Thule Group Ab · OMXSTO:THULE

Thule Group Ab — Q2 2025 Earnings Presentation

20 slides from Thule Group Ab's earnings presentation, Jul 15, 2025

1. Slide 1: 2025/Q2 Report

   2025/Q2 Report July 15, 2025 Mattias Ankarberg, CEO Toby Lawton, CFO

2. Slide 2: 2025/Q2 – Thule growing in tough market

   2025/Q2 – Thule growing in tough market Financials  Sales of SEK 3,403m (3,099) +16% vs PY excl. currency effects − Weak market, especially in North Am − Organic growth +1.5% with Europe +4% North Am -3% − Reported growth +9.8%, currency effect -5.9% − Growth driven by new Thule products and new pr

3. Slide 3: 2025/Q2 – Continued profitable growth

   2025/Q2 – Continued profitable growth Net sales 12,000 EBIT 2,500 SEK m SEK m 10,000 2,000 8,000 1,500 2025/Q2 LTM 6,000  Net sales SEK 10.1b  EBIT SEK 1.6b 1,000  EBIT margin 16.0% 4,000 500 2,000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2025/Q2 Net sales EBIT Note: EBIT ad

4. Slide 4: New Thule products and categories add growth (1/2)

   2025/Q2 – New Thule products and categories add growth (1/2) Sport & Cargo Carriers – new Thule products add growth  2025/Q2 Net sales +3%, YTD +1%  Growth driven by new Thule products − Good growth from upgraded bestselling bike carrier Thule Easyfold 3 − Strong performing North Am bike carriers

5. Slide 5: New Thule products and categories add growth (2/2)

   2025/Q2 – New Thule products and categories add growth (2/2) Active with Kids & Dogs – new categories add growth  2025/Q2 Net sales +1%, YTD -2%  New Thule product categories perform well and add growth − Continued strong sales trend in dog transportation with premium dog crate Thule Allax and dog

6. Slide 6: Changes in North America are paying off

   Changes in North America are paying off Thule impacted by weak North American market  North America is app. 25% of Thule sales  Weak market particularly following US tariffs announcement 2025/Q1  Thule North Am organic sales -13% in 2025/Q1 Changes made in North America, announced 2025/Q1  New d

7. Slide 7: Thule wins Europe’s most recognized car seat consumer test – again!

   Thule wins Europe’s most recognized car seat consumer test – again! German test institute ADAC’s test is Europe’s most recognized car seat test, widely regarded for rigor and high standards Thule Elm RWF, for children 6 months to 4 years old, test winner in the May 2025 test Thule Maple and Thule Al

8. Slide 8: Recognition for product design continues

   Recognition for product design continues Ten new awards from Red Dot in June, in addition to Thule Paramount the 7 IF Design awards in March 2025 Thule Subsola  Thule OutPace – lightweight and compact bike carrier Thule Outpace  Thule Paramount – bags with a wide range of features for commuting Th

9. Slide 9: Supply chain efficiency to finance growth

   Supply chain efficiency to finance growth  Extension and automation of current warehouse in Huta, Poland  Fully automated warehouse will triple pallet capacity  Eliminate costs for external warehousing and reduce inventory  Reduce double handling, optimize logistic flows and lower personnel cost

10. Slide 10: 2025/Q2 – Income statement

    2025/Q2 – Income statement Q1 Q2 Q3 Q4 FY Q1 Q2 YTD YTD SEKm 2024 2024 2024 2024 2024 2025 2025 2024 2025 Net sales 2 420 3 099 2 344 1 678 9 541 2 662 3 403 5 519 6 065 Cost of goods sold -1 425 -1 723 -1 339 -980 -5 467 -1 471 -1 828 -3 148 -3 298 Gross income 996 1 375 1 006 698 4 074 1 192 1 575

11. Slide 11: 2025/Q2 – Cash flow

    2025/Q2 – Cash flow Q1 Q2 Q3 Q4 FY Q1 Q2 YTD YTD SEKm 2024 2024 2024 2024 2024 2025 2025 2024 2025 Cash flow from operations before changes in working capital 390 628 333 190 1 541 226 588 1 018 814 - Changes in inventories 173 318 221 -220 492 -49 303 491 255 - Changes in receivables -585 -176 588

12. Slide 12: 2025/Q2 – Net debt and Net debt:EBITDA

    2025/Q2 – Net debt and Net debt:EBITDA Net debt - SEKm Net debt:EBITDA 5,000,000 4,0 4,500,000 3,5 4,000,000 3,0 3,500,000 2,5 3,000,000 1,94 2,00 2,500,000 1,78 1,83 2,0 1,70 1,51 1,53 1,50 2,000,000 1,5 1,14 1,500,000 1,0 1,000,000 0,59 0,5 500,000 0,22 0 0,0 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2

13. Slide 13: Focus 2025 – continue drive long-term growth strategy in a tough market

    Focus 2025 – continue drive long-term growth strategy in a tough market Well positioned in a tough market  Weak North American market and cautious behavior across the world are expected to continue  Thule is well-positioned: global market leaders, premium products, world-leading innovation capabil

14. Slide 14: 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

15. Slide 15: Thule Palm – high-back booster seat for safety and comfort

    Thule Palm – high-back booster seat for safety and comfort 15

16. Slide 16: Thule Chasm – building out our leading duffel bag collection

    Thule Chasm – building out our leading duffel bag collection 16

17. Slide 17: Thule Arcos XL – new solution to transport skis behind car

    Thule Arcos XL – new solution to transport skis behind car 17

18. Slide 18: Q&A

    Q&A 18

19. Slide 19: 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

20. Slide 20: THULE

    THULE

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