TCM Group (TCM) Q1 2026 earnings summary

Executive summary

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

• Growth was seen in both B2B and B2C segments, with B2C driving higher order intake.

• Revenue in Denmark rose 20% year-over-year to DKK 288.7 million, accounting for nearly 80% of group revenue.

• Addition of Celebert and two retail stores contributed to revenue and segment expansion.

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

Financial highlights

• Adjusted EBITA reached DKK 26.1 million (7.2% margin), up from DKK 19.6 million (6.4%) in Q1 2025.

• Gross margin increased to 23.3% from 21.1%, driven by B2C mix, efficiency projects, and supply chain improvements.

• Free cash flow was DKK 48.1 million, compared to -DKK 3.7 million in Q1 2025.

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

• Earnings per share before dilution: DKK 1.45 (up from DKK 1.15).

Outlook and guidance

• Full-year 2026 revenue expected between DKK 1.4–1.5 billion; adjusted EBITA between DKK 120–140 million.

• Guidance maintained despite volatile order intake, macroeconomic uncertainty, and geopolitical risks.

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