TCM Group (TCM) Q2 2025 earnings summary

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.