Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Q3 2026 Earnings Presentation
23 slides from Thule Group Ab's earnings presentation, Oct 22, 2026
Slide 1: 2026/Q3 report
2026/Q3 report 22 October 2026 Mattias Ankarberg, CEO Toby Lawton, CFO
Slide 2: Three quarters of growth and improved profitability
2026/Q3 HIGHLIGHTS Three quarters of growth and improved profitability • Organic growth and increased profitability despite declining RV market • Fastest and accelerating growth in Active with Kids & Dogs • Improved profitability driven by efficiency gains • On track towards our financial targets 2
Slide 3: Continued growth and increased profitability
2026/Q3 FINANCIAL OVERVIEW Continued growth and increased profitability 2026/Q3 Sales of SEK 2,603m (2,528), organic growth +1%, reported growth +3% • Continued tough market, especially in North Am • Organic growth in Europe +4%, North Am -1% • Currency effect +1% Gross margin 49.3% (47.5%) • Positi
Slide 4: Long term profitable growth
Long term profitable growth Net sales 12 000 EBIT 2 500 SEK m SEK m 10 000 2 000 8 000 1 500 2026/Q3 LTM 6 000 Net sales SEK 10.4b EBIT SEK 1.8b 1 000 EBIT margin 17.3% 4 000 500 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 Net sales FX impact EBIT LTM 4 Note:
Slide 5: On track towards new financial targets
On track towards new financial targets Financial 2025 FY 2026/Q3 YTD target outcome outcome Organic All four product areas growing in line with growth 7% -1% +2.5% communicated ambition EBIT margin 20% 16% +1.3 ppt Margin expansion driven by efficiency actions LTM vs 2025 Dividend payout ratio 75% 8
Slide 6: On track towards new financial targets
On track towards new financial targets 2025 2026/Q3 Mid-term YTD ambition Financial 2025 FY 2026/Q3 YTD target outcome outcome Sport & Cargo +5% Carriers -1% +1% Organic growth 7% -1% +2.5% 4% +3% +5% RV Products EBIT margin 20% 16% +1.3 ppt LTM vs 2025 +13% +15% Active with Kids & Dogs -2% Dividend
Slide 7: Sport & Cargo Carriers
2026/Q3 PER PRODUCT AREA Sport & Cargo Carriers • 2026/Q3 Net sales +1% (organic), YTD 1% • Continued growth from new Thule products – Good first season for new most premium bike carrier Thule Epos ParkSecure – Continued momentum in rear-of-car cargo – Growth from upgraded entry price roof top box T
Slide 8: RV Products
2026/Q3 PER PRODUCT AREA RV Products • 2026/Q3 Net sales -5% (organic), YTD +3% • Decline in RV registrations that started 2026/Q2 continued in 2026/Q3, following period of gradually improving market conditions • Lower registrations impact primarily aftermarket (dealers), OE channel (manufacturers)
Slide 9: Active with Kids & Dogs
2026/Q3 PER PRODUCT AREA Active with Kids & Dogs • 2026/Q3 Net sales +22% (organic), YTD +13% • 2026/Q3 Net sales +31% (incl. acquired curli) • Fast growth in all three Champion candidates – Good growth in all-terrain and running strollers – Continued strong trend in dog transportation, incl. well r
Slide 10: Bags & Mounts
2026/Q3 PER PRODUCT AREA Bags & Mounts • 2026/Q3 Net sales -4% (organic), YTD +2% • Performance phone mounts benefit from well received new products and wider distribution • Performance phone mounts negatively impacted by changes in launch timings of new phone models, driving different sales phasing
Slide 11: 2026/Q3 – Financial summary
2026/Q3 – Financial summary SEK m 2026/Q3 2025/Q3 Change 2026/YTD 2025/YTD Change Comments to 2026/Q3 Sales 2,603 2,528 +3.0% 8,596 8,594 0.0% • Sales driven by organic growth +1.2%, currency impact 1.0%, curli acquisition +0.8% Organic growth, % 1.2% -4.0% 2.5% -1.5% Gross income 1,283 1,202 +6.7%
Slide 12: Share of sales LTM 2026/Q3 (2025)
Share of sales LTM 2026/Q3 (2025) Geographic regions Product areas Region Rest of world Sport & Cargo Carriers 9% (9%) Region Europe Bags & Mounts 50% (51%) 69% (67%) 21% (21%) Region North America 22% (24%) Active with Kids & Dogs 12% (11%) RV Products 17% (17%) 12
Slide 13: 2026/Q3 – EBIT and EBITDA development
2026/Q3 – EBIT and EBITDA development % of sales 30 Comments • LTM EBIT margin has increased from 16.0% in 2025 to 17.3% in 2026/Q3, in line with 25 pre-pandemic average EBITDA margin • EBITDA margin above pre-pandemic levels 20.8% 19.0% 19.5% 20 • Depreciation has increased due to investments, main
Slide 14: 2026/Q3 – Cash flow
2026/Q3 – Cash flow SEK m 2026/Q3 2025/Q3 2026/YTD 2025/YTD Comments to 2026/Q3 Cash flow from operations, before 562 376 1,652 1,190 change in working capital • Strong cash flow from operations of SEK 791m - Change in inventories 102 110 200 365 − Q2 and Q3 are the strongest quarters for cash flow
Slide 15: Focus 2026: build Champions and drive efficiency gains
Focus 2026: build Champions and drive efficiency gains Focus on Champions and efficiency gains deliver results • Three quarters of organic growth and increased profitability • Continued cautious consumers and retailers, N Am still toughest market • Following a period of improved market conditions, E
Slide 16: Product launches 2026 support focus on champions
Product launches 2026 support focus on champions Grow our no 1 positions – our champion categories • Thule Epos ParkSecure – our most premium bike carrier gets better • Thule Vero – premium hitch bike carrier built for heavier bikes • Thule VeloLite – new entry level bike carrier, first ever 1-bike
Slide 17: Thule Epos ParkSecure – our most premium bike carrier gets better
Thule Epos ParkSecure – our most premium bike carrier gets better 17
Slide 18: Handlebar Mount Pro – two-axis adjustability for motorcycles
Handlebar Mount Pro – two-axis adjustability for motorcycles 18
Slide 19: Connected car seats – sensor-based feedback to prevent misuse
Connected car seats – sensor-based feedback to prevent misuse 19
Slide 20: Thule Dart – premium harnesses for larger dogs
Thule Dart – premium harnesses for larger dogs 20
Slide 21: Thule Chasm Gear haulers – rugged and adaptable
Thule Chasm Gear haulers – rugged and adaptable 21
Slide 22: Das
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Slide 23: THULE
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