Interim report
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NTG Nordic Transport Group Interim Report HI 2026 NTG Nordic Transport Group A / S NTG Nordic Transport Group A / S Hammerholmen 47 DK - 2650 Hvidovre +45 76340900 www.ntg.com CVR no . 12546106 Contact Investor Relations & Press Head of IR , Sebastian Rosborg +45 4212 8099 sebastian.rosborg@ntg.com ir@ntg.com press@ntg.com
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 2 Key highlights H1 2026 Q2 2026 reflected gradually improving market conditions across several markets, although activity remained subdued in Germany. Freight rates increased during the quarter, supported by capacity constraints and higher fuel prices, while demand developed positively across most of NTG's key markets. NTG delivered solid organic growth, including organic adjusted EBIT growth of 17.2%, and improved profitability, while maintaining focus on cost control, market share gains and strategic initiatives. • Gross profit increased by 8.2% and adjusted EBIT increased by 23.4% compared to Q2 last year, driven primarily by solid organic growth and supported by the inclusion of DTK in the final month of the quarter. • The operating margin improved from 5.1% to 5.4% in Q2 2026, supported by improved conversion ratios across both divisions. • The roll-out of the new groupage Transport Management System (TMS) in Germany was completed in the southern region by the end of the quarter, marking an important milestone in the implementation programme. • Restructuring initiatives in the Air & Ocean division progressed 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 guidance for 2026 has been narrowed to an adjusted EBIT range of DKK 625–650 million. Expected special items have been increased to DKK 30– 35 million, reflecting additional initiatives to strengthen the Air & Ocean division's performance and long-term development. (DKKm) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change 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% Adj. EBIT 179 145 23.4% 318 266 19.5% Profit for the period 93 42 121.4% 162 103 57.3% Gross margin 21.5% 23.1% -1.7 ppts 21.6% 22.7% -1.1 ppts Operating margin 5.4% 5.1% 0.3 ppts 5.0% 4.8% 0.2 ppts Conversion ratio 25.0% 21.9% 3.1 ppts 23.3% 21.1% 2.2 ppts OUTLOOK 2026 Adjusted EBIT (DKKm) H1 2026 318 2026 guidance 625-650 Special items, net 30-35 Forward-looking statements This Interim Report contains forward‑looking statements. Forward- looking statements are statements relating to future events or performance and are subject to risks and uncertainties, many of which are beyond the Group’s control, including economic and business conditions in the countries and markets in which NTG Nordic Transport Group A/S and its subsidiaries operate. Forward-looking statements in this Interim Report reflect Management’s current expectations and assumptions, which are subject to uncertainty that may cause actual results to differ materially from those expressed or implied herein. Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 3 Financial highlights (DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Income statement Net revenue 3,330 2,857 6,313 5,552 Gross profit 715 661 1,366 1,263 Operating profit before depreciation, amortisation (EBITDA) and special items 282 238 523 445 Operating profit (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 (DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025 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 (DKKm) YTD 2026 YTD 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 T otal equity 1,726 1,487 NTG Nordic Transport Group A/S' shareholders' share of equity 1,638 1,391 Non-controlling interests 88 96 T otal assets 6,922 6,622 (DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Financial ratios Gross margin 21.5% 23.1% 21.6% 22.7% Operating margin 5.4% 5.1% 5.0% 4.8% Conversion ratio 25.0% 21.9% 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% (DKKm) YTD 2026 YTD 2025 Employees Average number of employees (FTEs) 3,143 3,016 * Ratio is based on last 12 months’ figures Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 4 Financial review Income statement Revenue Group net revenue increased by 16.6% in Q2 2026 to DKK 3,330 million. Organic growth amounted to 14.8%, driven primarily by higher freight rates in both the Road & Logistics and Air & Ocean divisions, while solid volume growth in the Road & Logistics division also contributed positively. Acquired growth totalled 2.0%, reflecting the one-month inclusion of DTK, while currency effects had a negative impact of 0.2%. Gross profit Gross profit increased by 8.2% to DKK 715 million, while the gross margin decreased to 21.5%. The margin development reflected changes in business mix across the Group and higher freight rates in the Air & Ocean division. Adjusted EBIT Adjusted EBIT increased by 23.4% to DKK 179 million, compared to DKK 145 million in Q2 2025. The improvement was driven by organic growth and higher conversion ratios across both divisions, supported by a one-month contribution from DTK, including realised synergy benefits. The operating margin increased to 5.4%, compared to 5.1% in Q2 2025. The improvement was primarily driven by margin improvements in the Road & Logistics division. Non-controlling interests’ share of adjusted EBIT was 8.0%, compared to 10.2% in Q2 2025, primarily driven by the performance of the fully owned entities. Special items Net special items totalled negative DKK 12 million in Q2 2026, compared to negative DKK 10 million in Q2 2025, primarily related to the restructuring activities in the Air & Ocean division. Net financial expenses Net financial expenses totalled DKK 31 million in Q2 2026, compared to DKK 57 million in Q2 2025. The decrease was driven by lower effects from foreign exchange volatility and interest payments compared to the same period last year. Tax on profit for the period The effective tax rate amounted to 31.6% in Q2 2026, compared to 46.2% in the same period last year. The Adjusted EBIT increased to DKK 179 million in Q2 2026, compared to DKK 145 million in Q2 2025. The quarter reflected a strong performance, driven by higher freight rates, successful cost-out initiatives, and improved operating performance in the Nordic region. Condensed income statement (DKKm) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change Net revenue 3,330 2,857 16.6% 6,313 5,552 13.7% Direct costs -2,615 -2,196 19.1% -4,947 -4,289 15.3% Gross profit 715 661 8.2% 1,366 1,263 8.2% Other external expenses -105 -105 0.0% -196 -203 -3.4% Staff costs -328 -318 3.1% -647 -615 5.2% EBITDA 282 238 18.5% 523 445 17.5% Depreciation and amortisation -103 -93 10.8% -205 -179 14.5% Adj. EBIT 179 145 23.4% 318 266 19.5% Special items, net -12 -10 20.0% -24 -13 84.6% Net financial items -31 -57 -45.6% -58 -94 -38.3% Profit before tax 136 78 74.4% 236 159 48.4% T ax on profit for the period -43 -36 19.4% -74 -56 32.1% Profit for the period 93 42 121.4% 162 103 57.3% Gross margin 21.5% 23.1% -1.7 ppts 21.6% 22.7% -1.1 ppts Operating margin 5.4% 5.1% 0.3 ppts 5.0% 4.8% 0.2 ppts Conversion ratio 25.0% 21.9% 3.1 ppts 23.3% 21.1% 2.2 ppts Net revenue and net revenue growth in Q2 (DKKm) 16.6% Growth in net revenue 2,305 2,857 3,330 8.7% 23.9% 16.6% 2024 2025 2026 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 5 Group continued to be impacted by unrecognised tax losses in loss‑making entities in Germany; however, the effect was less pronounced than in the same period last year, resulting in a lower effective tax rate. Profit for the period Profit for the period increased to DKK 93 million in Q2 2026, compared to DKK 42 million in the same period last year. The improvement was driven by higher adjusted EBIT, a lower effective tax rate and lower net financial expenses, partly offset by slightly higher net special items. Cash flows Adjusted free cash flow In Q2 2026, adjusted free cash flow amounted to DKK 225 million, representing a decrease of DKK 40 million compared to the same period last year. The decrease was primarily driven by a lower contribution from net working capital compared to Q2 2025, partly offset by higher EBITDA. Net working capital Net working capital development resulted in a cash release of DKK 97 million in Q2 2026, compared to DKK 181 million in the same quarter last year. The inflow was mainly driven by normal seasonality and timing effects related to the early payment to hauliers ahead of Easter, where payments were brought forward from Q2 into Q1, resulting in a positive working capital effect during Q2. The inflow was partly offset by the ongoing groupage TMS roll-out in Germany, where the temporary negative impact on working capital increased during the quarter as the implementation progressed. Following the completion of the roll-out in the southern region, the impact is expected to gradually improve. Net working capital amounted to DKK 12 million at the end of the quarter, compared to negative DKK 64 million in Q2 2025, which was positively impacted by an extraordinary cash inflow in the US entity. Capital resources Net interest-bearing debt As of 30 June 2026, NTG had a net interest-bearing debt of DKK 1,132 million, excluding IFRS 16 lease liabilities, and DKK 2,347 million including IFRS 16 lease liabilities. Leverage ratio The NIBD/EBITDA leverage ratio was 2.25x at 30 June 2026, compared to 3.04x at the same time last year. The improvement primarily reflected higher EBITDA, partly offset by the ongoing share buyback programme. Invested capital Invested capital amounted to DKK 3,973 million as of 30 June 2026, compared with DKK 3,931 million at 30 June 2025. The slight increase is primarily due to the higher net working capital compared to the same period last year. Return on invested capital before tax Return on invested capital before tax (ROIC), including goodwill and IFRS 16 effects, amounted to 16.3% in Q2 2026, compared to 16.5% in Q2 2025. The development reflected a higher average invested capital following recent acquisitions, partly offset by higher EBIT. Outlook Based on the results during the first six months of the year, we have narrowed the full-year guidance for 2026 as follows: • Adjusted EBIT of DKK 625–650 million • Special items of DKK 30-35 million Q2 2026 growth components (DKKm) Organic % Acquisitions % FX % T otal % Net revenue Road & Logistics 315 13.8% 56 2.5% 1 0.0% 372 16.3% Air & Ocean 107 18.4% 0 0.0% -6 -1.0% 101 17.4% T otal 422 14.8% 56 2.0% -5 -0.2% 473 16.6% Gross profit Road & Logistics 35 6.7% 19 3.7% 0 0.0% 54 10.4% Air & Ocean 1 0.7% 0 0.0% -1 -0.7% 0 0.0% T otal 36 5.5% 19 2.9% -1 -0.2% 54 8.2% Adjusted EBIT Road & Logistics 23 17.8% 9 7.0% 0 0.0% 32 24.8% Air & Ocean 2 12.5% 0 0.0% 0 0.0% 2 12.5% T otal 25 17.2% 9 6.2% 0 0.0% 34 23.4% Gross profit and gross margin in Q2 (DKKm) 21.5% Gross margin 475 661 715 20.6% 23.1% 21.5% 2024 2025 2026 Adjusted EBIT and operating margin in Q2 (DKKm) 5.4% Operating margin 165 145 179 7.2% 5.1% 5.4% 2024 2025 2026 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 6 Road & Logistics Market highlights Market conditions varied across geographies during the quarter. Germany remained subdued with limited changes in activity levels, 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. Overall, conditions improved slightly year-on- year, although activity in Germany remained muted. Business highlights Financial performance during the quarter reflected a combination of improving market conditions and solid operational execution across the division. Most entities delivered positive year-on-year development, supported by improving volumes and higher freight rates. Performance in Germany continued to be impacted by the ongoing roll-out of a new groupage TMS, where user adoption and integration affected operations during the quarter. The implementation was completed in the southern region by the end of the quarter, marking an important milestone in the roll-out. Despite subdued market conditions and the TMS implementation, Germany delivered a slight improvement in adjusted EBIT compared to Q2 last year. Revenue Net revenue increased by 16.3% to DKK 2,649 million. Acquired growth amounted to 2.5%, reflecting the one- month inclusion of DTK, while organic growth was 13.8%. Organic revenue growth was driven by higher spot rates, supported by capacity constraints and increasing diesel prices, as well as volume growth. Currency translation was flat at 0.0%. Gross profit Gross profit increased by 10.4% to DKK 574 million, while the gross margin decreased by 1.1 percentage points to 21.7%. The margin development primarily reflected changes in business mix. Adjusted EBIT Adjusted EBIT increased by 24.8% to DKK 161 million. The development was primarily driven by organic growth and a higher conversion ratio, supported by the inclusion of DTK. The conversion ratio increased by 3.2 percentage points to 28.0%, reflecting higher volumes and improved profitability in the division's largest entities in Denmark and Sweden. Net revenue and net revenue growth in Q2 (DKKm) 16.3% Growth in net revenue 1,662 2,277 2,649 5.5% 37.0% 16.3% 2024 2025 2026 Gross profit and gross margin in Q2 (DKKm) 21.7% Gross margin 357 520 574 21.5% 22.8% 21.7% 2024 2025 2026 Adjusted EBIT and operating margin in Q2 (DKKm) 6.1% Operating margin 108 129 161 6.5% 5.7% 6.1% 2024 2025 2026 The Road & Logistics division improved profitability and delivered organic adjusted EBIT growth of 17.8%, supported by higher freight rates, improving market conditions and solid performance in the Nordic region. Selected quarterly information (DKKm) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change 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% Other external expenses -75 -75 0.0% -136 -141 -3.5% Staff costs -241 -229 5.2% -474 -437 8.5% Amortisation and depreciation -97 -87 11.5% -194 -167 16.2% Adj. EBIT 161 129 24.8% 290 229 26.6% Gross margin 21.7% 22.8% -1.1 ppts 21.6% 22.7% -1.1 ppts Operating margin 6.1% 5.7% 0.4 ppts 5.7% 5.3% 0.4 ppts Conversion ratio 28.0% 24.8% 3.2 ppts 26.5% 23.5% 3.0 ppts Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 7 Air & Ocean Market highlights Global container volumes increased during Q2 2026, 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. Business highlights The Air & Ocean division continued to prioritise operational and commercial improvements during the quarter. Progress was made across cost efficiency initiatives, organisational adjustments and ongoing restructuring activities, which advanced ahead of plan. The division also focused on strengthening collaboration across the network through increased cross-selling, knowledge sharing and intercompany cooperation. In parallel, the division strengthened its leadership teams across several countries and expanded its footprint with a new office in North Carolina, with further openings planned. Combined with the ongoing restructuring activities, these initiatives are expected to strengthen the division’s organisational platform and support a gradual improvement in financial performance over time. The division aims to continue attracting experienced talent with strong industry networks to support its long-term development. Revenue Net revenue increased by 17.4% to DKK 681 million, mainly driven by higher freight rates. Currency translation effects had a negative impact of 1.0%. Gross profit Gross profit was flat compared to last year at DKK 141 million. The gross margin decreased by 3.6 percentage points to 20.7%, primarily reflecting higher freight rates and changes in business mix. Adjusted EBIT Adjusted EBIT increased by 12.5% to DKK 18 million. The improvement was primarily driven by benefits from organisational adjustments, increased intercompany trade and restructuring activities, while the division continued to invest in strengthening its organisational platform. The conversion ratio increased by 1.5 percentage points to 12.8%, reflecting the impact of these initiatives during the quarter. Net revenue and net revenue growth in Q2 (DKKm) 17.4% Growth in net revenue 664 580 681 17.9% -10.1% 17.4% 2024 2025 2026 Gross profit and gross margin in Q2 (DKKm) 20.7% Gross margin 118 141 141 18.3% 24.3% 20.7% 2024 2025 2026 Adjusted EBIT and operating margin in Q2 (DKKm) 2.6% Operating margin 56 16 18 8.7% 2.8% 2.6% 2024 2025 2026 The Air & Ocean division continued to strengthen its organisational platform through restructuring initiatives, strengthening of operational leadership and network expansion. Selected quarterly information (DKKm) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change Net revenue 681 580 17.4% 1,254 1,270 -1.3% Gross profit 141 141 0.0% 272 289 -5.9% Other external expenses -30 -30 0.0% -60 -62 -3.2% Staff costs -87 -89 -2.2% -173 -178 -2.8% Amortisation and depreciation -6 -6 0.0% -11 -12 -8.3% Adj. EBIT 18 16 12.5% 28 37 -24.3% Gross margin 20.7% 24.3% -3.6 ppts 21.7% 22.8% -1.1 ppts Operating margin 2.6% 2.8% -0.2 ppts 2.2% 2.9% -0.7 ppts Conversion ratio 12.8% 11.3% 1.5 ppts 10.3% 12.8% -2.5 ppts Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 8 Income statement (DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net revenue 2 3,330 2,857 6,313 5,552 Direct costs -2,615 -2,196 -4,947 -4,289 Gross profit 715 661 1,366 1,263 Other external expenses -105 -105 -196 -203 Staff costs -328 -318 -647 -615 Operating profit before depreciation, amortisation and special items 282 238 523 445 Depreciation and amortisation -103 -93 -205 -179 Operating profit (EBIT) before special items 179 145 318 266 Special items, net -12 -10 -24 -13 Financial income 5 5 16 9 Financial costs -36 -62 -74 -103 Profit before tax 136 78 236 159 T ax on profit the period -43 -36 -74 -56 Profit for the period 93 42 162 103 Attributable to: Shareholders in NTG Nordic Transport Group A/S 81 32 139 84 Non-controlling interests 12 10 23 19 Earnings per share Earnings per share (DKK) 3.69 1.47 6.31 3.88 Diluted earnings per share (DKK) 3.68 1.47 6.30 3.88 Statement of comprehensive income (DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 Profit for the period 93 42 162 103 Items that may be reclassified to the income statement: Foreign exchange adjustments of subsidiaries 4 -38 20 -64 Items that will not be reclassified to the income statement: Actuarial adjustments on retirement benefit obligations, net of tax -4 - -9 12 Other comprehensive income - -38 11 -52 T otal comprehensive income 93 4 173 51 Attributable to: Shareholders in NTG Nordic Transport Group A/S 83 -6 152 32 Non-controlling interests 10 10 21 19 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 9 Cash flow statement (DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 Operating profit (EBIT) before special items 179 145 318 266 Depreciation and amortisation 103 93 205 179 Share-based payment expense 3 6 6 9 Movement in provisions 2 -6 - -21 Movement in pensions - - -1 13 Change in net working capital 97 181 -71 79 Special items paid -10 -10 -23 -13 Cash generated from operations 374 409 434 512 Interest income received 4 5 10 9 Interest expenses paid -33 -62 -68 -103 Income taxes paid -12 -13 -47 -53 Net cash flows from operating activities 333 339 329 365 Acquisition of property, plant and equipment -3 - -9 -13 Acquisition of intangible assets -3 - -3 - Disposal of intangible assets, property, plant and equipment 1 - 1 - Acquisition of business activities -1 -557 -1 -873 Investments in other financial assets -21 -1 -27 -2 Net cash flows from investing activities -27 -558 -39 -888 Free cash flow 306 -219 290 -523 (DKKm) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 Proceeds from borrowings - 403 - 1,098 Repayment of borrowings -6 - -7 - Repayment of lease liabilities -92 -83 -184 -158 Shareholders and non-controlling interests Purchase of treasury shares -50 - -75 - Dividends paid to non-controlling interests -22 -16 -23 -16 Acquisition of shares from non-controlling interests 14 1 -3 2 Disposal of shares to non-controlling interests 13 -3 14 -6 Net cash flows from financing activities -143 302 -278 920 Net movement in cash and cash equivalents 163 83 12 397 Cash and cash equivalents at the beginning of the period* 232 407 384 102 Net foreign currency exchange differences -5 1 -6 -8 Cash and cash equivalents at the end of the period* 390 491 390 491 Statement of adjusted free cash flow (DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Free cash flow 306 -219 290 -523 Special items reversed 10 10 23 13 Acquisition of business activities reversed 1 557 1 873 Repayment of lease liabilities -92 -83 -184 -158 Adjusted free cash flow 225 265 130 205 * Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 19 million on 30 June 2026, DKK 0 million on 31 December 2025 and DKK 0 million on 30 June 2025. Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 10 Balance sheet (DKKm) Note 30.06.2026 31.12.2025 30.06.2025 Assets Goodwill 2,780 2,764 2,701 Other intangible assets 9 6 7 Property, plant and equipment 147 146 162 Right-of-use assets 3 1,133 1,186 1,241 Other receivables 104 77 85 Deferred tax assets 31 28 27 T otal non-current assets 4,204 4,207 4,223 Trade receivables 2,145 1,676 1,752 Other receivables 156 129 145 Corporation tax 8 13 11 Cash and cash equivalents 409 384 491 T otal current assets 2,718 2,202 2,399 T otal assets 6,922 6,409 6,622 (DKKm) Note 30.06.2026 31.12.2025 30.06.2025 Equity and liabilities Share capital 453 453 453 Reserves 4 1,185 1,097 938 NTG Nordic Transport Group A/S shareholders' share of equity 1,638 1,550 1,391 Non-controlling interests 88 84 96 T otal equity 1,726 1,634 1,487 Borrowings 1,478 1,499 1,650 Lease liabilities 915 967 991 Deferred tax liabilities 35 34 35 Pensions 84 76 89 Provisions 24 24 27 T otal non-current liabilities 2,536 2,600 2,792 Borrowings 63 31 44 Lease liabilities 300 297 327 Provisions 39 39 43 Trade payables 1,818 1,469 1,579 Other payables 367 290 310 Corporation tax 73 49 40 T otal current liabilities 2,660 2,175 2,343 T otal liabilities 5,196 4,775 5,135 T otal equity and liabilities 6,922 6,409 6,622 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 11 Statement of changes in equity (DKKm) Share capital Treasury share reserve T ranslation reserve Retained earnings Shareholders' share of equity Non-controlling interests T otal equity Equity at 1 January 2026 453 -9 -34 1,140 1,550 84 1,634 Profit for the period - - - 139 139 23 162 Other comprehensive income - - 22 -9 13 -2 11 T otal comprehensive income - - 22 130 152 21 173 Transactions with owners: Share-based payments - - - 6 6 - 6 Dividends distributed - - - - - -23 -23 Purchase of treasury shares - -8 - -67 -75 - -75 Transfer of treasury shares - - - - - - - Acquisition of shares from non-controlling interests - 1 - -4 -3 - -3 Disposal of shares to non-controlling interests - - - 8 8 6 14 T otal transactions with owners - -7 - -57 -64 -17 -81 Equity at 30 June 2026 453 -16 -12 1,213 1,638 88 1,726 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 12 Statement of changes in equity (continued) (DKKm) Share capital Treasury share reserve T ranslation reserve Retained earnings Shareholders' share of equity Non-controlling interests T otal equity Equity at 1 January 2025 453 -26 32 799 1,258 86 1,344 Profit for the period - - - 84 84 19 103 Other comprehensive income - - -64 12 -52 - -52 T otal comprehensive income - - -64 96 32 19 51 Transactions with owners: Share-based payments - - - 9 9 - 9 Dividends distributed - - - - - -16 -16 Purchase of treasury shares - - - - - - - Transfer of treasury shares - 7 - 79 86 - 86 Acquisition of shares from non-controlling interests - - - -4 -4 6 2 Disposal of shares to non-controlling interests - - - 10 10 1 11 T otal transactions with owners - 7 - 94 101 -9 92 Equity at 30 June 2025 453 -19 -32 989 1,391 96 1,487 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 13 Notes Note 1 – Basis of preparation These condensed consolidated financial statements are the unaudited interim consolidated financial statements of NTG Nordic Transport Group A/S and its subsidiaries (hereafter “the Group”) for the six-month period ended 30 June 2026. The interim consolidated financial statements and the management’s review, together referred to as the Interim Report, have been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The Interim Report should be read in conjunction with the Group’s consolidated financial statements for the year ended 31 December 2025 (hereafter “the Annual Report 2025”) as it provides an update of the previously reported information. No new accounting standards or amendments to existing standards with a material effect on the Group’s Interim Report have become mandatorily effective for reporting periods beginning 1 January 2026. As a result, the accounting policies adopted in the Interim Report are consistent with those of the previous financial year. Reference is made to note 1.1 of the Annual Report 2025 for a description of the accounting policies. For a definition of financial key figures and financial ratios, please see page 136 in the Annual Report 2025. Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 14 Note 2 – Segment information and net revenue The Group mainly derives revenue from freight forwarding services related to transport of goods throughout Europe and worldwide by road, air, and ocean. Road & Logistics Air & Ocean T otal (DKKm) Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Segment revenue 2,656 2,285 686 585 3,342 2,870 Revenue (between segments) -7 -8 -5 -5 -12 -13 Revenue (external) 2,649 2,277 681 580 3,330 2,857 Gross profit 574 520 141 141 715 661 Gross margin (%) 21.7% 22.8% 20.7% 24.3% 21.5% 23.1% Other external expenses -75 -75 -30 -30 -105 -105 Staff costs -241 -229 -87 -89 -328 -318 Amortisation and depreciation -97 -87 -6 -6 -103 -93 Operating profit before special items 161 129 18 16 179 145 Road & Logistics Air & Ocean T otal (DKKm) YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Segment revenue 5,071 4,296 1,264 1,280 6,335 5,576 Revenue (between segments) -12 -14 -10 -10 -22 -24 Revenue (external) 5,059 4,282 1,254 1,270 6,313 5,552 Gross profit 1,094 974 272 289 1,366 1,263 Gross margin (%) 21.6% 22.7% 21.7% 22.8% 21.6% 22.7% Other external expenses -136 -141 -60 -62 -196 -203 Staff costs -474 -437 -173 -178 -647 -615 Amortisation and depreciation -194 -167 -11 -12 -205 -179 Operating profit before special items 290 229 28 37 318 266 Net revenue per country (DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Denmark 1,367 1,084 2,577 1,999 Germany 452 437 891 883 USA 307 276 562 626 Sweden 404 352 761 687 Finland 136 138 252 271 Other 664 570 1,270 1,086 T otal 3,330 2,857 6,313 5,552 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 15 Note 3 – Leases Contracts are assessed at inception to determine whether a lease has been entered according to IFRS 16 - Leases. If a lease is identified, a right-of-use asset and a corresponding lease liability are recognised in the balance sheet at the contract’s commencement date. Lease liabilities are initially measured at the present value of future lease payments under the contract, discounted using either the interest rate implicit in the contract, or (if the implicit interest rate is not available) an appropriate incremental borrowing rate. Right-of-use assets are initially measured at cost, equivalent to the relevant recognised lease liability adjusted for any lease payments made on or before the commencement date, any initial direct costs and an estimate of any dismantling and restoration costs. Subsequent to recognition, lease liabilities are measured at amortised cost using the effective interest method, adjusted for any remeasurements or contract modifications. Lease payments are allocated between reduction of the liability and interest expenses. Interest expenses are charged to the income statement over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Subsequent to recognition, right-of-use assets are depreciated on a straight-line basis over the shorter of each asset’s useful life and the relevant lease term and adjusted for any remeasurements of the lease liability. 2026 2025 Right-of-use assets (DKKm) Land & buildings Other plant and equipment T otal Land & buildings Other plant and equipment T otal Carrying amount at 1 January 709 477 1,186 743 355 1,098 Additions from business combinations - 17 17 48 92 140 Additions during the period 10 124 134 8 109 117 Remeasurements during the period -1 -3 -4 49 9 58 Disposals during the period - -3 -3 -2 -6 -8 Depreciation -93 -100 -193 -91 -75 -166 Currency translation adjustments -1 -3 -4 1 1 2 Carrying amount at 30 June 624 509 1,133 756 485 1,241 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 16 Note 4 – Treasury shares Treasury shares are bought back to meet obligations relating to acquisition of minority shareholders' shares in NTG subsidiaries under the "Ring-the-Bell" concept, to cover obligations arising under share-based incentive programs, and potentially for other purposes such as considerations in connection with M&A transactions. Number of shares Nominal value (DKKm) Part of share capital Market value (DKKm) Treasury shares at 1 January 2026 467,299 9 2.1% 89 Ring-the-Bell consideration paid -45,895 -1 -0.2% -14 Consideration during acquisition - - - - Purchase of shares 412,765 8 1.8% 75 Value adjustment - - - 10 Carrying amount at 30 June 2026 834,169 16 3.7% 160 Number of shares Nominal value (DKKm) Part of share capital Market value (DKKm) Treasury shares at 1 January 2025 1,291,103 26 5.7% 331 Ring-the-Bell consideration paid -336,380 -7 -1.5% -86 Consideration during acquisition -22,399 0 -0.1% -5 Purchase of shares - - - - Other transactions -6,000 0 0.0% -1 Value adjustment - - - -64 Carrying amount at 30 June 2025 926,324 19 4.1% 175 Interim Report H1 2026
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FINANCIAL HIGHLIGHTS MANAGEMENT'S REVIEW ROAD & LOGISTICS AIR & OCEAN FINANCIAL STATEMENTS DISCLOSURE NOTES STATEMENT 17 Statement of the Board of Directors and the Executive Management The Board of Directors and the Executive Management have today discussed and approved the Interim Report of NTG Nordic Transport Group A/S for the period 1 January 2026 to 30 June 2026. The Interim Report, which has not been audited or reviewed by the Company’s auditor, has been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. In our opinion, the interim consolidated financial statements (pp. 8-16) give a true and fair view of NTG Nordic Transport Group A/S’ consolidated assets, liabilities and financial position at 30 June 2026 and of the results of NTG Nordic Transport Group A/S’ consolidated operations and cash flows for the period 1 January 2026 to 30 June 2026. Furthermore, in our opinion the management's review (pp. 4-7) includes a fair review of the development in the Group's operations and financial conditions, the results for the period, cash flows and financial position as well as a description of the most significant risks and uncertainty factors that the Group faces. Hvidovre, 10 August 2026 Executive Management Mathias Jensen-Vinstrup Tinneke T orpe Group CEO Group CFO Board of Directors Eivind Kolding Jørgen Hansen Finn Skovbo Pedersen Chairman of the board Deputy chairman of the board Board member Carsten Krogsgaard Thomsen Jesper Præstensgaard Louise Knauer Lene Borne Jørgensen Board member Board member Board member Board member Interim Report H1 2026