Thule Group (THULE) Q1 2026 earnings summary

Executive summary

• Organic sales grew 3.9–4% year-over-year, with improved profitability driven by Champion categories, especially Active with Kids & Dogs, and new product launches.

• North America remained flat but showed sequential improvement; Europe grew 5–5.2%, and Rest of World grew 2–2.2%.

• The company received multiple international product design awards, reinforcing innovation leadership.

• Net profit rose 10.2% to SEK 293m, and EPS before dilution was SEK 2.71.

• Cash flow from operations improved to SEK 25m from -334m, despite seasonal working capital build.

Financial highlights

• Q1 net sales were SEK 2,573m (down 3.4% year-over-year) due to a 7.3% negative currency effect, but organic growth was 3.9–4%.

• Gross margin remained high and stable at 44.8%, supported by price/mix and efficiency gains.

• EBIT margin rose to 16.5% (up from 15.1%), with EBIT at SEK 424m, driven by cost efficiencies and lower SG&A.

• Net income grew 10.2% to SEK 293m.

• Net debt increased by SEK 133m to SEK 4,163m; net debt/EBITDA at 2.1x.

Outlook and guidance

• Market remains challenging, especially in North America, but RV Products show improving trends.

• Well-positioned for high season with upgraded product portfolio and lower cost levels.

• Priorities: grow Champion categories, launch new products, drive efficiency gains, and scale direct-to-consumer and new markets.

• Monitoring raw material and tariff headwinds; pricing power exists if needed.

• Long-term goals: annual organic growth ≥7%, EBIT margin 20%, dividend ≥75% of net profit.