+45 7634 0900
CVR no. 1 2 5 4 6 1 0 6
Interim Report
H1 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 H1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
REVIEW
ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
2
Key highlights H1 2026
Q2 2026 reected gradually improving market
conditions across several markets, although
activity remained subdued in Germany. Freight
rates increased during the quarter, supported
by capacity constraints and higher fuel prices,
while demand developed positively across most
of NTG's key markets. NTG delivered solid
organic growth, including organic adjusted EBIT
growth of 17.2%, and improved protability,
while maintaining focus on cost control, market
share gains and strategic initiatives.
• Gross prot increased by 8.2% and adjusted EBIT increased by 23.4%
compared to Q2 last year, driven primarily by solid organic growth and
supported by the inclusion of DTK in the nal month of the quarter.
• The operating margin improved from 5.1% to 5.4% in Q2 2026, supported
by improved conversion ratios across both divisions.
• The roll-out of the new groupage Transport Management System (TMS) in
Germany was completed in the southern region by the end of the quarter,
marking an important milestone in the implementation programme.
• Restructuring initiatives in the Air & Ocean division progressed ahead of
plan during the quarter, with further initiatives expected in the second half
of 2026.
• Based on the performance in the rst six months of the year, full‑year
guidance for 2026 has been narrowed to an adjusted EBIT range of DKK
625–650million. Expected special items have been increased to DKK 30–
35million, reecting additional initiatives to strengthen the Air & Ocean
division's performance and long-term development.
(DKKm)
Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change
Net revenue 3,330 2,857 16.6% 6,313 5,552 13.7%
Gross prot 715 661 8.2% 1,366 1,263 8.2%
Adj. EBIT 179 145 23.4% 318 266 19.5%
Prot for the period 93 42 121.4% 162 103 57.3%
Gross margin 21.5% 23.1% -1.7 ppts 21.6% 22.7% -1.1 ppts
Operating margin 5.4% 5.1% 0.3 ppts 5.0% 4.8% 0.2 ppts
Conversion ratio 25.0% 21.9% 3.1 ppts 23.3% 21.1% 2.2 ppts
OUTLOOK 2026
Adjusted EBIT (DKKm)
H1 2026
318
2026 guidance
625-650
Special items, net
30-35
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 H1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
REVIEW
ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
3
Financial highlights
(DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025
Income statement
Net revenue 3,330 2,857 6,313 5,552
Gross prot 715 661 1,366 1,263
Operating prot before depreciation, amortisation (EBITDA)
and special items 282 238 523 445
Operating prot (EBIT) before special items 179 145 318 266
Special items, net -12 -10 -24 -13
Net nancial items -31 -57 -58 -94
Prot for the period 93 42 162 103
Earnings per share (DKK) 3.69 1.47 6.31 3.88
Earnings per share (DKK) last 12 months 12.33 9.63 12.33 9.63
(DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025
Cash ow statement
Cash ows from operating activities 333 339 329 365
Cash ows from investing activities -27 -558 -39 -888
Free cash ow 306 -219 290 -523
Adjusted free cash ow 225 265 130 205
Cash ows from nancing activities -143 302 -278 920
Cash ow for the period 163 83 12 397
(DKKm) YTD 2026 YTD 2025
Balance sheet
Net working capital 12 -64
Invested capital 3,973 3,931
Net interest-bearing debt 2,347 2,521
Net interest-bearing debt excluding IFRS 16 1,132 1,203
Total equity 1,726 1,487
NTG Nordic Transport Group A/S' shareholders' share
of equity 1,638 1,391
Non-controlling interests 88 96
Total assets 6,922 6,622
(DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025
Financial ratios
Gross margin 21.5% 23.1% 21.6% 22.7%
Operating margin 5.4% 5.1% 5.0% 4.8%
Conversion ratio 25.0% 21.9% 23.3% 21.1%
ROIC before tax
*
16.3% 16.5%
Return on equity
*
20.8% 17.8%
Leverage ratio
*
2.25 3.04
Solvency ratio 24.9% 22.5%
(DKKm) YTD 2026 YTD 2025
Employees
Average number of employees (FTEs) 3,143 3,016
* Ratio is based on last 12 months’ gures
Interim Report H1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
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ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
4
Financial review
Income statement
Revenue
Group net revenue increased by 16.6% in Q2 2026 to
DKK 3,330million. Organic growth amounted to 14.8%,
driven primarily by higher freight rates in both the Road
& Logistics and Air & Ocean divisions, while solid volume
growth in the Road & Logistics division also contributed
positively. Acquired growth totalled 2.0%, reecting
the one-month inclusion of DTK, while currency effects
had a negative impact of 0.2%.
Gross prot
Gross prot increased by 8.2% to DKK 715million, while
the gross margin decreased to 21.5%. The margin
development reected changes in business mix across
the Group and higher freight rates in the Air & Ocean
division.
Adjusted EBIT
Adjusted EBIT increased by 23.4% to DKK 179million,
compared to DKK 145million in Q2 2025.
The improvement was driven by organic growth and
higher conversion ratios across both divisions, supported
by a one-month contribution from DTK, including
realised synergy benets.
The operating margin increased to 5.4%, compared to
5.1% in Q2 2025. The improvement was primarily driven
by margin improvements in the Road & Logistics division.
Non-controlling interests’ share of adjusted EBIT was
8.0%, compared to 10.2% in Q2 2025, primarily driven by
the performance of the fully owned entities.
Special items
Net special items totalled negative DKK 12million in Q2
2026, compared to negative DKK 10million in Q2 2025,
primarily related to the restructuring activities in the Air
& Ocean division.
Net nancial expenses
Net nancial expenses totalled DKK 31million in Q2
2026, compared to DKK 57million in Q2 2025. The
decrease was driven by lower effects from foreign
exchange volatility and interest payments compared to
the same period last year.
Tax on
prot for the period
The effective tax rate amounted to 31.6% in Q2 2026,
compared to 46.2% in the same period last year. The
Adjusted EBIT increased to DKK 179million in Q2 2026, compared to
DKK 145million in Q2 2025. The quarter reected a strong performance,
driven by higher freight rates, successful cost-out initiatives, and improved
operating performance in the Nordic region.
Condensed income statement
(DKKm) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change
Net revenue 3,330 2,857 16.6% 6,313 5,552 13.7%
Direct costs -2,615 -2,196 19.1% -4,947 -4,289 15.3%
Gross prot 715 661 8.2% 1,366 1,263 8.2%
Other external expenses -105 -105 0.0% -196 -203 -3.4%
Staff costs -328 -318 3.1% -647 -615 5.2%
EBITDA 282 238 18.5% 523 445 17.5%
Depreciation and
amortisation -103 -93 10.8% -205 -179 14.5%
Adj. EBIT 179 145 23.4% 318 266 19.5%
Special items, net -12 -10 20.0% -24 -13 84.6%
Net nancial items -31 -57 -45.6% -58 -94 -38.3%
Prot before tax 136 78 74.4% 236 159 48.4%
Tax on prot for
the period -43 -36 19.4% -74 -56 32.1%
Prot for the period 93 42 121.4% 162 103 57.3%
Gross margin 21.5% 23.1% -1.7 ppts 21.6% 22.7% -1.1 ppts
Operating margin 5.4% 5.1% 0.3 ppts 5.0% 4.8% 0.2 ppts
Conversion ratio 25.0% 21.9% 3.1 ppts 23.3% 21.1% 2.2 ppts
Net revenue and net revenue
growth in Q2
(DKKm)
16.6%
Growth in net revenue
2,305
2,857
3,330
8.7%
23.9%
16.6%
2024 2025 2026
Interim Report H1 2026
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FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
5
Group continued to be impacted by unrecognised tax
losses in loss‑making entities in Germany; however, the
effect was less pronounced than in the same period last
year, resulting in a lower effective tax rate.
Prot for the period
Prot for the period increased to DKK 93million in
Q2 2026, compared to DKK 42million in the same
period last year. The improvement was driven by higher
adjusted EBIT, a lower effective tax rate and lower net
nancial expenses, partly offset by slightly higher net
special items.
Cash ows
Adjusted free cash ow
In Q2 2026, adjusted free cash ow amounted to DKK
225million, representing a decrease of DKK 40million
compared to the same period last year. The decrease
was primarily driven by a lower contribution from net
working capital compared to Q2 2025, partly offset by
higher EBITDA.
Net working capital
Net working capital development resulted in a cash
release of DKK 97million in Q2 2026, compared to DKK
181million in the same quarter last year. The inow
was mainly driven by normal seasonality and timing
effects related to the early payment to hauliers ahead
of Easter, where payments were brought forward from
Q2 into Q1, resulting in a positive working capital effect
during Q2. The inow was partly offset by the ongoing
groupage TMS roll-out in Germany, where the temporary
negative impact on working capital increased during the
quarter as the implementation progressed. Following the
completion of the roll-out in the southern region, the
impact is expected to gradually improve. Net working
capital amounted to DKK 12million at the end of the
quarter, compared to negative DKK 64million in Q2
2025, which was positively impacted by an extraordinary
cash inow in the US entity.
Capital resources
Net interest-bearing debt
As of 30 June 2026, NTG had a net interest-bearing debt
of DKK 1,132million, excluding IFRS 16 lease liabilities,
and DKK 2,347million including IFRS 16 lease liabilities.
Leverage rao
The NIBD/EBITDA leverage ratio was 2.25x at 30 June
2026, compared to 3.04x at the same time last year.
The improvement primarily reected higher EBITDA,
partly offset by the ongoing share buyback programme.
Invested capital
Invested capital amounted to DKK 3,973million as of
30 June 2026, compared with DKK 3,931million at
30 June 2025. The slight increase is primarily due to
the higher net working capital compared to the same
period last year.
Return on invested capital before tax
Return on invested capital before tax (ROIC), including
goodwill and IFRS 16 effects, amounted to 16.3% in Q2
2026, compared to 16.5% in Q2 2025. The development
reected a higher average invested capital following
recent acquisitions, partly offset by higher EBIT.
Outlook
Based on the results during the rst six months of
the year, we have narrowed the full-year guidance for
2026 as follows:
• Adjusted EBIT of DKK 625–650million
• Special items of DKK 30-35million
Q2 2026 growth components
(DKKm) Organic % Acquisions % FX % Total %
Net revenue
Road & Logistics 315 13.8% 56 2.5% 1 0.0% 372 16.3%
Air & Ocean 107 18.4% 0 0.0% -6 -1.0% 101 17.4%
Total 422 14.8% 56 2.0% -5 -0.2% 473 16.6%
Gross prot
Road & Logistics 35 6.7% 19 3.7% 0 0.0% 54 10.4%
Air & Ocean 1 0.7% 0 0.0% -1 -0.7% 0 0.0%
Total 36 5.5% 19 2.9% -1 -0.2% 54 8.2%
Adjusted EBIT
Road & Logistics 23 17.8% 9 7.0% 0 0.0% 32 24.8%
Air & Ocean 2 12.5% 0 0.0% 0 0.0% 2 12.5%
Total 25 17.2% 9 6.2% 0 0.0% 34 23.4%
Gross prot and
gross margin in Q2
(DKKm)
21.5%
Gross margin
475
661
715
20.6%
23.1%
21.5%
2024 2025 2026
Adjusted EBIT and operating
margin in Q2
(DKKm)
5.4%
Operating margin
165
145
179
7.2%
5.1%
5.4%
2024 2025 2026
Interim Report H1 2026
FINANCIAL
HIGHLIGHTS
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AIR &
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FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
6
Road & Logistics
Market highlights
Market conditions varied across geographies during
the quarter. Germany remained subdued with limited
changes in activity levels, while other markets showed
signs of improvement, particularly in the Scandinavian
countries. Freight rates increased during the quarter,
supported by capacity constraints and higher fuel
prices. Overall, conditions improved slightly year-on-
year, although activity in Germany remained muted.
Business highlights
Financial performance during the quarter reected
a combination of improving market conditions and
solid operational execution across the division. Most
entities delivered positive year-on-year development,
supported by improving volumes and higher freight rates.
Performance in Germany continued to be impacted by
the ongoing roll-out of a new groupage TMS, where
user adoption and integration affected operations during
the quarter. The implementation was completed in
the southern region by the end of the quarter, marking an
important milestone in the roll-out. Despite subdued
market conditions and the TMS implementation,
Germany delivered a slight improvement in adjusted
EBIT compared to Q2 last year.
Revenue
Net revenue increased by 16.3% to DKK 2,649million.
Acquired growth amounted to 2.5%, reecting the one-
month inclusion of DTK, while organic growth was 13.8%.
Organic revenue growth was driven by higher spot rates,
supported by capacity constraints and increasing diesel
prices, as well as volume growth. Currency translation
was at at 0.0%.
Gross prot
Gross prot increased by 10.4% to DKK 574million,
while the gross margin decreased by 1.1 percentage
points to 21.7%. The margin development primarily
reected changes in business mix.
Adjusted EBIT
Adjusted EBIT increased by 24.8% to DKK 161million.
The development was primarily driven by organic growth
and a higher conversion ratio, supported by the inclusion
of DTK. The conversion ratio increased by 3.2 percentage
points to 28.0%, reecting higher volumes and improved
protability in the division's largest entities in Denmark
and Sweden.
Net revenue and net revenue growth
in Q2
(DKKm)
16.3%
Growth in net revenue
1,662
2,277
2,649
5.5%
37.0%
16.3%
2024 2025 2026
Gross prot and
gross margin in Q2
(DKKm)
21.7%
Gross margin
357
520
574
21.5%
22.8%
21.7%
2024 2025 2026
Adjusted EBIT and operating margin
in Q2
(DKKm)
6.1%
Operating margin
108
129
161
6.5%
5.7%
6.1%
2024 2025 2026
The Road & Logistics division improved protability and delivered organic
adjusted EBIT growth of 17.8%, supported by higher freight rates,
improving market conditions and solid performance in the Nordic region.
Selected quarterly information
(DKKm) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change
Net revenue 2,649 2,277 16.3% 5,059 4,282 18.1%
Gross prot 574 520 10.4% 1,094 974 12.3%
Other external expenses -75 -75 0.0% -136 -141 -3.5%
Staff costs -241 -229 5.2% -474 -437 8.5%
Amortisation and
depreciation -97 -87 11.5% -194 -167 16.2%
Adj. EBIT 161 129 24.8% 290 229 26.6%
Gross margin 21.7% 22.8% -1.1 ppts 21.6% 22.7% -1.1 ppts
Operating margin 6.1% 5.7% 0.4 ppts 5.7% 5.3% 0.4 ppts
Conversion ratio 28.0% 24.8% 3.2 ppts 26.5% 23.5% 3.0 ppts
Interim Report H1 2026
FINANCIAL
HIGHLIGHTS
MANAGEMENT'S
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ROAD &
LOGISTICS
AIR &
OCEAN
FINANCIAL
STATEMENTS
DISCLOSURE
NOTES
STATEMENT
7
Air & Ocean
Market highlights
Global container volumes increased during Q2 2026,
supported by an early peak season and front-loading
ahead of potential tariff changes. Container freight rates
increased as strong demand, blank sailings and Red
Sea rerouting kept capacity tight. Air freight demand
improved compared to Q2 last year, while continued
rerouting due to the conict in the Middle East
supported elevated freight rates.
Business highlights
The Air & Ocean division continued to prioritise
operational and commercial improvements during the
quarter. Progress was made across cost efciency
initiatives, organisational adjustments and ongoing
restructuring activities, which advanced ahead of plan.
The division also focused on strengthening collaboration
across the network through increased cross-selling,
knowledge sharing and intercompany cooperation.
In parallel, the division strengthened its leadership teams
across several countries and expanded its footprint with
a new ofce in North Carolina, with further openings
planned. Combined with the ongoing restructuring
activities, these initiatives are expected to strengthen
the division’s organisational platform and support
a gradual improvement in nancial performance over
time. The division aims to continue attracting
experienced talent with strong industry networks to
support its long-term development.
Revenue
Net revenue increased by 17.4% to DKK 681million,
mainly driven by higher freight rates. Currency
translation effects had a negative impact of 1.0%.
Gross prot
Gross prot was at compared to last year at DKK
141million. The gross margin decreased by 3.6
percentage points to 20.7%, primarily reecting higher
freight rates and changes in business mix.
Adjusted EBIT
Adjusted EBIT increased by 12.5% to DKK 18million.
The improvement was primarily driven by benets from
organisational adjustments, increased intercompany
trade and restructuring activities, while the division
continued to invest in strengthening its organisational
platform. The conversion ratio increased by 1.5
percentage points to 12.8%, reecting the impact
of these initiatives during the quarter.
Net revenue and net revenue growth
in Q2
(DKKm)
17.4%
Growth in net revenue
664
580
681
17.9%
-10.1%
17.4%
2024 2025 2026
Gross prot and
gross margin in Q2
(DKKm)
20.7%
Gross margin
118
141 141
18.3%
24.3%
20.7%
2024 2025 2026
Adjusted EBIT and operating margin
in Q2
(DKKm)
2.6%
Operating margin
56
16
18
8.7%
2.8%
2.6%
2024 2025 2026
The Air & Ocean division continued to strengthen its organisational
platform through restructuring initiatives, strengthening of operational
leadership and network expansion.
Selected quarterly information
(DKKm) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change
Net revenue 681 580 17.4% 1,254 1,270 -1.3%
Gross prot 141 141 0.0% 272 289 -5.9%
Other external expenses -30 -30 0.0% -60 -62 -3.2%
Staff costs -87 -89 -2.2% -173 -178 -2.8%
Amortisation and
depreciation -6 -6 0.0% -11 -12 -8.3%
Adj. EBIT 18 16 12.5% 28 37 -24.3%
Gross margin 20.7% 24.3% -3.6 ppts 21.7% 22.8% -1.1 ppts
Operating margin 2.6% 2.8% -0.2 ppts 2.2% 2.9% -0.7 ppts
Conversion ratio 12.8% 11.3% 1.5 ppts 10.3% 12.8% -2.5 ppts
Interim Report H1 2026
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NOTES
STATEMENT
8
Income statement
(DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025
Net revenue 2 3,330 2,857 6,313 5,552
Direct costs -2,615 -2,196 -4,947 -4,289
Gross prot 715 661 1,366 1,263
Other external expenses -105 -105 -196 -203
Staff costs -328 -318 -647 -615
Operating prot before depreciation,
amortisation and special items 282 238 523 445
Depreciation and amortisation -103 -93 -205 -179
Operating prot (EBIT) before special items 179 145 318 266
Special items, net -12 -10 -24 -13
Financial income 5 5 16 9
Financial costs -36 -62 -74 -103
Prot before tax 136 78 236 159
Tax on prot the period -43 -36 -74 -56
Prot for the period 93 42 162 103
Attributable to:
Shareholders in NTG Nordic Transport
Group A/S 81 32 139 84
Non-controlling interests 12 10 23 19
Earnings per share
Earnings per share (DKK) 3.69 1.47 6.31 3.88
Diluted earnings per share (DKK) 3.68 1.47 6.30 3.88
Statement of comprehensive income
(DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025
Prot for the period 93 42 162 103
Items that may be reclassied to the
income statement:
Foreign exchange adjustments
of subsidiaries 4 -38 20 -64
Items that will not be reclassied to the
income statement:
Actuarial adjustments on retirement benet
obligations, net of tax -4 - -9 12
Other comprehensive income - -38 11 -52
Total comprehensive income 93 4 173 51
Attributable to:
Shareholders in NTG Nordic Transport
Group A/S 83 -6 152 32
Non-controlling interests 10 10 21 19
Interim Report H1 2026
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9
Cash flow statement
(DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025
Operating prot (EBIT) before special items 179 145 318 266
Depreciation and amortisation 103 93 205 179
Share-based payment expense 3 6 6 9
Movement in provisions 2 -6 - -21
Movement in pensions - - -1 13
Change in net working capital 97 181 -71 79
Special items paid -10 -10 -23 -13
Cash generated from operations 374 409 434 512
Interest income received 4 5 10 9
Interest expenses paid -33 -62 -68 -103
Income taxes paid -12 -13 -47 -53
Net cash ows from operating activities 333 339 329 365
Acquisition of property, plant and equipment -3 - -9 -13
Acquisition of intangible assets -3 - -3 -
Disposal of intangible assets, property, plant
and equipment 1 - 1 -
Acquisition of business activities -1 -557 -1 -873
Investments in other nancial assets -21 -1 -27 -2
Net cash ows from investing activities -27 -558 -39 -888
Free cash ow 306 -219 290 -523
(DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025
Proceeds from borrowings - 403 - 1,098
Repayment of borrowings -6 - -7 -
Repayment of lease liabilities -92 -83 -184 -158
Shareholders and non-controlling interests
Purchase of treasury shares -50 - -75 -
Dividends paid to non-controlling interests -22 -16 -23 -16
Acquisition of shares from non-controlling interests 14 1 -3 2
Disposal of shares to non-controlling interests 13 -3 14 -6
Net cash ows from nancing activities -143 302 -278 920
Net movement in cash and cash equivalents 163 83 12 397
Cash and cash equivalents at the beginning of the period
*
Net foreign currency exchange differences -5 1 -6 -8
Cash and cash equivalents at the end of the period
*
Statement of adjusted free cash ow
(DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025
Free cash ow 306 -219 290 -523
Special items reversed 10 10 23 13
Acquisition of business activities reversed 1 557 1 873
Repayment of lease liabilities -92 -83 -184 -158
Adjusted free cash ow 225 265 130 205
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 19million on 30 June 2026, DKK 0million on
31 December 2025 and DKK 0million on 30 June 2025.
Interim Report H1 2026
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NOTES
STATEMENT
10
Balance sheet
(DKKm) Note 30.06.2026 31.12.2025 30.06.2025
Assets
Goodwill 2,780 2,764 2,701
Other intangible assets 9 6 7
Property, plant and equipment 147 146 162
Right-of-use assets 3 1,133 1,186 1,241
Other receivables 104 77 85
Deferred tax assets 31 28 27
Total non-current assets 4,204 4,207 4,223
Trade receivables 2,145 1,676 1,752
Other receivables 156 129 145
Corporation tax 8 13 11
Cash and cash equivalents 409 384 491
Total current assets 2,718 2,202 2,399
Total assets 6,922 6,409 6,622
(DKKm) Note 30.06.2026 31.12.2025 30.06.2025
Equity and liabilities
Share capital 453 453 453
Reserves 4 1,185 1,097 938
NTG Nordic Transport Group A/S shareholders' share of equity 1,638 1,550 1,391
Non-controlling interests 88 84 96
Total equity 1,726 1,634 1,487
Borrowings 1,478 1,499 1,650
Lease liabilities 915 967 991
Deferred tax liabilities 35 34 35
Pensions 84 76 89
Provisions 24 24 27
Total non-current liabilities 2,536 2,600 2,792
Borrowings 63 31 44
Lease liabilities 300 297 327
Provisions 39 39 43
Trade payables 1,818 1,469 1,579
Other payables 367 290 310
Corporation tax 73 49 40
Total current liabilities 2,660 2,175 2,343
Total liabilities 5,196 4,775 5,135
Total equity and liabilities 6,922 6,409 6,622
Interim Report H1 2026
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DISCLOSURE
NOTES
STATEMENT
11
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 - - - 139 139 23 162
Other comprehensive income - - 22 -9 13 -2 11
Total comprehensive income - - 22 130 152 21 173
Transactions with owners:
Share-based payments - - - 6 6 - 6
Dividends distributed - - - - - -23 -23
Purchase of treasury shares - -8 - -67 -75 - -75
Transfer of treasury shares - - - - - - -
Acquisition of shares from non-controlling interests - 1 - -4 -3 - -3
Disposal of shares to non-controlling interests - - - 8 8 6 14
Total transactions with owners - -7 - -57 -64 -17 -81
Equity at 30 June 2026 453 -16 -12 1,213 1,638 88 1,726
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NOTES
STATEMENT
12
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 - - - 84 84 19 103
Other comprehensive income - - -64 12 -52 - -52
Total comprehensive income - - -64 96 32 19 51
Transactions with owners:
Share-based payments - - - 9 9 - 9
Dividends distributed - - - - - -16 -16
Purchase of treasury shares - - - - - - -
Transfer of treasury shares - 7 - 79 86 - 86
Acquisition of shares from non-controlling interests - - - -4 -4 6 2
Disposal of shares to non-controlling interests - - - 10 10 1 11
Total transactions with owners - 7 - 94 101 -9 92
Equity at 30 June 2025 453 -19 -32 989 1,391 96 1,487
Interim Report H1 2026
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NOTES
STATEMENT
13
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 six-month
period ended 30 June 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 H1 2026
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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) Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025
Segment revenue 2,656 2,285 686 585 3,342 2,870
Revenue (between segments) -7 -8 -5 -5 -12 -13
Revenue (external) 2,649 2,277 681 580 3,330 2,857
Gross prot 574 520 141 141 715 661
Gross margin (%) 21.7% 22.8% 20.7% 24.3% 21.5% 23.1%
Other external expenses -75 -75 -30 -30 -105 -105
Staff costs -241 -229 -87 -89 -328 -318
Amortisation and depreciation -97 -87 -6 -6 -103 -93
Operating prot before special items 161 129 18 16 179 145
Road & Logiscs Air & Ocean Total
(DKKm) YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025
Segment revenue 5,071 4,296 1,264 1,280 6,335 5,576
Revenue (between segments) -12 -14 -10 -10 -22 -24
Revenue (external) 5,059 4,282 1,254 1,270 6,313 5,552
Gross prot 1,094 974 272 289 1,366 1,263
Gross margin (%) 21.6% 22.7% 21.7% 22.8% 21.6% 22.7%
Other external expenses -136 -141 -60 -62 -196 -203
Staff costs -474 -437 -173 -178 -647 -615
Amortisation and depreciation -194 -167 -11 -12 -205 -179
Operating prot before special items 290 229 28 37 318 266
Net revenue per country
(DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025
Denmark 1,367 1,084 2,577 1,999
Germany 452 437 891 883
USA 307 276 562 626
Sweden 404 352 761 687
Finland 136 138 252 271
Other 664 570 1,270 1,086
Total 3,330 2,857 6,313 5,552
Interim Report H1 2026
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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 lease 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 lease payments made on or before
the commencement date, any initial direct costs and an
estimate of any 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.
2026 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 - 17 17 48 92 140
Additions during the period 10 124 134 8 109 117
Remeasurements during the period -1 -3 -4 49 9 58
Disposals during the period - -3 -3 -2 -6 -8
Depreciation -93 -100 -193 -91 -75 -166
Currency translation adjustments -1 -3 -4 1 1 2
Carrying amount at 30 June 624 509 1,133 756 485 1,241
Interim Report H1 2026
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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 412,765 8 1.8% 75
Value adjustment - - - 10
Carrying amount at 30 June 2026 834,169 16 3.7% 160
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 -336,380 -7 -1.5% -86
Consideration during acquisition -22,399 0 -0.1% -5
Purchase of shares - - - -
Other transactions -6,000 0 0.0% -1
Value adjustment - - - -64
Carrying amount at 30 June 2025 926,324 19 4.1% 175
Interim Report H1 2026
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NOTES
STATEMENT
17
Executive Management
Board of Directors
Interim Report H1 2026