TCM Group Management’s review
Interim report Q2 2026 (April 1 – June 30)
(All figures in brackets refer to the corresponding period in 2025.)
Continued growth and strong cash flow in a challenging market environment. Guidance
maintained, supported by increasing order intake and a strong order book.
CEO Jens-Peter Poulsen:
“Sales in the second quarter developed broadly in line with our expectations. Total revenue for the quarter in-
creased by 7% year-on-year to DKK 375 million, with organic growth of 1%. The increase in revenue was primar-
ily driven by the B2C segments, whereas the B2B market remained weak due to uncertainty surrounding the situ-
ation in the Middle East and rising energy prices. Once again, our strategy of maintaining a healthy balance be-
tween B2C and B2B is proving its strength, as the two segments perform on different cycles.
Overall order intake during the quarter was significantly higher than in the same period last year. A sales price
increase was implemented with effect from 1 July, resulting in some orders being brought forward. Order intake
improved in both B2B and B2C, and we entered the second half of the year with a strong order book.
Despite the indirect effects of the conflict around the Strait of Hormuz, including rising raw material and freight
costs, we maintained the positive development in our gross margin. Gross margin was 23.8% in Q2, compared to
23.7% in Q2 2025. Year-to-date gross margin increased to 23.5%, compared to 22.5% in the same period last year.
Operating expenses increased during the quarter due to the addition of Celebert and one retail store compared to
the same quarter last year. We also incurred additional overhead costs related to organisational upgrades and en-
hancements to the marketing platform in our online business unit, Celebert. We are pursuing a more self-service
strategy in Celebert, enabling customers to complete purchases without assistance from sales consultants.
The acquired retail stores will be divested once suitable new franchisees have been identified. We are pleased to
announce that two of the acquired stores, the AUBO store in Esbjerg (as of 31 March) and the Nettoline store in
Kolding (as of 15 August), have been sold to local dealers.
Adjusted EBITA in Q2 2026 was DKK 32.2 million (DKK 36.1 million), corresponding to an adjusted EBITA
margin of 8.6% (10.3%). Adjusted EBITA for the first six months of 2026 was DKK 58.4 million (DKK 55.7
million), corresponding to an adjusted EBITA margin of 7.9% (8.5%).
Free cash flow in Q2 2026 was DKK 32.3 million (DKK 32.1 million). Year-to-date free cash flow amounted to
DKK 80.4 million, compared to DKK 28.5 million in 2025. Free cash flow in 2026 benefited from a positive
development in net working capital. Year-to-date investments amounted to DKK 25.8 million in 2026, compared
to DKK 33.7 million in 2025. The investments primarily related to the ongoing ERP project.
The results for the first half of 2026 and the positive development in the order intake during the second quarter
creates a positive backdrop for the remaining part of the year, but we remain aware of the potential negative impact
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 2 of 18
of the ongoing geopolitical uncertainty on consumer sentiment and demand. In consideration of this we are main-
taining our present financial guidance for 2026 as a whole. Consequently, TCM Group expects full-year revenue
in the range of DKK 1,400-1,500 million and adjusted EBITA of between DKK 120 million and DKK 140 mil-
lion.”
Financial highlights Q2 2026
Revenue DKK 374.8 million (DKK 349.1 million), corresponding to growth of 7.4%
Adj. EBITA DKK 32.2 million (DKK 36.1 million). The adjusted EBITA margin was 8.6% (10.3%)
Adj. EBIT DKK 29.1 million (DKK 33.6 million), corresponding to an EBIT margin of 7.8% (9.6%)
Net profit DKK 16.7 million (DKK 22.3 million)
Free cash flow DKK 32.3 million (DKK 32.1 million)
Cash conversion ratio 106.6% (78.6%)
Financial highlights H1 2026
Revenue DKK 737.2 million (DKK 657.1 million), corresponding to growth of 12.2%
Adj. EBITA DKK 58.4 million (DKK 55.7 million). The adjusted EBITA margin was 7.9% (8.5%)
Adj. EBIT DKK 52.1 million (DKK 50.8 million), corresponding to an EBIT margin of 7.1% (7.7%)
Net profit DKK 31.6 million (DKK 34.4 million)
Free cash flow DKK 80.4 million (DKK 28.5 million)
Cash conversion ratio 106.6% (78.6%)
Full-year guidance for the financial year 2026 is revenue in the range DKK 1,400-1,500 million with
earnings (adjusted EBITA) in the range of DKK 120-140 million.
Contact
For further information, please contact:
CEO Jens-Peter Poulsen +45 2030 8531
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 Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025
Income statement
Revenue
374.8
349.1
737.2
657.1
1,279.2
Gross profit
89.1
82.7
173.4
147.6
290.5
Earnings before interest, tax, depreciation and amortisa-
tion (EBITDA)
37.7
42.6
70.5
68.6
153.8
Adjusted EBITDA
39.2
42.6
72.0
68.6
135.8
Earnings before interest, tax and amortisation (EBITA)
30.7
36.1
56.8
55.7
128.1
Adjusted EBITA
32.2
36.1
58.4
55.7
110.2
Adjusted EBIT
29.1
33.6
52.1
50.8
98.3
Operating profit (EBIT)
27.6
33.6
50.6
50.8
116.3
Financial items
(6.3)
(5.8)
(10.2)
(9.2)
(21.0)
Profit before tax
21.2
28.5
40.3
43.6
93.9
Net profit for the period
16.7
22.3
31.6
34.4
77.8
Balance sheet
Total assets
1,392.0
1,275.1
1,392.0
1,275.1
1,381.3
Net working capital (NWC)
(31.5)
(9.3)
(31.5)
(9.3)
7.0
Net interest-bearing debt (NIBD)
396.8
343.3
396.8
343.3
416.8
Equity
615.0
585.6
615.0
585.6
628.7
Cash flow
Free cash flow excl. acquisition of entities
32.3
32.1
80.4
28.
5
43.9
Cash conversion, % (LTM)
106.6%
78.6%
106.6%
78.6%
72.2%
Growth ratios
Revenue growth, %
7.4%
5.1%
12.2%
5.2%
6.3%
Gross profit growth, %
7.8%
15.8%
17.5%
12.3%
13.7%
Adjusted EBIT growth, %
(13.4%)
20.1%
2.6%
15.9%
8.9%
EBIT growth, %
(18.0%)
20.1%
(0.4%)
15.9%
28.8%
Margins
Gross margin, %
23.8%
23.7%
23.5%
22.5%
22.7%
Adjusted EBITDA margin, %
10.5%
12.2%
9.8%
10.4%
10.6%
Adjusted EBITA margin, %
8.6%
10.3%
7.
9
%
8.5%
8.6%
Adjusted EBIT margin, %
7.8%
9.6%
7.1%
7.7%
7.7
%
EBIT margin, %
7.4%
9.6%
6.9%
7.7%
9
.
1
%
Other ratios
Solvency ratio, %
44.2%
45.9%
44.2%
45.9%
45.5%
Leverage ratio
2.74
2.53
2.74
2.53
3.04
NWC ratio, %
(2.3%)
(0.7%)
(2.3%)
(0.7%)
0.5%
CapEx ratio excl. acquisitions, %
1.1%
1.2%
1.0%
1.6%
1.3%
Share information
Number of outstanding shares
10,
355
,
556
10,440,587
10,
355
,
556
10,440,587
10,331,741
Weighted average number of outstanding shares
10,
348
,
490
10,440,587
10,3
40
,
162
10,368,596
10,349,205
Number of treasury shares
15
8
,
0
82
185,382
1
5
8,
0
82
185,382
181,897
Earnings per share before dilution, DKK
1
.
6
1
2.14
3.
06
3.32
7.51
Earnings per share after dilution, DKK
1
.
6
1
2.13
3.
05
3.30
7.48
Reference is made to the consolidated financial statements for 2025 prepared in accordance with IFRS for definitions of key figures and ratios.
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 Q2 was DKK 374.8 million, compared to DKK 349.1 million in Q2 2025, representing an increase of
7.4%, with organic growth of 0.6%. Revenue in the quarter was negatively impacted by lower order intake at the
end of the previous quarter and the beginning of the second quarter. However, order intake regained momentum
during the last two months of the quarter.
TCM Group’s primary market, Denmark, accounted for 78.1% of Group revenue in Q2 2026. Revenue in Denmark
increased by 4.2% compared to Q2 2025 to DKK 292.7 million, with organic growth of -4.1%. Celebert and one
company-owned store were included in the Group compared to the same period last year.
Revenue in Norway increased by 22.7% compared to Q2 2025 to DKK 80.0 million, driven by an improvement
in trading conditions following a period of very low activity in the market.
We have renegotiated our agreement with the hardware store chain Optimera, which holds exclusive rights to sell
AUBO products in Norway. The new agreement has a term of five years, compared to three years under the pre-
vious agreement, as the most important change.
Total revenue for the first six months of 2026 increased by 12.2% to DKK 737.2 million (DKK 657.1 million),
with organic growth of 4.4%. Revenue in Denmark for the first six months of 2026 increased by 11.5% to DKK
581.4 million (DKK 521.3 million), while revenue in Norway increased by 16.0% to DKK 151.3 million (DKK
130.5 million).
Revenue in other countries for the first six months of 2026 amounted to DKK 4.5 million (DKK 5.3 million).
Overall order intake during the quarter was significantly higher than in the same period last year. A sales price
increase was implemented with effect from 1 July, resulting in some orders being brought forward. Order intake
improved in both B2B and B2C, and we entered the second half of the year with a strong order book.
Year-to-date order intake was also significantly higher than in the same period last year.
At the end of Q2 2026, the total number of branded stores was 111 (111 in the same period last year), with no store
closures during the quarter.
Gross margin and production
The gross margin was 23.8% in Q2, compared to 23.7% in Q2 2025. The gross margin ratio is affected by two
opposing effects. Rising oil prices have caused rising prices for a wide range of raw materials as well as freight
prices, which have had a negative effect on the gross margin ratio. Conversely, the internal efficiency projects we
had launched and a shift in sales mix towards the more profitable B2C segment have a positive effect.
Year to date gross margin increased to 23.5% compared to 22.5% in same period 2025.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 5 of 18
Operating expenses
Operating expenses in Q2 2026 were up 23% to DKK 62.8 million (DKK 51.2 million) and represented 16.8% of
revenue (14.7%). The increase in operating expenses is primarily attributable to the inclusion of Celebert and to
the retail stores which we acquired during 2025 and which were not included in Q2 of 2025.
Operating expenses for the first six months of 2026 were DKK 126.4 million (DKK 101.6 million). Operating
expenses represented 17.1% of revenue for the first six months in 2025 (15.5%), again with the inclusion of Cel-
ebert as a major contributing factor with more than half of the increase.
Other income
Other income in Q2 2026 amounted to DKK 2.8 million (DKK 2.2 million), and included income from salary
subsidies and reimbursements.
Earnings performance
Adjusted EBITDA in Q2 2026 was DKK 39.2 million (DKK 42.6 million), corresponding to an adjusted EBITDA
margin of 10.5% (12.2%).
Adjusted EBITDA for the first six months of 2026 was DKK 72.0 million (DKK 68.6 million), corresponding to
an adjusted EBITDA margin of 9.8% (10.4%).
Adjusted EBITA in Q2 2026 was DKK 32.2 million (DKK 36.1 million), corresponding to an adjusted EBITA
margin of 8.6% (10.3%).
Adjusted EBITA for the first six months of 2026 was DKK 58.4 million (DKK 55.7 million), corresponding to an
adjusted EBITA margin of 7.9% (8.5%).
Non recuring Items amounts to DKK -1,5 million and relates to change in management. Compared to zero in 2025.
Adjusted EBIT in Q2 2026 was DKK 29.1 million (DKK 33.6 million), corresponding to an EBIT margin of 7.8%
(9.6%).
Adjusted EBIT for the first six months of 2026 increased to DKK 52.1 million (DKK 50.8 million). Depreciation,
amortisation and impairment charges totalled DKK 19.9 million (DKK 17.8 million).
Net financial items
Net financial expenses in Q2 2026 were DKK 6.3 million, compared to DKK 5.8 million in Q2 2025, primarily as
a result of higher interest-bearing debt and foreign exchange losses related to NOK.
Year-to-date net financial expenses were DKK 1.0 million higher than in 2025, primarily due to higher net interest-
bearing debt.
Net profit
Net profit in Q2 2026 decreased to DKK 16.7 million (DKK 22.3 million).
Net profit for the first six months of 2026 decreased to DKK 31.6 million (DKK 34.4 million)
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 6 of 18
Cash flow and working capital
Free cash flow
Free cash flow in Q2 2026 was DKK 32.3 million (DKK 32.1 million). Free cash flow year to date was DKK 80.4
million compared to DKK 28.5 million in 2025. Free cash flow in 2026 was impacted by a positive development
in net working capital. Investments were year to date DKK 25.8 million in 2026, compared to DKK 33.7 million
in 2025. The investments were primarily related to the ongoing ERP project.
Net working capital
Net working capital at the end of Q2 2026 was DKK -31.5 million (DKK -9.3 million) and the NWC ratio was
-2.3% (-0.7%).
End of Q2
DKKm 2026
2025
Inventories
105.1
94.5
Trade and other receivables
144.4
148.0
Operating liabilities
(280.9)
(251.8)
Net working capital (31.5)
(9.3)
NWC ratio (2.3%)
(0.7%)
The increase in inventories of DKK 10.6 million was attributable to the acquisition of Celebert and one retail store,
combined with higher factory inventories of certain components due to increased demand.
Trade and other receivables decreased despite higher revenue.
Operating liabilities increased by DKK 29.1 million compared to Q2 2025, primarily due to higher trade payables.
The increase in trade payables was partly attributable to the timing of payments around the quarter-end and there-
fore not of a permanent nature.
Net interest-bearing debt
Net interest-bearing debt amounted to DKK 396.8 million at the end of Q2 2026 (DKK 343.3 million). The increase
was primarily attributable to the acquisition of Celebert at the end of 2025.
The leverage ratio, measured as net interest-bearing debt excluding tax liabilities divided by adjusted EBITDA on
a last-twelve-month basis, was 2.74 at the end of Q2 2026 (2.53).
Equity – solvency ratio
Equity at the end of Q2 2026 amounted to DKK 615.0 million (DKK 585.6 million) and the solvency ratio was
44.2% (45.9%).
People
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 7 of 18
The total number of employees at the end of the quarter was 560 (compared to 524 in the same period last year),
with most of the increase attributable to the acquisition of the retail stores and Celebert ApS.
Other events in Q2 2026
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.
On 30 April 2026, it was announced that TCM Group’s Chief Executive Officer, Torben Paulin, would step down
from his position with effect from 1 August 2026. Jens-Peter Poulsen assumed the position of CEO of TCM Group on
the same date. Jens-Peter Poulsen joined from his role as CEO of Abena Holding. Prior to this, he served as CEO of
the Danish kitchen manufacturer Kvik for more than 10 years.
Events after the reporting period
TCM Group has entered into an agreement to sell Nettoline Kolding with effect from 15 August 2026, in line with its
strategy. The transaction is not expected to have a material impact.
Apart from the above, no events of significance to the consolidated interim financial statements have occurred after
the reporting period.
Financial outlook
The results for the first half of 2026 and the positive development in the order intake during the second quarter
creates a positive backdrop for the remaining part of the year, but we remain aware of the potential negative impact
of the ongoing geopolitical uncertainty on consumer sentiment and demand. In consideration of this we are main-
taining our present financial guidance for 2026 as a whole. Consequently, TCM Group expects full-year revenue
in the range of DKK 1,400-1,500 million and adjusted EBITA of between DKK 120 million and DKK 140 million.
Forward-looking 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
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 8 of 18
exert pressure on the Group’s operating environment. TCM Group is not experiencing any direct impact from the
current changes in global tariffs.
Additional information
Financial 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:
26 November 2026 Interim report Q3 2026
4 March 2027 Interim report Q4 2026 and Annual Report 2026
7 April 2027 Annual General Meeting
Presentation
The interim report will be presented on Thursday 20 August 2026 at 9:30 CEST in a teleconference that can be
followed on TCM Group’s website or at: https://edge.media-server.com/mmc/p/ruabycof
To participate in the teleconference, and thus have the possibility to ask questions, participants are required to
register in advance using the link below. Upon registering, each participant will be provided with dial-in numbers
and a unique PIN.
Online registration for the call:
https://register-conf.media-server.com/register/BI3be1eed2e74048f490477edd2ad18606
About TCM Group A/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
Q2 H1
DKKm Note
2026 2025 2026 2025
Revenue
2
Cost of goods sold
(285.7 )
(266.4 )
(563.8 )
(509.6 )
Gross profit 89.1 82.7 173.4 147.6
Selling expenses
(38.6 )
(29.8 )
(79.4 )
(59.8 )
Administrative expenses
(24.2 )
(21.4 )
(47.0 )
(41.8 )
Other operating income
Operating profit before non-recurring items 29.1 33.6
Non
-
recurring items
(1.5 )
(1.5 )
Operating profit 27.6 33.6 50.6 50.8
Share
of profit in associates
Financial income and expenses
(6.3 )
(5.8 )
(10.2 )
(9.2 )
Profit before tax 21.2 28.5 40.3 43.6
Tax for the period
(4.5 )
(6.1 )
(8.7 )
(9.2 )
Net profit for the period 16.7 22.3 31.6 34.4
Earnings per share before dilution, DKK
Earnings per share after dilution, DKK
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 10 of 18
Consolidated statement of comprehensive income
Q2 H1
DKKm 2026 2025 2026 2025
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 1.3
Total comprehensive income for the period 17.9 23.6 32.2 34.9
(0.4 ) (0.4 ) (0.2 ) (0.2 )
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 11 of 18
Consolidated balance sheet
30 June 31 Dec.
DKKm Note
2026
2025
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
Tra
de receivables
Lease receivables
Receivables from associates
Other receivables
Prepaid expenses and accrued income
Cash and cash equivalents
Total current assets 271.4 264.7 265.8
Total assets 1,392.0 1,275.1 1,381.3
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 12 of 18
Consolidated balance sheet
30 June 31 Dec.
DKKm
Note
2026
2025 2025
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
Treasury shares
Value adjustments of currency hedging
Retained earnings
Proposed dividend for the financial year
Total shareholders’ equity 615.0 585.6 628.7
Deferred tax
Mortgage loans
Bank loans
Lease liabilities
Other liabilities
Total non-current liabilities 386.8 395.7 426.4
Mortgage loans
Bank loans
Lease liabilities
Prepayments from customers
Trade payables
Current tax liabilities
Other liabilities
Deferred income
Total current liabilities 390.2 293.8 326.1
Total shareholders’ equity and liabilities 1,392.0 1,275.1 1,381.3
(0.0 )
(0.0 ) (0.0 )
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 13 of 18
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
2025
Net profit for the period
Other comprehensive income for
the period
Total comprehensive income for
the period
Di
vidend paid
Adjustment, cash flow hedges
Share
-
based incentive programme
Transfer, exercised share based
payment
Closing balance, 30 June 2025
Opening balance, 1 January
2026
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, 30 June 2026
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 14 of 18
Consolidated cash flow statement
Q2 H1
DKKm
Note 2026
2025 2026 2025
Operating activities
Operating profit
Depreciation and amortisation
Other non
-
cash operating items
Income tax paid
Change in net working capital
Cash flow from operating activities
Investing activities
Investments in fixed assets
Sale of fixed assets
Acquisition of entities, net
3
Dividends from associates
Cash flow from investing activities
Financing activities
Interest paid
Taking on long debt
Proceeds from loans
Repayments of loans
Repayments of lease liabilities
Purchase of treasury shares
Dividend paid
Cash flow from financing activities
Cash flow for the period
Cash and cash equivalents at the
beginning of the period
Cash flow for the period
Exchange rate differences
in cash and cash equivalents
Cash and cash equivalents at the end of the period
(2.7 ) (0.0 ) (7.6 ) (5.6 )
(13.2 ) (18.3 ) (25.8 ) (33.7 )
(13.1 ) (18.2 ) (26.2 ) (35.3 )
(11.0 ) (4.6 ) (15.8 ) (9.7 )
(0.3 ) (8.1 ) (0.6 ) (0.6 )
(2.1 ) (1.9 ) (4.0 ) (3.7 )
(37.4 ) (31.0 ) (37.4 ) (31.0 )
(49.6 ) (45.6 ) (91.3 ) (35.4 )
(17.3 ) (13.5 ) (11.5 ) (8.8 )
(17.3 ) (13.5 ) (11.5 ) (8.8 )
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.
Q2 H1
Revenue by region, DKKm 2026 2025 2026 2025
Denmark
292.7
280.9
581.4
521.3
Norway
80.0
65.2
151.3
130.5
Other countries
2.1
3.0
4.5
5.3
374.8 349.1 737.2 657.1
Revenue by category, DKKm 2026 2025 2026 2025
Revenue, core business
2
4
3.
8
250.0
475.3
471.5
Revenue, third
-
party
94.4
82.2
178.3
153.7
Revenue, retailers
36.6
16.9
83.6
32.0
374.8 349.1 737.2 657.1
Revenue consists of sales of goods and services.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 16 of 18
3. Acquisition of operations (business combinations)
On 31 March 2026, TCM Group sold the AUBO retail store in Esbjerg. The sales price amounted to DKK 0.5
million.
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
TCM Group has entered into an agreement to sell Nettoline Kolding as of 15
th
August 2026, in line with our strategy.
The sale has no material impact.
Besides from the above, no events of importance to the consolidated interim financial statements have occurred after
the reporting period.
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 17 of 18
Executive Management
CEO
Board of Directors
TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 18 of 18
Supplementary financial disclosures
Quarterly overview
DKK million
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Income statement
Revenue
349.1
288.9
333.1
362.4
374.8
Gross profit
82.7
61.8
81.1
84.3
89.1
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
42.6
25.4
59.8
3
2
.8
37
.7
Adjusted EBITDA
42.6
25.4
41.8
3
2
.8
39.2
Earnings before interest, tax and amortisation
(EBITA)
36.1
19.1
53.3
26.1
30.7
Adjusted EBITA
36.1
19.1
35.4
26.1
32.2
Adjusted EBIT
33.6
16.6
30.9
23.0
29.1
Operating profit (EBIT)
33.6
16.6
48.9
23.0
27.6
Financial items
(5.8)
(4.4)
(7.5)
(3.9)
(6.3)
Profit before tax
28.5
12.3
38.0
19.1
21.2
Net profit for the period
22.3
9.6
33.8
15.0
16.7
Balance sheet
Total assets
1,275.1
1,289.9
1,381.3
1,407.6
1,
392.0
Net working capital
(9.3)
7.7
7.0
(
2
5.7)
(31.5)
Net interest
-
bearing debt (NIBD)
343.3
348.9
416.8
3
7
1.2
396.8
Equity
585.6
594.7
628.7
643.3
615.0
Cash flow
Free cash flow excl. acquisition of entities
32.1
4.2
11.2
48.1
32.3
Margins
Gross margin, %
23.7%
21.4%
24.3%
23.3%
23.8%
Adjusted EBITDA margin, %
12.2%
8.8%
12.6%
9.1
%
10.5%
Adjusted EBIT margin, %
9.6%
5.8%
9.3%
6.3%
7.8%
EBIT margin, %
9.6%
5.8%
14.7%
6.3%
7.4%
Other ratio
s
Solvency ratio, %
45.9%
46.1%
45.5%
45.7%
44.2%