Slide 1: 2026/Q1 report
2026/Q1 report 29 April 2026 Mattias Ankarberg, CEO Toby Lawton, CFO
Slide 2: Good start to the year
2026/Q1 HIGHLIGHTS Good start to the year • Good start to the year – organic growth 4% and improved profitability • Growth is driven by our focus on building Champion categories • Fastest growth in the Active with Kids & Dogs product category • N Am continued in the right direction, despite challeng
Slide 3: Organic growth and increased profitability
2026/Q1 FINANCIAL OVERVIEW Organic growth and increased profitability Sales of SEK 2,573m (2,662), organic growth +4% • Continued tough market, especially in North Am • Organic growth in Europe +5%, North Am 0% • Currency effect -7% Gross margin 44.8% (44.8%) • Historically high level remains EBIT m
Slide 4: Long term profitable growth
Long term profitable growth Net 12 sales 000 EBIT 2 500 SEK m SEK m 10 000 2 000 8 000 1 500 2026/Q1 LTM 6 000 Net sales SEK 10.3b Adj. EBIT SEK 1.7b 1 000 Adj. EBIT margin 16.4% 4 000 500 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net sales EBIT 4 Note: EBIT adjust
Slide 5: Sport & Cargo Carriers
2026/Q1 PER PRODUCT AREA Sport & Cargo Carriers • 2026/Q1 Net sales 0% (organic) • Continued growth from new Thule products – Growth from new entry price roof top box Thule Pulse, entry price bike carrier Thule VeloLite – Strong momentum in rear-of-car cargo products – Good start for pick-up truck r
Slide 6: RV Products
2026/Q1 PER PRODUCT AREA RV Products • 2026/Q1 Net sales +8% (organic) • Growth in both aftermarket (dealers) and OE channel (manufacturers) • New award-winning products drive growth • Consumer interest in RV-ing remains high • Gradually improving market conditions Organic growth Q1 Share of sales Q
Slide 7: Active with Kids & Dogs
2026/Q1 PER PRODUCT AREA Active with Kids & Dogs • 2026/Q1 Net sales +11% (organic) • Fast growth in all three Champion candidates – Strong growth in all-terrain and running strollers – Continued strong trend in dog transportation, incl. recently launched dog crate Thule Allax double – Very good mom
Slide 8: Bags & Mounts
2026/Q1 PER PRODUCT AREA Bags & Mounts • 2026/Q1 Net sales +6% (organic) • Continued good growth momentum in performance phone mounts, now representing 2/3 of Bags & Mounts • Growth in Thule branded bags • Well-received new Thule bags products, e.g.,Thule Chasm gear haulers, Thule InLock system for
Slide 9: Recognized again for outstanding product design
Recognized again for outstanding product design Thule RodVault 2 14 new awards from Red Dot, 8 from iF Design • InLock pannier system by Thule – a quick and rattle-free way to attach Thule Thule Xscape bike bags to the bike • Thule Vero – US hitch bike rack designed to carry all bikes, including car
Slide 10: 2026/Q1 – Financial summary
2026/Q1 – Financial summary SEK m 2026/Q1 2025/Q1 Change Comments Sales 2 573 2 662 -3.4% • Sales driven by good organic growth, currency impact negative Organic growth, % 3.9% -2.9% − Organic growth +3.9%, currency impact -7.3% Gross income 1 154 1 192 -3.2% • High gross margin maintained: price/mi
Slide 11: Share of sales LTM 2026/Q1 (2025)
Share of sales LTM 2026/Q1 (2025) Geographic regions Product areas Region Rest of world Sport & Cargo Carriers 9% (9%) Region Europe Bags & Mounts 51% (51%) 68% (67%) 21% (21%) Region North America 23% (24%) Active with Kids & Dogs 11% (11%) RV Products 17% (17%) 11
Slide 12: 2026/Q1 – EBIT and EBITDA development
2026/Q1 – EBIT and EBITDA development % of sales 30 Comments • LTM EBIT margin has increased from 16.0% in 2025 to 16.4% in 2026/Q1 25 EBITDA margin • EBITDA margin above pre-pandemic levels 19.9% • EBIT margin impacted by higher 19.0% 19.5% 20 depreciation compared to pre-pandemic levels 17.5% • De
Slide 13: 2026/Q1 – Cash flow
2026/Q1 – Cash flow SEK m 2026/Q1 2025/Q1 Comments Cash flow from operations, before 390 226 • Cash flow from operations positive at SEK 25m change in working capital − Q1 cash flow is usually low or negative due to seasonality - Change in inventories -95 -49 • Working capital increased by SEK 365m,
Slide 14: Focus 2026: build Champions and drive efficiency gains
Focus 2026: build Champions and drive efficiency gains Well positioned in a tough market • Continued cautious consumers and retailers, particularly in N Am • Improving market conditions in RV Products • Thule well-positioned and moving into high season with upgraded product portfolio, fast growth in
Slide 15: 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 16: Thule Vero – premium hitch bike carrier built for heavier bikes
Thule Vero – premium hitch bike carrier built for heavier bikes 16
Slide 17: Thule VeloLite – new entry level bike carrier, first ever 1-bike version
Thule VeloLite – new entry level bike carrier, first ever 1-bike version 17
Slide 18: Thule Epos ParkSecure – our most premium bike carrier gets better
Thule Epos ParkSecure – our most premium bike carrier gets better 18
Slide 19: Thule Pulse 2 – refreshed version of our entry level roof box
Thule Pulse 2 – refreshed version of our entry level roof box 19
Slide 20: Thule WideSky – a front-row seat to the outdoors
Thule WideSky – a front-row seat to the outdoors 20
Slide 21: Connected car seats – sensor-based feedback to prevent misuse
• Connected car seats – sensor-based feedback to prevent misuse 21
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