Thank you. Good morning, ladies and gentlemen, and welcome to the presentation of the first-quarter results for TCM Group.

Presenters today are our interim CFO, Hans Barslund, and myself, CEO Torben Paulin. We will comment on the business and the financial results, after which we will hand over to the operator for the Q&A session.

Let us start the presentation and turn to page two for the business update. Sales in the first quarter of 2026 developed in line with our expectations, with growth in both the B2B and B2C segments.

Total sales for the quarter increased by 17.6% and here [unclear] 62 million DKK, corresponding to organic growth of 8.2%. Revenue in Norway increased by 9.3% compared to Q1 '25, reaching 71 million DKK, continuing the positive trend from last year, however, from a low level.

Overall order intake in the quarter was above last year, driven by the B2C segment. Order intake in B2B in the quarter was below last year, primarily due to fewer large project orders.

The gross margin improved in the quarter, gaining two margin point on Q1 last year, driven by the sales mix towards B2C and efficiency gains in the supply chain. Please turn to page three.

Some financial headlines for the quarter. Reported revenue was 362 million DKK, corresponding to a revenue growth of 17.6%, hereof 8.2% organic.

Adjusted EBITDA was 26 million, compared to 20 million in Q1 last year. Adjusted EBITDA margin was 7.2%, compared to 6.4% in Q1 last year.

Net working capital leverage ratio was -1.9%, compared to a negative 0.3% last year. Cash conversion was 106%.

Please turn to page four. As mentioned, revenue in Q1 [unclear] 8.2%, but with an year-on-year increase of 17.6% due to Celebert and the two owned retail stores.

Revenue in Denmark, our main market, accounts for 80% of the group's revenue, increased by 20% year-on-year, with an organic growth of 8%, supported by the modest growth in the B2C segment, while segments within B2B also delivered growth during the quarter. Revenue in Norway in Q1 '26 increased by 9.3% compared to Q1 '25, continuing the positive trend from last year.

As a consequence of the addition of Celebert and the owned retail stores, we have added a retail segment that counts for 23% of the group revenue. I will now hand over to Hans.

Please turn to page five.

Thank you, Torben. Gross margin rose to 23.3% in Q1, compared to 21.1% last year, driven by higher B2C share of the revenue and efficiency gains in production and supply chain.

The addition of Celebert and the owned stores also having a positive effect on the consolidated gross margin. However, the addition of Celebert and owned stores increases revenue and gross margin, but it naturally also increases the SG&A costs.

EBITDA in Q1 2026 was 26 million, compared to 20 million same period last year. Depreciation and amortization in the quarter amount to 11 million, compared to 9 million same period last year.

Please turn to page six. The net working capital end of the quarter was -26 million, compared to -4 million last year.

The improvement is primarily due to higher trade payables. The increase in trade payables was in part due to the timing of payment around the quarter end and Easter, thus not of a permanent nature.

Net interest-bearing debt amounted to 372 million at the end of the quarter, compared to 322 million in Q1 last year. The increase is a consequence of the acquisition of Celebert.

The leverage ratio was 2.6 at the end of the quarter, and is in line with same period last year. The leverage ratio remains well within the covenants.

Dividend of 46 million is paid out in April and will influence the net interest-bearing debt in Q2. Please turn to page seven.

The free cash flow in Q1 was 48 million, compared to 4 million, -4 million, in Q1 last year, primarily impacted by the positive development in the net working capital. Cash conversion ratio measured over a 12 12 months period was 106%.

I now hand over to Torben again, and please turn to page eight.

Thank you, Hans. While we are encouraged by the positive performance in Q1, order intake remains volatile, and we closely monitor the potential negative impact of the ongoing geopolitical turmoil on consumer confidence and demand.

Based on this, we maintain our current guidance for '26, and thus TCM Group expects full-year revenue in the range of DKK 1.4 to 1.5 billion and an adjusted EBITDA of between 120 and 140 million. This concludes our presentation, and we will now hand over to the operator for the Q&A session.

Please turn to page nine.

Thank you very much, and good morning, Torben and Hans, and thank you for taking my questions. If I may start with a question on the different tiers that you have, I was wondering if you could share some flavor on the different performance in those segments.

Has there been any tiers performing better than others?

In the quarter, we have seen improvement in total. There's actually not a lot on the revenue side, a big difference between the segments.

If we then look on the order intake, then we are missing out in the project sales, the big project orders, whereas the other segments with the house builders is still growing.

Thank you very much, Torben. For the different brands you have, have there been any abnormal activity there in terms of better activity for, say, the higher-end brands or the lower-end?

Not really, but if we should say something, since we revitalized the Tvis brand, they have been on a very positive journey, and they are still continuing that. The Tvis brand is growing in the portfolio.

Aubo celebrated their 40 years anniversary last year and had a very successful campaign in the month of March that they didn't have this year, they came out a little bit lower in that month. It has probably less to do with market and brands, and more those specific initiatives.

We see growth in the total market.

Excellent. Thank you very much, Torben.

Another question on the efficiencies in the supply chain that you mentioned as a driver for the gross margin improvement here in Q1. Could you maybe just share an example of what sort of improvements you've made here?

Yeah. About one of the things already.

We have discussed that also earlier, that we last year invested in a new lacquering facility. Last year in the first quarter, we were installing that, and we were still working a lot more manually.

Also to meet demand, we had a lot of extra hours in that department. This year, the new lacquering facility is just working as it should, and that helps out.

We have other initiatives also that should optimize production efficiency. Then it's also always in our company, because we use a lot of manpower, how successfully we are in managing capacity compared to demand.

When there's a good match, then efficiency is better than when we are not hitting it in bullseye. Just to mention a few of them.

Thanks a lot for the flavor there. If I may continue to a question on the opex for Q1 here coming in higher than last year, at least at almost 64 million, and that's basically attributed to the inclusion of Celebert and the acquired retail stores.

Are you maybe able to share what the run rate could be going forward for the opex cost, and how much did these stores attribute in additional costs so we know what to take out for the coming quarters since you've sold one of the stores?

It's a good question. It's harder to answer because we do not wish to disclose the interim results on the individual units.

Of course, Celebert is a part for itself. Of course, that'll be official accounts that you can see it's able for you on the retail stores individually.

The majority of the cost on the retail side is of course Celebert. Then the second biggest part is the Svane stores in Aalborg and Hjørring.

We'll have them in the books for the full year. We expect to be able to sell off the Kolding store in the second part of the year.

Okay. Thank you very much.

A question on the input cost inflation that you mentioned. Can you share maybe what you've seen so far, and how much do you expect to pass through to customers?

Yeah. It is significantly a single-digit percentage.

It really reminds us all back to the situation in 2022 when we had the Russian invasion in Ukraine. As a rule, we will pass everything on to the market, but with a delay.

There are certain notice periods that we need to respect towards our partners and their customers, or our common customers. It will come with a delay, but in the end of the day, everything will be passed on.

It is

a single-digit percentage, but significant. It's more than the normal general price increase at year end.

Yeah. You mentioned this notice period, etc., we should not expect any significant price increases from Q2.

Is there a headwind to the margin here for Q2 expected, or what do you Yeah. Yeah.

Yeah. Q2, Q3 will will will will part,

yeah, Q2 will be hit, Q3 will partly be hit, and and Q4, we should be back on back back or back back on track.

Okay. Thank you very much.

A final question from me. You mentioned, of course, that you're very observant of the potentially negative impact from the geopolitical turmoil and price increases, etc., what effect that will have on consumer demand and confidence.

What have you seen so far in Q2? How are customers reacting?

Yeah. I think the best and short answer it is that it is really volatile.

We see big fluctuations between the individual weeks. Then, if I should say something more, as you can see, we keep our guidance for the year.

When you add all the weeks until today together, then we are still confident with the guidance. It is up and down.

The total results so far is that we are in line with our guidance. Then it was quite interesting to see the report yesterday on cars sold that was up with more than 10%.

You could say that that is positive because it shows that people are willingly to spend money even with the low consumer confidence. On the other hand, they can only spend the money once, if they use them for a car, they cannot use them for a kitchen.

I think it's still more positive than negative, and that is also how we see it right now.

Yes. Thank you very much for the flavor, Torben and Hans.

That was all for me.

Thank you, Anders.

Thank you. Thank you everybody for joining in today.

Thank you for your time. We wish you a very good day.

This concludes our conference. Thank you.