NTG Nordic Transport Group (NTG) Q3 2025 earnings summary

Executive summary

• Gross profit rose 44.1% year-over-year in Q3 2025, driven by organic growth and acquisitions in both divisions, despite challenging market conditions.

• Adjusted EBIT increased 40.4% to DKK 160 million, mainly due to the DTK acquisition and strong performance in Denmark, Sweden, the Netherlands, Baltics, and Switzerland.

• Net revenue grew 28.1% to DKK 2,941 million, with acquired growth of 30.1% and negative organic growth of 1.2%.

• Integration of DTK nearly complete, with minor synergies expected by year-end.

• Full-year 2025 adjusted EBIT guidance narrowed to DKK 560–590 million, reflecting muted development and market conditions.

Financial highlights

• Q3 2025 net revenue: DKK 2,941 million (up 28.1% year-over-year); gross profit: DKK 657 million (up 44.1%).

• Q3 2025 adjusted EBIT: DKK 160 million (up 40.4%); operating margin: 5.4% (up 0.4 p.p.).

• Adjusted free cash flow was DKK 1 million, impacted by net working capital seasonality.

• Net interest-bearing debt (excl. IFRS 16): DKK 1,237 million as of 30 September 2025; leverage ratio increased to 2.8x.

• Return on invested capital before tax declined to 18% from 25.5% last year; return on equity at 18.1% for Q3 2025.

Outlook and guidance

• Full-year 2025 adjusted EBIT guidance narrowed to DKK 560–590 million, reflecting a cautious Q4 outlook and soft macro conditions.

• Market environment expected to remain soft for the rest of 2025, with subdued demand and macroeconomic uncertainty.

• Some stabilization in European road market observed, with potential rate increases in Q4 2025 and Q1 2026.

• Air & Ocean outlook remains cautious due to US tariffs and ongoing market disruption.

• Outlook subject to economic and business conditions in key markets.