TCM Group reported a 7.4% year-over-year increase in Q2 2026 revenue to DKK 375 million, driven by a 22.7% rise in Norway and higher third-party sales. Organic growth remained flat at 0.6%, reflecting a 4.1% decline in the group's core Danish market, which still accounted for 78.1% of total revenue.
Adjusted EBITDA declined 10.8% to DKK 32.2 million, pushing the margin down to 8.6% from 10.3% a year earlier. Gross margin edged up to 23.8% from 23.7%, but operating expenses rose to DKK 62.8 million, or 16.8% of revenue compared with 14.7% in Q2 2025. Non-recurring costs of DKK 1.5 million related to management transitions, including the August 1, 2026 appointment of Jens Poulsen as CEO.
Free cash flow was broadly stable at DKK 32 million, while net working capital widened to -DKK 31.5 million from -DKK 11.2 million a year ago, reflecting a net working capital ratio of -2.3%. Net interest-bearing debt increased to DKK 397 million from DKK 343 million, lifting the leverage ratio to 2.7 times from 2.5 times.
The company maintained its full-year 2026 guidance, projecting revenue between DKK 1.4 billion and DKK 1.5 billion and adjusted EBITDA of DKK 120 million to DKK 140 million. Year-to-date figures showed first-half free cash flow at DKK 80 million, up from DKK 29 million in the same period last year, with CapEx totaling DKK 26 million. A DKK 46 million dividend was paid in Q2 following approval at the April annual general meeting.
Analyst Kristian Tornøe Johansen of SEB noted the group's ability to convert cash flow remained strong at 107% over the last 12 months, despite margin headwinds. The company also extended its exclusive agreement with Norwegian partner Optimera from three to five years, strengthening its distribution network in the region.
