36401540 2025-01-01 2025-12-31 1 36401540 2025-01-01 2025-12-31 2 36401540 2025-01-01 2025-12-31 3 36401540 2025-01-01 2025-12-31 5 36401540 2025-01-01 2025-12-31 6 36401540 2025-01-01 2025-12-31 36401540 2024-01-01 2024-12-31 36401540 2025-12-31 36401540 2024-12-31 36401540 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 36401540 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 36401540 2025-01-01 d:ContributedCapitalMember 36401540 2024-01-01 d:ContributedCapitalMember 36401540 2025-01-01 2025-12-31 d:ContributedCapitalMember 36401540 2024-01-01 2024-12-31 d:ContributedCapitalMember 36401540 2025-12-31 d:ContributedCapitalMember 36401540 2024-12-31 d:ContributedCapitalMember 36401540 2025-01-01 d:RetainedEarningsMember 36401540 2024-01-01 d:RetainedEarningsMember 36401540 2025-01-01 2025-12-31 d:RetainedEarningsMember 36401540 2024-01-01 2024-12-31 d:RetainedEarningsMember 36401540 2025-12-31 d:RetainedEarningsMember 36401540 2024-12-31 d:RetainedEarningsMember 36401540 2025-01-01 d:ProposedDividendRecognisedInEquityMember 36401540 2024-01-01 d:ProposedDividendRecognisedInEquityMember 36401540 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 36401540 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 36401540 2025-12-31 d:ProposedDividendRecognisedInEquityMember 36401540 2024-12-31 d:ProposedDividendRecognisedInEquityMember 36401540 2025-01-01 36401540 2024-01-01 36401540 2025-01-01 2025-12-31 1 36401540 2025-01-01 2025-12-31 1 36401540 2025-01-01 2025-12-31 2 36401540 2025-01-01 2025-12-31 3 36401540 2025-01-01 2025-12-31 4 36401540 2023-01-01 2023-12-31 36401540 2022-01-01 2022-12-31 36401540 2021-01-01 2021-12-31 36401540 2023-12-31 36401540 2022-12-31 36401540 2021-12-31 36401540 2025-01-01 2025-12-31 1 36401540 2024-01-01 2024-12-31 1 36401540 2023-01-01 2023-12-31 1 36401540 2022-01-01 2022-12-31 1 36401540 2021-01-01 2021-12-31 1 36401540 2025-01-01 2025-12-31 12 36401540 2024-01-01 2024-12-31 12 36401540 2023-01-01 2023-12-31 12 36401540 2022-01-01 2022-12-31 12 36401540 2021-01-01 2021-12-31 12 iso4217:DKK xbrli:pure Årsrapport 25492145 RSM Danmark, Statsautoriseret Revisionspartnerselskab Kingosvej, 3 2630, Taastrup 2024-01-01 2024-12-31 2025-01-01 2025-12-31 36401540 NTG Logistics A/S Kokbjerg 15 6000 Kolding PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab 33771231 Jacob Brinch mne35447 Stranvejen 44 2900 Hellerup Danmark 2026-05-08 Pernille Korsager Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne Hellerup 2026-05-08 Kolding 2026-05-08 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 47265407 10129343 25081636 3541338 22183771 6588005 5106157 0 168589 109670 172519 31681 27285998 6665994 4647774 1466519 22638224 5199475 15531701 5199475 7106523 0 378835 0 378835 0 378835 0 55700 55700 55700 55700 15213802 7793936 16547449 4932503 0 193482 1728624 3754 312082 287127 33801957 13210802 5302428 0 39160085 13266502 39538920 13266502 0 1697374 500000 8298526 500000 15531701 5199477 25527601 6199477 84000 0 1242000 0 1326000 0 4021895 2109904 3004481 1584039 423773 0 5235170 3373082 12685319 7067025 12685319 7067025 39538920 13266502 18647788 2934462 5032069 242662 1401779 364214 25081636 3541338 58 16 172519 31681 172519 31681 378835 378835 378835 500000 500000 1197374 0 1697374 500000 500000 500000 7106523 0 692003 0 8298526 500000 5199475 1894588 5199475 1894586 15531701 5199475 15531701 5199477 84000 0 84000 0 Today, the Board of Directors and the Managing Director have approved the annual report of NTG Logistics A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policies to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Jesper Kongsted Jesper Ellegaard Petersen Jesper Kongsted Tinneke Torpe Michael Larsen We have audited the financial statements of NTG Logistics A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 4702326000 3403313000 2438916000 2375554000 1535753000 761559000 -3931000 77988000 53403000 16788000 22804000 1894586000 1211147000 630813000 5054971000 4280855000 3433336000 378835000 0 0 0 0 2394586000 1711919000 1131772000 7 6 5 308.7 187.7 190.0 166.6 149.2 64.6 46.7 47.4 40.0 33.0 68.7 83.9 79.1 70.7 55.7 44.3 39.2 70.7 28.3 18.4 Description of key activities of the companyThe Company's key activities comprise operating international freight forwarding and transportation. Development in activities and financial mattersDuring the year, two entities were merged into NTG Logistics A/S. On 1 January 2025, NTG Terminals I A/S was merged, and on 7 May 2025, Dansk Transport Kompagni A/S was acquired by NTG Nordic Transport Group A/S, and merged into NTG Logistics A/S. As a result, the financial statements amounts for 2025 comprise NTG Logistics A/S, NTG Terminals I A/S, and Dansk Transport Kompagni A/S. Meanwhile for the comparative figures where Dansk Transport Kompagni A/S was not under common control for NTG Nordic Transport Group A/S, only NTG Logistics A/S’ and NTG Terminals I A/S’ amounts are reflected in the financial statements. Development in activities and financial mattersThe gross profit for the year totals DKK 47.265 thousand against DKK 10.129 thousand last year. Profit or loss from ordinary activities after tax totals DKK 22.638 thousand against DKK 5.199 thousand last year. Management considers the net profit or loss for the year satisfactory. Development for the year relative to the expectationsExpected developmentsManagement expects that for the financial year, gross profit will be in the range of DKK 44.000 thousand and DKK 50.000 thousand, and ordinary profit after tax will be in the range of DKK 15.000 thousand and DKK 20.000 thousand. 7.Deferred taxLiabilities acquired through merger 84.0000 84.0000 Deferred tax liabilities relate to Dansk Transport Kompagni A/S, which have been consolidated in the current annual report. 9.Contractual obligations and contingencies, etc. 2025 Future lease payments on operating leases - within 1 year365.016 Future lease payments on operating leases - between 1 and 5 years923.235 Total future lease payments on operating leases1.288.251 In 2024, future lease payments on operating leases amounted to 365.016 DKK within 1 year, and 1.095.721 DKK between 1 and 5 years, and 192.530 DKK after 5 years.  Joint taxationWith NTG Nordic Transport Group A/S, company reg. no 12546106 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. 10.Related partiesTransactionsTransactions with related parties have been carried out on an arm's length basis. Accordingly, no further disclosures are required. Consolidated financial statementsThe Company is included in the consolidated financial statements of its parent company, NTG Nordic Transport Group A/S, Hvidovre, Denmark. The annual report for NTG Logistics A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises). In 2024, the Company presented its annual report in accordance with reporting class B enterprises with options of certain rules in reporting class C. However due to the merger of NTG Terminals I A/S and Dansk Transport Kompagni A/S into NTG Logistics A/S, the applicable reporting class if C (medium sized enterprises). The Company's Financial Statements for 2025 are presented in DKK. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of NTG Nordic Transport Group A/S. Recognition and measurement in generalRevenue is recognised in the income statement when the performance obligation has been satisfied, which occurs upon transfer of control to the customer, at an amount that reflects the consideration to which the Company expects to be entitled in exchange for the goods and services. Value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period. LeasesAll leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policieOn Initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables, and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Business combinationsBusiness combinations (the uniting-of-interests method) In case of intercompany business combinations, the uniting-of-interests method is applied. By this method, the two enterprises are united at carrying amounts, and differences are not identified. Any considerations exceeding the carrying amount in the acquired entity are recognised directly in equity. The application of the uniting-of-interests method means that the business combination is implemented as if the the two enterprises always were united by modification of comparative figures. Shares in DKT Logistics GMbH were sold during 2025, resulting in a gain of DKK 5.106.157. RevenueRevenue comprises sale of services and is recognised in the income statement if delivery and transfer of risk have been made to the purchaser by year end, and provided that the revenue can be measured reliably, and it is probable that the economic benefits relating to the sale will flow to the Company. Accrued revenue and accrued costs of services in progress at 31 December 2023 are presented on the line items trade receivables and trade payables, respectively. Accrued revenue is estimated and recognised when a sales transaction fulfils the criteria for revenue recognition, but no final invoice has yet been issued to the customer at the end of the reporting period. Accrued costs are estimated and recognised when supplier invoices relating to recognised revenue for the reporting period have yet to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Direct expenses Direct expenses comprise expenses incurred to achieve revenue for the year. Other external expenses Other external expenses comprise production costs and expenses for premises, sales and distribution as well as office expenses, etc. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Other financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on net profit or loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.  The Company is jointly taxed with NTG Nordic Transport Group A/S. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomess. Manufactured goods and goods for resaleInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Equity Proposed dividend for the financial yearDividend distribution proposed by Management for the year is disclosed as a separate equity item. LiabilitiesLiabilities are measured at amortised cost, substantially corresponding to nominal value. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Income tax receivables and payablesIncome tax payables and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Also, capitalised residual leasing liabilities associated with financial leasing contracts are recognised in the financial liabilities. Liabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.