Slide 1: 2026/Q2 report
2026/Q2 report 20 July 2026 Mattias Ankarberg, CEO Toby Lawton, CFO
Slide 2: Positive development continues in peak season
2026/Q2 HIGHLIGHTS Positive development continues in peak season • Organic growth and increased profitability in biggest quarter • Focus on building Champions and driving efficiency gains gives results • Growth in all four product areas, fastest growth in Active with Kids & Dogs • Acquisition of cur
Slide 3: Organic growth and increased profitability
2026/Q2 FINANCIAL OVERVIEW Organic growth and increased profitability 2026/Q2 Sales of SEK 3,421m (3,403), organic growth +2.5% • Continued tough market, especially in North Am • Organic growth in Europe +4%, North Am -2% • Currency effect -2% Gross margin 47.3% (46.3%) • Historically high level • M
Slide 4: Long term profitable growth
Long term profitable growth Net sales 12 000 EBIT 2 500 SEK m SEK m 10 000 2 000 8 000 1 500 2026/Q2 LTM 6 000 Net sales SEK 10.4b EBIT SEK 1.7b 1 000 EBIT margin 16.8% 4 000 500 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q2 Net sales FX impact EBIT LTM 4 Note:
Slide 5: Sport & Cargo Carriers
2026/Q2 PER PRODUCT AREA Sport & Cargo Carriers • 2026/Q2 Net sales +1% (organic), YTD 0% • Continued growth from new Thule products – Strong start for new most premium bike carrier Thule Epos ParkSecure – Growth from entry price bike carrier Thule VeloLite, entry price roof top box Thule Pulse – Co
Slide 6: RV Products
2026/Q2 PER PRODUCT AREA RV Products • 2026/Q2 Net sales +4% (organic), YTD +6% • Continued growth in both aftermarket (dealers) and OE channel (manufacturers) • New award-winning products drive growth • Consumer interest in RV-ing remains high • Decline in RV registrations during 2026/Q2, following
Slide 7: Active with Kids & Dogs
2026/Q2 PER PRODUCT AREA Active with Kids & Dogs • 2026/Q2 Net sales +8% (organic), YTD +9% • Fast growth in all three Champion candidates – Good growth in all-terrain and running strollers – Continued strong trend in dog transportation, incl. recently launched dog crate Thule Allax double – Sustain
Slide 8: Bags & Mounts
2026/Q2 PER PRODUCT AREA Bags & Mounts • 2026/Q2 Net sales +5% (organic), YTD +6% • Continued good growth in performance phone mounts, now representing more than 2/3 of Bags & Mounts • Continued growth in Thule branded bags • Well-received new Thule bags products add sales, incl. Thule InLock system
Slide 9: Expansion in the dog transportation market through the acquisition of curli
Expansion in the dog transportation market through the acquisition of curli • Leading position in premium dog harnesses, in particular for smaller dogs • Complements Thule’s product range for dog transportation, launched in 2024 • Will be integrated under the Thule brand • Harnesses for larger dogs
Slide 10: 2026/Q2 – Financial summary
2026/Q2 – Financial summary SEK m 2026/Q2 2025/Q2 Change 2026/H1 2025/H1 Change Comments to 2026/Q2 Sales 3,421 3,403 +0.5% 5,993 6,065 -1.2% • Sales driven by organic growth +2.5%, currency impact -2.0% Organic growth, % 2.5% 1.5% 3.1% -0.5% • High gross margin driven by price/mix and efficiency ga
Slide 11: Share of sales LTM 2026/Q2 (2025)
Share of sales LTM 2026/Q2 (2025) Geographic regions Product areas Region Rest of world Sport & Cargo Carriers 9% (9%) Region Europe Bags & Mounts 50% (51%) 69% (67%) 21% (21%) Region North America 22% (24%) Active with Kids & Dogs 12% (11%) RV Products 17% (17%) 11
Slide 12: 2026/Q2 – EBIT and EBITDA development
2026/Q2 – EBIT and EBITDA development % of sales 30 Comments • LTM EBIT margin has increased from 16.0% in 2025 to 16.8% in 2026/Q2 25 EBITDA margin • EBITDA margin above pre-pandemic levels 20.2% • EBIT margin impacted by higher 19.0% 19.5% 20 depreciation compared to pre-pandemic levels 17.5% 16.8
Slide 13: 2026/Q2 – Cash flow
2026/Q2 – Cash flow SEK m 2026/Q2 2025/Q2 2026/H1 2025/H1 Comments to 2026/Q2 Cash flow from operations, before 700 588 1,090 814 change in working capital • Strong cash flow from operations of SEK 824m - Change in inventories 193 303 98 255 − Q2 and Q3 are the strongest quarters for cash flow - Cha
Slide 14: Focus 2026: build Champions and drive efficiency gains
Focus 2026: build Champions and drive efficiency gains Focus on Champions and efficiency gains deliver results • Organic growth and increased profitability 2026/H1, despite tough market • Impact of Middle East conflict on already cautious consumers – RV registrations decline following period of impr
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 Epos ParkSecure – our most premium bike carrier gets better
Thule Epos ParkSecure – our most premium bike carrier gets better 17
Slide 18: Thule VeloLite – new entry level bike carrier, first ever 1-bike version
Thule VeloLite – new entry level bike carrier, first ever 1-bike version 18
Slide 19: Thule WideSky – a front-row seat to the outdoors
Thule WideSky – a front-row seat to the outdoors 19
Slide 20: Connected car seats – sensor-based feedback to prevent misuse
Connected car seats – sensor-based feedback to prevent misuse 20
Slide 21: Thule Dart – premium harnesses for larger dogs
Thule Dart – premium harnesses for larger dogs 21
Slide 22: Q&A
Q&A 22
Slide 23: THULE
THULE