Thule Group (THULE) SEB Nordic Seminar presentation summary

Historical growth and product innovation

• Over 80 years of growth driven by product innovation and strategic acquisitions, expanding from ski racks to categories like dog transportation, car seats, and performance phone mounts.

• Champion product categories have consistently accounted for 90% of sales and gross profit growth since 2014.

• Global market leadership in key segments, often holding over 50% market share in targeted 'pocket' markets.

• New categories such as dog transportation and car seats set record first-year sales in 2024.

• R&D spending increasingly focused on building new champion categories and leveraging innovation.

Financial performance and targets

• Net sales reached SEK 10.3 billion with an EBIT margin of 16.1% as of Q3 2025, with a historical average EBIT margin of 17.8%.

• Updated long-term targets: annual organic growth of 7% or more, EBIT margin of 20%, and a dividend payout ratio of at least 75%.

• Path to 20% EBIT margin includes structural cost reductions, focused R&D, and supply chain efficiencies, with full effects expected by 2028.

• EBITDA margin is projected to surpass pre-pandemic levels through cost actions and scale-driven effects.

• Inventory reduced by SEK 1.5 billion over three years, excluding acquisitions.

Strategic initiatives and operational efficiency

• Ambition to expand from six to ten champion categories by 2035, supported by organic growth and add-on M&A.

• North America operations restructured with a dedicated sales and marketing organization, discontinuation of car seat development, and closure of a US office.

• Investment in automation in Poland expected to save SEK 100 million annually, with go-live in 2027.

• Focused R&D investments and consolidation of manufacturing lines to drive efficiency and innovation.

• New product launches include Thule Xscape truck rack, Allax dog crate, and Epos ParkSecure premium bike carrier.