Q2 2026 NTG Nordic Transport Group AS Earnings Call Transcript
Key Points
- NTG Nordic Transport Group AS (OCSE:NTG) delivered strong financial performance in Q2 2026, with gross profit up 8% and adjusted EBIT up 23% year-over-year.
- The company achieved double-digit organic growth of 14.8% and total growth of 16.6%, driven by higher freight rates, solid volume growth, and continued market share gains.
- The Road and Logistics division delivered another strong quarter with 18% organic adjusted EBIT growth, particularly benefiting from robust performance across the Nordic region.
- The Air and Ocean division's restructuring program is progressing ahead of plan, with early signs of success as adjusted EBIT grew 12.5% due to a lower cost base.
- NTG Nordic Transport Group AS (OCSE:NTG) raised the lower end of its full-year adjusted EBIT guidance to DKK 625-650 million, reflecting confidence in continued strong performance.
- The company's leverage ratio improved significantly to 2.25x EBITDA from 3.04x in the same period last year, driven by growing EBITDA.
- The new leadership in Air and Ocean, with Carsten joining in April, has already had a significant impact on execution pace, and the company opened a new branch in Charlotte, North Carolina, as part of its expansion strategy.
- NTG Nordic Transport Group AS (OCSE:NTG) continues to face a muted and challenging market in Germany, with low activity levels and operational disruptions from the TMS rollout affecting results.
- The TMS rollout in Germany caused delays in invoicing, leading to an unfavorable temporary impact on net working capital, which is expected to normalize only during Q3.
- Gross margin decreased to 21.5% in Q2, reflecting changes in business mix and the impact of higher freight rates, which typically dilute margins.
- The company expects freight rates to moderate and normalize in the second half of the year, which could negatively impact revenue growth and profitability.
- Special items increased to DKK 24 million for the first half of 2026, and the full-year expectation was raised to DKK 30-35 million due to the accelerated restructuring in Air and Ocean.
- The effective tax rate remains elevated at 31.6%, impacted by unrecognized tax losses in Germany, indicating room for improvement.
- The company expects staff costs and headcount in Air and Ocean to continue declining, which may indicate ongoing operational challenges in that division.
Good day and thank you for standing by. Welcome to the NTG Nordic Transport Group first half 2026 conference call and webcast. At this time, all participants are in listen-only mode.
After the speaker's presentation, there will be the question-and-answer session. To ask a question during the session, you need to press *11 on your telephone keypad. You will not hear an automatic message advising your hand is raised. To withdraw a question, please press *1 and 1 again.
Please be advised that today's conference is being recorded.
I will hand the word to CEO of NTG Nordic Transport Group, Matthias Jensen-Venstrup. Please go ahead.
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Thank you and welcome everybody to our conference call for the first half of 2026. And thank you for dialing in. My name is Matthias Jensen-Venstrup, and I'm the group CEO of NTG. I have Tinika Topper, our group CFO, with me today.
As always, we'll spend the next 15 to 20 minutes taking you
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