TCM Group (TCM) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 4.1% year-over-year to DKK 289 million, with 2.7% organic growth, driven by both B2B and B2C segments and strong sales momentum in Norway.

• Order intake increased in both B2C and B2B, with high single-digit growth in core business and double-digit growth in B2C.

• Acquisition of two Svanek Køkkenstores and three retail stores in 2025 contributed to revenue growth and higher SG&A costs.

• Full ownership of Celebat/Celebert ApS acquired in November 2025 for DKK 80 million, strengthening digital and multi-channel strategy.

• Net profit increased to DKK 9.6 million from DKK 8.8 million.

Financial highlights

• Q3 2025 revenue: DKK 289 million, up 4.1% year-over-year; organic growth 2.7%.

• Adjusted EBIT stable at DKK 17 million; EBIT margin 5.8% vs. 6.0% last year.

• Gross margin improved to 21.4% from 20.3%, driven by higher prices, sales mix, and efficiency gains.

• Free cash flow: DKK 4 million, down from DKK 6 million last year, impacted by working capital.

• Cash conversion ratio over 12 months: 75%.

Outlook and guidance

• Full-year 2025 revenue guidance narrowed to DKK 1,260–1,280 million (from DKK 1,250–1,300 million).

• Adjusted EBIT guidance narrowed to DKK 93–100 million (from DKK 90–110 million).

• Celebat/Celebert acquisition expected to have an insignificant effect on 2025 figures.