At the end of 2025, Thermo-Transit Danmark A/S had negative equity of DKK 84.7 million (around –€11.4 million), compared with positive equity of DKK 45.2 million a year earlier. To refinance the company, Lithuanian group Girteka injected €20 million, equivalent to around DKK 149 million, into the Danish company on 31 August 2026. Thermo-Transit specialises in temperature-controlled transport of Norwegian fish and fresh products. The Lithuanian group disclosed the transaction on 24 September and said it formed part of a programme for its Scandinavian operations that also includes the introduction of new ERP and TMS systems and more efficient use of its fleet and terminals in Oslo and Padborg, where Thermo-Transit Danmark is based. Accounts filed with the Danish business register show that revenue was virtually unchanged at DKK 710 million, around €95 million, up 0.4% from 2024. Profitability deteriorated, however, with gross profit falling to DKK 31.7 million, down 29.6% year on year, while the pre-tax loss widened from DKK 73.2 million to DKK 131.1 million, around €17.6 million, an increase of 79%. Liabilities rose to DKK 335.6 million, up 22.7%, almost all of them short term, against cash holdings of DKK 3.9 million. At the end of the financial year, the Danish company employed 161 people.
Girteka describes Thermo-Transit as its subsidiary, but the corporate structure is more complex. The Lithuanian group acquired 40% of all Thermo-Transit companies in 2015 and the remaining 60% in 2018. According to the Danish register, however, the legal owners are no longer Girteka Group but Pinetree Capital UAB and AmberCap UAB, two holding companies controlled by the same shareholders as the group. Pavel Kveten, chief executive of Girteka Logistics, emphasised Girteka’s role in the operation, saying the company remains fully responsible for developing and strengthening the business in the region. From an industrial perspective, the recapitalisation is focused on fish flows from Norway. Girteka says it holds a share of more than 20% of the road transport market for Norwegian salmon and whitefish, handling 700-800 shipments a week across exports and domestic traffic.
The Scandinavian restructuring has already come at a cost: on 26 June 2026, Ttn Trucking, Thermo-Transit’s Norwegian subsidiary, was declared bankrupt. The company employed 89 people and had applied for restructuring the previous autumn after facing a tax claim of more than NOK 69 million, around €6 million. In Denmark, Thermo-Transit sold some land in Padborg to Tricolore in October 2025 for almost DKK 30 million, around €4 million, while in 2024 it invested DKK 12 million, €1.6 million, in a driver facility next to its main terminal, providing 725 square metres of services and 28,000 square metres of parking. A legal dispute also remains unresolved: in 2022, a former Thermo-Transit Danmark employee brought a lawsuit over alleged unfair dismissal.
P.R.
