NTG Nordic Transport Group (NTG) Q1 2026 earnings summary

Executive summary

• Gross profit rose 8.1% and adjusted EBIT increased 14.9% year-over-year, driven by the DTK acquisition and organic growth in Road & Logistics.

• Market volatility persisted, especially in Air & Ocean, with TMS rollout and restructuring impacting performance.

• Full-year 2026 adjusted EBIT guidance maintained at DKK 600–650 million.

• Management changes included new CEO for Air & Ocean and new Group CFO effective April 2026.

• Capital Markets Day scheduled for November 18, 2026, in Copenhagen.

Financial highlights

• Net revenue grew 10.7% year-over-year to DKK 2,983 million; organic growth was 4.4%.

• Gross profit reached DKK 651 million, up 8.1% year-over-year, with a gross margin of 21.8%.

• Adjusted EBIT was DKK 139 million, a 14.9% increase from Q1 2025.

• Special items totaled DKK 12 million, mainly from Air & Ocean division restructuring.

• Adjusted free cash flow was negative, impacted by net working capital build-up and seasonality.

Outlook and guidance

• Full-year 2026 adjusted EBIT guidance reaffirmed at DKK 600–650 million, assuming current market conditions persist.

• Guidance assumes ongoing volatility and no major macroeconomic downturn from geopolitical events.

• Special items for the year expected at DKK 20–25 million.

• TMS rollout drag expected to persist for 1–2 more quarters, with normalization in H2 2026.