Ntg Nordic Transport Group A/s · OMXCOP:NTG
Ntg Nordic Transport Group A/s — Q3 2025 Earnings Presentation
28 slides from Ntg Nordic Transport Group A/s's earnings presentation, 2025
Slide 1: Q3 2025 results
Q3 2025 results Investor presentation
Slide 2: Content
Content • Q3 2025 highlights • Financial review • Business segments • Other key figures • Outlook for 2025 • Appendix
Slide 3: Q3 2025 highlights
Q3 2025 highlights • Gross profit grew across both divisions, driven by organic growth and contributions from recent acquisitions. • Adjusted EBIT increased 40.4%, supported by 15.8% organic growth and 24.6% acquisitive growth, despite challenging market conditions. • Narrowing the full-year 2025 ad
Slide 4: Financial review
Financial review Comments Q3 First nine months YTD DKKm 2025 2024 ∆ 2025 2024 ∆ • The European road market remains subdued, despite price increases Net revenue 2,941 2,296 28.1% 8,493 6,759 25.7% expected to be implemented during Gross profit 657 456 44.1% 1,920 1,394 37.7% Q4 2025 and Q1 2026. Adju
Slide 5: Road & Logistics
Road & Logistics Comments Q3 First nine months YTD DKKm 2025 2024 ∆ 2025 2024 ∆ • Market conditions remains subdued, with low visibility of any Net revenue 2,296 1,558 47.4% 6,578 4,824 36.4% changes in demand. Gross profit 511 325 57.2% 1,485 1,029 44.3% • Market volumes were flat year-on- Adjusted
Slide 6: Air & Ocean
Air & Ocean Comments Q3 First nine months YTD DKKm 2025 2024 ∆ 2025 2024 ∆ • Market conditions remained volatile, impacted by ongoing Net revenue 644 738 -12.7% 1,914 1,935 -1.1% uncertainty related US tariffs and Gross profit 146 130 12.3% 435 364 19.5% continued policy changes made Adjusted EBIT 2
Slide 7: Key figures
Key figures First nine months YTD Comments DKKm 2025 2024 • Net working capital was negatively ROIC before tax 18.0% 25.5% impacted by seasonality and Return on equity 18.1% 30.6% elevated levels within Air & Ocean. Solvency ratio 23.7% 27.4% • Cash flow was affected by net Leverage ratio (NIBD/EBIT
Slide 8: Full-year outlook 2025
Full-year outlook 2025 DKKm 2024 realised Previous outlook 2025 Outlook Adjusted EBIT 524 560 - 610 560 – 590 Main assumptions • The full-year outlook assumes unchanged activity in the road market. • The disruption caused by the increased US tariffs is expected to negatively impact the air and ocean
Slide 9: Appendix
Appendix Investor.ntg.com
Slide 10: NTG at a glance
NTG at a glance Decentralised Road & Logistics +3,000 Local commercial decision-making and responsibility close to the customers supported by a centralised Group function providing Employees group-wide IT systems, legal assistance, and general administration. +200 Technology Partners Our scalable IT
Slide 11: Business and value creation
Business and value creation … to consignee NTG provides transport solutions by road, rail, air, and ocean, combined with … and end-to-end logistics contract logistics. Our flexible, asset-light business model enables us to navigate solutions from shipper to consignee. supply chains together with emp
Slide 12: The history of NTG
The history of NTG +35 Acquisitions +35 Start-ups +20 Countries +20% ROIC before tax 2011 2015 2019 2024 Past five-year CAGR: 12% Road & Logistic Revenue Past 10 years: CAGR: 26% Air & Ocean Revenue
Slide 13: The history of NTG
The history of NTG New start-ups 2 2 1 2 5 4 5 2 6 4 - 2 1 1 M&A activity Italian Land-based furniture activities 3 +3 acquisitions +1 acquisitions Nordics acquisitions DK +2 +3 acquisitions 2 acquisitions 2 1 acquisitions acquisitions acquisitions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 14: Top European road freight forwarders
Top European road freight forwarders 2023 revenue in mEUR DB Schenker 7,837 DHL 5,162 Dachser 4,400 Top 5: DSV Kuehne + Nagel 3,823 4,351 ~6% FedEx 3,627 of 2023 market Geodis 3,469 share Rhenus 3,375 CEVA (incl. GEFCO) 2,999 LKW Walter 2,790 XPO Logistics 2,781 Raben Group Nagel Group 1,480 1,234 T
Slide 15: NTG current regional split
NTG current regional split EMEA: 85% Road & Logistics: 71% Americas: 14% Air & Ocean: 29% APAC*: 1% Revenue Revenue FY 2024 FY 2024 *Freightzen Logistics closed 1. September 2024
Slide 16: NTG partnership structure
NTG partnership structure Attractive co-ownership model • An attractive model enabling local decision making and entrepreneurship • Strong incentive structure for attracting skilled freight forwarders NTG Group Partners Majority Minority • Potential leverage when doing M&A to retain a strong managem
Slide 17: Route '27
Route ‘27 Fit-for-future platform
Slide 18: From a Danish Road Insurgent in 2019 to Global Freight Forwarder in 2024
From a Danish Road Insurgent in 2019 to Global Freight Forwarder in 2024… LEGAL ENTITIES EMPLOYEES REVENUE & EBIT (DKKm) OPERATING MARGIN EARNINGS PER SHARE1 (DKK) 62 82 1,335 2,900 9,352 5.6% in 2024 13.92 in 2024 5,332 524 compared to compared to - 208 3.9% in 2019 -0.64 in 2019 2019 2024 2019 202
Slide 19: Opportunities
EBIT in DKKm WHERE WE’RE GOING 2025-2027 WHERE WE ARE NOW 1,000 2024 WHERE WE’VE BEEN ‘ROUTE ’27’ STRATEGY – OUR 524 OPERATING MODEL FOR 2019-2024 OUTPERFORMANCE TRANSPARENT VIEW OF GROWTH 208 AVENUES & CHALLENGES Leverage and scale network benefits FROM DANISH ROAD INSURGENT TO OPPORTUNITIES Scale
Slide 20: NTG's Group function will transform into an active platform orchestrator
To address opportunities & challenges, NTG’s Group function will transform into an active platform orchestrator, with distinct roles across the maturity life cycle Strategic priority Provide backbone for Reduce complexity, ensure resilience accelerated growth and enable synergy capture Turnkey provi
Slide 21: Through 2027 we will focus on growing our core markets, customers & verticals
Through 2027 we will focus on growing our ‘core’ markets, customers & verticals supported by a well-defined operating blueprint for success Our Vision DKK 1bn adjusted EBIT in 2027 & ambition The trusted partner of choice for global supply chain solutions Markets Customers Verticals Core focus areas
Slide 22: Operating model for outperformance
Operating model for outperformance: To continue our expansive trajectory, we will adapt and advance our operating model within the center and across our footprint Leverage and Scale our Global Advance Data-Driven Network Benefits Performance Management Enhance support structures to identify and Enha
Slide 23: Timeline for implementation and execution
Timeline for implementation and execution 2025 2026 2027 Road & Logistics Plan & Jointly launch Make enhanced Continuous Mobilise and refine Group support improvement people initiatives available across NTG Air & Ocean Mobilise Launch Full launch of Track execution and and initiatives at initiatives
Slide 24: Financial details
Financial details
Slide 25: P&L details – Group
P&L details – Group Group (DKKm) FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Net revenue 5,332 7,302 10,224 8,338 2,158 2,305 2,296 2,593 9,352 2,695 2,857 2,941 Direct costs -4,094 -5,828 -8,212 -6,472 -1,695 -1,830 -1,840 -2,014 -7,379 -2,093 -2,
Slide 26: P&L details – Divisions
P&L details – Divisions Road & Logistics (DKKm) FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Net external revenue 4,275 5,548 6,880 6,212 1,604 1,662 1,558 1,794 6,618 2,005 2,277 2,296 Direct costs -3,296 -4,406 -5,434 -4,826 -1,257 -1,305 -1,233 -
Slide 27: Growth components per quarter
Growth components per quarter Q1 2025 growth Net revenue Gross profit Adjusted EBIT components Total Total Total Organic Acquisitions Currency Organic Acquisitions Currency Organic Acquisitions Currency growth growth growth Road & Logistics 2.3% 22.4% 0.3% 25.0% -3.8% 34.3% 0.3% 30.8% -8.7% 5.8% 0.0
Slide 28: Investor Relations
Investor Relations Investor Relations Contact Financial Calendar 2026 Sebastian Rosborg Head of investor Relations 4. March 2026 2025 Annual Report +45 4212 8099 sebastian.rosborg@ntg.com ir@ntg.com | press@ntg.com 27. March 2026 Annual General Meeting 5. May 2026 Q1 2026 Interim Report Share Inform
NTG Nordic Transport Group — Q3 2025 Earnings Presentation on 6ix