11 August 2025  
Consolidated Interim Report H1 2025 – NTG Nordic Transport Group A/S  
Q2 2025 highlights  
Selected financial information  
•
On 7 May 2025, NTG completed the acquisition of Danish  
freight forwarder DTK, and the integration is progressing  
ahead of plan.  
For the periods 1 April to 30 June (Q2) and 1 January to 30 June (YTD)  
(DKKm)  
Q2 2025  
Q2 2024  
Change  
YTD 2025  
YTD 2024  
Change  
Net revenue  
2,857  
2,305  
23.9%  
5,552  
4,463  
24.4%  
•
Gross profit increased by 39.2% compared to Q2 2024,  
primarily due to acquisitions and supported by organic  
growth.  
Gross profit  
661  
145  
475  
165  
39.2%  
-12.1%  
1,263  
266  
938  
279  
34.6%  
-4.7%  
Adj. EBIT  
•
•
•
Adjusted EBIT increased 11.5% excl. earn-out settlement  
in Q2 2024, primarily supported by the acquisition of DTK.  
Profit for the period  
Gross margin  
42  
116  
-63.8%  
103  
194  
-46.9%  
1.7 p.p.  
-1.5 p.p.  
-8.6 p.p.  
23.1%  
5.1%  
21.9%  
20.6%  
7.2%  
34.7%  
2.5 p.p.  
22.7%  
4.8%  
21.1%  
21.0%  
6.3%  
29.7%  
Adjusted free cash flow totalled DKK 265 million in Q2  
2025, positively affected by targeted NWC initiatives.  
Operating margin  
Conversion ratio  
-2.1 p.p.  
-12.8 p.p.  
Full year guidance: Adjusted EBIT of DKK 560-610 million  
(previously DKK 560-630 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  
 
11 August 2025  
Financial Highlights  
Balance Sheet (DKKm)  
30/06/2025 30/06/2024  
Income Statement (DKKm)  
Q2 2025  
Q2 2024  
YTD 2025  
YTD 2024  
Net working capital  
-64  
3,931  
2,521  
1,203  
1,487  
1,391  
18  
2,265  
1,092  
213  
Net revenue  
2,857  
661  
2,305  
5,552  
4,463  
Invested capital  
Gross profit  
475  
1,263  
938  
Net interest-bearing debt  
Operating profit before amortisation,  
depreciation, and special items  
238  
225  
445  
401  
Net interest-bearing debt excluding IFRS 16  
Total equity  
Operating profit before special items  
Special items, net  
145  
-10  
165  
-1  
266  
-13  
279  
-2  
1,253  
1,183  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Net financial items  
-57  
-20  
-94  
-28  
Non-controlling interests  
Total assets  
96  
70  
Profit for the period  
42  
116  
4.93  
17.51  
103  
3.88  
9.63  
194  
8.18  
17.51  
6,622  
4,301  
Earnings per share (DKK)  
Earnings per share (DKK) last 12 months  
1.47  
9.63  
Financial Ratios  
Q2 2025  
Q2 2024  
YTD 2025  
YTD 2024  
Gross margin  
23.1%  
20.6%  
22.7%  
21.0%  
Cash Flow Statement (DKKm)  
Q2 2025  
Q2 2024  
YTD 2025  
YTD 2024  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
5.1%  
7.2%  
4.8%  
21.1%  
16.5%  
17.8%  
22.5%  
3.04  
6.3%  
29.7%  
27.7%  
36.5%  
29.1%  
1.29  
Operating activities  
339  
112  
365  
60  
21.9%  
34.7%  
Investing activities  
Free cash flow  
-558  
-219  
265  
302  
83  
-1  
111  
56  
-888  
-523  
205  
920  
397  
-25  
35  
Adjusted free cash flow  
Financing activities  
Cash flow for the period  
-54  
-231  
-120  
-291  
-256  
Leverage ratio*  
Additions to property, plant and equipment  
(excl. IFRS 16)  
-
1
13  
4
Employees  
YTD 2025  
YTD 2024  
Average number of employees  
3,016  
2,011  
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  
Page 2  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
11 August 2025  
Management Report  
On 7 May 2025, the acquisition of DTK was completed.  
As of 1 June 2025, the general cargo business is fully  
integrated and planned cost synergies have been  
executed.  
percentage points to 23.1%. The improved gross margin  
was positively affected by lower average ocean freight  
rates and the increased groupage exposure following  
the acquisitions in Germany.  
Special items expenses totalled DKK 10 million in Q2  
2025, compared to DKK 1 million in Q2 2024.  
Minorities’ share of adjusted EBIT was 10.4% in Q2  
2025, compared to 8.3% Q2 2024.  
The Road & Logistics division delivered revenue growth  
compared to Q2 2024, driven by the addition of DTK,  
Schmalz+Schön, and ITC Logistic, as well as slightly  
higher freight rates. Despite this, the European road  
market remains subdued, particularly due to weak  
demand on the Continent. High uncertainty  
characterises the macroeconomic situation, with  
fluctuating consumer spending, and varying  
government policies impacting our industry. Q2 2025  
was again impacted by uncertainty from the US tariff  
situation which affected activity in both divisions.  
Adjusted EBIT decreased by 12.1% to DKK 145 million  
in Q2 2025, compared to DKK 165 million in Q2 2024.  
The decrease was primarily due to the DKK 35 million  
provision release related to the AGL earn-out  
settlement in Q2 last year. Excluding this one-off effect,  
adjusted EBIT increased by 11.5%.  
NTG Nordic Transport Group  
(DKKm)  
Q2 2025  
2,857  
661  
Q2 2024  
2,305  
475  
Change  
23.9%  
39.2%  
-12.1%  
Net revenue  
Gross profit  
Adj. EBIT  
The operating margin was 5.1% for Q2 2025, compared  
to 7.2% in the same period last year. Excluding the earn-  
out settlement, the margin decreased by 0.5 percentage  
points. The lower margin was primarily driven by  
challenges within Road & Logistics in Germany .  
145  
165  
Road & Logistics  
Compared to Q2 2024, revenue decreased in the Air &  
Ocean division, primarily due to lower freight rates and  
reduced volumes on the key ocean trade lane between  
Asia Pacific and the US. However, the division was able  
to increase volumes in other key markets.  
(DKKm)  
Q2 2025  
2,277  
520  
Q2 2024  
1,662  
357  
Growth  
37.0%  
45.7%  
18.5%  
Adjusted EBIT in the Road & Logistics division increased  
by 18.5% to DKK 128 million in Q2 2025 compared to  
Q2 2024. The increase was mainly related to the  
integration of DTK, offset by the challenging market  
conditions that continue to impact the entities in Poland  
and Germany.  
Net revenue  
Gross profit  
Adj. EBIT  
128  
108  
Group net revenue increased by 23.9% in Q2 2025, to  
DKK 2,857 million. Organic growth totalled negative  
1.8%, primarily driven by lower average ocean freight  
rates. Acquired growth totalled 25.8%, driven mainly by  
the acquisitions of DTK, Schmalz+Schön, and ITC  
Logistic. Currency translation effects totalled negative  
0.1%.  
Adjusted EBIT in the Air & Ocean division decreased by  
73.2% to DKK 15 million in Q2 2025 compared to Q2  
2024. Excluding the aforementioned one-off in Q2  
2024, the adjusted EBIT decreased by 28.6%. The  
decrease was mainly due to a significantly higher  
projects acticity last year, as well as lower activity in the  
US and organisational investments in Asia Pacific.  
Air & Ocean  
(DKKm)  
Q2 2025  
579  
Q2 2024  
644  
Growth  
-10.1%  
19.5%  
Net revenue  
Gross profit  
Adj. EBIT  
141  
118  
Gross profit increased by 39.2% in Q2 2025, to DKK  
661 million, while the gross margin improved by 2.5  
15  
56  
-73.2%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 3  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
11 August 2025  
Management Report, continued  
Update on recent acquisitions  
Outlook  
On 30 June 2025, the Group’s net working capital was  
DKK -64 million, compared to DKK 18 million on 30  
June 2024. Net working capital improved by DKK 213  
million compared to previous quarter. The inflow was  
positively impacted by seasonality and improved net  
working capital from entities in the US, Germany,  
Sweden, and Denmark compared to Q1 2025.  
The closing and integration of DTK progressed ahead of  
plan, and the company has been included in the Group’s  
consolidated financial statements as of 1 May 2025. The  
general cargo business is now fully integrated into NTG  
Road A/S, and the planned cost synergies have been  
executed.  
Based on the results during the first six months of the  
year, we have narrowed the full-year guidance for 2025  
as follows:  
•
Adj. EBIT of DKK 560  
(previously DKK 560 - 630 million).  
–
610 million  
Adjusted free cash flow totalled DKK 265 million in Q2  
2025, compared to DKK 56 million in Q2 2024. The  
cash flow in Q2 2025 was positively affected by the net  
working capital development during the quarter.  
Activity levels in Germany continue to be impacted by  
prolonged weakness in market conditions. The long-  
term business case of Schmalz+Schön remains intact,  
and the lower-than-expected results are considered  
largely market-driven, reflecting broader industry  
challenges in Germany.  
The narrowing of the top end of our guidance reflects a  
more cautious view on market developments,  
particularly in Germany. The upper part of our initial  
outlook assumed a modest improvement in the second  
half of the year, which is no longer expected.  
As of 30 June 2025, NTG had a net interest-bearing  
debt position of DKK 1,203 million, excluding IFRS 16  
lease liabilities. The leverage ratio, including effects of  
IFRS 16, was 3.0x EBITDA before special items.  
We continue to anticipate a flat market environment  
for the remainder of 2025, characterised by soft  
macroeconomic conditions and subdued consumer  
sentiment.  
In the case of ITC Logistic, performance is being  
affected not only by market headwinds but also by  
internal challenges specific to the company. We are  
actively pursuing targeted initiatives to improve  
operational efficiency and optimise the cost base, with  
the objective of turning around the business.  
Net financial expenses totalled DKK 57 million in Q2  
2025 compared to DKK 20 million in Q2 2024,  
impacted by interest on loan-facilities, interest on  
leasing liabilities, and the development in foreign  
exchange rates.  
During the quarter, the acquisition of EDS and Rolls  
Freight were successfully integrated onto NTG’s  
platform and are performing in line with expectations.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
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www.ntg.com  
CVR no. 12546106  
 
11 August 2025  
Road & Logistics  
The Road & Logistics division delivered organic growth  
recover as market conditions improve, especially in  
Germany.  
despite operating in  
a
challenging environment  
characterised by high competition, muted growth, and  
ongoing pressure on freight rates. Market volumes  
remained soft throughout the quarter, with the German  
market in particular weighing on overall activity. The  
market development was flat compared to last year, and  
started to show signs of stabilisation in certain markets.  
The demand for our warehousing services remained  
high from both new and existing customers.  
During the quarter, the acquisition of EDS and Rolls  
Freight were successfully integrated onto NTG’s  
platform and are performing in line with expectations.  
The division remains focused on gaining market share  
within existing business areas and turning around the  
ITC acquisition. In addition, the roll-out of a new  
Groupage TMS will begin in selected entities during the  
second half of 2025.  
Financial performance for the quarter was impacted by  
these market conditions. Germany and Poland reported  
lower results year over year, while the Netherlands,  
Sweden, and the Baltic countries showed encouraging  
momentum, contributing positively to the overall result.  
The lower operating margin was primarily driven by  
Schmalz+Schön and ITC Logistic, as well as continued  
market headwinds compared to Q2 2024, partly offset  
by the acquisition of DTK. Margins are expected to  
Selected quarterly financial information  
(DKKm)  
YTD 2024  
3,266  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2025  
4,282  
%
31.1%  
38.4%  
Net external revenue  
Gross profit  
100 3.0%  
-4 -0.5%  
898 27.5%  
271 38.5%  
26 12.3%  
18 0.6%  
704  
3
1
0.4%  
0.5%  
974  
Adj. EBIT  
211  
21.6%  
6.5%  
-10 -4.7%  
228  
8.1%  
Gross margin  
Operating margin  
Conversion ratio  
22.7% 1.1 p.p.  
5.3% -1.2 p.p.  
23.4% -6.6 p.p.  
30.0%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 5  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
11 August 2025  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue increased by 37.0% in Q2 2025, to DKK  
2,277 million. Organic growth totalled 3.8%, driven by  
increased volumes growth in key markets. Acquired  
growth totalled 32.4% primarily from the DTK,  
Schmalz+Schön and ITC Logistic acquisitions. Currency  
translation effects totalled 0.8%.  
Adjusted EBIT increased by 18.5% in Q2 2025 to DKK  
128 million. The development compared to last year  
was primarily driven by the acquisition of DTK.  
Lower activity in Poland and Germany was offset by  
improved results in the Netherlands, Road AB in  
Sweden, and the Baltic region.  
Gross profit  
The operating margin decreased by 0.9 percentage  
points in Q2 2025 to 5.6%, impacted by lower than  
expected performance by the two German acquistions,  
which is being addressed through ongoing initiatives.  
Organically, the division had a slightly higher cost base  
compared to Q2 2024.  
Gross profit increased by 45.7% in Q2 2025, to DKK  
520 million, and the gross margin increased by 1.3  
percentage points to 22.8% in Q2 2025.  
The gross margin increase was primarialy driven by  
Schmalz+Schön due to its higher groupage exposure  
which produces a higher gross margin.  
The conversion ratio decreased by 5.7 percentage  
points in Q2 2025 to 24.6%, primarialy due to the  
increased Groupage exposure.  
Selected quarterly financial information  
(DKKm)  
Q2 2024  
1,662  
357  
Organic  
%
Acquisitions  
%
Currency  
%
Q2 2025  
2,277  
520  
%
37.0%  
45.7%  
18.5%  
Net external revenue  
Gross profit  
Adj. EBIT  
63 3.8%  
10 2.8%  
-1 -0.9%  
539 32.4%  
151 42.3%  
20 18.5%  
13 0.8%  
2
1
0.6%  
0.9%  
108  
128  
Gross margin  
21.5%  
6.5%  
22.8% 1.3 p.p.  
5.6% -0.9 p.p.  
24.6% -5.7 p.p.  
Operating margin  
Conversion ratio  
30.3%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
11 August 2025  
Air & Ocean  
The Air & Ocean division experienced a decrease in net  
revenue in Q2 2025, primarily due to lower average  
freight rates and reduced volumes across certain trade  
lanes compared Q2 last year. Market conditions  
remained volatile, influenced by uncertainty  
surrounding the US tariffs announced in the first half of  
the year.  
The project organisation delivered  
a
solid result,  
although a significant decrease compared to the same  
period last year. Given the inherent volatility of the  
project business, a softer performance is expected in  
the second half of 2025.  
During the quarter, the division also intensified its  
efforts on sales and the identification and establishment  
of new start-ups, a focus which will continue for the  
remainder of the year.  
This uncertainty led to a significant drop in shipments on  
the Transpacific trade lane. Ocean freight rates  
remained below 2024 levels, despite carriers’ efforts to  
implement general rate increases. Air freight volumes  
were also affected, though to a lesser extent, with rates  
remaining relatively stable year over year.  
Operational efficiency and increased intercompany  
trade remain key focus areas, ensuring standardised  
processes across all entities. During the second quarter,  
significant progress was experienced on both  
parameters. Looking ahead, the division will continue to  
expand through the introduction of new products, the  
opening of gateways, intensified focus on procurement,  
and the establishment of consolidation hubs for both air  
and ocean freight.  
Gross margin improved compared to Q2 2024,  
supported by the lower average freight rates, while  
gross profit increased both organically and through  
recent acquisitions, most notably the Air & Ocean  
activities of Schmalz+Schön.  
Selected quarterly financial information  
(DKKm)  
YTD 2024  
1,197  
234  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2025  
1,270  
%
6.1%  
Net external revenue  
Gross profit  
Adj. EBIT  
-37 -3.1%  
23 9.8%  
-31 -45.6%  
112 9.4%  
33 14.1%  
-2 -0.2%  
-1 -0.4%  
289  
23.5%  
68  
-
-
-
-
37 -45.6%  
22.8% 3.3 p.p.  
2.9% -2.8 p.p.  
12.8% -16.3 p.p.  
Gross margin  
19.5%  
5.7%  
Operating margin  
Conversion ratio  
29.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
11 August 2025  
Air & Ocean, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue decreased by 10.1% in Q2 2025 to DKK  
579 million. Organic growth was down 16.5%, driven by  
lower freight rates and reduced activity levels,  
particularly on the Transpacific trade lane. Acquired  
growth contributed 8.7%, primarily from the  
Schmalz+Schön and Freightzen acquisitions, while  
currency translation effects had a negative impact of  
2.3%.  
The decrease in adjusted EBIT was primarily due to the  
DKK 35 million provision release related to the AGL  
earn-out settlement in Q2 last year. Excluding this one-  
off effect, adjusted EBIT decreased by 28.6%.  
The division’s results were impacted by lower project  
activity, and challenging market conditions across all  
regions, especially in the Asia Pacific and US entities.  
The cost base was flat compared to Q1 2025 but higher  
compared to Q2 2024, reflecting investments in  
strengthening both organisational and commercial  
capabilities.  
Gross profit  
Gross profit increased by 19.5% to DKK 141 million in  
Q2 2025, with the gross margin improving by 6.1  
percentage points to 24.4%. This reflects lower average  
ocean freight rates compared to Q2 2024. Given the  
volatility observed in ocean freight markets during the  
first half of 2025, we expect continued fluctuations in  
rate levels throughout the remainder of the year.  
The conversion ratio decreased by 36.9 percentage  
points to 10.6%, and the operating margin decreased by  
6.1 percentage points to 2.6%. Adjusted for the Q2  
2024 earn-out, the decrease in conversion ratio was 7.2  
percentage points, and the operating margin decreased  
by 0.7 percentage points.  
.
Selected quarterly financial information  
(DKKm)  
Q2 2024  
644  
Organic  
-106 -16.5%  
5.9%  
-42 -75.0%  
%
Acquisitions  
%
Currency  
%
Q2 2025  
%
Net external revenue  
Gross profit  
Adj. EBIT  
56 8.7%  
19 16.1%  
-15 -2.3%  
-3 -2.5%  
579 -10.1%  
141 19.5%  
118  
7
56  
1
1.8%  
-
-
15 -73.2%  
24.4% 6.1 p.p.  
2.6% -6.1 p.p.  
10.6% -36.9 p.p.  
Gross margin  
18.3%  
8.7%  
Operating margin  
Conversion ratio  
47.5%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
11 August 2025  
Interim Financial Statements  
Statement of Other Comprehensive Income  
(DKKm)  
Q2 2025  
Q2 2024  
YTD 2025  
YTD 2024  
Net revenue  
2,857
2,305
5,552
4,463
(DKKm)  
Q2 2025  
Q2 2024 YTD 2025  
YTD 2024  
194
Profit for the period  
42
116
103
Direct costs  
-2,196
661
-1,830
475
-4,289
1,263
-203
-3,525
938
Items that may be reclassified to the income  
statement:  
Gross profit  
Other external expenses  
Staff costs  
-105
-318
-27
-88
Foreign exchange adjustments of subsidiaries  
-38
10
-64
22
1
-223
-615
-449
Items will not be reclassified to the income  
statement:  
Operating profit before amortisation,  
depreciation and special items  
238
225
445
401
Actuarial adjustments on retirement benefit  
obligations  
-
-
12
Amortisation and depreciation of intangible  
and tangible fixed assets  
-93
-60
-179
-122
Other comprehensive income  
Total comprehensive income  
-38
4
10
-52
51
23
Operating profit before special items  
Special items, net  
145
-10
5
165
-1
266
-13
9
279
-2
126
217
Attributable to:  
Financial income  
4
17
Shareholders in NTG Nordic Transport Group  
A/S  
Financial costs  
-62
78
-24
144
-28
116
-103
159
-56
103
-45
249
-55
194
-6
115
11
32
19
195
22
Profit before tax  
Non-controlling interests  
10
Tax on profit for the period  
Profit for the period  
-36
42
Attributable to:  
Shareholders in NTG Nordic Transport Group  
A/S  
32
10
105
11
84
19
174
20
Non-controlling interests  
Earnings per share  
Earnings per share (DKK)  
Diluted earnings per share (DKK)  
1.47
1.47
4.93
4.88
3.88
3.88
8.18
8.10
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 9  
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CVR no. 12546106  
 
11 August 2025  
Cash Flow Statement  
Cash Flow Statement, continued  
(DKKm)  
Q2 2025  
Q2 2024  
YTD 2025  
YTD 2024  
(DKKm)  
Q2 2025  
Q2 2024  
YTD 2025  
YTD 2024  
Operating profit before special items  
145
165
266
279
Repayment of lease liabilities  
-83
-56
-158
-112
Proceeds and repayments of other financial  
liabilities  
Depreciation and amortisation  
Share-based payments  
93
6
60
4
179
9
122
7
403
-108
1,098
-111
Shareholders and non-controlling interests:  
Change in working capital  
Change in provisions  
181
-6
-14
-35
4
79
-197
-38
17
Dividends paid to non-controlling interests  
-16
1
-25
-45
-16
2
-26
-45
-8
Acquisition of shares from non-controlling  
interests  
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
5
9
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
-3
302
83
3
-231
-120
-6
920
397
3
-291
-256
-20
-42
-13
-10
339
-
-7
-38
-65
-53
-13
365
-13
-873
-2
-14
-31
-83
-2
-17
-47
-1
Cash and cash equivalents at beginning of  
period*  
407
145
102
276
Special items  
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  
112
-1
60
Cash flow for the period  
83
1
-120
1
397
-8
-256
6
Currency translation adjustments  
Cash and cash equivalents at 30 June*  
-4
491
26
491
26
-557
-1
-
-21
-
-
Statement of adjusted free cash flow  
-558
-219
-1
-888
-523
-25
35
(DKKm)  
Q2 2025  
-219  
10  
Q2 2024  
YTD 2025  
-523  
YTD 2024  
111
Free cash flow  
111  
1
35  
2
Special items reversed  
Acquisition of business activities reversed  
Repayment of lease liabilities  
13  
557  
-
873  
21  
-83  
-56  
-158  
-112  
Adjusted free cash flow  
265  
56  
205  
-54  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 0 million on 30 June  
2025, DKK 147 million on 31 December 2024 and DKK 139 million on 30 June 2024.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
11 August 2025  
Balance Sheet, continued  
Balance Sheet  
(DKKm)  
30/06/2025 31/12/2024 30/06/2024  
(DKKm)  
30/06/2025 31/12/2024 30/06/2024  
Equity and liabilities  
Assets  
Share capital  
453
938
1,391
96
453
805
1,258
86
453
730
1,183
70
Intangible assets  
2,708
162
1,762
128
1,427
75
Reserves  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
1,241
85
1,098
69
823
61
NTG shareholders' share of equity  
Non-controlling interests  
Total equity  
Deferred tax assets  
Total non-current assets  
Trade receivables  
27
28
36
1,487
35
1,344
34
1,253
17
Deferred tax liabilities  
Pensions and similar obligations  
Provisions  
4,223
1,752
145
3,085
1,525
103
2,422
1,592
90
89
91
77
27
22
1
Other receivables  
Financial liabilities  
Lease liabilities  
1,650
991
2,792
43
503
902
1,552
36
227
675
997
35
Cash and cash equivalents  
Corporation tax  
491
249
165
32
11
27
Total non-current liabilities  
Provisions  
Total current assets  
Total assets  
2,399
6,622
1,904
4,989
1,879
4,301
Financial liabilities  
Lease liabilities  
44
175
261
1,320
248
53
151
204
1,383
217
61
327
1,579
310
40
Trade payables  
Other payables  
Corporation tax  
Total current liabilities  
Total liabilities  
2,343
5,135
6,622
2,093
3,645
4,989
2,051
3,048
4,301
Total equity and liabilities  
NTG Nordic Transport Group A/S  
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11 August 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
84
1,258
84
86
19
1,344
103
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
-64
-
-
12
12
96
-64
12
-
-
-64
12
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-64
-64
-52
32
-
-52
51
19
Transactions with shareholders:  
Share-based payments  
-
-
-
9
-
9
-
-
-16
-
9
-16
86
Dividends distributed  
-
-
7
-
Transfer of treasury shares  
-
-
79
-4
86
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 June 2025  
-
-
-
-
-4
6
2
-
-
-
10
94
989
10
1
11
7
-
101
1,391
-9
96
92
453
-19
-32
1,487
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
11 August 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
174
1,019
174
78
20
1,097
194
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
20
-
-
1
20
1
2
-
22
1
Other comprehensive income, net of tax  
Total comprehensive income for the period  
20
20
1
21
2
23
175
195
22
217
Transactions with shareholders:  
Share-based payments  
-
-
-
-
7
-
7
-
-
-26
-5
7
-26
Dividends distributed  
-
-
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 June 2024  
-
-
-
-
-40
2
-40
2
-45
-
-
-
1
3
-
-
-31
744
-31
1,183
-30
70
-61
453
-28
14
1,253
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
11 August 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  
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CVR no. 12546106  
 
11 August 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  
Q2 2025 Q2 2024  
Eliminations etc.  
Total  
Q2 2025  
(DKKm)  
Q2 2025  
2,285  
-8  
Q2 2024  
Q2 2025  
Q2 2024  
Q2 2024  
2,313  
-8  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
1,668  
-6  
585  
-6  
645  
-1  
-
1
1
-
-1  
-1  
-
2,870  
-12  
2,277  
1,662  
357  
-55  
579  
141  
-6  
644  
118  
-5  
2,857  
661  
2,305  
Gross profit  
520  
-88  
-
1
2
475  
-60  
Amortisation and depreciation  
Operating profit before special items  
-
-93  
128  
108  
15  
56  
1
145  
165  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2025  
4,296  
-14  
YTD 2024  
3,277  
-11  
YTD 2025  
1,280  
-10  
YTD 2024  
1,200  
-3  
YTD 2025  
YTD 2024  
YTD 2025  
5,576  
-24  
YTD 2024  
4,477  
-14  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
-
-
-
-
-
-
4,282  
3,266  
1,270  
1,197  
5,552  
4,463  
Gross profit  
974  
-168  
228  
704  
-111  
211  
289  
-12  
37  
234  
-11  
68  
-
1
1
-
-
-
1,263  
-179  
266  
938  
-122  
279  
Amortisation and depreciation  
Operating profit before special items  
*Total assets and liabilities for each segment are not reported because such amounts are not regularly provided to the CODM (Chief Operating Decisions Maker)  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
11 August 2025  
Net revenue per country (DKKm)  
Q2 2025  
Q2 2024  
YTD 2025  
YTD 2024  
Denmark  
1,084  
884  
1,999  
1,722  
Germany  
USA  
437  
276  
102  
332  
883  
626  
202  
594  
Sweden  
Finland  
Other  
352  
326  
687  
658  
138  
165  
271  
316  
570  
496  
1,086  
5,552  
971  
Total  
2,857  
2,305  
4,463  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
11 August 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  
57  
-2  
92  
118  
-6  
140  
175  
-8  
23  
33  
-
24  
109  
-13  
-114  
-
Additions during the period  
Disposals during the period  
Depreciations  
76  
-13  
-58  
2
-91  
1
-75  
1
-166  
2
-56  
-2  
Currency translation adjustments  
Carrying amount at 30 June  
756  
485  
1,241  
513  
310  
823  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
11 August 2025  
adjusted EBIT would have amounted to DKK 293 million for  
H1 2025.  
Note 4 – Acquisition and disposal of entities  
Fair values  
at date of  
acquisition  
During the first six months of 2025, NTG completed the  
acquisition of DTK, ITC, EDS/Rolls Freight, and Thortrans.  
The combined consideration was DKK 1,081 million, net cash  
outflow was DKK 970 million, and goodwill recognition was  
DKK 993 million. Details of the material acquisitions, DTK and  
ITC, are disclosed below.  
Transaction costs  
(DKKm)  
Transaction costs relating to the DTK acquisition amount to  
DKK 6 million. Transactions costs are accounted for in the  
income statements as special items.  
Property, plant and equipment  
1
62  
Right-of-use assets  
Trade receivables  
Other receivables  
159  
6
Fair value of acquired net assets and recognised goodwill  
DTK BE Holding ApS  
Provisional fair values of acquired assets and liabilities at the  
acquisition date are given in the table below. The fair value of  
acquired trade receivables and other receivables amounts to  
DKK 165 million. The collectability of receivables has been  
assessed based on Group credit assessment policies.  
On 7 May 2025, NTG completed the acquisition of 100% of  
the shares in Danish-based DTK BE Holding ApS (“DTK”).  
DTK is a renowned full-service logistics solutions provider,  
specialising in full- and part-load general cargo, delivering  
high-quality temperature-controlled transportation, along  
with comprehensive logistics services and value-added  
offerings such as in-house customs brokerage and  
warehousing solutions. Operating from eight strategic  
locations across Denmark, Germany, Sweden and the UK.  
DTK employed approximately 195 employees.  
Cash and cash equivalents  
Total assets  
36  
264  
2
Provisions  
Goodwill is primarily related to synergy effects from  
integration with NTG’s existing infrastructure and network.  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
Total liabilities  
66  
142  
25  
The integration of DTK is still ongoing, and consequently net  
assets, including goodwill and other intangible assets, may be  
adjusted, and off-balance sheet items may be recognised for  
up to 12 months after the acquisition date.  
3
Consideration transferred  
238  
The total consideration consists of a cash payment of DKK  
567 million, settled in connection with the transaction.  
Adjusted for the fair value of acquired cash and cash  
equivalents of DKK 36 million, the net cash outflow amounted  
to DKK 531 million.  
Non-controlling interests’ share of acquired net  
assets  
4
Acquired net assets  
22  
Fair value of total consideration  
567  
Earnings impact  
Goodwill and intangible assets arising from the  
acquisition  
Consolidated into the Group from  
1
May 2025, DTK  
545  
contributed with DKK 177 million to the Group’s net revenue  
and DKK 18 million to the Group’s adjusted EBIT in Q2 2025.  
If the acquisition had taken place 1 January 2025, the Group’s  
net revenue would have amounted to DKK 5,959 million and  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
11 August 2025  
ITC Logistic GmbH  
Transaction costs  
Fair values  
at date of  
acquisition  
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  
Transaction costs relating to the ITC acquisition amount to  
DKK 4 million. Transactions costs are accounted for in the  
income statements as special items.  
(DKKm)  
Property, plant and equipment  
32  
48  
30  
63  
1
to  
a
portfolio of long-standing customers. ITC is well  
Right-of-use assets  
Other receivables  
Trade receivables  
Corporation tax  
Fair value of acquired net assets and recognised goodwill  
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  
employed approximately 130 white-collar and 80 blue-collar  
employees.  
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 Q3 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.  
Cash and cash equivalents  
Total assets  
22  
196  
14  
Consideration transferred  
Pensions  
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 30  
June 2025, the maximum earn-out consideration of EUR 4  
million (DKK 27 million) was recognised.  
Provisions  
5
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Total liabilities  
10  
48  
45  
15  
137  
Non-controlling interests’ share of acquired net  
assets  
3
Acquired net assets  
56  
Earnings impact  
Fair value of total consideration  
459  
Consolidated into the Group from 1 January 2025, ITC  
contributed with DKK 223 million to the Group’s net revenue  
and DKK 2 million to the Group’s adjusted EBIT.  
Goodwill and intangible assets arising from the  
acquisition  
403  
NTG Nordic Transport Group A/S  
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11 August 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.  
Nominal  
value  
(DKKm)  
Part of  
share  
capital  
Market  
value  
(DKKm)  
Number of  
shares  
Treasury shares at 1 January  
Acquisition of business activities  
Ring-the-Bell consideration paid  
Other transactions  
1,291,103  
-336,380  
-22,399  
-6,000  
26  
-7  
-
5.7%  
-1.5%  
-0.1%  
-
331  
-86  
-5  
-
-1  
Value adjustment  
-64  
175  
Treasury shares at 30 June  
926,324  
19  
4.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
11 August 2025  
Note 6 – Events after the reporting period  
No events have occurred after the reporting date which  
significantly affect the Group’s financial position.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
11 August 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 30 June 2025.  
Financial Reporting as adopted by the EU and additional  
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 30 June 2025  
and of the results of NTG Nordic Transport Group A/S’  
consolidated operations and cash flows for the period 1  
January 2025 to 30 June 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  
Hvidovre, 11 August 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  
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CVR no. 12546106