DFDS Dover Pitch Deck

Credit rating | DFDS committed to maintain investment grade credit rating Obtaining a credit rating • On 30 August 2022, DFDS announced that we had obtained an issuer and senior unsecured debt rating of BBB- (stable) from Scope The BBB- (stable) investment grade rating is a testament to DFDS' market leading position within ferry services and specific logistics solutions ⚫ DFDS is committed to maintain our investment grade credit rating and it has been incorporated into our Financial Policy DFDS successfully de-levered in line with the IG rating 5.0x 4.5x 4.0x 3.3x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 2019 4.2x 3.7x 2.8x 2020 2021 2022 DFDS leverage (NIBD/EBITDA) 1 1) According to DFDS' audited annual reports | 2) SaD: Scope-adjusted Debt, SaEBITDA: Scope-adjusted EBITDA Source: DFDS Annual Report 2022 and 2020, DFDS Rating Report 30 August 2022 by Scope Ratings 7 SCOPE BBB- STABLE . • • . Positive rating drivers In Ferry Division, strong/leading market positions in Northern Europe and Turkey Diversification in customer segments (freight/passenger) and in geographies Logistics division providing growth and complementary or cross-sell opportunities to the Ferry division and its established routes Low cyclicality of passenger business . • Negative rating drivers Growth dependent on M&A, involving some execution risk Deleveraging delayed due to aforementioned M&A, dividends High capital expenditure inherent in the upkeep of business model and assets Freight business linked to macro- economic environment and potential slowdowns Positive rating-change drivers A SaD/SaEBITDA² sustained at significantly below 2.5x, in connection with a more conservative financial policy regarding shareholder returns, M&A and capex Negative rating-change drivers SaD/SaEBITDA2 sustained at 3.5x or above, particularly due to more aggressive financial policy prioritising shareholder returns and/or M&A > DFDS

View entire presentation