NTG Nordic Transport Group (NTG) Q2 2025 earnings summary

Executive summary

• Q2 2025 net revenue grew 23.9%–24% year-over-year, mainly from acquisitions and higher freight rates in select markets.

• Adjusted EBIT increased 11.5% year-over-year when excluding a DKK 35 million one-off from 2024, reflecting both acquisition and organic contributions.

• Integration of DTK, EDS, and Rolls Freight progressed ahead of plan, with synergies realized quickly, especially in general cargo.

• Profit for the period fell 63.8% year-over-year, impacted by higher financial expenses and special items.

• Market conditions remain volatile, with particular headwinds in Germany and the Air & Ocean division.

Financial highlights

• Gross profit rose 39.2% to DKK 661 million, with gross margin improving to 23.1%.

• Adjusted EBIT for Q2 was DKK 145 million, down 12.1% year-over-year, but up 11.5% excluding the prior year’s one-off.

• Operating margin was 5.1% (5.6% excluding one-off), compared to 7.2% last year.

• Adjusted free cash flow reached DKK 265 million, up from DKK 56 million in Q2 2024.

• Net interest-bearing debt stood at DKK 1.2 billion, with a leverage ratio of 3.04x–3.1x EBITDA including IFRS 16.

Outlook and guidance

• Full-year 2025 EBIT guidance narrowed to DKK 560–610 million (from DKK 560–630 million), reflecting a more cautious market view, especially in Germany.

• Flat market environment expected for the remainder of 2025, with no anticipated improvement in the second half.

• FX is assumed to be neutral for the rest of the year.