(All figures in brackets refer to the corresponding period in 2025.)
Continued growth and strong cash flow in a challenging market environment. Guidance maintained, supported by increasing order intake and a strong order book. CEO Jens-Peter Poulsen:"Sales in the second quarter developed broadly in line with our expectations. Total revenue for the quarter increased by 7% year-on-year to DKK 375 million, with organic growth of 1%. The increase in revenue was primarily driven by the B2C segments, whereas the B2B market remained weak due to uncertainty surrounding the situation in the Middle East and rising energy prices. Once again, our strategy of maintaining a healthy balance between B2C and B2B is proving its strength, as the two segments perform on different cycles.
Overall order intake during the quarter was significantly higher than in the same period last year. A sales price increase was implemented with effect from 1 July, resulting in some orders being brought forward. Order intake improved in both B2B and B2C, and we entered the second half of the year with a strong order book.
Despite the indirect effects of the conflict around the Strait of Hormuz, including rising raw material and freight costs, we maintained the positive development in our gross margin. Gross margin was 23.8% in Q2, compared to 23.7% in Q2 2025. Year-to-date gross margin increased to 23.5%, compared to 22.5% in the same period last year.
Operating expenses increased during the quarter due to the addition of Celebert and one retail store compared to the same quarter last year. We also incurred additional overhead costs related to organisational upgrades and enhancements to the marketing platform in our online business unit, Celebert. We are pursuing a more self-service strategy in Celebert, enabling customers to complete purchases without assistance from sales consultants.
The acquired retail stores will be divested once suitable new franchisees have been identified. We are pleased to announce that two of the acquired stores, the AUBO store in Esbjerg (as of 31 March) and the Nettoline store in Kolding (as of 15 August), have been sold to local dealers.
Adjusted EBITA in Q2 2026 was DKK 32.2 million (DKK 36.1 million), corresponding to an adjusted EBITA margin of 8.6% (10.3%). Adjusted EBITA for the first six months of 2026 was DKK 58.4 million (DKK 55.7 million), corresponding to an adjusted EBITA margin of 7.9% (8.5%).
Free cash flow in Q2 2026 was DKK 32.3 million (DKK 32.1 million). Year-to-date free cash flow amounted to DKK 80.4 million, compared to DKK 28.5 million in 2025. Free cash flow in 2026 benefited from a positive development in net working capital. Year-to-date investments amounted to DKK 25.8 million in 2026, compared to DKK 33.7 million in 2025. The investments primarily related to the ongoing ERP project.
The results for the first half of 2026 and the positive development in the order intake during the second quarter creates a positive backdrop for the remaining part of the year, but we remain aware of the potential negative impact
of the ongoing geopolitical uncertainty on consumer sentiment and demand. In consideration of this we are maintaining our present financial guidance for 2026 as a whole. Consequently, TCM Group expects full-year revenue in the range of DKK 1,400-1,500 million and adjusted EBITA of between DKK 120 million and DKK 140 mil-lion."
Financial highlights Q2 2026Revenue DKK 374.8 million (DKK 349.1 million), corresponding to growth of 7.4%
Adj. EBITA DKK 32.2 million (DKK 36.1 million). The adjusted EBITA margin was 8.6% (10.3%)
Adj. EBIT DKK 29.1 million (DKK 33.6 million), corresponding to an EBIT margin of 7.8% (9.6%)
Net profit DKK 16.7 million (DKK 22.3 million)
Free cash flow DKK 32.3 million (DKK 32.1 million)
Cash conversion ratio 106.6% (78.6%)
Financial highlights H1 2026Revenue DKK 737.2 million (DKK 657.1 million), corresponding to growth of 12.2%
Adj. EBITA DKK 58.4 million (DKK 55.7 million). The adjusted EBITA margin was 7.9% (8.5%)
Adj. EBIT DKK 52.1 million (DKK 50.8 million), corresponding to an EBIT margin of 7.1% (7.7%)
Net profit DKK 31.6 million (DKK 34.4 million)
Free cash flow DKK 80.4 million (DKK 28.5 million)
Cash conversion ratio 106.6% (78.6%)
Full-year guidance for the financial year 2026 is revenue in the range DKK 1,400-1,500 million with earnings (adjusted EBITA) in the range of DKK 120-140 million.
For further information, please contact: CEO Jens-Peter Poulsen +45 2030 8531 IR Contact - ir@tcmgroup.dk
Key figures and ratiosDKK million | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | FY 2025 |
Income statement | |||||
Revenue | 374.8 | 349.1 | 737.2 | 657.1 | 1,279.2 |
Gross profit | 89.1 | 82.7 | 173.4 | 147.6 | 290.5 |
Earnings before interest, tax, depreciation and amortisation (EBITDA) | 37.7 | 42.6 | 70.5 | 68.6 | 153.8 |
Adjusted EBITDA | 39.2 | 42.6 | 72.0 | 68.6 | 135.8 |
Earnings before interest, tax and amortisation (EBITA) | 30.7 | 36.1 | 56.8 | 55.7 | 128.1 |
Adjusted EBITA | 32.2 | 36.1 | 58.4 | 55.7 | 110.2 |
Adjusted EBIT | 29.1 | 33.6 | 52.1 | 50.8 | 98.3 |
Operating profit (EBIT) | 27.6 | 33.6 | 50.6 | 50.8 | 116.3 |
Financial items | (6.3) | (5.8) | (10.2) | (9.2) | (21.0) |
Profit before tax | 21.2 | 28.5 | 40.3 | 43.6 | 93.9 |
Net profit for the period | 16.7 | 22.3 | 31.6 | 34.4 | 77.8 |
Balance sheet | |||||
Total assets | 1,392.0 | 1,275.1 | 1,392.0 | 1,275.1 | 1,381.3 |
Net working capital (NWC) | (31.5) | (9.3) | (31.5) | (9.3) | 7.0 |
Net interest-bearing debt (NIBD) | 396.8 | 343.3 | 396.8 | 343.3 | 416.8 |
Equity | 615.0 | 585.6 | 615.0 | 585.6 | 628.7 |
Cash flow | |||||
Free cash flow excl. acquisition of entities | 32.3 | 32.1 | 80.4 | 28.5 | 43.9 |
Cash conversion, % (LTM) | 106.6% | 78.6% | 106.6% | 78.6% | 72.2% |
Growth ratios | |||||
Revenue growth, % | 7.4% | 5.1% | 12.2% | 5.2% | 6.3% |
Gross profit growth, % | 7.8% | 15.8% | 17.5% | 12.3% | 13.7% |
Adjusted EBIT growth, % | (13.4%) | 20.1% | 2.6% | 15.9% | 8.9% |
EBIT growth, % | (18.0%) | 20.1% | (0.4%) | 15.9% | 28.8% |
Margins | |||||
Gross margin, % | 23.8% | 23.7% | 23.5% | 22.5% | 22.7% |
Adjusted EBITDA margin, % | 10.5% | 12.2% | 9.8% | 10.4% | 10.6% |
Adjusted EBITA margin, % | 8.6% | 10.3% | 7.9% | 8.5% | 8.6% |
Adjusted EBIT margin, % | 7.8% | 9.6% | 7.1% | 7.7% | 7.7% |
EBIT margin, % | 7.4% | 9.6% | 6.9% | 7.7% | 9.1% |
Other ratios | |||||
Solvency ratio, % | 44.2% | 45.9% | 44.2% | 45.9% | 45.5% |
Leverage ratio | 2.74 | 2.53 | 2.74 | 2.53 | 3.04 |
NWC ratio, % | (2.3%) | (0.7%) | (2.3%) | (0.7%) | 0.5% |
CapEx ratio excl. acquisitions, % | 1.1% | 1.2% | 1.0% | 1.6% | 1.3% |
Share information | |||||
Number of outstanding shares | 10,355,556 | 10,440,587 | 10,355,556 | 10,440,587 | 10,331,741 |
Weighted average number of outstanding shares | 10,348,490 | 10,440,587 | 10,340,162 | 10,368,596 | 10,349,205 |
Number of treasury shares | 158,082 | 185,382 | 158,082 | 185,382 | 181,897 |
Earnings per share before dilution, DKK | 1.61 | 2.14 | 3.06 | 3.32 | 7.51 |
Earnings per share after dilution, DKK | 1.61 | 2.13 | 3.05 | 3.30 | 7.48 |
Reference is made to the consolidated financial statements for 2025 prepared in accordance with IFRS for definitions of key figures and ratios.
Business and financial review(All figures in brackets refer to the corresponding period in 2025.)
Commercial and market developmentRevenue in Q2 was DKK 374.8 million, compared to DKK 349.1 million in Q2 2025, representing an increase of 7.4%, with organic growth of 0.6%. Revenue in the quarter was negatively impacted by lower order intake at the end of the previous quarter and the beginning of the second quarter. However, order intake regained momentum during the last two months of the quarter.
TCM Group's primary market, Denmark, accounted for 78.1% of Group revenue in Q2 2026. Revenue in Denmark increased by 4.2% compared to Q2 2025 to DKK 292.7 million, with organic growth of -4.1%. Celebert and one company-owned store were included in the Group compared to the same period last year.
Revenue in Norway increased by 22.7% compared to Q2 2025 to DKK 80.0 million, driven by an improvement in trading conditions following a period of very low activity in the market.
We have renegotiated our agreement with the hardware store chain Optimera, which holds exclusive rights to sell AUBO products in Norway. The new agreement has a term of five years, compared to three years under the previous agreement, as the most important change.
Total revenue for the first six months of 2026 increased by 12.2% to DKK 737.2 million (DKK 657.1 million), with organic growth of 4.4%. Revenue in Denmark for the first six months of 2026 increased by 11.5% to DKK
581.4 million (DKK 521.3 million), while revenue in Norway increased by 16.0% to DKK 151.3 million (DKK 130.5 million).
Revenue in other countries for the first six months of 2026 amounted to DKK 4.5 million (DKK 5.3 million).
Overall order intake during the quarter was significantly higher than in the same period last year. A sales price increase was implemented with effect from 1 July, resulting in some orders being brought forward. Order intake improved in both B2B and B2C, and we entered the second half of the year with a strong order book.
Year-to-date order intake was also significantly higher than in the same period last year.
At the end of Q2 2026, the total number of branded stores was 111 (111 in the same period last year), with no store closures during the quarter.
Gross margin and productionThe gross margin was 23.8% in Q2, compared to 23.7% in Q2 2025. The gross margin ratio is affected by two opposing effects. Rising oil prices have caused rising prices for a wide range of raw materials as well as freight prices, which have had a negative effect on the gross margin ratio. Conversely, the internal efficiency projects we had launched and a shift in sales mix towards the more profitable B2C segment have a positive effect.
Year to date gross margin increased to 23.5% compared to 22.5% in same period 2025.
Operating expensesOperating expenses in Q2 2026 were up 23% to DKK 62.8 million (DKK 51.2 million) and represented 16.8% of revenue (14.7%). The increase in operating expenses is primarily attributable to the inclusion of Celebert and to the retail stores which we acquired during 2025 and which were not included in Q2 of 2025.
Operating expenses for the first six months of 2026 were DKK 126.4 million (DKK 101.6 million). Operating expenses represented 17.1% of revenue for the first six months in 2025 (15.5%), again with the inclusion of Celebert as a major contributing factor with more than half of the increase.
Other incomeOther income in Q2 2026 amounted to DKK 2.8 million (DKK 2.2 million), and included income from salary subsidies and reimbursements.
Earnings performanceAdjusted EBITDA in Q2 2026 was DKK 39.2 million (DKK 42.6 million), corresponding to an adjusted EBITDA margin of 10.5% (12.2%).
Adjusted EBITDA for the first six months of 2026 was DKK 72.0 million (DKK 68.6 million), corresponding to an adjusted EBITDA margin of 9.8% (10.4%).
Adjusted EBITA in Q2 2026 was DKK 32.2 million (DKK 36.1 million), corresponding to an adjusted EBITA margin of 8.6% (10.3%).
Adjusted EBITA for the first six months of 2026 was DKK 58.4 million (DKK 55.7 million), corresponding to an adjusted EBITA margin of 7.9% (8.5%).
Non recuring Items amounts to DKK -1,5 million and relates to change in management. Compared to zero in 2025.
Adjusted EBIT in Q2 2026 was DKK 29.1 million (DKK 33.6 million), corresponding to an EBIT margin of 7.8% (9.6%).
Adjusted EBIT for the first six months of 2026 increased to DKK 52.1 million (DKK 50.8 million). Depreciation, amortisation and impairment charges totalled DKK 19.9 million (DKK 17.8 million).
Net financial itemsNet financial expenses in Q2 2026 were DKK 6.3 million, compared to DKK 5.8 million in Q2 2025, primarily as a result of higher interest-bearing debt and foreign exchange losses related to NOK.
Year-to-date net financial expenses were DKK 1.0 million higher than in 2025, primarily due to higher net interest-bearing debt.
Net profitNet profit in Q2 2026 decreased to DKK 16.7 million (DKK 22.3 million).
Net profit for the first six months of 2026 decreased to DKK 31.6 million (DKK 34.4 million)
Cash flow and working capital Free cash flowFree cash flow in Q2 2026 was DKK 32.3 million (DKK 32.1 million). Free cash flow year to date was DKK 80.4 million compared to DKK 28.5 million in 2025. Free cash flow in 2026 was impacted by a positive development in net working capital. Investments were year to date DKK 25.8 million in 2026, compared to DKK 33.7 million in 2025. The investments were primarily related to the ongoing ERP project.
Net working capitalNet working capital at the end of Q2 2026 was DKK -31.5 million (DKK -9.3 million) and the NWC ratio was
-2.3% (-0.7%).
End of Q2DKKm | 2026 | 2025 |
Inventories | 105.1 | 94.5 |
Trade and other receivables | 144.4 | 148.0 |
Operating liabilities | (280.9) | (251.8) |
Net working capital | (31.5) | (9.3) |
NWC ratio | (2.3%) | (0.7%) |
The increase in inventories of DKK 10.6 million was attributable to the acquisition of Celebert and one retail store, combined with higher factory inventories of certain components due to increased demand.
Trade and other receivables decreased despite higher revenue.
Operating liabilities increased by DKK 29.1 million compared to Q2 2025, primarily due to higher trade payables. The increase in trade payables was partly attributable to the timing of payments around the quarter-end and therefore not of a permanent nature.
Net interest-bearing debtNet interest-bearing debt amounted to DKK 396.8 million at the end of Q2 2026 (DKK 343.3 million). The increase was primarily attributable to the acquisition of Celebert at the end of 2025.
The leverage ratio, measured as net interest-bearing debt excluding tax liabilities divided by adjusted EBITDA on a last-twelve-month basis, was 2.74 at the end of Q2 2026 (2.53).
Equity - solvency ratioEquity at the end of Q2 2026 amounted to DKK 615.0 million (DKK 585.6 million) and the solvency ratio was 44.2% (45.9%).
PeopleThe total number of employees at the end of the quarter was 560 (compared to 524 in the same period last year), with most of the increase attributable to the acquisition of the retail stores and Celebert ApS.
Other events in Q2 2026The annual general meeting was held on 9 April 2026. The annual general meeting approved the proposed dividend distribution of DKK 4.5 per share, in total DKK 46 million.
On 30 April 2026, it was announced that TCM Group's Chief Executive Officer, Torben Paulin, would step down from his position with effect from 1 August 2026. Jens-Peter Poulsen assumed the position of CEO of TCM Group on the same date. Jens-Peter Poulsen joined from his role as CEO of Abena Holding. Prior to this, he served as CEO of the Danish kitchen manufacturer Kvik for more than 10 years.
Events after the reporting periodTCM Group has entered into an agreement to sell Nettoline Kolding with effect from 15 August 2026, in line with its strategy. The transaction is not expected to have a material impact.
Apart from the above, no events of significance to the consolidated interim financial statements have occurred after the reporting period.
Financial outlookThe results for the first half of 2026 and the positive development in the order intake during the second quarter creates a positive backdrop for the remaining part of the year, but we remain aware of the potential negative impact of the ongoing geopolitical uncertainty on consumer sentiment and demand. In consideration of this we are maintaining our present financial guidance for 2026 as a whole. Consequently, TCM Group expects full-year revenue in the range of DKK 1,400-1,500 million and adjusted EBITA of between DKK 120 million and DKK 140 million.
Forward-looking statementsThis interim report contains statements relating to the future, including statements regarding TCM Group's future operating results, financial position, cash flows, business strategy and plans for the future. The statements are based on Management's reasonable expectations and forecasts at the time of the disclosure of the report. Any such statements are subject to risks and uncertainties, and a number of different factors, many of which are beyond TCM Group's control, could mean that actual performance and actual results will differ significantly from the expectations expressed in this interim report. Without being exhaustive, such factors comprise general economic and commercial factors, including market and competitive matters, supplier issues and financial issues.
Significant risks in the GroupTCM Group is exposed to strategic, operating and financial risks, which are described in Management's review and note 3 of the 2025 Annual Report prepared in accordance with IFRS. Broader macroeconomic factors, including an economic downturn, heightened cyber risks or a widespread financial crisis, may directly or indirectly impact the Group's performance, adversely affecting both revenue and profitability. The ongoing macroeconomic uncertainty, exemplified by the sustained low level of housing construction in the project market, continues to
exert pressure on the Group's operating environment. TCM Group is not experiencing any direct impact from the current changes in global tariffs.
Additional information Financial calendarThe financial year covers the period 1 January - 31 December, and the following dates have been fixed for releases etc. related to the financial year 2026:
26 November 2026 Interim report Q3 2026
4 March 2027 Interim report Q4 2026 and Annual Report 2026
7 April 2027 Annual General Meeting
PresentationThe interim report will be presented on Thursday 20 August 2026 at 9:30 CEST in a teleconference that can be followed on TCM Group's website or at: https://edge.media-server.com/mmc/p/ruabycof
To participate in the teleconference, and thus have the possibility to ask questions, participants are required to register in advance using the link below. Upon registering, each participant will be provided with dial-in numbers and a unique PIN.
Online registration for the call:https://register-conf.media-server.com/register/BI3be1eed2e74048f490477edd2ad18606
About TCM Group A/STCM Group is Scandinavia's third-largest kitchen manufacturer, with a major part of its business concentrated in Denmark. The product offering includes kitchens, bathroom furniture and storage solutions.
Manufacturing is generally carried out in-house, and more than 90% is manufactured to a specific customer order. Production sites are located in Denmark, with four factories in Tvis and Aulum (in the western part of Denmark).
The Group pursues a multi-brand strategy, under which the main brand is Svane Køkkenet and the secondary brands are Tvis Køkken, Nettoline, AUBO and private label. Combined, the brands cater for the entire price range. Products are mainly marketed through a network of franchise stores and independent kitchen retailers. Furthermore, TCM Group is a supplier to the fully owned e-commerce kitchen business Celebert, which operates under the brands kitchn.dk, billigskabe.dk, Celebert and Just Wood.
Company informationTCM Group A/S Skautrupvej 16
7500 Holstebro, Denmark
Company registration no.: 37 29 12 69
Phone: +45 97435200
Internet: investor-en.tcmgroup.dk E-mail: ir@tcmgroup.dk
Consolidated interim financial statements Consolidated income statement Q2 H1DKKm | Note | 2026 | 2025 | 2026 | 2025 | |||
Revenue | 2 | 374.8 | 349.1 | 737.2 | 657.1 | |||
Cost of goods sold | (285.7) | (266.4) | (563.8) | (509.6) | ||||
Gross profit | 89.1 | 82.7 | 173.4 | 147.6 | ||||
Selling expenses | (38.6) | (29.8) | (79.4) | (59.8) | ||||
Administrative expenses | (24.2) | (21.4) | (47.0) | (41.8) | ||||
Other operating income | 2.8 | 2.2 | 5.2 | 4.9 | ||||
Operating profit before non-recurring items | 29.1 | 33.6 | 52.1 | 50.8 | ||||
Non-recurring items | (1.5) | 0 | (1.5) | 0 | ||||
Operating profit | 27.6 | 33.6 | 50.6 | 50.8 | ||||
Share of profit in associates | 0.0 | 0.6 | 0.0 | 2.0 | ||||
Financial income and expenses | (6.3) | (5.8) | (10.2) | (9.2) | ||||
Profit before tax | 21.2 | 28.5 | 40.3 | 43.6 | ||||
Tax for the period | (4.5) | (6.1) | (8.7) | (9.2) | ||||
Net profit for the period | 16.7 | 22.3 | 31.6 | 34.4 | ||||
Earnings per share before dilution, DKK | 1.61 | 2.14 | 3.06 | 3.32 | ||||
Earnings per share after dilution, DKK | 1.61 | 2.13 | 3.05 | 3.30 | ||||
Q2 | H1 | |||
DKKm | 2026 | 2025 | 2026 | 2025 |
Net profit for the period | 16.7 | 22.3 | 31.6 | 34.4 |
Other comprehensive income | ||||
Items that are or may be reclassified subsequently to the income statement | ||||
Value adjustments of currency hedges before tax | 1.7 | 1.7 | 0.8 | 0.7 |
Tax on value adjustments of currency hedges | (0.4) | (0.4) | (0.2) | (0.2) |
Other comprehensive income for the period | 1.3 | 1.3 | 0.6 | 0.5 |
Total comprehensive income for the period | 17.9 | 23.6 | 32.2 | 34.9 |
DKKm | Note | 2026 | 30 June 2025 | 31 Dec. 2025 | |||
ASSETS | |||||||
Intangible assets | |||||||
Goodwill | 519.7 | 412.0 | 519.7 | ||||
Brands | 216.4 | 176.5 | 219.4 | ||||
Customer contracts | 33.3 | 38.0 | 35.6 | ||||
Other intangible assets | 7.3 | 5.8 | 8.2 | ||||
Other intangible assets in progress | 104.3 | 77.8 | 89.2 | ||||
881.0 | 710.1 | 872.1 | |||||
Property, plant and equipment | |||||||
Land and buildings Property, plant and equipment under construction and prepayments | 126.8 2.6 | 125.9 0.0 | 124.5 0.9 | ||||
Machinery and other technical equipment | 59.8 | 67.3 | 65.9 | ||||
Equipment, tools, fixtures and fittings | 6.4 | 5.5 | 5.8 | ||||
Right-of-use assets | 40.2 | 42.1 | 42.0 | ||||
235.8 | 240.8 | 239.1 | |||||
Financial assets | |||||||
Investments in associates | 0.0 | 51.8 | 0.0 | ||||
Lease receivables | 0.1 | 2.4 | 0.4 | ||||
Other financial assets | 3.9 | 5.4 | 3.8 | ||||
3.9 | 59.6 | 4.2 | |||||
Total non-current assets | 1,120.7 | 1,010.4 | 1,115.4 | ||||
Inventories | 105.1 | 94.5 | 102.0 | ||||
Current receivables | |||||||
Trade receivables | 125.4 | 127.9 | 90.4 | ||||
Lease receivables | 2.8 | 4.6 | 5.6 | ||||
Receivables from associates | 0.0 | 3.5 | 0.0 | ||||
Other receivables | 17.7 | 12.2 | 32.5 | ||||
Prepaid expenses and accrued income | 0.0 | 1.6 | 4.5 | ||||
145.9 | 149.7 | 133.0 | |||||
Cash and cash equivalents | 20.3 | 20.5 | 30.8 | ||||
Total current assets | 271.4 | 264.7 | 265.8 | ||||
Total assets | 1,392.0 | 1,275.1 | 1,381.3 | ||||
Share capital | 1.1 | 1.1 | 1.1 |
Treasury shares | (0.0) | (0.0) | (0.0) |
Value adjustments of currency hedging | 0.7 | 0.6 | 0.1 |
Retained earnings | 613.2 | 583.9 | 581.1 |
Proposed dividend for the financial year | 0.0 | 0.0 | 46.5 |
Total shareholders' equity | 615.0 | 585.6 | 628.7 |
Deferred tax | 75.5 | 65.9 | 76.7 |
Mortgage loans | 33.3 | 34.6 | 33.9 |
Bank loans | 205.2 | 212.1 | 240.1 |
Lease liabilities | 34.4 | 40.0 | 37.2 |
Other liabilities | 38.5 | 43.0 | 38.5 |
Total non-current liabilities | 386.8 | 395.7 | 426.4 |
Mortgage loans | 1.3 | 1.3 | 1.3 |
Bank loans | 80.6 | 21.4 | 81.4 |
Lease liabilities | 11.7 | 11.5 | 13.6 |
Prepayments from customers | 1.7 | 3.6 | 7.2 |
Trade payables | 183.2 | 161.2 | 127.9 |
Current tax liabilities | 15.7 | 5.8 | 4.1 |
Other liabilities | 94.6 | 88.8 | 89.3 |
Deferred income | 1.5 | 0.2 | 1.1 |
Total current liabilities | 390.2 | 293.8 | 326.1 |
Total shareholders' equity and liabilities | 1,392.0 | 1,275.1 | 1,381.3 |
Treas- | Value adjustments of cash flow | Re- | Pro- | |||
Share capital | ury shares | hedges after tax | tained earnings | posed dividend | Total | |
DKKm | DKKm | DKKm | DKKm | DKKm | DKKm | |
Opening balance, 1 January 2025 | 1.1 | (0.0) | 0.1 | 557.0 | 31.3 | 589.5 |
Net profit for the period | 0.0 | 0.0 | 0.0 | 34.4 | 0.0 | 34.4 |
Other comprehensive income for the period | 0.0 | 0.0 | 0.5 | 0.0 | 0.0 | 0.5 |
Total comprehensive income for the period | 0.0 | 0.0 | 0.5 | 34.4 | 0.0 | 34.9 |
Dividend paid | 0.0 | 0.0 | 0.0 | 0.0 | (31.0) | (31.0) |
Adjustment, cash flow hedges | 0.0 | 0.0 | 0.0 | 0.3 | (0.3) | 0.0 |
Share-based incentive programme | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 | 0.5 |
Transfer, exercised share based payment | 0.0 | (0.0) | 0.0 | (8.3) | 0.0 | (8.3) |
Closing balance, 30 June 2025 | 1.1 | (0.0) | 0.6 | 584.0 | 0.0 | 585.6 |
2026 | 1.1 | (0.0) | 0.1 | 581.1 | 46.5 | 628.7 |
Net profit for the period | 0.0 | 0.0 | 0.0 | 31.6 | 0.0 | 31.6 |
Other comprehensive income for the period | 0.0 | 0.0 | 0.6 | 0.0 | 0.0 | 0.6 |
Total comprehensive income for the period | 0.0 | 0.0 | 0.6 | 31.6 | 0.0 | 32.2 |
Dividend paid | 0.0 | 0.0 | 0.0 | 0.0 | (46.5) | (46.5) |
Adjustment, dividend | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Share-based incentive programme | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 | 0.5 |
Purchase of treasury shares | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Transfer, exercised share based payment | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Closing balance, 30 June 2026 | 1.1 | (0.0) | 0.7 | 613.2 | 0.0 | 615.0 |
DKKm | Note | 2026 | Q2 | 2025 | 2026 | H1 | 2025 | ||
Operating activities | |||||||||
Operating profit | 27.6 | 33.6 | 50.6 | 50.8 | |||||
Depreciation and amortisation | 10.1 | 9.0 | 19.9 | 17.8 | |||||
Other non-cash operating items | 0.3 | 0.2 | 0.6 | 0.5 | |||||
Income tax paid | (2.7) | (0.0) | (7.6) | (5.6) | |||||
Change in net working capital | 10.1 | 7.5 | 42.5 | (1.6) | |||||
Cash flow from operating activities | 45.4 | 50.3 | 105.9 | 61.9 | |||||
Investing activities | |||||||||
Investments in fixed assets | (13.2) | (18.3) | (25.8) | (33.7) | |||||
Sale of fixed assets | 0.1 | 0.1 | 0.3 | 0.3 | |||||
Acquisition of entities, net | 3 | 0.0 | 0.0 | (0.7) | (1.9) | ||||
Dividends from associates | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Cash flow from investing activities | (13.1) | (18.2) | (26.2) | (35.3) | |||||
Financing activities | |||||||||
Interest paid | (11.0) | (4.6) | (15.8) | (9.7) | |||||
Taking on long debt | 1.0 | 0.0 | 2.5 | 0.0 | |||||
Proceeds from loans | 0.2 | 0.0 | (35.9) | 17.9 | |||||
Repayments of loans | (0.3) | (8.1) | (0.6) | (0.6) | |||||
Repayments of lease liabilities | (2.1) | (1.9) | (4.0) | (3.7) | |||||
Purchase of treasury shares | 0.0 | 0.0 | 0.0 | (8.3) | |||||
Dividend paid | (37.4) | (31.0) | (37.4) | (31.0) | |||||
Cash flow from financing activities | (49.6) | (45.6) | (91.3) | (35.4) | |||||
Cash flow for the period | (17.3) | (13.5) | (11.5) | (8.8) | |||||
Cash and cash equivalents at the | |||||||||
beginning of the period | 36.8 | 34.3 | 30.8 | 29.1 | |||||
Cash flow for the period | (17.3) | (13.5) | (11.5) | (8.8) | |||||
Exchange rate differences in cash and cash equivalents | 0.8 | (0.3) | 1.0 | 0.2 | |||||
Cash and cash equivalents at the end of the period | 20.3 | 20.5 | 20.3 | 20.5 | |||||
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Accounting policies
This interim report has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and Danish disclosure requirements for listed companies. TCM Group has applied the same accounting policies in this interim report as have been applied in the consolidated financial statements for 2025 prepared in accordance with IFRS. Reference is made to note 1 to the consolidated financial statements for accounting policies and to pages 59-63 and 82 for definitions of key figures and ratios.
Impact of new IFRS standards
TCM Group A/S has implemented the latest International Financial Reporting Standards (IFRS) and amendments effective as of 1 January 2025 as adopted by the European Union.
Implementation of the standards and amendments has not had any material impact on the Group's financial statements and is likewise not expected to have any significant future impact.
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Revenue and segment information
The Group's business activities are managed within a single operating segment, which is producing and selling kitchens, bathrooms and storage. The Group's Management monitors the operating segment's results to evaluate it and to allocate resources.
Q2
H1
Revenue by region, DKKm
2026
2025
2026
2025
Denmark
292.7
280.9
581.4
521.3
Norway
80.0
65.2
151.3
130.5
Other countries
2.1
3.0
4.5
5.3
374.8
349.1
737.2
657.1
Revenue by category, DKKm
2026
2025
2026
2025
Revenue, core business
243.8
250.0
475.3
471.5
Revenue, third-party
94.4
82.2
178.3
153.7
Revenue, retailers
36.6
16.9
83.6
32.0
374.8
349.1
737.2
657.1
Revenue consists of sales of goods and services.
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Acquisition of operations (business combinations)
On 31 March 2026, TCM Group sold the AUBO retail store in Esbjerg. The sales price amounted to DKK 0.5 million.
-
Related party transactions
Except for remuneration of senior executives and the Board of Directors, there were no transactions with related parties.
- Events after the reporting period
TCM Group has entered into an agreement to sell Nettoline Kolding as of 15th August 2026, in line with our strategy. The sale has no material impact.
Besides from the above, no events of importance to the consolidated interim financial statements have occurred after the reporting period.
Statement by the Board of Directors and Executive ManagementThe Board of Directors and Executive Management have today considered and adopted the interim report of TCM Group A/S for the period 1 January 2026 - 30 June 2026.
The interim report, which has neither been audited nor reviewed by the company's auditors, has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and Danish disclosure requirements for listed companies.
In our opinion, the interim report gives a true and fair view of the Group's assets and liabilities and financial position at 30 June 2026 and of the results of the Group's operations and cash flows for the period 1 January to 30 June 2026.
Furthermore, in our opinion, the Management's review includes a fair review of the development and performance of the business, the results for the period and of the Group's financial position in general and describes the principal risks and uncertainties that it faces.
Tvis, 20 August 2025
Executive ManagementJens-Peter Poulsen CEO
Board of DirectorsAnders Tormod Skole-Sørensen Erika Hummel
Chair Deputy Chair
Pernille Wendel Mehl Jan Amtoft
Rodolfo Zeidler Björn Johan Olsson Lissner
Supplementary financial disclosures Quarterly overviewDKK million | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
Income statement | |||||
Revenue | 349.1 | 288.9 | 333.1 | 362.4 | 374.8 |
Gross profit | 82.7 | 61.8 | 81.1 | 84.3 | 89.1 |
Earnings before interest, tax, depreciation and amortisation (EBITDA) | 42.6 | 25.4 | 59.8 | 32.8 | 37.7 |
Adjusted EBITDA | 42.6 | 25.4 | 41.8 | 32.8 | 39.2 |
Earnings before interest, tax and amortisation (EBITA) | 36.1 | 19.1 | 53.3 | 26.1 | 30.7 |
Adjusted EBITA | 36.1 | 19.1 | 35.4 | 26.1 | 32.2 |
Adjusted EBIT | 33.6 | 16.6 | 30.9 | 23.0 | 29.1 |
Operating profit (EBIT) | 33.6 | 16.6 | 48.9 | 23.0 | 27.6 |
Financial items | (5.8) | (4.4) | (7.5) | (3.9) | (6.3) |
Profit before tax | 28.5 | 12.3 | 38.0 | 19.1 | 21.2 |
Net profit for the period | 22.3 | 9.6 | 33.8 | 15.0 | 16.7 |
Balance sheet | |||||
Total assets | 1,275.1 | 1,289.9 | 1,381.3 | 1,407.6 | 1,392.0 |
Net working capital | (9.3) | 7.7 | 7.0 | (25.7) | (31.5) |
Net interest-bearing debt (NIBD) | 343.3 | 348.9 | 416.8 | 371.2 | 396.8 |
Equity | 585.6 | 594.7 | 628.7 | 643.3 | 615.0 |
Cash flow Free cash flow excl. acquisition of entities | 32.1 | 4.2 | 11.2 | 48.1 | 32.3 |
Margins | |||||
Gross margin, % | 23.7% | 21.4% | 24.3% | 23.3% | 23.8% |
Adjusted EBITDA margin, % | 12.2% | 8.8% | 12.6% | 9.1% | 10.5% |
Adjusted EBIT margin, % | 9.6% | 5.8% | 9.3% | 6.3% | 7.8% |
EBIT margin, % | 9.6% | 5.8% | 14.7% | 6.3% | 7.4% |
Other ratios Solvency ratio, % | 45.9% | 46.1% | 45.5% | 45.7% | 44.2% |
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page