Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Investor Day (November 2025)
77 slides from Thule Group Ab's investor day presentation, Nov 20, 2025
Slide 1: Thule Capital Markets Day
Thule Capital Markets Day November 20, 2025
Slide 2: Today's agenda
Today’s agenda 1 This is Thule 2 Innovation is our superpower Q&A 3 Big in pockets – building a bigger and more profitable Thule Q&A 4 Path to our financial targets Q&A 2
Slide 3: This is Thule
This is Thule THULE
Slide 4: 80+ years of product driven growth
80+ years of product driven growth 2024 2018 Performance 2018 2011 Urban Roof top phone mounts 2014 Multi-sport Running strollers tents acquisition of Quad Lock 2010 strollers Car seats 2005 Thule bags child trailers launched with entered through acquisition of Tepui, North Am winning ADAC from star
Slide 5: Video
VIDEO THULE
Slide 6: Global footprint and in-house capabilities
Global footprint and in-house capabilities R&D Production Sourcing Head office Hillerstorp, Sweden Global sales across 138 markets Four product categories Sport & Cargo Carriers 53% RV Products 17% Active with Kids & Dogs 11% Bags & Mounts 19% Global R&D and test center in Hillerstorp, Sweden, with
Slide 7: Long track record of profitable growth
Long track record of profitable growth Net sales SEK 12 m 000 EBIT 2 500 SEK m 10 000 2 000 8 000 1 500 Cumulative since 2014 Net sales CAGR +5% FX adj 6 000 Net sales CAGR +8% reported 1 000 EBIT margin average 17.8% 4 000 500 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 L
Slide 8: Supported by long term favorable trends
Supported by long term favorable trends Increased outdoor Bike is the new car Near-home vacationing Child and pet safety participation driven by as bike commuting drive gear transport awareness keeps rising new and younger and e-bikes keep needs as consumers consumer groups on growing increasingly v
Slide 9: Thule is performing in a tough market
Thule is performing in a tough market Sales development YTD 2025/Q3 World uncertainty index Year-on-year, percent 100 = Jan 2014 13 Thule Outdoor goods* organic sales organic sales Thule total sales -1,5 FX adj -5 9 Note: “Outdoor goods” refers to publicly traded ARB, Clarus (Adventure division), D
Slide 10: On a journey towards a bigger, more profitable Thule
On a journey towards a bigger, more profitable Thule Two new categories entered successfully 2024 • Organically entered Dog transportation and Car seats in 2024 • Both categories set new Thule record for first full year sales Acquired Quad Lock to enter a third category 2024/Q4 • Entered performance
Slide 11: Updated long-term financial targets with ambition to beat historical performance
Updated long-term financial targets with ambition to beat historical performance Previous Historical Long-term target from performance Capital markets financial target 2022 since 2014 day 2025 Target definition SEK Growth 20 bn 5% 7% Annual organic growth at or above 7% EBIT margin 20% 17.8% 20% EBI
Slide 12: Innovation is our superpower
Innovation is our superpower
Slide 13: We have a wide portfolio of innovative products
We have a wide portfolio of innovative products Thule Paramount Thule Vital Thule Chariot Sport Double Thule Shine Thule Outpace Thule Maple Thule Yepp Thule VeloSwing Nexxt Maxi Thule Aion Thule UpRide Thule Thule Thule Revolve Sapling EasyFold3 Thule VeloTrack Thule Spring 2 Thule Epos Thule Allax
Slide 14: Our value is created by a few Champion product categories
However, our value is created by a few Champion product categories Net sales SEK m 12 000 10 000 8 000 Champion product categories account for 90% of value creation 6 000 84% • A few global market leading positions account for 90% of sales 4 000 and gross profit growth since 2014 79% 2 000 73% 0 201
Slide 15: Champions – global market leading positions in pockets
Champions – global market leading positions in pockets Sport & Cargo Carriers Sport & Cargo Carriers Sport & Cargo Carriers Roof racks Bike carriers Roof boxes Recreational vehicles Active with Kids & Dogs Bags & Mounts Awnings Multi-sport and bike trailers Performance phone mounts • Global No. 1, w
Slide 16: Our Champions have common characteristics
Our Champions have common characteristics 1. Fit with the Thule brand Enable an active life outdoors, appreciated by enthusiast consumers 2. Market tailwind Good category growth and high consumer willingness to pay for best product 3. Barriers to entry Less competitive intensity, driven by safety, r
Slide 17: Video
VIDEO THULE
Slide 18: Champions allow us to control our own destiny
Champions allow us to control our own destiny Champions allow us to shape However, Champions require our own future investments • Out-innovate competition – more know-how • Continuous innovation to maintain #1 positions and resources than anyone else in an increasingly competitive world • Grow our o
Slide 19: Acquisitions have added new Champions
Acquisitions have added new Champions Roof racks Bike carriers Roof boxes 2005 2011 2024 Awnings Multi-sport and bike trailers Performance phone mounts • 2005: Omnistor, Europe’s market leader in awnings and bike carriers for recreational vehicles • 2011: Chariot Carriers, global market leader in mu
Slide 20: 20
20
Slide 21: Ambition to build contender positions in big markets has not paid off
Ambition to build contender positions in big markets has not paid off Net sales SEK m 12 000 2017: Ambition to build new legs, as a contender in luggage and strollers 10 000 • Become serious contender in Luggage & 2017 CMD Daypacks, SEK 80bn target market Become contender • Become serious contender
Slide 22: Traction in all-terrain & running strollers – another outdoor pocket
However, traction in all-terrain & running strollers – another outdoor pocket Net sales for strollers SEK m Great Thule products 400 Great Thule market 350 − Small pocket, global market SEK 1bn − Strong brand fit, active life outdoors 300 − Good growth from sporty parents → Thule driving market
Slide 23: R&D spend increasingly shifted to contender ambitions and new categories
R&D spend increasingly shifted to contender ambitions and new categories Thule Group R&D spend Share of sales 8% CMD 2022 CMD 2017 Enter dog transport, 7% Become contender car seats Europe & N Am Opportunity to get in bags & strollers 6% more leverage from Car seats & dog transport our R&D spend: 5%
Slide 24: Thule creates value through champion product categories
Thule creates value through champion product categories • We are most successful as global #1 in pockets where we out-innovate competition • Building contender positions in big markets has not paid off • Champion categories allow us to control our own destiny 24
Slide 25: Big in pockets – building a bigger, more profitable Thule
Change image Big in pockets – building a bigger, more profitable Thule
Slide 26: Big in pockets, united by our Thule brand
many attractive No 1 STRATEGY niches, specific segments Big in pockets, united by our Thule brand that all fit our identity 26
Slide 27: A passionate premium outdoor consumer
A passionate premium outdoor consumer Affluent Active Family oriented – kids & dogs 27
Slide 28: Opportunity to tap into active lifestyles of Thule consumers
Opportunity to tap into active lifestyles of Thule consumers Over 40% Over 30% of Thule consumers of Thule consumers Bike – 60% Run – 40% Ski/Snowboard – 30% Fish – 35% Hike – 55% Camp & RV – 40% Golf & Hunt – 30% Watersport – 30% 28
Slide 29: Opportunity to capture more of the Thule consumer garage
Opportunity to capture more of the Thule consumer garage 50% 35% of German Thule consumers of Thule consumers own a own an E-Bike (17% in US) Mountain or Gravel bike 20% 20% of Thule consumers own a of U.S. Thule consumers own Motorcycle or Scooter or have access to a Boat SUV Wagon 35% 20% 45% 10%
Slide 30: From opportunity to profitable growth
From opportunity to profitable growth Identifying attractive pockets that align with 01 Thule’s brand, core competencies and support profitable growth Big in pockets Combining external markets trends with 02 our knowledge of the Thule consumer New products Trends & consumer Innovation insights Innov
Slide 31: Scale up profitable organic growth
AMBITION: Scale up profitable organic growth 1/ Build bigger and more champion categories • Out-innovate to grow existing champion categories • Add new champions, building on what we have • Use bags as functional accessories 2/ Reach a bigger audience to sell more of what we have 3/ Top team of acco
Slide 32: Build bigger champions: out-innovate to grow existing no 1 positions
1/ Build bigger champions: out-innovate to grow existing no 1 positions Continuous product Increase R&D spend news and upgrades on champion categories to drive trade-up and to ca 4% of total sales premiumization Expand the categories to address more use cases, price points, accessories, and regional
Slide 33: Build more champions: scale up existing candidates
1/ Build more champions: scale up existing candidates All-terrain & running strollers Dog transportation Car seats • Clear pocket and Thule global no 1 • Clear pocket and no global players • Competitive and big market – • Growth from sporty parents • Many Thule consumers own dogs but few in premium
Slide 34: Our growth ambition
Our growth ambition: From 6 to 10 champion categories by 2035 34
Slide 35: Focus bags on outdoor and accessories
1/ Build bigger and more champions: focus bags on outdoor and accessories • Packs, bags & luggage sales historically flat (0% 2014-2024) • Focus on outdoor and accessories • Continue to grow Thule outdoor lifestyle luggage and backpacks • Increase focus on attractive outdoor niches, e.g., sports tra
Slide 36: Introducing Thule InLock
Introducing Thule InLock Big in pockets Thule InLock Trends & consumer Innovation insights 36
Slide 37: Video
VIDEO THULE
Slide 38: Scale up profitable organic growth
AMBITION: Scale up profitable organic growth 1/ Build bigger and more champion categories • Out-innovate to grow existing champion categories • Add new champions, building on what we have • Use bags as functional accessories 2/ Reach a bigger audience to sell more of what we have 3/ Top team of acco
Slide 39: Scale up profitable organic growth
AMBITION: Scale up profitable organic growth 1/ Build bigger and more champion categories • Out-innovate to grow existing champion categories • Add new champions, building on what we have • Use bags as functional accessories 2/ Reach a bigger audience to sell more of what we have 3/ Top team of acco
Slide 40: Reach a bigger audience: building out our premium outdoor Thule brand
2/ Reach a bigger audience: building out our premium outdoor Thule brand 40
Slide 41: Reach a bigger audience, to sell more of what we have
2/ Reach a bigger audience, to sell more of what we have New set-up N Am 2025 – New set-up Australia 2026 – Grow Thule DTC – Build newest categories 41
Slide 42: Video
VIDEO THULE
Slide 43: Scale up profitable organic growth
AMBITION: Scale up profitable organic growth 1/ Build bigger and more champion categories • Out-innovate to grow existing champion categories • Add new champions, building on what we have • Use bags as functional accessories 2/ Reach a bigger audience to sell more of what we have 3/ Top team of acco
Slide 44: Top team of accountable leaders in place, ready to scale up
3/ Top team of accountable leaders in place, ready to scale up • Built organization that can scale +80 18% 22% − Empowered & accountable teams years of Thule of top-75 leaders internally of top-75 leaders externally experience on − Global product specialists Group Mgmt team promoted in the last two
Slide 45: Continuing to strengthen our foundation for long term profitable growth
Continuing to strengthen our foundation for long term profitable growth • Continue build global R&D capabilities in Hillerstorp − Relocating bags R&D − New extension ready 2026 − Long-term plans in place • Continue drive cost efficiency − Automate Poland DC by 2027 − Optimize manufacturing capacity
Slide 46: Scale up profitable organic growth
AMBITION: Scale up profitable organic growth 1/ Build bigger and more champion categories • Out-innovate to grow existing champion categories • Add new champions, building on what we have • Use bags as functional accessories 2/ Reach a bigger audience to sell more of what we have 3/ Top team of acco
Slide 47: Our growth ambition
Our growth ambition: From 6 to 10 champion categories by 2035 Organic sales +7% per year Supported by add-on M&A 47
Slide 48: Path to financial targets
: ad aes ANN ARAN) (WR) oe Path to financial targets THULE
Slide 49: Updated long-term financial targets with ambition to beat historical performance
Updated long-term financial targets with ambition to beat historical performance Long-term financial target CMD 2025 Target definition Annual organic growth at Growth 7% or above 7% EBIT margin 20% EBIT margin of 20% “Thule is setting new financial targets that reflect our ambition to build a compan
Slide 50: Consistent sales growth, strong EBIT margin, conservative leverage
Consistent sales growth Strong and stable EBIT Margin 12 000 25 10 000 20 8 000 15 6 000 10 4 000 5 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Conservative leverage High dividend payout ratio 5 000 000 4,0 100 4 500
Slide 51: Ten years of consistent sales growth
Ten years of consistent sales growth Net sales +15% SEK m p.a. 12 000 10 000 Organic Growth Since IPO 5% 8 000 CAGR 2014-2024 6 000 Last 5 years 5% CAGR 2019-2024 Financial Target 7% 4 000 or above 2 000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2025/Q3 51 Notes – LTM refers to L
Slide 52: We have an ambition to grow all product categories
We have an ambition to grow all product categories Organic growth = ambition, mid-term Ambition in line with historical performance Ambition to scale up next gen champions Sport & cargo carriers (53% of sales) Active with Kids & Dogs (11%) Extend our global no 1 positions +5% Grow our up-and-coming
Slide 53: Sport & cargo carriers: Extend our global market leading positions
Sport & cargo carriers: Extend our global market leading positions Sport & cargo carriers (53%) Extend our global no 1 positions Expand global market leading positions in roof racks, cargo boxes and bike carriers Build on tailwind from increased EV adoption, e-bike growth, near-home vacationing
Slide 54: RV products: Continue to outpace the European RV market
RV products: Continue to outpace the European RV market RV products (17%) Outpace the European RV market Continue to expand European market leading positions in awnings and bike carriers RV market growing driven by consumer desire for freedom, flexibility and camping, additional tailwind from gr
Slide 55: Active with Kids & Dogs: Grow our up-and-coming champion categories
Active with Kids & Dogs: Grow our up-and-coming champion categories Active with Kids & Dogs (11%) Grow our up-and-coming champions Build out our multisport & bike trailer champion, and expand child seats portfolio to more bikes Bike is the new car – continued shift to e-bikes and huge investment
Slide 56: Bags & Mounts: Grow phone mounts, focus bags on outdoor & accessories
Bags & Mounts: Grow phone mounts, focus bags on outdoor & accessories Bags & Mounts (19%) Grow phone mounts, rework bags Grow our global phone mount champion via product development and market awareness Phone mount tailwind from increase in active lifestyle and outdoor participation, more smartp
Slide 57: Product launches 2026 support focus on champions
Product launches 2026 support focus on champions Grow our no 1 positions – our champion categories • Thule Epos ParkSecure – our most premium bike carrier gets better • Thule Vero – premium hitch bike carrier built for heavier bikes • Thule VeloLite – new entry level bike carrier, first ever 1-bike
Slide 58: Thule Xscape – truck rack with easy install and adjustments
Thule Xscape – truck rack with easy install and adjustments 58
Slide 59: Thule Allax double door – designed to protect dogs and people
Thule Allax double door – designed to protect dogs and people 59
Slide 60: Thule Epos ParkSecure – our most premium bike carrier gets better
Thule Epos ParkSecure – our most premium bike carrier gets better 60
Slide 61: Thule WideSky – hardshell rooftop tent with low profile & fast setup
Thule WideSky – hardshell rooftop tent with low profile & fast setup 61
Slide 62: Consistent sales growth, strong and stable EBIT margin
Consistent sales growth Strong and stable EBIT margin 12 000 25 10 000 20 8 000 15 6 000 10 4 000 5 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Conservative leverage High dividend payout ratio 5 000 000 4,0 100 4 500
Slide 63: Historical margin development
Historical margin development % of Sales 50 % Gross margin 4.9% 45.4% Price and product mix: 2.0% Supply chain automation: 0.5% 40.5% - Efficiencies: +1.5% - Increased depreciation: -1.0% 40 % Quad Lock acquisition: 2.4% Selling and admin exp 6.3% 30 % Quad Lock acquisition: 1.9% - of which amortiza
Slide 64: The path to 20% EBIT margin
The path to 20% EBIT margin 25% 1 Structural cost reductions • Investment in automation in Poland, 20% cost saving of 100 MSEK before depreciation • Consolidation of third-party warehousing • Structurally changed costs in North America 15% • Automation in admin, sales and marketing 2 Development exp
Slide 65: The path to 20% EBIT margin
The path to 20% EBIT margin 25% 20% 15% 10% 17.5 16.1 Initiated cost actions 18.5 Scale driven 20.0 5% 1 2 3 4 5 6 0% Pre pandemic LTM Structural cost Development Supply chain Pro-forma Gross profit Operational Market & macro Financial average reductions expenses (gross profit) for Initiated develop
Slide 66: EBITDA margin higher than pre-pandemic average
EBITDA margin higher than pre-pandemic average 25% 23.5 22.0 20% 19.0 19.4 15% 10% 17.5 16.1 Initiated cost actions 18.5 Scale driven 20.0 5% 1 2 3 4 5 6 0% Pre pandemic LTM Structural cost Development Supply chain Pro-forma Gross profit Operational Market & macro Financial average reductions expens
Slide 67: Consistent sales growth, strong and stable EBIT margin
Consistent sales growth Strong and stable EBIT Margin 12 000 25 10 000 20 8 000 15 6 000 10 4 000 5 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Conservative leverage High dividend payout ratio 5 000 000 4,0 100 4 500
Slide 68: Maintaining a conservative leverage
Maintaining a conservative leverage Net debt – SEKm Net debt:EBITDA 5 000 000 4,0 4 500 000 3,5 4 000 000 3,0 3 500 000 2,5 3 000 000 2 500 000 1,78 1,83 2,0 1,70 1,81 1,51 1,53 1,50 2 000 000 1,5 1,14 1 500 000 1,0 1 000 000 0,59 0,5 500 000 0,22 0 0,0 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-1
Slide 69: Consistently good cash flow generation
Consistently good cash flow generation % of EBITDA 110% 109% Operational cash flow conversion 100% 90% 81% 81% Free cash 80% 75% flow conversion • Consistently high cash flow (after tax and interest) 70% conversion 60% 60% 53% • Allows Thule to fund continued growth and good 50% dividend 40% 30% 20%
Slide 70: Consistent sales growth, strong and stable EBIT margin
Consistent sales growth Strong and stable EBIT Margin 12 000 25 10 000 20 8 000 15 6 000 10 4 000 5 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Conservative leverage High dividend payout ratio 5 000 000 4,0 100 4 500
Slide 71: Target: return at or above 75% of net income as dividend
Target: to return at or above 75% of net income to shareholders as dividend Dividend payout ratio • Thule has returned >75% of net income to shareholders 76% 78% 80% • The high dividend payout ratio drives disciplined capital allocation 71
Slide 72: How we maximise the return from our investments
How we maximise the return from our investments Thule invests in multiple ways: R&D development ~5-7% of Sales Drive profitable organic growth Capex ~3% of Sales Re-invested free cash flow (after dividend) Available to support • Clear, risk-based return criteria growth, e.g. add-on M&A • Clear ROIC
Slide 73: Thule capital allocation priorities
Thule capital allocation priorities R&D development #1 Fuel profitable organic growth to drive long-term value creation ~5-7% of Sales • Invest in product innovation • Build more, bigger champions • Supply chain efficiency and capacity Capex • Meet sustainability goals ~3% of Sales #2 Maintain attra
Slide 74: We have a clear path to reach our financial targets
We have a clear path to reach our financial targets • Building current and new champions to drive 7% annual organic sales growth • Initiated cost actions, capacity optimization and scale effects to take EBIT margin to 20% • Continued strong cash conversion to enable distributing 75% of net income as
Slide 75: Summary
Summary THULE
Slide 76: Summary
Summary We have a clear path to reach our financial targets Thule creates value through champion product categories Our ambition is to go from 6 to 10 champions by 2035 and scale up profitable organic growth 76
Slide 77: Thule
THULE