12 May 2025  
Consolidated Interim Report Q1 2025 – NTG Nordic Transport Group A/S  
Q1 2025 highlights  
Selected financial information  
•
•
Two acquisitions were signed in Q1 2025, strengthening  
our positions in the Nordic and UK road markets.  
For the period 1 January to 31 March (Q1)  
(DKKm)  
Q1 2025  
Q1 2024  
Change  
Gross profit was in line with normal seasonality and grew  
by 30.0% compared to Q1 2024, primarily driven by the  
German acquisitions.  
Net revenue  
2,695  
2,158  
24.9%  
Gross profit  
602  
121  
463  
114  
30.0%  
6.1%  
•
•
The gross margin in Road & Logistics was positively  
affected by increased groupage exposure.  
Adj. EBIT  
Profit for the period  
Gross margin  
61  
78  
-21.8%  
0.8 p.p.  
-0.8 p.p.  
-4.5 p.p.  
Adj. EBIT increased 6.1% compared to Q1 2024, however,  
the operating margin decreased 0.8 p.p. due to changed  
product mix following the German acquisitions.  
22.3%  
4.5%  
20.1%  
21.5%  
5.3%  
24.6%  
Operating margin  
Conversion ratio  
•
Full-year guidance updated 7 May 2025: Adjusted EBIT of  
DKK 560-630 million (previously DKK 575-650 million).  
NTG Nordic Transport Group A/S
Contacts  
Forward looking statement  
Hammerholmen 47  
DK-2650 Hvidovre  
+45 7634 0900  
Investor relations and press  
Sebastian Rosborg  
Head of Investor Relations  
+45 4212 8099  
sebastian.rosborg@ntg.com  
ir@ntg.com | press@ntg.com  
This document contains forward looking statements which are subject to risk factors associated with, amongst others, the economic and business circumstances  
occurring from time to time in the countries and markets in which NTG Nordic Transport Group and its subsidiaries operate.  
It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables, which could cause actual  
results to differ materially from those currently anticipated. For a description of significant risks and uncertainties identified by the Group, reference is made to the  
2024 Annual Report. Any subsequent developments are reflected in this report.  
www.ntg.com  
CVR no. 12546106  
 
12 May 2025  
Financial Highlights  
Balance Sheet (DKKm)  
31/03/2025 31/03/2024  
Income Statement (DKKm)  
Q1 2025  
Q1 2024  
Net working capital  
149  
3,513  
2,102  
881  
-18  
2,205  
1,102  
246  
Net revenue  
2,695  
2,158  
Invested capital  
Gross profit  
602  
207  
463  
176  
Net interest-bearing debt  
Operating profit before amortisation, depreciation, and special items  
Net interest-bearing debt excluding IFRS 16  
Total equity  
Operating profit before special items  
Special items, net  
121  
-3  
114  
-1  
1,485  
1,386  
1,190  
1,102  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Net financial items  
-37  
-8  
Non-controlling interests  
Total assets  
99  
88  
Profit for the period  
61  
78  
5,888  
4,260  
Earnings per share (DKK)  
Earnings per share (DKK) last 12 months  
2.41  
13.09  
3.25  
16.33  
Financial Ratios  
Q1 2025  
Q1 2024  
Gross margin  
22.3%  
21.5%  
Cash Flow Statement (DKKm)  
Q1 2025  
Q1 2024  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
4.5%  
20.1%  
18.6%  
23.8%  
25.2%  
2.58  
5.3%  
24.6%  
28.2%  
33.7%  
27.9%  
1.34  
Operating activities  
26  
-52  
Investing activities  
-330  
-304  
-60  
-24  
-76  
-110  
-60  
-136  
3
Free cash flow  
Adjusted free cash flow  
Financing activities  
618  
314  
13  
Leverage ratio*  
Cash flow for the period  
Additions to property, plant and equipment (excl. IFRS 16)  
Employees  
Q1 2025  
Q1 2024  
Average number of employees  
2,940  
1,995  
Reference is made to NTG’s 2024 Annual Report, page 155, for definition of key figures and ratios.  
* Ratio is based on last 12 months’ figures.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
12 May 2025  
Management Report  
During the first quarter of 2025, NTG Group  
announced two acquisitions: Danish freight forwarder  
DTK and the UK-based group that owns EDS  
Worldwide and Rolls Freight. Each transaction supports  
NTG’s growth strategy, creating a stronger foundation  
for future expansion within key segments and markets.  
primarily driven by the acquisitions of Schmalz+Schön  
and ITC Logistic. Currency translation effects totalled  
0.8%.  
NTG Nordic Transport Group  
(DKKm)  
Q1 2025  
2,695  
602  
Q1 2024  
2,158  
463  
Change  
24.9%  
30.0%  
6.1%  
Net revenue  
Gross profit  
Adj. EBIT  
Gross profit increased by 30.0% in Q1 2025, to DKK  
602 million, whereas the gross margin increased by 0.8  
p.p. to 22.3% in the quarter. The improved gross margin  
was positively affected by the increased groupage  
exposure from the German acquisitions.  
121  
114  
Both Road & Logistics and Air & Ocean divisions  
delivered revenue growth, compared to the same  
period last year. Road & Logistics’ growth was mainly  
driven by slightly higher freight rates, market share  
gains, and the Schmalz+Schön and ITC Logistic  
acquisitions. The European road market continues to be  
muted, especially due to a weak German market.  
Adjusted EBIT increased by 6.1% to DKK 121 million in  
Q1 2025, compared to DKK 114 million in Q1 2024.  
Road & Logistics  
(DKKm)  
Q1 2025  
2,005  
454  
Q1 2024  
1,604  
347  
Growth  
25.0%  
30.8%  
-2.9%  
The operating margin was 4.5% for Q1 2025, compared  
to 5.3% in the same period last year. The lower margin  
was primarily driven by weak performance from the  
German entities due to a challenging market.  
Net revenue  
Gross profit  
Adj. EBIT  
Macroeconomic  
developments  
have  
been  
characterised by high uncertainty, impacted by threats  
of tariffs and other trade barriers, fluctuating consumer  
spending, and varying government policies. The Road &  
Logistics division has successfully implemented price  
increases in several key markets, while freight rates in  
challenged markets such as Germany remained flat due  
to the current market conditions.  
100  
103  
Adjusted EBIT in the Road  
&
Logistics division  
decreased by 2.9% to DKK 100 million in Q1 2025  
compared to Q1 2024. The decline was mainly related  
to challenging market conditions in Poland, Sweden, and  
Germany. Adjusted EBIT in the Air & Ocean division  
increased 83.3% to DKK 22 million in Q1 2025  
compared to Q1 2024. The improvement is impacted  
by the successful turnaround in Germany, continued  
progress in the US start-up and by general enhanced  
performance across the division.  
Air & Ocean  
(DKKm)  
Q1 2025  
691  
Q1 2024  
553  
Growth  
25.0%  
27.6%  
83.3%  
Net revenue  
Gross profit  
Adj. EBIT  
Compared to the same period last year, revenue growth  
in the Air & Ocean division was primarily driven by  
slightly higher rates on certain trade lanes, the  
integration of Schmalz+Schön, and the division’s ability  
to increase activity in key markets.  
148  
116  
22  
12  
Special items expenses totalled DKK 3 million in Q1  
2025, compared to DKK 1 million in Q1 2024.  
Group net revenue increased by 24.9% in Q1 2025, to  
DKK 2,695 million. Organic growth totalled 4.9%,  
primarily driven by higher freight rates, start-ups, and  
market share gains. Acquired growth totalled 19.2%,  
Minorities’ share of adjusted EBIT was 10.5% in Q1  
2025, the same as in Q1 2024.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Management Report, continued  
Update on recent acquisitions  
Outlook  
Net working capital of DKK 149 million was negatively  
affected by seasonality and the integration of the two  
German acquisitions, which historically have had higher  
net working capital requirements. Several initiatives  
have been started to address it. Meanwhile, the net  
working capital in the US remains a focus area, showing  
positive effects compared to previous quarters.  
On 20 March 2025, NTG Nordic Transport Group A/S  
signed an agreement to acquire 100% of the shares in  
Danish-based DTK BE Holding ApS (“DTK”). For the  
financial year ending 31 December 2024, DTK realised  
DKK 1,156 million in net revenue and an EBIT of DKK  
94 million (Danish GAAP). After adjustments and before  
synergies, DTK is expected to contribute DKK 96  
million to NTG’s adjusted EBIT over a full-year basis  
(IFRS), and is expected to contribute DKK 75 million in  
adjusted EBIT for the full year 2025. The acquistion was  
closed on 7 May 2025. Further details on DTK and the  
agreement are specified in Company announcement no.  
05 - 25.  
In light of the Q1 2025 results and the integration of  
DTK, we updated our full-year outlook for 2025 on 7  
May 2025. We expect to achieve:  
•
Adj. EBIT of DKK 560 – 630 million (previously  
DKK 575-650 million).  
Adjusted free cash flow totalled negative DKK 60  
million in Q1 2025, compared to negative DKK 110  
million in Q1 2024. The negative cash flow in Q1 2025  
was affected by the net working capital development  
during the quarter.  
The updated full-year outlook assumes flat activity in  
the road market and a negative impact from increased  
US tariffs in the air and ocean markets.  
Macroeconomic and geopolitical uncertainty remains  
elevated, and the assumptions underlying the outlook  
may change.  
As of 31 March 2025, NTG had a net interest bearing  
debt position of DKK 881 million excluding IFRS 16  
lease liabilities. The leverage ratio including effects of  
IFRS 16 was 2.6x EBITDA before special items.  
The integration and closing of EDS and Rolls Freight are  
progressing as planned, and both will be part of the  
Group’s consolidated financial statements from 1 April  
2025.  
Net financial expenses totalled DKK 37 million in Q1  
2025 compared to DKK 8 million in Q1 2024. The  
increase in expenses was mainly related to higher  
leasing interest expenses and a foreign exchange  
decline in the USD.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Road & Logistics  
to last year. We expect the margins to improve as we  
deliver on synergies, and once market momentum  
increases, especially as the German market starts to see  
continuous growth.  
The Road & Logistics division is navigating a highly  
competitive market with low growth and ongoing  
pressure on freight costs. Throughout the quarter,  
volumes have remained muted, and the seasonal spring  
pick-up in volumes did not materialise as expected. The  
announced rate adjustments from October 2024 have  
been implemented in selected Nordic markets and have  
positively influenced the gross margin during the  
quarter.  
The demand for our warehousing services remains  
robust from both new and existing customers.  
During the quarter, the acquisition of Thortrans was  
successfully integrated into the subsidiary LGT  
Logistics A/S. Following completion of integration,  
Thortrans is expected to contribute positively to the  
Group EBIT during H2 2025.  
The financial performance for the quarter was further  
strained by the persistently challenging business  
environment in Sweden, Poland, and Germany although  
growth showed slightly positive figures during March.  
Denmark was flat and the Netherlands showed positive  
momentum.  
The focus continues to be on gaining market share in the  
existing business areas and the integration of DTK.  
Furthermore, the division will continue its integration of  
the Schmalz+Schön and ITC Logistic acquisitions, with  
an increased focus on reducing the cost base through  
acceleration of integration initiatives.  
The lower operating margin was primarily due to the  
integration of Schmalz+Schön and ITC Logistic’s cost  
base, and the worsening of market conditions compared  
Selected quarterly financial information  
(DKKm)  
Q1 2024  
1,604  
347  
Organic  
%
Acquisitions  
%
Currency  
%
0.3%  
0.3%  
Q1 2025  
%
Net external revenue  
Gross profit  
36 2.3%  
-13 -3.8%  
-9 -8.7%  
360 22.4%  
119 34.3%  
5
1
2,005 25.0%  
454 30.8%  
Adj. EBIT  
103  
21.6%  
6.4%  
6
5.8%  
-
-
100  
-2.9%  
Gross margin  
Operating margin  
Conversion ratio  
22.6% 1.0 p.p.  
5.0% -1.4 p.p.  
22.0% -7.7 p.p.  
29.7%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue increased by 25.0% in Q1 2025, to DKK  
2,005 million. Organic growth totalled 2.3%, driven by  
increased groupage exposure and volumes growth in  
key markets. Acquired growth totalled 22.4% primarily  
from the Schmalz+Schön and ITC Logistic acquisitions.  
Currency translation effects totalled 0.3%.  
Adjusted EBIT decreased by 2.9% in Q1 2025, to DKK  
100 million. The development compared to last year  
was driven by lower activity in Sweden, Poland, and  
Germany, offset by good results in the Netherlands.  
The operating margin decreased by 1.4 p.p. in Q1 2025,  
to 5.0%, impacted by the higher cost base from the two  
German acquistions. Organically, the division had a  
slightly lower cost base compared to Q1 2024.  
Gross profit  
Gross profit increased by 30.8% in Q1 2025, to DKK  
454 million, and the gross margin increased by 1.0 p.p.  
to 22.6% in Q1 2025.  
The conversion ratio decreased by 7.7 p.p. in Q1 2025,  
to 22.0%.  
The gross margin increase was driven by higher freight  
rates in key markets and the integration of  
Schmalz+Schön and ITC Logistic that due to their high  
groupage exposure produces a higher gross margin.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
12 May 2025  
Air & Ocean  
The Air & Ocean division delivered organic net revenue  
growth, supported by slightly higher freight rates on  
certain trade lanes compared to the same period last  
year.  
The project organisation delivered another good  
quarter, in line with performance last year. Given the  
volatility of the project business, we expect  
normalisation in projects in the coming quarters.  
a
The market has seen growth, despite increased  
volatility and uncertainty related to the announced US  
tariffs during the latter part of the quarter.  
With the acquisition of Freightzen Logistics, the division  
has strengthened its network and organisation in the  
Asia-Pacific region. In Q1 2025, we continued to invest  
in the region, and the results are expected to improve in  
the coming quarters, also positively affected by the  
division’s intercompany trade and local sales initiatives.  
The uncertainty led to some frontloading in Q1 2025,  
benefiting volume growth in both air and ocean  
markets. Ocean freight rates declined during the  
quarter and are expected to continue to decline as more  
capacity enters the market, albeit the US tariffs  
situation may cause temporary disruptions to this trend.  
Air freight volumes continued to grow whereas air  
freight rates remained stable.  
The division will continue strengthening its operational  
and organisational setup in the coming quarters. This  
includes increased support from Group functions. In  
addition, the division will expand through new products,  
opening gateways, and consolidation hubs in both air  
and ocean.  
The gross margin was flat compared to Q1 last year,  
while gross profit improved due to market share gains.  
Selected quarterly financial information  
(DKKm)  
Q1 2024  
553  
Organic  
%
Acquisitions  
%
Currency  
%
Q1 2025  
%
Net external revenue  
Gross profit  
69 12.5%  
15 13.0%  
11 91.6%  
56 10.1%  
15 12.9%  
-1 -8.3%  
13 2.4%  
691 25.0%  
148 27.6%  
22 83.3%  
116  
2
-
1.7%  
-
Adj. EBIT  
12  
Gross margin  
Operating margin  
Conversion ratio  
21.0%  
2.2%  
10.3%  
21.4% 0.4 p.p.  
3.2% 1.0 p.p.  
14.9% 4.6 p.p.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
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CVR no. 12546106  
 
12 May 2025  
Air & Ocean, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue increased by 25.0% in Q1 2025, to DKK  
691 million. Organic growth totalled 12.5%, driven by  
both higher freight rates on certain trade lane and  
increased activity levels. Acquired growth totalled  
10.1% from the Schmalz+Schön and Freightzen  
acquisition. Currency translation effects totalled 2.4%.  
The improvement compared to last year is partly due to  
the successful turnaround in Germany and continued  
progress in the US start-up. Furthermore, the results  
were driven by generally enhanced performance across  
the division, especially in Germany and Sweden. We  
estimate that the division outgrew the market.  
Gross profit  
The organic cost base grew slightly compared to Q1  
2024 to strengthen the organisation and intensify sales  
efforts.  
Gross profit increased by 27.6% in Q1 2025, to DKK  
148 million, and gross margin increased by 0.4 p.p. to  
21.4% in Q1 2025. This reflects similar ocean freight  
rates levels compared to Q1 2024. Ocean freight rates  
are expected to decline during the coming quarters due  
to additional available capacity. A reopening of the Suez  
canal may further accelerate this development over a  
longer period.  
The conversion ratio increased by 4.6 percentage points  
in Q1 2025, to 14.9%. This increase is driven by the  
beforementioned turnaround in Germany and the  
progress in the US start-up compared to Q1 2024..  
The operating margin improved by 1.0 percentage  
points during the quarter to 3.2%, due to an improved  
conversion ratio.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Interim Financial Statements  
Income Statement  
Statement of Other Comprehensive Income  
(DKKm)  
Q1 2025  
61
Q1 2024  
78
(DKKm)  
Q1 2025  
Q1 2024  
Net revenue  
2,695
-2,093
602
-98
-297
207
-86
121
-3
2,158
Profit for the period  
Direct costs  
-1,695
463
-61
-226
176
-62
114
-1
Items that may be reclassified to the income statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
-26
12
Other external expenses  
Items will not be reclassified to the income statement:  
Staff costs  
Operating profit before amortisation, depreciation and special items  
Amortisation and depreciation of intangible and tangible fixed assets  
Operating profit before special items  
Special items, net  
Actuarial adjustments on retirement benefit obligations  
12
1
Other comprehensive income  
Total comprehensive income  
-14
47
13
91
Financial income  
4
13
Attributable to:  
Financial costs  
-41
81
-21
105
-27
78
Shareholders in NTG Nordic Transport Group A/S  
Non-controlling interests  
38
9
80
11
Profit before tax  
Tax on profit for the period  
-20
61
Profit for the period  
Attributable to:  
Shareholders in NTG Nordic Transport Group A/S  
52
9
69
9
Non-controlling interests  
Earnings per share  
Earnings per share (DKK)  
Diluted earnings per share (DKK)  
2.41
2.41
3.25
3.21
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
12 May 2025  
Cash Flow Statement  
Cash Flow Statement, continued  
(DKKm)  
Q1 2025  
Q1 2024  
(DKKm)  
Q1 2025  
-75
Q1 2024  
-56
Operating profit before special items  
121
114
Repayment of lease liabilities  
Proceeds and repayments of other financial liabilities  
695
-3
Depreciation and amortisation  
Share-based payments  
86
3
62
3
Shareholders and non-controlling interests:  
Dividends paid to non-controlling interests  
Acquisition of shares from non-controlling interests  
-
-1
-
Change in working capital  
Change in provisions  
-102
-2
-183
-3
1
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
-3
618
314
-
-60
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
4
13
-7
-18
-23
-40
-3
-136
-14
-36
-1
Cash and cash equivalents at 1 January*  
102
276
Special items  
Cash flow for the period  
314
-9
-136
5
Cash flow from operating activities  
Purchase of property, plant, and equipment  
Acquisition of business activities  
Changes in other financial assets  
Cash flow from investing activities  
Free cash flow  
26
-52
-3
Currency translation adjustments  
Cash and cash equivalents at 31 March*  
407
145
-13
-316
-1
-21
-
Statement of adjusted free cash flow  
(DKKm)  
Q1 2025  
-304  
3
Q1 2024  
-330
-304
-24
-76
Free cash flow  
-76  
1
Special items reversed  
Acquisition of business activities reversed  
Repayment of lease liabilities  
316  
21  
-56  
-75  
Adjusted free cash flow  
-60  
-110  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 0 million on 31 March  
2025, DKK 147 million on 31 December 2024 and DKK 173 million on 31 March 2024.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Balance Sheet, continued  
Balance Sheet  
(DKKm)  
31/03/2025 31/12/2024 31/03/2024  
(DKKm)  
31/03/2025 31/12/2024 31/03/2024  
Equity and liabilities  
Assets  
Share capital  
453
933
1,386
99
453
805
1,258
86
453
649
1,102
88
Intangible assets  
2,164
167
1,762
128
1,422
78
Reserves  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
1,152
78
1,098
69
800
61
NTG shareholders' share of equity  
Non-controlling interests  
Total equity  
Deferred tax assets  
Total non-current assets  
Trade receivables  
30
28
36
1,485
34
1,344
34
1,190
10
Deferred tax liabilities  
Pensions and similar obligations  
Provisions  
3,591
1,729
150
3,085
1,525
103
2,397
1,445
96
92
91
76
27
22
1
Other receivables  
Financial liabilities  
Lease liabilities  
1,239
932
2,324
35
503
902
1,552
36
227
662
976
30
Cash and cash equivalents  
Corporation tax  
407
249
318
4
11
27
Total non-current liabilities  
Provisions  
Total current assets  
Total assets  
2,297
5,888
1,904
4,989
1,863
4,260
Financial liabilities  
Lease liabilities  
49
175
261
1,320
248
53
337
194
1,266
208
59
289
1,394
294
18
Trade payables  
Other payables  
Corporation tax  
Total current liabilities  
Total liabilities  
2,079
4,403
5,888
2,093
3,645
4,989
2,094
3,070
4,260
Total equity and liabilities  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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www.ntg.com  
CVR no. 12546106  
 
12 May 2025  
Statement of Changes in Equity  
NTG  
shareholders’  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
Equity at 1 January 2025  
Profit for the period  
453
-
-26
-
32
-
799
52
1,258
52
86
9
1,344
61
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
-26
-
-
12
12
64
-26
12
-
-
-26
12
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-26
-26
-14
38
-
-14
47
9
Transactions with shareholders:  
Share-based payments  
-
-
7
-
-
3
79
-3
3
86
-
-
3
86
Transfer of treasury shares  
-
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 31 March 2025  
-
-
-
-3
4
1
-
-
-
-
4
4
-
4
7
-
83
946
90
4
94
453
-19
6
1,386
99
1,485
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 12  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 May 2025  
Statement of Changes in Equity  
NTG  
shareholders’  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
Equity at 1 January 2024  
Profit for the period  
453
-
-28
-
-6
-
600
69
1,019
69
78
9
1,097  
78
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
10
-
-
1
10
1
2
-
12
1
Other comprehensive income, net of tax  
Total comprehensive income for the period  
10
10
1
11
80
2
13
91
70
11
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-
3
-
3
-
-1
3
-1
Dividends distributed  
-
-
-
3
Total transactions with shareholders  
Equity at 31 March 2024  
-
-
3
-1
2
453
-28
4
673
1,102
88
1,190
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 13  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 May 2025  
Notes  
Note 1 – Accounting policies  
The Interim Financial Report has been prepared in accordance  
with IAS 34 “Interim Financial Reporting” as adopted by the  
EU and additional requirements in the Danish Financial  
Statements Act.  
Accounting policies, judgements and significant estimates  
applied in preparation of the Interim Financial Report are  
consistent with those applied in the consolidated financial  
statements for 2024. Reference is made to note 1.1 of NTG  
Nordic Transport Group’s 2024 Annual Report for  
a
description of accounting policies. For a definition of financial  
key figures and financial ratios, please see page 155 of NTG  
Nordic Transport Group’s 2024 Annual Report.  
NTG Nordic Transport Group has implemented all new EU-  
approved standards and interpretations effective as of 1  
January 2025. None of these standards and interpretations  
have had a material impact on NTG Nordic Transport Group’s  
Financial Statements.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 14  
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www.ntg.com  
CVR no. 12546106  
 
12 May 2025  
Note 2 – Segment information and net revenue  
NTG Nordic Transport Group mainly derives revenue from  
freight forwarding services related to transport of goods  
throughout Europe and worldwide by road, air, and ocean.  
Road & Logistics  
Air & Ocean  
Q1 2025 Q1 2024  
Eliminations etc.  
Total  
Q1 2025  
(DKKm)  
Q1 2025  
2,011  
-6  
Q1 2024  
Q1 2025  
Q1 2024  
Q1 2024  
2,164  
-6  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
1,609  
-5  
695  
-4  
555  
-2  
-
-1  
-1  
-
1
1
-
2,706  
-11  
2,005  
1,604  
347  
-56  
691  
148  
-6  
553  
116  
-6  
2,695  
602  
2,158  
Gross profit  
454  
-80  
-
-
463  
-62  
Amortisation and depreciation  
Operating profit before special items  
-
-86  
100  
103  
22  
12  
-1  
-1  
121  
114  
*Total assets and liabilities for each segment are not reported because such amounts are not regularly provided to the CODM (Chief Operating Decisions Maker)  
Net revenue per country (DKKm)  
Q1 2025  
Q1 2024  
Denmark  
915  
838  
Germany  
USA  
446  
350  
100  
262  
Sweden  
Finland  
Other  
335  
332  
133  
151  
516  
475  
Total  
2,695  
2,158  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Note 3 – Leases  
Subsequent to recognition, lease liabilities are measured at  
amortised cost using the effective interest method, adjusted  
for any remeasurements or contract modifications. Lease  
payments are allocated between reduction of the liability and  
interest expenses. Interest expenses are charged to the  
income statement over the lease period to produce a constant  
periodic rate of interest on the remaining balance of the  
liability for each period.  
Contracts are assessed at inception to determine whether  
NTG Nordic Transport Group is entering a lease. If a lease is  
identified, a right-of-use asset and a corresponding lease  
liability are recognised in the balance sheet at the contract’s  
commencement date.  
Lease liabilities are initially measured at the present value of  
future leasing payments under the contract, discounted using  
either the interest rate implicit in the contract, or (if the  
implicit interest rate is not available) an incremental  
borrowing rate appropriate for NTG Nordic Transport Group.  
Subsequent to recognition, right-of-use assets are  
depreciated on a straight-line basis over the shorter of each  
asset’s useful life and the relevant lease term and adjusted for  
any remeasurements of the lease liability.  
Right-of-use assets are initially measured at cost, equivalent  
to the relevant recognised lease liability adjusted for any  
leasing payments made on or before the commencement date,  
any initial costs associated to the lease and other directly  
related costs including dismantling and restoration costs.  
2025  
2024  
Other plant and  
Other plant and  
equipment  
(DKKm)  
Land & buildings  
743  
equipment  
Total  
1,098  
Land & buildings  
515  
Total  
817  
Carrying amount at 1 January  
Additions from business combinations  
355  
302  
1
48  
43  
-1  
-
36  
-2  
48  
79  
23  
7
24  
32  
Additions during the period  
Disposals during the period  
Depreciations  
25  
-3  
-
-11  
-29  
-1  
-11  
-57  
-5  
-46  
7
-34  
3
-80  
10  
-28  
-4  
Currency translation adjustments  
Carrying amount at 31 March  
794  
358  
1,152  
513  
287  
800  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Note 4 – Acquisition and disposal of entities  
Fair values  
at date of  
(DKKm)  
acquisition  
ITC Logistic GmbH  
Earnings impact  
Property, plant and equipment  
32  
48  
30  
63  
1
On 14 January 2025, NTG completed the acquisition of 100%  
of the shares in German-based ITC Logistic GmbH (“ITC”). ITC  
specialises in delivering bespoke road and logistics solutions  
Consolidated into the Group from 1 January 2025, ITC  
contributed with DKK 111 million to the Group’s net revenue  
and DKK 4 million to the Group’s adjusted EBIT.  
Right-of-use assets  
Other receivables  
Trade receivables  
Corporation tax  
to  
a
portfolio of long-standing customers. ITC is well  
Transaction costs  
positioned as a full-service, end-to-end solutions provider  
offering groupage, FTL, LTL, comprehensive logistics services,  
and a suite of value-added services to key clients. Operating  
from five strategic locations in Western Germany, with a  
strong presence in the North Rhine-Westphalia region, ITC  
employs approximately 130 white-collar and 80 blue-collar  
employees.  
Transaction costs relating to the ITC acquisition amount to  
DKK 4 million. Transactions costs are accounted for in the  
income statements as special items.  
Cash and cash equivalents  
Total assets  
22  
196  
14  
Fair value of acquired net assets and recognised goodwill  
Pensions  
ITC has previously adhered to a later reporting schedule than  
NTG, and as a result, local year-end audit is still ongoing and  
expected to finalise in Q2 2025. The fair value assessment of  
the acquired assets and assumed liabilities has therefore not  
yet been finalised, and the purchase price allocation remains  
provisional. The Group will finalise the purchase price  
allocation within the 12-month measurement period in  
accordance with IFRS 3.  
Consideration transferred  
Provisions  
5
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Total liabilities  
10  
The total consideration of DKK 459 million consists of a cash  
payment of DKK 346 million, a share transfer of DKK 86  
million, and a contingent consideration of DKK 27 million. Of  
the cash payment, DKK 320 million was settled in Q1 2025,  
with the remaining amount of DKK 26 million to be settled  
based on the fulfilment of one legal condition set out in the  
SPA. The contingent consideration is determined based on the  
performance of a key business segment in the financial year  
2025. A sustained level of financial performance will result in  
payment of the maximum amount of EUR 4 million. On 31  
March 2025, the maximum earn-out consideration of EUR 4  
million (DKK 27 million) was recognised.  
48  
45  
15  
137  
Non-controlling interests’ share of acquired net  
assets  
3
Acquired net assets  
56  
Fair value of total consideration  
459  
Goodwill and intangible assets arising from the  
acquisition  
403  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
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CVR no. 12546106  
 
12 May 2025  
Note 5 – Treasury shares  
Treasury shares are bought back to meet obligations relating  
to acquisition of minority shareholders’ shares in NTG  
subsidiaries under the “Ring-the-Bell” concept, to cover  
obligations arising under share-based incentive programs, and  
potentially for other purposes such as payment in relation to  
M&A transactions.  
Part of  
share  
capital  
Market  
value  
(DKKm)  
Number of  
shares  
Nominal value  
(DKKm)  
Treasury shares at 1 January  
Acquisition of business activities  
Value adjustment  
1,291,103  
26  
5.7%  
331  
-86  
6
-336,380  
-7  
-1.5%  
Treasury shares at 31 March  
954,723  
19  
4.2%  
251  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 18  
DK-2650 Hvidovre  
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CVR no. 12546106  
 
12 May 2025  
Note 6 – Events after the reporting period  
NTG Nordic Transport Group closed the acquisition of DTK  
BE Holding, as detailed on page 4.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 May 2025  
Statement of the Board of Directors and the Executive Board
The Board of Directors and the Executive Board have  
today discussed and approved the Interim Report of  
NTG Nordic Transport Group A/S for the period 1  
January 2025 to 31 March 2025.  
Danish disclosure requirements for interim financial  
reporting of listed companies. In our opinion, the interim  
consolidated financial statements give a true and fair  
view of NTG Nordic Transport Group A/S’ consolidated  
assets, liabilities and financial position at 31 March  
2025 and of the results of NTG Nordic Transport Group  
A/S’ consolidated operations and cash flows for the  
period 1 January 2025 to 31 March 2025.  
Furthermore, in our opinion the Management report  
includes a fair review of the development in NTG Nordic  
Transport Group A/S’ operations and financial  
conditions, the results for the period, cash flows and  
financial position as well as a description of the most  
significant risks and uncertainty factors that NTG  
Nordic Transport Group A/S faces.  
The interim consolidated financial statements of NTG  
Nordic Transport Group A/S, which have not been  
audited or reviewed by the Company’s auditor, have  
been prepared in accordance with IAS 34 Interim  
Financial Reporting as adopted by the EU and additional  
Hvidovre, 12 May 2025
Executive Board  
Mathias Jensen-Vinstrup
Group CEO
Christian D. Jakobsen
Group CFO
Board of Directors  
Eivind Kolding
Jørgen Hansen
Finn Skovbo Pedersen
Chairman of the board
Deputy chairman of the board
Board member
Carsten Krogsgaard Thomsen
Jesper Præstensgaard  
Louise Knauer  
Board member  
Lene Borne  
Board member  
Board member  
Board member  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 20  
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+45 7634 0900  
www.ntg.com  
CVR no. 12546106