The year in brief - 2023

Thule Group is a world-leading global company that develops and manufactures premium products that facilitate an active outdoor life. Our products help you take your children, your dog and your gear with you on your adventure, trip, excursion or walk. Our products always make it easier for you to live an active life, whether in leisure time or in daily life.

Our products are linked to a range of activities, such as taking your bike on the car to the mountain-bike trail, your kayak to a nearby lake, your child by bike to kindergarten, your luggage in one of our bags, or when you need a sense of personal space in your RV.

We have maintained a longterm focus on consumer-driven innovation and sustainable, profitable growth since we were founded in 1942 in Hillerstorp, Småland, Sweden. Today, the Thule brand attracts active people throughout the world.

We have the highest standards in terms of safety, function and respect for the environment. This is what drives us. We are curious and passionate entrepreneurs, and believe that people have the power to move the world forward. At each product launch, our ambition is to reveal a glimpse of the future in each product category.

We are often global or regional market leaders within our product categories. By 2030, our company will be twice as big as today and we will have a presence in more product categories, but we will always have the same mantra – safety and function in Thule’s classic and recognizable design.

2023 in brief

Good profitability, in a difficult market

Thule is doing well and is thriving, despite the difficult market in 2023. After a muted start to the year, sales and profitability improved in the latter six months. Cash flow reached a record level, and new Thule products continued to drive growth.

For the full-year 2023, sales declined 10 percent (15 percent after currency adjustment), while the EBIT margin amounted to 16.5 percent (16.8). In the second half of the year, profitability was on par with pre-pandemic levels, despite the largest ever investments in product development, corresponding to 6.9 percent of sales for the full-year 2023.

Numerous initiatives were taken in the Group’s long-term sustainability initiatives, which are well integrated in its product development processes. For example, the premium-positioned bike carrier Thule Epos has a 50 percent lower carbon footprint than comparable products.

Inventory at year-end amounted to SEK 2,300 million, a reduction of just over SEK 800 million, which exceeded the target of SEK 600 million.

Financial information in brief

• Net sales for 2023 amounted to SEK 9,132m (10,138), corresponding to a decrease of 9.9 percent.
• Operating income amounted to SEK 1,505m (1,706), corresponding to a margin of 16.5 percent (16.8).
• Net income amounted to SEK 1,099m (1,275).
• Cash flow from operating activities totaled SEK 1,850m (616).
• Earnings per share before dilution amounted to SEK 10.45 (12.19).

Clear priorities moving forward

• Continue to focus on market-leading product development in order to drive sustainable and profitable growth.
• Greater focus on several product categories. In 2024, the product portfolio will be expanded with new launches in the categories of dog transportation and car seats.
• Increased visibility to consumers.
• Increased efficiency and capacity utilization in the supply chain, including the termination of several external warehouse services and the further reduction of inventory levels.
• Net-zero target 2050 approved by SBTi. Aim to reduce scope 1, 2 and 3 by 90 percent compared to base year 2019.