TCM Group Targets Growth with Cautious 2026 Financial Outlook

TVIS, Denmark – February 25, 2026

TCM Group A/S, Scandinavia’s third-largest kitchen manufacturer, has announced a cautiously optimistic financial outlook for 2026, projecting significant growth while navigating a complex economic landscape. The company forecasts full-year revenue in the range of DKK 1,400-1,500 million and an adjusted EBITA between DKK 120-140 million. This guidance signals confidence in its strategic initiatives and a belief in a gradually improving market, even as consumers remain hesitant about major purchases.

The projections represent a notable acceleration in growth. The revenue target indicates a potential increase of 9.4% to 17.3% over 2025’s actual revenue of DKK 1,279.2 million. This follows a more modest 6.3% growth from 2024 to 2025, suggesting the company anticipates a stronger performance ahead. The forecast for adjusted EBITA, a newly adopted key metric for the company, also points to robust profitability growth of 8.9% to 27.0% over the DKK 110.2 million achieved in 2025. This outlook is underpinned by a multi-pronged strategy focused on operational efficiency, digital integration, and targeted market share gains.

Navigating a Recovering Market

TCM Group’s forecast is rooted in an expectation of “moderately positive development” across its core Scandinavian markets. The company acknowledges that consumer confidence is only “gradually improving, albeit from a very low level.” This nuanced view reflects the broader economic reality where, despite easing inflation and lower interest rates, households remain circumspect about significant investments.

This caution is expected to temper growth in the business-to-consumer (B2C) kitchen segment to modest levels, even with a strong underlying housing market. In contrast, the business-to-business (B2B) market, which has lagged behind historical performance, is showing signs of improvement. TCM Group anticipates that the market for larger building projects will particularly benefit from lower interest rates, which are expected to stimulate new housing construction activity. This dynamic creates a mixed but hopeful picture, where different market segments are recovering at varying paces.

The company's historical performance lends credibility to its projections. In both 2024 and 2025, TCM Group delivered results at the top end of its financial guidance, demonstrating a solid track record of forecasting and execution in a challenging environment. This history suggests its 2026 outlook, while ambitious, is grounded in realistic operational planning.

The Engine Room: Driving Internal Efficiency and Integration

Central to TCM Group’s 2026 strategy are three major internal initiatives designed to enhance efficiency, expand digital reach, and streamline operations. According to the company, it will focus on the full integration of Celebert ApS, maximizing the value of a new lacquering facility, and initiating the rollout of a new Enterprise Resource Planning (ERP) platform.

The full integration of Celebert ApS, an e-commerce business in which TCM Group acquired the remaining shares in late 2025, is a key move to strengthen its online and multi-channel sales capabilities. Celebert operates several digital storefronts, including Kitchn.dk and Billigskabe.dk, and its complete absorption into the group is expected to create synergies in marketing, logistics, and customer acquisition, allowing TCM to more effectively capture a growing online market segment.

Operationally, the company aims to maximize the benefits of its new lacquering facility. This investment was already contributing to reduced production costs in late 2025, and a full-year focus on optimizing its output is expected to drive further operational efficiencies and improve margins across its product lines. This internal improvement is crucial for maintaining competitive pricing and profitability.

Perhaps the most significant undertaking is the planned rollout of a new ERP platform. Such systems serve as the digital backbone of a manufacturing enterprise, integrating everything from supply chain and production to finance and customer relations. A successful ERP implementation promises to unlock substantial long-term efficiencies, improve data-driven decision-making, and enhance agility. However, these projects are notoriously complex and require significant investment and careful management to avoid operational disruptions.

A New Measure of Profitability

Coinciding with its 2026 outlook, TCM Group has made a significant change to its financial reporting, shifting its primary guidance metric to adjusted EBITA (EBITA excluding non-recurring items). The company states this change was made because the figure “better reflects the underlying profitability of the business.”

This move aims to provide investors with a clearer view of core operational performance by stripping out the impact of one-off events. For instance, in 2025, the company's financials included a positive non-recurring item of DKK 18.0 million related to the acquisition of Celebert ApS. By guiding on an adjusted figure, management seeks to focus attention on the sustainable earning power of its primary activities. While the use of such non-GAAP metrics can enhance clarity, it also requires scrutiny from investors to understand precisely what is being excluded and to ensure comparability with industry peers who may not report on the same basis.

Competing for the Scandinavian Home

With its internal house in order, TCM Group is setting its sights on aggressive market expansion. A key priority for 2026 is to gain market share in both the direct B2C segment and the B2B2C segment, which involves selling to developers for new housing projects. This ambition is backed by a robust multi-brand strategy that includes Svane Køkkenet, Tvis Køkken, Nettoline, and AUBO, covering virtually all price points in the market.

This strategy of growth through both organic means and acquisition was evident in its 2023 purchase of AUBO Production A/S, which significantly expanded its footprint in Denmark and Norway. By leveraging its diverse brand portfolio, extensive network of approximately 220 sales points, and enhanced digital channels through Celebert, TCM Group is positioning itself to compete effectively across the entire Scandinavian market. The company’s focus on sustaining its leadership in sustainability further provides a key differentiator in a market with increasingly conscious consumers.

As TCM Group moves into 2026, its strategy appears to be a calculated balance of capitalizing on market recovery while simultaneously strengthening its own operational foundation. The company’s ability to execute on its ambitious integration and efficiency projects will be critical to achieving its financial targets and solidifying its position in the competitive Scandinavian kitchen industry.