TRIESTE – Danish shipping and logistics company DFDS posted a better set of numbers for the third quarter of 2026, despite continued difficulties in its Mediterranean operations. Freight volumes in the region fell 3.1% compared to the same period last year, mainly due to a reduction in capacity on the Istanbul-Trieste route. But other ties with the Mediterranean grew.

The results were disclosed in the group’s latest quarterly report that highlights Mediterranean shipping and the Türkiye & Europe South (TES) logistics division as the key areas still weighing on the group’s overall performance. This is the opposite of improvements in much of DFDS’s wider European network.

DFDS reported revenue of some €1.18 billion in the third quarter, up 6.4% on the year. Operating profit (EBIT) grew 28% to €91.6 million, and net profit was €58.5 million, compared with roughly €36.9 million for the third quarter of 2025.

But the gains have not translated into the level of profitability the group hoped for. "The overall level of profitability is still unsatisfactory, and the two main areas that require improvement are Mediterranean shipping and logistics activities related to Turkey," Chief Executive Officer Michael Hansen said.

Mediterranean freight volumes hit as Istanbul-Trieste capacity cut

The number of loading metres transported by DFDS vessels is reflecting the downturn in traffic in the Mediterranean. Volumes were 1.252 million loading metres in Q3 versus 1.293 million in the like-for-like period of 2025.

The nine month figures also show the downward trend. In the Mediterranean, DFDS carried 3.899 million loading metres from January to September 2026 against 4.011 million in the same period last year, a decrease of 2.8%.

DFDS said the quarterly decline was mainly due to reduced operating capacity on the Istanbul-Trieste line. The company did not give further detail on individual sailings or volumes handled at the port of Trieste.

The situation comes as the Grimaldi Group has increased the competition between Turkey and Italy with more Ro-Ro departures.

But not all Mediterranean routes went the same way. DFDS saw increased volumes on its other routes in the region. The company also added a second cargo vessel to its Egypt service in the quarter, increasing capacity on that trade.

Sea transport accounts for 51% of Turkish trailer exports to Europe

DFDS's performance in the Mediterranean must also be considered against the changing distribution of freight flows between Türkiye and Europe.

According to the group's assessment, 51% of export semi-trailers travelling from Türkiye to Europe were transported by sea during the third quarter of 2026, while the remaining 49% moved by road.

Maritime transport gained one percentage point in market share compared with the same quarter of 2025.

DFDS currently accounts for 31% of the overall Turkish export semi-trailer market to Europe. Other maritime operators collectively hold a further 20%.

Despite its position, the Danish group continues to adjust vessel capacity and pricing across its Mediterranean services in an effort to improve operating margins and respond to market conditions.

Railway disruptions and border congestion weigh on logistics margins

The challenges extend beyond maritime transport. DFDS's Türkiye & Europe South (TES) logistics division, which covers transport activities between Türkiye and southern Europe, was also affected by infrastructure and operational constraints during the quarter.

In particular, railway works in Italy and congestion at Turkish border crossings tied up part of the available transport capacity and contributed to higher freight rates.

However, the increase in prices did not translate fully into improved profitability. DFDS explained that additional operating expenses resulting from railway disruptions and delays at border crossings absorbed part of the benefits generated by the reorganisation of its activities.

The figures underline the difficulty of converting higher transport rates into stronger margins when infrastructure bottlenecks continue to disrupt freight movements.

Mediterranean revenue is still a little below the 2025 levels

DFDS’ combined Mediterranean activities, ferry operations and logistics, reported revenue of around €742 million in the first nine months of 2026, versus €746 million in the same period last year. This is a 0.6% decrease

The breakdown shows a difference in performances between the two divisions. Revenues in Ferry went up from €477 million to €481 million and revenues in Logistics decreased from €269 million to €261 million.

The comparison includes an accounting reclassification of certain logistics activities in Poland and Hungary, which were reclassified from the Mediterranean reporting area to the Continental division.

Trieste: Operational changes due to new terminal configurations

For the port of Trieste, Turkish market problems are accompanied by further operational changes to DFDS services.

Following a decision from the Port System Authority, the company confirmed in a customer notice dated 5 November that terminal allocations and sailing schedule changes on the Mersin-Trieste service were effective from 1 November.

DFDS has reassured customers that the link will operate without interruption. However, it cautioned that the new set-up might result in alterations to the timetable, longer waits and occasional operational delays due to limits on terminal space.

These adjustments are a different matter to the drop in Mediterranean freight volumes observed in the third quarter, but they directly impact the organisation of maritime services connecting Turkey with Trieste.

Group performance is improving, driven by Northern Europe and Logistics

Outside the Mediterranean DFDS reported better financial results in the group.

Consolidated revenue for the first nine months of 2026 amounted to €3.31 billion, an increase of 4.7%. Operating profit was approximately €157 million, more than doubling from the same period in 2025.

The rise was primarily due to operations in Northern Europe and the Logistics segment. Logistics alone reported an EBIT of €14.4 million in the third quarter alone, up from some €2.8 million a year earlier.

The group’s financial position improved as well. Net financial debt decreased to around €1.83 billion, a 14% year on year reduction.

DFDS lifts revenue growth forecast for 2026

Looking ahead, DFDS’s full-year operating profit outlook remains unchanged but its revenue growth expectations have been raised.

The company still expects 2026 EBIT in the range of €160 million and €187 million but also now expects revenue growth of 4-5% instead of the previous guidance of 3-5%.

The revised revenue outlook is primarily driven by higher fuel surcharges on our ocean and overland transportation services.

But the group remains cautious on the last quarter of the year. The freight transportation demand may be dampened by persistently high fuel costs. Turkey’s economy is being affected by continuing inflationary pressures.

The latest results therefore present a mixed picture for DFDS, with stronger financial performance at group level, underpinned by Northern European operations and improved profitability in logistics, and continuing trouble in the Mediterranean. The Istanbul–Trieste route is a particular area to watch as the company seeks to restore volumes and improve the profitability of its services connecting Türkiye with southern Europe.