Slide 1: 2023/Q3 Report
2023/Q3 Report 2023-10-27 M. Ankarberg, CEO J. Lindqvist, CFO
Slide 2: Introducing new CEO, Mattias Ankarberg
Introducing new CEO, Mattias Ankarberg Mattias Ankarberg started as CEO Aug 9, 2023 ▪ +20 years in consumer industry ▪ McKinsey & Company, based in Sweden and US ▪ H&M Group, last role as Global Head of Sales & Marketing ▪ Byggmax Group, CEO ▪ 5 years as board member at Thule Group ▪ Enjoys active l
Slide 3: Summary 2023/Q3: Good profitability in a tough market
Summary 2023/Q3: Good profitability in a tough market ▪ Sales of 2,311 MSEK (2,139) +1% Fx adjusted vs PY ▪ Region Europe & RoW 1,689 MSEK (1,418) +8% Fx adj. ▪ Region Americas 622 MSEK (721) -15% Fx adj. ▪ Previous trend of increased consumer optimism reversed during autumn, particularly in North A
Slide 4: 2023/Q3: Net Sales and EBIT development
2023/Q3: Net Sales and EBIT development Reported Net Sales EBIT and Margin MSEK MSEK 15.5% 9.0% 2 139 2 311 359 Q3 193 Q3 2022 Q3 2023 Q3 2022 Q3 2023 MSEK MSEK 20.1% 8 487 19.2% 7 566 1 703 1 451 YTD YTD 2022 YTD 2023 YTD 2022 YTD 2023 1 Constant currency adjustment based on average FX rates 1 July
Slide 5: Thule Group Sales by Quarter (Reported currency)
Thule Group Sales by Quarter (Reported currency) 3 400 3 314 2019 3 229 2023/Q1 – weak vs. extreme 2022, ok vs. 2019 2020 3 200 ▪ -27% vs 2022/Q1 (reported currency) 3 034 3 029 2021 ▪ -31% vs 2022/Q1 (Fx adjusted) 3 000 2022 ▪ +12% vs 2019/Q1 (Fx adjusted) 2 800 2 772 2023 2 538 2023/Q2 – weak vs.
Slide 6: Region Europe & RoW: Premium bike is back, RV declines
Region Europe & RoW: Premium bike is back, RV declines ▪ 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 levels ▪ New products, e.g., our most premium
Slide 7: Region Americas: North American consumers less optimistic
Region Americas: North American consumers less optimistic ▪ 2023/Q3 Net sales 622 MSEK (721) -15% decrease (constant currency) vs PY ▪ North American consumers’ optimism decreasing during autumn ▪ In addition, comparables tougher for Region Americas ▪ Europe & RoW Q3/2022 vs Q3/2019 +18% (constant c
Slide 8: 2023/Q3 Reported income statement
2023/Q3 Reported income statement Q3 Jan - Sep Full-year ▪ Sales increase in the quarter by 8% 2023 2022 2023 2022 LTM 2022 ▪ +1% in constant currency Net sales 2 311 2 139 7 566 8 487 9 217 10 138 ▪ Gross margin 39.7% (33.9%) Cost of goods sold -1 393 -1 415 -4 412 -5 148 -5 543 -6 279 ▪ Lower frei
Slide 9: 2023/Q3 Working capital and Cash Flow
2023/Q3 Working capital and Cash Flow Operating Working Capital Operating Working Capital MSEK ▪ Reduction in operating working capital in the 5000 40% quarter compared with same period last year 34,4% 31,2% driven by substantial reduction in inventory 4000 30% 3000 3 552 ▪ Operating working capital
Slide 10: More new product launches than ever in 2024
More new product launches than ever in 2024 ▪ Expect mixed picture market dynamics to continue ▪ Positive: Bike retail in particularly Europe back to healthy Thule inventory ▪ Negative: Expect continued challenging RV market in coming year, North American consumer less optimistic ▪ Q4/2023 historica
Slide 11: Continued focus on product development, more focus on the end consumer
Continued focus on product development, more focus on the end consumer ▪ Tailwind from favorable market position ▪ Consumers increasingly want to live active lives ▪ Global leader in many categories with positive trends ▪ Premium Thule brand position provides further tailwind ▪ Big advocate of “buil
Slide 12: Q&A
Q&A www.thulegroup.com 12 2023-10-27 Thule Group Q3 Report 2023 Investor- and analyst presentation
Slide 13: 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
Slide 14: Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED