TCM Group A/S
Consumer goods·TCM · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Torben Paulin CEO Anders Skole-Sørensen Chair About TCM Group TCM Group is Scandinavia’s third-largest kitchen manufacturer, with headquarters in Denmark and selling through approximately 220 points of sale across Scandinavia.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Interest rates
Macro
DriverPositive impact: strengthens
“A year of measured recovery The macroeconomic environment in 2025 showed signs of gradual improvement, with interest rates stabilising at lower levels and consumer confidence slowly rebuilding.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The market for larger building projects is expected to benefit from lower interest rates feeding through to increased housing construction activity.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The B2B project market, while still below historical levels, is likely to benefit to a limited degree from lower interest rates working their way through to increased housing construction activity.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Interest rate risks The Group is exposed to the risk of increases in the interest rate, which may have an impact on the Group's earnings.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“It is Group policy to fully or partially hedge interest rate risks on loans if the risk is material.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Construction
End markets
DriverNegative impact: weakens
“While the market for new builds continued to show tentative signs of recovery during the year, especially within the turnkey segment, activity levels in the project market remained modest and significantly below the historical norm.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The market for larger building projects is expected to benefit from lower interest rates feeding through to increased housing construction activity.”
Annual report 2025A · The company itself
Market
“B2B comprises sales where the stores contract with professional customers, e.g. house builders and project developers.”
Annual report 2025A · The company itself
Market
“The Group achieved revenue growth of 6.3%, reaching DKK 1,279 million (2024: DKK 1,204 million). The increase was driven mainly by organic growth, fairly evenly split between the B2C and B2B segments (e.g. turnkey housing).”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Housing market
Macro
DriverPositive impact: strengthens
“Sales in the Danish housing market rose in 2025, but remained somewhat below the peaks seen before the pandemic.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Higher transaction activity is generally supportive of kitchen demand, as home purchases are typically followed by renovation and upgrading activities.”
Annual report 2025A · The company itself
Market
“The Group achieved revenue growth of 6.3%, reaching DKK 1,279 million (2024: DKK 1,204 million). The increase was driven mainly by organic growth, fairly evenly split between the B2C and B2B segments (e.g. turnkey housing).”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Chains out: this strengthens Construction, strengthens Residential construction
E-commerce
Technology
StrategyPositive impact: strengthens
“This transaction gave TCM Group full ownership of one of the leading online kitchen retailers in our market, significantly enhancing our digital capabilities and omni-channel offering. This acquisition is fully aligned with our strategic ambition to engage with consumers wherever they choose to interact with our brands.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The acquisition supports TCM Group’s strategy of strengthening its position in the fast-growing online sales channel.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Since it was founded in 2007, Celebert has been a pioneer in the Danish online kitchen market.”
Annual report 2025A · The company itself
Market
“Celebert ApS is a well-established online retailer of kitchens, bathroom interiors, wardrobes and white goods.”
Annual report 2025A · The company itself
Retail
End markets
StrategyPositive impact: strengthens
“The four acquired stores are targeted for divestment and transfer to local ownership during 2026.”
Annual report 2025A · The company itself
Market
“Combined, the brands cover the entire price spectrum. Products are mainly marketed through a network of franchise stores and independent kitchen retailers.”
Annual report 2025A · The company itself
Market
“Celebert ApS is a well-established online retailer of kitchens, bathroom interiors, wardrobes and white goods.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Automation and robotics
Technology
StrategyPositive impact: strengthens
“Investment in production capabilities In 2025, we made a major investment in a new automated lacquering facility, marking a significant advancement in our manufacturing capabilities. This state-of-the-art facility enables TCM Group to meet growing demand for lacquered kitchen products with superior quality, enhanced efficiency and an almost unlimited colour palette.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Investments Investments in property, plant and equipment amounted to DKK 16.5 million (2024: DKK 21.0 million) and mainly related to the investment in the new lacquering facility as well as various other minor modernisations within the factories. Investments in intangible assets amounted to DKK 34.3 million (2024: DKK 28.3 million) and related to the new Group-wide ERP platform, with the first wave expected to be rolled out in the first half of 2026.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Norway, our largest international market, faced continued challenges, including an economic slowdown that affected consumer confidence and demand for home improvement products.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Strategy TCM Group’s strategy is to deliver double-digit annual growth in the short to medium term across all brands, markets and channels. At the same time, we are committed to sustaining top tier profitability and robust cash flow.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“Resource use and waste management TCM applies circular economy principles by promoting efficient resource use, minimising waste and extending material lifecycles. This is achieved by using recycled and recyclable materials where feasible, optimising production processes, and systematically reusing or recycling waste.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We see an opportunity in circularity, as we are already using materials with a high degree of recycled content.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Other currencies
Macro
DriverNegative impact: weakens
“Currency risks Transaction exposure occurs when sales and costs are in different currencies. Exchange rate fluctuations may have an impact on the Group’s earnings and valuation of assets.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In terms of invoicing sales in NOK, the Group applies a hedging strategy to limit the impact of currency fluctuations for up to six months ahead.”
Annual report 2025A · The company itself
Batteries and energy storage
Technology
Market
“Business and Financial Review In 2025, TCM Group delivered results that showed both strategic progress and operational discipline, proving its ability to navigate in a challenging Nordic kitchen market that continued to experience restrained activity, particularly within the B2B project segment.”
Annual report 2025A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“Progress in digital transformation Our multi-year ERP implementation project advanced significantly in 2025, remaining on track for Wave 1 go-live in the second quarter of 2026.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Electric vehicles and EV batteries
End markets
StrategyPositive impact: strengthens
“Company cars TCM operates a fleet of company cars consisting of 34 passenger vehicles and commercial vans. To reduce our impact, we have updated our company car policy to ensure that we transition to electric cars as existing vehicles are replaced.”
Annual report 2025A · The company itself
ESG and sustainability reporting
Regulation
StrategyPositive impact: strengthens
“Across all activities, we are committed to acting responsibly with respect to people, planet and products.”
Annual report 2025A · The company itself
Industrial manufacturing
End markets
Market
“Torben Paulin CEO Anders Skole-Sørensen Chair About TCM Group TCM Group is Scandinavia’s third-largest kitchen manufacturer, with headquarters in Denmark and selling through approximately 220 points of sale across Scandinavia.”
Annual report 2025A · The company itself
Premium consumers
End markets
Market
“Consumers CUSTOMERS/SALES We distribute most of our products to thousands of endcustomers through a retail network comprising 220 points of sale across Scandinavia, including 110 branded stores.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Real estate
End markets
Market
“The product offering includes kitchens, bathroom furniture and storage solutions.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Consumer spending
Macro
DriverNegative impact: weakens
“The B2C** segment did not fully provide the expected momentum throughout the year, as consumers were still reluctant to prioritise kitchen renovations and upgrades.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Consumer confidence appears to be gradually improving, albeit from a very low level, and sales in the housing sector remain strong, although consumers continue to be wary of making big investments and thus only modest growth is expected in the B2C segment of the kitchen market.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Norway, our largest international market, faced continued challenges, including an economic slowdown that affected consumer confidence and demand for home improvement products.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Europe
Geography
InputNegative impact: weakens
“Sourcing Our focus is a local supply chain, and more than 90% of our direct materials are sourced in Europe.”
Annual report 2025A · The company itself
Geography
“These suppliers are primarily located in Europe, in most cases relatively close to our production sites in Tvis and Aulum, Denmark. In 2025, 92% of materials directly used in our production were made in Europe.”
Annual report 2025A · The company itself
Buying contract manufacturing and research (CMO/CRO/EMS)
Raw materials and inputs
InputNegative impact: weakens
“Bottlenecks in production continued, due in particular to high demand for lacquered products. As a result, overtime-related production costs and external sourcing costs were high, temporarily pressuring margins.”
Annual report 2025A · The company itself
Chains in: Biotech and drug development strengthens
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Production risks The Group is exposed to the risk of not being able to fulfil customer orders, for example due to fire, machine failure or lack of personnel. Fire prevention is a Management priority and is conducted in collaboration with our insurance company.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“CYBER Risks The Group relies on IT systems in its day-to-day operations. Disruptions or faults in critical production systems have a direct negative impact.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Electricity
Raw materials and inputs
DriverNegative impact: weakens
“The impact of fluctuating energy prices is an obvious risk, as is the use of materials/items that are hard to replace with better alternatives.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Bottlenecks in production continued, due in particular to high demand for lacquered products. As a result, overtime-related production costs and external sourcing costs were high, temporarily pressuring margins.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Currency risks Transaction exposure occurs when sales and costs are in different currencies. Exchange rate fluctuations may have an impact on the Group’s earnings and valuation of assets.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Denmark
Geography
Geography
“In Norway, which represents approximately 19% of our business, we saw a stabilisation in market conditions from a low point, and TCM Group sales grew 9% organically, primarily through our main partner in Norway, Optimera, albeit the recovery remained uneven across segments.”
Annual report 2025A · The company itself
Geography
“HIGHlights of the year Revenue, DKK 1,279 m (1,204) Adjusted EBIT Margin 7.7 % (7.5) Market distribution Denmark 80% (80) Norway 19% (19) Other countries 1% (1) During 2025, we allocated substantial resources to system configuration, data migration and rigorous testing to ensure a smooth system transition.”
Annual report 2025A · The company itself
Geography
“Manufacturing is largely carried out in-house at four manufacturing sites located in Tvis and Aulum (in the western part of Denmark).”
Annual report 2025A · The company itself
Geography
“Commercial and Market Development The Danish market remains the cornerstone of TCM Group’s commercial performance. Revenue in Denmark grew to DKK 1,025 million, a 5.8% increase, reflected in growth in both the B2B and B2C segments.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“In Norway, which represents approximately 19% of our business, we saw a stabilisation in market conditions from a low point, and TCM Group sales grew 9% organically, primarily through our main partner in Norway, Optimera, albeit the recovery remained uneven across segments.”
Annual report 2025A · The company itself
Geography
“The majority of our business is concentrated in Denmark, with Norway the primary export market.”
Annual report 2025A · The company itself
Geography
“International markets contributed a combined DKK 254 million in revenue. Norway, our largest international market, faced continued challenges, including an economic slowdown that affected consumer confidence and demand for home improvement products.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“Trend, Varm Grå Statements Financial statements TCM Group Annual report 2025 Financial and non-financial highlights Financial Revenue, DKK 1,279 m (1,204) Adjusted EBIT, DKK 98 m (90) Leverage Ratio (31 December) 3.04 (2.50) NWC ratio (31 December) 0.5 % (-1.2) Non-Financial AVERAGE NO. of EMPLOYEES (FTE) 498 (460) 36% (34) Women 64% (66) Men Co 2 emissions reductioN 2025 (scope 1 and 2) 51 % compared with baseline year (2021) Committed to SBTI market overview The overall level of the Danish and Norwegian kitchen markets naturally impacts TCM Group.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Water
Raw materials and inputs
InputNegative impact: weakens
“Very limited amounts are used in production to support our lacquering processes, and any resulting wastewater is carefully separated and disposed of in the right manner.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.28 bn DKK |
| Revenue growth vs. the year before, same method | 6.3 % |
| EBITDA reported by the company | 0.15 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 7.48 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.