Slides
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NTG Nordic Transport Group H1 2026 results Conference call presentation
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22 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 or complete. The Company has not independently verified the information contained herein and does not undertake any obligation to do so. This document is not intended to be and does not constitute an offer, or a solicitation of any offer, to buy or sell securities in any jurisdiction, including the United States. This document should not be construed as a prospectus or offering document and investors should not subscribe for or purchase any shares in the Company on the basis of or in reliance on the information in this document or any information provided at any presentation in connection herewith. Neither the receipt of this document, nor any information contained herein constitutes, or shall be relied upon as constituting, the giving of investment advice by the Company. The Company makes no representation or warranty, expressed or implied, as to the accuracy or completeness of this presentation and the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person's officers or employees or advisors accepts any liability whatsoever arising directly or indirectly from the use of this document. Any estimates and projections included in this presentation have been prepared by the Company on the basis of historical information and assumptions which, in its opinion, are believed to be reasonable. However, there can be no assurance that any anticipated results will be realised or that actual results will not be significantly higher or lower than those estimated or projected. The information in this document may include forward-looking statements. Such statements involve known and unknown risks, uncertainties and other important factors that may cause the Com pany’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements may include, but are not limited to, projections of revenue, statements relating to future financial performance, the growth of the market for the Company’s services, expansion plans and opportunities and statements regarding the Company’s plans, strategies and objectives for future operations and certain contingent or estimated future liabilities. You can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. Forward-looking statements reflect the Company’s current views about future events, are based on assumptions, and are subject to known and unknown risks and uncertainties and assumptions. Many of the factors that will determine future events or achievements are beyond the Company’s ability to control or predict. In the light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to update or revise any such forward-looking statement and no representation or warranty is given as to the achievement or reasonableness of future projections, management targets, estimates, prospect or returns, if any. Legal and regulatory restrictions in general The presentation is not a legal document and no action has been taken to qualify this presentation under the laws of any jurisdiction and its possession or use in any manner contrary to any applicable law is expressly prohibited by the Company. The recipient should inform itself about and observe any applicable legal and regulatory requirements in its jurisdiction. The distribution of this presentation in certain jurisdictions may be restricted by law and regulation, and accordingly, the recipient represents that it is able to receive this presentation without contravention of any unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which it resides or conducts business. This presentation is governed by and shall be construed in accordance with Danish law. Any proceedings arising out of or in connection with this presentation shall exclusively be instituted in a Danish court.
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33 Agenda • Q2 2026 highlights • Financial review • Business segments • Financial highlights and ratios • Outlook for 2026 • Q&A
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44 • Gross profit increased by 8.2% and adjusted EBIT increased by 23.4% compared to Q2 last year, driven by solid organic growth and supported by the one-month inclusion of DTK. • The quarter reflected strong operational performance, supported by higher freight rates, cost efficiency initiatives and improved profitability across both divisions. • Restructuring initiatives in the Air & Ocean division advanced ahead of plan during the quarter, with further initiatives expected in the second half of 2026. • Based on the performance in the first six months of the year, full-year adjusted EBIT guidance has been narrowed to DKK 625–650 million. Growth compared to Q2 last year Group net revenue Growth compared to Q2 last year Group EBIT Q2 2026 highlights
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55 Financial review Comments • Organic growth of 16.6% was driven by higher freight rates across both divisions, supported by solid volume growth and market share gains in the Road & Logistics division. • The gross margin reflected changes in business mix across the Group and higher freight rates in the Air & Ocean division. • The conversion ratio improved across both divisions, supported by cost efficiency initiatives, improving profitability in Road & Logistics and the benefits from organisational adjustments in Air & Ocean. • Special items amounted to DKK 12 million in Q2 2026 and primarily related to restructuring initiatives within the Air & Ocean division. Gross margin Conversion ratio Operating margin 5 Q2 Half year DKKm 2026 2025 ∆ 2026 2025 ∆ Net revenue 3,330 2,857 16.6% 6,313 5,552 13.7% Gross profit 715 661 8.2% 1,366 1,263 8.2% Adjusted EBIT 179 145 23.4% 318 266 19.5%
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66 Q2 Half year DKKm 2026 2025 ∆ 2026 2025 ∆ Net revenue 2,649 2,277 16.3% 5,059 4,282 18.1% Gross profit 574 520 10.4% 1,094 974 12.3% Adjusted EBIT 161 129 24.8% 290 229 26.6% Road & Logistics Comments • Market conditions varied across geographies during the quarter. Germany remained subdued, while other markets showed signs of improvement, particularly in the Scandinavian countries. • Freight rates increased during the quarter, supported by capacity constraints and higher fuel prices. • The division improved profitability and delivered organic adjusted EBIT growth of 17.8%, supported by higher freight rates, volume growth and strong performance in the Nordic region. • Performance in Germany continued to be impacted by the roll-out of the new groupage Transport Management System (TMS). The implementation was completed in the southern region by the end of the quarter, marking an important milestone in the programme. Gross margin Conversion ratio Operating margin 6
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77 Air & Ocean Comments • Global container volumes increased during the quarter, supported by an early peak season and front-loading ahead of potential tariff changes. Container freight rates increased as strong demand, blank sailings and Red Sea rerouting kept capacity tight. • Air freight demand improved compared to Q2 last year, while continued rerouting due to the conflict in the Middle East supported elevated freight rates. • The Air & Ocean division advanced its cost efficiency initiatives, organisational adjustments and restructuring activities ahead of plan during the quarter. • Organic adjusted EBIT increased by 12.5%, primarily driven by benefits from organisational adjustments, restructuring initiatives and a lower cost base. Gross margin Conversion ratio Operating margin 7 Q2 Half year DKKm 2026 2025 ∆ 2026 2025 ∆ Net revenue 681 580 17.4% 1,254 1,270 -1.3% Gross profit 141 141 0.0% 272 289 -5.9% Adjusted EBIT 18 16 12.5% 28 37 -24.3%
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88 Financial highlights and ratios (I/II) (DKKm) Q2 2026 Q2 2025 H1 2026 H1 2025 Income statement Net revenue 3,330 2,857 6,313 5,552 Gross profit 715 661 1,366 1,263 EBITDA before special items 282 238 523 445 EBIT before special items 179 145 318 266 Special items, net -12 -10 -24 -13 Net financial items -31 -57 -58 -94 Profit for the period 93 42 162 103 Earnings per share (DKK) 3.69 1.47 6.31 3.88 Earnings per share (DKK) last 12 months 12.33 9.63 12.33 9.63 Cash flow statement Cash flows from operating activities 333 339 329 365 Cash flows from investing activities -27 -558 -39 -888 Free cash flow 306 -219 290 -523 Adjusted free cash flow 225 265 130 205 Cash flows from financing activities -143 302 -278 920 Cash flow for the period 163 83 12 397 Comments • Net special items amounted to DKK 12 million in Q2 2026 and DKK 24 million for H1 2026, primarily related to restructuring initiatives within the Air & Ocean division. • Net financial expenses decreased to DKK 31 million, compared to DKK 57 million in Q2 2025, primarily driven by lower foreign exchange effects and interest expenses. • The effective tax rate amounted to 31.6% in Q2 2026, compared to 46.2% in the same period last year, reflecting a lower impact from unrecognised tax losses in Germany. • Adjusted free cash flow amounted to DKK 225 million in Q2 2026, slightly below Q2 2025, primarily due to a lower contribution from net working capital, partly offset by higher adjusted EBIT. 8
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99 Financial highlights and ratios (II/II) Comments • Net working capital was supported by normal seasonality and timing effects related to early haulier payments ahead of Easter. The positive development was partly offset by the ongoing groupage TMS roll-out in Germany, where the temporary impact on working capital increased as the implementation progressed. • The leverage ratio improved to 2.25x, primarily reflecting higher EBITDA, partly offset by the ongoing share buyback programme. • ROIC before tax remained broadly unchanged at 16.3%, compared to 16.5% last year. The development reflected a higher average invested capital following recent acquisitions, partly offset by higher adjusted EBIT. (DKKm) H1 2026 H1 2025 Balance sheet Net working capital 12 -64 Invested capital 3,973 3,931 Net interest-bearing debt 2,347 2,521 Net interest-bearing debt excluding IFRS 16 1,132 1,203 Total equity 1,726 1,487 NTG Nordic Transport Group A/S' shareholders' share of equity 1,638 1,391 Non-controlling interests 88 96 Total assets 6,922 6,622 Financial ratios Conversion ratio 23.3% 21.1% ROIC before tax 16.3% 16.5% Return on equity 20.8% 17.8% Leverage ratio 2.25 3.04 Solvency ratio 24.9% 22.5% Employees Average number of employees (FTEs) 3,143 3,016 9
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1010 Full-year outlook 2026 Main assumptions • The outlook for 2026 is based on expectations of positive volume development across both divisions, while European macroeconomic conditions remain soft and consumer confidence continues to be muted. • In the European Road & Logistics market, growth is expected to be broadly in line with European GDP growth. The freight rate environment is expected to gradually decrease from Q2 2026 levels. • In the Air & Ocean division, the global market is expected to see moderate growth in transported volumes. While volumes are expected to increase, freight rates are expected to decline due to an oversupply of available freight capacity. • Across both divisions, activity levels will be closely monitored, and capacity and cost structures will be adjusted as necessary to reflect underlying market conditions. • The outlook for 2026 includes the effect of acquisitions completed in 2025 but does not include any potential impact from acquisitions completed during 2026, if any. • The outlook further assumes currency exchange rates at current levels. Macroeconomic and geopolitical uncertainty remain elevated, and the assumptions underlying the outlook may change. • For 2026, special items are expected to amount to approximately DKK 30–35 million, excluding any potential additional M&A activity. These special items will primarily relate to initiatives to strengthen the Air & Ocean division's performance and long-term development. DKKm 2025 realised H1 2026 realised 2026 outlook Adjusted EBIT 593 318 625 – 650 Special items expenses 43 24 30 - 35 10
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11 Q&A