TCM Group (TCM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 17.6% year-over-year to DKK 362–362.4 million, with organic growth of 8.2%.

• Gross margin improved to 23.3% from 21.1%, driven by B2C mix, efficiency gains, and favorable sales mix.

• Adjusted EBITA increased to DKK 26.1 million (7.2% margin), up from DKK 19.6 million (6.4%).

• Free cash flow rose to DKK 48–48.1 million from negative DKK 3.7–4 million, driven by improved net working capital.

• Net profit reached DKK 15.0 million, up from DKK 12.1 million year-over-year.

Financial highlights

• Adjusted EBITDA was DKK 32.8 million (9.1% margin), up from DKK 25.9 million (8.4%).

• Cash conversion ratio over 12 months was 106–106.1%.

• Net interest-bearing debt increased to DKK 371.2–372 million, mainly due to the Celebert acquisition.

• Leverage ratio stable at 2.6, within covenants.

• Solvency ratio stood at 45.7%, slightly down from 47.0% last year.

Outlook and guidance

• Full-year 2026 revenue expected between DKK 1,400–1,500 million; adjusted EBITA between DKK 120–140 million.

• Guidance maintained despite volatile order intake, input cost inflation, and geopolitical uncertainties.

• Q2 and Q3 margins expected to be impacted by input cost inflation, with recovery in Q4.