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Thule Group (THULE) investor relations material
Thule Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record sales and profit in 2025 despite challenging market conditions, driven by new product launches, category expansion, and the Quad Lock acquisition.
Upgraded Sport & Cargo Carriers portfolio, expanded D2C footprint, and saw strong growth in new categories like dog transportation, car seats, and phone mounts.
Continued recognition for product design, winning multiple awards, and set a clear strategy to focus on champion product categories and efficiency gains.
Financial highlights
Q4 2025 sales: SEK 1,835m, up 9% YoY; full-year sales: SEK 10,429m, up 9% YoY; organic sales flat in Q4 and down 1.3% for the year.
Adjusted EBIT margin for Q4 was 4.5% (up from 3.8%); full-year adjusted EBIT margin was 16.0% (down from 17.0%).
Record gross margin at 46% for the year, up from 42.7% last year, driven by Quad Lock acquisition and supply chain efficiencies.
Cash flow from operations: SEK 1,132m for the year, lower than last year; inventory reduced by SEK 157m in 2025.
Proposed dividend: SEK 8.30 per share, maintaining payout at or above 75% of net income.
Outlook and guidance
Ambitious targets: 7% annual organic sales growth, 20% EBIT margin, and dividend payout at or above 75% of net income.
Focus on building and expanding champion categories, driving efficiency, and leveraging scale effects.
R&D spend to decrease in 2026, with a higher share allocated to champion categories.
Continued product launches in 2026, especially in champion and new categories.
Expecting to delever in 2026 as inventory and CapEx normalize.
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