For those who are not yet familiar with TCM Group, could you give us an overview of what your company does and which markets you serve?

TCM Group is the third-largest manufacturer of kitchen, bathroom, and storage solutions in Scandinavia. While we sit behind two larger Swedish competitors, we differentiate ourselves by being a truly Danish company. We keep our production local, manufacturing the vast majority of our products across our own four factories here in Denmark.

Our business is built on a multi-brand strategy. We own and develop the concepts for four distinct brands, each positioned to adress different parts of the market, complemented by a private label business. To stay ahead of shifting consumer habits, we also recently added Celebert, which operates as a dedicated online retailer.

In terms of revenue, our footprint is clear: 80% of our revenue comes from Denmark and 20% comes from Norway. We have a small presence in the Faroe Islands and Iceland, but our core strength remains our dominant position and localized manufacturing within the Danish and Norwegian markets.

You are currently investing in a new automated lacquering facility, does the demand for colored kitchens reflect a broader shift in design and consumer trends, and is your product portfolio affected overall?

One of our key success factors, especially with our Svane Køkkenet brand, is our continuous investment in product development to ensure we stay ahead of consumer trends. We’ve seen a major shift in demand recently: five years ago, white kitchens made up over half of our sales, but today’s buyer want color and wood finishes. Whether it’s solid wood, veneer, or high-quality laminates, the move away from plain white is clear, with colored kitchens now seeing double-digit growth in revenue share.

To capitalize on this, we are investing in a new automated lacquering facility. This allows us to offer these trends across all price levels throughout our various brands. Beyond just adding color, we’re seeing a specific trend toward matte finishes, similar to the shift seen in the luxury car industry. By staying on top of these design movements and having the manufacturing capacity to back them up, we ensure our portfolio remains relevant and highly competitive.

With the full acquisition of Celebert, you are also planning on integrating it into TCM Group in 2026. Would you like to expand on the strategy behind the acquisition, and do you see any potential cost-saving synergies between the businesses?

Our move into full ownership of Celebert is driven by a simple reality: the kitchen industry is digitizing, and we want to lead that shift rather than react to it. Years ago, we tried running our own web shop, Kitchen.dk, but we quickly realized we weren’t e-commerce specialists. When the pandemic hit and online sales spiked, we saw a massive opportunity. Instead of just supplying a competitor, we decided to consolidate our online efforts, initially taking a 45% stake in Celebert, which has now evolved into a full acquisition.

While Celebert started as a testing ground for us to learn about digital tools and software, it has grown into an important high-volume business. By bringing Celebert fully into the TCM Group, we’re capturing value at both ends. We manufacture the products and sell them directly through our own digital retail channel. Beyond the sales, we see significant synergies in areas like procurement, freight solutions, and administrative overhead. Most importantly, the expert knowledge we’ve gained through Celebert is now a core asset that we can use to digitalize our other brands and stay ahead of the curve.

Consolidating the Nordic market has been a core part of our M&A strategy since we went public in 2017, with a primary focus on expanding our footprint in Norway and Sweden. Our acquisition of AUBO in 2023 is a perfect example of this. Although AUBO is a Danish company, we viewed it as a Norwegian target because two-thirds of its revenue was generated in Norway, making it a key piece of our growth strategy in that region.

While we have identified several potential targets in the Swedish market to further our consolidation goals, we aren’t in any active dialogues at this exact moment. However, we have proven that we can move quickly when the right opportunity arises. With AUBO, we went from the first phone call to a closed deal in less than four months. We remain opportunistic and ready to act when a target aligns with our goal of strengthening our position across the Nordics.

The B2B segment remains well below historical levels while your B2C recovery has been the key growth driver, how dependent is your 2026 guidance on a recovery in B2B and how are you positioning TCM Group for a potential increase in demand?

To reach the top end of our 2026 guidance, we need both the B2C and B2B segments to perform. In a stabilized market, B2B typically accounts for 60% of our business, so it is a vital pillar for us. While B2C has been our primary driver recently, the higher end of our guidance reflects the necessity of a broader recovery across both sectors.

We are fully prepared for a resurgence in demand. On the operational side, we maintain enough spare capacity across our factories to scale up immediately without being affected of bottlenecks. To ensure we are the preferred partner for large-scale building projects, we have leaned heavily into ESG initiatives. We now have all the necessary certifications and data transparency that modern developers require.

Furthermore, we’ve translated our design success in the consumer market into our B2B portfolio, offering on-trend wood and color finishes at highly competitive price points. Since we execute our B2B business through our physical stores, we have spent the last few years ensuring our retail partners have the right expertise and people in place to handle complex project sales. Our pipeline is growing, and while external factors like interest rates and energy costs remain variables, we are in a strong position to capture our fair share of the market as it recovers.

TCM Group manufactures almost entirely in Denmark when many competitors rely on imports, how central is the ”made in Denmark” identity to your pricing power and brand positioning, and do you see it as a long-term advantage or something that becomes harder to defend as cost pressures increase?

Our strategy is to manufacture as much as possible in-house, but we only do so if we can remain competitive. While we are proud to be Danish based, we are pragmatic about it. If a specific component can be produced better or more efficiently by another specialist, we will source it from them. Our focus is on staying competitive in the marketplace, not just adhering to a label. 

That said, our Danish manufacturing is currently a major long-term advantage. The ”Made in Denmark” identity has evolved from something that might have felt old-fashioned into a hallmark of the highly sought-after Nordic design movement. Beyond aesthetics, it is now a critical asset for ESG and sustainability. As more B2B projects require certifications like DGNB, our low transportation costs and transparent social standards give us a clear edge over competitors sourcing from across the globe. 

To defend this position against cost pressures, we are committed to continuous investment in automation and efficiency. We believe we can manufacture here in Denmark indefinitely as long as we remain the most efficient players in the room. Furthermore, the Danish labor market provides us with a unique advantage, a highly flexible workforce allows us to scale up during booms and reduce capacity quickly during cyclical downturns. This agility is one of our key success factors, allowing us to protect our margins regardless of the economic climate.

Many investors look at competitors, who have invested heavily in massive, state-of-the-art automated factories, and while that setup might offer the lowest price per unit at peak production, it comes with massive, fixed costs, and interest that must be paid even when the market is in a downturn.

We take a different approach. By remaining semi-automated, we maintain a level of operational flexibility that is rare in this industry. Because we rely on a skilled, flexible workforce rather than just massive, fixed infrastructure, we can scale our capacity up or down in direct response to demand.

If you look at our historical performance, this flexibility has allowed us to protect our margins and remain profitable through both the highs and the lows of the economic cycle. While most people view kitchens as a volatile, cyclical industry, our model makes us much more stable than one might expect. Ultimately, our greatest strength and what our long-term investors value most is our consistent ability to remain cash-flow positive regardless of market conditions.

Where do you see TCM Group in a year from now, and what is the strategy to get there?

Looking ahead, our focus is on optimizing the entire value chain. While growth is always on our radar, we are currently prioritizing profitability and operational efficiency. We are making significant investments in our production facilities and a new ERP system to become a more data-driven organization, a move that is essential to maintaining our competitive edge as a Danish manufacturer.

A major part of this strategy involves a comprehensive effort to simplify our assortment and production processes across our brands and four factories. Following the acquisitions of Nettoline, AUBO, and now Celebert, we are finally integrating and streamlining our operations. This is a big undertaking, but it is already increasing our flexibility and efficiency.

To give a practical example, we recently overhauled our lighting systems. Previously, we managed four different suppliers with varying measurements and installation methods. Today, we have moved to a single, modern LED system used across all four brands. This has not only reduced our supplier count and lowered procurement costs significantly but also made the product far easier for our showroom consultants to sell and install. This is just one small example of the broader synergy and optimization work that will define our position a year from now. 

Could you name three reasons why TCM Group is an interesting investment opportunity today?

First, we have a unique multi-brand advantage. We own some of the most established names in the industry, including Tvis Køkkener, Denmark’s oldest kitchen brand, and Svane Køkkenet, our flagship brand which is well-positioned across both Denmark and Norway. We have spent the last five years ensuring that each of our four brands has a distinct identity and market position. This prevents us from cannibalizing our own sales and allows us to capture a much broader share of the total market than a single-brand company could.  

Second, we have proven our resilience at the low point of the cycle. Even in a challenging economic environment, we remain profitable. We are committed to returning value to our shareholders; in fact, at our AGM on April 9, 2026, we approved a dividend payout at the higher end of our policy, distributing 60% of last year’s profit. Our flexible manufacturing model allows us to protect margins and maintain cash flow regardless of market volatility.

Third, we are investing in optimizing our business operations through increased digitalization. We believe this will be a key driver of margin protection in the future, and we expect to begin realizing these benefits as more and more of our business is implemented on our new ERP system, while still retaining the flexibility advantages of our semi-automated strategy.

Finally, there is a significant valuation gap. When we went public in 2017, our share price was 98 DKK. Today, it is available for about two-thirds of that price, around 65 DKK. However, the company is much stronger today than it was at the IPO. Since then, we have added AUBO and Celebert to our portfolio, and our revenue is more than 50% higher. Buying into TCM Group today means acquiring a significantly larger, more efficient business at a major discount compared to its debut. Analyst target prices from SEB, Danske Bank, and DNB Carnegie are in the range of DKK 83–94, also acknowledging additional upside potential in the TCM share.