NTG Nordic Transport Group (NTG) Q2 2025 earnings summary

Executive summary

• Completed and rapidly integrated DTK acquisition, boosting general cargo business and inorganic growth as of June 1, 2025.

• Adjusted EBIT rose 11.5% year-over-year, excluding prior year earn-out settlement, mainly due to DTK acquisition; reported EBIT down 12.1% due to Q2 2024 one-off.

• Gross profit increased 39.2% year-over-year, mainly from acquisitions and some organic growth.

• Full-year 2025 adjusted EBIT guidance narrowed to DKK 560–610 million, reflecting cautious market outlook.

• Net working capital improved significantly, supporting strong adjusted free cash flow.

Financial highlights

• Q2 2025 net revenue DKK 2,857 million, up 23.9% year-over-year; YTD revenue DKK 5,552 million, up 24.4%.

• Q2 2025 gross profit DKK 661 million (+39.2%); YTD gross profit DKK 1,263 million (+34.6%).

• Q2 2025 adjusted EBIT DKK 145 million, down 12.1% from Q2 2024 due to prior year one-off; YTD adjusted EBIT DKK 266 million, down 4.7%.

• Q2 2025 profit for the period DKK 42 million, down 63.8%; YTD profit DKK 103 million, down 46.9%.

• Q2 2025 adjusted free cash flow DKK 265 million, up from DKK 56 million in Q2 2024.

Outlook and guidance

• Full-year 2025 adjusted EBIT guidance narrowed to DKK 560–610 million (previously DKK 560–630 million).

• Assumes flat activity in road market; German market visibility remains low, with no improvement expected in H2 2025.

• Air & Ocean outlook reflects negative impact from US tariffs, with expected improvement in H2 2025.

• Guidance includes all completed acquisitions; excludes potential future deals.

• Outlook reflects persistent soft macroeconomic conditions and subdued consumer sentiment.