NTG Nordic Transport Group (NTG) Q4 2024 earnings summary

Executive summary

• Achieved organic growth in both divisions and met EBIT target for 2024 despite challenging market conditions in Europe and global air/ocean markets.

• Completed five acquisitions in 2024, expanding presence in Continental Europe, Furniture vertical, and APAC.

• Launched Route 27 strategy to drive growth and resilience through 2027, targeting DKK 1bn adjusted EBIT.

• Strengthened leadership team and set strategic focus on scaling network benefits, data-driven management, and M&A.

• Rolled out CargoEyes transport management system in Air and Ocean division.

Financial highlights

• Group net revenue for 2024 was DKK 9,352m, up 12.2% year-over-year; organic and M&A growth contributed positively.

• Adjusted EBIT for 2024 was DKK 524m, down 16.8% from 2023 and in line with guidance.

• Gross margin declined to 21.1% in 2024 from 22.4% in 2023 due to higher freight costs, but recovered in Q4.

• Adjusted free cash flow for 2024 was DKK 152m.

• Net interest-bearing debt at year-end was DKK 429m (excluding IFRS 16 effects), mainly due to acquisitions.

Outlook and guidance

• 2025 adjusted EBIT guidance: DKK 575–650m, assuming slight volume growth but continued margin pressure and macroeconomic headwinds.

• Midterm target: EBIT of DKK 1bn by end of 2027, driven by organic growth and M&A.

• Outlook includes 2024 acquisitions and ITC Logistic/Thortrans from Jan 2025; excludes potential 2025 acquisitions.