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 1 of 18
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