NTG Nordic Transport Group (NTG) Q2 2026 earnings summary

Executive summary

• Gross profit rose 8.2% and adjusted EBIT increased 23.4% year-over-year in Q2 2026, driven by strong organic growth, higher freight rates, cost efficiency, and the inclusion of DTK for one month.

• Market conditions improved overall in Q2, with the Nordic region performing strongly and Germany remaining subdued.

• Air & Ocean restructuring advanced ahead of plan, resulting in a lower cost base and improved profitability, with further initiatives expected in H2 2026.

• Road & Logistics achieved significant milestones, including the TMS rollout in southern Germany, despite temporary operational impacts.

• Full-year adjusted EBIT guidance was narrowed and raised to DKK 625–650 million based on H1 performance.

Financial highlights

• Q2 2026 net revenue was DKK 3,330 million (+16.6% YoY); gross profit DKK 715 million (+8.2% YoY); adjusted EBIT DKK 179 million (+23.4% YoY); profit for the period DKK 93 million.

• Gross margin declined to 21.5% due to business mix changes and higher freight rates, especially in Air & Ocean.

• Operating margin improved to 5.4% in Q2 2026, supported by operational improvements and cost-out initiatives.

• Adjusted free cash flow was DKK 225 million in Q2 2026, slightly below last year due to working capital contributions.

• Net interest-bearing debt (excl. IFRS 16) was DKK 1,132 million; leverage ratio improved to 2.25x from 3.04x year-over-year.

Outlook and guidance

• Full-year 2026 adjusted EBIT guidance set at DKK 625–650 million; special items expected at DKK 30–35 million due to accelerated Air & Ocean restructuring.

• Freight rates are expected to moderate in H2 as diesel prices soften and capacity returns; transport volumes are expected to slightly increase, with a focus on cost management.

• Road & Logistics growth to align with European GDP; Air & Ocean volumes to grow moderately, but freight rates expected to decline due to oversupply.

• Outlook includes 2025 acquisitions, excludes potential 2026 M&A, and assumes current FX rates.