Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Q3 2024 Earnings Presentation
16 slides from Thule Group Ab's earnings presentation, Oct 23, 2024
Slide 1: 2024/Q3 Report
2024/Q3 Report 2024-10-23 Mattias Ankarberg, CEO Toby Lawton, CFO
Slide 2: 2024/Q3 – Good quarter despite tough market
2024/Q3 – Good quarter despite tough market Financials ▪ Sales of SEK 2,344m (2,311) +4% FX adjusted vs PY − Region Europe & RoW +6% FX adjusted − Region Americas +1% FX adjusted − Continued tough market in North America − Growth from new and bike related products ▪ Gross margin increase to 42.9% (3
Slide 3: 2024/Q3 LTM – Continued profitable growth
2024/Q3 LTM – Continued profitable growth Net sales 12,000 EBIT 2,500 SEK m SEK m 10,000 2,000 8,000 1,500 6,000 2024/Q3 LTM ▪ Net sales SEK 9.4b 1,000 ▪ EBIT SEK 1.6b 4,000 ▪ EBIT margin 17.1% 500 2,000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 LTM Net sales EBIT 3
Slide 4: Bike related and new Thule products drive growth (1/2)
2024/Q3 – Bike related and new Thule products drive growth (1/2) Sport & Cargo Carriers – Bike related drives growth ▪ 2024/Q3 Net sales +5% (FX adjusted) vs PY, YTD +6% ▪ Continued growth from premium bike related products − Launch of vertical hanging bike carrier Thule ReVert in Americas − Continu
Slide 5: Bike related and new Thule products drive growth (2/2)
2024/Q3 – Bike related and new Thule products drive growth (2/2) Juvenile & Pet – new Thule products drive growth ▪ 2024/Q3 Net sales +15% (FX adjusted) vs PY, YTD +9% ▪ Strong growth in multi-sport and bike trailer following launch of new generation Thule Chariot ▪ Good growth in strollers driven b
Slide 6: Car seats launch continued in Belgium and Netherlands 2024/Q3
Car seats launch continued in Belgium and Netherlands 2024/Q3 ▪ 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, toddler seat – launched
Slide 7: Thule wins Europe's most recognized car seat consumer test
Thule wins Europe’s most recognized car seat consumer test Thule winner in “ADAC Kindersitz test”, Oct 2024 ▪ German test institute ADAC’s test is Europe’s most recognized car seat test, widely regarded for rigor and high standards ▪ Test based on three areas − Safety − Easy of use − Ergonomics ▪ Th
Slide 8: 2024/Q3 – Income statement
2024/Q3 – Income statement Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD YTD SEKm 2023 2023 2023 2023 2023 2024 2024 2024 2023 2024 Net sales 2 226 3 029 2 311 1 566 9 132 2 420 3 099 2 344 7 566 7 863 Cost of goods sold -1 310 -1 709 -1 393 -983 -5 395 -1 425 -1 723 -1 339 -4 412 -4 487 Gross income 916 1 320 918 58
Slide 9: 2024/Q3 – Sales by quarter
2024/Q3 – Sales by quarter Quarterly sales (SEKm) 3 400 3 314 2024/Q1 – solid growth vs. 2023, good vs 2019 3 229 2019 3 200 3 099 ▪ +9% vs 2023/Q1 (reported currency) 2020 3 034 3 029 ▪ +8% vs 2023/Q1 (Fx adjusted) 3 000 2021 ▪ +21% vs 2019/Q1 (Fx adjusted) 2022 2 800 2 772 2023 2024/Q2 – growth vs
Slide 10: 2024/Q3 – Cash flow
2024/Q3 – Cash flow Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD YTD SEKm 2023 2023 2023 2023 2023 2024 2024 2024 2023 2024 Cash flow from operations before changes in working capital 207 656 302 48 1 214 390 628 333 1 165 1 351 Changes in working capital -188 62 535 227 636 -301 252 622 409 573 Cash flow from opera
Slide 11: Most intense product launch year in Thule history
Most intense product launch year in Thule history ▪ Upgraded versions of several of our bestsellers ▪ Thule Urban Glide gen 3 – our award-winning all-terrain stroller (Q1) ▪ Thule Subterra gen 2 – refreshing our leading luggage family (Q1) ▪ Thule Chasm – updated and extended duffel bag collection (
Slide 12: Updating our bestsellers – Thule EasyFold 3 launched end 2024/Q3
Updating our bestsellers – Thule EasyFold 3 launched end 2024/Q3 Upgrading the world’s most sold bike carrier ▪ Thule Easyfold just got better ▪ Intuitive click-in/out bike arm for effortless one-handed loading and unloading of bikes ▪ Transforming from a 3 to 4-bike using innovative add-on ▪ Large
Slide 13: Focus 2024 – Continue to drive our long term growth strategy
Focus 2024 – Continue to drive our long term growth strategy 2024/Q3 – Good quarter despite tough market ▪ Sales growth +4% (FX adj.), driven by new and bike related products ▪ EBIT margin all-time-high for a third quarter, excl. pandemic period Expect tough market trends to continue ▪ Generally tou
Slide 14: Q&A
| Sal i a Q&A Hi | I ohh Ney i
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 – Active life, simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED