NTG Nordic Transport Group (NTG) Q4 2025 earnings summary

Executive summary

• Gross profit rose 14.5% in Q4 2025, driven by organic growth and recent acquisitions, despite normalization in Air & Ocean project volumes.

• Adjusted EBIT increased 27.5% year-on-year in Q4 2025, mainly from Road & Logistics growth and a DKK 22 million ITC earn-out reversal.

• A DKK 200 million share buyback program was launched, running until November 2026, aligned with capital allocation strategy.

• 2026 Adjusted EBIT guidance set at DKK 600–650 million, assuming stable market conditions.

Financial highlights

• Q4 2025 net revenue was DKK 2,884 million, up 11.2% year-over-year; full-year revenue reached DKK 11,377 million, up 21.7%.

• Q4 2025 gross profit was DKK 663 million, up 14.5% year-over-year; full-year gross profit was DKK 2,583 million, up 30.9%.

• Q4 2025 adjusted EBIT was DKK 167 million, up 27.5% year-over-year; full-year adjusted EBIT was DKK 593 million, up 13.2%.

• Gross margin benefited from lower ocean freight rates and a higher groupage mix in Road & Logistics.

• Q4 2025 gross margin stable at 22.3%; conversion ratio improved to 25.2%.

Outlook and guidance

• 2026 Adjusted EBIT guidance: DKK 600–650 million, based on no significant market recovery or deterioration.

• Special items for 2026 expected at DKK 20–25 million, related to Air & Ocean reorganization.

• Price increases in Road & Logistics implemented early 2026, expected to support earnings as volumes normalize.

• Outlook assumes flat to slightly positive volume growth, soft macro conditions, and muted consumer confidence.

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