Thule Group (THULE) Q2 2026 earnings summary

Executive summary

• Achieved 2.5% organic growth and increased profitability in Q2 2026, with all four product areas growing, led by Active with Kids & Dogs.

• Net sales reached SEK 3,421m, with record gross margin of 47.3% and adjusted EBIT margin of 22.8%.

• Efficiency improvements, new product launches, and focus on Champion categories drove margin expansion.

• North America remained challenging, while Europe led growth; cash flow from operations was strong at SEK 824m.

• Acquisition of curli AG, a premium dog harness company, expands the pet segment and supports Champion strategy.

Financial highlights

• Q2 2026 net sales: SEK 3,421m (+0.5% year-over-year); organic growth 2.5%.

• Gross margin: 47.3% (up 1.0pp); adjusted EBIT: SEK 779m (up 6.1%); adjusted EBIT margin: 22.8% (up 1.2pp).

• Net income: SEK 537m (+4.7%); EPS SEK 4.98 (+4.7%).

• Cash flow from operations: SEK 824m (+10.8%); net debt/EBITDA at 1.9x.

• H1 2026 net sales: SEK 5,993m (-1.2%); organic growth 3.1%.

Outlook and guidance

• Focus on expanding Champion categories and driving efficiency improvements for 2026.

• Price increases planned for Q3 to offset rising raw material costs; SEK 50m in tariff refunds expected.

• Organic growth trajectory for Q3 expected to be in line with Q2, with potential for acceleration.

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

• North America remains the most challenging market; cautious consumer sentiment persists.