Thule Group Ab · OMXSTO:THULE

Thule Group Ab — Q4 2024 Earnings Presentation

25 slides from Thule Group Ab's earnings presentation, Feb 7, 2025

1. Slide 1: 2024/Q4 Report

   2024/Q4 Report February 7, 2025 Mattias Ankarberg, CEO Toby Lawton, CFO

2. Slide 2: 2024 highlights

   2024 highlights  Back to profitable growth despite tough market conditions  Biggest product launch year in Thule’s history  Entered three new categories: launched dog transportation and child car seats, acquired global market leader in performance phone mounts  Added five new DTC markets via thu

3. Slide 3: 2024/Q4 – Intense finish to a successful year

   2024/Q4 – Intense finish to a successful year Q4/2024  Sales of SEK 1,678m (1,566) +7% vs PY − Continued tough market in North America and RV − Growth from acquired Quad Lock and new Thule products  EBIT margin increased to 3.8% (3.4) − EBIT of SEK 65m (53) FY 2024  Sales of SEK 9,541m (9,132) +5

4. Slide 4: 2024 – Back to profitable growth

   2024 – Back to profitable growth Net sales 12,000 EBIT 2,500 SEK m SEK m 10,000 2,000 8,000 1,500 2024 6,000  Net sales SEK 9.5b (9.1) 1,000  EBIT SEK 1.6b (1.5) 4,000  EBIT margin 17.0% (16.5) 500 2,000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net sales Adjusted EBIT 4 Note: 20

5. Slide 5: Investing more than ever in product development

   Investing more than ever in product development SEKm Percent 700 7.0% 8 600 7 6 500 5 400 4 300 3 200 2 100 1 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Product Development Spend Product Development Spend (% of Sales) 5

6. Slide 6: 2024/Q4 – New Thule products drive growth (1/2)

   2024/Q4 – New Thule products drive growth (1/2) Sport & Cargo Carriers – Bike related drives growth  2024/Q4 Net sales +1% organic, FY +5%  Growth from premium bike related products − Strong start for vertical hanging bike carrier Thule ReVert − Soft launch of upgraded bestseller Thule Easyfold ge

7. Slide 7: 2024/Q4 – New Thule products drive growth (2/2)

   2024/Q4 – New Thule products drive growth (2/2) Juvenile & Pet – new Thule products drive growth  2024/Q4 Net sales +14% organic, FY +10%  Good growth in strollers driven by new generation all-terrain stroller Thule Urban Glide 3  Dog transportation adds growth with premium dog crate Thule Allax

8. Slide 8: Launch of car seats in 20+ countries in the fourth quarter

   Launch of car seats in 20+ countries in the fourth quarter  Launch in three countries in May (Germany, Austria, Switzerland), followed by BeNeLux in September and over 20 European countries 2024/Q4  Safest child car seats, according to Europe’s most important consumer test, ADAC  Intense launch s

9. Slide 9: Acquisition of Quad Lock, the global market leader in performance mounts

   Acquisition of Quad Lock, the global market leader in performance mounts 1.4 SEK billion 25% EBITDA DTC 75% N. America 35% Cycle Motorbike Drive EU (ex. UK) 30% Urban, race, Off-road AUS & NZ 20% gravel, MTB RoW 15% #1 #1 #1 9

10. Slide 10: Quad Lock is a strong fit with Thule and our strategy

    Quad Lock is a strong fit with Thule and our strategy  Focus on market leadership in attractive categories  Product-driven growth to extend our market positions  Premium Thule brand and culture 10

11. Slide 11: Recognized for sustainability efforts

    Recognized for sustainability efforts Emissions Emission tCO2eq intensity tCO2eq/MSEK 350,000 40  Thule’s sustainability activities pay off both in the long-term emission trend 35 300,000 and in recognition 250,000 30  Reduced emission intensity from 37.5 in 2019 to 20.5 in 2024 25 200,000  Ranke

12. Slide 12: 2024/Q4 – Sales by quarter

    2024/Q4 – Sales by quarter Quarterly sales (SEKm) 3 400 3 314 3 229 2019 3 200 3 099 2020 2024/Q1 – solid growth vs. 2023, good vs 2019 3 034 3 029  +9% vs 2023/Q1 reported 3 000 2021  +8% vs 2023/Q1 organic 2022 2 800 2 772  +21% vs 2019/Q1 organic 2023 2 600 2 538 2024 2024/Q2 – growth vs. 2023

13. Slide 13: 2024/Q4 – Income statement

    2024/Q4 – Income statement Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY SEKm 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Net sales 2 226 3 029 2 311 1 566 9 132 2 420 3 099 2 344 1 678 9 541 Cost of goods sold -1 310 -1 709 -1 393 -983 -5 395 -1 425 -1 723 -1 339 -980 -5 467 Gross i ncome 916 1 320 918 583 3

14. Slide 14: 2024/Q4 – Cash flow

    2024/Q4 – Cash flow Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY SEKm 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Cash flow from operations before changes in working capital 207 656 302 48 1 214 390 628 333 190 1 541 - Changes in inventories 158 430 360 -146 801 173 318 221 -220 492 - Changes in receivables

15. Slide 15: 2024/Q4 – Net debt and Net debt:EBITDA

    2024/Q4 – Net debt and Net debt:EBITDA Net debt - SEKm Net debt:EBITDA 4,000,000 4,0 3,500,000 3,5 3,000,000 3,0 2,500,000 2,5 2,000,000 1,78 2,0 1,70 1,51 1,53 1,50 1,83 1,500,000 1,5 1,14 1,000,000 1,0 0,59 500,000 0,5 0,22 0 0,0 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3

16. Slide 16: Proposed dividend according to financial targets

    Proposed dividend according to financial targets Dividend per share, SEK 13,0 9,2 9,5 8,0 8,3 7,5 7,0 6,0 3,4 2,5 2,0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 % of Net Income N/A 57% 51% 87% 86% 88% 72% 76% 75% 91% 75% Financial target: to distribute at least 75% of net profit as divid

17. Slide 17: Focus 2025 – Continue to drive long-term growth strategy

    Focus 2025 – Continue to drive long-term growth strategy Well positioned in challenging market  Generally tough market continues 2025/Q1, particularly in North America and for RV OE  Better market in Europe and premium bike related products  New Thule products drive growth also in a tougher marke

18. Slide 18: High launch pace continues 2025

    High launch pace continues 2025  Upgraded versions of our best sellers  Thule Force 3 – upgrading our best mid-price roof top box  Thule Verse – North Am. bike carrier with modern aesthetic  Thule Easyfold 3 – updating our most sold bike carrier  Thule Glide 3 – our award-winning running stroll

19. Slide 19: Thule Force – upgrading our best mid-price roof top box

    Future is bright // Building on strengths Thule Force – upgrading our best mid-price roof top box  2023/Q3 Net sales 1,689 MSEK (1,418) +8% increase (constant currency) vs PY  Strong growth from premium bike related products  Bike retailer inventory of Thule products generally back to healthy lev

20. Slide 20: Thule Glide 3 – upgrade of award-winning running stroller

    Future is bright // Building on strengths Thule Glide 3 – upgrade of award-winning running stroller  2023/Q3 Net sales 1,689 MSEK (1,418) +8% increase (constant currency) vs PY  Strong growth from premium bike related products  Bike retailer inventory of Thule products generally back to healthy l

21. Slide 21: Thule Santu – rear-of-car innovation for bike and cargo

    Thule Santu – rear-of-car innovation for bike and cargo 21

22. Slide 22: Getting ready for high season

    Getting ready for high season  More Q1 product launches than ever before  More thule.com DTC countries and new marketing campaigns  Peak production period and high energy throughout organization 22

23. Slide 23: Q&A

    Q&A 23

24. Slide 24: 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

25. Slide 25: Thule Group – Active life, simplified

    Thule Group») ACTIVE LIFE, SIMPLIFIED

Thule Group — Q4 2024 Earnings Presentation on 6ix