Thule Group (THULE) Investor Update summary

Financial and Operational Performance

• Achieved SEK 9.5 billion in net sales and a 17.0% EBIT margin in 2024, with adjusted EBIT excluding SEK 100 million in one-off Quad Lock acquisition costs.

• 2024 marked the largest product launch year, entering three new categories: dog products, car seats, and performance phone mounts, and five new DTC markets.

• Dog products saw the best first-year sales for a new category; car seats had a strong start, winning a key consumer test in Germany.

• Opened five new DTC markets and received global recognition for design and sustainability, ranking among the top 50 sustainable companies by Sustainalytics.

Market Environment and Outlook

• Premium bike market rebounded in 2024, especially in Europe, while the RV segment and North American consumer demand remained weak.

• European consumer confidence improved, supporting outdoor spending; U.S. sentiment declined, impacting purchase intent and retailer behavior.

• In-house manufacturing in Europe and the US, along with a broad product portfolio, helps mitigate supply chain risks.

Strategic Priorities and 2025 Outlook

• Four main priorities: accelerate product development, scale new categories, enhance consumer engagement, and improve supply chain efficiency.

• Focus on launching upgraded products in core categories and scaling dog and car seat segments, with new products and expanded distribution planned.

• Ambitious launch calendar for 2025, with earlier product releases to capture high season demand.

• Targeting a SEK 200 million inventory reduction through increased supply chain efficiency in 2025.