Operator

Ladies and gentlemen, welcome to the DFDS Q1 Report 2026 Conference Call. I am Shari, the Chorus Call operator. [Operator Instructions] The conference is being recorded. The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Mrs. Karen Boesen, CFO and Interim CEO. Please go ahead.

Karen Boesen
Interim CEO, Executive VP, CFO & Member of Executive Board

Thank you, and good morning, and welcome to the DFDS Q1 2026 conference call. I'm joined here by Soren Brondholt, our Head of the IR.

Earlier this year, we labeled 2026 a turning point for DFDS. And I'm pleased to report today that our Q1 result confirms that this is the case. We are turning around and making steady progress on transitioning DFDS to a higher level of financial performance. In addition, we are also making progress on improving our financial leverage. And as you may have seen this morning in the Q1 report, we have firmed up our full year expectation for the adjusted free cash flow as well.

So we'll now dive into a presentation of the numbers, and we'll start looking at Slide 3. As mentioned, we have communicated our 6 turning point actions that are pivotal to our recovery from the unsatisfactory 2025. The 6 turning points are: Mediterranean capacity reduction and pricing models, so a recovery from our BU Med situation; generally freight ferry pricing optimization; ramp-up and improvement of