TCM Group Management’s review Interim report Q4 2025 (1 October – 31 December) (All figures in brackets refer to the corresponding period in 2024.) Relatively strong end to the year in a still cautious market CEO Torben Paulin: “Sales in the fourth quarter developed as expected, with B2B and B2C sales both increasing. Organically, sales in the quarter increased by 5% year on year to DKK 333 million. Sales to Norway contributed positively to the growth both in the quarter and for the year. Full-year revenue was DKK 1,279 million and therefore at the top end of our financial guidance. Order intake in B2C developed positively in the fourth quarter, and there was a high single-digit increase in B2B orders. The gross margin increased to 24.3% in Q4, compared to 22.5% in Q4 2024. This was mainly due to positive effects from the improved sales in core business – and the first positive effect on production costs from the new lacquering facility. Operating expenses increased during the quarter, mainly because of the acquisition of four retail stores earlier in the year and Celebert late November. The acquired retail stores will be spun off as soon as we have found suitable new franchisees to run them, so the increase in operating expenses should be of a temporary nature. Adjusted EBIT in Q4 was DKK 30.9 million, compared to DKK 29.8 million in Q4 2024, and the adjusted EBIT margin was 12.6%, compared to 12.9% in Q4 2024. Adjusted EBIT was impacted by an adjustment of DKK 4.5 million to the contingent payment obligation related to AUBO Production A/S, compared to a similar adjustment of DKK 9.5 million in Q4 2024. Adjusted EBIT for the full year ended at DKK 98 million, compared to DKK 90 million in 2024, and was also at the top end of our financial guidance. Non-recurring items amounted to DKK 18.0 million income and relate to the acquisition of the remaining 55% of the shares in Celebert ApS on 25 November 2025. Free cash flow in Q4 was DKK 11 million, compared to DKK 14 million in Q4 2024. Leverage increased further to 3.04 (from 2.50 last year), well within the agreed covenants. The Board of Directors will propose to the Annual General Meeting an ordinary dividend of DKK 4.50 per share for 2025. This corresponds to a total distribution of DKK 46 million, representing 60% of the net profit for 2025 and in line with the company’s dividend policy . Looking ahead to 2026, we believe there is a good reason to expect moderately positive development in the markets in which TCM Group operates. Consumer confidence appears to be gradually improving, albeit from a very low TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 1 of 23
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