Thule Group Ab · OMXSTO:THULE

Thule Group Ab — Q3 2025 Earnings Presentation

20 slides from Thule Group Ab's earnings presentation, Oct 22, 2025

1. Slide 1: 2025/Q3 Report

   2025/Q3 Report October 22, 2025 Mattias Ankarberg, CEO Toby Lawton, CFO

2. Slide 2: 2025/Q3 – Good profitability in continued tough market

   2025/Q3 – Good profitability in continued tough market Financials  Sales of SEK 2,528m (2,344) +13% vs PY excl currency effects − Weak market, with still cautious consumers and retailers − Organic growth -4.0%, reported growth +7.9%, currency effect -5.1% − Growth driven by new Thule products and n

3. Slide 3: 2025/Q3 – Profitable growth continues

   2025/Q3 – Profitable growth continues Net sales 12,000 EBIT 2,500 SEK m SEK m 10,000 2,000 8,000 1,500 2025/Q3 LTM 6,000  Net sales SEK 10.3b  EBIT SEK 1.7b 1,000  EBIT margin 16.1% 4,000 500 2,000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2025/Q3 Net sales EBIT Note: EBIT ad

4. Slide 4: 2025/Q3 – Challenging market across regions

   2025/Q3 – Challenging market across regions 2025/Q3 Share of sales per region Region Europe – flat year after weak end to spring/summer season Rest of World  2025/Q3 Organic sales -5%, YTD 0% 9% Europe  Still cautious consumers and retailers in a promotional market 67%  Growth in high season incl

5. Slide 5: New products and categories add sales in tough market (1/2)

   2025/Q3 – New products and categories add sales in tough market (1/2) Sport & Cargo Carriers – still a tough market  2025/Q3 Organic net sales -6%, YTD -1%  Continued growth from new Thule products − Good growth from upgraded bestselling bike carrier Thule Easyfold 3 − Good start for lightweight c

6. Slide 6: New products and categories add sales in tough market (2/2)

   2025/Q3 – New products and categories add sales in tough market (2/2) Active with Kids & Dogs – new categories add sales  2025/Q3 Net sales -7%, YTD -3%  New product categories perform well and add growth − Continued strong trend in dog transportation with premium dog crate Thule Allax and recentl

7. Slide 7: Efficiency gains and cost control support margin improvement

   Efficiency gains and cost control support margin improvement R&D costs reduced 2025/Q3 due to phasing  Intense product launch year also 2025  Higher R&D costs in 2025/H1 vs PY due to more launches earlier in the year, to take advantage of the high season  R&D costs lower in 2025/Q3 vs PY, as plan

8. Slide 8: 2025/Q3 – Income statement

   2025/Q3 – Income statement Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD YTD SEKm 2024 2024 2024 2024 2024 2025 2025 2025 2024 2025 Net sales 2 420 3 099 2 344 1 678 9 541 2 662 3 403 2 528 7 863 8 594 Cost of goods sold -1 425 -1 723 -1 339 -980 -5 467 -1 471 -1 828 -1 326 -4 487 -4 625 Gross income 996 1 375 1 006

9. Slide 9: 2025/Q3 – Cash flow

   2025/Q3 – Cash flow Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD YTD SEKm 2024 2024 2024 2024 2024 2025 2025 2025 2024 2025 Cash flow from operations before changes in working capital 390 628 333 190 1 541 226 588 376 1 351 1 190 - Changes in inventories 173 318 221 -220 492 -49 303 110 712 365 - Changes in receivab

10. Slide 10: 2025/Q3 – Net debt and Net debt:EBITDA

    2025/Q3 – 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 2,00 1,94 2,500,000 1,70 1,78 1,83 1,81 2,0 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-

11. Slide 11: Focus 2025 – continue to drive long-term strategy for profitable growth

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

12. Slide 12: High launch pace continued 2025

    High launch pace continued 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

13. Slide 13: Thule Xscape – truck rack with easy install and adjustments

    Thule Xscape – truck rack with easy install and adjustments 13

14. Slide 14: Thule Allax double door – designed to protect dogs and people

    Thule Allax double door – designed to protect dogs and people 14

15. Slide 15: Thule Arcos XL – new solution to transport skis behind car

    Thule Arcos XL – new solution to transport skis behind car 15

16. Slide 16: Global Thule launch event with top media visibility

    Global Thule launch event with top media visibility 16

17. Slide 17: Capital markets day – November 20

    Capital markets day – November 20 The day will cover Thule’s strategy, priorities and path to financial targets. Participate online or on-site in Malmö, Sweden. 10.00 – 13.00 CET Product demos and lunch for on-site participants 13.00 – 17.00 CET Presentations and Q&A – broadcasted and on-site Presen

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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