NTG Nordic Transport Group (NTG) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 15.9% to DKK 3,408m and EBIT before special items increased 17.5% to DKK 188m, with improvement in both divisions.

• Organic EBIT before special items grew 16.9%; operating margin improved to 5.5% from 5.4%.

• FY2026 EBIT before special items guidance rose by DKK 35m at the midpoint to DKK 660–685m, from DKK 625–650m.

Financial highlights

• YTD revenue increased 14.5% to DKK 9,721m; gross profit rose 8.1% to DKK 2,075m and EBIT before special items grew 18.8% to DKK 506m.

• Q3 EBITDA was DKK 294m versus DKK 256m; profit for the period was DKK 114m versus DKK 61m, and EPS was DKK 4.75 versus DKK 2.32.

• Q3 net special-item expenses were DKK 10m; YTD expenses were DKK 34m, mainly related to Air & Ocean reorganisation and German Road restructuring.

• Net financial expenses fell to DKK 29m from DKK 50m; the effective tax rate was 23.5% versus 33.0%, aided by an adjustment to accrued U.S. taxes.

• Q3 gross profit rose 7.9% to DKK 709m.

Outlook and guidance

• FY2026 EBIT before special items guidance increased to DKK 660–685m; expected special-item expenses rose to DKK 50m, reflecting Air & Ocean reorganisation and German Road restructuring.

• Guidance assumes positive volume development in both divisions and gradually improving, modest and uneven European conditions; it excludes potential 2026 acquisitions and assumes current FX rates.

• Road freight rates are expected to remain near Q3 levels; Air & Ocean volumes are expected to grow moderately while freight rates decline as capacity returns.

• 2029–2031 medium-term targets: conversion ratio of 28%–30% and ROIC above 20%, before tax and including goodwill; targets are based on organic development.