Q2 2026 TCM Group A/S Earnings Call Transcript
Key Points
- Total revenue increased 7.4% year-on-year to DKK375 million, with organic growth of 0.6%.
- Revenue in Norway surged 22.7% to DKK80 million, driven by improved trading conditions.
- Order intake in Q2 was significantly higher than last year in both B2B and B2C segments.
- Gross margin improved slightly to 23.8% from 23.7% in Q2 last year, with year-to-date margin up to 23.5% from 22.5%.
- Free cash flow for H1 2026 improved significantly to DKK80 million from DKK29 million in the prior year, with cash conversion at 107%.
- Organic revenue growth was only 0.6%, with Denmark experiencing an organic decline of 4.1%.
- Adjusted EBITA decreased to DKK32.2 million from DKK36.1 million, with margin down to 8.6% from 10.3%.
- Operating expenses increased 23% to DKK62.8 million, driven by acquisitions and organizational upgrades.
- Net interest-bearing debt rose to DKK397 million from DKK343 million, with leverage ratio increasing to 2.7 times.
- Order intake was negatively impacted by softer demand in March and April, and July saw a slowdown due to price increase effects.
Good day, and thank you for standing by. Welcome to the TCM Group interim Q2 2026 report conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Jens-Peter Poulsen.
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Good morning, ladies and gentlemen, and welcome to the presentation of the second quarter results for TCM Group. As most of you will know, I took over as CEO of TCM Group on August 1, succeeding Torben Paulin. I'm happy to have joined TCM Group and returned to the kitchen industry. I've actually followed TCM Group from the sidelines since my time at Kvik started back in 2013.
Presenters today are our Interim CFO, Hans Barslund; and myself, Jens-Peter Poulsen, as CEO, and we will comment on the business and the financial results, after which we'll hand over to the operator for the Q&A session.
Let's start the presentation and turn to page 2 for the
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