TCM Group AS (OCSE:TCM)

Q1 2026 TCM Group A/S Earnings Call Transcript

May 21, 2026 / 07:30 AM GMT

Release Date Price: kr72 (+4.96%)

Transcript

Key Points

Positve

TCM Group AS (OCSE:TCM) reported a 17.6% increase in total sales for Q1 2026, with organic growth of 8.2%.
Revenue in Denmark, the company's main market, increased by 20% year-on-year, supported by growth in the B2C segment.
The gross margin improved to 23.3% in Q1, up from 21.1% last year, driven by a higher B2C share and efficiency gains.
Adjusted EBITDA increased to $26 million from $20 million in the same period last year, with an improved EBITDA margin of 7.2%.
Free cash flow in Q1 was $48 million, a significant improvement from minus $4 million in Q1 last year, due to positive developments in net working capital.

Negative

Order intake in the B2B segment was below last year, primarily due to fewer large project orders.
Net interest-bearing debt increased to $372 million at the end of the quarter, up from $322 million in Q1 last year, due to acquisitions.
The addition of labor and retail stores increased SG&A costs, impacting overall expenses.
Input cost inflation is expected to be significant, with a single-digit percentage increase, which may affect margins in Q2 and Q3.
Order intake remains volatile, with potential negative impacts from geopolitical turmoil on consumer confidence and demand.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TCM.CO - TCM Group A/S
Q1 2026 TCM Group A/S Earnings Call
May 21, 2026 / 07:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, ladies and gentlemen, and welcome to the presentation of the first quarter results for TCM Group.

Presenters today are our interim CFO, Hans Barslund and myself, CEO, Torben Pauling.

And we will comment on the business and the financial results, after which we will hand over to the operator for the Q&A session.

Let us start the presentation and turn to Page 2 for the business update.

Sales in the first quarter of 2026 developed in line with our expectations, with growth in both the B2B and B2C segments.

Total sales for the quarter increased by 17.6% on DKK, corresponding to organic growth of 8.2%. Revenue in Norway increased by 9.3% compared to Q1 '25, reaching DKK71 million,

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