Page 1

TCM Group Management's review Interim report Q3 2021 ( July 1 - September 30 ) ( All figures in brackets refer to the corresponding period in 2020 ) TCM Group Continued good growth in Q3 . Earnings in Q3 impacted by supply chain disruptions and timing of price increases . CEO Torben Paulin : " In Q3 customer demand remained solid and supported revenue growth . Organic like - for - like growth was 10 % , and reported sales grew 6.1 % , which included a negative impact from the divestment of the Svane Køkkenet store in Copenhagen , and the divestment of the e - commerce activities within kitchn.dk ( now part of the merged Cele- bert / kitchn.dk business ) . We continue to see solid growth rates in revenue outside Denmark , which was up 16 % compared to third quarter last year . At the same time , we are in an unprecedented situation with significant instability and challenges in the supply chain across the entire kitchen industry . This leads to on - going mitigation to ensure as high delivery assurance as possible despite the challenges in the supply chain , generating additional costs and thereby a temporary negative impact on earnings short - term . All employees in TCM Group as well as our dedicated staff in the store network are doing their utmost to handle the current situation , and I am genuinely impressed with their daily efforts to limit the impact on our end customers caused from this challenging situation . Furthermore , earnings in Q3 were negatively impacted by significantly increased raw material prices . We have already implemented sales price increases , which will mitigate the negative impact from the raw material price increases in Q4 . As a result of the above , adjusted EBIT ended at DKK 31.7 million compared to DKK 33.1 million in Q3 last year . EBIT in the quarter was DKK 43.7 million compared to DKK 32.1 million in Q3 last year , positively impacted by a non - recurring net gain from the Celebert / kitchn.dk transaction of DKK 15.5 million . We are pleased with this transaction , which will enable us to put even more traction in growing our online business and presence . We reiterate our full year revenue guidance in the range DKK 1,090-1,120 million , and for the adjusted EBIT we narrow our guidance to be in the range DKK 148-155 million . " TCM Group A / S , Skautrupvej 16 , DK - 7500 Holstebro , Company reg . ( CVR ) no : 37291269 Page 1 of 20