Thule Group Ab · OMXSTO:THULE

Thule Group Ab — Q4 2025 Earnings Presentation

25 slides from Thule Group Ab's earnings presentation, Feb 10, 2026

1. Slide 1: 2025/Q4 & FY Report

   2025/Q4 & FY Report February 10, 2026 Mattias Ankarberg, CEO Toby Lawton, CFO

2. Slide 2: 2025 highlights

   2025 highlights  Record sales and increased profit despite tough market conditions  Biggest upgrade of Sport & Cargo Carriers product portfolio in Thule’s history  Fast growth in newest categories dog transportation, car seats and phone mounts  Added two new DTC markets with thule.com now live i

3. Slide 3: 2025/Q4 – Increased sales and profitability in the last quarter

   2025/Q4 – Increased sales and profitability in the last quarter Q4/2025  Sales of SEK 1,835m (1,678) +20% vs PY excl currency effects − Still cautious consumers and retailers − Organic growth 0%, reported growth 9%, currency effects -10% − Growth driven by new Thule products and new product categor

4. Slide 4: 2025 – Profitable growth continues

   2025 – Profitable growth continues Net 12 000sales EBIT 2 500 SEK m SEK m 10 000 2 000 8 000 1 500 2025 6 000  Net sales SEK 10.4b  EBIT SEK 1.7b 1 000  EBIT margin 16.0% 4 000 500 2 000 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net sales EBIT 4 Note: EBIT adjusted to exclud

5. Slide 5: 2025/Q4 – New products and categories add sales (1/2)

   2025/Q4 – New products and categories add sales (1/2) Sport & Cargo Carriers – growth in Europe, not in N Am  2025/Q4 Net sales -4%, FY -1%  Continued growth from new Thule products − Good growth from upgraded and new bike carriers in 2025 − Strong momentum in rear-of-car cargo products − Good sta

6. Slide 6: 2025/Q4 – New products and categories add sales (2/2)

   2025/Q4 – New products and categories add sales (2/2) Active with Kids & Dogs – new categories add sales  2025/Q4 Net sales +6%, FY -2%  Newest product categories perform well and add growth − Continued strong trend in dog transportation − Child car seats new best category by first full year sales

7. Slide 7: Direction set: ambitious targets and clear path to reach them

   Direction set: ambitious targets and clear path to reach them Financial targets: outperform historic performance  Annual organic sales growth of at least 7 percent (updated)  EBIT margin of 20 percent (unchanged)  Dividend payout ratio at or above 75 percent of net income (unchanged) #1: Build bi

8. Slide 8: Biggest ever upgrade of our Sport & Cargo Carriers portfolio

   Biggest ever upgrade of our Sport & Cargo Carriers portfolio  Sport & Cargo Carriers account for ca 50% of Thule sales and include 3 of our 6 Champion categories: roof boxes, roof racks and bike carriers  Biggest ever upgrade of product portfolio conducted in 2025 with both global and North Americ

9. Slide 9: Strong performance in Dog transportation

   Strong performance in Dog transportation  Dog transportation best new Thule category by first year sales when introduced 2024, with launch of crash tested dog crate Thule Allax and dog bike trailer Thule Bexey  Strong performance continued 2025 as product range evolved with Thule Cappy, crash-test

10. Slide 10: Thule Experience event 2025/Q4

    Thule Experience event 2025/Q4 Global media and customer event in Malmö, Sweden, with global Thule ambassadors showcasing our wide product portfolio and next year’s launches 10

11. Slide 11: Sustainability efforts are paying off

    Sustainability efforts are paying off Emissions Emission Ecodesign drives lower emissions tCO2eq intensity tCO2eq/MSEK Thule XScape bed rack system for pickup 400000 60 trucks launched 2025/Q4, with 61% lower emissions compared to previous version 350000 50 300000 -29% 40 250000 200000 30 150000 20

12. Slide 12: 2025/Q4 – Income statement

    2025/Q4 – Income statement Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY SEKm 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Net sales 2 420 3 099 2 344 1 678 9 541 2 662 3 403 2 528 1 835 10 429 Cost of goods sold -1 425 -1 723 -1 339 -980 -5 467 -1 471 -1 828 -1 326 -1 011 -5 635 Gross income 996 1 375 1 006 6

13. Slide 13: R&D spend 2025 – increasingly focused on Champions

    R&D spend 2025 – increasingly focused on Champions Thule Group R&D (development) spend Share of sales 8% 7% Champions have accounted for 90 % of our value creation 6% Direction set with more focused Others R&D spend  More on Champions 5%  Less in total R&D spend 2025: 7.3% of sales 4% (including a

14. Slide 14: 2025/Q4 – Cash flow

    2025/Q4 – Cash flow Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY SEKm 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Cash flow from operations before changes in working capital 390 628 333 190 1 541 226 588 376 73 1 263 - Changes in inventories 173 318 221 -220 492 -49 303 110 -207 157 - Changes in receivables

15. Slide 15: 2025/Q4 – Net debt and Net debt:EBITDA

    2025/Q4 – 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 2,01 2 500 000 1,78 1,83 1,81 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 Q4-1

16. Slide 16: Dividend SEK 8.30 per share, same as last year

    Dividend SEK 8.30 per share, same as last year Proposed dividend per share, SEK 13,0 9,2 9,5 8,0 8,3 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 2025 % of Net Income N/A 57% 51% 87% 86% 88% 72% 76% 75% 91% 75% 80% Financial target: to distribute at least 75% of

17. Slide 17: Focus 2026: build Champions and drive efficiency gains

    Focus 2026: build Champions and drive efficiency gains Well positioned in a tough market  Continued cautious consumers and retailers, particularly in N Am  Improving market conditions in RV Products  Thule well-positioned and entering 2026 with upgraded product portfolio, fast growth in newest ca

18. Slide 18: 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

19. Slide 19: Thule Vero – premium hitch bike carrier built for heavier bikes

    Thule Vero – premium hitch bike carrier built for heavier bikes 19

20. Slide 20: Thule VeloLite – new entry level bike carrier, first ever 1-bike version

    Thule VeloLite – new entry level bike carrier, first ever 1-bike version 20

21. Slide 21: Thule Pulse 2 – refreshed version of our entry level roof box

    Thule Pulse 2 – refreshed version of our entry level roof box 21

22. Slide 22: Thule InLock – innovative new bike commute bag and rack solution

    Thule InLock – innovative new bike commute bag and rack solution 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

    THULE

Thule Group — Q4 2025 Earnings Presentation on 6ix