Q2 2026 NTG Nordic Transport Group AS Earnings Call

August 11, 2026

Operator: Good day, and thank you for standing by. Welcome to the NTG Nordic Transport Group H1 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 star 11 on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I will hand the word to CEO of NTG Nordic Transport Group, Mathias Jensen-Vinstrup. Please go ahead.

Operator: Good day, and thank you for standing by. Welcome to the NTG Nordic Transport Group H1 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 star one one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star one one again.

Speaker #2: 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.

Speaker #2: After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press *11 on your telephone keypad.

Speaker #2: You will then hear an automatic message advising your hand is raised. To withdraw a question, please press *11 again. Please be advised that today's conference is being recorded.

Operator: Please be advised that today's conference is being recorded. I will hand the word to CEO of NTG Nordic Transport Group, Mathias Jensen-Vinstrup. Please go ahead.

Speaker #2: I will hand the word to the CEO of NTG Nordic Transport Group, Mattias Jensen-Vinstrup. Please go ahead.

Speaker #3: Thank you, and welcome, everybody, to our conference call for the first half of 2026. Thank you for dialing in. My name is Mattias Jensen-Vinstrup, and I'm the Group CEO of NTG.

Mathias Jensen-Vinstrup: Thank you, and welcome everybody to our conference call for the H1 of 2026. Thank you for dialing in. My name is Mathias Jensen-Vinstrup, and I am the Group CEO of NTG. I have Tinneke Torpe, our Group CFO, with me today. As always, we will spend the next 15 to 20 minutes taking you through our highlights and results for the Q2 of 2026 and finish off answering questions from the participants on this call. If we move on to the next page, we kindly ask you to read the forward-looking statements provided on the page. On page number 3, you see the agenda for this conference call, which includes the highlights for the Q2, a review of the financial performance of the group, as well as each of our two divisions.

Mathias Jensen-Vinstrup: Thank you, and welcome everybody to our Conference Call for the H1 of 2026. Thank you for dialing in. My name is Mathias Jensen-Vinstrup, and I am the Group CEO of NTG. I have Tinneke Torpe, our Group CFO, with me today. As always, we will spend the next 15 to 20 minutes taking you through our highlights and results for the Q2 of 2026 and finish off answering questions from the participants on this call. If we move on to the next page, we kindly ask you to read the forward-looking statements provided on the page.

Speaker #3: I have Teeneke Tofer, our Group CFO, with me today. As always, we'll spend the next 15 to 20 minutes taking you through our highlights and results for the second quarter of 2026, and finish off by answering questions from the participants on this call.

Speaker #3: And if we move on to the next page, we kindly ask you to read the forward-looking statements provided on the page. On page number 3, you see the agenda for this conference call, which includes the highlights for the second quarter, a review of the financial performance of the group as well as each of our two divisions, the financial highlights and ratios, the outlook for the year, and finally, we open up for Q&A.

Mathias Jensen-Vinstrup: On page number 3, you see the agenda for this conference call, which includes the highlights for the Q2, a review of the financial performance of the group, as well as each of our two divisions. The financial highlights and ratios, the outlook for the year, and finally, we open up for Q&A. Moving on to the highlights for the Q2 of the year for the group. We are generally pleased with the performance that we delivered. Gross profit increased by 8%, while adjusted EBIT increased by 23% compared to the same period last year.

Mathias Jensen-Vinstrup: The financial highlights and ratios, the outlook for the year, and finally, we open up for Q&A. Moving on to the highlights for the Q2 of the year for the group. We are generally pleased with the performance that we delivered. Gross profit increased by 8%, while adjusted EBIT increased by 23% compared to the same period last year. The performance was driven by strong organic growth across the business, supported by higher freight rates and continued market share gains, as well as the inclusion of the final month of the DTK acquisition, as we illustrate on the slide. We continue to operate in an uncertain market with big regional differences, but on a headline basis, market conditions improved during the Q2. Germany, however, remained muted activity-wise, whereas most other markets, in particular in the Nordic region, developed quite positively.

Speaker #3: Moving on to the highlights for the second quarter of the year for the group, we are generally pleased with the performance that we delivered.

Speaker #3: Gross profit increased by 8%, while adjusted EBIT increased by 23% compared to the same period last year. The performance was driven by strong organic growth across the business, supported by higher freight rates and continued market share gains, as well as the inclusion of the final month of the DTK acquisition, as we illustrate on the slide.

Mathias Jensen-Vinstrup: The performance was driven by strong organic growth across the business, supported by higher freight rates and continued market share gains, as well as the inclusion of the final month of the DTK acquisition, as we illustrate on the slide. We continue to operate in an uncertain market with big regional differences, but on a headline basis, market conditions improved during the Q2. Germany, however, remained muted activity-wise, whereas most other markets, in particular in the Nordic region, developed quite positively.

Speaker #3: We continue to operate in an uncertain market, with significant regional differences, but on a headline basis, market conditions improved during the second quarter. Germany, however, remained muted activity-wise, whereas most other markets, in particular the Nordic region, developed quite positively.

Speaker #3: At the same time, freight rates were impacted by higher fuel prices and capacity constraints, which led to higher rates and thus increased revenue across both divisions.

Mathias Jensen-Vinstrup: At the same time, freight rates were impacted by higher fuel prices and capacity constraints, which led to higher rates and thus revenue across both divisions. Within the Road & Logistics division, an important milestone was reached during Q2 with the completion of the TMS rollout in the southern region of Germany. While the implementation continued to affect operations and also working capital during the quarter, we are encouraged by the progress made, and we remain confident in the long-term benefits of the direction that we have set out, especially in light of the valuable experience that we gained during H1 of the year, and also the organizational strengthenings that we have made in preparation for the continued migration of our groupage activities.

Speaker #3: Within the Road and Logistics division, an important milestone was reached during the second quarter with the completion of the TMS rollout in the southern region of Germany. While the implementation continued to affect operations and also working capital during the quarter, we are encouraged by the progress made, and we remain confident in the long-term benefits of the direction that we have set out—especially in light of the valuable experience that we gained during the first six months of the year, and also the organizational strengthenings that we have made in preparation for the continued migration of our group activities.

Mathias Jensen-Vinstrup: While the implementation continued to affect operations and also working capital during the quarter, we are encouraged by the progress made, and we remain confident in the long-term benefits of the direction that we have set out, especially in light of the valuable experience that we gained during H1 of the year, and also the organizational strengthenings that we have made in preparation for the continued migration of our groupage activities.

Speaker #3: Within our organization, the restructuring and reorganization program progressed ahead of plan, and numerous initiatives have now been executed across the division. We are gradually seeing these efforts translate into a lower cost base and improved profitability.

Mathias Jensen-Vinstrup: Within Air & Ocean, the restructuring and reorganization program progressed ahead of plan and numerous initiatives have now been executed across the division, and we are gradually seeing these efforts translate into a lower cost base and improved profitability. Based on the performance in H1 of the year, as well as our current view on the market, we have narrowed our full year guidance range for adjusted EBIT to between DKK 625 million and DKK 650 million, raising the floor by DKK 25 million. On the next page, we summarize the financial highlights for the group. In Q2, we realized double-digit growth organically and including M&A of 14.8% and 16.6% respectively.

Speaker #3: Based on the performance in the first six months of the year, as well as our current view on the market, we have narrowed our full-year guidance range for adjusted EBIT to between $625 million and $650 million.

Speaker #3: We're raising the floor by 25 million. On the next page, we summarize the financial highlights for the group. In the second quarter, we realized double-digit growth organically and, including M&A, of 14.8% and 16.6% respectively.

Mathias Jensen-Vinstrup: On the next page, we summarize the financial highlights for the group. In Q2, we realized double-digit growth organically and including M&A of 14.8% and 16.6% respectively. This was mainly driven by, as I mentioned before, higher freight rates across both divisions, while solid volume growth and continued market share gains, particularly in the Road & Logistics division, we also had a notable impact during the first part of Q2 in particular.

Speaker #3: This was mainly driven by, as I mentioned before, higher freight rates across both divisions, while solid volume growth and continued market share gains—particularly in the Road and Logistics division—also had a notable impact during the first part of the second quarter, in particular.

Mathias Jensen-Vinstrup: This was mainly driven by, as I mentioned before, higher freight rates across both divisions, while solid volume growth and continued market share gains, particularly in the Road & Logistics division, we also had a notable impact during the first part of Q2 in particular. On the gross margin side, which decreased to 21.5%, the development reflected changes in our business mix, as well as the impact of the higher freight rates in the Air & Ocean division. As we have communicated previously, increasing freight rates create revenue growth, but typically dilute gross margins. The conversion ratio increased across both divisions, supported by operational improvements and cost-out initiatives, which drove the operating margin up to 5.4% during Q2.

Speaker #3: On the gross margin side, which decreased to 21.5%, the development reflected changes in our business mix, as well as the impact of the higher freight rates in the ocean division.

Mathias Jensen-Vinstrup: On the gross margin side, which decreased to 21.5%, the development reflected changes in our business mix, as well as the impact of the higher freight rates in the Air & Ocean division. As we have communicated previously, increasing freight rates create revenue growth, but typically dilute gross margins. The conversion ratio increased across both divisions, supported by operational improvements and cost-out initiatives, which drove the operating margin up to 5.4% during Q2.

Speaker #3: As we have communicated previously, increasing freight rates create revenue growth but typically dilute gross margins. The conversion ratio increased across both divisions, supported by operational improvements and cost-out initiatives.

Speaker #3: This drove the operating margin up to 5.4% during the second quarter. Special items amounted to $12 million in the second quarter and $24 million for the first half of the year, primarily related to the restructuring initiatives that we are currently implementing within the Ocean division.

Mathias Jensen-Vinstrup: Special items amounted to DKK 12 million in Q2 and DKK 24 million for H1 of the year, primarily related to the restructuring initiatives that we are currently implementing within the Air & Ocean division. If we turn to the Road & Logistics division on the next page. The division delivered yet another strong quarter and continued the positive momentum that we have seen over quite a few quarters by now. Growth in adjusted EBIT on an organic basis was 18%, supported by the higher freight rates, volume growth, and generally a strong performance across the majority of our entities. In particular, we did experience a very strong performance across the Nordic region, where several of our larger entities delivered strong and significantly improving performance and continued to take market shares. As quickly mentioned before, Germany continued to be challenging.

Speaker #3: If we turn to the Road and Logistics division on the next page, the division delivered yet another strong quarter and continued the positive momentum that we have seen over quite a few quarters by now.

Speaker #3: Growth in adjusted EBIT on an organic basis was 18%, supported by higher freight rates, volume growth, and generally a strong performance across the majority of our entities.

Mathias Jensen-Vinstrup: Growth in adjusted EBIT on an organic basis was 18%, supported by the higher freight rates, volume growth, and generally a strong performance across the majority of our entities. In particular, we did experience a very strong performance across the Nordic region, where several of our larger entities delivered strong and significantly improving performance and continued to take market shares. As quickly mentioned before, Germany continued to be challenging.

Speaker #3: In particular, we did experience very strong performance across the Nordic region, where several of our larger entities delivered strong and significantly improving performance, and continued to take market share.

Speaker #3: As quickly mentioned before, Germany continued to be challenging. Activity levels were muted, and the rollout of the group HTMS also affected operations and the results in the second quarter of the year.

Mathias Jensen-Vinstrup: Activity levels were muted and the rollout of the groupage TMS also affected operations and the results in Q2 of the year. As I mentioned, we remain optimistic about the long-term prospects of the migration plan, not only in Germany but across our footprint. While there is still much work ahead of us, we continue to be confident in the long-term viability of the initiatives that we have set out across the division. If we move on to the Air & Ocean division on the next page. Market conditions improved during Q2 with higher volumes on the container, on the ocean freight side, improving air freight demand and increasing freight rates across several of the key trade lanes.

Speaker #3: But as I mentioned, we remain optimistic about the long-term prospects of the migration plan, not only in Germany but across our footprint. So, while there's still much work ahead of us, we continue to be confident in the long-term viability of the initiatives that we have set out across the division.

Speaker #3: If we move on to the ocean division on the next page, market conditions improved during the second quarter with higher volumes on the container and ocean freight side, improving air freight demand, and increasing freight rates across several of the key trade lanes.

Mathias Jensen-Vinstrup: Market conditions improved during Q2 with higher volumes on the container, on the ocean freight side, improving air freight demand and increasing freight rates across several of the key trade lanes. Operationally, our main focus was on the reorganization and the strengthening of the division, and we continued to accelerate this trajectory as we introduced earlier this year, which included right-sizing initiatives as well as multiple new hires and team strengthenings globally.

Speaker #3: Operationally, our main focus was on the reorganization and the strengthening of the division, and we continue to accelerate this trajectory as we introduced earlier this year, which included right-sizing initiatives as well as multiple new hires and team strengthenings globally.

Mathias Jensen-Vinstrup: Operationally, our main focus was on the reorganization and the strengthening of the division, and we continued to accelerate this trajectory as we introduced earlier this year, which included right-sizing initiatives as well as multiple new hires and team strengthenings globally. Carsten, who joined us on 1 April, has now been with us for four months, and he has already had a significant impact on the pace of execution, which is also starting in the very early days to show in the numbers during Q2. During the quarter, we also opened a new branch in Charlotte, North Carolina, which we expect to be the first of many, not only in the US but across our footprint, both as it looks today and also how we expect to see it in the years to come.

Mathias Jensen-Vinstrup: Carsten, who joined us on 1 April, has now been with us for four months, and he has already had a significant impact on the pace of execution, which is also starting in the very early days to show in the numbers during Q2. During the quarter, we also opened a new branch in Charlotte, North Carolina, which we expect to be the first of many, not only in the US but across our footprint, both as it looks today and also how we expect to see it in the years to come.

Speaker #3: Carsten, who joined us on the 1st of April, has now been with us for four months, and he has already had a significant impact on the pace of execution, which is also, starting in the very early days, to show in the numbers during the second quarter.

Speaker #3: During the quarter, we also opened a new branch in Charlotte, North Carolina, which we expect to be the first of many, not only in the U.S., but across our footprint—both as it looks today and as we expect to see it in the years to come.

Speaker #3: And we also benefited from even stronger intercompany collaboration and trade lane development, which is completely in line with the ambitions that we laid out in our Route 27 strategy.

Mathias Jensen-Vinstrup: We also benefited from an even stronger intercompany collaboration and trade lane development, which is completely in line with the ambitions that we laid out in our Route '27 strategy. Our focus remains very clear. We are building a stronger and more profitable Air & Ocean platform through a combination of leadership changes, cost-out initiatives, and commercial improvements. We are accelerating the investments in organic growth also as we move into the second part of the year. As I said, we started to see the first signs of effects on our numbers, as illustrated in the adjusted EBIT growth of 12.5%, which was mainly driven by the lower cost base. With those words, I will now hand it over to Tinneke to take you through the detailed financial highlights.

Speaker #3: Our focus remains very clear: we are building a stronger and more profitable air and ocean platform through a combination of leadership changes, cost-out initiatives, and commercial improvements.

Speaker #3: And we are accelerating the investments in organic growth also as we move into the second part of the year. As I said, we've started to see the first signs of effects on our numbers, as illustrated in the adjusted EBIT growth of 12.5%, which was mainly driven by the lower cost base.

Mathias Jensen-Vinstrup: As I said, we started to see the first signs of effects on our numbers, as illustrated in the adjusted EBIT growth of 12.5%, which was mainly driven by the lower cost base. With those words, I will now hand it over to Tinneke to take you through the detailed financial highlights.

Speaker #3: And with those words, I will now hand it over to Tineke to take you through the detailed financial highlights.

Speaker #2: Thank you, Matthias. So, moving to the next slide, I will start with the special items. As Matthias already mentioned, special items amounted to €12 million in the second quarter, and €24 million for the first six months of 2026.

Tinneke Torpe: Thank you, Mathias. Moving to the next slide, I will start with the special items. As Mathias already mentioned, special items amounted to DKK 12 million in Q2 and DKK 24 million for the first six months of 2026. This related to the restructuring program in Air Nostrum, which has progressed ahead of plan. As we will continue this reorganization program, our expectation is also that special items for that reason will increase to a level of DKK 30 million to DKK 35 million for the full year of 2026, versus the DKK 20 million to DKK 25 million we originally guided. Moving on to the net financial expenses. They amounted in Q2 to DKK 31 million compared to DKK 57 million in Q2 last year.

Speaker #2: This related to the restructuring program in an ocean, which has progressed ahead of plan. And as we will continue this, reorganization program, then our expectation is also that special items for that reason will increase to a level of 30 to 35 million for the full year of '26 versus the 20 to 25 million we originally guided moving on to the financial net financial expenses.

Tinneke Torpe: As we will continue this reorganization program, our expectation is also that special items for that reason will increase to a level of DKK 30 million to DKK 35 million for the full year of 2026, versus the DKK 20 million to DKK 25 million we originally guided. Moving on to the net financial expenses. They amounted in Q2 to DKK 31 million compared to DKK 57 million in Q2 last year.

Speaker #2: They amounted, in the second quarter, to 31 million compared to 57 million in Q2 last year. When we look at that comparative year of '25, this was mainly impacted by the elevated foreign exchange effects we saw from the US dollar in the second quarter of '25, as well as higher interest expenses.

Tinneke Torpe: When we look at that comparative year of 2025, this was mainly impacted by the elevated foreign exchange effects we saw from the USD in Q2 2025, as well as higher interest expenses. During Q2 2026, net financial expenses returned to a level that we consider closer to what is a normal quarter for NTG. Finally, I will address the tax in the P&L. Our effective tax rate amounted to 31.6% in Q2, compared to 46.2% in the same period last year. We continue to be impacted by unrecognized tax losses in Germany, and although the impact was lower in 2026 than it was in Q2 last year, we still see an effect. We are pleased with the development, but the tax rate remains elevated, and there is room for improvement compared to our long-term expectations.

Speaker #2: During the quarter, the second quarter of '26, net financial expenses returned to a level that we consider closer to what is a normal quarter for NTG.

Speaker #2: Finally, I will address the tax in the P&L. Our effective tax rate amounted to 31.6% in the second quarter, compared to 46.2% in the same period last year.

Tinneke Torpe: We continue to be impacted by unrecognized tax losses in Germany, and although the impact was lower in 2026 than it was in Q2 last year, we still see an effect. We are pleased with the development, but the tax rate remains elevated, and there is room for improvement compared to our long-term expectations. This is a focus area for our group. Finally, looking at our cash flow, our adjusted free cash flow amounted to DKK 225 million for Q2.

Speaker #2: We continue to be impacted by unrecognized tax losses in Germany, and although the impact was lower in Q2 '26 than it was in the second quarter last year, we still see an effect. We are pleased with the development, but the tax rate remains elevated, and there is room for improvement compared to our long-term expectations. So this is a focus area for our group.

Tinneke Torpe: This is a focus area for our group. Finally, looking at our cash flow, our adjusted free cash flow amounted to DKK 225 million for Q2. It was slightly below same quarter last year, which was primarily due to contributions from our net working capital. The higher EBITDA that we delivered in Q2 was partly offset by a lower working capital inflow. But overall, we are very satisfied with the cash generation that the group generated in Q2. Then I appreciate if you switch to the next slide, where we now will be focusing on the balance sheet and the key financial ratios.

Speaker #2: Finally, looking at our cash flow, our adjusted free cash flow amounted to €225 million for the second quarter. It was slightly below the same quarter last year, which was primarily due to contributions from our net working capital.

Tinneke Torpe: It was slightly below same quarter last year, which was primarily due to contributions from our net working capital. The higher EBITDA that we delivered in Q2 was partly offset by a lower working capital inflow. But overall, we are very satisfied with the cash generation that the group generated in Q2. Then I appreciate if you switch to the next slide, where we now will be focusing on the balance sheet and the key financial ratios.

Speaker #2: The higher EBITDA that we delivered in the second quarter was partly offset by a lower working capital inflow, but overall, we are very satisfied with the cash generation that the group generated in the second quarter.

Speaker #2: Then I would appreciate it if you could switch to the next slide, where we will now be focusing on the balance sheet and the key financial ratios.

Tinneke Torpe: Returning back to the cash flow and the impact on the net working capital, the development in our net working capital during Q2 was primarily a reflection of a normal seasonality of our business, but also an element of timing. As some of you might remember, we made in Q1 2026 an unusual early payment to a number of our holders ahead of Easter. This move of payments from April into March had a negative effect on working capital in Q1, while the reverse impact then reflected in our Q2. This supported that we saw a positive cash inflow from our net working capital. This was partially counter-affected by our implementation of the GMS system in Germany, which has caused some delays in our invoicing, and therefore had an unfavorable temporary impact on our net working capital.

Speaker #2: Returning back to the cash flow and the impacts on the net working capital, the development in our net working capital during the second quarter was primarily a reflection of the normal seasonality of our business, but also an element of timing.

Speaker #2: As some of you might remember, we made, in the first quarter of '26, an unusual early payment to a number of our holders ahead of Easter.

Speaker #2: And this move of payment from April into March had a negative effect on working capital in the first quarter, with the reverse impact then reflected in our second quarter.

Speaker #2: And this supported that we saw a positive cash inflow from our net working capital. This was partially counteracted by our implementation of the TMS system in Germany, which has caused some delays in our invoicing and therefore had an unfavorable temporary impact on our net working capital.

Tinneke Torpe: This supported that we saw a positive cash inflow from our net working capital. This was partially counter-affected by our implementation of the GMS system in Germany, which has caused some delays in our invoicing, and therefore had an unfavorable temporary impact on our net working capital. As we are coming close to a finalization of the rollout in the southern region of Germany, we do expect that this unfavorable impact will gradually reduce over the coming months and will normalize most likely during Q3.

Tinneke Torpe: As we are coming close to a finalization of the rollout in the southern region of Germany, we do expect that this unfavorable impact will gradually reduce over the coming months and will normalize most likely during Q3. If we then move on to our leverage and our net debt, our leverage ratio improved in Q2, and reached a level of 2.25 times EBITDA, compared to 3.04 in the same period last year. This improvement was primarily driven by our growing 12-month increase in EBITDA, but also offset partially by the ongoing share buyback program that has progressed during the quarter as well. Speaking of this program, it is running in accordance with plan.

Speaker #2: As we are coming close to finalization of the rollout in the southern region of Germany, we do expect that this unfavorable impact will gradually reduce over the coming months and will normalize, most likely, during Q3.

Tinneke Torpe: If we then move on to our leverage and our net debt, our leverage ratio improved in Q2, and reached a level of 2.25 times EBITDA, compared to 3.04 in the same period last year. This improvement was primarily driven by our growing 12-month increase in EBITDA, but also offset partially by the ongoing share buyback program that has progressed during the quarter as well. Speaking of this program, it is running in accordance with plan.

Speaker #2: If we then move on to our leverage and our net debt, then our leverage ratio improved in the second quarter and reached a level of 2.25 times EBITDA, compared to 3.04 in the same period last year.

Speaker #2: This improvement was primarily driven by our growing 12-month increase in EBITDA, but was also partially offset by the ongoing share buyback program that has progressed during the quarter as well.

Speaker #2: And speaking of this program, then it is running in accordance with plan. During our the first six months of '26, we've had a we acquired the treasury shares for 75 million and the program will be running until November, reaching a total amount of treasury share bought back of 200 million.

Tinneke Torpe: During the first 6 months of 2026, we acquired treasury shares for DKK 75 million, and the program will be running until November, reaching a total amount of treasury share bought back of DKK 200 million. Finally, if we look at the return on our invested capital, then our ROIC before tax reached 16.3% in Q2 compared to 16.5% last year. So basically on par year on year. The development that we've seen reflects that we have a higher average invested capital following the recent acquisitions, but also offset by an equivalent increase in our EBIT. That brings me to our outlook for full year 2026.

Speaker #2: Finally, if we look at the return on our invested capital, our ROIC before tax reached 16.3% in the second quarter, compared to 16.5% last year, so basically on par year on year.

Speaker #2: The development that we've seen reflects that we have a higher average invested capital following the recent acquisitions, but this has also been offset by an equivalent increase in our EBIT.

Speaker #2: And that brings me to our outlook for the full year '26. As Matthias has already mentioned, based on the performance of the first six months of the year, we have lifted or narrowed the guidance that we provide to a fully adjusted EBIT in the range between €625 million and €650 million, which is also an indication that we have, and we believe in, a strong performance for the rest of the year.

Tinneke Torpe: That brings me to our outlook for full year 2026. As Mathias has already mentioned, and based on the performance of the first 6 months of the year, we have lifted or narrowed the guidance that we provide to a fully adjusted EBIT in the range between DKK 625 million and DKK 650 million, which is also an indication that we have, and we believe in a strong performance for the rest of the year. Our assumptions behind our updated guidance are broadly unchanged.

Tinneke Torpe: As Mathias has already mentioned, and based on the performance of the first 6 months of the year, we have lifted or narrowed the guidance that we provide to a fully adjusted EBIT in the range between DKK 625 million and DKK 650 million, which is also an indication that we have, and we believe in a strong performance for the rest of the year. Our assumptions behind our updated guidance are broadly unchanged. We continue to expect positive developments during the remainder of the year from both divisions. We also foresee that we will be operating in a market characterized by elevated macroeconomic and geopolitical uncertainty. The higher freight rates that have supported our performance during the H1 of the year are expected to moderate from the current levels during the H2 of the year.

Speaker #2: Our assumptions behind our updated guidance are broadly unchanged. We continue to expect positive developments during the remainder of the year from both divisions. However, we also foresee that we will be operating in a market characterized by elevated macroeconomic and geopolitical uncertainty.

Tinneke Torpe: We continue to expect positive developments during the remainder of the year from both divisions. We also foresee that we will be operating in a market characterized by elevated macroeconomic and geopolitical uncertainty. The higher freight rates that have supported our performance during the H1 of the year are expected to moderate from the current levels during the H2 of the year.

Speaker #2: The higher freight rates that have supported our performance during the first half of the year are expected to moderate from the current levels during the second half of the year.

Speaker #2: We do expect to continue to see transport volume slightly increase, but we also expect that the freight rates will gradually normalize as diesel prices soften and available capacity returns to the market.

Tinneke Torpe: We do expect to continue to see transport volume slightly increase, but we also expect that the freight rates will gradually normalize as diesel prices will soften and available capacity returns to the market. At the same time, we are very focused on managing our cost base. This is the background for why we have narrowed down the guidance. As I already mentioned, special items are in our recent guidance, updated to end in the range between DKK 30 million and DKK 35 million. This reflects our accelerated pace of initiatives within the Air & Ocean, and our ambition is to continue investing in strengthening both Air & Ocean's performance and also the long-term profitability.

Speaker #2: At the same time, we are very focused on managing our cost base, and this is the background for why we have narrowed down the guidance.

Speaker #2: As I already mentioned, special items are in our recent guidance, updated to end in the range between 30 and 35 million. This reflects our accelerated pace of initiatives within the Notion, and our ambition is to continue investing in strengthening both Notion's performance and also the long-term profitability.

Tinneke Torpe: This reflects our accelerated pace of initiatives within the Air & Ocean, and our ambition is to continue investing in strengthening both Air & Ocean's performance and also the long-term profitability.

Speaker #1: Thank you, Senega. So to summarize and as we've both alluded to, we are quite pleased with the development during the first half of the year and the second quarter of the year.

Mathias Jensen-Vinstrup: Thank you, Tinneke. To summarize, and as we've both alluded to, we are quite pleased with the development during the H1 of the year and the Q2 of the year, and we are increasingly excited for what comes next. With that, I'll hand the word back to the moderator to open the mic to questions from the audience.

Speaker #1: And we are increasingly excited for what comes next. With that, I'll hand the word back to the moderator to open the mic to questions from the audience.

Speaker #3: Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press *11 on your telephone keypad and wait for your name to be announced.

Operator: Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star 11 on your telephone keypad and wait for a name to be announced. To withdraw a question, please press star 11 again. Please stand by while we compile the Q&A roster. This will take a few moments. Now we are going to take our first question. Just give us a moment. The question comes line of Emilie Fung from Barclays. Your line is open. Please ask your question.

Speaker #3: To withdraw a question, please press star 1, and then 1 again. Please wait while we compile the Q&A roster; this will take a few moments. And now, we're going to take our first question.

Speaker #3: Just give us a moment. The next question comes from Emily Fung at Barclays. Your line is open. Please ask your question.

Emilie Fung: Hi there. Thank you very much for taking my questions. I have two, if that is all right. The first one I have is, as you mentioned in your outlook, you expect freight rates to normalize from H1 levels. So how should we think about then the gross margin development year-on-year into the second half for both the Road and the Air & Ocean division? Secondly, how much of that Road's 13.8% organic growth in Q2 came from share gains? Should we expect these recent customer wins to also contribute more meaningfully in Q3? Thank you very much.

Speaker #4: Hi there. Thank you very much for taking my questions. I have two, if that's all right. The first one I have is: as you mentioned in your outlook, you expect freight rates to normalize from 1H levels.

Speaker #4: So how should we think about, then, the gross margin development year-on-year into the second half for both the Road and the Air & Sea divisions?

Speaker #4: And secondly, how much of that road 13.8% organic growth in Q2 came from share gains, and should we expect these recent customer wins to also contribute more meaningfully in Q3?

Speaker #4: Thank you very much.

Mathias Jensen-Vinstrup: On the expectations to the gross margin in light of a potential normalization of the freight rate environment, we do not see any reason to expect anything else that what we usually see in terms of the higher level of pass-through revenue that we see when the freight rates go up. Should the rates come meaningfully down, we would expect to see a positive impact on the gross margins. I would say this effect is mainly clean on the Air & Ocean side, whereas on the Road side during the second quarter of the year, it was kind of a mixed bag of effects being, one, a rather elevated spot market environment. Two, a rather significant impact of the situation in the Middle East and the implied impact on the fuel prices, which also impacts both our revenue, gross margin, and gross profit.

Speaker #1: So, on the expectations for the gross margin in light of a potential normalization of the freight rate environment, we do not see any reason to expect anything other than what we usually see in terms of the higher level of pass-through revenue that we see when the freight rates go up.

Speaker #1: So, should the rates come meaningfully down, we would expect to see a positive impact on the gross margins. Now, I would say this effect is mainly clean on the air and ocean side, whereas on the road side during the second quarter of the year, it was kind of a mixed bag of effects—one being a rather elevated spot market environment.

Mathias Jensen-Vinstrup: I would say this effect is mainly clean on the Air & Ocean side, whereas on the Road side during the second quarter of the year, it was kind of a mixed bag of effects being, one, a rather elevated spot market environment. Two, a rather significant impact of the situation in the Middle East and the implied impact on the fuel prices, which also impacts both our revenue, gross margin, and gross profit. As we mentioned, volume growth.

Speaker #1: Two, a rather significant impact of the situation in the Middle East and the implied impact on fuel prices, which also impacts both our revenue, gross margin, and gross profit.

Speaker #1: And then, as we mentioned, volume growth. Now, coming back to the volume growth questions, I would say that the composition of volume vis-à-vis price did change over the course of the second quarter. Whereas the first part of the quarter was mainly characterized by both volume and price drivers, with volumes in the beginning outweighing the price effect, that ratio changed towards the second part of the quarter.

Mathias Jensen-Vinstrup: As we mentioned, volume growth. Coming back to the volume growth questions, I would say that the composition of volume vis-à-vis price did change over the course of the second quarter, whereas the first part of the quarter was mainly characterized by both volume and price drivers with volumes, in the beginning, outweighing the price effect. Whereas that ratio changed towards the second of the quarters. I would say with somewhat of a balanced impact, but with rates coming out as the biggest driver by some, but not a huge margin.

Mathias Jensen-Vinstrup: Coming back to the volume growth questions, I would say that the composition of volume vis-à-vis price did change over the course of the second quarter, whereas the first part of the quarter was mainly characterized by both volume and price drivers with volumes, in the beginning, outweighing the price effect. Whereas that ratio changed towards the second of the quarters. I would say with somewhat of a balanced impact, but with rates coming out as the biggest driver by some, but not a huge margin.

Speaker #1: I would say it’s somewhat of a balanced impact, but with rates coming out as the biggest driver by some, though not by a huge margin.

Speaker #3: Thank you.

Operator: Thank you.

Speaker #4: Thank you.

Emilie Fung: Thank you.

Speaker #3: And now we're going to take our next question. The question comes from Ulrich Back at Danske Bank. Your line is open. Please ask your question.

Operator: Now we are going to take our next question. The question comes from the line of Ulrik Bak from Danske Bank. Your line is open. Please ask your question.

Speaker #1: Yes, hello Matthias and Senega. Thank you for taking my question. The first one will be on the rollout of the TMS system in Road.

Ulrik Bak: Yes. Hello, Mathias and Tinneke. Thank you for taking my question. The first one will be on the rollout of the TMS system in Road. Could you perhaps provide some more details? When will it be fully rolled out? You also mentioned that it weighed on results in H1. By what magnitude and what that negative impact might be in H2?

Speaker #1: So, could you perhaps provide some more details on when it will be fully rolled out? Also, you mentioned that it weighed on results in H1—by what magnitude, and what might that negative impact be in H2? I'm trying to grasp what the upside will be once this is fully rolled out. It would be great if you could comment.

Ulrik Bak: Trying to grasp what is the upside once this is fully rolled out. Would be great if you could comment.

Speaker #2: I mean, thank you, Ulrich. As we mentioned, we did complete the migration in the southern part of Germany, in the Baden-Württemberg area. Next up is the western part of Germany, where we aim to be in a fully up and running state.

Mathias Jensen-Vinstrup: Thank you, Ulrik. As we mentioned, we did complete the migration in the southern part of Germany, in the Baden-Württemberg area. The next stop is the western part of Germany, where we aim to be in a fully up and running state in the early days of 2027. As to the roadmap from that particular point forward, we are currently looking into which part of the Road & Logistics division to deploy the system next. We are fully committed to the system on the groupage side, but we do see a potential to investigate a potential broader application. We will get back to this when we convene in a broader group at the Capital Markets Day in November. As to the financial impact, we should definitely expect to see a gradual improvement as we move further into the year.

Speaker #2: In the early days of 2027, as to the roadmap from that particular point forward, we are currently looking into which part of the road and logistics division to deploy the system next.

Speaker #2: We are fully committed to the system on the groupage side. But we do see a potential to investigate a broader application. So we will get back to this when we convene in a broader group at the Capital Markets Day in November.

Mathias Jensen-Vinstrup: We will get back to this when we convene in a broader group at the Capital Markets Day in November. As to the financial impact, we should definitely expect to see a gradual improvement as we move further into the year. However, caveating that there is a rather pronounced seasonality pattern on the groupage side, in particular in Germany, with the summer holiday period kicking in as we speak, and also a very low activity level towards the very late part of 2026.

Speaker #2: As to the financial impact, we should definitely expect to see a gradual improvement as we move further into the year. However, I would caveat that there is a rather pronounced seasonality pattern on the groupage side, in particular in Germany, with the summer holiday period kicking in as we speak.

Mathias Jensen-Vinstrup: However, caveating that there is a rather pronounced seasonality pattern on the groupage side, in particular in Germany, with the summer holiday period kicking in as we speak, and also a very low activity level towards the very late part of 2026. But on a like for like, from a cyclicality or seasonality perspective basis, we do expect to see improvements from this point forward. There is also a few effects as to how we adjust for the fuel key that comes with a delayed effect in Germany, that will also provide some support for performance in the H2 of the year. So all in all, we expect to see an improvement, but it will be a gradual improvement as we move further into Q3 and Q4.

Speaker #2: And also, a very low activity level towards the very late part of 2026. But, sort of on a like-for-like basis from a cyclicality or seasonality perspective, we do expect to see improvements from this point forward.

Mathias Jensen-Vinstrup: But on a like for like, from a cyclicality or seasonality perspective basis, we do expect to see improvements from this point forward. There is also a few effects as to how we adjust for the fuel key that comes with a delayed effect in Germany, that will also provide some support for performance in the H2 of the year. So all in all, we expect to see an improvement, but it will be a gradual improvement as we move further into Q3 and Q4.

Speaker #2: There are also a few effects regarding how we adjust for the fuel key. That comes with a delayed effect in Germany, which will also provide some support for performance in the second quarter.

Speaker #2: So, and sorry, in the second half of the year. So, all in all, we expect to see an improvement, but it will be a gradual improvement as we move further into Q3 and Q4.

Ulrik Bak: All right. Perhaps just a follow-up. If you decide to roll this TMS system out more broadly, could we see some more negative impact beyond 2026 on the operations?

Speaker #1: All right. Perhaps just to follow up—if you decide to roll this TMS system out more broadly, could we see some additional negative impact beyond 2026 on the operations?

Mathias Jensen-Vinstrup: We expect the adverse implications or the temporary adverse implications of migrating to the new TMS to reduce every time we move to a new location based on, not only the experience and the lessons that we gain, but also because we have invested quite heavily in the organization that is taking care of the migration plan, both from a business perspective and also from an IT perspective. The lessons that we learned in the southern part of Germany, and we must admit it took longer than expected, but we are quite comfortable with us being able to avoid many of the pitfalls that we fell into during this part of the migration. That gives us a rather high degree of comfort in these temporary adverse financial impacts, reducing case by case or rollout by rollout.

Speaker #2: We expect the adverse implications, or the temporary adverse implications, of migrating to the new TMS to reduce every time we move to a new location, based not only on the experience and lessons that we gain, but also because we have invested quite heavily in the organization that is taking care of the migration plan, both from a business perspective and also from an IT perspective.

Speaker #2: So, the lessons that we learned in the southern part of Germany—and we must admit it took longer than expected—but we are quite comfortable with us being able to avoid many of the pitfalls that we fell into during this part of the migration, and that gives us a rather high degree of comfort in these temporary adverse financial impacts.

Mathias Jensen-Vinstrup: The lessons that we learned in the southern part of Germany, and we must admit it took longer than expected, but we are quite comfortable with us being able to avoid many of the pitfalls that we fell into during this part of the migration. That gives us a rather high degree of comfort in these temporary adverse financial impacts, reducing case by case or rollout by rollout.

Speaker #2: Reducing case by case, or rollout by rollout.

Speaker #1: Okay, thank you. Then, a question about the restructuring in Air & Ocean. As we all know, you have attempted to restructure the Air & Ocean division at least once before, with too much success.

Ulrik Bak: Okay, thank you. Then a question about the restructuring in Air & Ocean. As we all know, you have attempted to restructure the Air & Ocean division at least once before, without too much success. Of course, now you have Carsten Trolle on board and has done it before. What are you doing differently this time around in this restructuring phase compared to previously, that makes you certain that this time it will succeed?

Speaker #1: Of course, now you have Carsten Trolle on board, and he has great—yeah, has done it before. So, what are you doing differently this time around in this restructuring phase compared to previously that makes you certain that this time it will succeed?

Mathias Jensen-Vinstrup: The scope of the reorganization and strengthening of the entire organization is significantly different from anything we have ever done in the past. If you look at the number of employees in the division we have previously, and as part of the 20 to 25 million DKK range on special items, expected somewhat in the range of 10%. Based on the progress that Carsten and his team made since he commenced his endeavors at NTG on 1 April, we do expect to see a bigger scope for these reorganization initiatives. Then we have been fairly successful, and we have seen a good momentum on also, not only right-sizing and initiating cost-out measures, but also investing in organic growth, in particular in the US, but also in Denmark, where we made the announcement of a new person joining us.

Speaker #2: The scope of the reorganization and strengthening of the entire organization is significantly different from anything we have ever done in the past. And if you look at the number of employees in the division, we have previously, and as part of the 20 to 25 million range on special items, expected somewhat in the range of 10%.

Speaker #2: And based on the progress that Carsten and his team have made since he commenced his endeavors at NTG on the 1st of April, we do expect to see a bigger scope for these reorganization initiatives.

Speaker #2: And then, we have been fairly successful, and we have seen good momentum not only in rightsizing and initiating cost-out measures, but also in investing in organic growth, particularly in the US.

Mathias Jensen-Vinstrup: Then we have been fairly successful, and we have seen a good momentum on also, not only right-sizing and initiating cost-out measures, but also investing in organic growth, in particular in the US, but also in Denmark, where we made the announcement of a new person joining us. We do expect the magnitude of cost savings to be significantly higher than in the past.

Speaker #2: But also in Denmark, where we made the announcement of a new person joining us. So, we do expect the magnitude of cost savings to be significantly higher than in the past.

Mathias Jensen-Vinstrup: We do expect the magnitude of cost savings to be significantly higher than in the past. It is this duality of taking cost out of the equation while simultaneously strengthening the platform that we have, and investing in expanding the platform together with a very seasoned team of individuals that makes us very comfortable and optimistic about the long-term implications, also from a financial side of this journey that we are on.

Speaker #2: So, it's this duality of taking cost out of the equation while simultaneously strengthening the platform that we have, and investing in and expanding the platform together with a very seasoned team of individuals.

Mathias Jensen-Vinstrup: It is this duality of taking cost out of the equation while simultaneously strengthening the platform that we have, and investing in expanding the platform together with a very seasoned team of individuals that makes us very comfortable and optimistic about the long-term implications, also from a financial side of this journey that we are on.

Speaker #2: That makes us very comfortable and optimistic about the long-term implications, also from a financial side, of this journey that we're on.

Speaker #1: All right, thank you. And then my final question here on your guidance: you assume that freight rates will gradually decrease from the Q2 levels.

Ulrik Bak: All right, thank you. My final question here on your guidance. You assume that freight rates will gradually decrease from the Q2 levels. For Road & Logistics, can you perhaps just clarify where spot rates are currently and quarter to date compared to the Q2 average?

Speaker #1: Just for road, can you perhaps just clarify where spot rates are currently and quarter-to-date compared to the Q2 average? Yeah.

Speaker #2: That's a good question. The spot rates differ market by market. We have seen a sort of moderation of the spot rates, in particular towards the end of the second quarter.

Mathias Jensen-Vinstrup: That's a good question. The spot rates differ market by market. We have seen a sort of moderation of the spot rates, in particular towards the end of the second quarter. We are seeing, I would say, in particular in the Nordic region, a rather stable situation on the capacity side. As we've mentioned before, and as Tinneke also alluded to, we do expect to see a further moderation and normalization of the rates as we move further into the quarter. Again, rates are composed of different components, right? There is the capacity side of the equation, and the related rate impact, but also the fuel impact.

Speaker #2: And we are seeing, I would say, in particular in the Nordic region, a rather stable situation on the capacity side. But as we've mentioned before, and as Tineke also alluded to, we do expect to see further moderation and normalization of the rates as we move further into the quarter.

Speaker #2: But again, rates are composed of different components, right? So, there is the capacity side of the equation and then the related rate impact, but also the fuel impact.

Mathias Jensen-Vinstrup: There is the capacity side of the equation, and the related rate impact, but also the fuel impact. It really comes down to an expectation of what will be the potential resolution, if any, to the situation in the Middle East, what would that impact the fuel prices, and how would that translate into the spot rates. In a net summarized version, the underlying market seems to be healthy, but there will be substantial fluctuations on the rate side if there is a normalization of the situation in the Middle East and the fuel prices.

Speaker #2: So really, it comes down to an expectation of what will be the potential resolution, if any, to the situation in the Middle East.

Mathias Jensen-Vinstrup: It really comes down to an expectation of what will be the potential resolution, if any, to the situation in the Middle East, what would that impact the fuel prices, and how would that translate into the spot rates. In a net summarized version, the underlying market seems to be healthy, but there will be substantial fluctuations on the rate side if there is a normalization of the situation in the Middle East and the fuel prices.

Speaker #2: What will that impact be on the fuel prices, and how will that translate into the spot rates? In a sort of net, summarized version, the underlying market seems to be healthy.

Speaker #2: But there will be substantial fluctuations on the rate side if there is a normalization of the situation in the Middle East and the fuel prices.

Speaker #1: Understood. Thank you so much.

Ulrik Bak: Understood. Thank you so much.

Speaker #3: Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star 1-1 on your telephone keypad and wait for your name to be announced.

Operator: Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star 1 1 on your telephone keypad and wait for your name to be announced. Now we are going to take our next question. The question comes line of Lars Heindorff from Nordea. Your line is open. Please ask your question.

Speaker #3: And now we're going to take our next question. The question comes from Lars Heindorf from Nordea. Your line is open—please ask your question.

Lars Heindorff: Good morning. Thank you for taking my question. To follow up on the spot questions by Ulrik. How much of your volumes are spots? Also, are there any particular areas or countries where you are more spot exposed? Also, given the comments in the report about fairly positive development in the Nordics and probably a bit more muted development in Germany, are there any sort of pockets or areas where you are enjoying particular headwind or have enjoyed particular headwind owing to those higher spot rates during Q2 and where we may also see some headwind as you mentioned, given a further sort of normalization of spot rates into the H2? That is the first one.

Speaker #1: Good morning. Thank you for taking my question. So follow up on the spot questions by Ulrik. So how much is your volumes are spots and also are there any particular areas or countries where you are more spot exposed and also given the comments in the report about fairly positive development in the Nordics and probably a bit more muted development in Germany, are there any sort of pockets or areas where you are enjoying particular headwind or have enjoyed particular headwind owing to those higher spot rates during the second quarter and where we may also see some headwind as you mentioned given a further sort of normalization of spot rates into the second half.

Lars Heindorff: Also, given the comments in the report about fairly positive development in the Nordics and probably a bit more muted development in Germany, are there any sort of pockets or areas where you are enjoying particular headwind or have enjoyed particular headwind owing to those higher spot rates during Q2 and where we may also see some headwind as you mentioned, given a further sort of normalization of spot rates into the H2? That is the first one.

Speaker #1: That's the first one.

Speaker #2: Thank you, Lars. I mean, keep in mind that we sort of participate in the spot market from a buy and sell perspective. So we can buy capacity, or we can buy loads, if you may—if we have either loads but no capacity, or capacity but no loads.

Mathias Jensen-Vinstrup: Thank you, Lars. Keep in mind that we sort of participate in the spot market from a buy and sell perspective. We can buy capacity or we can buy loads, if you may, if we have either loads but no capacity or capacity but no loads. It really depends on what side of the market that we position ourselves on. I would say over the course of the past few years, we have really seen an uptick in what we refer to as controlled volumes on the Road & Logistics side, meaning recurring customers and not agents or the forwarders that are booking with us. We have always had an overweight, a significant overweight in Denmark, and ever since the merger of some of the entities in Sweden, we have seen a steadily increasing share of controlled volumes there.

Speaker #2: So it really depends on what side of the market we position ourselves on. Now, I would say over the course of the past few years, we've really seen an uptick in what we refer to as controlled volumes on the roadside, meaning recurring customers and not agents or the forwarders that are booking with us.

Speaker #2: We've always had an overweight, a significant overweight in Denmark. And ever since the merger of some of the entities in Sweden, we've seen a steadily increasing share of controlled volumes there.

Mathias Jensen-Vinstrup: We have always had an overweight, a significant overweight in Denmark, and ever since the merger of some of the entities in Sweden, we have seen a steadily increasing share of controlled volumes there. If you look at sort of the dependencies on getting volumes from ad hoc customers, it is fairly low in the Nordic region. It expands as we move to some of the continental European full and part load operators, but we do see the same overweight of controlled volumes when we look at the groupage network.

Speaker #2: So, if you look at the dependencies on getting volumes from ad hoc customers, it is fairly low in the Nordic region. Now, it expands as we move to some of the continental European full and part-load operators.

Mathias Jensen-Vinstrup: If you look at sort of the dependencies on getting volumes from ad hoc customers, it is fairly low in the Nordic region. It expands as we move to some of the continental European full and part load operators, but we do see the same overweight of controlled volumes when we look at the groupage network. Of course, depending on which direction, is it import or is it export, where we mainly control volumes in the one direction and then work with either our own entities across border or different partners in the groupage network that we have built and acquired over the course of the year. It really depends on how you disseminate the spot market exposure. But the flexibility or the key for us is really to position ourselves based on the expectations that we have for the spot market.

Speaker #2: But we do see the same overweight of controlled volumes when we look at the group which network. Of course, depending on which direction is it import or is it export, where we mainly control volumes in the one direction and then work with either our own entities across border or different partners in the groupage network that we have built and acquired over the course of the year.

Mathias Jensen-Vinstrup: Of course, depending on which direction, is it import or is it export, where we mainly control volumes in the one direction and then work with either our own entities across border or different partners in the groupage network that we have built and acquired over the course of the year. It really depends on how you disseminate the spot market exposure. But the flexibility or the key for us is really to position ourselves based on the expectations that we have for the spot market.

Speaker #2: So it really depends on how you disseminate the spot market exposure. But the flexibility, or the key for us, is really to position ourselves based on the expectations that we have for the spot market.

Speaker #2: So, if we expect prices in the spot market to be elevated and we want to position ourselves in a way so that we can leverage these higher rates—i.e., front-loading the capacity that we soft commit to, so that we have the capacity that we can then deploy in the market to take the loads off the market that are being remunerated at an attractive price.

Mathias Jensen-Vinstrup: So if we expect prices in the spot market to be elevated, then we want to position ourselves in a way so that we can leverage these higher rates, i.e., front-loading the capacity that we soft commit to so that we have the capacity that we can then deploy in the market to take the loads off the market that are being remunerated at an attractive price. It is a script that is changing all the time, but key feedback is that we are mainly a controlled volume business on the Road & Logistics side.

Speaker #2: So, really, it is a split that is changing all the time, but key feedback is that we are mainly a controlled volume business on the roadside.

Lars Heindorff: All right, thank you. Then a second one on the situation south of the border in Germany. You talked about this TMS rollout. Just to be clear, you are doing this, if I understand you correctly, by location. Have you already rolled out TMS in ITC Logistic and Schmalz + Schön? What is the status with those two in terms of the role of a TMS system? Also, I do not know if you can say how much they contributed within EBIT in Q2.

Speaker #1: All right, thank you. And then the second one—on the situation south of the border in Germany. You talked about this TMS rollout.

Speaker #1: Just to be clear, I mean, you're doing this—if I understand correctly—by location. I mean, have you already rolled out TMS in ITC and Smart Insurance?

Speaker #1: What is the status with those two in terms of the role of the TMS system? And also, I don't know if you can say how much they contributed with EBITDA in the second quarter.

Speaker #2: So we don't do it by location. We do it by legal entity for technical and infrastructure reasons. So what we did complete in the very early days of acquiring Smart Insurance was the entity in Bautzen.

Mathias Jensen-Vinstrup: We do not do it by location, we do it by legal entity for technical and infrastructure reasons. What we did complete in the very early days of acquiring Schmalz + Schön was the entity in Bautzen. What we did complete here in Q2 was the largest activity and legal entity in Germany being in the Stuttgart region. So ITC Logistic is up next for the migration, and that will again also be on a legal entity basis. From an EBIT perspective, it was a fairly modest contribution that the entire German market had on the Road & Logistics side in Q2 of the year.

Speaker #2: And what we did complete here in the second quarter was the largest activity and legal entity in Germany, being in the Stuttgart region. So, ITC is up next.

Speaker #2: For the migration—and that will, again, also be on a legal entity basis—from an EBIT perspective, it was a fairly modest contribution that the entire German market had on the roadside in the second quarter of the year.

Mathias Jensen-Vinstrup: From an EBIT perspective, it was a fairly modest contribution that the entire German market had on the Road & Logistics side in Q2 of the year.

Speaker #1: And just to ask again—a housekeeping question—how much of the road volumes are groupage?

Lars Heindorff: Just again, on the housekeeping question, how much of the Road & Logistics volumes are groupage?

Speaker #2: On the volume side, I think it's rather a difficult measure to have, and that's not something we have at the top of mind, to be honest, Lars.

Mathias Jensen-Vinstrup: On the volume side, I think it is a rather difficult measure to have, and that is not something we have on the top of our minds, to be honest, Lars. But it is 30% to 40% of our volumes by now.

Speaker #2: But it is 30 to 40 percent of our volumes right now.

Speaker #1: Okay, and then to follow up on some of your earlier comments about what Carsten is doing now, and the developments in the air and ocean division.

Lars Heindorff: Okay. Then I follow up on some of your earlier comments on what Carsten is doing now and the development in the Air & Ocean division. Clearly, there is a lot of restructuring going on, given the size of the special items. In terms of headcount and FTEs, do you expect that to remain stable in the Air & Ocean, or will this restructuring that you are currently conducting, will that lead to fewer people going forward? Because you had a comment earlier on that you expected to see cost decline going forward. Will that mean that we will see the other external cost and staff cost in combination will be lower in 2027 compared to 2026?

Speaker #1: I mean, clearly there's a lot of restructuring going on given the size of the special items. In terms of headcount and FTEs, I mean, do you expect that to remain stable in the air and ocean or will these restructuring that you're currently conducting, will that lead to fewer people going forwards because you had a comment earlier on that you expected to see cost decline going forward.

Lars Heindorff: Because you had a comment earlier on that you expected to see cost decline going forward. Will that mean that we will see the other external cost and staff cost in combination will be lower in 2027 compared to 2026?

Speaker #1: Will that mean that we will see the other external cost and staff cost, in combination, will be lower in 2027 compared to 2026?

Speaker #2: We do expect the number of employees in the division, as well as the staff cost, to continue to decline, although at a somewhat slower pace during the second half of 2026, yes.

Mathias Jensen-Vinstrup: We do expect the number of employees in the division as well as the staff cost to continue to decline, although at a somewhat slower pace, during the H2 of 2026. Yes.

Speaker #1: Okay. And then just a final one, Tineke—maybe I didn't hear you well enough—it was on the net financials; sort of the run rate, because you don't carve out what is actually financial—sorry, what is a currency impact—on the net finances in the quarterly report.

Lars Heindorff: Okay, then just a final one. Tineke, maybe I did not hear you well enough. It was on the net financials, sort of the run rate, because you do not carve out what is the currency impact on the net financials in the quarterly report. So what should we expect in terms of run rate going forward here?

Speaker #1: So, what should we expect in terms of run rate going forward here?

Speaker #3: It will be we had this quarter 31 million Danish kroner and that is 30 to 35 million is what you should expect as run rate.

Tinneke Torpe: We had this quarter, DKK 31 million, and that is DKK 30 to 35 million is what you should expect as run rate. The impact from FX during Q2 2026 was rather limited.

Speaker #3: The impact from FX during the second quarter of 2026 was rather limited.

Speaker #1: Okay. All right. Thank you.

Lars Heindorff: Okay. All right. Thank you.

Speaker #4: Thank you. The speakers are finished with the questions for today. I would now like to hand the conference over to your speaker, Matthias Jansen-Benstrup, for any closing remarks.

Operator: Thank you. Dear speakers, there are no further questions for today. I would now like to hand the conference over to speaker Mathias Jensen-Vinstrup for any closing remarks.

Speaker #2: Thank you, everybody, for taking the time to join this call. Should there be any follow-up questions, please do not hesitate to reach out to our Investor Relations officer.

Mathias Jensen-Vinstrup: Thank you, everybody, for taking the time to join this call, and should there be any follow-up questions, please do not hesitate to reach out to our investor relations officer. Thank you and have a nice day.

Speaker #2: Thank you, and have a nice day.

Operator: This concludes this conference call. Thank you for participating. You may now all disconnect. Have a nice day.

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Q2 2026 NTG Nordic Transport Group AS Earnings Call

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