TCM Group A/S: Interim report Q2 2025
COMPANY ANNOUNCEMENT
No. 234/2025
Tvis, 19 August 2025
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.]”
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.
For further information please contact:
Torben Paulin, CEO, TCM Group A/S, +45 21 21 04 64
Thomas Hjannung, CFO, TCM Group A/S, +45 25 17 42 33
IR Contact – ir@tcmgroup.dk
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
TCM Group is Scandinavia’s third largest manufacturer of kitchens and furniture for bathrooms and storage. The products are designed and produced in Denmark and rooted in a proud tradition of good quality and good craftsmanship. TCM Group pursues a multi-brand strategy, under which the main brand is Svane Køkkenet and the other brands are Tvis Køkken, Nettoline and AUBO. Combined, the brands cater for the entire price spectrum and are sold through c. 220 dealers in Denmark and the rest of the Scandinavia. TCM Group sells private label kitchens through DIY stores in Denmark and independent kitchen stores in Norway. See www.tcmgroup.dk for more information.
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 include general economic and commercial factors, including market and competitive matters, supplier issues and financial issues.
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