Thule Group (THULE) Q3 2026 earnings summary

Executive summary

• Third consecutive quarter of organic growth: Q3 sales rose 3.0% to SEK 2,603m, with 1.2% organic growth, despite RV market weakness and continued North American softness.

• Q3 EBIT margin was 20.0%, including SEK 52m in tariff refunds; efficiency gains and product launches supported progress toward mid-term targets.

Financial highlights

• Q3 sales growth included 1.0% from currency and 0.8% from the curli acquisition.

• Q3 gross margin was 49.3%, including the SEK 52m tariff refund; excluding the refund, gross margin was 47.3% versus 47.5% a year earlier.

• Q3 EBIT rose 15.1% to SEK 521m; net income increased 25.2% to SEK 393m and EPS was SEK 3.65 versus SEK 2.91.

• 9M sales were SEK 8,596m, flat reported and up 2.5% organically; adjusted EBIT increased 8.5% to SEK 1,723m.

Outlook and guidance

• Mid-term targets are 7% annual organic growth and a 20% adjusted EBIT margin within a 2–4 year horizon; 9M organic growth was 2.5%.

• No significant near-term market improvement is expected; Q4 is seasonally the smallest sales quarter, with RV conditions remaining tough.

• 2026 priorities include growing Champion categories, developing candidate categories, refocusing Bags on outdoor and functional accessories, and improving supply-chain efficiency.

• Capital expenditure is expected to remain 2.5–3% of revenue, excluding leasing.