Thule interim report, first quarter 2026, January-March
A good start to the year with organic growth and increased profitability
- Net sales for the quarter amounted to SEK 2,573m (2,662), corresponding to a decrease of 3.4 percent, of which 7.3 percent is from exchange rate fluctuations. Organically, sales increased by 3.9 percent.
- In Region Europe, organic sales increased by 5.2 percent. In Region North America, organic sales remained unchanged, while in the Region Rest of the world, sales increased organically by 2.2 percent.
- The fastest-growing product category was Active with Kids & Dogs, where organic sales increased by 10.9 percent.
- The gross margin for the quarter was 44.8 percent (44.8).
- Operating profit for the quarter amounted to SEK 424m (401), corresponding to a margin of 16.5 percent (15.1).
- Net profit for the quarter amounted to SEK 293m (266).
- Earnings per share before dilution amounted to SEK 2.71 (2.46).
- Cash flow from operating activities was SEK 25m (-334) during the quarter.
CEO STATEMENT
A good start to the year
In the first quarter, both organic sales and profitability increased in a market that remains challenging. This positive trend is driven by our focus on building Champion categories and implementing efficiency improvements.
In the first quarter, organic sales increased by 4 percent. Sales reported in Swedish kronor decreased due to negative currency effects. The market remained challenging overall, particularly in North America. At the same time, the market for RV products continued to recover. In the first quarter, organic growth was highest in the Active with Kids & Dogs product area, where investments in recent years in dog transportation and child car seats have both contributed significantly. Sales from RV Products also showed good growth. Organic sales increased by 5 percent in Europe and remained unchanged in North America. The trend in North America continued to improve quarter by quarter.
The EBIT margin increased to 16.5 percent (15.1). The gross margin remained unchanged and overhead costs decreased, primarily due to lower product development costs, but also lower administrative costs.
In the area of sustainability, we continue to find ways to reduce emissions from our products. Through active design choices we have, for example, reduced emissions by 53 percent for the new bike carrier Thule VeloLite, compared to the equivalent previous product version.
Focus on Champion categories drive growth
New Thule products are driving growth, and we are launching many new products this year as well. Going forward, our launches will focus on building so-called Champions categories. Champions are product categories where Thule is the clear market leader and where we have the ability to out-innovate our competitors. We currently have six Champions, and our top priority is to grow them through product development.
In the first quarter, we continued to strengthen our largest product area, Sport & Cargo Carriers, where we have three Champion categories. We launched two new products at lower price points, and both the new Thule Pulse roof box and the Thule VeloLite bike carrier are off to a good start. Even if our sales are primarily in the premium segment, these products enable more consumers to use Thule products. Growth in RV Products was aided by the market’s recovery. Our long-term focus on product development has also made a difference, and a large part of Thule’s growth came from new products launched over the past two years. In the Bags & Mounts product area, our Champion for performance phone mounts, which came with the acquisition of Quad Lock, continued to grow well.
In addition to growing existing Champions, we are building new ones. The goal is to increase from the current six to ten by 2035. We currently have three promising candidates that fit the profile for Champion categories but are still small: all-terrain and jogging strollers, dog transportation products, and child car seats. All three continued to grow rapidly in the first quarter, and organic growth for the Active with Kids & Dogs product area, which includes these three categories, was 11 percent. Growth in our three Champions candidates there-fore made a significant contribution to total organic growth.
We are also proud of the recognition we received for our product design earlier this year, having been rewarded with
8 iF Design Awards and 14 Red Dot Design Awards.
North America continues to improve
Over the past year, we have implemented several changes in North America to focus our growth initiatives, streamline the organization, and counter the impact of increased tariffs. North America as a region has received greater focus, both in terms of product development and sales. The recently launched Thule Xscape, our easy-to-install rack system for pickup trucks, has gotten off to a good start, and in the first quarter we launched Thule Vero, a premium bike carrier for heavier bikes, specifically developed for the North American market. Although the North American market remains clearly challenging, our measures are having a positive effect. Organic sales remained unchanged in the first quarter, and since the measures implemented last year, the trend has been moving in the right direction each quarter.
Efficiency improvements drive profitability
Efficiency improvements are crucial to achieving our profitability target. We implemented several initiatives last year, and this work continued in the first quarter. With our Champions categories as our highest priority, we are more focused in our investments in product development. This means we are increasing our investment in Champions while reducing total product development costs, which had an effect already in the first quarter’s financial results.
We are also well-positioned to increase profitability through economies of scale. As we grow we can, for example, better utilize the available production capacity that we have in our factories.
Continued focus on Champions and efficiency gains
The market remains impacted by cautious consumers and retailers. At the same time, the work to build a larger, more profitable Thule continues at a high pace.
The top priority for 2026 is to grow Champions categories through product development, and we are launching several new products in the second quarter. For example, we are introducing Thule Epos ParkSecure, which means that our best bike carrier is now available with parking sensors to help when parking, and to protect both the car and the expensive bikes that are often transported behind it. We also continue to build our Champions candidates, and in the second quarter, we will begin launching our innovative connected car seats.
We also continue to drive efficiency improvements. We are creating technology platforms to optimize manufacturing costs, making more focused investments in product development, and automating our warehouse in Poland. As an example, we will scale up the manufacturing of in-sourced components for bike carriers in the second quarter to increase capacity utilization in our factories.
Thule is well positioned regardless of the market situation. We have clear priorities to drive growth and profitability, our financial position enables long-term investments, and more and more people want to live active lives, giving us a tailwind over time. We are now entering the peak season, with high activity in our factories, warehouses, sales and marketing organizations, and across the entire company. We have a clear plan, and I am very much looking forward to the rest of 2026!
Mattias Ankarberg
President and CEO