XCSE:TCM ESEF Annual Report
TCM Group A/S (XCSE:TCM)
ESEF Annual Report
2025-08-28
For: 2025-06-30
View Original
Added on
September 22, 2026
TCM Group Management’s review
Interim report Q2 2025 (April 1 – June 30)
(All figures in brackets refer to the corresponding period in 2024.)
Improved earnings and steady sales growth, delivered in a challenging market.
CEO Torben Paulin:
“Sales in the second quarter developed broadly in line with our expectations, with growth in both the B2B and
B2C segments, following the solid order intake in the first quarter of 2025. Total sales for the quarter increased by
5% year-on-year to DKK 349 million, with organic growth of 3%.
Order intake slowed in the second quarter, despite a continued overall positive development in the B2C segment.
Especially in the second half of the quarter, activity in the B2C segment began to show signs of fatigue, in line
with macroeconomic reports indicating weakening consumer confidence and a slowdown in retail spending. In the
B2B segment, project orders in Q2 declined as expected, while orders from housebuilders showed a positive trend.
The gross margin increased to 23.7% in Q2, up from 21.5% in Q2 2024, primarily due to higher average selling
prices and stable input costs during the quarter.
Adjusted EBIT increased by 20%, from DKK 28.0 million in Q2 2024 to DKK 33.6 million, corresponding to an
adjusted EBIT margin of 9.6%, compared to 8.4% in the same period last year.
Free cash flow in Q2 was DKK 32 million, compared to DKK 26 million in Q2 2024. This improvement was
driven by higher earnings and an improvement in the net working capital. CAPEX amounted to DKK 18.3 million
(Q2 2024: DKK 12.0 million), mainly related to the ERP project and the new lacquering facility. The lacquering
facility was completed during the quarter and is expected to ramp up fully during the present quarter.
After acquiring 45% of the online retailer Celebert ApS in 2021, we have now agreed to acquire the remaining
55% following the decision of the majority shareholder to exercise its put option. During the four years of co-
ownership, Celebert has grown rapidly, and we are confident that, once the relevant regulatory approvals are in
place, Celebert will continue this growth journey.
Considering the results from the first six months of the year and the development in order intake during Q2, we
are narrowing our guidance for 2025. TCM Group now expects full-year revenue in the range of DKK 1,250–
1,300 million (previously DKK 1,250 – 1,325 million) and adjusted EBIT of DKK 90–110 million (previously
DKK 90-115 million).
As previously communicated, this guidance assumes full ownership of Celebert toward the end of the year.”
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 1 of 19
Financial highlights Q2 2025
Revenue DKK 349.1 million (DKK 332.2 million), corresponding to a growth of 5.1%
Adjusted EBITDA DKK 42.6 million (DKK 36.7 million). The adjusted EBITDA margin was 12.2%
(11.1%)
Adjusted EBIT DKK 33.6 million (DKK 28.0 million). The adjusted EBIT margin was 9.6% (8.4%)
Non-recurring items had a total impact of DKK 0.0 million (DKK 0.0 million)
EBIT DKK 33.6 million (DKK 28.0 million), corresponding to an EBIT margin of 9.6% (8.4%)
Net profit DKK 22.3 million (DKK 18.9 million)
Free cash flow DKK 32.1 million (DKK 25.8 million)
Cash conversion ratio 78.6% (92.5%)
Financial highlights H1 2025
Revenue DKK 657.1 million (DKK 524.7 million), corresponding to a growth of 5.2%
Adjusted EBITDA DKK 68.6 million (DKK 61.1 million). The adjusted EBITDA margin was 10.4%
(9.8%)
Adjusted EBIT DKK 50.8 million (DKK 43.8 million). The adjusted EBIT margin was 7.7% (7.0%)
Non-recurring items had a total impact of DKK 0.0 million (DKK 0.0 million)
EBIT DKK 50.8 million (DKK 43.8 million), corresponding to an EBIT margin of 7.7% (7.0%)
Net profit DKK 34.4 million (DKK 25.9 million)
Free cash flow DKK 28.5 million (DKK 38.5 million)
Cash conversion ratio 78.6% (92.5%)
Full-year guidance for the financial year 2025 is revenue in the range DKK 1,250-1,300 million with
earnings (adjusted EBIT) in the range of DKK 90-110 million.
Contact
For further information, please contact:
CEO Torben Paulin +45 21210464
CFO Thomas Hjannung +45 25174233
IR Contact – [email protected]
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 2 of 19
Key figures and ratios
DKK million
Q2 2025
Q2 2024
H1 2025
H1 2024
FY 2024
Income statement
Revenue
349.1
332.2
657.1
624.7
1,203.8
Gross profit
82.7
71.3
147.6
131.4
255.4
Earnings before interest, tax, depreciation and amortisa-
tion (EBITDA)
42.6
42.6
36.1
33.6
33.6
(5.8)
28.5
22.3
36.7
36.7
30.0
28.0
28.0
(5.9)
23.7
18.9
68.6
68.6
55.7
50.8
50.8
(9.2)
43.6
34.4
61.1
61.1
47.8
43.8
43.8
(14.8)
32.3
25.9
125.9
125.9
98.8
Adjusted EBITDA
Earnings before interest, tax and amortisation (EBITA)
Adjusted EBIT
90.3
Operating profit (EBIT)
Financial items
90.3
(26.6)
69.4
Profit before tax
Net profit for the period
Balance sheet
57.7
Total assets
1,275.1
(9.3)
1,226.1
(13.3)
326.0
1,275.1
(9.3)
1,226.1
(13.3)
326.0
1,206.5
(14.3)
316.2
Net working capital (NWC)
Net interest-bearing debt (NIBD)
Equity
343.3
585.6
343.3
585.6
556.9
556.9
589.5
Cash flow
Free cash flow excl. acquisition of entities
Cash conversion, % (LTM)
Growth ratios
32.1
25.8
28.5
38.5
58.9
78.6%
92.5%
78.6%
92.5%
84.3%
Revenue growth, %
5.1%
15.8%
20.1%
20.1%
30.0%
37.9%
25.4%
43.4%
5.2%
12.3%
15.9%
15.9%
20.3%
29.2%
23.8%
41.9%
11.0%
18.4%
62.4%
97.2%
Gross profit growth, %
Adjusted EBIT growth, %
EBIT growth, %
Margins
Gross margin, %
23.7%
12.2%
9.6%
21.5%
11.1%
8.4%
22.5%
10.4%
7.7%
21.0%
9.8%
7.0%
7.0%
21.2%
10.5%
7.5%
Adjusted EBITDA margin, %
Adjusted EBIT margin, %
EBIT margin, %
9.6%
8.4%
7.7%
7.5%
Other ratios
Solvency ratio, %
45.9%
2.53
45.4%
3.20
45.9%
2.53
45.4%
3.20
48.9%
2.50
Leverage ratio
NWC ratio, %
(0.7%)
1.2%
(1.1%)
1.3%
(0.7%)
1.6%
(1.1%)
1.2%
(1.2%)
1.7%
CapEx ratio excl. acquisitions, %
Share information
Number of outstanding shares
Weighted average number of outstanding shares
Number of treasury shares
Earnings per share before dilution, DKK
Earnings per share after dilution, DKK
10,440,587 10,440,587 10,440,587 10,440,587 10,440,587
10,440,587 10,440,223 10,368,596 10,439,430 10,440,012
185,382
2.14
73,051
1.81
185,382
3.32
73,051
2.48
73,051
5.52
2.13
1.80
3.30
2.48
5.51
Reference is made to the consolidated financial statements for 2024 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 3 of 19
Business review
(All figures in brackets refer to the corresponding period in 2024.)
Revenue in Q2 was DKK 349.1 million, compared to DKK 332.2 million in Q2 2024, representing an increase of
5.1%, and with an organic increase of 3.3%.
TCM Group’s primary market, Denmark, contributed with 80.5% of Group revenue in Q2 2025. Revenue in Den-
mark was up 5.2% on Q2 2024 to DKK 280.9 million, with an organic growth of 3.0%. The organic growth was
supported by growth in the B2C segment, but also elements within B2B delivered growth in Q2.
Order intake developed positively in B2C, even if at a slower pace than in Q1, whereas the B2B segment experi-
enced headwinds in the quarter, as project orders continued to decrease, as expected. On a positive note, we saw
an increase in orders from housebuilders, in line with the increased activity in residential new builds.
Revenue in Norway increased by 5.2% compared to Q2 2024 to DKK 65.2 million, supported by the strong in-
crease in order-intake in the first quarter. Order-intake in Q2 was largely flat on last year. Revenue in other coun-
tries decreased by 5.5% in the quarter to DKK 3.0 million.
The gross margin increased to 23.7% in Q2, compared to 21.5% in Q2 2024, driven by higher average selling
prices and stable input cost in the quarter.
At the end of Q2 2025, the total number of branded stores was 111 (compared to 113 in the same period last year),
with one Nettoline store opening in Holbæk during the quarter.
The total number of employees at the end of the quarter was 524 (compared to 477 in the same period last year),
with the majority of the increase attributable blue-collar workers to support the higher demand in the quarter. In
addition, the acquisition of the two retail stores in Q1 added 22 employees to the organisation.
Other events in Q2 2025
The annual general meeting was held on 9 April 2025. The annual general meeting approved the proposed dividend
distribution of DKK 3 per share, in total DKK 32 million.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 4 of 19
Events after the reporting period
On 6 August 2025 TCM Group entered into an agreement to acquire the remaining 55% of the shares in Celebert ApS,
cf. company announcement no. 229/2025.
Besides from the above, no events of importance to the consolidated interim financial statements have occurred after
the reporting period.
Financial outlook
Considering the results from the first six months of the year and the development in order intake during Q2, we
are narrowing our guidance for 2025. TCM Group now expects full-year revenue in the range of DKK 1,250–
1,300 million (previously DKK 1,250 – 1,325) and adjusted EBIT of DKK 90–110 million (previously DKK 90-
115 million).
As previously communicated, this guidance assumes full ownership of Celebert toward the end of the year.
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.
Significant risks in the Group
is exposed to strategic, operating and financial risks, which are described in Management’s review
and note 3 of the 2024 Annual Report prepared in accordance with IFRS. The global macroeconomic turbulence
in recent months may have a negative short-term impact on demand for kitchens, thereby impacting TCM Group’s
financial results negatively, even if TCM Group has no direct impact from the current changes in global tariffs.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 5 of 19
Financial review
(All figures in brackets refer to the corresponding period in 2024.)
Revenue
In Q2 2025, revenue increased by 5.1% to DKK 349.1 million (DKK 332.2 million). Organically revenue increased
by 3.3%.
Revenue in Denmark in Q2 2025 was DKK 280.9 million (DKK 267.0 million), corresponding to an increase of
5.2%. Revenue in Norway was up 5.2% to DKK 65.2 million (DKK 62.0 million) and revenue in other countries
was DKK 3.0 million (DKK 3.2 million).
Total revenue for the first six months of 2025 was up 5.2% to DKK 657.1 million (DKK 624.7 million), with an
organic growth of 3.4%. Revenue in Denmark for the first six months of 2025 was up 4.7% to DKK 521.3 mil-
lion (DKK 497.8 million), while revenue in Norway for the first six months of 2025 was up 8.1% to DKK 130.5
million (DKK 120.7 million).
Revenue in other countries for the first six months of 2024 was DKK 5.3 million (DKK 6.2 million).
Gross profit
Gross profit in Q2 2025 was DKK 82.7 million (DKK 71.3 million), corresponding to a gross margin of 23.7%
(21.5%).
Gross profit for the first six months of 2025 was DKK 147.6 million (DKK 131.4 million), corresponding to a
gross margin of 22.5% (21.0%).
Operating expenses
Operating expenses in Q2 2025 were up 12% to DKK 51.2 million (DKK 45.9 million) and represented 14.7% of
revenue (13.8%). The increase in operating expenses was primarily attributable to the inclusion of the Svane
Køkkenet stores in Aalborg and Hjørring, as operating expenses on a comparable basis increased by only 3%.
Operating expenses for the first six months of 2025 were DKK 101.7 million (DKK 92.2 million). Operating
expenses represented 15.5% of revenue for the first six months in 2025 (14.8%), again with the inclusion of the
two retail stores as a major contributing factor to the increase.
Other income
Other income in Q2 2025 amounted to DKK 2.2 million (DKK 2.5 million), and included income from salary
subsidies and reimbursements, as well as certain types of marketing subsidies.
Other income for the first six months of 2025 was DKK 4.9 million (DKK 4.5 million).
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 6 of 19
Adjusted EBITDA
Adjusted EBITDA in Q2 2025 was DKK 42.6 million (DKK 36.7 million), corresponding to an adjusted EBITDA
margin of 12.2% (11.1%).
Adjusted EBITDA for the first six months of 2025 was DKK 68.6 million (DKK 61.1 million), corresponding to
an adjusted EBITDA margin of 10.4% (9.8%).
EBIT
EBIT in Q2 2025 was DKK 33.6 million (DKK 28.0 million), corresponding to an EBIT margin of 9.6% (8.4%).
The increase was due to the higher EBITDA. Depreciation and amortisation in Q2 2025 amounted to DKK 9.0
million (DKK 8.7 million).
EBIT for the first six months of 2025 increased to DKK 50.8 million (DKK 43.8 million). The increase was due
to the increase in EBITDA. Depreciation, amortisation and impairment charges totalled DKK 17.8 million (DKK
17.3 million).
Net profit
Net profit in Q2 2025 increased to DKK 22.3 million (DKK 18.9 million). Net financial expenses in Q2 2025 were
DKK 5.8 million compared to DKK 5.9 million in Q2 2024, due to lower interest charges as a result of lower
interest rates, partly offset by higher foreign exchange rate losses related to the NOK.
Net profit for the first six months of 2025 increased to DKK 34.4 million (DKK 25.9 million). Net financial ex-
penses were DKK 5.6 million lower than in 2024, primarily due to lower interest rates and lower foreign exchange
rate losses.
Free cash flow
Free cash flow in Q2 2025 was DKK 32.1 million (DKK 25.8 million). Compared to Q2 2024, free cash flow in
Q2 2025 was positively impacted by higher operating profit and timing of income tax payments, which was then
partly offset by higher CAPEX. In addition, the development in net working capital in the quarter was more posi-
tive in Q2 2025 at DKK 7.5 million compared to DKK 2.1 million in Q2 2024.
Investments were DKK 18.2 million in Q2 2025, compared to DKK 12.0 million in Q2 2024. The investments
related primarily to digitalisation and the investment in the new lacquering facility.
Free cash flow for the first six months of 2025 was DKK 28.5 million (DKK 38.5 million).
Net working capital
Net working capital at the end of Q2 2025 was DKK -9.3 million (DKK -13.3 million) and the NWC ratio was -
0.7% (-1.1%).
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 7 of 19
End of Q2
2025
DKKm
2024
86.9
Inventories
94.5
Trade and other receivables
Operating liabilities
Net working capital
NWC ratio
148.0
141.3
(251.8)
(9.3)
(241.4)
(13.3)
(0.7%)
(1.1%)
The increase in inventories of DKK 7.6 million was due to the acquisition of two Svane Køkkenet stores in Q1,
combined with an increase in factory inventories of certain components due to high demand.
Trade and other receivables increased by DKK 6.8 million in the quarter, primarily due to higher activity level.
Other receivables are measured excluding the value of short-term lease receivables of DKK 4.6 million, as these
are not considered part of net working capital.
Operating liabilities increased by DKK 10.4 million compared to Q2 2024, primarily due to higher trade payables
and other payables following the acquisition of two Svane Køkkenet stores in Q1.
Net interest-bearing debt
Net interest-bearing debt amounted to DKK 343.3 million at the end of Q2 2025 (DKK 326.0 million).
The leverage ratio, measured as net interest-bearing debt excluding tax liabilities divided by adjusted EBITDA
LTM, was 2.53 at the end of Q2 2025 (3.20).
Equity
Equity at the end of Q2 2025 amounted to DKK 585.6 million (DKK 556.9 million) and the solvency ratio was
45.9% (45.4%).
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 8 of 19
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 2025:
25 November 2025
26 February 2026
9 April 2026
Interim report Q3 2025
Interim report Q4 2025 and Annual Report 2025
Annual General Meeting
Presentation
The interim report will be presented on Wednesday 20 August 2025 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/2stcrkoc
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/BIb1103073bb8642f6b3e18747374c7c71
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 cabinets, table tops and storage.
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 45% owned e-commerce kitchen business Celebert, which operates under
the brands kitchn.dk, billigskabe.dk, Celebert and Just Wood.
Company information
Company registration no.: 37 29 12 69
Phone: +45 97435200
Internet: investor-en.tcmgroup.dk
E-mail: [email protected]
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 9 of 19
Consolidated interim financial statements
Consolidated income statement
Q2
H1
DKKm
Note
2025
2024
2025
2024
Revenue
2
Cost of goods sold
(266.4 )
(29.8 )
(21.4 )
(260.8 )
(26.1 )
(19.8 )
(509.6 )
(59.8 )
(41.8 )
(493.3 )
(52.3 )
(39.8 )
Gross profit
Selling expenses
Administrative expenses
Adjustment of contingent payment obligation
Other operating income
Operating profit
Share of profit in associates
Financial income and expenses
Profit before tax
(5.8 )
(6.1 )
(5.9 )
(4.9 )
(9.2 )
(9.2 )
(14.8 )
Tax for the period
(6.4 )
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 10 of 19
Consolidated statement of comprehensive income
Q2
H1
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
Tax on value adjustments of currency hedges
Other comprehensive income for the period
Total comprehensive income for the period
(0.4 )
(0.7 )
(0.2 )
(0.2 )
(0.5 )
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 11 of 19
Consolidated balance sheet
30 June
2024
31 Dec.
2024
DKKm
Note
2025
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 12 of 19
Consolidated balance sheet
30 June
2024
31 Dec.
2024
Note
DKKm
2025
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
Treasury shares
(0 .0)
(11.8 )
(0.1 )
(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 13 of 19
Change in consolidated shareholders’ equity
Value
adjust-
ments of
cash flow
hedges
Treas-
ury
Re-
tained
Pro-
posed
Share
capital
shares
after tax
earnings
dividend
Total
DKKm
DKKm
DKKm
DKKm
DKKm
DKKm
Opening balance,
1 January 2024
(12.1 )
(0.9 )
Net profit for the period
Other comprehensive income for
the period
Total comprehensive income for
the period
(0.1 )
Adjustment, cash flow hedges
Share-based incentive programme
Transfer, exercised share based
payment
(0.3 )
Closing balance, 30 June 2024
(11.8 )
(0.1 )
Opening balance,
1 January 2025
(0.0 )
Net profit for the period
Other comprehensive income for
the period
(0.8 )
(0.8 )
Total comprehensive income for
the period
(0.8 )
(31.0 )
(0.3 )
(31.0 )
Dividend paid
Adjustment, dividend
Share-based incentive programme
(0.0 )
(8.3 )
(8.3 )
Purchase of treasury shares
(0.0 )
Closing balance, 30 June 2025
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 14 of 19
Consolidated cash flow statement
Q2
H1
Note
2025
DKKm
2024
2025
2024
Operating activities
Operating profit
Depreciation and amortisation
Other non-cash operating items
Income tax paid
(0.0 )
(6.0 )
(5.6 )
(1.6 )
(6.1 )
(2.4 )
Change in net working capital
Cash flow from operating activities
Investing activities
Investments in fixed assets
Sale of fixed assets
(18.3 )
(12.0 )
(33.7 )
(19.3 )
3
Acquisition of entities, net
Dividends from associates
Cash flow from investing activities
(1.9 )
(18.2 )
(7.5 )
(35.3 )
(14.7 )
Financing activities
Interest paid
(4.6 )
(6.1 )
(9.7 )
(12.7 )
Proceeds from loans
Repayments of loans
(8.1 )
(1.9 )
(20.4 )
(1.5 )
(0.6 )
(3.7 )
(8.3 )
(31.0 )
(35.4 )
(8.8 )
(18.0 )
(2.9 )
Repayments of lease liabilities
Purchase of treasury shares
Dividend paid
(31.0 )
(45.6 )
(13.5 )
Cash flow from financing activities
Cash flow for the period
(28.0 )
(2.2 )
(33.6 )
Cash and cash equivalents at the
beginning of the period
(13.5 )
(0.3 )
(2.2 )
(8.8 )
Cash flow for the period
Exchange rate differences in cash and cash equivalents
(0.6 )
Cash and cash equivalents at the end of the period
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
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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 2024 prepared in accordance
with IFRS. Reference is made to note 1 to the consolidated financial statements for accounting policies and to
pages 52-56 and 75 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.
Q2
H1
Revenue by region, DKKm
Denmark
2025
280.9
2024
267.0
2025
521.3
130.5
5.3
2024
497.8
Norway
65.2
3.0
62.0
3.2
120.7
6.2
Other countries
349.1
332.2
657.1
624.7
Revenue by category, DKKm
Revenue, core business
Revenue, third-party
2025
2024
2025
503.5
153.7
657.1
2024
266.9
82.2
251.2
81.0
475.2
149.5
624.7
349.1
332.2
Revenue consists of sales of goods and services.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
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3. Acquisition of operations (business combinations)
2025: Acquisition of Svane Køkkenet retail stores in Aalborg and Hjørring
On 1 January 2025, TCM Group acquired the Svane Køkkenet retail stores in Aalborg and Hjørring. The purchase
price amounted to DKK 1.9 million, which accordingly to the preliminary PPA corresponded to the fair value of
the acquired assets. Based on this, no significant goodwill has been identified.
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
On 6 August 2025 TCM Group entered into an agreement to acquire the remaining 55% of the shares in Celebert ApS,
cf. company announcement no. 229/2025.
Besides from the above, 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
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Tvis, 20 August 2025
Executive Management
Board of Directors
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
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Supplementary financial disclosures
Quarterly overview
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
DKK million
Income statement
Revenue
332.2
277.7
301.4
308.1
349.1
Gross profit
71.3
56.3
67.8
64.9
82.7
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
36.7
36.7
26.0
26.0
38.8
38.8
25.9
25.9
42.6
42.6
Adjusted EBITDA
Earnings before interest, tax and amortisation
(EBITA)
30.0
28.0
28.0
(5.9)
23.7
18.9
18.8
16.7
16.7
(6.9)
11.0
8.8
32.2
29.8
29.8
(5.0)
26.2
23.0
19.6
17.1
17.1
(3.4)
15.1
12.1
36.1
33.6
33.6
(5.8)
28.5
22.3
Adjusted EBIT
Operating profit (EBIT)
Financial items
Profit before tax
Net profit for the period
Balance sheet
Total assets
1,226.1
(13.3)
326.0
1,211.3
0.6
1,206.5
(14.3)
316.2
1,262.4
(3.7)
1,275.1
(9.3)
Net working capital
Net interest-bearing debt (NIBD)
Equity
329.4
566.2
332.2
592.8
343.3
585.6
556.9
589.5
Cash flow
Free cash flow excl. acquisition of entities
Margins
25.8
6.0
14.5
(3.7)
32.1
Gross margin, %
21.5%
11.1%
8.4%
20.3%
9.4%
6.0%
6.0%
22.5%
12.9%
9.9%
21.1%
8.4%
5.6%
5.6%
23.7%
12.2%
9.6%
Adjusted EBITDA margin, %
Adjusted EBIT margin, %
EBIT margin, %
8.4%
9.9%
9.6%
Other ratios
Solvency ratio, %
45.4%
46.7%
48.9%
47.0%
45.9%
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
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