TCM Group (TCM) Q2 2026 earnings summary

Executive summary

• Q2 revenue increased 7.4% year-over-year to DKK 375 million, with organic growth of 0.6%.

• Norway revenue surged 22.7% year-over-year, reflecting improved trading conditions and market recovery.

• Order intake was significantly higher than last year in both B2B and B2C, boosted by pre-July price increases.

• CEO transition occurred on August 1st, with Jens-Peter Poulsen taking over.

• B2C segments drove growth, while B2B remained weak due to external uncertainties.

Financial highlights

• Gross margin stable at 23.8% (up from 23.7% in Q2 2025); year-to-date gross margin at 23.5% vs. 22.5% last year.

• Adjusted EBITA/EBITDA was DKK 32.2 million (margin 8.6%), down from DKK 36.1 million (margin 10.3%) in Q2 2025.

• Net working capital ratio improved to -2.3% from -0.7% last year.

• Free cash flow in Q2 was DKK 32.3 million, in line with last year; H1 free cash flow was DKK 80.4 million, up from DKK 28.5 million.

• Net interest-bearing debt rose to DKK 397 million, mainly due to the Celebert acquisition and dividend payout.

Outlook and guidance

• Full-year 2026 revenue expected at DKK 1.4–1.5 billion; adjusted EBITA/EBITDA guidance at DKK 120–140 million.

• Guidance maintained despite geopolitical uncertainties and mixed market signals.

• Gross margin expected to improve in H2, with Q3 in line with Q2 and Q4 higher.

• Lower OpEx ratio anticipated in H2 due to reduced one-off costs.