Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Q2 2024 Earnings Presentation
16 slides from Thule Group Ab's earnings presentation, Jul 17, 2024
Slide 1: 2024/Q2 Report
2024/Q2 Report 2024-07-17 Mattias Ankarberg, CEO Toby Lawton, CFO
Slide 2: 2024/Q2 – Modest growth, strong profitability and new product categories
2024/Q2 – Modest growth, strong profitability and new product categories Financials Sales of SEK 3,099m (3,029) +2% FX adjusted vs PY − Region Europe & RoW +2% FX adjusted − Region Americas +1% FX adjusted − Continued tough market − Growth from new and bike related products Gross margin increase
Slide 3: 2024/Q2 LTM – Continued profitable growth
2024/Q2 LTM – Continued profitable growth Net 12 000sales EBIT 2 500 SEK m SEK m 10 000 2 000 8 000 1 500 2024/Q2 LTM 6 000 Net sales SEK 9.4b 1 000 EBIT SEK 1.6b 4 000 EBIT margin 16.6% 500 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 LTM Net sales EBIT 3
Slide 4: Bike related and new Thule products drive growth (1/2)
2024/Q2 – Bike related and new Thule products drive growth (1/2) Sport & Cargo Carriers – Bike related drives growth 2024/Q2 Net sales +1% (FX adjusted) vs PY, YTD +7% Continued growth from premium bike related products − Bike retailer inventory of Thule products healthy in Europe − Growth PY fr
Slide 5: Bike related and new Thule products drive growth (2/2)
2024/Q2 – Bike related and new Thule products drive growth (2/2) Juvenile & Pet – new Thule products drive growth 2024/Q2 Net sales +4% (FX adjusted) vs PY, YTD +6% Strong growth in strollers driven by successful 2024/Q1 launch of updated all-terrain stroller Thule Urban Glide 3 Dog transporta
Slide 6: Car seats launched in first European markets
Car seats launched in first European markets Thule car seats launched and well received Thule premium car seats launched May 2024 − Innovative products with safety in focus – comfortable, easy-to-use, well designed, with “safety starts at installation” approach − Three products – base, infant seat
Slide 7: Thule named Red Dot Design Team of the Year 2024
Thule named Red Dot Design Team of the Year 2024 Strong recognitions for product design 2024/H1 Thule awarded 23 international product design awards by iF Design and Red Dot in 2024/Q1 − Upgraded bestsellers − New innovations − New categories Thule named Red Dot: Design Team of the Year 2024 dur
Slide 8: Minor acquisition of Reacha to enter water sport and cargo bike trailers
Minor acquisition of Reacha to enter water sport and cargo bike trailers Minor acquisition to enter small but fast growing watersport and cargo bike trailers Reacha business acquired July 2024 High quality bike trailers for watersport enthusiasts − Invented to transport surf boards, SUP and kaya
Slide 9: Income statement
2024/Q2 – Income statement Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Sales growth of 2% (FX adjusted) SEKm 2023 2023 2023 2023 2023 2024 2024 2024 Growth of SEK 70m vs Q2 2023 Gross margin strong Net sales 2 226 3 029 2 311 1 566 9 132 2 420 3 099 5 519 44.4% (vs 43.6% in Q2 2023) Cost of goods sold -1 310 -1 70
Slide 10: Sales by quarter
2024/Q2 – Sales by quarter Quarterly 2019 sales (SEKm) 2020 3 314 2024/Q1 – solid growth vs. 2023, good vs 2019 3 400 2021 +9% vs 2023/Q1 (reported currency) 3 229 2022 3 200 3 099 +8% vs 2023/Q1 (Fx adjusted) 3 034 3 029 2023 +21% vs 2019/Q1 (Fx adjusted) 3 000 2024 2 772 2024/Q2 – growth vs.
Slide 11: Cash flow
2024/Q2 – Cash flow Q1 Q2 Q3 Q4 FY Q1 Q2 YTD SEKm 2023 2023 2023 2023 2023 2024 2024 2024 Cash flow from operations before changes in working capital 207 656 302 48 1 214 390 628 1 018 Changes in working capital -188 62 535 227 636 -301 252 -49 Cash flow from operations 19 718 838 276 1 850 89 879 9
Slide 12: Most intense product launch year in Thule history – more ahead
Most intense product launch year in Thule history – more ahead Upgraded versions of bestsellers and new innovations launched Thule Motion Gen 3 – updating the world’s most sold roof top box Thule Urban Glide Gen 3 – our award-winning all-terrain stroller Thule Subterra Gen 2 – refreshing our l
Slide 13: Focus 2024 – Continue to drive our long term growth strategy
Focus 2024 – Continue to drive our long term growth strategy Building on strengths Market tailwind – more people want to live active lives Very strong market positions – global market leaders in key categories Long term investments in innovation and quality Expect tough market to continue in 2
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Slide 15: Disclaimer
Disclaimer This presentation has been prepared by Thule Group AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute
Slide 16: Thule Group
Thule Group» ACTIVE LIFE, SIMPLIFIED