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Thule Group
Quarterly Report • Oct 22, 2025
2983_10-q_2025-10-22_ce8ce7bc-8eea-4f55-a952-ca4dd1d4c3e1.pdf
Quarterly Report
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Interim report
Third Quarter
July-September 2025
The quarter in brief
Third quarter
- Net sales for the quarter amounted to SEK 2,528m (2,344), corresponding to an increase of 7.9 percent, of which 17.0 percent from the acquisition of Quad Lock and a negative 5.1 percent from exchange rate fluctuations. Organically, sales declined 4.0 percent.
- The gross margin for the quarter increased to 47.5 percent (42.9).
- Operating income for the quarter amounted to SEK 453m (413), corresponding to a margin of 17.9 percent (17.6).
- Net income for the quarter was SEK 314m (300).
- Earnings per share before dilution amounted to SEK 2.91 (2.84).
- Cash flow from operating activities totaled SEK 668m (955) for the quarter.
| Jul-Sep 2025 |
Jul-Sep 2024 |
% | Jan-Sep 2025 |
Jan-Sep 2024 |
% | Full-year 2024 |
|
|---|---|---|---|---|---|---|---|
| Net sales, SEKm | 2 528 | 2 344 | +7.9 | 8 594 | 7 863 | +9.3 | 9 541 |
| Operating income (EBIT), SEKm | 453 | 413 | +9.5 | 1 557 | 1 557 | +0.0 | 1 522 |
| Operating margin, % | 17.9 | 17.6 | +1.7 | 18.1 | 19.8 | -8.6 | 15.9 |
| Adjusted operating income (adjusted EBIT), SEKm1 | - | - | n.a | 1 588 | - | n.a | 1 622 |
| Adjusted operating margin, % | - | - | n.a | 18.5 | - | n.a | 17.0 |
| Net income, SEKm | 314 | 300 | +4.6 | 1 092 | 1 159 | -5.7 | 1 122 |
| Earnings per share, SEK | 2.91 | 2.84 | +2.6 | 10.13 | 10.96 | -7.6 | 10.59 |
| Cash flow from operating activities, SEKm | 668 | 955 | -30.1 | 1 078 | 1 924 | -44.0 | 2 310 |
1) Adjusted operating income. An adjustment of SEK 31m was made to operating income in conjunction with the restructuring of the North American operations in the second quarter of 2025. In the fourth quarter of 2024, an adjustment of SEK 100m was made to operating income related to transaction costs related to the Quad Lock acquisition.
CEO's statement
GOOD PROFITABILITY IN CONTINUED TOUGH MARKET
The market remained tough in the third quarter with a negative impact on sales. Despite this, operating income increased and the operating margin was higher than both last year and historical levels. Our newest product categories continued to perform well, and the work to build a larger, more profitable Thule continued at a high pace.
Third-quarter sales increased 13 percent, excluding currency effects, and organic sales declined 4 percent. The market has not yet shown signs of recovery, with consumers and retailers remaining cautious in both Europe and North America. Our decision to launch more new products early in the year has been successful and our organic sales increased during the peak season. However, retailers remain cautious and chose not to replenish at the end of the season, which had an impact on third-quarter sales. Our newest product categories, dog transportation and child car seats, continued to grow rapidly while at the same time the acquired Quad Lock added new sales.
The EBIT margin amounted to 17.9 percent (17.6). We are pleased that the margin has increased both compared to the previous year and the average historical level, despite the tough market situation. Continued improvements to the product mix and our supply chain efficiency contributed to record-high gross margins. As planned, our decision to launch more products in the first half of this year resulted in product development costs decreasing compared with last year. Excluding the acquired Quad Lock, other expenses also decreased year-on-year. Overall, EBIT increased to SEK 453m (413).
Our sustainability work continues at a steady pace. Creating more sustainable products represents is part of our product development work and Thule has been working with eco-design and life cycle assessments for more than a decade. Many of this year's upgraded bike carriers have 50 percent lower greenhouse gas emissions than the previous version. These ongoing efforts are taking us step by step toward our climate goals.
Building new categories for the future
Following an intense first half of the year, we launched fewer products in the third quarter. New Thule products clearly drive growth, particularly in areas where we hold strong market positions. One example is RV Products, our category for recreational vehicles where while the market is still going through a tough period we have shown organic growth all year. All of this growth is attributable to new products launched in the last 18 months.
While there were fewer launches in total in the third quarter, efforts to build our newest product categories has continued at a high pace. Thule Cappy, a crashtested dog car harness, launched in June was well received and the first shipment quickly sold out. In the third quarter, we also launched Thule Palm, a high back booster seat for older children. The launch of Thule Palm means we now have a premium range of car seats to fit all ages.
Toward the end of last year, we added another category through the acquisition of Quad Lock, the global market leader in performance phone mounts. The integration of Quad Lock, which will soon have been part of Thule for a full year, is proceeding as planned and Quad Lock has continued to perform well. Among other initiatives, we opened a new joint sourcing office in Shenzhen, China in the third quarter, where colleagues from both organizations can draw on each other's expertise on the ground.
North America continues in the right direction
Earlier in the year, we implemented changes in North America to streamline the structure and focus growth initiatives. We have been active in addressing the impact of the increased tariffs and at the same time the North American region has been given more focus, in terms both of product development and of sales. Successful launches of bike carriers for the US market improved the sales trend for the second quarter and continued in the third quarter. The fourth quarter will see the launch of Thule Xscape, an easy to install premium product enabling the safe transportation of skis, surfboards, rooftop tents and other equipment on pick-up trucks. Challenges clearly remain with the North American market, but we are focusing on what we can influence and, each quarter, the development is going in the right direction.
Improved efficiency and cost control
Cost awareness is part of Thule culture and our Småland mindset. In the first six months, we decided to keep our foot on the gas with many successful product launches, even if they come with an increase in costs. A lower third-quarter launch pace means we are now realizing the effects of ongoing efficiency improvements, which contribute to increased gross margins and reduced costs.
This year, for example, we have increased the share of in-house manufactured components to more efficiently leverage available capacity in our own factories. In addition, we have also consolidated warehouses and closed smaller third-party warehouses to save costs and increase efficiency in the larger warehouse facilities. Within product development, sales, and marketing, we have introduced AI services for, which are used
for example for translation and image processing, which saves time and are more cost-efficient. This demonstrates the Thule spirit in practice, and our continued efficiency focus allows us to actively choose where and how much to invest in growth.
During the year, we have also decided on a number of structural cost reductions. The organizational changes in North America have been implemented and our warehouse automation in Poland, with expected annual savings of SEK 100m from 2028, is on track.
Long-term investments continue
Thule is well positioned even in a tough market. We are global market leaders in our key product categories, and invest long-term in developing fantastic and sustainable products, a strong global brand and cost-efficient manufacturing and logistics.
We are now entering the fourth quarter, our smallest in terms of sales. However, it will be an eventful quarter, including a global customer event in Sweden. We have launched many new products over the past two years and look forward to cost-effectively showcasing our global R&D and test center in Hillerstorp and all our product categories and news in one single Thule experience.
We also look forward to telling you more about Thule and our prioritized long-term investments at our Capital Markets Day on November 20. All in all, we expect an intense end to the year.
Mattias Ankarberg
CEO and President
Financial overview
| Jul-Sep | Jan-Sep | |
|---|---|---|
| Change in net sales | 2025 | 2025 |
| Organic growth | -4.0% | -1.5% |
| Structural changes | 17.0% | 14.5% |
| Changes in exchange rates | -5.1% | -3.7% |
| Total | 7.9% | 9.3% |
Trend for the third quarter
Net sales
Net sales for the third quarter of 2025 amounted to SEK 2,528m (2,344), corresponding to an increase of 7.9 percent, of which 17.0 percent from the acquisition of Quad Lock and a negative 5.1 percent from exchange rate fluctuations. Organically, sales declined 4.0 percent.
In Region Europe, net sales totaled SEK 1,681m (1,654) for the third quarter, up 1.6 percent. Organically sales declined 4.8 percent. Net sales in Region North America amounted to SEK 611m (555), up 10.0 percent. Organically sales declined 5.3 percent. Net sales in Region Rest of World amounted to SEK 237m (135), up
75.2 percent driven by the acquisition of Quad Lock. Organic sales growth was 11.0 percent.
Gross income
Gross income for the quarter totaled SEK 1,202m (1,006), corresponding to a gross margin of 47.5 percent (42.9). The higher gross margin was due to the acquisition of Quad Lock, price increases, efficiency gains and an improved product mix.
Operating income
Operating income amounted to SEK 453m (413), corresponding to a margin of 17.9 percent (17.6). The acquisition of Quad Lock has contributed positively to the operating income, but even without the effects of the acquisition, the margin would have increased to 17.8 percent (17.6). This year, more products were
launched earlier in the year, which led to of a higher share of product development costs earlier in the year. Depreciation and amortization amounted to SEK 90m (76) driven by acquisitions and a higher rate of investment.
| Jul-Sep | Jan-Sep | |
|---|---|---|
| Operating income | 2025 | 2025 |
| Adjusted operating income (EBIT) | 453 | 1 588 |
| Adjusted operating income excluding Quad Lock acquisition | 383 | 1 374 |
| Operating margin | 17.9% | 18.5% |
| Operating margin excluding Quad Lock acquisition | 17.8% | 18.3% |
Operating margin excluding the Quad Lock acquisition show s the margin excluding turnover and earning effects from Quad Lock.
Net financial items
Net financial items for the quarter amounted to an expense of SEK 37m (expense: 15). Exchange rate differences on loans and cash and cash equivalents amounted to SEK 2m (expense: 2). The interest expense for borrowings was SEK 38m (expense: 13), which is due to the higher borrowing level.
Net income for the period
In the third quarter, net income was SEK 314m, corresponding to earnings per share of SEK 2.91 before and after dilution. For the corresponding period last year, net income totaled SEK 300m, corresponding to earnings per share of SEK 2.84 before and after dilution.
Cash flow
Cash flow from operating activities for the quarter was SEK 668m (955). Of this, cash flow from operating activities before changes in working capital amounted to SEK 376m (333). Investments during the quarter amounted to SEK 140 million, most of which relates to automation of the logistics facility in Poland. A SEK 100m repayment of the RCF was made in the quarter.
Trend for the first three quarters
Net sales
Net sales for the first three quarters amounted to SEK 8,594m (7,863), corresponding to an increase of 9.3 percent, of which 14.5 percent from the acquisition of Quad Lock and a negative 3.7 percent from exchange rate fluctuations. Organically, sales declined 1.5 percent.
In Region Europe, net sales totaled SEK 5,947m (5,643) for the first three quarters, up 5.4 percent. Organically, growth increased 0.1 percent. Net sales in Region North America amounted to SEK 1,990m (1,805), up 10.2 percent. Organically sales declined 6.7 percent. Net sales in Region Rest of World amounted to SEK 657m (415), up 58.4 percent. Organically sales declined 2.0 percent.
Gross income
Gross income amounted to SEK 3,969m (3,377) for the first three quarters, corresponding to a gross margin of 46.2 percent (42.9). The higher gross margin was due to acquisitions, price increases, and an improved product mix.
Operating income
Adjusted operating income amounted to SEK 1,588m (1,557), corresponding to a margin of 18.5 percent (19.8). Operating income amounted to SEK 1,557m (1,557), corresponding to an operating margin of 18.1 percent (19.8). In addition, earnings for the period were charged with non-recurring items of SEK 31m during the second quarter relating to the restructuring of the North American operations. These costs have been recognized as administrative expenses in the consolidated income statement.
Net financial items
For the first three quarters, net financial items amounted to an expense of SEK 124m (expense: 59). Exchange rate differences on loans and cash and cash equivalents amounted to SEK 0m (2). The interest expense for borrowings was SEK 124m (expense: 61), which is due to the higher borrowing level.
Net income for the period
For the first three quarters, net income was SEK 1,092m, corresponding to earnings per share of SEK 10.13 before and after dilution. For the corresponding period last year, net income totaled SEK 1,159m, corresponding to earnings per share of SEK 10.96 before and after dilution.
Cash flow
Cash flow from operating activities for the first three quarters was SEK 1,078m (1,924). Of this, cash flow from operating activities before changes in working capital amounted to SEK 1,190m (1,351). Cash flow from changes in working capital amounted to an outflow of SEK 112m (inflow: 573).
Taxes
The effective tax rate for the January–September 2025 period was 23.8 percent (22.6).
Financial position
As of September 30, 2025, the Group's equity amounted to SEK 7,319m (7,115). The equity ratio amounted to 50.6 percent (61.5). The pro forma leverage ratio or net debt/pro forma LTM EBITDA amounted to 1.8 (0.5) as of September 30.
As of September 30, 2025, net debt amounted to SEK 3,574m (869) and has decreased by SEK 387m since the start of the year. Total long-term borrowing amounted to SEK 4,249m (1,652), comprising loans from credit institutions of SEK 4,081m (1,527), longterm lease liabilities of SEK 183m (132), capitalized financing costs of SEK 23m (17), and the long-term portion of financial derivatives of SEK 9m (10). Total current financial liabilities amounted to SEK 95m (93) and
comprised the short-term portion of financial derivatives and lease liabilities.
| SEKm | Sep 30 2025 | Sep 30 2024 | Dec 31 2024 |
|---|---|---|---|
| Long-term loans, gross | 4 263 | 1 659 | 4 315 |
| Financial derivative liability, long-term | 9 | 10 | 7 |
| Short-term loans, gross | 89 | 86 | 75 |
| Financial derivative liability, short-term | 6 | 7 | 2 |
| Overdraft facilities | 0 | 0 | 0 |
| Capitalized financing costs | -23 | -17 | -21 |
| Accrued interest | 0 | 0 | 2 |
| Gross debt | 4 345 | 1 746 | 4 380 |
| Financial derivative asset | -11 | -20 | -15 |
| Cash and cash equivalents | -761 | -857 | -405 |
| Net debt | 3 574 | 869 | 3 961 |
On September 30, 2025, goodwill totaled SEK 6,805m, down SEK 612m since the start of the year. The change pertained mainly to exchange rate fluctuations.
Sales for the quarter broken down by category and region, as a share of total sales for the quarter
Product category Geographical regions
Other information
Investments
In the second quarter, Thule decided to expand and automate the existing logistics facility in Huta, Poland. The facility will have three times as many pallet spaces in a highly automated warehouse. The estimated investment totals approximately SEK 450m, of which 30 percent is expected in 2025, 60 percent in 2026 and 10 percent in 2027. Expected annual savings amount to about SEK 100m from more efficient handling, optimized logistics flows, reduced payroll expenses and terminated contracts with two external suppliers. The positive EBIT impact is estimated to be approximately SEK 75m per year with full effect from 2028. Annual depreciation of the facility has been calculated at approximately SEK 25m and the inventory reduction to SEK 80m. The new facility is planned to be operational in 2027.
Thule's investment program and Capex spend are expected to remain at approximately 2.5 to 3 percent of sales (excluding leasing).
Financing agreement changes
Thule Group entered a financing agreement in 2024, totaling EUR 550m, consisting of a EUR 470m revolving credit facility (RCF) and a EUR 80m long-term loan. In Q2 2025, Thule Group, in consultation with its financial partners, exercised the option to extend both financing agreements by one additional year, with the financing now terminating in 2028, 2029 and 2030.
In addition, Thule Group successfully integrated its financing agreements with its sustainability targets in the period. With support provided by Swedbank as sustainability coordinator, Thule has linked the financing agreements to selected sustainability indicators and annual performance targets. These sustainabilitylinked credit facilities provide an additional incentive to continue pursuing and achieving our ambitious sustainability targets.
Seasonal variations
Thule Group's sales and operating income are normally impacted by seasonal variations. Sales in the first and fourth quarters primarily concern sales of winter-related products, while sales in the second and
third quarters primarily concern summer-related products. Thule Group has adapted its production processes and supply chain in response to these variations. The acquisition of Quad Lock has impacted Thule Group's seasonal variations. For further information, see page 104 of Thule Group's Annual Report, where Quad Lock's seasonal variations are presented.
Employees
The average number of employees in the third quarter was 3,104 (2,750). The increase was primarily attributable to seasonal employees in production and the acquisition of Quad Lock.
Thule Group's share
The shares of Thule Group AB are listed on the Nasdaq Stockholm Large Cap list. As of September 30, 2025, the total number of shares in issue was 107,838,162.
Shareholders
As of September 30, 2025, Thule Group AB had 30,458 known shareholders. On this date, the largest shareholders were AMF Pension & Fonder (11.9 percent of the capital and votes), Handelsbanken Fonder (6.8 percent of the capital and votes), Swedbank Robur Fonder (6.3 percent of the capital and votes) and Alecta Tjänstepension (5.2 percent of the capital and votes).
See www.thulegroup.com for further information on Thule Group's shareholders.
Dividend
The AGM resolved on the distribution of a dividend of SEK 8.30 per share, corresponding to SEK 895m. The dividend corresponded to 78 percent of the earnings per share for 2024. The dividend was be disbursed in two installments. SEK 4.15 per share was disbursed on May 7 and the remaining SEK 4.15 per share was disbursed on October 9.
Share-based incentive programs – 2023/2026, 2024/2027 and 2025/2028
The warrants program 2025/2028 resolved on by the Annual General Meeting (AGM) for executive management and key employees of Thule Group was implemented in the period. The program covers the issue of a maximum of 2,778,000 warrants, distributed in equal parts in three series, to Thule Group's wholly owned subsidiary Thule AB, for further transfer to the participants.
During the second quarter of 2025, 489,000 warrants in series 2025/2028 were acquired by 36 participants. The warrants were transferred at a price of SEK 19.36 per warrant, which corresponds to the fair market price calculated by an external party at the time of transfer. The warrants can be exercised to subscribe for shares between June 15 and December 15, 2028 and the exercise price per share has been set at SEK 280.95, which corresponds to 120 percent of the volume-weighted average price according to Nasdaq Stockholm's official price list during the five trading days immediately preceding the transfer. The socalled roof price has been set at SEK 384.20, which
corresponds to 164.1 percent of the same average share price. This means that if the market price of the company's share exceeds the roof price when the option is exercised, the exercise price shall be increased accordingly.
Parent Company
Thule Group AB's principal activity pertains to head office functions such as Group-wide management and administration. The comments below refer to the period January 1–September 30, 2025. The Parent Company invoices its costs to Group companies. The Parent Company reported a net loss of SEK 30m (loss: 31). Cash and cash equivalents and current investments amounted to SEK 0m (0). Long-term liabilities to credit institutions totaled SEK 4,058m (1,510).
The Parent Company's financial position is dependent on the financial position and development of its subsidiaries. The Parent Company is therefore indirectly impacted by the risks described in Note 4, Risks and uncertainties.
Sales trend by region
| Jul-Sep | Change | Jan-Sep | Change | |||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | Rep. | Organic1 | 2025 | 2024 | Rep. | Organic1 |
| Net sales | 2 528 | 2 344 | 7.9% | -4.0% | 8 594 | 7 863 | 9.3% | -1.5% |
| - Region Europe | 1 681 | 1 654 | 1.6% | -4.8% | 5 947 | 5 643 | 5.4% | 0.1% |
| - Region North America | 611 | 555 | 10.0% | -5.3% | 1 990 | 1 805 | 10.2% | -6.7% |
| - Region Rest of the world | 237 | 135 | 75.2% | 11.0% | 657 | 415 | 58.4% | -2.0% |
1 Organic growth is adjusted for acquisitions and changes in exchange rates
Region Europe
In Region Europe, organic sales decreased by 4.8 percent in the quarter. During the first three quarters of the year, organic sales increased by 0.1 percent. Sales in the quarter were affected by retailers being cautious about replenishing at the end of the season. Roof racks and all-terrain strollers have performed well, while sales of bike trailers have declined. The new categories of child car seats and dog transportation have developed positively. For RV products, sales increased despite the industry going through a weaker period.
Region North America
In the North America region, organic sales decreased by 5.3 percent in the quarter and by 6.7 percent in the first three quarters of the year. The market remains weak with cautious retailers and consumers. Sales for Active with Kids & Dogs have increased while Sport & Cargo Carriers decreased slightly. The development in Canada was better than in the US.
Region Rest of World
In the Rest of the World region, organic sales increased by 11.0 percent. For the first three quarters of the year, organic sales decreased by 2.0 percent. Sales in Asia showed a better development in the third quarter than sales in South America.
Sales trend per product category
| Jul-Sept | Growth vs | Jan-Sep | Growth | |
|---|---|---|---|---|
| Share of sales per product category | 2025 | Q3/24 1 | 2025 | YTD/24 1 |
| Sport&Cargo Carriers | 53% | -6% | 53% | -1% |
| RV Products | 15% | 5% | 17% | 3% |
| Bags & Mounts | 22% | -5% | 19% | -14% |
| Active with Kids & Dogs | 10% | -7% | 11% | -3% |
1 Organic growth is adjusted for acquisitions and changes in exchange rates
Sport & Cargo Carriers
Sales decreased by 6 percent organically in the third quarter and by 1 percent in the first three quarters of the year. Sales of newly launched products, such as the two bike carriers adapted for the North American market, have continued to develop well. However, sales of seasonal products have been negatively affected by retailers being cautious about replenishing stock levels at the end of the summer season. Sport & Cargo Carriers accounted for 53 percent of total sales in the third quarter.
RV Products
In RV Products (Recreational Vehicles), sales for the quarter increased 5 percent organically in the third quarter and during the first three quarters of the year, organic sales increased by 3 percent . The industry has been experiencing a weaker period for a long time, while Thule's sales in the last three quarters nevertheless increased. Sales to aftermarket retailers increased, while sales to manufacturers decreased. RV Products accounted for 15 percent of total sales in the quarter. About 95 percent of sales take place in the European market.
Bags & Mounts
Sales decreased by 5 percent organically in the third quarter and by 14 percent during the first three quarters of the year. Of Bags & Mounts' total sales in the quarter, the acquired Quad Lock accounted for 67 percent of sales. Including Quad Lock, sales have increased by 189 percent in the third quarter. Sales of bags under the Thule brand increased, while sales of other bags for laptops and other electronics decreased. North America accounts for the largest share of bag sales, which is a market with weak demand. Bags & Mounts accounted for 22 percent of total sales during the quarter.
Quad Lock has continued to develop its market-leading position and increased its organic sales by about 5 percent in the third quarter and by about 15 percent in the first three quarters of the year. The comparative figures for the third quarter were impacted by retail inventory build-up during last year.
Active with Kids & Dogs
Sales decreased by 7 percent organically in the third quarter and by 3 percent in the first three quarters of the year. The two new categories, dog transportation and child car seats, have developed well. In June, Thule Cappy, a crash-tested safety harness for dogs, was launched and has had a good start. In the car seat category, Thule Palm was launched in the third quarter, a high-back booster seat for older children. The areas in Active with Kids & Dogs that performed weakest were bike-related products, mainly due to a cautious bike market with retailers wanting to maintain low inventory levels. Active with Kids & Dogs accounted for 10 percent of total sales.
Financial Statements
Unless otherwise stated, all amounts are in SEK m
Consolidated Income Statement
| Jul - Sep | Jan - Sep | Full-year | |||||
|---|---|---|---|---|---|---|---|
| Note | 2025 | 2024 | 2025 | 2024 | LTM | 2024 | |
| Net sales | 2 | 2 528 | 2 344 | 8 594 | 7 863 | 10 272 | 9 541 |
| Cost of goods sold | -1 326 | -1 339 | -4 625 | -4 487 | -5 605 | -5 467 | |
| Gross income | 1 202 | 1 006 | 3 969 | 3 377 | 4 666 | 4 074 | |
| Selling expenses | -613 | -482 | -1 971 | -1 478 | -2 498 | -2 005 | |
| Administrative expenses | -136 | -110 | -440 | -341 | -647 | -547 | |
| Operating income | 2 | 453 | 413 | 1 557 | 1 557 | 1 522 | 1 522 |
| Net interest expense/income | -37 | -15 | -124 | -59 | -139 | -75 | |
| Income before taxes | 416 | 399 | 1 433 | 1 498 | 1 382 | 1 447 | |
| Taxes | -102 | -98 | -341 | -339 | -327 | -325 | |
| Net income | 314 | 300 | 1 092 | 1 159 | 1 055 | 1 122 | |
| Net income pertaining to: | |||||||
| Shareholders of Parent Company | 314 | 300 | 1 092 | 1 159 | 1 055 | 1 122 | |
| Net income | 314 | 300 | 1 092 | 1 159 | 1 055 | 1 122 | |
| Earnings per share, SEK before dilution | 2.91 | 2.84 | 10.13 | 10.96 | 10.59 | ||
| Earnings per share, SEK after dilution | 2.91 | 2.84 | 10.13 | 10.96 | 10.59 | ||
| Average number of shares (millions) | 107.8 | 105.7 | 107.8 | 105.7 | 105.9 |
Consolidated Statement of Comprehensive Income
| Jul - Sep | Jan - Sep | Full-year | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | LTM | 2024 | |
| Net income | 314 | 300 | 1 092 | 1 159 | 1 055 | 1 122 |
| Items that have been carried over or can be carried over to net income | ||||||
| Foreign currency translation | -68 | -247 | -1 138 | 142 | -906 | 373 |
| Cash flow hedges | 2 | -14 | -13 | -44 | -18 | -48 |
| Net investment hedge | 15 | 55 | 140 | 22 | 152 | 35 |
| Tax on components in other comprehensive income | -3 | -6 | 28 | -2 | 28 | -1 |
| Items that cannot be carried over to net income | ||||||
| Revaluation of defined-benefit pension plans | 5 | -18 | 2 | -20 | 26 | 4 |
| Tax pertaining to items that cannot be carried over to net income | -1 | 4 | -0 | 4 | -5 | -1 |
| Other comprehensive income, net after tax | -50 | -228 | -983 | 102 | -722 | 363 |
| Total comprehensive income | 264 | 73 | 110 | 1 261 | 333 | 1 484 |
| Total comprehensive income pertaining to: | ||||||
| Shareholders of Parent Company | 264 | 73 | 110 | 1 261 | 333 | 1 484 |
| Total comprehensive income | 264 | 73 | 110 | 1 261 | 333 | 1 484 |
Consolidated Balance Sheet
| Sep 30 | Sep 30 | Dec 31 | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Assets | |||
| Intangible assets | 7 898 | 5 013 | 8 651 |
| Tangible assets | 2 355 | 2 196 | 2 339 |
| Long-term receivables | 15 | 7 | 16 |
| Deferred tax receivables | 344 | 305 | 359 |
| Total fixed assets | 10 612 | 7 522 | 11 365 |
| Inventories | 1 667 | 1 633 | 2 155 |
| Tax receivables | 170 | 372 | 46 |
| Accounts receivable | 934 | 906 | 764 |
| Prepaid expenses and accrued income | 149 | 181 | 106 |
| Other receivables | 185 | 103 | 116 |
| Cash and cash equivalents | 761 | 857 | 405 |
| Total current assets | 3 866 | 4 052 | 3 592 |
| Total assets | 14 478 | 11 574 | 14 957 |
| Equity and liabilities | |||
| Equity | 7 319 | 7 115 | 8 095 |
| Long-term interest-bearing liabilities | 4 249 | 1 652 | 4 301 |
| Provision for pensions | 220 | 237 | 212 |
| Deferred income tax liabilities | 659 | 406 | 666 |
| Total long-term liabilities | 5 128 | 2 296 | 5 178 |
| Short-term interest-bearing liabilities | 95 | 93 | 77 |
| Accounts payable | 605 | 600 | 746 |
| Tax liabilities | 108 | 262 | 51 |
| Other liabilities | 548 | 606 | 106 |
| Accrued expenses and deferred income | 589 | 545 | 625 |
| Provisions | 86 | 57 | 78 |
| Total short-term liabilities | 2 031 | 2 163 | 1 683 |
| Total liabilities | 7 159 | 4 459 | 6 862 |
| Total equity and liabilities | 14 478 | 11 574 | 14 957 |
Consolidated Statement of Changes in Equity
| Jan - Sep | Full year | ||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Opening balance, January 1 | 8 095 | 6 849 | 6 849 |
| Net income | 1 092 | 1 159 | 1 122 |
| Other comprehensive income | -983 | 102 | 363 |
| Total comprehensive income | 110 | 1 261 | 1 484 |
| Transactions with the Group's owners: | |||
| New issue of shares | 0 | 0 | 757 |
| Dividend | -895 | -1 004 | -1 004 |
| Warrants | 9 | 9 | 9 |
| Closing balance | 7 319 | 7 115 | 8 095 |
Consolidated Statement of Cash Flow
| Jul - Sep | Jan - Sep | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Income before taxes | 416 | 399 | 1 433 | 1 498 |
| Adjustments for items not included in cash flow | 98 | 34 | 139 | 185 |
| Paid income taxes | -139 | -100 | -383 | -332 |
| Cash flow from operating activities prior to changes in working capital | 376 | 333 | 1 190 | 1 351 |
| Cash flow from changes in working capital | ||||
| Increase(-)/Decrease (+) in inventories | 110 | 221 | 365 | 712 |
| Increase(-)/Decrease (+) in receivables | 639 | 588 | -317 | -173 |
| Increase(+)/Decrease (-) in liabilities | -458 | -187 | -160 | 34 |
| Cash flow from operating activities | 668 | 955 | 1 078 | 1 924 |
| Investing activities | ||||
| Acquisition of subsidiaries | 0 | -7 | 0 | -7 |
| Acquisition/divestment of fixed assets | -140 | -34 | -238 | -183 |
| Cash flow from investing activities | -140 | -40 | -238 | -189 |
| Financing activities | ||||
| Warrants | -0 | -1 | 9 | 9 |
| Dividend | 0 | - | -448 | -502 |
| Debt repaid/new loans | -126 | -426 | -28 | -476 |
| Cash flow from financing activities | -126 | -427 | -466 | -969 |
| Net cash flow | 401 | 489 | 373 | 766 |
| Cash and cash equivalents at beginning of period | 357 | 371 | 405 | 94 |
| Effect of exchange rates on cash and cash equivalents | 3 | -3 | -17 | -2 |
| Cash and cash equivalents at end of period | 761 | 857 | 761 | 857 |
Condensed Parent Company Income Statement
| Jul - Sep | Jan - Sep | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Other operating revenue | 9 | 6 | 26 | 17 | 23 |
| Administrative expenses | -21 | -12 | -49 | -44 | -60 |
| Operating income | -12 | -7 | -23 | -27 | -37 |
| Result from Shares in Subsidiaries | 0 | 0 | 0 | 0 | 550 |
| Interest income- and expense | -4 | -3 | -15 | -12 | -16 |
| Income after financial items | -16 | -10 | -38 | -39 | 497 |
| Appropriations | 0 | 0 | 0 | 0 | 90 |
| Net income before taxes | -16 | -10 | -38 | -39 | 587 |
| Taxes | 3 | 1 | 8 | 8 | -8 |
| Net income | -13 | -9 | -30 | -31 | 579 |
Condensed Parent Company Balance Sheet
| Sep 30 | Sep 30 | ||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Assets | |||
| Financial fixed assets | 7 478 | 4 164 | 7 552 |
| Total fixed assets | 7 478 | 4 164 | 7 552 |
| Receivables from group companies | 7 | 1 | 745 |
| Other current receivables | 26 | 24 | 13 |
| Cash and cash equivalents | 0 | 0 | 0 |
| Total current assets | 33 | 25 | 757 |
| Total assets | 7 511 | 4 189 | 8 309 |
| Equity and liabilities | |||
| Equity | 1 158 | 707 | 2 074 |
| Other provisions | 41 | 37 | 38 |
| Liabilities to credit institutions | 4 058 | 1 510 | 4 143 |
| Liabilities to Group companies | 0 | 0 | 0 |
| Total long-term liabilities | 4 099 | 1 547 | 4 181 |
| Liabilities to Group companies | 1 785 | 1 404 | 1 928 |
| Other current liabilities | 469 | 531 | 127 |
| Total short-term liabilities | 2 254 | 1 935 | 2 054 |
| Total equity and liabilities | 7 511 | 4 189 | 8 309 |
Assurance of the Board and the President
The Board of Directors and the President provide their assurance that this interim report provides a fair and accurate view of the Group's and the Parent Company's operations, financial position and earnings, and describes the material risks and uncertainties faced by the Parent Company and other companies in the Group.
October 22, 2025
Board of Directors
Auditor's report
To the Board of Directors of Thule Group AB (publ) Corp. Reg. No.: 556770-6311
Introduction
We have conducted a limited review of the condensed interim financial information (interim report) for Thule Group AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.
Malmö, October 22, 2025 Öhrlings PricewaterhouseCoopers AB
Sofia Götmar-Blomstedt Neda Feher Authorized Public Accountant Authorized Public Accountant Auditor in Charge
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
Disclosures, accounting policies and risk factors
Disclosures in accordance with Paragraph 16A of IAS 34 Interim Financial Reporting can be found in the financial statements and the associated notes as well as in other sections of the interim report.
Note 1. Accounting policies
This condensed consolidated interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the applicable provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act on interim financial reporting. The same accounting policies and calculation methods have been applied for the Group and Parent Company as in the most recent Annual Report. Revised standards that became effective in 2025 have had no material impact on the Group's earnings and financial position.
Note 2. Operating segments and allocation of revenue
Thule Group comprises one segment. Though the Group has shared global processes for product development, purchasing, manufacture, logistics and marketing, its sales are managed in three regions, Region Europe, Region North America and Region Rest of World. Internal monthly follow-up focuses on the Group as a whole, in addition to the geographic sales data, which is presented at other levels than Group level.
| Jul - Sep | Jan - Sep | Full-year | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | LTM | 2024 | |
| Net sales from external customers | 2 528 | 2 344 | 8 594 | 7 863 | 10 272 | 9 541 |
| - Region Europe | 1 681 | 1 654 | 5 947 | 5 643 | 6 979 | 6 675 |
| - Region North America | 611 | 555 | 1 990 | 1 805 | 2 466 | 2 281 |
| - Region Rest of world | 237 | 135 | 657 | 415 | 827 | 585 |
| Adjusted EBITDA | 543 | 490 | 1 864 | 1 771 | 1 997 | 1 904 |
| - Depreciation/amortization of fixed assets | -90 | -76 | -276 | -214 | -344 | -282 |
| Adjusted operating income | 453 | 413 | 1 588 | 1 557 | 1 653 | 1 622 |
| - Comparability items1 | 0 | 0 | -31 | 0 | -131 | -100 |
| EBIT/Operating income | 453 | 413 | 1 557 | 1 557 | 1 522 | 1 522 |
| Net interest expense/income | -37 | -15 | -124 | -59 | -139 | -75 |
| Taxes | -102 | -98 | -341 | -339 | -327 | -325 |
| Net income | 314 | 300 | 1 092 | 1 159 | 1 055 | 1 122 |
1 Comparability items, please refer to section Alternative performance measures and other financial definitions.
These items have been reported as administrative expenses in the consolidated income statement.
All revenue is recognized at one point in time.
Note 3. Fair value of financial instruments
| Fair value | |||
|---|---|---|---|
| Sep 30 | Sep 30 | ||
| 2025 | 2024 | ||
| Assets - Financial derivatives | |||
| Currency forward contracts | 7 | 16 | |
| Currency swaps | 2 | 0 | |
| Currency options | 0 | 0 | |
| Interest rate swaps | 2 | 4 | |
| Total derivative assets | 11 | 20 | |
| Liabilities - Financial derivatives | |||
| Currency forward contracts | -5 | -2 | |
| Currency swaps | -1 | -5 | |
| Currency options | 0 | 0 | |
| Interest rate swaps | -9 | -10 | |
| Total derivative liabilities | -15 | -17 |
The carrying amount is an approximation of the fair value for all financial assets and liabilities. The Group's longterm liabilities are subject to variable interest rates, which means that changes in the basic interest rate will not have a significant impact on the fair value of the liabilities. According to the company's assessment, neither have there been any changes in the credit margins that would significantly impact the fair value of the liabilities. The financial instruments measured at fair value in the balance sheet consist of derivatives held to hedge the Group's exposure to interest rates, currency rates and raw material prices. All derivatives belong to Level 2.
Note 4. Risks and uncertainties
Thule Group is an international company and its operations may be affected by a number of risk factors in the form of industry and market-related risks, operational risks, sustainability risks and financial risks.
The current macroeconomic situation and geopolitical concern have led to uncertainty that makes it difficult to predict how demand and the total cost base will be impacted. Also, the trade tariffs announced by the US also contribute to uncertainty and place requirements on an increased focus on an efficient supply chain.
For more details on risks and currency exposure, see Thule Group's Annual Report, pages 75–81 Risks, and Note 4 Financial risk management on page 102.
Key figures
| Jul - Sep | Jan - Sep | Full year | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net sales, SEKm | 2 528 | 2 344 | 8 594 | 7 863 | 9 541 |
| Net sales growth, % | 7.9% | 1.4% | 9.3% | 3.9% | 4.5% |
| Net sales growth, organic %1 | -4.0% | 4.5% | -1.5% | 4.4% | 3.5% |
| Gross margin, % | 47.5% | 42.9% | 46.2% | 42.9% | 42.7% |
| Adjusted operating income (adjusted EBIT), SEKm | 453 | 413 | 1 588 | 1 557 | 1 622 |
| Operating income (EBIT), SEKm | 453 | 413 | 1 557 | 1 557 | 1 522 |
| Operating margin, % | 17.9% | 17.6% | 18.1% | 19.8% | 15.9% |
| Earnings per share, SEK | 2.91 | 2.84 | 10.13 | 10.96 | 10.59 |
| Equity ratio, % | 50.6% | 61.5% | 50.6% | 61.5% | 54.1% |
| Leverage ratio | 1.9 | 0.5 | 1.9 | 0.5 | 2.2 |
| Leverage ratio, proforma | 1.8 | 0.5 | 1.8 | 0.5 | 1.8 |
1 Organic grow th is adjusted for acquisitions and changes in exchange rates
Alternative performance measures and other financial definitions
Alternative performance measures are used to describe the underlying development of operations and to enhance comparability between periods. These are not defined under IFRS but correspond to the methods applied by Group management and the Board of Directors to measure the company's financial performance. These performance measures should not be viewed as a substitute for financial information presented in accordance with IFRS but rather as a complement. Refer to definitions of alternative performance measures, including calculation tables and other financial definitions below.
Gross margin
Gross income as a percentage of net sales.
Gross income
Net sales less cost of goods sold.
EBIT margin – Operating margin
EBIT as a percentage of net sales/Operating income as a percentage of net sales.
EBIT – Operating income
Income before net financial items and taxes.
EBITDA – Operating income before depreciation/amortization/impairment
Income before net financial items, taxes, depreciation/amortization and impairment of tangible and intangible assets.
Adjusted operating income (adjusted EBIT)
Operating income adjusted for transaction costs related to the acquisition of Quad Lock in the fourth quarter of 2024 and restructuring costs pertaining to the North American operations in the second quarter of 2025.
Adjusted operating margin
Adjusted operating income as a percentage of net sales.
Adjusted EBITDA – adjusted operating income before depreciation/amortization/impairment
EBITDA adjusted for transaction costs related to the acquisition of Quad Lock in the fourth quarter of 2024 and restructuring expenses pertaining to the North American operations in the second quarter of 2025.
Organic growth, currency-adjusted
The change in net sales for the period adjusted for structural changes and currency effects. Organic growth excludes the effects of structural changes in the Group's structure and exchange rates, which enables the comparison of net sales over time, excluding the effects of acquisitions for example.
Net sales growth, currency-adjusted
The change in net sales for the period adjusted for currency effects.
Net debt
Gross debt less cash and cash equivalents. Gross debt is the total of long- and shortterm borrowing, derivative instruments, capitalized transaction costs and accrued interest. Net debt is a metric used for monitoring the debt trend and the scope of financing requirements. Since cash and cash equivalents can be used to repay debt at short notice, net debt is used instead of gross debt as a metric for total loan financing.
LTM
Rolling 12-month.
Earnings per share
Net income for the period divided by the average number of shares during the period.
Leverage ratio
Net debt divided by underlying EBITDA (LTM). This APM is a debt ratio that indicates how many years it would take to repay the company's debt, provided that its net debt and EBITDA are constant, without factoring cash flows pertaining to interest, tax and investments.
Leverage ratio, pro forma
Net debt divided by pro forma EBITDA. Pro forma EBITDA (LTM) includes Quad Lock's earnings if the company had been part of the Group for the last 12 months.
Equity ratio
Equity as a percentage of total assets.
Calculation table alternative performance measures
| Jul - Sep | Jan - Sep | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| Organic growth, currency-adjusted | ||||||
| Change in net sales, % | 7.9 | 1.4 | 9.3 | 3.9 | ||
| Exchange rate fluctuations, % | 5.1 | 3.1 | 3.7 | 0.5 | ||
| Net sales, currency-adjusted growth, % | 13.0 | 4.5 | 13.0 | 4.4 | ||
| Structural changes, % | -17.0 | -0.1 | -14.5 | 0.0 | ||
| Organic growth, % | -4.0 | 4.4 | -1.5 | 4.4 | ||
| Adjusted operating income (adjusted EBIT) | ||||||
| Operating income (EBIT), SEKm | 453 | 413 | 1 557 | 1 557 | ||
| Comparability items, SEKm | - | - | 31 | - | ||
| Adjusted operating income, SEKm | 453 | 413 | 1 588 | 1 557 | ||
| Adjusted EBITDA | ||||||
| Adjusted operating income (adjusted EBIT), SEKm | 453 | 413 | 1 588 | 1 557 | ||
| Reversal of depreciation and impairment/write-down, SEKm | 90 | 76 | 276 | 214 | ||
| Adjusted EBITDA, SEKm | 543 | 490 | 1 864 | 1 771 | ||
| EBITDA | ||||||
| Operating income (EBIT), SEKm | 453 | 413 | 1 557 | 1 557 | ||
| Reversal of depreciation and impairment/write-down, SEKm | 90 | 76 | 276 | 214 | ||
| EBITDA, Mkr | 543 | 490 | 1 833 | 1 771 | ||
| Net debt | ||||||
| Long-term interest-bearing liabilities, gross, SEKm | 4 263 | 1 659 | 4 263 | 1 659 | ||
| Derivative liabilities, long-term, SEKm | 9 | 10 | 9 | 10 | ||
| Short-term interest-bearing liabilities, SEKm | 89 | 86 | 89 | 86 | ||
| Derivative liabilities, short-term, SEKm | 6 | 7 | 6 | 7 | ||
| Capitalized financing costs, SEKm | -23 | -17 | -23 | -17 | ||
| Accrued interest, SEKm | 0 | 0 | 0 | 0 | ||
| Gross debt, SEKm | 4 345 | 1 746 | 4 345 | 1 746 | ||
| Derivative assets, SEKm | -11 | -20 | -11 | -20 | ||
| Cash and cash equivalents, SEKm | -761 | -857 | -761 | -857 | ||
| Net debt, SEKm | 3 574 | 869 | 3 574 | 869 | ||
| Leverage ratio | ||||||
| Net debt, SEKm | 3 574 | 869 | 3 574 | 869 | ||
| EBITDA LTM, SEKm | 1 866 | 1 890 | 1 866 | 1 890 | ||
| Leverage ratio | 1.9 | 0.5 | 1.9 | 0.5 | ||
| Leverage ratio, proforma | ||||||
| Net debt, SEKm | 3 574 | 869 | 3 574 | 869 | ||
| EBITDA proforma LTM, SEKm | 1 971 | 1 890 | 1 971 | 1 890 | ||
| Leverage ratio, proforma | 1.8 | 0.5 | 1.8 | 0.5 | ||
| Equity ratio | ||||||
| Equity, SEKm | 7 319 | 7 115 | 7 319 | 7 115 | ||
| Total assets, SEKm | 14 478 | 11 574 | 14 478 | 11 574 | ||
| Equity ratio, % | 50.6 | 61.5 | 50.6 | 61.5 |
Other Information
Reporting structure
Thule Group has changed how it follows up on its sales regions and reports in accordance with the new structure from the first quarter of 2025. The new structure is adapted to Thule Group's management structure. Sales growth for the sales regions are recognized as reported sales and as organic sales (adjusted both for acquisitions and for exchange rate fluctuations).
Sales regions
- Region Europe
- Region North America
- Region Rest of World
The sales breakdown in accordance with the previous sales regions and the new sales regions is as follows:
| Regions, reported up to 2024 | 2024 | |||||
|---|---|---|---|---|---|---|
| SEKm | Q1 | Q2 | Q3 | Q4 | Full year | Share % |
| Net sales | 2 420 | 3 099 | 2 344 | 1 678 | 9 541 | 100.0% |
| - Region E urope & RoW | 1 875 | 2 303 | 1 743 | 1 151 | 7 072 | 74.1% |
| - Region Americas | 545 | 796 | 601 | 527 | 2 469 | 25.9% |
| New regions, to be reported from 2025 onwards | 2024 | |||||
|---|---|---|---|---|---|---|
| SEKm | Q1 | Q2 | Q3 | Q4 | Full year | Share % |
| Net sales | 2 420 | 3 099 | 2 344 | 1 678 | 9 541 | 100.0% |
| - Region E urope | 1 771 | 2 219 | 1 654 | 1 031 | 6 675 | 70.0% |
| - Region North America | 499 | 750 | 555 | 477 | 2 281 | 23.9% |
| - Region Rest of world | 150 | 130 | 135 | 170 | 585 | 6.1% |
Product categories
From the first quarter of 2025, Thule Group reports in accordance with new product categories. The sales trends of the product categories will be shown both as reported and as organic (adjusted for acquisitions and for exchange rate fluctuations).
- Sport & Cargo Carriers no change
- RV no change
- Bags & Mounts includes all sales previously reported under "Packs, Bags and Luggage" and all products from the Quad Lock acquisition
- Active with Kids & Dogs formerly named "Juvenile & Pet", no change
Contacts
Catharina Paulcén, SVP Corporate Communications and IR
Tel: +46 (0)73-665 45 74
e-mail: [email protected]
Toby Lawton, CFO Tel: +46 (0)70-242 29 47
e-mail: [email protected]
Financial calendar
Year-end report February 10, 2026 Interim report, April–June July 20, 2026 Annual General Meeting May 11, 2026 Interim report, July–September October 23, 2026
Thule Group AB (publ) Dockgatan 1, SE-211 12 Malmö, Sweden Corp. Reg. No: 556770-6311 www.thulegroup.com
About Thule
Thule is a global sports and outdoor company. We offer high-quality products with smart features and a sustainable design that make it easy for people across the globe to live an active life. Under the motto Bring your life and with a focus on consumer-driven innovation and long-term sustainability — we develop, manufacture and market products within the product categories Sport & Cargo Carriers (roof racks, roof boxes and carriers for cycling, water and winter sports equipment, and rooftop tents mounted on a car), Active with Kids & Dogs (car seats, strollers, bike trailers, child bike seats and dog transportation), RV Products (awnings, bike carriers and tents for RVs and caravans) and Bags & Mounts (backpacks, luggage and performance phone mounts). Thule has about 2,800 employees at nine production facilities and 35 sales offices worldwide. The Group's products are sold in 138 markets and in 2024, sales amounted to SEK 9.5 billion.