Slide 1: 2023/Q4 Report
2023/Q4 Report 2024-02-09 Mattias Ankarberg, CEO Toby Lawton, CFO
Slide 2: 2023/Q4 and FY results – Solid performance in a tough market
2023/Q4 and FY results – Solid performance in a tough market 2023/Q4 – Solid results in a tough market ▪ Sales of SEK 1,566m (1,651) -5.6% FX adjusted ▪ Region Europe & RoW -7.1% FX adjusted ▪ Region Americas -2.4% FX adjusted ▪ New Thule products drive growth also in a tougher market ▪ EBIT at SEK
Slide 3: 2023/Q4 – Net Sales and EBIT development
2023/Q4 – Net Sales and EBIT development Reported Net Sales EBIT and Margin SEKm SEKm 3.4% 1 651 1 566 0.2% 53 Q4 4 Q4 2022 Q4 2023 Q4 2022 Q4 2023 SEKm SEKm 16.8% 16.5% 10 138 9 132 1 706 1 505 FY FY 2022 FY 2023 FY 2022 FY 2023 1 Constant currency adjustment based on average FX rates 1 October 202
Slide 4: 2023/Q4 – Continued trend of strong bike related growth, RV decline
2023/Q4 – Continued trend of strong bike related growth, RV decline 3 400 2023/Q1 – weak vs. extreme 2022, ok vs. 2019 Quarterly sales 3 229 3 314 2019 (SEKm) ▪ -27% vs 2022/Q1 (reported currency) 3 200 2020 3 034 3 029 ▪ -31% vs 2022/Q1 (Fx adjusted) 2021 3 000 ▪ +12% vs 2019/Q1 (Fx adjusted) 2022
Slide 5: Sustainability: Significantly reduced emissions in 2023
Sustainability: Significantly reduced emissions in 2023 Greenhouse Gas Emissions (2019-2023) 350 000 40 Emission Intensity (tCO2eq/MSEK 300 000 Total emissions (tCO2eq) 30 250 000 200 000 20 150 000 100 000 10 50 000 0 0 2019 2020 2021 2022 2023 tonC02eq tonC02eq/MSEK 5 2024-02-09 Thule Group Q4 Rep
Slide 6: Continued investment in the product portfolio
Continued investment in the product portfolio Product Development spend as share of sales (2015-2023) SEKm % 800 8.0 6.9% 700 7.0 600 6.0 500 5.0 400 4.0 300 3.0 200 2.0 100 1.0 0 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 R&D as Share of Sales R&D spend 6 2024-02-09 Thule Group Q4 Report 2023
Slide 7: 2023/Q4: Reported income statement
2023/Q4: Reported income statement Q4 Full year Sales decline in the quarter by 5.2% 2023 2022 2023 2022 ▪ Decline of 5.6% FX adjusted Gross margin Q4 improved to 37.2% (31.5%) Net sales 1 566 1 651 9 132 10 138 Cost of goods sold -983 -1 131 -5 395 -6 279 ▪ Lower material cost Gross income 583 520
Slide 8: 2023/Q4: Working capital and Cash Flow
2023/Q4: Working capital and Cash Flow Operating Working Capital Operating Working Capital SEKm ▪ Operating working capital, 31 December 2023: 32,3% 5000 ▪ Inventory: SEK 2,300m (3,129) 25,8% 30% 4000 22,4% ▪ Accounts receivable: SEK 706m (723) 3 277 25% ▪ Accounts payable: SEK 649m (576) 3000 2 326
Slide 9: 2023 FY: Despite better second half, all product categories decline full year
2023 FY: Despite better second half, all product categories decline full year Sport&Cargo Carriers RV Products Packs, Bags & Luggage Juvenile & Pet Share of Thule Group 59% 19% 10% 12% Sales 2023/FY (2022/FY) (62%) (18%) (9%) (11%) Europe&RoW Americas Europe&RoW Americas Europe&RoW Americas Europe&R
Slide 10: Sport&Cargo Carriers – Return to growth second half 2023
Sport&Cargo Carriers – Return to growth second half 2023 ▪ 2023 FY: Decline of -19% FX adjusted ▪ 2023 – Weak full year, good growth during second half ▪ Weak first half, strong second half driven by bike carrier growth ▪ Bike racks – back to growth H2 2023 ▪ Weak H1 vs strong comparables ▪ Strong g
Slide 11: RV Products – Expected RV industry decline materialized second half year
RV Products – Expected RV industry decline materialized second half year ▪ 2023 FY: Decline of -11% FX adjusted ▪ 2023 – Expected decline materialized during second half ▪ Good growth during first half driven by backlog order production ▪ Smaller vans continue to win with younger active consumers ▪
Slide 12: Juvenile & Pet Products – Growth second half 2023, two new categories 2024
Juvenile & Pet Products – Growth second half 2023, two new categories 2024 ▪ 2023 FY: Decline of -8% FX adjusted ▪ 2023 – Return to growth during second half ▪ Multi-sport and bike trailers: e-bike and bike commuting trend continues, return to good growth second half as bike retail inventory back to
Slide 13: Packs, Bags & Luggage: Strong Thule branded growth, OE/legacy declines
Packs, Bags & Luggage: Strong Thule branded growth, OE/legacy declines ▪ 2023 FY: Decline of -9% FX adjusted ▪ 2023 – Thule branded bags & luggage continues to grow ▪ Everyday bags: continued strong Thule backpack growth ▪ Luggage: continued Thule branded growth, with strong collections and better i
Slide 14: Exciting year ahead – more new product launches than ever
Exciting year ahead – more new product launches than ever ▪ More new products than ever coming in 2024! ▪ Upgrading several of our bestsellers ▪ 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 Chariot Gen 3 –
Slide 15: Global Thule brand event support launches with top media visibility into 2024
Global Thule brand event support launches with top media visibility into 2024 15 2024-02-09 Thule Group Q4 Report 2023 Investor- and analyst presentation
Slide 16: Focus 2024: Continue to drive long term growth strategy
Focus 2024: Continue to drive long term growth strategy ▪ Thule’s future is bright – building on unique strengths ▪ Market tailwind – more people want to live active lives ▪ Very strong market positions – global leaders in our key categories ▪ Investment in capabilities for innovation and quality –
Slide 17: Q&A
Q&A www.thulegroup.com 17 2024-02-09 Thule Group Q4 Report 2023 Investor- and analyst presentation
Slide 18: 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 19: Thule Group – Active life, simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED