are accounted for in activities 6.10, covering our vessels, and 6.16, covering our terminal operations. For the logistics solutions on land, we are accounting for freight by truck in activity 6.6 and by rail in activity 6.2. Activity 7.7 covers our ownership of warehouses and office buildings. In 2025, the taxonomy-eligible share of our reve-nue was 84% (2024: 84%), of which non-aligned was 61% (2024: 61%). The taxonomy-eligible share of operational expenses (opex) was 100% (2024: 100%) of which non-aligned was 75% (2024: 78%), whereas the taxonomy-eligible share of capital expenditures (capex) was 89% (2024: 96%) of which non-aligned was 69% (2024: 74%). Aligned economic activities DFDS has analysed its compliance level with the technical screening criteria and the Do-No-Sig-nificant-Harm (DNSH) criteria for the above-men-tioned activities. Our assessment shows align-ment within three economic activities: Freight rail transport (CCM 6.2), Freight transport services by road (CCM 6.6), and Sea and coastal freight water transport, vessels for port operations and auxiliary activities (CCM 6.10). Alignment has been determined to 23% for revenue (2024: 22%), 25% for opex (2024: 22%) and 20% for capex (2024: 22%). Revenue linked to aligned activities comprise freight transport by rail (DKK 562m), revenue derived from vessels (DKK 6,472m) as well as revenue generated by e-trucks (DKK 91m). Aligned opex constitutes maintenance and servicing cost for owned ships and trucks (DKK 295m). Capex linked to aligned activities include investments and improvements in vessels (DKK 594m) and e-trucks acquisitions (DKK 14m). No additions related to acquisitions were considered aligned.Eligibility and alignment overviewUnits20252024RevenueAlignedDKK million7,1256,575Aligned%2322Eligible, non-alignedDKK million18,95818,286Eligible, non-aligned%6161Non-eligibleDKK million4,8644,892Non-eligible%1616TotalDKK million30,94729,753OpexAlignedDKK million295287Aligned%2522Eligible, non-alignedDKK million8791,010Eligible, non-aligned%7578Non-eligibleDKK million--Non-eligible%--TotalDKK million1,1731,297CapexAlignedDKK million609927Aligned%2022Eligible, non-alignedDKK million2,0853,361Eligible, non-aligned%6975Non-eligibleDKK million317166Non-eligible%114TotalDKK million3,0114,454Proportion of revenue from products or services associated with taxonomy-aligned economic activities 2025Substantial contribution criteriaDNSH criteria (‘Does Not Significantly Harm’)Proportion of taxonomy-aligned or eligible of revenue, 2024Category(enabling activity or transitional activity)RevenueProportion of RevenueClimate change mitigationClimate change adaptationWater and marine resourcesPollutionCircular economyBiodiversity and eco-systemsClimate change mitigationClimate change adaptationWater and marine resourcesPollutionsCircular economyBiodiversity and eco-systemsMinimum safeguardsEconomic activitiesCode(s)DKK million%%%%%%%Y/NY/NY/NY/NY/NY/NY/NPercentE/TA. TAXONOMY-ELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (Taxonomy aligned)Freight rail transportCCM 6.2562 2Y N N/EL N/EL N/EL N/EL YYYYYYY3TFreight transport services by roadCCM 6.691 0Y N N/EL N/EL N/EL N/EL YYYYYYY0TSea and coastal freight water transport, vessels for port operations and auxiliary activitiesCCM 6.106,47221Y N N/EL N/EL N/EL N/EL YYYYYYY20TRevenue of environmentally sustainable activities (Taxonomy-aligned) (A.1)7,12523230 0000YYYYYYY22Of which enabling- 0000000YYYYYYY0EOf which transitional7,125 232300000YYYYYYY22TA.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight rail transportCCM 6.2611 2ELELN/ELN/ELN/ELN/EL0 Freight transport services by roadCCM 6.613,90045ELELN/ELN/ELN/ELN/EL43 Sea and coastal freight water transport, vessels for port operations and auxiliary activitiesCCM 6.103,834 12ELELN/ELN/ELN/ELN/EL16 Infrastructure enabling low-carbon water transportCCM 6.16613 2ELELN/ELN/ELN/ELN/EL2 Revenue of Taxonomy-eligible but not environmen-tally sustainable activities (not Taxonomy-aligned activities) (A.2)18,958 61610000061 Total (A.1+A.2)26,084848400000B. TAXONOMY-NON-ELIGIBLE ACTIVITIESRevenue of Taxonomy-non-eligible activities (B)4,864 16Total (A+B)30,497100Y	Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective).N	No (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N/EL	Not eligible (taxonomy-non-eligible activity for the relevant environment objective).Proportion of capex from products or services associated with Taxonomy-aligned economic activities 2025Substantial contribution criteriaDNSH criteria (‘Does Not Significantly Harm’)Proportion of taxonomy-aligned or eligible of capex, 2024Category(enabling activity or transitional activity)CapexProportion of capexClimate change mitigationClimate change adaptationWater and marine resourcesPollutionCircular economyBiodiversity and eco-systemsClimate change mitigationClimate change adaptationWater and marine resourcesPollutionsCircular economyBiodiversity and eco-systemsMinimum safeguardsEconomic activitiesCode(s)DKK million%%%%%%%Y/NY/NY/NY/NY/NY/NY/NPercentE/TA. TAXONOMY-ELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (Taxonomy aligned)Freight transport services by roadCCM 6.6140Y N N/EL N/EL N/EL N/EL YYYYYYY1TSea and coastal freight water transport, vessels for port operations and auxiliary activitiesCCM 6.1059420Y N N/EL N/EL N/EL N/EL YYYYYYY21TAcquisition and ownership of buildingsCCM 7.70 0Y N N/EL N/EL N/EL N/EL YYYYYYY0N/ACapex of environmentally sustainable activities (Taxonomy-aligned) (A.1)60920200 0000YYYYYYY22Of which enabling--000000YYYYYYY0EOf which transitional609202000000YYYYYYY21TA.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight transport services by roadCCM 6.6843 28ELELN/ELN/ELN/ELN/EL30Sea and coastal freight water transport, vessels for port operations and auxiliary activitiesCCM 6.10246 8ELELN/ELN/ELN/ELN/EL23Infrastructure enabling low-carbon water transportCCM 6.16128 4ELELN/ELN/ELN/ELN/EL11Acquisition and ownership of buildingsCCM 7.7868 29ELELN/ELN/ELN/ELN/EL11Capex of Taxonomy-eligible but not environmen-tally sustainable activities (not Taxonomy-aligned activities) (A.2)2,085 69690 0 0 0 0 75Total (A.1+A.2)2,694 898900000B. TAXONOMY-NON-ELIGIBLE ACTIVITIESCapex of Taxonomy-non-eligible activities (B)317 11Total (A+B)3,011 100Y	Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective).N	No (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N/EL	Not eligible (taxonomy-non-eligible activity for the relevant environment objective).Proportion of opex from products or services associated with Taxonomy-aligned economic activities 2025Substantial contribution criteriaDNSH criteria (‘Does Not Significantly Harm’)Proportion of taxonomy-aligned or eligible of opex, 2023Category(enabling activity or transitional activity)OpexProportion of opexClimate change mitigationClimate change adaptationWater and marine resourcesPollutionCircular economyBiodiversity and eco-systemsClimate change mitigationClimate change adaptationWater and marine resourcesPollutionsCircular economyBiodiversity and eco-systemsMinimum safeguardsEconomic activitiesCode(s)DKK million%%%%%%%Y/NY/NY/NY/NY/NY/NY/NPercentE/TA. TAXONOMY-ELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (Taxonomy aligned)Freight transport services by roadCCM 6.630YNN/ELN/ELN/ELN/ELYYYYYYY0ESea and coastal freight water transport, vessels for port operations and auxiliary activitiesCCM 6.1029225Y N N/EL N/EL N/EL N/EL YYYYYYY22TOpex of environmentally sustainable activities (Taxonomy-aligned) (A.1)29525220 0000YYYYYYY22Of which enabling-0000000YYYYYYY0EOf which transitional295252200000YYYYYYY22TA.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight transport services by roadCCM 6.6609 1ELELN/ELN/ELN/ELN/EL1 Sea and coastal freight water transport, vessels for port operations and auxiliary activitiesCCM 6.10270 23ELELN/ELN/ELN/ELN/EL28Opex of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)8797575 0 0 0 0 0 78 Total (A.1+A.2)1,173 10010000000B. TAXONOMY-NON-ELIGIBLE ACTIVITIESOpex of Taxonomy-non-eligible activities (B)- 0Total (A+B)1,173100Y	Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective).N	No (taxonomy-eligible and taxonomy-aligned activity with the relevant environment objective). N/EL	Not eligible (taxonomy-non-eligible activity for the relevant environment objective).§ Accounting policiesIdentification of taxonomy eligible and aligned economic activitiesWe have determined the taxonomy-eligible economic activities (the numerator for the taxonomy-eligible KPIs) by the following process: Identifying economic activities and processes across the business of the DFDS Group. Evaluating whether the identified economic activities in the DFDS Group are covered by the economic activity descriptions included in the taxonomy. We have determined the taxonomy-aligned economic activities (the numerator for the taxonomy-alignment KPIs) by the following process: Assessing the substantial contribution to one or more of the climate and environmental objectives Evaluating the “Do No Significant Harm” (‘DNSH’) criteria to the other objectives Determining compliance with the minimum safeguards for social and governance standards (assessed on Group level) Determining compliance with the technical screening criteria per eligible activity. Substantial contribution The economic activities identified as aligned all contribute to climate change mitigation based on the assessment and documentation carried out. 6.2 Freight and rail transport The contribution stems from zero direct tailpipe CO2e emissions from trains and wagons and none are dedicated to the transport of fossil fuels. Revenue is determined by splitting rail service revenue by diesel and electric trains. 6.6 Road transport The contribution stems from zero-emission heavy-duty vehicles emitting less than 1g CO2e/kWh and low-emission heavy-duty vehicles emitting less than half of the reference CO2emissions of vehicles in their sub-group. To determine alignment, we define the e-trucks meeting the criteria and include the part of the transportation that has been carried out by the e-trucks in question. 6.10 Sea and coastal freight The contribution stems from vessels that are exclusively operating coastal and short sea services designed to enable the modal shift of freight on land to sea. The sea freight produces lower CO2e emissions than the average reference CO2e emission defined for heavy vehicles in accordance with Article 11 of Regulation 2109/1242. In addition, vessels with an attained value below the Energy Efficiency Design Index (EEDI) or Energy Efficiency Existing Ships Index (EEXI) value, respectively, are considered equivalent.Note that this is a transitional alignment that applies until year 2025 (included). 7.7 Acquisition and ownership of buildings The contribution is related to the energy performance of the building as documented by energy performance certificates and related documents.Do no significant harm For each eligible criteria we have assessed whether the economic activity has a negative impact on any of the other climate and environmental objectives. We have assessed each activity’s alignment with every DNSH criteria by either investigating internally if our operations comply with the stated criteria, or if we are complying with other EU regulations and environmental standards. We only report alignment for economic activities when we have reliable data proving that no negative impacts have been identified. Climate change adaptation Across the four aligned activities, the climate risk and vulnerability has been assessed in the climate risk scenario analysis performed in the reporting year. Sustainable use and protection of water and marine resources Pollution to water has been assessed and found not to have material impact. Transition to a circular economy Documentation received from rail service providers for waste management plans. Truck manufacturers have provided details of the recyclability aligned to EU regulation. Vessels are compliant with MARPOL, EU regulation No. 1257/2013, and commitment to Hong Kong Convention. § Accounting policiesPollution prevention and control Certificates from train service suppliers to document the use of electric propulsion in the delivery of the service. For e-trucks data on tyres according to Euro classes determine whether they do significant harm. In some locations, e-trucks are fitted with different types of tyres according to seasons/weather conditions. In cases where e-trucks are fitted with non-compliant tyres for a part of the year (or the full year), they will not be considered aligned. Vessels follow sulphur and NOx requirements and measures to minimise toxicity of anti-fouling paint is in place. Protection and restoration of biodiversity and ecosystems Ballast water treatment in place on vessels, measures to prevent invasive species and noise vibration limitations in place.Minimum safeguards Our economic activities are carried out in compliance with the Minimum Safeguards. DFDS has policies and processes in place to ensure that human rights are respected within our own operations as well as the value chain, including third-party workers, hauliers, and seafarers. As such we comply with the minimum labour and human rights standards. Taxation is governed by our Group Tax Policy. The foundation on how DFDS makes decisions and interacts with stakeholders is described in our Code of Conduct, which also includes how we deal with fair competition and bribery/corruption.Calculations The taxonomy-eligible KPIs have been calculated as followed: Eligible Revenue KPI = Eligible Revenue / Total Revenue Eligible opex KPI = Eligible opex / Total opex as defined by the EU Commission Eligible capex KPI = Eligible capex/ Total capex The taxonomy-alignment KPIs have been calculated as followed: Aligned Revenue KPI = Aligned Revenue / Total Revenue Aligned opex KPI = Aligned opex / Total opex as defined by the EU Commission Aligned capex KPI = Aligned capex / Total capex The denominator for the taxonomy KPIs has been determined as followed: Total Revenue is aligned with note 2.2 Revenue Total opex is aligned with the opex definition by the EU Commission, which covers direct expenditures relating to the day-to-day servicing of assets or property, plant and equipment (maintenance and repairs, short-term leases, R&amp;D, utilities and administrative expenses). Total capex is defined as additions to tangible and intangible assets reported in note 3.1.1 Non-current intangible assets (excluding Goodwill since not defined as an intangible asset, cf. IAS 38), note 3.1.2 Noncurrent tangible assets and note 3.1.3 Leases. Reconciling to line items: addition on acquisition of enterprises, additions (except for development projects and assets under construction), transfers (only from development projects and assets under construction), addition/remeasurement. Double counting: DFDS has no economic activities that contributes to several environmental objectives. DFDS has ensured that allocation to Revenue, opex and capex KPIs across identified economic activities are not double counted. This has been verified by enabling controls such as reconciling the taxonomy KPIs to the consolidated financial statements. Disaggregation of KPIs: The identified economic activities are not subject to disaggregation of taxonomy KPIs.</mrv:DescriptionofTheTaxonomyRegulation>
   <gsd:NameOfReportingEntity contextRef="ctx-1" id="f0__s8__8__23" xml:lang="en">DFDS A/S </gsd:NameOfReportingEntity>
   <gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="f0__s8__8__24" xml:lang="en">DFDS A/S </gsd:NameOfSubmittingEnterprise>
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                                 unitRef="pure">16138</fsa:AverageNumberOfEmployees>
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   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f0__s8__8__195" xml:lang="en">Statement by the Executive Board and the Board of DirectorsThe Board of Directors and Executive Board have today considered and adopted the Annual Report of DFDS A/S for the financial year 1 January – 31 December 2025.The consolidated financial statements and the Parent company financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. The Management’s Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the Parent company financial statements give a true and fair view of the financial position at 31 December 2025 of the Group and the Parent company and of the results of the Group and Parent company operations and cash flows for 2025.In our opinion, Management’s Report includes a fair review of the development in the operations and financial circumstances of the Group and the Parent company, of the results for the year and of the financial position of the Group and the Parent company as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent company are facing.Additionally, the Sustainability statement, which is part of Management’s Report, has been prepared, in all material respects, in accordance with paragraph 99 a of the Danish Financial Statements Act. This includes compliance with the European Sustainability Reporting Standards (ESRS) including that the process undertaken by Management to identify the reported information (the “Process”) is in accordance with the description set out in the section “Double Materiality Assessment”. Furthermore, disclosures within the section “EU Taxonomy” for sustainable activities within the environmental section of the Sustainability statement are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).The Sustainability statement includes forward-looking statements based on disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.In our opinion, the annual report of DFDS A/S for the financial year 1 January to 31 December 2025 with the file name DFDS-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f0__s8__8__196" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f0__s8__8__197">2026-02-19</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-42" id="f0__s8__8__198" xml:lang="en">Torben Carlsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-43" id="f0__s8__8__200" xml:lang="en">Karen Boesen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-42" id="f0__s8__8__199" xml:lang="en">President &amp; Ceo</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-43" id="f0__s8__8__201" xml:lang="en">Executive Vice President &amp; CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f0__s8__8__202" xml:lang="en">Claus V. Hemmingsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f0__s8__8__203" xml:lang="en">Kristian V. Mørch</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-52" id="f0__s8__8__212" xml:lang="en">Minna Aila</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="f0__s8__8__204" xml:lang="en">Anders Götzsche</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f0__s8__8__206" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f0__s8__8__207" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="f0__s8__8__211" xml:lang="en">Marianne Henriksen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="f0__s8__8__209" xml:lang="en">Kristian Kristensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="f0__s8__8__208" xml:lang="en">Jill Lauritzen Melby</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="f0__s8__8__205" xml:lang="en">Dirk Reich</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="f0__s8__8__210" xml:lang="en">Lars Skjold-Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__8__214" xml:lang="en">TO THE SHAREHOLDERSOF DFDS A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__8__215" xml:lang="en">Our opinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S for the financial year 1 January to 31 December 2025 comprise income statement and statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__8__216" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. AppointmentWe were first appointed auditors of DFDS A/S on 23 March 2021 for the financial year 2021. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 5 years including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f0__s8__8__217" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Acquisition of Ekol Transport Anonim SirketiThe Group acquired Ekol Transport Anonim Sirketi (‘Ekol’) on 15 November 2024.The Group completed the purchase price allocation (‘PPA’) for the Ekol acquisition in 2025, including the assessment of the fair value of the assets acquired and liabilities assumed. In order to determine the fair value of the separately identified assets and liabilities as part of the acquisition, the valuation methodologies require input based on assumptions about the future and use of discounted cash flow forecasts.The significant judgements and estimates involved in the PPA mainly related to assessing the fair value of customer relationships, loss-making contracts and property, plant and equipment including right-of-use assets. We focused on the PPA because it involves the identification of the acquired assets and liabilities and determination of their respective fair values, which requires complex and subjective judgements and estimates by Management, which are material for the Consolidated Financial Statements.Reference is made to note 5.5 in the Consolidated Financial Statements.How our audit addressed the Key Audit MatterAs part of our audit, we audited the final PPA for Ekol. We tested the final PPA adjustments made by Management by assessing the main judgements and estimates made as well as the methodologies and models applied in determining assets and liabilities assumed at fair value. We tested the main data and challenged the significant assumptions made by Management. We also tested the mathematical accuracy of the models used.We involved our internal valuation experts in assessing the valuation methodologies and the significant assumptions used by Management. Finally, we assessed the disclosures relating to business combinations.Valuation of goodwill, terminals, ferries and other related assetsThe carrying amount of non-current tangible assets (including right-of-use assets) as well as intangible assets is significant to the Consolidated Financial Statements.Management monitors the carrying value of these assets based on defined cash generating units (CGUs) and performs impairment tests, if any indication of impairment or reversal of previous impairments exist. Furthermore, goodwill is tested once a year for impairment.Management’s assessment of the recoverability of the carrying amount of the assets is based on value-in-use calculations. Furthermore, Management obtains independent broker valuations to assess the fair value less cost to sell of ferries and other ships.Bearing in mind the generally long-lived nature of the assets, the significant assumptions in estimating the value-in-use calculations are revenue, EBIT, future investments, and growth expectations. The impairment tests performed did not lead to impairments or reversals of impairments being recognised in the Consolidated Financial Statements.We focused on this area as the amounts involved are significant and because Management is required to perform estimates and exercise judgements and because of the inherent complexity in estimating the value-in-use.Reference is made to note 3.1.4 in the Consolidated Financial Statements.How our audit addressed the Key Audit MatterAs part of our audit, we challenged the impairment indicator assessment performed by Management. We considered the appropriateness and challenged the CGUs defined by Management as well as the methodology used by Management to assess the carrying amount of non-current assets assigned to CGUs.We carried out risk assessment procedures in order to obtain an understanding of IT systems, business processes, and relevant controls regarding data and assumptions used in the impairment models. In respect of the controls, we assessed whether they were designed and implemented to effectively address the risk of material misstatement. In respect of the specific controls that we planned to rely on, we tested whether they were performed on a consistent basis.We performed detailed testing of Management’s impairment tests of goodwill and for the individual CGUs where indicators of impairment were identified. We tested the mathematical accuracy of impairment models prepared by Management and challenged the significant assumptions affecting the future cash flows, including assumptions related to revenue, EBIT, future investments and growth expectations, etc. In assessing the discount rates and the overall methodology applied, we involved our valuation specialists.Finally, we tested the mathematical accuracy of the impairment models prepared by Management. We also assessed the disclosures of these matters in the Consolidated Financial Statements.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__8__218" xml:lang="en">Statement on the Management ReportManagement is responsible for the Management Report. The Management Report comprise Management Review and the Sustainability Statement.Our opinion on the Financial Statements does not cover the Management Report, and we do not as part of the audit express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read the Management Report and, in doing so, consider whether the Management Report is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether the Management Report includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to the Sustainability Statement covered by the separate auditor’s limited assurance report hereon.Based on the work we have performed, in our view, the Management Report is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act, except for the requirements in paragraph 99 a related to the Sustainability Statement, cf. above. We did not identify any material misstatement in the Management Report.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f0__s8__8__219" xml:lang="en">Management’s responsibilities for the Financial Statements Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f0__s8__8__220" xml:lang="en">Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f0__s8__8__221" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of DFDS A/S for the financial year 1 January to 31 December 2025 with the filename DFDS-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:The preparing of the annual report in XHTML format;The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged us-ing judgement where necessary;Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements present-ed in human-readable format; andFor such internal control as Management deter-mines necessary to enable the preparation of an an-nual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:Testing whether the annual report is prepared in XHTML format;Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tag-ging process;Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suita-ble element in the ESEF taxonomy has been identified; Evaluating the use of anchoring of extension ele-ments to elements in the ESEF taxonomy; andReconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of DFDS A/S for the financial year 1 January to 31 December 2025 with the file name DFDS-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f0__s8__8__222" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f0__s8__8__223">2026-02-19</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-53" id="f0__s8__8__224" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-54" id="f0__s8__8__225" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-53" id="f0__s8__8__226">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-54" id="f0__s8__8__227">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-53" id="f0__s8__8__228" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-53" id="f0__s8__8__229" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-53" id="f0__s8__8__230">mne28705</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-54" id="f0__s8__8__231" xml:lang="en">Thomas Wraae Holm</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-54" id="f0__s8__8__232" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-54" id="f0__s8__8__233">mne30141</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f0__s8__8__235" xml:lang="en">Independent auditor’s limited assurance report on the Sustainability StatementTo the stakeholders of DFDS A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of DFDS A/S (the “Group”) included in the Management’s Report (the “Sustainability Statement”) page 61 – 120, for the financial year 1 January – 31 December 2025.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statement (the “Process”) is in accordance with the description set out in the section “Double Materiality Assessment”; andcompliance of the disclosures in the section “EU Taxonomy” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement section of our report. Our independence and quality managementWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Management’s responsibilities for the Sustainability StatementManagement is responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process as included in the section “Double Materiality Assessment” of the Sustainability Statement.This responsibility includes:understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affected stakeholders;the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; andmaking assumptions that are reasonable in the circumstances.Management is further responsible for the preparation of the Sustainability Statement, which includes the information identified by the Process, in accordance with the Danish Financial Statements Act paragraph 99 a, including: compliance with the ESRS;preparing the disclosures as included in the section “EU Taxonomy” of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation;designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; andthe selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. Inherent limitations in preparing the Sustainability StatementIn reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.Auditor’s responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in the section “Double Materiality Assessment”. Our other responsibilities in respect of the Sustainability Statement include: Identifying where material misstatements are likely to arise, whether due to fraud or error; and Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Process, we: Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management; and reviewing the Group’s internal documentation of its Process; andEvaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in the section “Double Materiality Assessment”.In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statement including the consolidation processes by obtaining an understanding of the Group’s control environment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; Evaluated whether the information identified by the Process is included in the Sustainability Statement;Evaluated whether the structure and the presentation of the Sustainability Statement are in accordance with the ESRS;Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement;Performed substantive assurance procedures on selected information in the Sustainability Statement;Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and the management review;Evaluated the methods, assumptions and data for developing estimates and forward-looking information; andObtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.</arr:AuditorsReportOnSubstainabilityReport>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f0__s8__8__236" xml:lang="en">To the stakeholders of DFDS A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f0__s8__8__237" xml:lang="en">Limited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of DFDS A/S (the “Group”) included in the Management’s Report (the “Sustainability Statement”) page 61 – 120, for the financial year 1 January – 31 December 2025.</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f0__s8__8__238" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statement (the “Process”) is in accordance with the description set out in the section “Double Materiality Assessment”; andcompliance of the disclosures in the section “EU Taxonomy” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f0__s8__8__239" xml:lang="en">Auditor’s responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in the section “Double Materiality Assessment”. Our other responsibilities in respect of the Sustainability Statement include: Identifying where material misstatements are likely to arise, whether due to fraud or error; and Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f0__s8__8__240" xml:lang="en">Hellerup </arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f0__s8__8__241">2026-02-19</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-55" id="f0__s8__8__242" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-56" id="f0__s8__8__243" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-55" id="f0__s8__8__244">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-56" id="f0__s8__8__245">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-55" id="f0__s8__8__246" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-55" id="f0__s8__8__247" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-55" id="f0__s8__8__248">mne28705</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-56" id="f0__s8__8__249" xml:lang="en">Thomas Wraae Holm</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-56" id="f0__s8__8__250" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-56" id="f0__s8__8__251">mne30141</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" id="f0__s8__8__254" xml:lang="en">Marmorvej 18</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
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   <gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="f0__s8__8__257" xml:lang="en">2100 Copenhagen Ø </gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
   <gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-1" id="f0__s8__8__258" xml:lang="en">2100 </gsd:AddressOfReportingEntityPostCodeIdentifier>
   <gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" id="f0__s8__8__259" xml:lang="en">Copenhagen Ø </gsd:AddressOfReportingEntityDistrictName>
   <gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="f0__s8__8__260" xml:lang="en">+45 3342 3342 </gsd:TelephoneNumberOfReportingEntity>
   <gsd:HomepageOfReportingEntity contextRef="ctx-1" id="f0__s8__8__261">dfds.com</gsd:HomepageOfReportingEntity>
   <gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-1" id="f0__s8__8__262">14194711</gsd:IdentificationNumberCvrOfReportingEntity>
   <gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-1" id="f0__s8__8__263">14194711</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
   <gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f0__s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
   <cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="f0__s1__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
   <gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" id="f0__s1__72__17" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
   <gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f0__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
   <gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f0__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
   <gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" id="f0__s1__72__22">2024-01-01</gsd:PrecedingReportingPeriodStartDate>
   <gsd:PredingReportingPeriodEndDate contextRef="ctx-1" id="f0__s1__72__23">2024-12-31</gsd:PredingReportingPeriodEndDate>
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   <fsa:ClassOfReportingEntity contextRef="ctx-1" id="f0__s1__72__43">Reporting class D</fsa:ClassOfReportingEntity>
   <arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s1__72__47">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
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