Thule interim report, third quarter 2026, July - September

Continued organic growth and increased profitability

• Net sales for the quarter amounted to SEK 2,603 m (2,528), an increase of 3.0 percent, of which 1.0 percent was related to exchange rate fluctuations. Organic sales growth was 1.2 percent.
• In Region Europe organic revenue increased by 3.9 percent. In Region North America organic revenue decreased by 0.8
  percent, and in Region Rest of the world organic growth decreased by 12.4 percent.
• Operating income for the quarter amounted to SEK 521 m (453), which includes tariff refunds of SEK 52 m. The operating margin was 20.0 percent (17.9).
• The gross margin for the quarter was 49.3 percent (47.5).
• Earnings per share before dilution amounted to SEK 3.65 (2.91) for the quarter.
• Cash flow from operating activities amounted to SEK 791 m (668) during the quarter.

• Net sales for the first three quarters of 2026 totaled SEK 8,596 m (8,594), which is in line with the previous year. Exchange rate fluctuations had a negative impact of 2.7 percent. Organic sales growth was 2.5 percent.
• Operating income for the first three quarters totaled SEK 1,701 m (1,557), corresponding to a margin of 19.8 percent (18.1).
• Adjusted operating income for the first three quarters amounted to SEK 1,723 m (1,588), corresponding to a margin of 20.0 percent (18.5).
• After the end of the quarter, the Chairman of the Board, Hans Eckerström, resigned after the largest shareholders requested an extraordinary general meeting to elect a new Chairman. Deputy Chairman, Per-Arne Blomquist, has been appointed the new Chairman.

CEO STATEMENT
Three quarters of growth and increased profitability

In the third quarter, we delivered another quarter of organic growth and increased profitability, despite a continued challenging market situation and a weaker RV market. Three quarters after the financial targets were updated, we can confirm that we are on track to meet the targets.

In the third quarter, organic sales increased by 1 percent and total sales by 3 percent. So far this year, Thule has grown organically by 2.5 percent. Growth in the third quarter was negatively impacted by a weakening RV market during the summer. Sales in our largest product area, Sport & Cargo Carriers, increased. Sales in Bags & Mounts were negatively impacted in the short term by the changed phasing of this year’s smartphone launches. The highest growth came from Active with Kids & Dogs, where all three of our Champions candidates continued to grow rapidly. As in previous periods, Region Europe grew faster during the quarter than Region North America.

The EBIT margin increased to 20.0 percent (17.9) for the third quarter. Tariff refunds contributed positively to earnings, but even without this effect, profitability was on par with last year’s historically high level, despite higher raw material costs. Strong profitability gives us the opportunity to continue investing in areas that drive growth.

Our long-term sustainability efforts also continue to yield results. Purchased materials account for the largest share of Thule’s emissions, making the transition to low-carbon materials a key focus of our climate efforts. During the quarter, we began the transition to recycled steel with a smaller volume of steel tubing, and we will continue to gradually increase these volumes going forward.

New Thule Products drive growth
New Thule products drive growth regardless of market conditions, and this year is no exception. Going forward, our product launches will focus on building so-called “Champion” categories, where Thule is the clear market leader and where we can innovate more and innovate better than our competitors. Although the current market conditions mean that more consumers are holding off on major purchases, we see that premium products have the strongest demand, especially when combined with innovation.

One example is this spring’s launch of our most advanced bike carrier to date, the Thule Epos Park Secure with built-in parking sensors. It has been well received during the cycling season and demonstrates that enthusiasts are willing to pay more when innovation creates added value.

Another successful launch is the Thule Arcos XL, a cargo box that mounts on the tow bar instead of the roof. The Thule Arcos XL was launched in late 2025 and has quickly established a strong position among Thule’s cargo boxes. It is a good example of how we use innovation to further develop established solutions in an area where we are already the market leader. A cargo box mounted behind the car is easier to load and unload, while also reducing aerodynamic drag compared to a roof mounted box.

North America on the right track
The changes implemented in North America are having an impact. The market however remains challenging. In the third quarter, organic sales declined by 1 percent. Growth on thule.com remained strong, while retailers continue to be cautious about inventory levels, especially towards the end of the season.

On track to meet our financial targets
We presented updated financial targets nearly a year ago, with the ambition of achieving them within two to four years. We have a clear plan to reach our targets, and we can now confirm that we are on the right track.

Our growth target is to grow organically by 7 percent per year. So far this year, our organic growth has been 2.5 percent. This is an improvement compared to -1 percent last year, in spite of the continued challenging market conditions, which proves that our strategy is working. Equally important is that this organic growth is coming from the areas identified in the plan, with a focus on Champions and Champion candidates.

• Sport & Cargo Carriers, our largest product area, has grown by 1 percent so far, an improvement compared to last year’s -1 percent. The goal is to grow 5 percent per year. Performance within the product area varies. Premium products are performing best, and in Europe, growth is already in line with our target.
• In RV Products, we have achieved 3 percent growth so far this year, which is significantly better than the market. The goal is 5 percent growth. Interest in camping and an active lifestyle on the road remains strong, but in the short term, demand is being affected by lower sales of motorhomes and camper vans.
• Within Active with Kids & Dogs, sales have increased by 13 percent so far this year, compared to a 2 percent decline last year. Our goal is to grow by 15 percent. We have launched two new product categories, dog transportation and child car seats, which have grown faster than any previously launched categories. These new product categories have now reached a scale where they contribute significantly to Thule’s overall growth, and there is still much to be done.
• Bags & Mounts has grown by 2 percent so far this year, a significant improvement compared with -10 percent last year. The goal is to grow by 10 percent. The overhaul of the bag product line continues, and together with the performance phone mounts, continued growth is expected.

The time horizon for the financial targets has been chosen with care. Changed priorities, such as increased investments in Champions, along with initiatives like the overhaul of the bag assortment, need time to take full effect. The trend so far this year confirms that we are on the right track.

Profitability is also moving in the right direction, with an adjusted EBIT margin of 17.3 (16.0) percent over the past twelve months. The goal is to achieve an adjusted EBIT margin of 20 percent. A more focused R&D strategy means we are increasing our investment in Champions, which drives growth, while total costs are decreasing. Work on building technology platforms and automating our warehouse in Poland continues as planned. We are also well-positioned to increase profitability through economies of scale.

The strategic direction remains unchanged
Market conditions remain challenging, and we do not expect any significant improvement in the short term. We are now in the fourth quarter, which is Thule’s smallest in terms of sales. At the same time, it is a busy quarter with preparations for next year’s launches and activities. Work to build a larger, more profitable Thule continues at a high pace. 

We have clear priorities, our efforts are yielding results, and more and more people want to lead active lives, which supports our long-term growth. I look forward to ending 2026 with high energy and many customers eager to get out and experience winter with their Thule products.

Mattias Ankarberg
President & CEO