10 November 2025  
Consolidated Interim Report Q3 2025 – NTG Nordic Transport Group A/S  
Q3 2025 highlights  
Selected financial information  
•
•
Gross profit increased by 44.1%, supported by organic  
growth and acquisitions across both divisions.  
For the periods 1 July to 30 September (Q3) and 1 January to 30 September (YTD)  
(DKKm)  
Q3 2025  
Q3 2024  
Change  
YTD 2025  
YTD 2024  
Change  
Adjusted EBIT totalled DKK 160 million, reflecting a  
40.4% increase, primarily due to the DTK acquisition and  
organic growth in the Road & Logistics division.  
Net revenue  
2,941  
2,296  
28.1%  
8,493  
6,759  
25.7%  
Gross profit  
657  
160  
456  
114  
44.1%  
40.4%  
1,920  
426  
1,394  
393  
37.7%  
8.4%  
•
•
The operating margin improved by 0.4 percentage points,  
mainly driven by organic growth in the Road & Logistics  
division and the inclusion of DTK.  
Adj. EBIT  
Profit for the period  
Gross margin  
61  
54  
13.0%  
164  
248  
-33.9%  
2.0 p.p.  
-0.8 p.p.  
-6.0 p.p.  
22.3%  
5.4%  
24.4%  
19.9%  
5.0%  
25.0%  
2.4 p.p.  
0.4 p.p.  
-0.6 p.p.  
22.6%  
5.0%  
22.2%  
20.6%  
5.8%  
28.2%  
Full year guidance: Adjusted EBIT of DKK 560-590 million  
(previously DKK 560-610 million).  
Operating margin  
Conversion ratio  
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  
 
10 November 2025  
Financial Highlights  
Balance Sheet (DKKm)  
30/09/2025 30/09/2024  
Income Statement (DKKm)  
Q3 2025  
Q3 2024  
YTD 2025  
YTD 2024  
Net working capital  
26  
3,961  
2,517  
1,237  
1,523  
1,439  
32  
2,239  
1,062  
198  
Net revenue  
2,941  
657  
2,296  
8,493  
6,759  
Invested capital  
Gross profit  
456  
174  
1,920  
701  
1,394  
575  
Net interest-bearing debt  
Operating profit before amortisation,  
depreciation, and special items  
256  
Net interest-bearing debt excluding IFRS 16  
Total equity  
Operating profit before special items  
Special items, net  
160  
-19  
114  
-9  
426  
-32  
393  
-11  
1,258  
1,181  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Net financial items  
-50  
-31  
-144  
164  
6.21  
9.79  
-59  
Non-controlling interests  
Total assets  
84  
77  
Profit for the period  
61  
54  
248  
6,420  
4,596  
Earnings per share (DKK)  
Earnings per share (DKK) last 12 months  
2.32  
9.79  
2.16  
14.75  
10.33  
14.75  
Financial Ratios  
Q3 2025  
Q3 2024  
YTD 2025  
YTD 2024  
Gross margin  
22.3%  
19.9%  
22.6%  
20.6%  
Cash Flow Statement (DKKm)  
Q3 2025  
Q3 2024  
YTD 2025  
YTD 2024  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
5.4%  
5.0%  
5.0%  
22.2%  
18.0%  
18.1%  
23.7%  
2.77  
5.8%  
28.2%  
25.5%  
30.6%  
27.4%  
1.32  
Operating activities  
72  
110  
437  
170  
24.4%  
25.0%  
Investing activities  
Free cash flow  
-3  
69  
-10  
100  
61  
-891  
-454  
206  
647  
193  
-35  
135  
7
Adjusted free cash flow  
Financing activities  
Cash flow for the period  
1
-273  
-204  
161  
261  
-130  
5
Leverage ratio*  
Additions to property, plant and equipment  
(excluding IFRS 16)  
3
2
16  
6
Employees  
YTD 2025  
YTD 2024  
Average number of employees  
3,056  
2,019  
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  
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www.ntg.com  
CVR no. 12546106  
 
10 November 2025  
Management Report  
In Q3 2025, gross profit increased across both divisions  
compared to the same period last year, driven by  
organic growth and contributions from recent  
acquisitions. This growth was achieved despite market  
headwinds from a subdued European road market and  
ongoing uncertainty related to US tariffs.  
NTG Nordic Transport Group  
Adjusted EBIT increased by 40.4% to DKK 160 million  
in Q3 2025, compared to DKK 114 million in Q3 2024.  
The increase was driven by organic growth and  
increased margins in the Road & Logistics division, as  
well as contributions from recent acquisitions.  
(DKKm)  
Q3 2025  
2,941  
657  
Q3 2024  
2,296  
456  
Change  
28.1%  
44.1%  
40.4%  
Net revenue  
Gross profit  
Adj. EBIT  
The operating margin increased to 5.4% in Q3 2025,  
compared to 5.0% in Q3 2024. The increase was  
primarily driven by organic margin improvements in the  
Road & Logistics division, offsetting the lower project  
activity in the Air & Ocean division.  
160  
114  
The Road & Logistics division delivered revenue and  
gross profit growth in Q3 2025, primarily supported by  
the acquisitions of DTK, Schmalz+Schön, and ITC,  
alongside a modest increase in spot rates and higher  
volumes in key markets.  
Road & Logistics  
(DKKm)  
Q3 2025  
2,296  
511  
Q3 2024  
1,558  
325  
Change  
47.4%  
57.2%  
58.0%  
Adjusted EBIT in the Road & Logistics division increased  
by 58.0% to DKK 139 million in Q3 2025, compared to  
DKK 88 million in Q3 2024. The increase was driven by  
The Air & Ocean division also achieved gross profit  
growth in Q3 2025, mainly driven by the  
Schmalz+Schön acquisition, supported by an uplift in  
the organic business despite a significant decline in  
project activity.  
Net revenue  
Gross profit  
Adj. EBIT  
both  
acquisitive  
contributions  
and  
organic  
improvements.  
139  
88  
Adjusted EBIT in the Air & Ocean division decreased by  
19.2% to DKK 21 million in Q3 2025, compared to DKK  
26 million in Q3 2024. The decrease was primarily  
driven by a shift from high-margin project activity last  
year to lower-margin general cargo this year.  
Group net revenue rose by 28.1% in Q3 2025 to DKK  
2,941 million. Organic growth was negative 1.2%,  
primarily due to lower average ocean freight rates.  
Acquired growth totalled 30.1%, driven by the  
acquisitions of DTK, Schmalz+Schön, and ITC Logistic,  
while currency effects were negative 0.8%.  
Air & Ocean  
(DKKm)  
Q3 2025  
644  
Q3 2024  
738  
Change  
-12.7%  
12.3%  
Net revenue  
Gross profit  
Adj. EBIT  
Special items expenses totalled DKK 19 million in Q3  
2025, compared to DKK 9 million in Q3 2024, primarily  
related to the German acquisitions.  
146  
130  
Gross profit increased by 44.1% in Q3 2025 to DKK  
657 million, while the gross margin rose by 2.4  
percentage points to 22.3%. The margin improvement  
was primarily driven by lower average ocean freight  
rates and increased groupage and warehousing  
exposure following the acquisitions in Germany.  
21  
26  
-19.2%  
Minorities’ share of adjusted EBIT was 12.5% in Q3  
2025, compared to 9.8% in Q3 2024.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 November 2025  
Management Report, continued  
On 30 September 2025, the Group’s net working  
Update on recent acquisitions  
Outlook  
capital was DKK 26 million, compared to DKK 32 million  
on 30 September 2024. Net working capital increased  
by DKK 90 million compared to Q2 2025. The outflow  
was mainly driven by normal seasonality and  
developments in the Air & Ocean division, partly offset  
by an improvement in Germany compared to Q2 2025.  
The integration of DTK is progressing as planned, with  
all targeted synergies expected to be executed by Q4  
2025.  
Based on the results during the first nine months of the  
year, we have narrowed the full-year guidance for 2025  
as follows:  
In Germany, market conditions continued to weigh on  
Schmalz+Schön and ITC. Schmalz+Schön performed in  
line with the broader market, while turnaround efforts  
at ITC advanced during the quarter and will continue in  
the coming periods.  
•
Adjusted EBIT of DKK 560 – 590 million  
(previously DKK 560 - 610 million).  
Adjusted free cash flow totalled DKK 1 million in Q3  
2025, compared to DKK 61 million in Q3 2024. The  
cash flow in Q3 2025 was negatively affected by the net  
working capital development during the quarter.  
The outlook assumes an unchanged market  
environment with soft macroeconomics and continued  
muted consumer confidence.  
As of 30 September 2025, NTG had a net interest-  
bearing debt position of DKK 1,237 million, excluding  
IFRS 16 lease liabilities. The leverage ratio, including  
effects of IFRS 16, was 2.8x EBITDA before special  
items.  
Net financial expenses totalled DKK 50 million in Q3  
2025 compared to DKK 31 million in Q3 2024,  
impacted by interest on loan facilities, interest on  
leasing liabilities, and the development in foreign  
exchange rates.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
DK-2650 Hvidovre  
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CVR no. 12546106  
 
10 November 2025  
Road & Logistics  
The Road & Logistics division delivered organic growth  
despite operating in a market characterised by high  
competition, muted demand, and continued pressure on  
freight rates. Profitability continued to improve, the  
second consecutive quarter of higher operating margin.  
The improvement in operating margin was primarily  
driven by the integration of DTK and stronger  
performance in Denmark and Sweden. Margins across  
the division are expected to recover as market  
conditions improve.  
Market volumes remained subdued throughout the  
quarter, with limited visibility of any material change.  
Overall, market conditions were flat year-on-year and  
have begun to stabilise following a prolonged period of  
decline. Looking ahead, we expect to see rate increases  
in selected markets during Q4 2025 and Q1 2026.  
Demand for warehousing services remained robust,  
supported by both new and existing customers.  
The division will maintain its focus on gaining market  
share and expanding the network organically. In  
addition, the roll-out of a new groupage Transport  
Management System (TMS) has begun and is expected  
to be implemented across multiple entities during 2026.  
Financial performance for the quarter reflected these  
market conditions. The UK reported lower results  
compared to last year, while Sweden and Denmark,  
partially supported by the DTK acquisition,  
demonstrated positive momentum and market share  
gains, thus contributing favourably to the overall result.  
Selected quarterly financial information  
(DKKm)  
YTD 2024  
4,824  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2025  
6,578  
%
36.4%  
44.3%  
Net external revenue  
Gross profit  
205 4.2%  
35 3.4%  
15 4.9%  
1,527 31.7%  
417 40.5%  
51 17.1%  
22 0.5%  
1,029  
4
2
0.4%  
0.7%  
1,485  
Adj. EBIT  
299  
21.3%  
6.2%  
367  
22.7%  
Gross margin  
Operating margin  
Conversion ratio  
22.6% 1.3 p.p.  
5.6% -0.6 p.p.  
24.7% -4.4 p.p.  
29.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 5  
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CVR no. 12546106  
 
10 November 2025  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue increased by 47.4% in Q3 2025, to DKK  
2,296 million. Organic growth totalled 6.8%, driven by  
increased volume growth in key markets. Acquired  
growth totalled 40.3%, primarily from the DTK,  
Schmalz+Schön and ITC Logistic acquisitions.  
Currency translation effects totalled 0.3%.  
Adjusted EBIT increased by 58.0% in Q3 2025 to DKK  
139 million. The development compared to last year  
was driven by the acquisition of DTK, organic growth  
and increased margins.  
Lower activity in the UK impacted the organic business,  
but this was more than offset by stronger performance  
in Denmark and Sweden.  
Gross profit  
Gross profit increased by 57.2% to DKK 511 million in  
Q3 2025, and the gross margin increased by 1.4  
percentage points to 22.3%.  
The operating margin increased by 0.5 percentage  
points in Q3 2025 to 6.1%, positively affected by the  
increase in gross profit.  
The gross margin increase was primarily driven by  
Schmalz+Schön due to its higher groupage and  
warehousing exposure, which produces a higher gross  
margin.  
The conversion ratio increased by 0.1 percentage  
points in Q3 2025 to 27.2%.  
Selected quarterly financial information  
(DKKm)  
Q3 2024  
1,558  
325  
Organic  
%
Acquisitions  
%
Currency  
%
0.3%  
0.3%  
1.1%  
Q3 2025  
2,296  
511  
%
47.4%  
57.2%  
58.0%  
Net external revenue  
Gross profit  
Adj. EBIT  
106 6.8%  
39 12.0%  
25 28.5%  
628 40.3%  
146 44.9%  
25 28.4%  
4
1
1
88  
139  
Gross margin  
20.9%  
5.6%  
22.3% 1.4 p.p.  
6.1% 0.5 p.p.  
27.2% 0.1 p.p.  
Operating margin  
Conversion ratio  
27.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
10 November 2025  
Air & Ocean  
The Air & Ocean division saw a decline in net revenue in  
Q3 2025, primarily driven by lower average freight  
rates, reduced volumes, and normalised project activity  
compared to the same period last year. Market  
conditions remained volatile, influenced by ongoing  
uncertainty surrounding US tariffs and continued  
changes in announcements made during the year.  
The Q3 2025 result from the project organisation was  
lower compared to the same period last year due to  
reduced activity.  
During the quarter, the division continued its efforts on  
identifying new start-ups and cost savings, efforts that  
will continue for the remainder of the year.  
Operational efficiency and increased intercompany  
collaboration remain key focus areas, as well as ensuring  
standardised processes across all entities. During the  
quarter, progress was made on both parameters.  
Looking ahead, the division will continue to expand  
through the introduction of new products and targeted  
procurement initiatives.  
Ocean freight rates remained below Q3 2024 levels and  
continue to be under pressure as additional capacity  
entered the market. Air freight volumes were also  
impacted, although to a lesser extent, and air freight  
rates were slightly down year-on-year.  
Selected quarterly financial information  
(DKKm)  
YTD 2024  
1,935  
364  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2025  
1,914  
%
-1.1%  
19.5%  
Net external revenue  
Gross profit  
Adj. EBIT  
-171 -8.9%  
24 6.6%  
-39 -41.5%  
174 9.0%  
52 14.3%  
-24 -1.2%  
-5 -1.4%  
435  
94  
3
3.2%  
-
-
58 -38.3%  
22.7% 3.9 p.p.  
3.0% -1.9 p.p.  
13.3% -12.5 p.p.  
Gross margin  
18.8%  
4.9%  
Operating margin  
Conversion ratio  
25.8%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
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www.ntg.com  
CVR no. 12546106  
 
10 November 2025  
Air & Ocean, continued  
Net revenue  
Gross margin increased compared to Q3 2024,  
supported by lower average freight rates.  
Net revenue decreased by 12.7% in Q3 2025 to DKK  
644 million. Organic growth was down 18.2%, driven by  
lower freight rates and reduced project activity.  
Acquired growth contributed 8.5%, primarily from the  
Schmalz+Schön and Freightzen acquisitions, while  
currency translation effects had a negative impact of  
3.0%.  
Operating profit before special items (adj. EBIT)  
Adjusted EBIT decreased by 19.2% in Q3 2025 to DKK  
21 million, primarily due to the replacement of last  
year’s high-margin project volumes with lower-margin  
activity.  
The operating margin decreased by 0.2 percentage  
points to 3.3% in Q3 2025, as the positive impact from  
lower freight rates was offset by reduced project  
activity.  
Gross profit  
Gross profit increased by 12.3% to DKK 146 million in  
Q3 2025, while the gross margin increased by 5.1  
percentage points to 22.7%, primarily driven by lower  
freight rates.  
The conversion ratio decreased by 5.6 percentage  
points to 14.4% in Q3 2025, also driven by the lower  
contribution from project volumes.  
The gross profit growth reflects contributions from  
acquisitions, with the organic business remaining flat as  
general cargo activities replaced last year’s project  
activity.  
Selected quarterly financial information  
(DKKm)  
Q3 2024  
738  
Organic  
-135 -18.2%  
0.8%  
-8 -30.7%  
%
Acquisitions  
%
Currency  
%
Q3 2025  
644 -12.7%  
146 12.3%  
%
Net external revenue  
Gross profit  
Adj. EBIT  
63 8.5%  
19 14.6%  
-22 -3.0%  
-4 -3.1%  
130  
1
26  
3
11.5%  
-
-
21 -19.2%  
22.7% 5.1 p.p.  
3.3% -0.2 p.p.  
14.4% -5.6 p.p.  
Gross margin  
17.6%  
3.5%  
Operating margin  
Conversion ratio  
20.0%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
10 November 2025  
Interim Financial Statements  
Income Statement  
Statement of Other Comprehensive Income  
(DKKm)  
Q3 2025  
Q3 2024  
YTD 2025  
YTD 2024  
(DKKm)  
Q3 2025  
Q3 2024 YTD 2025  
YTD 2024  
248
Net revenue  
2,941
2,296
8,493
6,759
Profit for the period  
61
54
164
Direct costs  
-2,284
657
-1,840
456
-6,753
1,920
-298
-5,365
1,394
-152
Items that may be reclassified to the income  
statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
-
-27
-64
1
-5
-3
Other external expenses  
Staff costs  
-95
-64
Items will not be reclassified to the income  
statement:  
-306
-218
-921
-667
Operating profit before amortisation,  
depreciation and special items  
Actuarial adjustments on retirement benefit  
obligations  
256
174
701
575
-11
-4
Amortisation and depreciation of intangible  
and tangible fixed assets  
-96
-60
-275
-182
Other comprehensive income  
Total comprehensive income  
-11
50
-31
23
-63
-8
101
240
Operating profit before special items  
Special items, net  
160
-19
3
114
-9
426
-32
393
-11
15
Attributable to:  
Financial income  
-2
12
Shareholders in NTG Nordic Transport Group  
A/S  
41
9
16
7
73
28
211
29
Financial costs  
-53
91
-29
74
-20
54
-156
250
-86
-74
323
-75
248
Non-controlling interests  
Profit before tax  
Tax on profit for the period  
Profit for the period  
-30
61
164
Attributable to:  
Shareholders in NTG Nordic Transport Group  
A/S  
51
10
46
8
135
29
220
28
Non-controlling interests  
Earnings per share  
Earnings per share (DKK)  
Diluted earnings per share (DKK)  
2.32
2.32
2.16
2.14
6.21
6.21
10.33
10.23
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
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CVR no. 12546106  
 
10 November 2025  
Cash Flow Statement  
Cash Flow Statement, continued  
(DKKm)  
Q3 2025  
Q3 2024  
YTD 2025  
YTD 2024  
(DKKm)  
Q3 2025  
Q3 2024  
YTD 2025  
YTD 2024  
Operating profit before special items  
160
114
426
393
Repayment of lease liabilities  
-87
-54
-245
-166
Proceeds and repayments of other financial  
liabilities  
Depreciation and amortisation  
Share-based payments  
96
4
60
8
275
13
182
15
-168
239
930
128
Shareholders and non-controlling interests:  
Change in working capital  
Change in provisions  
-83
-1
-28
-
-4
-225
-38
15
Dividends paid to non-controlling interests  
-19
-
-1
-35
2
-27
-67
-9
Acquisition of shares from non-controlling  
interests  
-22
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
3
-2
12
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
1
-273
-204
-1
161
261
-5
647
193
2
-130
5
-19
-34
-35
-19
72
-3
-7
-57
-99
-88
-32
437
-16
-873
-2
-21
-53
-87
-11
170
-6
-22
-4
Cash and cash equivalents at beginning of  
period*  
491
26
102
276
Special items  
-9
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  
110
-2
Cash flow for the period  
-204
2
261
-5
193
-6
5
1
Currency translation adjustments  
Cash and cash equivalents at 30 September*  
289
282
289
282
-
-6
-27
-2
-
-2
Statement of adjusted free cash flow  
-3
-10
100
-891
-454
-35
135
(DKKm)  
Q3 2025  
Q3 2024  
YTD 2025  
-454  
YTD 2024  
135  
69
Free cash flow  
69  
19  
-
100  
9
Special items reversed  
Acquisition of business activities reversed  
Repayment of lease liabilities  
32  
11  
6
873  
27  
-87  
-54  
-245  
-166  
Adjusted free cash flow  
1
61  
206  
7
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 0 million on 30  
September 2025, DKK 147 million on 31 December 2024 and DKK 219 million on 30 September 2024.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 November 2025  
Balance Sheet, continued  
Balance Sheet  
(DKKm)  
30/09/2025 31/12/2024 30/09/2024  
(DKKm)  
30/09/2025 31/12/2024 30/09/2024  
Equity and liabilities  
Assets  
Share capital  
453
986
453
805
1,258
86
453
728
1,181
77
Intangible assets  
2,704
159
1,762
128
1,408
74
Reserves  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
1,201
85
1,098
69
805
64
NTG shareholders' share of equity  
Non-controlling interests  
Total equity  
1,439
84
Deferred tax assets  
Total non-current assets  
Trade receivables  
29
28
36
1,523
35
1,344
34
1,258
19
Deferred tax liabilities  
Pensions and similar obligations  
Provisions  
4,178
1,790
150
3,085
1,525
103
2,387
1,581
94
102
91
79
27
22
1
Other receivables  
Financial liabilities  
Lease liabilities  
1,480
946
503
902
1,552
36
476
662
1,237
35
Cash and cash equivalents  
Corporation tax  
289
249
501
33
13
27
Total non-current liabilities  
Provisions  
2,590
39
Total current assets  
Total assets  
2,242
6,420
1,904
4,989
2,209
4,596
Financial liabilities  
Lease liabilities  
46
175
261
1,320
248
53
223
202
1,332
232
77
334
Trade payables  
1,529
320
Other payables  
Corporation tax  
39
Total current liabilities  
Total liabilities  
2,307
4,897
6,420
2,093
3,645
4,989
2,101
3,338
4,596
Total equity and liabilities  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 November 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
135
1,258
135
86
29
1,344
164
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
-63
-
-
1
-63
1
-1
-
-64
1
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-63
-63
1
-62
73
-1
28
-63
101
136
Transactions with shareholders:  
Share-based payments  
-
-
-
-
13
-
13
-
-
-35
-
13
-35
86
Dividends distributed  
-
-
Transfer of treasury shares  
-
7
-
79
86
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 September 2025  
-
8
-
-
-9
-1
3
2
-
-
-
10
10
2
12
15
-11
-
93
108
1,439
-30
84
78
453
-31
1,028
1,523
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 November 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
220
1,019
220
78
28
1,097
248
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
-7
-
-
-3
-7
-3
1
-
-6  
-3
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-7
-7
-3
-10
210
1
-9  
217
29
239  
Transactions with shareholders:  
Share-based payments  
-
1
-
14
-1
15
-1
-
-
15
-1
Tax on share-based payments  
-
-
-
-
Dividends distributed  
-
-
-
-
-27
-3
-27
-67
2
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 September 2024  
-
1
-
-
-65
2
-64
2
-
-
-
-
2
-
-50
767
-48
1,181
-30
77
-78
1,258
453
-26
-13
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 November 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  
 
10 November 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  
Q3 2025 Q3 2024  
Eliminations etc.  
Total  
Q3 2025  
(DKKm)  
Q3 2025  
2,303  
-7  
Q3 2024  
Q3 2025  
Q3 2024  
Q3 2024  
2,304  
-8  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
1,563  
-5  
651  
-7  
741  
-3  
1
-
-
-
2,955  
-14  
2,296  
1,558  
325  
-55  
644  
146  
-5  
738  
130  
-5  
1
-
2,941  
657  
2,296  
Gross profit  
511  
-90  
-
-1  
-
1
-
456  
-60  
Amortisation and depreciation  
Operating profit before special items  
-96  
139  
88  
21  
26  
-
160  
114  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2025  
6,599  
-21  
YTD 2024  
4,840  
-16  
YTD 2025  
1,931  
-17  
YTD 2024  
1,941  
-6  
YTD 2025  
YTD 2024  
YTD 2025  
8,531  
-38  
YTD 2024  
6,781  
-22  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
1
-
-
-
-
6,578  
4,824  
1,914  
1,935  
1
8,493  
6,759  
Gross profit  
1,485  
-258  
367  
1,029  
-166  
299  
435  
-17  
58  
364  
-16  
94  
-
-
1
-
1,920  
-275  
426  
1,394  
-182  
393  
Amortisation and depreciation  
Operating profit before special items  
1
-
*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  
Hammerholmen 47  
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CVR no. 12546106  
 
10 November 2025  
Net revenue per country (DKKm)  
Q3 2025  
Q3 2024  
YTD 2025  
YTD 2024  
Denmark  
1,093  
854  
3,092  
2,576  
Germany  
USA  
491  
341  
113  
385  
1,374  
967  
315  
979  
Sweden  
Finland  
Other  
332  
305  
1,019  
401  
963  
130  
128  
444  
554  
511  
1,640  
8,493  
1,482  
6,759  
Total  
2,941  
2,296  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 November 2025  
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.  
Note 3 – Leases  
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
67  
78  
92  
140  
-13  
-119  
2
159  
218  
-21  
23  
43  
24  
157  
-22  
-171  
-
Additions during the period  
Disposals during the period  
Depreciations  
114  
-21  
-86  
1
-8  
-1  
-138  
2
-257  
4
-85  
-1  
Currency translation adjustments  
Carrying amount at 30 September  
744  
457  
1,201  
494  
311  
805  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 November 2025  
Note 4 – Acquisition and disposal of entities  
Fair values  
at date of  
acquisition  
Transaction costs  
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.  
(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
80  
Right-of-use assets  
Trade receivables  
Other receivables  
Fair value of acquired net assets and recognised goodwill  
159  
6
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  
282  
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  
84  
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.  
142  
25  
3
Consideration transferred  
256  
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 DKK 420 million to the Group’s net revenue and  
DKK 47 million to the Group’s adjusted EBIT. If the acquisition  
had taken place 1 January 2025, the Group’s net revenue  
would have amounted to DKK 8,900 million and adjusted  
EBIT would have amounted to DKK 453 million.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 November 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 be finalised in Q4 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  
September 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 DKK 330 million to the Group’s net revenue and  
DKK 1 million to the Group’s adjusted EBIT.  
Goodwill and intangible assets arising from the  
acquisition  
403  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 November 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  
-416,865  
2,753  
26  
-7  
-8  
-
5.7%  
-1.5%  
-1.8%  
-
331  
-86  
-90  
-1  
Value adjustment  
-54  
100  
Treasury shares at 30 September  
540,611  
11  
2.4%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 November 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  
 
10 November 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 September 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 September  
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 September 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, 10 November 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 Jørgensen
Board member
Board member
Board member
NTG Nordic Transport Group A/S  
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CVR no. 12546106