Thule interim report, second quarter 2026, April-June
Continued organic growth and improved profitability
- Net sales for the quarter amounted to SEK 3,421 m (3,403), an increase of 0.5 percent, of which -2.0 percent was
related to exchange rate fluctuations. Organic sales growth was 2.5 percent. - In Region Europe, organic revenue increased by 4.3 percent. In Region North America, organic revenue decreased
by -2.3 percent, while in Region Rest of the world, organic revenue increased by 1.2 percent. - All four product areas showed growth. The fastest-growing product area was Active with Kids & Dogs, where
organic sales increased by 7.9 percent. - The gross margin for the quarter was 47.3 percent (46.3).
- Operating income for the quarter amounted to SEK 756 m (703), corresponding to a margin of 22.1 percent (20.6).
- Adjusted operating income for the quarter amounted to SEK 779 m (734), corresponding to a margin of 22.8 percent (21.6).
- Earnings per share before dilution amounted to SEK 4.98 (4.75) for the quarter.
- Cash flow from operating activities amounted to SEK 824 m (744) during the quarter.
- Net sales for the first half of 2026 totaled SEK 5,993 m (6,065), a decrease of -1.2 percent, of which -4.3 percent was related to exchange rate fluctuations. Organic sales growth was 3.1 percent.
- Operating income for the first half of the year amounted to SEK 1,180 m (1,104), corresponding to a margin of 19.7 percent (18.2).
- Adjusted operating income for the first half of the year amounted to SEK 1,202 m (1,135), corresponding to a margin of 20.1 percent (18.7).
CEO STATEMENT
Growth and increased profitability during the peak season
In the second quarter, both organic sales and profitability continued to increase. This positive trend is driven by our focus on building Champions categories and implementing efficiency improvements. Our efforts to create a larger, more profitable Thule are delivering results, despite the challenging market conditions.
In the second quarter, the largest quarter of the year, organic sales increased by 2.5 percent. So far this year, it has increased by just over 3 percent. All four of our product areas showed growth during the quarter. As before, Region Europe grew faster than Region North America, where we are making progress but the market remains the most challenging. In Region Rest of the world, sales increased slightly. Growth was highest in the Active with Kids & Dogs product area, and all three of our Champion candidates continued to grow rapidly. In Bags & Mounts, our Champion for performance phone mounts continued to grow by nearly 10 percent.
The adjusted EBIT margin increased to 22.8 percent (21.6), and so far this year the margin has increased by nearly 1.5 percentage points. The gross margin increased, driven by positive mix effects and efficiency improvements. Overhead costs decreased and our more focused product development has, as planned, resulted in lower costs during the first half of the year.
Our long-term sustainability efforts continue, and one area of focus is product safety. Our ambition is to drive and lead industry standards for product safety, and last year, 73 percent of our products exceeded the levels required by those safety standards. We are actively working to improve our performance and participate globally in a number of standardization organizations.
Focus on Champion drives growth
New Thule products drive growth regardless of market conditions, and this year is no exception. Going forward, our launches will focus on building what we call Champions categories. Champions are product categories where Thule is the clear market leader and where we have the ability to innovate more and innovate better than our competitors.
The second quarter is our peak season, especially for bike-related products. This year, we’ve launched several new products in our Champion category of bike carriers to meet the needs of more consumers. The launch of the Thule Epos ParkSecure is an upgrade to our best bike carrier, which is now equipped with a parking sensor. The new Thule VeloLite is our first single-bike platform carrier, and its lower price point gives new consumers the opportunity to discover Thule. Thule Vero is a premium bike carrier for heavier bikes designed for the North American market. All of these products have been well received.
In addition to growing our existing Champions, we are building new ones. The goal is to increase the number 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 running strollers, dog transportation products, and child car seats. All three continued to grow rapidly in the second quarter, resulting in 8 percent organic growth for the Active with Kids & Dogs product area, which includes these three categories.
In the second quarter, we also completed a small acquisition in the dog transportation segment. curli holds a leading position in high-quality dog harnesses and offers a product line that complements Thule’s current range of products for safe dog transportation in cars and on bikes. Over time, these products will be integrated under the Thule brand.
North America on the right track
We have for a period of time implemented several changes in North America. These measures are having an effect, and the sales trend has improved quarter over quarter. At the same time, the North American market has remained challenging. In the second quarter, organic sales decreased by 2 percent. Growth on thule.com was very strong, and sales of Thule products also increased among our largest aftermarket retailers. However, their focus on reducing inventory levels had a negative impact on our sales during the quarter.
Continued efficiency improvements drive profitability
Efficiency improvements are crucial to achieving our profitability target. Our focus on Champion categories means we are increasing our investment in new products for our Champions while reducing total product development costs. We are creating technology platforms to optimize production costs and have now scaled up the manufacturing of standardized components for bike carriers. We are also continuing to streamline our administration, and in the second quarter we decided to close a satellite office in Belgium.
We are well-positioned to increase profitability through economies of scale. As we grow, we can utilize the available production capacity at our factories.
Our course remains steady in a changing market
Work to build a larger, more profitable Thule continues at a rapid pace. The positive performance during the first half of the year is proof that our focus on building Champions and driving efficiency improvements is delivering results even when the market is challenging.
The market situation is now being affected by the situation in the Middle East. During the second quarter, consumers became even more hesitant to make major purchases, which negatively impacted sales of motorhomes and camper vans, for example. At the same time, higher costs are leading more consumers to plan vacations closer to home this year, a trend that typically benefits Thule. Rising raw material prices are also negatively impacting Thule’s costs, and in the third quarter, we will implement price increases to mitigate these effects.
Our focus remains unchanged. Our top priority is to grow our Champion categories through product development. We are launching many new products again this year, which has had a positive impact on sales so far, and more are on the way. In the third quarter, we will continue the rollout of our recently launched innovative, connected child car seats. We are also continuing to expand our dog transportation offerings and launching harnesses for larger dogs under the Thule brand.
At the same time, we are continuing to drive efficiency improvements at a rapid pace. Work on building technology platforms, more focused investments in product development, and the automation of our warehouse in Poland are all proceeding as planned.
We have clear priorities, our efforts are yielding results, and, moreover, more and more people want to lead active lives, which gives us a tailwind over time. We are now entering the third quarter, with the peak season continuing and high activity in our factories, warehouses, and sales and marketing organizations around the world. I am very much looking forward to the rest of 2026!
Mattias Ankarberg
President and CEO