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Thule Group (THULE) investor relations material
Thule Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 net sales reached SEK 2,528m, up 13% year-over-year excluding currency effects, mainly due to the Quad Lock acquisition, while organic sales declined 4%.
EBIT margin improved to 17.9% (up from 17.6%), with EBIT at SEK 453m and gross margin rising to 47.5% (from 42.9%).
Strong cash flow from operations at SEK 668m, with working capital and inventory reduction initiatives on track.
Growth was driven by new product categories, especially dog transportation and child car seats, and the Quad Lock acquisition.
Positive effects from North America restructuring and efficiency initiatives supported profitability.
Financial highlights
Organic growth was -4% in Q3, with reported growth at +7.9% and a currency effect of -5.1%.
Quad Lock contributed 17% to Q3 sales growth and now represents about two-thirds of the Bags & Mounts category.
Net interest expense was SEK 37m, effective tax rate 24%, and earnings per share for Q3 were SEK 2.91.
Net debt to EBITDA ratio improved to 1.5–1.81, with net debt reduced by SEK 387m in 2025.
Equity ratio stood at 50.6% as of September 30, 2025.
Outlook and guidance
Market conditions remain challenging, especially in North America and Europe, with cautious consumers and retailers.
Focus on product development, efficiency improvements, scaling new categories, and expanding direct-to-consumer.
Inventory reduction target of SEK 200m for 2025 remains on track.
Long-term investments in automation and sustainability expected to yield SEK 100m annual savings from 2028.
Financial targets unchanged, with further details at the upcoming Capital Markets Day.
Address retailer inventory replenishment.
Detail efficiency gains beyond Quad Lock.
What drives North America's 'right direction'?
North America volume decline vs. market share gains?
Quad Lock Q3 margin decline drivers?
Structural cost initiatives P&L impact timing?
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Next Thule Group earnings date
CMD 202520 Nov, 2025
Next Thule Group earnings date
CMD 202520 Nov, 2025
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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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