+45 7634 0900
CVR no. 1 2 5 4 6 1 0 6
Interim Report
Q1 2026
NTG Nordic Transport Group A/S
Contact
Investor Relations & Press
Head of IR, Sebastian Rosborg
+45 4212 8099
sebastian.rosborg@ntg.com
ir@ntg.com | press@ntg.com
"www.ntg.com"
INTERIM REPORT Q1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
REVIEW
ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
2
Key highlights Q1 2026
Q1 2026 reected a continued volatile market
environment, with demand remaining subdued
across several European freight markets. Early
signs of stabilisation emerged towards the end
of the quarter, particularly in selected parts of
Europe. Macroeconomic uncertainty continued
to weigh unfavourably on activity levels, with
rising oil prices inuencing market conditions
during the period. Against this backdrop, NTG
remained focused on market share gains and
cost control.
• Gross prot increased by 8.1% and adjusted EBIT increased by 14.9%
compared to Q1 last year, driven by the inclusion of DTK and solid organic
growth in the Road & Logistics division.
• The Group operating margin improved from 4.5% to 4.7%, mainly
attributable to the inclusion of DTK and realised synergy benets from
the integration.
• Restructuring initiatives in the Air & Ocean division progressed as planned
during the quarter.
• Effective 1 April 2026, NTG strengthened Group Management, with
Tinneke Torpe appointed Group CFO and Carsten Trolle appointed CEO
of the Air & Ocean division.
• Based on the performance in the rst quarter, full‑year guidance for 2026
is maintained, with adjusted EBIT expected in the range of DKK 600–
650million.
(DKKm)
Q1 2026 Q1 2025 Change
Net revenue 2,983 2,695 10.7%
Gross prot 651 602 8.1%
Adj. EBIT 139 121 14.9%
Prot for the period 69 61 13.1%
Gross margin 21.8% 22.3% -0.5 ppts
Operating margin 4.7% 4.5% 0.2 ppts
Conversion ratio 21.4% 20.1% 1.3 ppts
OUTLOOK 2026
Adjusted EBIT (DKKm)
Q1 2026
139
2026 guidance
600-650
Special items, net
20-25
Forward-looking statements
This Interim Report contains forward‑looking statements. Forward-
looking statements are statements relating to future events or
performance and are subject to risks and uncertainties, many of which are
beyond the Group’s control, including economic and business conditions
in the countries and markets in which NTG Nordic Transport Group A/S
and its subsidiaries operate. Forward-looking statements in this Interim
Report reect Management’s current expectations and assumptions, which
are subject to uncertainty that may cause actual results to differ materially
from those expressed or implied herein.
Interim Report Q1 2026
FINANCIAL
HIGHLIGHTS
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DISCLOSURE
NOTES
STATEMENT
3
Financial highlights
(DKKm) Q1 2026 Q1 2025
Income statement
Net revenue 2,983 2,695
Gross prot 651 602
Operating prot before depreciation, amortisation (EBITDA) and
special items 241 207
Operating prot (EBIT) before special items 139 121
Special items, net -12 -3
Net nancial items -27 -37
Prot for the period 69 61
Earnings per share (DKK) 2.62 2.41
Earnings per share (DKK) last 12 months 10.13 13.09
Cash ow statement
Cash ows from operating activities -4 26
Cash ows from investing activities -12 -330
Free cash ow -16 -304
Adjusted free cash ow -95 -60
Cash ows from nancing activities -135 618
Cash ow for the period -151 314
(DKKm) Q1 2026 Q1 2025
Balance sheet
Net working capital 145 149
Invested capital 4,177 3,513
Net interest-bearing debt 2,584 2,102
Net interest-bearing debt excluding IFRS 16 1,298 881
Total equity 1,675 1,485
NTG Nordic Transport Group A/S' shareholders' share of equity 1,585 1,386
Non-controlling interests 90 99
Total assets 6,598 5,888
Financial ratios
Gross margin 21.8% 22.3%
Operating margin 4.7% 4.5%
Conversion ratio 21.4% 20.1%
ROIC before tax
*
15.9% 18.6%
Return on equity
*
16.7% 23.8%
Leverage ratio
*
2.59 2.58
Solvency ratio 25.4% 25.2%
Employees
Average number of employees (FTEs) 3,117 2,940
* Ratio is based on last 12 months’ gures
Interim Report Q1 2026
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STATEMENT
4
Financial review
Income statement
Revenue
Group net revenue increased by 10.7% in Q1 2026 to
DKK 2,983million. Organic growth amounted to 4.4%,
driven by higher volumes and increased freight rates
in the Road & Logistics division. Acquired growth totalled
7.2%, primarily reecting the acquisition of DTK, while
currency effects had a negative impact of 0.9%.
Gross prot
Gross prot increased by 8.1% to DKK 651million, while
the gross margin declined to 21.8%. The margin
development reected the ongoing roll‑out of the new
groupage TMS in Germany and a more competitive
commercial approach aimed at supporting market share
gains, while being partly supported by higher freight
rates implemented at the start of the year.
Adjusted EBIT
Adjusted EBIT increased by 14.9% to DKK 139million,
compared to DKK 121million in Q1 2025.
The improvement was driven by organic growth and an
improved conversion ratio in the Road & Logistics
division, as well as contributions from the DTK
acquisition, including realised synergy benets.
The operating margin increased to 4.7%, compared to
4.5% in Q1 2025. The improvement was primarily driven
by organic margin improvements in the Road & Logistics
division, offsetting lower project activity in the Air &
Ocean division.
Non-controlling interests’ share of adjusted EBIT was
10.4%, compared to 10.6% in Q1 2025.
Special items
Special items totalled DKK 12million in Q1 2026,
compared to DKK 3million in Q1 2025, primarily
related to planned restructuring activities in the Air &
Ocean division.
Net nancial expenses
Net nancial expenses totalled DKK 27million in Q1
2026, compared to DKK 37million in Q1 2025. The
decrease was driven by lower effects from foreign
exchange volatility compared to the same period last
year, partly offset by slightly higher interest expenses on
loan facilities and leasing liabilities.
Tax on
prot for the period
The effective tax rate amounted to 31.0% in Q1 2026,
compared to 24.7% in the same period last year. The
Adjusted EBIT increased to DKK 139million in Q1 2026, compared to
DKK 121million in Q1 2025. The quarter reected a resilient Group
performance, supported by an improving operating margin, while ongoing
restructuring initiatives progressed as planned.
Condensed income statement
(DKKm) Q1 2026 Q1 2025 Change
Net revenue 2,983 2,695 10.7%
Direct costs -2,332 -2,093 11.4%
Gross prot 651 602 8.1%
Other external expenses -91 -98 -7.1%
Staff costs -319 -297 7.4%
EBITDA 241 207 16.4%
Depreciation and amortisation -102 -86 18.6%
Adj. EBIT 139 121 14.9%
Special iems, net -12 -3 300.0%
Net nancial items -27 -37 -27.0%
Prot before tax 100 81 23.5%
Tax on prot for the period -31 -20 55.0%
Prot for the period 69 61 13.1%
Gross margin 21.8% 22.3% -0.5 ppts
Operating margin 4.7% 4.5% 0.2 ppts
Conversion ratio 21.4% 20.1% 1.3 ppts
Net revenue and net revenue
growth in Q1
(DKKm)
10.7%
Growth in net revenue
2.158
2.695
2.983
-4.3%
24.9%
10.7%
2024 2025 2026
Interim Report Q1 2026
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NOTES
STATEMENT
5
increase was primarily driven by unrecognised tax losses
in loss‑making entities in Germany, resulting in a higher
effective tax rate for the Group.
Prot for the period
Prot for the period increased to DKK 69million in
Q1 2026, compared to DKK 61million in the same
period last year. The improvement was driven by higher
adjusted EBIT and lower net nancial expenses, partly
offset by higher special items and an increased effective
tax rate.
Cash ows
Adjusted free cash ow
In Q1 2026, adjusted free cash ow amounted to
negative DKK 95million, representing a decrease of DKK
35million compared to the same period last year. Cash
ow for the quarter was negatively impacted by changes
in net working capital.
Net working capital
Net working capital development resulted in a cash
outow of DKK 168million in Q1 2026, compared to
a cash outow of DKK 102million in the same quarter
last year. The outow was mainly driven by normal
seasonality and was further impacted by timing effects,
as hauliers were paid in March ahead of Easter, as well
as a temporary build‑up related to the groupage TMS
roll‑out in Germany, which had a short‑term negative
effect on net working capital. Net working capital
amounted to DKK 145million at the end of the quarter,
compared to DKK 149million in Q1 2025, reecting a
positive contribution from the DTK acquisition.
Capital resources
Net interst-bearing debt
As of 31 March 2026, NTG had a net interest‑bearing
debt of DKK 1,298million, excluding IFRS 16 lease
liabilities, and DKK 2,584million including IFRS 16 lease
liabilities.
Leverage rao
The NIBD/EBITDA leverage ratio was 2.6x at 31 March
2026, unchanged compared to the same period last year.
The leverage ratio was positively impacted by
the inclusion of DTK, partly offset by the share buyback
programme executed during the quarter.
Invested capital
Invested capital amounted to DKK 4,177million as of
31 March 2026, compared with DKK 3,513million at
31 March 2025. The increase primarily reected
acquisitions completed during the period.
Return on invested capital before tax
Return on invested capital before tax (ROIC), including
goodwill and IFRS 16 effects, amounted to 15.9% in Q1
2026, compared to 18.6% in Q1 2025. The decline was
primarily driven by a higher average invested capital
following recent acquisitions. This was partly offset by
the increase in adjusted EBIT.
Outlook
Based on the results during the rst three months of
the year, we maintain the full-year guidance for 2026 as
follows:
• Adjusted EBIT of DKK 600 – 650million
• Special items of DKK 20-25million
Q1 2026 growth components
(DKKm) Organic % Acquisions % FX % Total %
Net revenue
Road & Logistics 203 10.1% 194 9.7% 8 0.4% 405 20.2%
Air & Ocean -85 -12.4% 0 0.0% -32 -4.6% -117 -17.0%
Total 118 4.4% 194 7.2% -24 -0.9% 288 10.7%
Gross prot
Road & Logistics 12 2.6% 52 11.5% 2 0.4% 66 14.5%
Air & Ocean -11 -7.4% 0 0.0% -6 -4.1% -17 -11.5%
Total 1 0.2% 52 8.6% -4 -0.7% 49 8.1%
Adjusted EBIT
Road & Logistics 2 2.0% 26 26.0% 1 1.0% 29 29.0%
Air & Ocean -12 -57.2% 0 0.0% 1 4.8% -11 -52.4%
Total -10 -8.3% 26 21.5% 2 1.7% 18 14.9%
Gross prot and
gross margin in Q1
(DKKm)
21.8%
Gross margin
463
602
651
21.5%
22.3%
21.8%
2024 2025 2026
Adjusted EBIT and operating
margin in Q1
(DKKm)
4.7%
Operating margin
114
121
139
5.3%
4.5%
4.7%
2024 2025 2026
Interim Report Q1 2026
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STATEMENTS
DISCLOSURE
NOTES
STATEMENT
6
Road & Logistics
Market highlights
Market volume trends differed across geographies
during the quarter. While Germany remained subdued
throughout the period, markets outside Germany
showed signs of improvement. Freight rates increased
during the quarter and were further impacted by higher
fuel prices from mid‑March 2026. Overall, market
conditions were at to slightly improving year‑on‑year
and have begun to stabilise following a prolonged period
of decline.
Business highlights
Financial performance for the quarter reected
these market conditions. Results in Germany were
lower compared to last year, impacted by subdued
market activity and the ongoing roll‑out of a new
groupage Transport Management System (TMS), while
user adoption and integration temporarily affected
performance. Other entities reported a broadly positive
and stable development compared to Q1 last year.
The division continued to focus on gaining market share
and expanding its network organically. In addition,
the roll‑out of the groupage TMS has commenced and is
expected to be implemented across more entities during
2026.
Revenue
Net revenue increased by 20.2% to DKK 2,410million.
Acquired growth amounted to 9.7%, reecting
the inclusion of DTK, while organic growth was 10.1%.
Organic revenue growth was driven by higher freight
rates and volume growth, with diesel price developments
contributing to the increase, as fuel cost adjustments
materialised towards the end of the quarter. Currency
translation effects contributed 0.4%.
Gross
prot
Gross prot increased by 14.5% to DKK 520million,
while the gross margin decreased by 1.0 percentage
point to 21.6%. The margin development reected
the ongoing roll‑out of the new groupage TMS
in Germany and a more competitive commercial
approach aimed at supporting market share gains, while
being partly supported by higher freight rates
implemented at the start of the year.
Adjusted EBIT
Adjusted EBIT increased by 29.0% to DKK 129million.
The year‑on‑year development was mainly driven by
the acquisition of DTK, with a slight organic growth.
The conversion ratio improved by 2.8 percentage points
to 24.8%, primarily reecting the inclusion of DTK,
including synergies from the integration.
Net revenue and net revenue growth
in Q1
(DKKm)
20.2%
Growth in net revenue
1,604
2,005
2,410
-2.7%
25.0%
20.2%
2024 2025 2026
Gross prot and
gross margin in Q1
(DKKm)
21.6%
Gross margin
347
454
520
21.6%
22.6%
21.6%
2024 2025 2026
Adjusted EBIT and operating margin
in Q1
(DKKm)
5.4%
Operating margin
103
100
129
6.4%
5.0%
5.4%
2024 2025 2026
The Road & Logistics division improved protability and delivered organic
adjusted EBIT growth of 2.0%, despite operating in a subdued market
environment, where early signs of stabilisation emerged in parts of Europe.
Selected quarterly information
(DKKm) Q1 2026 Q1 2025 Change
Net revenue 2,410 2,005 20.2%
Gross prot 520 454 14.5%
Other external expenses -61 -66 -7.6%
Staff costs -233 -208 12.0%
Amortisation and depreciation -97 -80 21.3%
Adj. EBIT 129 100 29.0%
Gross margin 21.6% 22.6% -1.0 ppts
Operating margin 5.4% 5.0% 0.4 ppts
Conversion ratio 24.8% 22.0% 2.8 ppts
Interim Report Q1 2026
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7
Air & Ocean
Market highlights
Global container volumes increased during Q1 2026 but
remained volatile. Container freight rates were affected
by continued market disruption and faced downward
pressure as additional capacity entered the market.
Towards the end of the quarter, the conict in the
Middle East contributed to short‑term rate increases by
carriers. Air freight demand improved compared to Q1
last year and, towards the end of the quarter, freight
rates increased, partly driven by the impact of the
conict in the Middle East.
Business highlights
Despite a volatile market environment and ongoing
macroeconomic uncertainty, the Air & Ocean division
maintained a clear operational focus on improving
performance. During the quarter, dedicated efforts
continued around cost reductions, organisational
adjustments and the execution of restructuring
initiatives, particularly in the US, where implementation
progressed as planned. These initiatives weighed on
performance in Q1 2026. The actions remain a key
management focus and are expected to support a gradual
and sustained improvement in the division’s results over
the coming quarters.
Revenue
Net revenue decreased by 17.0% to DKK 573million,
mainly driven by lower freight rates. Currency
translation effects had a negative impact of 4.6%.
Gross prot
Gross prot decreased by 11.5% to DKK 131million,
primarily driven by lower volumes, particularly in the US.
The gross margin increased by 1.5 percentage points to
22.9%, mainly reecting lower freight rates.
Adjusted EBIT
Adjusted EBIT decreased by 52.4% to DKK 10million.
The year‑on‑year development was mainly driven by
a normalisation of the project business and lower results
in the US. The conversion ratio decreased by 6.6
percentage points to 7.6%, primarily reecting lower
project business.
Net revenue and net revenue growth
in Q1
(DKKm)
-17.0%
Revenue growth
553
690
573
-8.6%
25%
-17.0%
2024 2025 2026
Gross prot and
gross margin in Q1
(DKKm)
22.9%
Gross margin
116
148
131
21.0%
21.4%
22.9%
2024 2025 2026
Adjusted EBIT and operating margin
in Q1
(DKKm)
1.7%
Operating margin
12
21
10
2.2%
3.0%
1.7%
2024 2025 2026
The Air & Ocean division made progress on several strategic initiatives
during the quarter, with particular momentum in the US, where the
restructuring programme continued to progress as planned.
Selected quarterly information
(DKKm) Q1 2026 Q1 2025 Change
Net revenue 573 690 -17.0%
Gross prot 131 148 -11.5%
Other external expenses -30 -32 -6.3%
Staff costs -86 -89 -3.4%
Amortisation and depreciation -5 -6 -16.7%
Adj. EBIT 10 21 -52.4%
Gross margin 22.9% 21.4% 1.5 ppts
Operating margin 1.7% 3.0% -1.3 ppts
Conversion ratio 7.6% 14.2% -6.6 ppts
Interim Report Q1 2026
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Income statement
(DKKm) Note Q1 2026 Q1 2025
Net revenue 2 2,983 2,695
Direct costs -2,332 -2,093
Gross prot 651 602
Other external expenses -91 -98
Staff costs -319 -297
Operating prot before depreciation, amortisation and special items 241 207
Depreciation and amortisation -102 -86
Operating prot (EBIT) before special items 139 121
Special items, net -12 -3
Financial income 11 4
Financial costs -38 -41
Prot before tax 100 81
Tax on prot the period -31 -20
Prot for the period 69 61
Attributable to:
Shareholders in NTG Nordic Transport Group A/S 58 52
Non-controlling interests 11 9
Earnings per share
Earnings per share (DKK) 2.62 2.41
Diluted earnings per share (DKK) 2.62 2.41
Statement of comprehensive income
(DKKm) Note Q1 2026 Q1 2025
Prot for the period 69 61
Items that may be reclassied to the income statement:
Foreign exchange adjustments of subsidiaries 16 -26
Items will not be reclassied to the income statement:
Actuarial adjustments on retirement benet obligations, net of tax -5 12
Other comprehensive income 11 -14
Total comprehensive income 80 47
Attributable to:
Shareholders in NTG Nordic Transport Group A/S 69 38
Non-controlling interests 11 9
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Cash flow statement
(DKKm) Note Q1 2026 Q1 2025
Operating prot (EBIT) before special items 139 121
Depreciation and amortisation 102 86
Share-based payment expense 3 3
Movement in provisions -2 -15
Movement in pensions -1 13
Change in net working capital -168 -102
Special items paid -13 -3
Cash generated from operations 60 103
Interest income received 6 4
Interest expenses paid -35 -41
Income taxes paid -35 -40
Net cash ows from operating activities -4 26
Acquisition of property, plant and equipment -6 -13
Disposal of intangible assets, property, plant and equipment - -
Acquisition of business activities - -316
Investments in other nancial assets -6 -1
Net cash ows from investing activities -12 -330
Free cash ow -16 -304
(DKKm) Note Q1 2026 Q1 2025
Proceeds from borrowings - 695
Repayment of borrowings -1 -
Repayment of lease liabilities -92 -75
Shareholders and non-controlling interests
Purchase of treasury shares -25 -
Dividends paid to non-controlling interests -1 -
Acquisition of shares from non-controlling interests -17 1
Disposal of shares to non-controlling interests 1 -3
Net cash ows from nancing activities -135 618
Net movement in cash and cash equivalents -151 314
Cash and cash equivalents at the beginning of the period
*
Net foreign currency exchange differences -1 -9
Cash and cash equivalents at the end of the period
*
Statement of adjusted free cash ow
(DKKm) Q1 2026 Q1 2025
Free cash ow -16 -304
Special items reversed 13 3
Acquisition of business activities reversed - 316
Repayment of lease liabilities -92 -75
Adjusted free cash ow -95 -60
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 36million on 31 March 2026, DKK 0million on
31 December 2025 and DKK 0million on 31 March 2025.
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Balance sheet
(DKKm) Note 31.03.2026 31.12.2025 31.03.2025
Assets
Goodwill 2,776 2,764 2,156
Other intangible assets 6 6 8
Property, plant and equipment 147 146 167
Right-of-use assets 3 1,207 1,186 1,152
Other receivables 88 77 78
Deferred tax assets 29 28 30
Total non-current assets 4,253 4,207 3,591
Trade receivables 1,938 1,676 1,729
Other receivables 123 129 150
Corporation tax 16 13 11
Cash and cash equivalents 268 384 407
Total current assets 2,345 2,202 2,297
Total assets 6,598 6,409 5,888
(DKKm) Note 31.03.2026 31.12.2025 31.03.2025
Equity and liabilities
Share capital 453 453 453
Reserves 4 1,132 1,097 933
NTG Nordic Transport Group A/S shareholders' share
of equity 1,585 1,550 1,386
Non-controlling interests 90 84 99
Total equity 1,675 1,634 1,485
Borrowings 1,498 1,499 1,239
Lease liabilities 977 967 932
Deferred tax liabilities 35 34 34
Pensions 80 76 92
Provisions 24 24 27
Total non-current liabilities 2,614 2,600 2,324
Borrowings 68 31 49
Lease liabilities 309 297 289
Provisions 37 39 35
Trade payables 1,515 1,469 1,394
Other payables 331 290 294
Corporation tax 49 49 18
Total current liabilities 2,309 2,175 2,079
Total liabilities 4,923 4,775 4,403
Total equity and liabilities 6,598 6,409 5,888
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Statement of changes in equity
(DKKm) Share capital Treasury share reserve Translaon reserve Retained earnings
Shareholders' share
of equity
Non-controlling
interests
Total equity
Equity at 1 January 2026 453 -9 -34 1,140 1,550 84 1,634
Prot for the period - - - 58 58 11 69
Other comprehensive income - - 16 -5 11 - 11
Total comprehensive income - - 16 53 69 11 80
Transactions with owners:
Share-based payments - - - 3 3 - 3
Dividends distributed - - - - - -1 -1
Purchase of treasury shares - -3 - -22 -25 - -25
Transfer of treasury shares - - - - - - -
Acquisition of shares from non-controlling interests - 1 - -14 -13 -4 -17
Disposal of shares to non-controlling interests - - - 1 1 - 1
Total transactions with owners - -2 - -32 -34 -5 -39
Equity at 31 March 2026 453 -11 -18 1,161 1,585 90 1,675
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Statement of changes in equity (continued)
(DKKm) Share capital Treasury share reserve Translaon reserve Retained earnings
Shareholders' share
of equity
Non-controlling
interests
Total equity
Equity at 1 January 2025 453 -26 32 799 1,258 86 1,344
Prot for the period - - - 52 52 9 61
Other comprehensive income - - -26 12 -14 - -14
Total comprehensive income - - -26 64 38 9 47
Transactions with owners:
Share-based payments - - - 3 3 - 3
Dividends distributed - - - - - - -
Purchase of treasury shares - - - - - - -
Transfer of treasury shares - 7 - 79 86 - 86
Acquisition of shares from non-controlling interests - - - -3 -3 4 1
Disposal of shares to non-controlling interests - - - 4 4 - 4
Total transactions with owners - 7 - 83 90 4 94
Equity at 31 March 2025 453 -19 6 946 1,386 99 1,485
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Notes
Note 1 – Basis of preparaon
These condensed consolidated nancial statements are
the unaudited interim consolidated nancial statements
of NTG Nordic Transport Group A/S and its subsidiaries
(hereafter “the Group”) for the three-month period
ended 31 March 2026. The interim consolidated
nancial statements and the management’s review,
together referred to as the Interim Report, have been
prepared in accordance with IAS 34 - Interim Financial
Reporting as adopted by the EU and additional Danish
disclosure requirements for interim nancial reporting of
listed companies.
The Interim Report should be read in conjunction with
the Group’s consolidated nancial statements for the
year ended 31 December 2025 (hereafter “the Annual
Report 2025”) as it provides an update of the previously
reported information. No new accounting standards or
amendments to existing standards with a material effect
on the Group’s Interim Report have become mandatorily
effective for reporting periods beginning 1 January 2026.
As a result, the accounting policies adopted in the Interim
Report are consistent with those of the previous nancial
year. Reference is made to note 1.1 of the Annual Report
2025 for a description of the accounting policies. For
a denition of nancial key gures and nancial ratios,
please see page 136 in the Annual Report 2025.
Interim Report Q1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
REVIEW
ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
14
Note 2 – Segment informaon and net revenue
The Group mainly derives revenue from freight
forwarding services related to transport of goods
throughout Europe and worldwide by road, air,
and ocean.
Road &
Logiscs
Air & Ocean Total
(DKKm) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025
Segment revenue 2,415 2,011 578 695 2,993 2,706
Revenue (between segments) -5 -6 -5 -5 -10 -11
Revenue (external) 2,410 2,005 573 690 2,983 2,695
Gross prot 520 454 131 148 651 602
Gross margin (%) 21.6% 22.6% 22.9% 21.4% 21.8% 22.3%
Other external expenses -61 -66 -30 -32 -91 -98
Staff costs -233 -208 -86 -89 -319 -297
Amortisation and depreciation -97 -80 -5 -6 -102 -86
Operating prot before special items 129 100 10 21 139 121
Net revenue per country (DKKm) Q1 2026 Q1 2025
Denmark 1,210 915
Germany 439 446
USA 255 350
Sweden 357 335
Finland 116 133
Other 606 516
Total 2,983 2,695
Interim Report Q1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
REVIEW
ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
15
Note 3 – Leases
Contracts are assessed at inception to determine
whether a lease has been entered according to IFRS
16 - Leases. If a lease is identied, 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 appropriate incremental borrowing rate.
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.
Subsequent to recognition, lease liabilities are measured
at amortised cost using the effective interest
method, adjusted for any remeasurements or contract
modications. 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.
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.
Q1 2026 Q1 2025
Right-of-use assets
(DKKm)
Land & buildings
Other plant and
equipment
Total Land & buildings
Other plant and
equipment
Total
Carrying amount at 1 January 709 477 1,186 743 355 1,098
Additions from business combinations - - - 48 - 48
Additions during the period 8 116 124 6 35 41
Remeasurements during the period -2 - -2 37 1 38
Disposals during the period - -2 -2 -1 -2 -3
Depreciation -47 -50 -97 -46 -34 -80
Currency translation adjustments - -2 -2 7 3 10
Carrying amount at 31 March 668 539 1,207 794 358 1,152
Interim Report Q1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
REVIEW
ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
16
Note 4 – 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
considerations in connection with M&A transactions.
Number of shares
Nominal value
(DKKm) Part of share capital
Market value
(DKKm)
Treasury shares at 1 January 2026 467,299 9 2.1% 89
Ring-the-Bell consideration paid -45,895 -1 -0.2% -14
Consideration during acquisition - - - -
Purchase of shares 152,134 3 0.7% 25
Value adjustment - - - -8
Carrying amount at 31 March 2026 573,538 11 2.6% 92
Number of shares
Nominal value
(DKKm) Part of share capital
Market value
(DKKm)
Treasury shares at 1 January 2025 1,291,103 26 5.7% 331
Ring-the-Bell consideration paid - - - -
Consideration during acquisition -336,380 -7 -1.5% -86
Purchase of shares - - - -
Value adjustment - - - 6
Carrying amount at 31 March 2025 954,723 19 4.2% 251
Interim Report Q1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
REVIEW
ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
17
Executive Management
Board of Directors
Board member Board member Board member Board member
Interim Report Q1 2026