Company Management Change - TCM Group has appointed Jan Boendorf Madsen as Chief Financial Officer (CFO), effective November 1, 2025 [1] - The current CFO, Thomas Hjannung, resigned in May 2025 and will assist during a short transition period in November [3] Executive Profile - Jan Boendorf Madsen is described as a business-oriented CFO with extensive financial management experience and leadership roles in various companies, including VKR Group [2] - His expertise in managing financial operations and supporting growth will benefit TCM Group, particularly in industries with similar production complexities [2] Company Overview - TCM Group 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 through approximately 220 dealers in Denmark and Scandinavia [3]

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].

Group 1 - BofA Securities Europe SA has reduced its holding in TCM Group A/S from 10.278% to 0.196% in share capital and voting rights as of April 23, 2025 [1] - The direct or indirect control of shares/voting rights by BofA Securities Europe SA corresponds to 1,080,571 shares in TCM Group A/S [1] - The breakdown of the holdings shows a decrease in shares attached to shares from 0.844% to 0.195% and through financial instruments from 9.434% to 0.001% [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 the main brand being Svane Køkkenet, alongside Tvis Køkken, Nettoline, and AUBO [2] - TCM Group products are designed and produced in Denmark and are sold through approximately 220 dealers across Denmark and Scandinavia [2]