Thule Group (THULE) investor relations material

Executive summary

• Organic growth achieved in Q1 despite challenging market conditions, with improved profitability and continued execution of strategic priorities for 2026.

• Growth driven by champion product categories and strong performance in active with kids and dogs, with North America showing gradual improvement.

• Acquisition of Curli, a premium dog harness company, complements the product portfolio and supports expansion in the dog transportation category.

Trading performance and revenue trends

• Q2 is the largest seasonal quarter, driven by bike-related products and high seasonality.

• Organic growth expected in Q2, though facing a tougher comparison due to strong Q2 2025.

• D2C channel continues to grow and strengthen, becoming a key platform for new product launches.

• Quad Lock maintains double-digit growth, contributing positively to group performance.

Profitability and margins

• Gross margin has improved over the past 24 months, with focus on maintaining current levels amid cost pressures.

• SG&A costs significantly reduced, mainly due to lower development spend and efficiency measures.

• FX headwinds persist but are less severe in Q2, with a negative impact on reported growth and EBIT.

• Price increases planned for Q3 to offset rising material and freight costs, aiming to defend gross margin.