TCM Group (TCM) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue grew 6.3% to DKK 1,279 million, with Q4 revenue up 10.5% year-over-year to DKK 333 million and organic growth of 5.3%, driven by both B2B and B2C segments and international expansion, especially in Norway.

• Adjusted EBIT for FY 2025 reached DKK 98.3 million (margin 7.7%), reflecting operational efficiency and cost management.

• Net profit for FY 2025 rose to DKK 77.8 million, up 34.8% from the previous year.

• Completed acquisition of the remaining 55% of Celebert ApS for DKK 80 million, strengthening digital and omni-channel capabilities; four retail stores were also acquired for future divestment.

• Major investment in a new automated lacquering facility to enhance production efficiency and product quality.

Financial highlights

• FY 2025 revenue: DKK 1,279 million (up 6.3%); Q4 revenue: DKK 333 million (up 10.5% YoY), with 5.3% organic growth.

• Adjusted EBIT: DKK 98.3 million (margin 7.7%); adjusted EBITA: DKK 110.2 million; Q4 adjusted EBIT: DKK 31 million.

• Gross margin improved to 22.7% for FY and 24.3% in Q4.

• Net profit: DKK 77.8 million (up from DKK 57.7 million); earnings per share: DKK 7.51.

• Free cash flow for FY: DKK 43.9 million; net interest-bearing debt: DKK 416.8 million; leverage ratio: 3.04.

Outlook and guidance

• 2026 revenue expected between DKK 1.4 billion and DKK 1.5 billion.

• Adjusted EBITA for 2026 guided at DKK 120–140 million.

• Focus on full integration of Celebert ApS, maximizing new lacquering facility, and ERP roll-out.

• Guidance metric changed from EBIT to adjusted EBITA to better reflect underlying profitability.

• Moderately positive market development expected, with gradual improvement in consumer confidence.