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 Viewpoint - Wickes Group is experiencing mixed analyst ratings, with target prices ranging from GBX 195 to GBX 250, indicating varied investor sentiment towards the stock [1]. Analyst Ratings - Citigroup lowered the target price from GBX 202 to GBX 200 and set a "neutral" rating [1] - Canaccord Genuity Group and Shore Capital both reiterated a "buy" rating with a target price of GBX 250 [1] - Deutsche Bank downgraded the stock to a "sell" rating, reducing the target price from GBX 205 to GBX 195 [1] - The consensus rating for Wickes Group is "Hold" with an average target price of GBX 223.75 [1] Financial Performance - Wickes Group reported earnings per share of GBX 15.10 for the last quarter [4] - The company has a return on equity of 19.39% and a net margin of 2.01% [4] - Analysts expect the company to post earnings per share of approximately 16.23 for the current year [4] Company Profile - Wickes is a prominent home improvement retailer in the UK, operating 228 stores and employing 7,400 staff [5] - The company offers a wide range of products, including kitchens, bathrooms, paint, tools, and timber [5] - Wickes operates in the £27 billion UK Home Improvement market, indicating a significant growth opportunity [5] Stock Performance - Wickes Group's stock reached a new 52-week high of GBX 243 during trading, closing at GBX 240.50 [7] - The stock had a previous close of GBX 239, with a trading volume of 82,496 shares [7]

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 Viewpoint - Lowe's CEO anticipates an increase in home renovations as homeowners are hesitant to purchase new homes due to high mortgage rates, which has positively impacted the company's stock performance [1]. Company Performance - Lowe's stock rose nearly 6% following the CEO's optimistic outlook on home renovations [1]. - The company reported better-than-expected results in the third quarter, raising its full-year sales outlook [3]. - Despite a small increase in same-store sales of 0.4%, which was below the expected 1.02%, Wall Street remains optimistic about Lowe's performance [4]. Market Conditions - Homeowners are likely to utilize home equity lines of credit (HELOC) for larger home improvement projects, driven by their reluctance to give up low mortgage rates [2]. - The average 30-year fixed-rate mortgage rate is currently at 6.24%, reflecting a slight increase [2]. - The average age of homes in the U.S. is approximately 44 years, indicating a growing need for renovations [2]. Competitive Position - Lowe's has achieved double-digit growth in its home installation business, including kitchens, bathrooms, and HVAC systems [5]. - The company is gaining market share, which is contributing to its success despite a lack of overall market recovery [6]. - Analysts believe Lowe's profitability will improve, and its margin gap with Home Depot is expected to narrow as it gains traction with professional customers [6].

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]