COMPANY ANNOUNCEMENT No. 261/2026 Tvis, 26 February 2026 Interim report Q4 2025 (October 1 - December 31) (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 ...

COMPANY ANNOUNCEMENT No. 260/2026 Tvis, 25 February 2026 TCM Group announces financial outlook for 2026. 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 level, and sales in the housing sector remain strong, although consumers continue to be wary of making big investments and thus only modest growth is expected in the B2C segment of the ...

Group 1 - The CFO of TCM Group, Jan B. Madsen, will step down by July 31, 2026, and the company has initiated the recruitment process for a new CFO [1] - Hans Barslund has been appointed as the Interim CFO until a permanent replacement is found [1] Group 2 - TCM Group is the third largest manufacturer of kitchens and furniture for bathrooms and storage in Scandinavia [2] - The company operates under a multi-brand strategy, with its main brand being Svane Køkkenet, alongside Tvis Køkken, Nettoline, and AUBO [2] - TCM Group products are designed and produced in Denmark, emphasizing quality and craftsmanship, and are sold through approximately 220 dealers across Denmark and Scandinavia [2]

Group 1 - The financial calendar for TCM Group A/S outlines the expected dates for the publication of quarterly and annual reports, as well as the annual general meeting [1] - Key dates include the release of the Q4 2025 and annual report for 2025 on February 26, 2026, and the ordinary general meeting on April 9, 2026 [1] - Subsequent quarterly reports are scheduled for May 21, August 20, and November 19 in 2026, with the next annual report set for February 25, 2027 [1] Group 2 - TCM Group is the third-largest manufacturer of kitchens, bathrooms, and storage furniture in Scandinavia, with products designed and produced in Denmark [2] - The company operates a multi-brand strategy, with Svane Køkkenet as the primary brand, alongside Tvis Køkken, Nettoline, and AUBO, covering a wide price range [2] - TCM Group products are sold through approximately 220 retailers in Denmark and the rest of Scandinavia, and also as private label through hardware chains in Denmark and independent kitchen stores in Norway [2]

Financial Calendar - The Board of Directors of TCM Group A/S has announced key dates for the publication of interim and annual reports, as well as the annual general meeting for 2026 [1] - Interim report Q4 2025 and Annual report 2025 will be published on 26 February 2026 [1] - The annual general meeting is scheduled for 9 April 2026 [1] - Subsequent interim reports for Q1, Q2, and Q3 of 2026 will be published on 21 May, 20 August, and 19 November respectively [1] - The annual report for 2026 will be published on 25 February 2027, with the next annual general meeting on 7 April 2027 [1] Company Overview - TCM Group is the third largest manufacturer of kitchens and furniture for bathrooms and storage in Scandinavia [2] - The company designs and produces its products in Denmark, emphasizing quality and craftsmanship [2] - TCM Group operates a multi-brand strategy, with the main brand being Svane Køkkenet, alongside Tvis Køkken, Nettoline, and AUBO [2] - The brands cater to a wide price spectrum and are sold through approximately 220 dealers in Denmark and Scandinavia [2] - TCM Group also sells private label kitchens through DIY stores in Denmark and independent kitchen stores in Norway [2]

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]

Core Insights - The company reported improved earnings and steady sales growth in Q2 2025, with total sales increasing by 5% year-on-year to DKK 349 million, and organic growth of 3% [1][8] Sales Performance - Sales growth was observed in both B2B and B2C segments, although order intake slowed in the second quarter, particularly in the B2C segment due to weakening consumer confidence and retail spending [2] - The B2B segment saw a decline in project orders, while orders from housebuilders showed a positive trend [2] Financial Metrics - The gross margin increased to 23.7% in Q2 2025, up from 21.5% in Q2 2024, attributed to higher average selling prices and stable input costs [3] - Adjusted EBIT rose by 20% from DKK 28.0 million in Q2 2024 to DKK 33.6 million, with an adjusted EBIT margin of 9.6%, compared to 8.4% in the same period last year [3][8] - Free cash flow improved to DKK 32 million in Q2 2025 from DKK 26 million in Q2 2024, driven by higher earnings and improved net working capital [4][8] Strategic Developments - The company agreed to acquire the remaining 55% of online retailer Celebert ApS, following the majority shareholder's decision to exercise its put option, indicating confidence in Celebert's growth trajectory [5] - Full-year revenue guidance for 2025 has been narrowed to DKK 1,250–1,300 million, with adjusted EBIT expected in the range of DKK 90–110 million [6]

Company Overview - TCM Group A/S is Scandinavia's third largest manufacturer of kitchens and furniture for bathrooms and storage, with products designed and produced in Denmark [3] - The company operates a multi-brand strategy, with its main brand being Svane Køkkenet, alongside Tvis Køkken, Nettoline, and AUBO, catering to a wide price spectrum [3] Financial Outlook - TCM Group has narrowed its financial guidance for 2025, projecting full year revenue in the range of DKK 1,250–1,300 million, down from a previous range of DKK 1,250 – 1,325 million [1] - The adjusted EBIT forecast for 2025 has also been revised to DKK 90–110 million, compared to the earlier estimate of DKK 90–115 million [1] - This guidance assumes full ownership of Celebert toward the end of the year [2]

Core Viewpoint - TCM Group A/S has revised its full-year guidance for 2025 due to a delay in the acquisition of the remaining 55% of shares in Celebert ApS, resulting in a smaller expected impact on revenue and earnings from Celebert in 2025 [1] Financial Outlook - The revised full-year revenue guidance is now DKK 1,250 – 1,325 million, down from the previous range of DKK 1,250 – 1,400 million [1] - Adjusted EBIT is now expected to be in the range of DKK 90 – 115 million, reduced from the earlier forecast of DKK 90 – 120 million [1] Company Overview - TCM Group is the third largest manufacturer of kitchens and furniture for bathrooms and storage in Scandinavia, with products designed and produced in Denmark [2] - The company operates a multi-brand strategy, with the main brand being Svane Køkkenet, alongside Tvis Køkken, Nettoline, and AUBO, catering to the entire price spectrum [2] - TCM Group sells its products through approximately 220 dealers in Denmark and the rest of Scandinavia, including private label kitchens through DIY stores in Denmark and independent kitchen stores in Norway [2]

Core Viewpoint - TCM Group A/S has agreed to acquire the remaining 55% of shares in Celebert ApS, following the majority shareholder's decision to exercise a put option, with the transaction expected to close in Q4 2025, pending regulatory approvals [1][4]. Group 1: Acquisition Details - The purchase price for the 55% stake in Celebert ApS is expected to be in the range of DKK 60-85 million, with a maximum limit of DKK 87.5 million [4]. - The acquisition will be financed through a combination of existing and new bank credit facilities [5]. Group 2: Company Background - Celebert ApS is a well-established online retailer specializing in kitchens, bathroom interiors, wardrobes, and white goods, having reached net sales of approximately DKK 150 million in 2024 [2]. - The company has been a pioneer in the Danish online kitchen market since its founding in 2007 and has significantly increased revenue and earnings in recent years [2]. Group 3: Leadership Changes - Birk Aagaard, the founder and CEO of Celebert, will step down effective August 6, 2025, with Søren Kruse appointed as the new CEO, bringing over 20 years of online retail experience [3]. Group 4: Financial Outlook - Due to the delayed closing of the acquisition, TCM Group has adjusted its full-year revenue outlook to DKK 1,250 – 1,325 million, down from the previous range of DKK 1,250-1,400 million, and adjusted EBIT to DKK 90 – 115 million, down from DKK 90 – 120 million [5].