Thule Group AB (publ) (THULE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Thank you for attending today's To The Interim Report first quarter. My name is Kenneth and I'll be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity to ask for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to pass the conference over to our host, Matthias Ankerberg. Please begin. Thank you, operator, and welcome everybody to this Q1 call. I'm joined, as usual, here today by Toby Lawton, our CFO. And we'll take you to the material that will also be available on our investor relations website afterwards. So starting off in the first quarter of the year, TUL is growing despite a clearly weak North America. Sales increased in total 10% versus last year. The market in North America is weak, and I'm sure we'll get back to that. But there is also cautious behavior across the world after the announcement of the tariffs in the US in February. Organic growth was minus three with clear differences between the geographies. North America declined 13% versus Europe was flat. And it's nice to see, though, that we continue to see growth from new Tula products, even in this market, and also that the three new product categories that we have continue to add sales growth, including the acquired QuadLock that came at the end of last year. Gross margin increased to an all-time high of 44.8%. EBIT margin was almost two percentage points below last year at 15.1%. We are having more product launches ahead of the high season, i.e. earlier in the year this year, which shifts SG&A to H1. And there will be less product development costs versus last year H2. So that has an impact on the specific quarter one numbers, of course. Excludin...