TCM Group A/S: Interim report Q3 2025

Core Insights - The company reported stable sales growth and improvements in gross margin despite a volatile market environment [1][3] - Total sales for Q3 2025 increased by 4% year-on-year to DKK 289 million, with organic growth of 3% [1][9] - The company is narrowing its full-year 2025 guidance for revenue and adjusted EBIT [6] Sales Performance - Order intake showed high single-digit growth in the core business and double-digit growth in the B2C segment [2] - B2B project orders declined slightly, while orders from builders of turnkey residential houses exhibited a strong positive trend [2] Financial Metrics - Gross margin increased to 21.4% in Q3 2025, up from 20.3% in Q3 2024, driven by higher average selling prices and efficiency gains [3] - Adjusted EBIT remained broadly unchanged at DKK 16.6 million, with an adjusted EBIT margin of 5.8% [4][9] - Free cash flow decreased to DKK 4 million from DKK 6 million in the same period last year, primarily due to adverse working capital developments [5][9] Guidance and Future Outlook - The company expects full-year revenue in the range of DKK 1,260–1,280 million and adjusted EBIT in the range of DKK 93–100 million [6][15] - TCM Group will take full ownership of Celebert on November 25, 2025, which is expected to have an insignificant effect on 2025 figures [7]