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 – ir@tcmgroup.dk  
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  
TCM 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  
TCM 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  
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  
349.1
2024  
332.2
2025  
2024  
624.7
Revenue  
2
657.1
Cost of goods sold  
(266.4)
82.7
(29.8)
(21.4)
0.0
(260.8)
71.3
(26.1)
(19.8)
0.0
(509.6)
147.6
(59.8)
(41.8)
0.0
(493.3)
131.4
(52.3)
(39.8)
0.0
Gross profit  
Selling expenses  
Administrative expenses  
Adjustment of contingent payment obligation  
Other operating income  
Operating profit  
2.2
2.5
4.9
4.5
33.6
0.6
28.0
1.6
50.8
2.0
43.8
Share of profit in associates  
Financial income and expenses  
Profit before tax  
3.2
(5.8)
28.5
(6.1)
22.3
(5.9)
23.7
(4.9)
18.9
(9.2)
43.6
(9.2)
34.4
(14.8)
32.3
Tax for the period  
(6.4)
25.9
Net profit for the period  
Earnings per share before dilution, DKK  
Earnings per share after dilution, DKK  
2.14
2.13
1.81
1.80
3.32
3.30
2.48
2.48
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  
22.3
2024  
18.9
2025  
2024  
25.9
Net profit for the period  
34.4
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  
1.7
(0.4)
1.3
(0.7)
0.1
0.7
(0.2)
0.5
1.1
(0.2)
0.9
(0.5)
18.3
23.6
34.9
26.8
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  
412.0
412.0
412.0
Brands  
176.5
38.0
5.8
178.0
42.8
1.9
177.2
40.4
7.6
Customer contracts  
Other intangible assets  
Other intangible assets in progress  
77.8
710.1
45.7
680.4
54.9
692.1
Property, plant and equipment  
Land and buildings  
125.9
127.5
127.4
Property, plant and equipment under construction and prepay-  
ments  
0.0
67.3
5.5
3.7
56.1
5.8
10.7
53.3
5.1
Machinery and other technical equipment  
Equipment, tools, fixtures and fittings  
Right-of-use assets  
42.1
240.8
39.8
232.9
39.5
236.0
Financial assets  
Investments in associates  
Lease receivables  
51.8
2.4
46.7
8.2
49.8
7.6
Other financial assets  
5.4
11.0
65.9
979.2
8.2
59.6
65.6
993.7
Total non-current assets  
Inventories  
1,010.4
94.5
86.9
89.1
Current receivables  
Trade receivables  
127.9
4.6
122.9
6.9
57.9
6.7
Lease receivables  
Receivables from associates  
Other receivables  
3.5
2.5
1.9
12.2
1.6
10.2
0.0
26.4
1.7
Prepaid expenses and accrued income  
149.7
142.5
94.6
Cash and cash equivalents  
Total current assets  
Total assets  
20.5
264.7
17.5
246.9
29.1
212.8
1,275.1
1,226.1
1,206.5
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  
1.1
1.1
1.1
Treasury shares  
(0.0)
0.6
(11.8)
(0.1)
567.7
0.0
(0.0)
0.1
Value adjustments of currency hedging  
Retained earnings  
583.9
0.0
557.0
31.3
Proposed dividend for the financial year  
Total shareholders’ equity  
585.6
556.9
589.5
Deferred tax  
65.9
34.6
66.8
21.4
66.6
35.2
Mortgage loans  
Bank loans  
212.1
40.0
199.3
47.3
193.6
43.7
Lease liabilities  
Other liabilities  
Total non-current liabilities  
43.0
47.0
43.0
395.7
381.8
382.2
Mortgage loans  
1.3
21.4
11.5
3.6
2.6
22.5
9.4
1.2
21.8
12.3
0.0
Bank loans  
Lease liabilities  
Prepayments from customers  
Trade payables  
0.0
161.2
5.8
169.0
3.5
122.3
1.4
Current tax liabilities  
Other liabilities  
88.8
0.2
80.4
0.0
75.6
0.3
Deferred income  
Total current liabilities  
293.8
287.3
234.9
Total shareholders’ equity and liabilities  
1,275.1
1,226.1
1,206.5
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  
1.1
(12.1)
(0.9)
541.6
0.0
529.7
0.0
0.0
0.0
25.9
0.0
25.9
Net profit for the period  
Other comprehensive income for  
the period  
0.0
0.0
0.9
0.0
0.0
0.9
Total comprehensive income for  
the period  
0.0
0.0
0.0
0.0
0.0
0.0
0.9
(0.1)
0.0
25.9
0.1
0.0
0.0
0.0
26.8
0.0
Adjustment, cash flow hedges  
0.5
0.5
Share-based incentive programme  
Transfer, exercised share based  
payment  
0.0
0.3
0.0
(0.3)
0.0
0.0
Closing balance, 30 June 2024  
1.1
(11.8)
(0.1)
567.7
0.0
556.9
Opening balance,  
1 January 2025  
1.1
(0.0)
0.1
557.0
31.3
589.5
0.0
0.0
0.0
12.1
0.0
12.1
Net profit for the period  
Other comprehensive income for  
the period  
0.0
0.0
(0.8)
0.0
0.0
(0.8)
Total comprehensive income for  
the period  
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.8)
0.0
12.1
0.0
0.3
0.0
(31.0)
(0.3)
0.0
11.3
(31.0)
0.0
Dividend paid  
0.0
Adjustment, dividend  
Share-based incentive programme  
0.0
0.5
0.5
0.0
(0.0)
0.0
(8.3)
0.0
(8.3)
Purchase of treasury shares  
1.1
(0.0)
0.6
584.0
0.0
585.6
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  
33.6
28.0
50.8
43.8
Depreciation and amortisation  
Other non-cash operating items  
Income tax paid  
9.0
0.2
8.7
0.5
17.8
0.5
17.3
0.5
(0.0)
7.5
(6.0)
2.1
(5.6)
(1.6)
61.9
(6.1)
(2.4)
53.1
Change in net working capital  
Cash flow from operating activities  
50.3
33.3
Investing activities  
Investments in fixed assets  
Sale of fixed assets  
(18.3)
0.1
(12.0)
0.0
(33.7)
0.3
(19.3)
0.1
3
Acquisition of entities, net  
Dividends from associates  
Cash flow from investing activities  
0.0
0.0
(1.9)
0.0
0.0
0.0
4.5
4.5
(18.2)
(7.5)
(35.3)
(14.7)
Financing activities  
Interest paid  
(4.6)
0.0
(6.1)
0.0
(9.7)
17.9
(12.7)
0.0
Proceeds from loans  
Repayments of loans  
(8.1)
(1.9)
0.0
(20.4)
(1.5)
0.0
(0.6)
(3.7)
(8.3)
(31.0)
(35.4)
(8.8)
(18.0)
(2.9)
0.0
Repayments of lease liabilities  
Purchase of treasury shares  
Dividend paid  
(31.0)
(45.6)
(13.5)
0.0
0.0
Cash flow from financing activities  
Cash flow for the period  
(28.0)
(2.2)
(33.6)
4.8
Cash and cash equivalents at the  
beginning of the period  
34.3
(13.5)
(0.3)
19.5
(2.2)
0.2
29.1
(8.8)
0.2
13.3
4.8
Cash flow for the period  
Exchange rate differences in cash and cash equivalents  
(0.6)
17.5
Cash and cash equivalents at the end of the period  
20.5
17.5
20.5
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269  
Page 15 of 19  
 
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  
Page 16 of 19  
 
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  
Page 17 of 19  
 
Statement by the Board of Directors and Executive Management  
The Board of Directors and Executive Management have today considered and adopted the interim report of TCM  
Group A/S for the period 1 January 2025 – 30 June 2025.  
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 2025 and of the results of the Group’s operations and cash flows for the period 1 January to 30  
June 2025.  
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 Management  
Torben Paulin
CEO
Thomas Hjannung
CFO
Board of Directors  
Anders Tormod Skole-Sørensen
Chair
Søren Mygind Eskildsen
Deputy Chair
Pernille Wendel Mehl
Erika Hummel
Jan Amtoft
Björn Johan Olsson Lissner
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269  
Page 18 of 19  
 
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  
Page 19 of 19