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Thule Group (THULE) investor relations material

Thule Group Investor Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Update summary23 Sep, 2025

Market and Business Environment

  • Organic growth of 1.5% and total reported growth of 10% in Q2, despite a tough consumer market, especially in North America, and a negative currency effect of -6%.

  • Retailers remain cautious, particularly in bike-related retail, impacting replenishment orders and inventory levels.

  • Premium product segments outperform the general market, with new product launches driving growth.

  • Europe remains more stable than North America, though both regions show seasonal inventory caution.

Financial Performance and Growth

  • Net sales reached SEK 10.1 billion and EBIT was SEK 1.6 billion for the last twelve months ending Q2 2025, with an EBIT margin of 16.0%.

  • Adjusted EBIT excludes SEK 100 million in transaction costs for the Quad Lock acquisition and SEK 31 million in North America restructuring costs.

  • Gross margin has improved and is expected to remain higher, supported by new products and efficiency gains.

  • Price increases implemented to offset tariffs, with further adjustments planned due to rising aluminum tariffs.

  • SEK 200 million inventory reduction target on track; automation of Polish warehouse to yield SEK 100 million annual savings by 2028.

Product Development and Launches

  • High pace of product launches, with a focus on Sport & Cargo Carriers and mid-price segment products in 2025.

  • Expansion of new categories: dog transportation (Thule Allax, Thule Cappy) and car seats (Thule Elm, Thule Palm, ADAC safety test winner).

  • Fewer product launches in H2 compared to H1, but notable launches include Thule Palm booster seat, Thule Arkos XL cargo box, and Thule Chasm duffel bag collection.

  • Continued integration and growth of Quad Lock, with Q3 as its strongest profitability quarter.

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Frequently asked questions

Thule Group AB operates as a sports and outdoor company worldwide. It provides products such as sports and utility trailers, recreational vehicles, and snow chains to carry bicycles, skis, snowboards, watercraft, cargo,and other equipment on the roof of a car. The company also offers child transportation equipment; hitch-mounted carriers for bikes; trailers for cars; bags and box systems for carrying equipment; luggage systems; rooftop mounted cargo carriers; snow chains that prevent loss of traction when driving in the snow; racks for transporting watercraft; and towbars for connecting various types of trailers to vehicles. In addition, it provides repair services. Thule Group AB was founded in 1942 and is headquartered in Malmö, Sweden.

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