TCM Group A/S
CSE:TCM
TCM Group A/S
TCM Group AS engages in the manufacture of kitchens and furniture for bathrooms and storage. The product offering includes kitchen, bathroom and storage solutions. The firm pursues a multi-brand strategy, under which the main brand is Svane Kokkenet and the secondary brands are Tvis Kokkener, Nettoline, kitchn.dk and private label. Products are mainly marketed through a network of franchise stores and independent kitchen retailers.
TCM Group AS engages in the manufacture of kitchens and furniture for bathrooms and storage. The product offering includes kitchen, bathroom and storage solutions. The firm pursues a multi-brand strategy, under which the main brand is Svane Kokkenet and the secondary brands are Tvis Kokkener, Nettoline, kitchn.dk and private label. Products are mainly marketed through a network of franchise stores and independent kitchen retailers.
Revenue Growth: TCM Group reported Q3 revenue of DKK 289 million, up 4.1% year-on-year and in line with expectations, driven by B2B segment growth and supported by acquisitions.
Gross Margin: Gross margin improved by 1 percentage point to 21.4%, helped by higher average selling prices and supply chain efficiencies.
Profitability: Adjusted EBIT held steady at DKK 17 million, but EBIT margin dipped slightly to 5.8% from 6.0% due to elevated SG&A costs from acquired stores.
Guidance Narrowed: Full-year 2025 revenue guidance narrowed to DKK 1,260–1,280 million (from DKK 1,250–1,300 million) and adjusted EBIT to DKK 93–100 million (from DKK 90–110 million).
Celebert Acquisition: TCM Group completed the acquisition of the remaining 55% of Celebert, strengthening its digital presence, with no material impact expected for 2025 figures.
Store Turnarounds: Recently acquired stores are improving but still not profitable; breakeven is expected soon, and TCM aims to divest these stores within a year.
