Thule Group (THULE) Pre-close call summary

Executive summary

• Organic growth of 3% and EBIT margin improvement of 1.5 percentage points achieved in H1, with all four product areas showing growth, especially Active with Kids & Dogs at 9% organic growth.

• Net sales for the last 12 months reached SEK 10.4 billion, with an EBIT margin of 16.8%.

• Achieved organic growth and increased profitability during the peak season, with all four product areas growing and the fastest growth in Active with Kids & Dogs.

• Acquisition of curli, a leader in premium dog harnesses, expands the product portfolio.

• Market conditions remain challenging, particularly in the RV segment, but strategic priorities and product innovation are driving positive momentum.

Trading performance and revenue trends

• Growth observed across all product areas in Q2, with standout performance in Active with Kids & Dogs.

• Net sales reached SEK 10.4 billion for the last twelve months ending Q2 2026.

• U.S. D2C channel continues to perform well, while retailer restocking patterns have normalized.

• Organic growth achieved despite a challenging market environment.

• Bike-related products and new launches have been well received, supporting category expansion.

Profitability and margins

• EBIT for the last twelve months was SEK 1.7 billion, with an EBIT margin of 16.8%.

• Gross margin in Q3 impacted by higher freight and material costs due to the Middle East conflict, partially offset by a 2.5% price increase from August 1 and a one-off SEK 50 million tariff refund.

• Profitability increased in the biggest quarter, supported by efficiency gains.

• Price increases are expected to fully offset cost inflation from Q4 onwards, assuming current cost levels persist.

• EBIT figures exclude restructuring costs in North America (Q2 2025) and Belgium (Q2 2026).