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TCM Group Management's review Interim report Q2 2026 ( April 1 – June 30 ) ( All figures in brackets refer to the corresponding period in 2025. ) TCM Group Continued growth and strong cash flow in a challenging market environment . Guidance maintained , supported by increasing order intake and a strong order book . CEO Jens - Peter Poulsen : " Sales in the second quarter developed broadly in line with our expectations . Total revenue for the quarter in- creased by 7 % year - on - year to DKK 375 million , with organic growth of 1 % . The increase in revenue was primar- ily driven by the B2C segments , whereas the B2B market remained weak due to uncertainty surrounding the situ- ation in the Middle East and rising energy prices . Once again , our strategy of maintaining a healthy balance be- tween B2C and B2B is proving its strength , as the two segments perform on different cycles . Overall order intake during the quarter was significantly higher than in the same period last year . A sales price increase was implemented with effect from 1 July , resulting in some orders being brought forward . Order intake improved in both B2B and B2C , and we entered the second half of the year with a strong order book . Despite the indirect effects of the conflict around the Strait of Hormuz , including rising raw material and freight costs , we maintained the positive development in our gross margin . Gross margin was 23.8 % in Q2 , compared to 23.7 % in Q2 2025. Year - to - date gross margin increased to 23.5 % , compared to 22.5 % in the same period last year . Operating expenses increased during the quarter due to the addition of Celebert and one retail store compared to the same quarter last year . We also incurred additional overhead costs related to organisational upgrades and en- hancements to the marketing platform in our online business unit , Celebert . We are pursuing a more self - service strategy in Celebert , enabling customers to complete purchases without assistance from sales consultants . The acquired retail stores will be divested once suitable new franchisees have been identified . We are pleased to announce that two of the acquired stores , the AUBO store in Esbjerg ( as of 31 March ) and the Nettoline store in Kolding ( as of 15 August ) , have been sold to local dealers . Adjusted EBITA in Q2 2026 was DKK 32.2 million ( DKK 36.1 million ) , corresponding to an adjusted EBITA margin of 8.6 % ( 10.3 % ) . Adjusted EBITA for the first six months of 2026 was DKK 58.4 million ( DKK 55.7 million ) , corresponding to an adjusted EBITA margin of 7.9 % ( 8.5 % ) . Free cash flow in Q2 2026 was DKK 32.3 million ( DKK 32.1 million ) . Year - to - date free cash flow amounted to DKK 80.4 million , compared to DKK 28.5 million in 2025. Free cash flow in 2026 benefited from a positive development in net working capital . Year - to - date investments amounted to DKK 25.8 million in 2026 , compared to DKK 33.7 million in 2025. The investments primarily related to the ongoing ERP project . The results for the first half of 2026 and the positive development in the order intake during the second quarter creates a positive backdrop for the remaining part of the year , but we remain aware of the potential negative impact TCM Group A / S , Skautrupvej 16 , 7500 Holstebro , Company reg . ( CVR ) no .: 37291269 Page 1 of 18