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TCM Group (TCM) investor relations material
TCM Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 2025 revenue grew 5.1% year-over-year to DKK 349 million, with organic growth of 3.3%.
Both B2C and B2B segments contributed to growth, though B2C showed signs of slowdown late in the quarter.
Norway saw continued positive momentum, with revenue up 5.2% year-over-year.
Gross margin improved to 23.7% from 21.5%, driven by higher average sales prices and stable input costs.
Adjusted EBIT rose 20% to DKK 34 million, with a margin of 9.6% (vs. 8.4% last year).
Financial highlights
Free cash flow was DKK 32 million, up from DKK 26 million in Q2 last year.
Net profit increased to DKK 22.3 million from DKK 18.9 million.
Net debt at end of Q2 was DKK 343 million, up from DKK 326 million, mainly due to a DKK 31 million dividend.
Adjusted EBITDA for Q2 was DKK 42.6 million (margin 12.2%).
H1 2025 revenue was DKK 657.1 million, up 5.2% year-over-year.
Outlook and guidance
Full-year 2025 revenue guidance narrowed to DKK 1,250–1,300 million (from DKK 1,250–1,325 million).
Adjusted EBIT guidance narrowed to DKK 90–110 million (from DKK 90–115 million).
Guidance assumes full ownership of Celebert by year-end; delay would have minimal impact.
H2 growth depends on B2C recovery and B2B/project sales improvement.
Macroeconomic turbulence and weakening consumer confidence may impact short-term demand.
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