TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 1 of 18
TCM Group Management’s review
Interim report Q1 2026 (1 January – 31 March)
(All figures in brackets refer to the corresponding period in 2025.)
“A fairly strong start to the year in a volatile market”
CEO Torben Paulin:
“Sales in the first quarter developed as expected, with increasing sales both within B2B and B2C. Revenue in Q1
was DKK 362.4 million, compared to DKK 308.1 million in Q1 2025. Organically, sales in the quarter increased
by 8.2% year on year. Sales to Norway contributed positively to the growth in the quarter, growing slightly more
than the sales in Denmark.
Overall order intake in the quarter was above last year, driven by the B2C segment. Order intake within the B2B
segment was below last year primarily driven by fewer large project orders. Additionally, we observed a continued
recovery in the Norwegian market, marked by growth in the order intake.
The gross margin increased to 23.3% in Q1, compared to 21.1% in Q1 2025. The positive trend in gross margin is
thus intact and can be traced to a combination of the internal efficiency projects we have launched and a shift in
sales mix towards the more profitable B2C segment.
Towards the end of the quarter, we began to see price increases within raw materials as well as an increase in
freight costs as a consequence of the rising oil prices.
Operating expenses increased in the quarter, because of the addition of Celebert and two retail stores compared to
the same quarter last year. The acquired retail stores will be spun off as soon as we have found suitable new
franchisees to run them and we are pleased to announce that one of the acquired stores, the AUBO store in Esbjerg,
was sold to a local dealer as of the end of the quarter.
EBIT for the first quarter amounted to DKK 23.0 million, up from DKK 17.1 million in Q1 2025, corresponding
to an EBIT margin of 6.3%, compared to 5.6% in the same period last year, with the increase being primarily
attributed to the increase in gross margin.
Free cash flow in Q1 was at DKK 48 million, compared to a negative DKK 4 million in Q1 2025. The improve-
ment was primarily due to a significant improvement in the Net Working Capital.
In Q1 the Svane brand introduced new products in our popular Notes series in the form of a new bronze veneer
color. Within the same series we now offer fully veneered bodies and 75 cm wide doors, spiced up with a very
beautiful, design-protected, new handle from Brandt Copenhagen designed by Norm Arkitekter.
While we are encouraged by the positive performance in Q1 order intake remains volatile and we closely monitor
the potential negative impact of the ongoing geopolitical turmoil on consumer confidence and demand. Based on
this we maintain our current guidance for 2026 and thus TCM Group expects full year revenue in the range of
DKK 1,400-1,500 million and an adjusted EBITA of between DKK 120 and DKK 140 million.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 2 of 18
Financial highlights Q1 2026
Revenue DKK 362.4 million (DKK 308.1 million), corresponding to growth of 17.6%
EBITA DKK 26.1 million (DKK 19.6 million). The adjusted EBITA margin was 7.2% (6.4%)
EBIT DKK 23.0 million (DKK 17.1 million), corresponding to an EBIT margin of 6.3% (5.6%)
Net profit DKK 15.0 million (DKK 12.1 million)
Free cash flow DKK 48.1 million (DKK -3.7 million)
Cash conversion ratio 106.1% (76.8%)
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 3 of 18
Key figures and ratios
DKK million Q1 2026 Q1 2025 FY 2025
Income statement
Revenue
3
62.4
308.1
1,279.2
Gross profit
84.3
64.9
290.5
Earnings before interest, tax, depreciation and amortisa-
tion (EBITDA)
3
2
.8
25.9
153.8
Adjusted EBITDA
3
2
.8
25.9
135.8
Earnings before interest, tax and amortisation (EBITA)
2
6
.
1
19.6
128.1
Adjusted EBITA
2
6
.
1
19.6
110.2
Adjusted EBIT
23.0
17.1
98.3
Operating profit (EBIT)
2
3.0
17.1
116.3
Financial items
(
3.9
)
(3.4)
(21.0)
Profit before tax
19.1
1
5
.1
93.9
Net profit for the period
15
.0
12.1
77.8
Balance sheet
Total assets
1,407.6
1,262.4
1,381.3
Net working capital (NWC)
(
2
5.7)
(3.7)
7.0
Net interest-bearing debt (NIBD)
3
7
1.2
332.2
416.8
Equity
643.3
592.8
628.7
Cash flow
Free cash flow excl. acquisition of entities
48.1
(3.7)
43.9
Cash conversion, % (LTM)
1
0
6
.
1
%
76.8%
72.2%
Growth ratios
Revenue growth, %
17.6
%
5.3%
6.3%
Gross profit growth, %
29,8
%
8.1%
13.7%
Adjusted EBIT growth, %
34.2
%
8.5%
8.9%
EBIT growth, %
34.2
%
8.5%
28.8%
Margins
Gross margin, %
23.3%
21.1%
22.7%
Adjusted EBITDA margin, %
9.1
%
8.4%
10.6%
Adjusted EBITA margin, %
7.
2
%
6.4
%
8.6%
Adjusted EBIT margin, %
6.3
%
5.6%
7.7%
EBIT margin, %
6.3
%
5.6%
9.1%
Other ratios
Solvency ratio, %
4
5.7
%
47.0%
45.5%
Leverage ratio
2.
57
2.61
3.04
NWC ratio, %
(
1.9
%)
(0.3%)
0.5%
CapEx ratio excl. acquisitions, %
0.9
%
2.2%
1.3%
Share information
Number of outstanding shares
10,
331
,
741
10,328,256
10,331,741
Weighted average number of outstanding shares
10,
331,741
10,409,384
10,349,205
Number of treasury shares
181.897
185,382
181,897
Earnings per share before dilution, DKK
1.45
1.15
7.51
Earnings per share after dilution, DKK
1.44
1.15
7.48
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 4 of 18
Business and financial review
(All figures in brackets refer to the corresponding period in 2025.)
Commercial and market development
Revenue in Q1 was DKK 362.4 million, compared to DKK 308.1 million in Q1 2025, representing an increase of
17.6%, and with an organic increase of 8.2%.
TCM Group’s primary market, Denmark, contributed with 79.6% of Group revenue in Q1 2026. Revenue in Den-
mark was up 20.0% on Q1 2025 to DKK 288.7 million, with an organic growth of 7.7%. Celebert and 2 own stores
are new compared to last year.
Revenue in Norway increased by 9.3% compared to Q1 2025 to DKK 71.3 million due to slight improvement of
the trading conditions following a period of very low activity in the market. Revenue in other countries was un-
changed DKK 2.4 million.
Overall order intake in the quarter was above last year, driven by the B2C segment. Order intake in B2B in the
quarter was below last year primarily due to fewer large project orders.
In Q1 we introduced new products in our popular Notes series in the new bronze veneer color, where we now also
offer fully veneered bodies and 75 cm wide doors, spiced up with a very beautiful design-protected new handle
from Brandt Copenhagen designed by Norm Arkitekter.
At the end of Q1 2026, the total number of branded stores was 111 (compared to 110 in the same period last year),
with one store closure during the quarter.
Gross margin and production
The gross margin increased to 23.3% in Q1, compared to 21.1% in Q1 2025. The positive trend in gross margin is
thus intact and can be traced to a combination of the internal efficiency projects we have launched and a shift in
sales mix towards the more profitable B2C segment.
Towards the end of the quarter, we began to see price increases within raw materials as well as an increase in
freight costs as a consequence of the rising oil prices.
Operating expenses
Operating expenses in Q1 2026 were up 26% to DKK 63.7 million (DKK 50.5 million) and represented 17.6% of
revenue (16.4%). The increase in operating expenses is primarily attributable to the inclusion of Celebert and to
the retail stores which we acquired during 2025 and which were not included in the first quarter of 2025.
Other income
Other income in Q1 2026 amounted to DKK 2.4 million (DKK 2.7 million), and included income from salary
subsidies and reimbursements, as well as certain types of marketing subsidy.
Earnings performance
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 5 of 18
Adjusted EBITDA in Q1 2026 was DKK 32.8 million (DKK 25.9 million), corresponding to an adjusted EBITDA
margin of 9.1% (8.4%).
Adjusted EBITA rose to DKK 26.1 million, up from DKK 19.6 million in 2025, corresponding to a margin of
7.2% (6.4%) in the first quarter of 2026.
EBIT in Q1 2026 was DKK 23.0 million (DKK 17.1 million), corresponding to an EBIT margin of 6.3% (5.6%).
The increase was due to the higher EBITDA. Depreciation and amortisation in Q1 2026 amounted to DKK 9.8
million (DKK 8.8 million).
Net financial items
Net financial items amounted to DKK -3.9 million, compared to DKK -3.4. million in 2025.
Net profit
Net profit in Q1 2025 increased to DKK 15.0 million (DKK 12.1 million).
Cash flow and working capital
Free cash flow
Free cash flow in Q1 2026 was DKK 48.1 million (DKK -3.7 million). Compared to Q1 2025, free cash flow in
Q1 2026 was impacted by a positive development in net working capital from Q1 2025 at DKK -3.7 million to
DKK -25.7 million in Q1 2026. Investments were DKK 12.6 million in Q1 2026, compared to DKK 15.3 million
in Q1 2025. The investments in the quarter were primarily related to the ongoing ERP project.
Net working capital
Net working capital at the end of Q1 2026 was DKK -25.7 million (DKK -3.7 million) and the NWC ratio was
-1.9% (-0.3%).
End of Q1
DKKm 2026
2025
Inventories
104.6
94.3
Trade and other receivables
1
4
6
.
4
129.6
Operating liabilities
(2
7
6
.
7
)
(
227.6
)
Net working capital (25.7)
(3.7)
NWC ratio (1.9%)
(0.3%)
The increase in inventories of DKK 10.3 million was due to the acquisition of Celebert and two retail stores,
combined with an increase in factory inventories of certain components due to high demand.
Trade and other receivables increased due to higher revenue.
Operating liabilities increased by DKK 49.1 million compared to Q1 2025, primarily due to higher trade payables.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 6 of 18
The increase in trade payables was in part due to the timing of payments around the quarter-end and Easter and
thus not of a permanent nature.
Net interest-bearing debt
Net interest-bearing debt amounted to DKK 371.2 million at the end of Q1 2026 (DKK 332.2 million). The increase
was due to the Celebert acquisition at the end of 2025.
The leverage ratio, measured as net interest-bearing debt excluding tax liabilities divided by adjusted EBITDA
LTM, was 2.57 at the end of Q1 2025 (2.61).
Equity – solvency ratio
Equity at the end of Q1 2026 amounted to DKK 643.3 million (DKK 592.8 million) and the solvency ratio was
45.7% (47.0%).
People
The total number of employees at the end of the quarter was 546 (compared to 515 in the same period last year),
with most of the increase attributable to the acquisition of the retail stores and Celebert ApS.
Events after the reporting period
The annual general meeting was held on 9 April 2026. The annual general meeting approved the proposed dividend
distribution of DKK 4,5 per share, in total DKK 46 million with no dividend distributed for TCM Group’s treasury
shares.
Rodolfo Zeidler was appointed as new board member at the annual general meeting. The Board of Directors hereafter
consists of four independent and two dependent board members, all elected by the annual general meeting. Following
the annual general meeting the Board of Directors constituted itself with Anders Skole-Sørensen as chairman and Erika
Hummel as vice-chairman.
On 30 April 2026 it was announced that TCM Group’s Chief Executive Officer, Torben Paulin, will step down from
his position effective 1 August 2026. Jens-Peter Poulsen will assume the position as CEO of TCM Group on the same
date. Jens-Peter Poulsen joins from his role as CEO of Abena Holding. Previously, he served for more than 10 years
as CEO of the Danish kitchen manufacturer Kvik.
Besides from the above, no events of importance to the consolidated interim financial statements have occurred after
the reporting period.
Financial outlook
While we are encouraged by the positive performance in Q1 order intake remains volatile and we closely monitor
the potential negative impact of the ongoing geopolitical turmoil on consumer confidence and demand. Based on
this we maintain our current guidance for 2026 and thus TCM Group expects full year revenue in the range of
DKK 1,400-1,500 million and an adjusted EBITA of between DKK 120 and DKK 140 million.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 7 of 18
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 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 8 of 18
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:
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 21 May 2026 at 9:30 CET in a teleconference that can be fol-
lowed on TCM Group’s website or at: https://edge.media-server.com/mmc/p/gwo37aiq
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/BI54e3c033be174dfa81cb9562abb80b49
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
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 18
Consolidated interim financial statements
Consolidated income statement
DKKm
Note
2026
Q1
2025
12 months
2025
Revenue
2
362.4
308.1
1,279.2
Cost of goods sold
(278.1)
(243.1)
(988.7)
Gross profit
84.3
64.9
290.5
Selling expenses
(40.9)
(30.0)
(120.1)
Administrative expenses
(22.8)
(20.4)
(86.7)
Adjustment of contingent payment obligation
0.0
0.0
4.5
Other operating income
2.4
2.7
10.1
Operating profit before non-recurring items
23.0
17.1
98.3
Non-recurring items
0.0
0.0
18.0
Operating profit
23.0
17.1
116.3
Share of profit in associates
0.0
1.3
(1.3)
Financial income and expenses
(3.9)
(3.4)
(21.0)
Profit before tax
19.1
15.1
93.9
Tax for the period
(4.1)
(3.1)
(16.1)
Net profit for the period
15.0
12.1
77.8
Earnings per share before dilution, DKK
1.45
1.15
7.51
Earnings per share after dilution, DKK
1.44
1.15
7.48
Consolidated statement of comprehensive income
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 10 of 18
Q1 12 months
DKKm
2026
2025
2025
Net profit for the period
15.0
12.1
77.8
Other comprehensive income
Items that are or may be reclassified subse-
quently to the income statement
Value adjustments of currency hedges before tax
(0.9)
(1.0)
0.0
Tax on value adjustments of currency hedges
0.2
0.2
( 0.0 )
Other comprehensive income for the period
(0.7)
(0.8)
0.0
Total comprehensive income for the period
14.3
11.3
77.8
Consolidated balance sheet
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 11 of 18
31 March
31 Dec.
DKKm
Note
2026
2025
2025
ASSETS
Intangible assets
Goodwill
519.7
412.0
519.7
Brands
217.9
176.8
219.4
Customer contracts
34.4
39.2
35.6
Other intangible assets
7.8
6.7
8.2
Other intangible assets in progress
96.5
63.7
89.2
876.3
698.4
872.1
Property, plant and equipment
Land and buildings
Property, plant and equipment under construction and prepay-
ments
125.8
1.0
126.7
10.7
124.5
0.9
Machinery and other technical equipment
63.0
56.6
65.9
Equipment, tools, fixtures and fittings
6.3
5.4
5.8
Right-of-use assets
41.4
42.6
42.0
237.5
242.0
239.1
Financial assets
Investments in associates
0.0
51.1
0.0
Lease receivables
0.2
3.4
0.4
Other financial assets
3.0
7.1
3.8
3.2
61.6
4.2
Total non-current assets
1,117,0
1,001.9
1,115.4
Inventories
104.6
94.3
102.0
Current receivables
Trade receivables
128.1
111.4
90.4
Lease receivables
4.2
5.2
5.6
Receivables from associates
0.0
2.8
0.0
Current tax receivables
0.0
1.0
0.0
Other receivables
15.9
9.3
32.5
Prepaid expenses and accrued income
1.0
2.2
4.5
149.2
131.9
133.0
Cash and cash equivalents
36.8
34.3
30.8
Total current assets
290.6
260.5
265.8
Total assets
1,407.6
1,262.4
1,381.3
Consolidated balance sheet
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 12 of 18
31 March 31 Dec.
DKKm
Note
2026 2025 2025
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
1.1
1.1
1.1
Treasury shares
0.0
( 0.0 ) ( 0.0 )
Value adjustments of currency hedging
(0.6)
(0.7)
0.1
Retained earnings
596.3
561.2
581.1
Proposed dividend for the financial year
46.5
31.3
46.5
Total shareholders’ equity
643.3
592.8
628.7
Deferred tax
76.1
66.3
76.7
Mortgage loans
33.6
34.9
33.9
Bank loans
203.7
219.7
240.1
Lease liabilities
36.6
41.4
37.2
Other liabilities
38.5
43.0
38.5
Total non-current liabilities
388.5
405.3
426.4
Mortgage loans
1.3
1.2
1.3
Bank loans
81.8
21.5
81.4
Lease liabilities
12.2
12.1
13.6
Prepayments from customers
2.9
1.5
7.2
Trade payables
185.9
153.4
127.9
Liabilities to associates
0.0
0.2
0.0
Current tax liabilities
3.8
0.0
4.1
Other liabilities
87.7
74.0
89.3
Deferred income
0.2
0.3
1.1
Total current liabilities
375.8
264.2
326.1
Total shareholders’ equity and liabilities
1,407.6
1,262.4
1,381.3
Change in consolidated shareholders’ equity
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 13 of 18
Treas-
Value
adjust-
ments of
cash flow
Re-
Pro-
Share
capital
ury
shares
hedges
after tax
tained
earnings
posed
dividend
Total
DKKm
DKKm
DKKm
DKKm
DKKm
DKKm
Opening balance, 1 January
2025
1.1
( 0.0 )
0.1
557.0
31.3
589.5
Net profit for the period
0.0
0.0
0.0
12.1
0.0
12.1
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
(0.8)
12.1
0.0
11.3
Share-based incentive programme
0.0
0.0
0.0
0.3
0.0
0.3
Purchase of treasury shares
0.0
( 0.0 )
0.0
(8.3)
0.0
(8.3)
Closing balance, 31 March 2025
1.1
( 0.0 )
(0.7)
561.2
31.3
592.8
Opening balance, 1 January
2026
1.1
( 0.0 )
0.1
581.1
46.5
628.7
Net profit for the period
0.0
0.0
0.0
15.0
0.0
15.0
Other comprehensive income for
the period
0.0
0.0
(0.7)
0.0
0.0
(0.7)
Total comprehensive income for
the period
0.0
0.0
(0.7)
15.0
0.0
14.3
Dividend paid
0.0
0.0
0.0
0.0
0.0
0.0
Adjustment, dividend
0.0
0.0
0.0
0.0
0.0
0.0
Share-based incentive programme
0.0
0.0
0.0
0.3
0.0
0.3
Purchase of treasury shares
0.0
0.0
0.0
0.0
0.0
0.0
Transfer, exercised share-based
payment
0.0
0.0
0.0
0.0
0.0
0.0
Closing balance, 31 March 2026
1.1
( 0.0 )
(0.6)
596.3
46.5
643.3
Consolidated cash flow statement
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269
Page 14 of 18
DKKm
Note
2026
Q1
2025
12 months
2025
Operating activities
Operating profit
23.0
17.1
116.3
Depreciation and amortisation
9.8
8.8
37.5
Other non-cash operating items
0.3
0.3
(24.0)
Income tax paid
(4.9)
(5.6)
(17.8)
Change in net working capital
32.4
(9.1)
(24.6)
Cash flow from operating activities
60.5
11.5
87.4
Investing activities
Investments in fixed assets
(12.6)
(15.3)
(50.8)
Sale of fixed assets
0.2
0.1
0.5
Acquisition of entities, net
3
(0.7)
(1.9)
(79.3)
Dividends from associates
0.0
0.0
6.8
Cash flow from investing activities
(13.1)
(17.1)
(122.8)
Financing activities
Interest paid
(4.8)
(5.0)
(20.7)
Taking on long debt
1.5
0.0
0.0
Proceeds from loans
(36.1)
25.7
125.6
Repayments of loans
(0.3)
(0.3)
(21.2)
Repayments of lease liabilities
(1.9)
(1.8)
(7.6)
Purchase of treasury shares
0.0
(8.3)
(8.3)
Dividend paid
0.0
( 0.0 )
(31.0)
Cash flow from financing activities
(41.7)
10.3
36.8
Cash flow for the period
5.8
4.7
1.4
Cash and cash equivalents at the
beginning of the period
30.8
29.1
29.1
Cash flow for the period
5.8
4.7
1.4
Exchange rate differences in cash and cash equivalents
0.2
(0.3)
0.3
Cash and cash equivalents at the end of the period
36.8
33.5
30.8
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 15 of 18
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.
Q1 12 months
Revenue by region, DKKm 2026 2025 2025
Denmark
288.7
240.5
1,025.3
Norway
71.3
65.3
242.9
Other countries
2.4
2.3
11.0
362.4 308.1 1,279.2
Revenue by category, DKKm 2026 2025 2025
Revenue, core business
19
6.3
221.5
900.8
Revenue, third party
83
.9
71.5
307.4
Revenue, retailers
8
2
.
2
15.1
71.0
362.4 308.1 1,279.2
Revenue consists of sales of goods and services.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 16 of 18
3. Acquisition/sales of operations (business combinations)
On 31 March 2026, TCM Group sold the AUBO retail store in Esbjerg. The sales price amounted to DKK 0.5
million.
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
The annual general meeting was held on 9 April 2026. The annual general meeting approved the proposed dividend
distribution of DKK 4,5 per share, in total DKK 46 million with no dividend distributed for TCM Group’s treasury
shares.
On 30 April 2026 it was announced that TCM Group’s Chief Executive Officer, Torben Paulin, will step down from
his position effective 1 August 2026. Jens-Peter Poulsen will assume the position as CEO of TCM Group on the same
date. Jens-Peter Poulsen joins from his role as CEO of Abena Holding. Previously, he served for more than 10 years
as CEO of the Danish kitchen manufacturer Kvik.
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 18
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 – 31 March 2026.
The interim report, which has neither been audited nor reviewed by the company’s auditors, has been prepared in
accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and Danish disclosure requirements
for listed companies.
In our opinion, the interim report gives a true and fair view of the Group’s assets and liabilities and financial
position at 31 March 2026 and of the results of the Group’s operations and cash flows for the period 1 January to
31 March 2026.
Furthermore, in our opinion, the Management’s review includes a fair review of the development and performance
of the business, the results for the period and of the Group’s financial position in general and describes the principal
risks and uncertainties that it faces.
Tvis, 21 May 2026
Executive Management
Torben Paulin
CEO
Board of Directors
Anders Tormod Skole-Sørensen Erika Hummel
Chair Deputy Chair
Pernille Wendel Mehl Jan Amtoft
Rodolfo Zeidler Björn Johan Olsson Lissner
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 18 of 18
Supplementary financial disclosures
Quarterly overview
DKK million
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Income statement
Revenue
308.1
349.1
288.9
333.1
362
.4
Gross profit
64.9
82.7
61.8
81.1
8
4.3
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
25.9
42.6
25.4
59.8
3
2
.8
Adjusted EBITDA
25.9
42.6
25.4
41.8
3
2
.8
Earnings before interest, tax and amortisation
(EBITA)
19.6
36.1
19.1
53.3
2
6
.
1
Adjusted EBIT
17.1
33.6
16.6
30.9
23.0
Operating profit (EBIT)
17.1
33.6
16.6
48.9
23.0
Financial items
(3.4)
(5.8)
(4.4)
(7.5)
(
3.9
)
Profit before tax
15.1
28.5
12.3
38.0
19.1
Net profit for the period
12.1
22.3
9.6
33.8
15.0
Balance sheet
Total assets
1,262.4
1,275.1
1,289.9
1,381.3
1,407.6
Net working capital
(3.7)
(9.3)
7.7
7.0
(
2
5.7)
Net interest
-
bearing debt (NIBD)
332.2
343.3
348.9
416.8
3
7
1.2
Equity
592.8
585.6
594.7
628.7
643.3
Cash flow
Free cash flow excl. acquisition of entities
(3.7)
32.1
4.2
11.2
48.1
Margins
Gross margin, %
21.1%
23.7%
21.4%
24.3%
23.3
%
Adjusted EBITDA margin, %
8.4%
12.2%
8.8%
12.6%
9.1
%
Adjusted EBIT margin, %
5.6%
9.6%
5.8%
9.3%
6.3
%
EBIT margin, %
5.6%
9.6%
5.8%
14.7%
6.3
%
Other ratios
Solvency ratio, %
47.0%
45.9%
46.1%
45.5%
45.
7
%
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