XCSE:TCM ESEF Annual Report
TCM Group A/S (XCSE:TCM)
ESEF Annual Report
2026-04-15
For: 2025-12-31
View Original
Added on
September 22, 2026
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 1 of 23
TCM Group Management’s review
Interim report Q4 2025 (1 October – 31 December)
(All figures in brackets refer to the corresponding period in 2024.)
Relatively strong end to the year in a still cautious market
CEO Torben Paulin:
“Sales in the fourth quarter developed as expected, with B2B and B2C sales both increasing. Organically, sales in
the quarter increased by 5% year on year to DKK 333 million. Sales to Norway contributed positively to the growth
both in the quarter and for the year.
Full-year revenue was DKK 1,279 million and therefore at the top end of our financial guidance.
Order intake in B2C developed positively in the fourth quarter, and there was a high single-digit increase in B2B
orders.
The gross margin increased to 24.3% in Q4, compared to 22.5% in Q4 2024. This was mainly due to positive
effects from the improved sales in core business – and the first positive effect on production costs from the new
lacquering facility.
Operating expenses increased during the quarter, mainly because of the acquisition of four retail stores earlier in
the year and Celebert late November. The acquired retail stores will be spun off as soon as we have found suitable
new franchisees to run them, so the increase in operating expenses should be of a temporary nature.
Adjusted EBIT in Q4 was DKK 30.9 million, compared to DKK 29.8 million in Q4 2024, and the adjusted EBIT
margin was 12.6%, compared to 12.9% in Q4 2024. Adjusted EBIT was impacted by an adjustment of DKK 4.5
million to the contingent payment obligation related to AUBO Production A/S, compared to a similar adjustment
of DKK 9.5 million in Q4 2024. Adjusted EBIT for the full year ended at DKK 98 million, compared to DKK 90
million in 2024, and was also at the top end of our financial guidance.
Non-recurring items amounted to DKK 18.0 million income and relate to the acquisition of the remaining 55% of
the shares in Celebert ApS on 25 November 2025.
Free cash flow in Q4 was DKK 11 million, compared to DKK 14 million in Q4 2024. Leverage increased further
to 3.04 (from 2.50 last year), well within the agreed covenants.
The Board of Directors will propose to the Annual General Meeting an ordinary dividend of DKK 4.50 per share
for 2025. This corresponds to a total distribution of DKK 46 million, representing 60% of the net profit for 2025
and in line with the company’s dividend policy.
Looking ahead to 2026, we believe there is a good reason to expect moderately positive development in the markets
in which TCM Group operates. Consumer confidence appears to be gradually improving, albeit from a very low
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 2 of 23
level, and sales in the housing sector remain strong, although consumers continue to be wary of making big in-
vestments and thus only modest growth is expected in the B2C segment of the kitchen market. The B2B market is
showing some signs of improving, but will most likely stay well below historical levels. The market for larger
building projects is expected to benefit from lower interest rates feeding through to increased housing construction
activity.
In 2026, we will fully integrate Celebert ApS into our operations, maximise the value of our new lacquering facility
and initiate the roll-out of our new ERP platform. Together with our strong market positions and proven brands,
we believe the 2026 initiatives will position TCM Group well for continued profitable growth.
Our priorities for 2026 include gaining further market share in the B2C segment and in the B2B2C elements of the
B2B segment, driving ongoing operational efficiencies across our factories and sustaining our leadership in sus-
tainability. We will remain agile and responsive to market developments while staying true to our long-term stra-
tegic direction.
Based on the above, we expect the following key figures for full-year 2026:
TCM Group estimates revenue for the financial year 2026 to be in the range DKK 1,400-1,500 million
Adjusted EBITA* for 2026 is estimated to be in the range DKK 120-140 million
(* EBITA excluding non-recurring items.)
The Board of Directors has decided to change from EBIT to EBITA in guidance for the coming year.”
Financial highlights full-year 2025
• Revenue DKK 1,279.2 million (DKK 1,203.8 million), corresponding to growth of 6.3%
• Adjusted EBITDA DKK 135.8 million (DKK 125.9 million). The adjusted EBITDA margin was 10.6%
(10.5%)
• Adjusted EBITA DKK 110.2 million (DKK 98.8 million)
• Adjusted EBIT DKK 98.3 million (DKK 90.3 million). The adjusted EBIT margin was 7.7% (7.5%)
• Non-recurring items had a total positive impact of DKK 18.0 million (DKK 0.0 million)
• EBIT DKK 116.3 million (DKK 90.3 million), corresponding to an EBIT margin of 9.1% (7.5%)
• Net profit DKK 77.8 million (DKK 57.7 million)
• Free cash flow DKK 43.9 million (DKK 58.9 million)
• Cash conversion ratio 72.2% (84.3%)
Financial highlights Q4 2025
• Revenue DKK 333.1 million (DKK 301.4 million), corresponding to growth of 10.5%
• Adjusted EBITDA DKK 41.8 million (DKK 38.8 million). The adjusted EBITDA margin was 12.6%
(12.9%)
• Adjusted EBIT DKK 30.9 million (DKK 29.8 million). The adjusted EBIT margin was 9.3% (9.9%)
• Non-recurring items had a total positive impact of DKK 18.0 million (DKK 0.0 million)
• EBIT DKK 48.9 million (DKK 29.8 million), corresponding to an EBIT margin of 14.7% (9.9%)
• Net profit DKK 33.8 million (DKK 23.0 million)
• Free cash flow DKK 11.2 million (DKK 14.5million)
• Cash conversion ratio 72.2% (84.3%)
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 3 of 23
Contact
For further information, please contact:
CEO Torben Paulin +45 21210464
IR Contact – ir@tcmgroup.dk
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 4 of 23
Key figures and ratios
DKK million
Q4 2025
Q4 2024
FY 2025
FY 2024
Income statement
Revenue
333.1
301.4
1,279.2
1,203.8
Gross profit
81.1
67.8
290.5
255.4
Earnings before interest, tax, depreciation and amortisa-
tion (EBITDA)
59.8
38.8
153.8
125.9
Adjusted EBITDA
41.8
38.8
135.8
125.9
Earnings before interest, tax and amortisation (EBITA)
53.3
32.2
128.1
98.8
Adjusted EBITA
35.4
32.2
110.2
98.8
Adjusted EBIT
30.9
29.8
98.3
90.3
Operating profit (EBIT)
48.9
29.8
116.3
90.3
Financial items
(7.5)
(5.0)
(21.0)
(26.6)
Profit before tax
38.0
26.2
93.9
69.4
Net profit for the period
33.8
23.0
77.8
57.7
Balance sheet
Total assets
1,381.3
1,206.5
1,381.3
1,206.5
Net working capital (NWC)
7.0
(14.3)
7.0
(14.3)
Net interest-bearing debt (NIBD)
416.8
316.2
416.8
316.2
Equity
628.7
589.5
628.7
589.5
Cash flow
Free cash flow excl. acquisition of entities
11.2
14.5
43.9
58.9
Cash conversion, % (LTM)
72.2%
84.3%
72.2%
84.3%
Growth ratios
Revenue growth, %
10.5%
(1.6%)
6.3%
11.0%
Gross profit growth, %
19.7%
(0.7%)
13.7%
18.4%
Adjusted EBIT growth, %
3.9%
67.7%
8.9%
62.4%
EBIT growth, %
64.1%
127.5%
28.8%
97.2%
Margins
Gross margin, %
24.3%
22.5%
22.7%
21.2%
Adjusted EBITDA margin, %
12.6%
12.9%
10.6%
10.5%
Adjusted EBITA margin, %
10.6%
10.7%
8.6%
8.2%
Adjusted EBIT margin, %
9.3%
9.9%
7.7%
7.5%
EBIT margin, %
14.7%
9.9%
9.1%
7.5%
Other ratios
Solvency ratio, %
45.5%
48.9%
45.5%
48.9%
Leverage ratio
3.04
2.50
3.04
2.50
NWC ratio, %
0.5%
(1.2%)
0.5%
(1.2%)
CapEx ratio excl. acquisitions, %
0.8%
4.0%
1.3%
1.7%
Share information
Number of outstanding shares
10,331,741
10,440,587
10,331,741
10,440,587
Weighted average number of outstanding shares
10,331,741
10,440,587
10,349,205
10,440,012
Number of treasury shares
181,897
73,051
181,897
73,051
Earnings per share before dilution, DKK
3.27
2.20
7.51
5.52
Earnings per share after dilution, DKK
3.26
2.19
7.48
5.51
Reference is made to the consolidated financial statements for 2025 prepared in accordance with IFRS for definitions of key figures and ratios.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 5 of 23
Business and financial review
(All figures in brackets refer to the corresponding period in 2024.)
In 2025, TCM Group delivered results that showed both strategic progress and operational discipline, proving its
ability to navigate in a challenging Nordic kitchen market that continued to experience restrained activity, partic-
ularly within the B2B project segment.
The Group achieved revenue growth of 6.3%, reaching DKK 1,279 million (2024: DKK 1,204 million). The in-
crease was driven mainly by organic growth, evenly split between the B2C and B2B segments (e.g. turnkey hous-
ing) – and the inclusion of four owned and operated stores, to be divested during 2026.
In Q4 2025, revenue increased by 10.5% to DKK 333.1 million (DKK 301.4 million). Organically, revenue in-
creased by 5.3%.
Commercial and market development
The Danish market remains the cornerstone of TCM Group’s commercial performance. Revenue in Denmark grew
to DKK 1,025 million, a 5.8% increase, reflected in growth in both the B2B and B2C segments. Organic growth
in Denmark reached 2.7%, underscoring the Group’s ability to maintain momentum through brand strength and a
well-functioning retail network.
International markets contributed a combined DKK 254 million in revenue. Norway, our largest international mar-
ket, faced continued challenges, including an economic slowdown that affected consumer confidence and demand
for home improvement products. Despite these headwinds, the TCM brands delivered organic revenue growth of
8.2% internationally.
In total, the Group maintained its branded store network at 110 locations, acquiring four existing retail stores
during the year and making strategic investments in its retail presence – particularly within Nettoline and Tvis
Denmark. This expansion is expected to strengthen market penetration and support long-term revenue growth. The
four acquired stores are targeted for divestment and transfer to local ownership during 2026.
Effective November 2025, TCM Group acquired the remaining 55% stake in the online retailer Celebert ApS, in
which it had held a 45% non-controlling stake since 2021. Celebert ApS is a well-established online retailer of
kitchens, bathroom interiors, wardrobes and white goods. Since it was founded in 2007, Celebert has been a pio-
neer in the Danish online kitchen market.
Revenue in Denmark in Q4 2025 was DKK 268.5 million (DKK 243.8 million), corresponding to an increase of
10.1%. Revenue in Norway was up 12.8% to DKK 61.9 million (DKK 54.9 million) and revenue in other countries
was DKK 2.7 million (DKK 2.7 million).
Gross margin and production
The Group delivered gross profit of DKK 290 million and a gross margin of 22.7%, an improvement on 2024
(21.2%). The gross margin improvement was driven by the shift in sales mix towards the core business, which
typically carries higher margins.
However, the year was not without operational challenges. Bottlenecks in production continued, due in particular
to high demand for lacquered products. As a result, overtime-related production costs and external sourcing costs
were high, temporarily pressuring margins. Implementation of a new lacquering facility was completed in the third
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 6 of 23
quarter, which increased capacity, reduced external dependency and will strengthen cost efficiency in the opera-
tions going forward.
Gross profit in Q4 2025 was DKK 81.1 million (DKK 67.8 million), corresponding to a gross margin of 24.3%
(22.5%).
Operating expenses
Operating expenses reached DKK 206.7 million, up from DKK 184.5 million in 2024. Most of this increase
stemmed from the temporary inclusion of four retail stores and full consolidation of Celebert from November
2025. Excluding this, underlying operating expenses remained largely flat.
Operating expenses in Q4 2025 were up 15% to DKK 57.7 million (DKK 50.2 million) and represented 17.3% of
revenue (16.7%).
Other income
Other income increased to DKK 10.1 million (2024: DKK 9.5 million) and includes income from salary subsidies
and reimbursements, as well as certain types of marketing subsidy.
Other income in Q4 2025 amounted to DKK 3.0 million (DKK 2.7 million) and included income from salary
subsidies and reimbursements, as well as certain types of marketing subsidy.
Adjustment of contingent payment obligation
The contingent payment obligation relating to the acquisition of AUBO Production A/S was adjusted in Q4 2025,
resulting in an income of DKK 4.5 million (DKK 9.5 million). The outstanding contingent payment obligation is
based on certain sales performance targets for the years 2026 and 2027.
Earnings performance
Adjusted EBITDA rose to DKK 135.8 million, up from DKK 125.9 million in 2024, corresponding to a margin of
10.6% in 2025. This improvement was driven by enhanced gross margins and strong cost control.
Adjusted EBITDA in Q4 2025 was DKK 41.8 million (DKK 38.8 million), corresponding to an adjusted EBITDA
margin of 12.6% (12.9%).
Adjusted EBITA rose to DKK 110.2 million, up from DKK 98.8 million in 2024, corresponding to a margin of
8.6% in 2025.
Adjusted EBIT rose to DKK 98.3 million, up from DKK 90.3 million in the prior year, highlighting the Group’s
successful operational execution.
Adjusted EBIT in Q4 2025 was DKK 30.9 million (DKK 29.8 million), corresponding to an adjusted EBIT margin
of 9.3% (9.9%).
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 7 of 23
Non-recurring items
Non-recurring items amounted to DKK 18.0 million and relate to the acquisition of the remaining 55% of the
shares in Celebert ApS on 25 November 2025. A net income of DKK 20.3 million was recognised as a revaluation
of TCM Group’s original 45% stake in Celebert ApS, representing the difference between the book value of the
investment as of 25 November and the fair value, based on the purchase price for the remaining 55%.
On the negative side transaction costs of DKK 2.3 million relating to the acquisition were included in non-recurring
items.
EBIT (non-adjusted) thus ended at DKK 116.3 million, compared to DKK 90.3 million in 2024.
Net financial items
Net financial items amounted to DKK -21.0 million, compared to DKK -26.6 million in 2024, with the main driver
of the improvement being lower interest rates and foreign exchange gains of DKK 0.2 million in 2025 compared
to foreign exchange losses of DKK 2.4 million in 2024.
Net financial expenses in Q4 2025 were DKK 7.5 million, compared to DKK 5.0 million in Q4 2024, due to foreign
exchange rate losses related to the NOK.
Tax and net profit
Tax for the year amounted to DKK 16.1 million (2024: DKK 11.8 million), with an effective tax rate of 17.2%.
Net profit increased to DKK 77.8 million (2024: DKK 57.7 million).
Net profit in Q4 2025 increased to DKK 33.8 million (DKK 23.0 million).
Cash flow and working capital
Free cash flow (excluding acquisitions) reached DKK 43.9 million, a decrease of 25.4% compared with 2024.
Operating profitability strengthened cash flow, although this was offset by a negative working capital impact of
DKK 24.6 million.
Free cash flow in Q4 2025 was DKK 11.2 million (DKK 14.5 million).
Net working capital amounted to DKK 7.0 million, compared to DKK -14.3 million in 2024.
End of Q4
DKKm
2025
2024
Inventories
102.0
89.1
Trade and other receivables
129.7
93.6
Operating liabilities
(224.7)
(197.1)
Net working capital
7.0
(14.3)
NWC ratio
0.5%
(1.2%)
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 8 of 23
Inventory levels increased by 14% to DKK 102 million, of which DKK 5 million related to the acquisitions of four
retail stores and the full consolidation of Celebert ApS.
Trade and other receivables increased significantly to DKK 127.3 million (2024: DKK 87.9 million), primarily
due to a temporary increase in payment terms for some big accounts at the turn of the year. The payment terms
have been normalised at the beginning of 2026. In addition, the acquisition of four existing retail stores and Cele-
bert ApS also pushed up receivables.
Operating liabilities increased to DKK 225.6 million (2024: DKK 198.2 million), primarily due to higher trade
payables and other payables following the acquisition of four existing retail stores and Celebert ApS, and improved
accounts payable management.
Investments
Investments in property, plant and equipment amounted to DKK 16.5 million (2024: DKK 21.0 million) and
mainly related to the investment in the new lacquering facility as well as various other minor modernisations within
the factories.
Investments in intangible assets amounted to DKK 34.3 million (2024: DKK 28.3 million) and related to the new
Group-wide ERP platform, with the first wave expected to be rolled out in the first half of 2026.
Acquisition of entities
During the year, the Group acquired four existing retail stores for a total investment of DKK 2.7 million, with the
sole intention of divesting all four as soon as suitable partners have been identified.
On 25 November 2025, the Group acquired the remaining 55% of the shares in Celebert ApS. The net purchase
price amounted to DKK 80 million.
Net interest-bearing debt
Net interest-bearing debt totalled DKK 416.8 million at the end of 2025 (2024: DKK 316.2 million), with the
increase attributable to the investment in Celebert ApS and a high investment level. The leverage ratio increased
to 3.04 (2024: 2.50) due to the investment in Celebert ApS very late in the year but remains well within the cove-
nants agreed upon in the financing agreements.
Equity – solvency ratio
Equity at the end of 2025 amounted to DKK 628.7 million (2024: DKK 589.5 million). The increase in equity of
DKK 39.3 million reflects the net result for the year offset by dividend distribution of DKK 31.0 million and
purchase of treasury shares of DKK 8.3 million.
The solvency ratio was 45.5% at the end of 2025 (2024: 48.9%).
The Board of Directors will propose to the Annual General Meeting an ordinary dividend of DKK 4.50 per share.
Excluding treasury shares, this corresponds to DKK 46 million.
People
The total number of employees at the end of the quarter was 546 (compared to 481 in the same period last year),
with the majority of the increase attributable to the acquisition of the retail stores and Celebert ApS.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 9 of 23
Events after the reporting period
No subsequent events have occurred that materially affect TCM Group’s financial position.
Financial outlook 2026
Looking ahead to 2026, we believe there is a good reason to expect moderately positive development in the markets
in which TCM Group operates. Consumer confidence appears to be gradually improving, albeit from a very low
level, and sales in the housing sector remain strong, although consumers continue to be wary of making big in-
vestments and thus only modest growth is expected in the B2C segment of the kitchen market. The B2B market is
showing some signs of improving, but will most likely stay well below historical levels. The market for larger
building projects is expected to benefit from lower interest rates feeding through to increased housing construction
activity.
In 2026, we will fully integrate Celebert ApS into our operations, maximise the value of our new lacquering facility
and initiate the roll-out of our new ERP platform. Together with our strong market positions and proven brands,
we believe the 2026 initiatives will position TCM Group well for continued profitable growth.
Our priorities for 2026 include gaining further market share in the B2C segment and in the B2B2C elements of the
B2B segment, driving ongoing operational efficiencies across our factories and sustaining our leadership in sus-
tainability. We will remain agile and responsive to market developments while staying true to our long-term stra-
tegic direction.
Based on the above, we expect the following key figures for full-year 2026:
TCM Group estimates revenue for the financial year 2026 to be in the range DKK 1,400-1,500 million
Adjusted EBITA* for 2026 is estimated to be in the range DKK 120-140 million
(* EBITA excluding non-recurring items.)
TCM Group has decided to guide on adjusted EBITA going forward, as we believe this figure better reflects the
underlying profitability of the business.
Forward-looking statements
This 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.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 10 of 23
Significant risks in the Group
TCM 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, includ-
ing 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.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 11 of 23
Additional information
Financial calendar
The 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:
9 April 2026 Annual General Meeting
21 May 2026 Interim report Q1 2026
20 August 2026 Interim report Q2 2026
19 November 2026 Interim report Q3 2026
25 February 2027 Interim report Q4 2026 and Annual Report 2026
7 April 2027 Annual General Meeting
Presentation
The interim report will be presented on Thursday 26 February 2026 at 9:30 CET in a teleconference that can be
followed on TCM Group’s website or at: https://edge.media-server.com/mmc/p/gfjo82dd
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, participants will be provided with dial-in numbers and
a unique PIN.
Online registration for the call:
https://register-conf.media-server.com/register/BIb489fc39d272420daad5bf9f5876d6e2
About TCM Group A/S
TCM 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. Further-
more, 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 information
TCM Group A/S
Company registration no.: 37 29 12 69
Phone: +45 97435200
Internet: investor-en.tcmgroup.dk
E-mail: ir@tcmgroup.dk
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 12 of 23
Consolidated interim financial statements
Consolidated income statement
Q4
12 months
DKKm
Note
2025
2024
2025
2024
Revenue
2
Cost of goods sold
(252.0 )
(233.7 )
(988.7 )
(948.4 )
Gross profit
Selling expenses
(32.6 )
(25.4 )
(120.1 )
(101.4 )
Administrative expenses
(25.1 )
(24.8 )
(86.7 )
(83.1 )
Adjustment of contingent payment obligation
Other operating income
Operating profit before non-recurring items
Non-recurring items
Operating profit
Share of profit in associates
(3.4 )
(1.3 )
Financial income and expenses
(7.5 )
(5.0 )
(21.0 )
(26.6 )
Profit before tax
Tax for the period
(4.2 )
(3.2 )
(16.1 )
(11.8 )
Net profit for the period
Earnings per share before dilution, DKK
Earnings per share after dilution, DKK
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 13 of 23
Consolidated statement of comprehensive income
Q4
12 months
DKKm
2025
2024
2025
2024
Net profit for the period
Other comprehensive income
Items that are or may be reclassified subse-
quently to the income statement
Value adjustments of currency hedges before tax
(0.2 )
Tax on value adjustments of currency hedges
(0.1 )
(0.3 )
Other comprehensive income for the period
(0.2 )
Total comprehensive income for the period
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 14 of 23
Consolidated balance sheet
31 Dec.
DKKm
Note
2025
2024
ASSETS
Intangible assets
Goodwill
Brands
Customer contracts
Other intangible assets
Other intangible assets in progress
Property, plant and equipment
Land and buildings
Property, plant and equipment under construction and prepay-
ments
Machinery and other technical equipment
Equipment, tools, fixtures and fittings
Right-of-use assets
Financial assets
Investments in associates
Lease receivables
Other financial assets
Total non-current assets
Inventories
Current receivables
Trade receivables
Lease receivables
Receivables from associates
Other receivables
Prepaid expenses and accrued income
Cash and cash equivalents
Total current assets
Total assets
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 15 of 23
Consolidated balance sheet
31 Dec.
DKKm
Note
2025
2024
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
Treasury shares
(0.0 )
(0.0 )
Value adjustments of currency hedging
Retained earnings
Proposed dividend for the financial year
Total shareholders’ equity
Deferred tax
Mortgage loans
Bank loans
Lease liabilities
Other liabilities
Total non-current liabilities
Mortgage loans
Bank loans
Lease liabilities
Prepayments from customers
Trade payables
Current tax liabilities
Other liabilities
Deferred income
Total current liabilities
Total shareholders’ equity and liabilities
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 16 of 23
Change in consolidated shareholders’ equity
Share
capital
Treas-
ury
shares
Value
adjust-
ments of
cash flow
hedges
after tax
Re-
tained
earnings
Pro-
posed
dividend
Total
DKKm
DKKm
DKKm
DKKm
DKKm
DKKm
Opening balance, 1 January
2024
Net profit for the period
Other comprehensive income for
the period
Total comprehensive income for
the period
Adjustment, cash flow hedges
Transfer
Share-based incentive programme
Transfer, exercised share-based
payment
Closing balance, 31 December
2024
Opening balance, 1 January
2025
Net profit for the period
Other comprehensive income for
the period
Total comprehensive income for
the period
Dividend paid
Adjustment, dividend
Share-based incentive programme
Purchase of treasury shares
Transfer, exercised share-based
payment
Closing balance, 31 December
2025
0.0
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 17 of 23
Consolidated cash flow statement
Q4
12 months
DKKm
Note
2025
2024
2025
2024
Operating activities
Operating profit
Depreciation and amortisation
Other non-cash operating items
(24.7 )
(8.9 )
(24.0 )
(8.2 )
Income tax paid
(12.2 )
(7.7 )
(17.8 )
(13.7 )
Change in net working capital
(2.7 )
(24.6 )
(0.5 )
Cash flow from operating activities
Investing activities
Investments in fixed assets
(9.3 )
(22.4 )
(50.8 )
(49.3 )
Sale of fixed assets
Acquisition of entities, net
3
(76.6 )
(79.3 )
Dividends from associates
Cash flow from investing activities
(85.6 )
(22.3 )
(122.8 )
(44.6 )
Financing activities
Interest paid
(6.3 )
(5.4 )
(20.7 )
(23.6 )
Proceeds from loans
Repayments of loans
(20.3 )
(27.9 )
(21.2 )
(49.1 )
Repayments of lease liabilities
(2.0 )
(1.6 )
(7.6 )
(6.0 )
Purchase of treasury shares
(8.3 )
Dividend paid
(31.0 )
Cash flow from financing activities
(11.7 )
(42.0 )
Cash flow for the period
(5.5 )
Cash and cash equivalents at the
beginning of the period
Cash flow for the period
(5.5 )
Exchange rate differences in cash and cash equivalents
(1.1 )
Cash and cash equivalents at the end of the period
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 18 of 23
Notes to the consolidated interim financial statements
1. 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 state-
ments and is likewise not expected to have any significant future impact.
2. 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.
Q4
12 months
Revenue by region, DKKm
2025
2024
2025
2024
Denmark
268.5
243.8
1,025.3
969.1
Norway
61.9
54.9
242.9
222.9
Other countries
2.7
2.7
11.0
11.8
333.1
301.4
1,279.2
1,203.8
Revenue by category, DKKm
2025
2024
2025
2024
Revenue, core business*
225.1
215.3
900.8
895.5
Revenue, third party
79.5
86.1
307.4
308.3
Revenue, retailers
28.4
0.0
71.0
0.0
333.1
301.4
1,279.2
1,203.8
* Revenue from core business has been reduced for revenue from own retail stores. In 2024, the Group had no
retail stores.
Revenue consists of sales of goods and services.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 19 of 23
3. Acquisition of operations (business combinations)
2025: Acquisition of Celebert ApS
On 25 November 2025, TCM Group A/S acquired the remaining 55% of the shares in Celebert ApS and therefore
now owns 100% of the company. The acquisition supports TCM Group’s strategy of strengthening its position in
the fast-growing online sales channel.
Purchase consideration
DKKm
Cash paid
80.0
Purchase price
80.0
The total fair value of the shares can be specified as follows:
DKKm
Total purchase price, 55% of the shares
80.0
Fair value, 45% of the shares
65.5
Total fair value, 100% of the shares
145.5
The book value of the existing 45% shareholding amounted to DKK 45.2 million as of the closing date. A net
revaluation of DKK 20.3 million has been recognised in the income statement and presented as a non-recurring
item.
Fair value
Acquired
carrying
amount
DKKm
DKKm
Assets and liabilities included in the acquisition
Cash and cash equivalents
6.6
6.6
Property, plant and equipment
2.0
1.0
Intangible assets
5.8
0.0
Intangible assets: design rights
44.0
0.0
Intangible assets: brand value/domains
0.2
0.2
Inventories
2.2
2.2
Trade receivables and other receivables
6.5
6.5
Accounts payable and other operating liabilities
(14.0)
(14.0)
Tax payable
(2.7)
(2.7)
Other interest-bearing liabilities
(1.0)
0.0
Deferred taxes, net
(11.8)
(0.8)
Net identifiable assets acquired
37.7
(1.1)
Goodwill
107.7
Net assets acquired
145.4
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 20 of 23
Goodwill is attributable to the high profitability of the acquired business. It will not be deductible for tax purposes.
Revenue attributable to Celebert ApS since the acquisition date amounted to DKK 11.6 million, and net profit
amounted to DKK -0.2 million. If the acquisition had occurred on 1 January 2025, consolidated pro-forma revenue
and profit for the period ended 31 December 2025 would have been approximately DKK 135 million and DKK 3
million respectively.
These amounts have been calculated using the subsidiary’s results and adjusting them for:
• differences in the accounting policies of the Group and the subsidiary
• the additional depreciation and amortisation that would have been charged assuming the fair value adjustments
to property, plant and equipment and intangible assets had applied from 1 January 2025, together with the conse-
quential tax effects.
The fair value of trade receivables amounted to DKK 0.9 million. The gross contractual receivables amounted to
DKK 1.0 million, of which DKK 0.1 million is considered uncollectible.
Purchase consideration – cash outflow
DKK'000
Purchase consideration paid in cash
80.0
Cash and cash equivalents in acquired subsidiaries
(6.6)
Reduction in the Group’s cash and cash equivalents in conjunction
with acquisition
73.4
Transaction costs for the acquisition amounted to DKK 2.3 million and are presented under non-recurring items.
Of the transaction costs, DKK 2.3 million was recognised in Q4 2025.
2025: Acquisition of four retail stores
On 1 January 2025, TCM Group completed the acquisition of the Svane Køkkenet retail stores in Aalborg and
Hjørring. On 1 September 2025, TCM Group completed the acquisition of the AUBO retail store in Esbjerg and
the Nettoline retail store in Kolding. The total consideration for the four retail stores amounted to DKK 2.7 million,
which, based on the preliminary purchase price allocation (PPA), is assessed to correspond to the fair value of the
acquired assets. Accordingly, no material goodwill has been recognised in connection with the transactions.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 21 of 23
Fair value
Acquired
carrying
amount
DKK'000
DKK'000
Assets and liabilities included in the acquisitions
Property, plant and equipment
736
736
Financial assets
12
12
Inventories
3,588
3,588
Trade receivables and other receivables
2,277
2,277
Accounts payable and other operating liabilities
(4,019)
(4,019)
Net identifiable assets acquired
2,594
2,594
Goodwill
90
Net assets acquired
2,684
2025: Acquisition and disposal of Svane Alnabru AS
On 18 December 2025, TCM Group acquired the remaining 40% of the shares in Svane Alnabru AS. The total
consideration amounted to DKK 0.0 million. Before the acquisition, TCM Group exercised a committed capital
increase of DKK 4.0 million, which was impaired to the book value of the company. On 22 December 2025, TCM
Group sold 100% of the shares to an external party. The total consideration amounted to DKK 0.8 million, which
corresponded to the book value.
2024: Acquisition of entities
There were no acquisitions in the year ending 31 December 2024.
4. Related party transactions
Except for remuneration of senior executives and the Board of Directors, there were no transactions with related
parties.
5. Events after the reporting period
No events of importance to the consolidated interim financial statements have occurred after the reporting period.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 22 of 23
Executive Management
Board of Directors
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 23 of 23
Supplementary financial disclosures
Quarterly overview
DKK million
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Income statement
Revenue
301.4
308.1
349.1
288.9
333.1
Gross profit
67.8
64.9
82.7
61.8
81.1
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
38.8
25.9
42.6
25.4
59.8
Adjusted EBITDA
38.8
25.9
42.6
25.4
41.8
Earnings before interest, tax and amortisation
(EBITA)
32.2
19.6
36.1
19.1
53.3
Adjusted EBIT
29.8
17.1
33.6
16.6
30.9
Operating profit (EBIT)
29.8
17.1
33.6
16.6
48.9
Financial items
(5.0)
(3.4)
(5.8)
(4.4)
(7.5)
Profit before tax
26.2
15.1
28.5
12.3
38.0
Net profit for the period
23.0
12.1
22.3
9.6
33.8
Balance sheet
Total assets
1,206.5
1,262.4
1,275.1
1,289.9
1,381.3
Net working capital
(14.3)
(3.7)
(9.3)
7.7
7.0
Net interest-bearing debt (NIBD)
316.2
332.2
343.3
348.9
416.8
Equity
589.5
592.8
585.6
594.7
628.7
Cash flow
Free cash flow excl. acquisition of entities
14.5
(3.7)
32.1
4.2
11.2
Margins
Gross margin, %
22.5%
21.1%
23.7%
21.4%
24.3%
Adjusted EBITDA margin, %
12.9%
8.4%
12.2%
8.8%
12.6%
Adjusted EBIT margin, %
9.9%
5.6%
9.6%
5.8%
9.3%
EBIT margin, %
9.9%
5.6%
9.6%
5.8%
14.7%
Other ratios
Solvency ratio, %
48.9%
47.0%
45.9%
46.1%
45.5%