Ntg Nordic Transport Group A/s · OMXCOP:NTG
Ntg Nordic Transport Group A/s — Q2 2025 Earnings Presentation
29 slides from Ntg Nordic Transport Group A/s's earnings presentation, 2025
Slide 1: Q2 2025 results
Q2 2025 results Investor presentation
Slide 2: Content
Content • Q2 2025 highlights • M&A update • Financial review • Business segments • Other key figures • Outlook for 2025 • Appendix
Slide 3: Q2 2025 highlights
Q2 2025 highlights • On 7 May 2025, we completed the acquisition of DTK, and as of 1 June, the general cargo business is fully operating on our platform. • Adjusted EBIT increased 11.5% excluding the earn-out settlement in Q2 2024. Primarily supported by the acquisition of DTK. • Updating full-year
Slide 4: M&A update
M&A update Acquisition of DTK Key rationale DTK Road & Logistics • Strong market position in the Nordics • 1,156m 94m 115 Further enhancing our capabilities in temperature-controlled transportation Revenue DKK EBIT DKK White collars • Merging certain Danish general cargo entities with NTG Road A/S f
Slide 5: Financial review
Financial review Comments Q2 Half year DKKm 2025 2024 ∆ 2025 2024 ∆ • The European road market remains subdued, particularly due to weak Net revenue 2,857 2,305 23.9% 5,552 4,463 24.4% demand on the Continent. Gross profit 661 475 39.2% 1,263 938 34.6% • The gross margin was positively Adjusted EBIT
Slide 6: Road & Logistics
Road & Logistics Comments Q2 Half year DKKm 2025 2024 ∆ 2025 2024 ∆ • Market volumes remained soft this quarter, with the German market in Net revenue 2,277 1,662 37.0% 4,282 3,266 31.1% particular weighing on overall Gross profit 520 357 45.7% 974 704 38.4% activity. Adjusted EBIT 128 108 18.5% 228
Slide 7: Air & Ocean
Air & Ocean Comments Q2 Half year DKKm 2025 2024 ∆ 2025 2024 ∆ • Market conditions remained volatile, influenced by uncertainty Net revenue 579 644 -10.1% 1,270 1,197 6.1% surrounding the US tariffs Gross profit 141 118 19.5% 289 234 23.5% announced in the first half of the Adjusted EBIT 15 56 -73.2
Slide 8: Key figures
Key figures Half year Comments DKKm 2025 2024 • Net working capital positively ROIC before tax 16.5% 27.7% affected by seasonality and a Return on equity 17.8% 36.5% general improvement from entities Solvency ratio 22.5% 29.1% in the US, Germany, Sweden, and Leverage ratio (NIBD/EBITDA before specia
Slide 9: Full-year outlook 2025
Full-year outlook 2025 DKKm 2024 realised Previous outlook 2025 Outlook Adjusted EBIT 524 560 - 630 560 – 610 Main assumptions • The full-year outlook assumes flat development in activity in the road market. However, due to very low visibility in the German road market, there is a potential downside
Slide 10: Appendix
Appendix Investor.ntg.com
Slide 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: Route '27
Route ‘27 Fit-for-future platform
Slide 19: 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 20: Opportunities and challenges: Route '27 strategy
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 21: 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 22: 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 23: 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 24: 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 25: Financial details
Financial details
Slide 26: 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 Net revenue 5,332 7,302 10,224 8,338 2,158 2,305 2,296 2,593 9,352 2,695 2,857 Direct costs -4,094 -5,828 -8,212 -6,472 -1,695 -1,830 -1,840 -2,014 -7,379 -2,093 -2,196 Gross prof
Slide 27: 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 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 Direct costs -3,296 -4,406 -5,434 -4,826 -1,257 -1,305 -1,233 -1,376 -5,171 -
Slide 28: 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 29: Investor Relations
Investor Relations Investor Relations Contact Financial Calendar 2025 Sebastian Rosborg Head of investor Relations 11. August 2025 H1 2025 Interim Report +45 4212 8099 sebastian.rosborg@ntg.com ir@ntg.com | press@ntg.com 10. November 2025 Q3 2025 Interim Report Share Information NTG Nordic Transport
NTG Nordic Transport Group — Q2 2025 Earnings Presentation on 6ix