Thule Group (THULE) investor relations material

Executive summary

• Q4 showed sequential improvement with total sales up 20% excluding currency, mainly from acquisitions, while organic growth was flat but better than Q3.

• The RV market in Europe is recovering, with growth in both aftermarket and OE channels for the first time in two years.

• Entering 2026, the company has upgraded its core product lines, expanded digital presence, and is focused on efficiency and growth in champion categories.

Trading performance and revenue trends

• North America remains a weaker geography but showed gradual improvement, especially with new product launches tailored for the region.

• Quad Lock, the acquired category, grew 15% last year and continues to perform well, though Q1 is seasonally its smallest quarter.

• New categories like car seats and dog products, launched in 2024, are growing quickly and becoming more meaningful.

• Price increases for 2026 are low single-digit (1%-2%), with no further hikes planned unless market conditions change.

Profitability and margins

• EBIT margin improved in Q4 and is expected to improve further in Q1 due to stable gross margin and reduced SG&A, especially development costs.

• Gross margin gains from last year are being maintained, though FX and material costs are headwinds.

• Initiatives are underway to drive a 2.5 percentage point increase in EBIT margin over the next three years.