level, and sales in the housing sector remain strong, although consumers continue to be wary of making big in- vestments and thus only modest growth is expected in the B2C segment of the kitchen market. The B2B market is showing some signs of improving, but will most likely stay well below historical levels. The market for larger building projects is expected to benefit from lower interest rates feeding through to increased housing construction activity. In 2026, we will fully integrate Celebert ApS into our operations, maximise the value of our new lacquering facility and initiate the roll-out of our new ERP platform. Together with our strong market positions and proven brands, we believe the 2026 initiatives will position TCM Group well for continued profitable growth. Our priorities for 2026 include gaining further market share in the B2C segment and in the B2B2C elements of the B2B segment, driving ongoing operational efficiencies across our factories and sustaining our leadership in sus- tainability. We will remain agile and responsive to market developments while staying true to our long-term stra- tegic direction. Based on the above, we expect the following key figures for full-year 2026: TCM Group estimates revenue for the financial year 2026 to be in the range DKK 1,400-1,500 million Adjusted EBITA* for 2026 is estimated to be in the range DKK 120-140 million (* EBITA excluding non-recurring items.) The Board of Directors has decided to change from EBIT to EBITA in guidance for the coming year. ” Financial highlights full-year 2025 • Revenue DKK 1,279.2 million (DKK 1,203.8 million), corresponding to growth of 6.3% • Adjusted EBITDA DKK 135.8 million (DKK 125.9 million). The adjusted EBITDA margin was 10.6% (10.5%) • Adjusted EBITA DKK 110.2 million (DKK 98.8 million) • Adjusted EBIT DKK 98.3 million (DKK 90.3 million). The adjusted EBIT margin was 7.7% (7.5%) • Non-recurring items had a total positive impact of DKK 18.0 million (DKK 0.0 million) • EBIT DKK 116.3 million (DKK 90.3 million), corresponding to an EBIT margin of 9.1% (7.5%) • Net profit DKK 77.8 million (DKK 57.7 million) • Free cash flow DKK 43.9 million (DKK 58.9 million) • Cash conversion ratio 72.2% (84.3%) Financial highlights Q4 2025 • Revenue DKK 333.1 million (DKK 301.4 million), corresponding to growth of 10.5% • Adjusted EBITDA DKK 41.8 million (DKK 38.8 million). The adjusted EBITDA margin was 12.6% (12.9%) • Adjusted EBIT DKK 30.9 million (DKK 29.8 million). The adjusted EBIT margin was 9.3% (9.9%) • Non-recurring items had a total positive impact of DKK 18.0 million (DKK 0.0 million) • EBIT DKK 48.9 million (DKK 29.8 million), corresponding to an EBIT margin of 14.7% (9.9%) • Net profit DKK 33.8 million (DKK 23.0 million) • Free cash flow DKK 11.2 million (DKK 14.5million) • Cash conversion ratio 72.2% (84.3%) TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 2 of 23
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