TCMNasdaq CopenhagenFurnishings, Fixtures & AppliancesIFRS · DKK

TCM Group A/S

TCM Group A/S is a Denmark-based kitchen manufacturer that designs, produces, and sells fitted kitchens and related storage solutions. The business serves the Nordic market through a portfolio of brands and sales channels that reach both retail consumers and professional partners.

Kysy yhtiöstä
Liikevaihto1 279milj. DKK
+6,3 %v/v
Liikevoitto (EBIT)116milj. DKK
+28,8 %v/v
EBIT-marginaali9,1%
+1,6 %-yks.v/v
Nettotulos77,8milj. DKK
+34,8 %v/v
Vapaa kassavirta70,9milj. DKK
−14,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05001 0001 500milj. DKK2020: 1 025 milj. DKK2020: EBIT 135 milj. DKK20202021: 1 108 milj. DKK2021: EBIT 138 milj. DKK20212022: 1 146 milj. DKK2022: EBIT 97 milj. DKK20222023: 1 111 milj. DKK2023: EBIT 46 milj. DKK20232024: 1 204 milj. DKK2024: EBIT 90 milj. DKK20242025: 1 279 milj. DKK2025: EBIT 116 milj. DKK20251 279116
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: TCM Group A/S

Liiketoiminta

Osuus liikevaihdosta
Kitchen systems70 %

Complete fitted kitchen solutions including cabinets, fronts, and core components.

Accessories and upgrades15 %

Worktops, sinks, fittings, and other add-on products sold with kitchen projects.

Storage and bathroom furniture10 %

Related furniture and storage solutions sold alongside kitchen offerings.

Services and project support5 %

Design, specification, and sales support provided through the retail network.

Asiakkaat

TCM Group sells primarily to households that are renovating or replacing kitchens, as well as to customers buying through retail partners and kitchen specialists. The company also serves professional buyers involved in housing projects and development activity where standardized kitchen packages are specified. Its business depends on consumer confidence, housing turnover, and the strength of its dealer and brand network.

Private consumers

Households buying fitted kitchens and related accessories for renovation or replacement.

Retail partners and dealers

Independent stores and chains that specify and sell TCM products to end customers.

Housing projects

Developers and contractors purchasing standardized kitchen packages for new-build projects.

Strategia

TCM Group's business model is built around brand-led kitchen sales through a mix of consumer and partner channels. Its strategic position depends on maintaining a relevant product range, efficient manufacturing, and a sales network that can convert renovation demand into orders.

Channel strengthKeskipitkä aikaväli

A broad dealer and retail network is central to reaching end customers and converting kitchen projects.

Operational efficiencyKeskipitkä aikaväli

Kitchen manufacturing is order-driven and requires tight control of production planning and delivery reliability.

Product and brand differentiationPitkä aikaväli

Differentiated designs and brand concepts help the company win in a fragmented replacement market.

Maantiede

TCM Group is headquartered in Denmark and is closely tied to the Nordic kitchen market. Its commercial exposure is concentrated in Denmark and neighboring Nordic countries, where housing renovation activity and retail distribution are important demand drivers.

Riskit

TCM Group is exposed to demand swings in renovation and housing-related spending, which can affect order intake and production planning. The business also faces execution risk in dealer channels, sourcing and manufacturing, and competition from other kitchen brands and private-label alternatives. Because many products are made to order, changes in volume or mix can quickly affect inventory, capacity use, and reported margins.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Cyclical demand in renovation markets1Channel dependence2Manufacturing and supply chain execution3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Cyclical demand in renovation marketsVaikutus: KorkeaTodennäköisyys: Korkea

    Kitchen purchases are discretionary and linked to housing activity and consumer sentiment.

    Kohdistuu: Nordic consumer and renovation demand

  2. Channel dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A significant portion of sales flows through retail partners and dealers, so channel performance matters.

    Kohdistuu: Retail and dealer network

  3. Manufacturing and supply chain executionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Order-driven furniture production requires reliable sourcing, scheduling, and delivery performance.

    Kohdistuu: Production capacity and components

Kysy Clarifolta: TCM Group A/S

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Kitchen sales are typically recognized when control transfers, which makes delivery and acceptance timing important.

Vaikutus: Can shift revenue between quarters

Inventory and finished goods

Made-to-order production and component stocking require judgment on obsolescence and valuation.

Vaikutus: Affects cost of sales and gross margin

Provisions and warranties

Furniture products may require warranty coverage and customer claims estimates.

Vaikutus: Affects operating expenses and liabilities

IFRS 16 leases

Stores, showrooms, warehouses, and offices may be leased rather than owned.

Vaikutus: Affects EBITDA-like measures and balance sheet leverage

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Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.10.2026