Ntg Nordic Transport Group A/s · OMXCOP:NTG
Ntg Nordic Transport Group A/s — FY2025 Earnings Presentation
30 slides from Ntg Nordic Transport Group A/s's earnings presentation, March 2026
Slide 1: FY 2025 results
FY 2025 results Investor presentation 1
Slide 2: Forward looking statements
Forward looking statements This presentation has been prepared for information purposes only. This presentation (i) is by necessity a summary of more detailed information, (ii) is not intended and should not be used to form the basis of any investment decision, and (iii) does not purport to be full
Slide 3: Content
Content • Q4 2025 highlights • Financial review • Business segments • Other key figures • Outlook for 2026 • Appendix 3
Slide 4: Q4 2025 highlights
Q4 2025 highlights • Gross profit grew by 14.5%, driven by organic growth and contributions from recent acquisitions, partly offset by normalisation in Air & Ocean project volumes. • Adjusted EBIT increased by 27.5%, driven by organic and acquisitive growth in Road & Logistics, and a DKK 22 million
Slide 5: Financial review
Financial review Comments Q4 Full year DKKm 2025 2024 ∆ 2025 2024 ∆ • The European road market remains subdued, while air and ocean Net revenue 2,884 2,593 11.2% 11,377 9,352 21.7% volumes continues to grow. Gross profit 663 579 14.5% 2,583 1,973 30.9% • The gross margin benefited from Adjusted EBIT
Slide 6: Road & Logistics
Road & Logistics Comments Q4 Full year DKKm 2025 2024 ∆ 2025 2024 ∆ • Market volumes were flat year-on-year and have continued Net revenue 2,315 1,794 29.0% 8,893 6,618 34.4% this trend into January and Gross profit 518 418 23.9% 2,003 1,447 38.4% February 2026. Adjusted EBIT 152 94 61.7% 519 393 32
Slide 7: Air & Ocean
Air & Ocean Comments Q4 Full year DKKm 2025 2024 ∆ 2025 2024 ∆ • Market conditions remained volatile, while volumes increased Net revenue 570 799 -28.7% 2,484 2,734 -9.1% during Q4. From the beginning of Gross profit 145 162 -10.5% 580 526 10.3% 2026, rising geopolitical tensions Adjusted EBIT 16 37
Slide 8: Key figures
Key figures Full year Comments DKKm 2025 2024 • Net working capital was positively ROIC before tax 17.3% 21.6% impacted by seasonality while we Return on equity 17.2% 27.4% still observe elevated levels within Solvency ratio 25.5% 26.9% the US Air & Ocean business. Leverage ratio (NIBD/EBITDA before
Slide 9: Full-year outlook 2026
Full-year outlook 2026 DKKm 2025 realised 2026 Outlook Adjusted EBIT 593 600 - 650 Special items expenses 43 20 - 25 Main assumptions • The outlook for 2026 is based on expectations of flat to slightly positive volume development across both divisions, while macroeconomic conditions remain soft and
Slide 10: Appendix
Appendix Investor.ntg.com 10
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: Our asset-light business model
Our asset-light business model · 12
Slide 13: The history of NTG
The history of NTG +3,000 Employees +35 Acquisitions +200 Partners +35 Start-ups +80 Subsidiaries +20% ROIC before tax +25 Countries 2011 2015 2020 2025 Past five-year CAGR: 16% Road & Logistic Revenue Past 10 years: CAGR: 21% Air & Ocean Revenue 13
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
Slide 15: Top European road freight forwarders
Top European road freight forwarders 2024 revenue DSV + DB Schenker // DHL Freight Dachser Top 5: Rhenus Kuehne + Nagel ~7% FedEx Freight of 2024 market Gefco (CEVA) share XPO Europe LKW Walter Geodis Girtek Top 20: Raben Group NTG 2025 incl. M&A Nagel Group H Essers Incl. pro forma revenue from the
Slide 16: Global footprint with significant growth potential
Global footprint with significant growth potential Air & Ocean 22% Divisional split* Road & Logistics 78% Americas APAC: 2% 12% Regional split* EMEA 86% *Revenue split FY 2025 16
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: Our digital platform
Standardisation – Consolidation – Scalability Our digital platform Key focus areas Fast Deploying integration artificial when doing intelligence M&A • Creates transparency across the organisation Customer- facing Agile and lean set-up automation • Supports data-driven and consistent decision-making
Slide 19: AI principles
AI principles Business-led approach Centralised governance AI initiatives are designed to support and Group-wide standards for AI and automation tools enhance the core operating model ensure consistency, control and compliance “Buy before build” philosophy One standardised operating model Reducing c
Slide 20: AI adoption roadmap: From efficiency to transformation
AI adoption roadmap: From efficiency to GUIDING PRINCIPLES transformation Start simple 01 02 03 Prove concept AUTOMATE AUGMENT TRANSFORM What Manual, repetitive, What Human-led activities What Complex, less rule-based tasks supported by AI standardised processes Data Structured, system- Data Structu
Slide 21: Route '27
Route ‘27 Fit-for-future platform 21
Slide 22: Fit for future platform
Fit for future platform • Our size and decentralised model necessitate a Platform scaling & structured, portfolio-level approach to deliver Incubation Acceleration Consolidation synergy capture support customised to the life-cycle needs of each entity. Logistics Groupage FTL/ LTL Air & Ocean • Share
Slide 23: Route '27 operating model
Route ’27 operating model NTG Strategic blueprint Leverage and scale our Invest in Scalability Enablement global network benefits our People (Group-level) Enhance support structures to Create meaningful careers Finance transformation through identify and pursue commercial and through clear pathways
Slide 24: Our business life-cycle from start-up to platform
Our business life-cycle from start-up to platform Part- and full loads Groupage Air & Ocean Contract logistics Start-up Growth Maturity Platform & Scale Decentralised operation Commercial coordination Service consolidation Process & intelligence standardisation Strategic priority domains 24 24
Slide 25: Timeline for implementation and execution
2025 2026 2027 Road & Logistics Timeline for Plan & Jointly launch Make enhanced Continuous implementation Air & Ocean Mobilise people and refine initiatives Group support available across NTG improvement and execution Mobilise and Launch Full launch of Track execution and initiatives at initiatives
Slide 26: Financial details
Financial details 26
Slide 27: P&L details – Group
P&L details – Group Group (DKKm) FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Net revenue 7,302 10,224 8,338 2,158 2,305 2,296 2,593 9,352 2,695 2,857 2,941 2,884 11,377 Direct costs -5,828 -8,212 -6,472 -1,695 -1,830 -1,840 -2,014 -7,379 -2
Slide 28: P&L details - Divisions
P&L details - Divisons Road & Logistics (DKKm) FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Net external revenue 5,548 6,880 6,212 1,604 1,662 1,558 1,794 6,618 2,005 2,277 2,296 2,315 8,893 Direct costs -4,406 -5,434 -4,826 -1,257 -1,305 -1
Slide 29: Growth components per quarter
Growth components per quarter Q1 2025 growth Net revenue Gross profit Adjusted EBIT components Total Total Total Organic Acquisitions FX Organic Acquisitions FX Organic Acquisitions FX 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% -2.9% Air & Ocea
Slide 30: 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 — FY2025 Earnings Presentation on 6ix