NTG Nordic Transport Group (NTG) Q4 2024 earnings summary

Executive summary

• Five acquisitions in 2024 expanded presence in Continental Europe, Furniture vertical, and APAC; organic growth achieved in both divisions.

• Full-year 2024 EBIT reached DKK 524m, in line with guidance; strategy set for 2027 targets under 'Route '27'.

• Strengthened leadership teams and outlined a clear operating model for future growth.

Financial highlights

• Group net revenue for 2024 was DKK 9,352m, up from DKK 8,338m in 2023; organic and M&A growth contributed.

• Adjusted EBIT for 2024 was DKK 524m, down from DKK 630m in 2023; gross margin declined but recovered in Q4.

• Q4 2024 net revenue was DKK 2,593m, up 29.6% year-over-year; adjusted EBIT for Q4 was DKK 131m, down 23.4%.

• Gross margin for 2024 was 21.5%, reflecting higher freight costs and pass-through effects.

Outlook and guidance

• 2025 adjusted EBIT guidance set at DKK 575–650m, assuming slight volume growth and continued macroeconomic pressure.

• European road and logistics expected to grow in line with GDP; air & ocean to see moderate volume growth but lower rates.

• Outlook includes 2024 acquisitions and ITC Logistic/Thortrans from Jan 2025; excludes further M&A.

• Elevated macroeconomic and geopolitical uncertainty may impact assumptions.