Slides
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2025/Q1 Report April 29, 2025 Mattias Ankarberg, CEO Toby Lawton, CFO
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Financials Sales of SEK 2,662m (2,420) +10% vs PY − Weak market in North Am and cautious behavior across the world − Organic growth -3% with North Am -13%, Europe 0% − Growth from new Thule products and new product categories, including acquired Quad Lock Gross margin increase to all-time-high 44.8% (41.2%) EBIT margin 15.1% (17.0%) − More product launches ahead of high season shifts SG&A to H1 − EBIT of SEK 401m (412) Cash flow from operations SEK -334m (89) − Working capital returns to historical seasonal pattern − Inventory reduction target of further SEK 200m in 2025 on track Highlights Changes made in North Am to strengthen our competitiveness Strong recognition for product design, 7 new iF Design awards Well received new products ahead of high season 2025/Q1 – Thule growing despite weak North America 2
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2025/Q1 – Continued profitable growth 2024 Net sales SEK 9.5b EBIT SEK 1.6b EBIT margin 17.0% 2025/Q1 LTM Net sales SEK 9.8b EBIT SEK 1.6b EBIT margin 16.5% 0 500 1,000 1,500 2,000 2,500 0 2,000 4,000 6,000 8,000 10,000 12,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Net sales SEK m EBIT SEK m EBITNet sales 3 Note: 2024 and LTM EBIT adjusted to exclude the one-off transaction costs of SEK 100m related to the Quad Lock acquisition in Q4 2024 2025/Q1
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Sport & Cargo Carriers – new Thule products add growth 2025/Q1 Net sales -2%, organic -2% Growth from bike related and new Thule products − Good sales growth from upgraded bestselling bike carriers Thule Easyfold gen 3 and North America specific Thule Verse − Strong start for vertical hanging bike carrier Thule ReVert − New best-selling mid price roof top box Thule Force well received Challenging market, particularly in North America − North American market weak during 2025/Q1 − Cautious retailers and consumers also across rest of world − Growth in Sport & Cargo Carriers in Europe RV Products – growth in aftermarket offsets decline in OE 2025/Q1 Net sales +1%, organic +1% RV industry continues to go through weak period Decline in sales to OE channel (manufacturers) offset by good growth in aftermarket channel (dealers) Good growth in bike related products 2025/Q1 – New Thule products and categories add growth (1/2) 4
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Active with Kids & Dogs – new categories add growth 2025/Q1 Net sales -5%, organic -6% Sales decline driven by cautious retailers after US tariff announcements – continued sales momentum on thule.com New Thule product categories perform well and add growth − Continued strong sales trend in dog transportation with premium dog crate Thule Allax and dog trailer Thule Bexey − Good sales development in child car seats, now sold in 30 countries after full launch completed 2024/Q4 Bags & Mounts – growth from performance phone mounts 2025/Q1 Net sales +132%, organic -14% Acquired Quad Lock added to Bags & Mounts category as of 2025/Q1 and represents more than half of the category Organic sales decline (bags and luggage) driven by cautious retailers after US tariff announcement and continued exit of legacy products Growth in Thule bags and luggage on thule.com 2025/Q1 – New Thule products and categories add growth (2/2) 5
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Thule entered performance phone mounts through acquisition 2024/Q4 − Many new Thule product categories historically entered through acquisitions − Acquired Quad Lock is global market leader in performance phone mounts Successful first full quarter together 2025/Q1 − Quad Lock sales growth over 20% at maintained high margins − Integration planned step-wise and key projects on track − Colleagues from both organizations relocated to new countries Good first full quarter together with Quad Lock 6 Strong fit with Thule’s strategy and brand Global market leader in growing category Best premium products in the market Successful innovation track record and market share winner Shared brand values of quality, safety and an active life outdoors
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Changes made in North America – further strengthened our ability to drive profitable growth in a weak market New sales organization − New dedicated sales organization for North America as of 2024/Q4 − Closing satellite office that came with acquisition of Case Logic 2007 − Build organization based on regional head office in Connecticut, co- located with one of our two US factories Focus growth investments on attractive pockets − Increased focus on bike carriers Thule is global and regional market leader with more potential Good sales momentum in 2025/Q1 from new innovative North America specific bike carriers Thule Revert and Thule Verse More new bike carrier products to launch 2025 and beyond − New focus on pick-up trucks New bed rack Thule Xscape to launch coming winter − Stopped North American car seat project Competitive category, still small premium segment, costly initiative Focus on car seats in Europe – good start and a larger opportunity − Both North Am bike carriers and truck bed racks produced in USA Price increases as of Jun 1 2025, to offset impact from tariffs Changes made in North America 7
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Recognition for product design continues 8 Seven new awards from iF Design in 2025 Thule ReVert – high-capacity, vertical hitch bike rack for core MTB riders and families, securely transporting up to six bikes with dual TiltAssist to simplifying loading and unloading Thule Easyfold 3 – sets a new standard in flexibility and ease for transporting various bike types, including e-bikes Thule OutPace – lightweight and compact bike carrier designed to merge ease of use with performance Thule Aion – expanded collection offering versatile storage, recycled materials, and functional features suited for both daily life and global travel Thule Chariot Air Purifier – transforms bike trailers into a mobile clean air environment for children Thule Subsola – modular panels to enhance the living space around compact vans, connecting seamlessly to the awnings Thule Glide 3 – lightweight aerodynamic all-terrain jogging stroller crafted specifically for running enthusiast
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9 2025/Q1 – Sales overview Product categories Geographical regions Sport & Cargo Carriers 50% (56) RV Products 20% (22) Bags & Mounts 18% (9) Active with Kids & Dogs 12% (13) Europe 71% (73) North America 21% (21) Rest of world 8% (6)
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2025/Q1 – Income statement 10 • Revenue growth in a tough market − LTM Revenue now increased to SEK 9.8b (vs SEK 9.5b in 2024) − Q1 growth of 10%, organic growth of -2.9% • Increased Q1 Gross Margin of 44.8% driven by acquisition of Quad Lock, price increases, better mix and higher production volume • Selling expenses impacted by earlier product launches ahead of high season • Q1 EBIT of SEK 401m vs SEK 412m in Q1 2024 − EBIT margin 15.1% vs 17.0% in Q1 2024, impacted by earlier phasing of costs related to product launches • Q1 Net Interest Expense of SEK 49m, effective tax rate of 25% • Net Income of SEK 266m in the quarter Q1 Q2 Q3 Q4 FY Q1 LTM SEKm 2024 2024 2024 2024 2024 2025 2025 Net sales 2,420 3,099 2,344 1,678 9,541 2,662 9,783 Cost of goods sold -1,425 -1,723 -1,339 -980 -5,467 -1,471 -5,513 Gross i ncome 996 1,375 1,006 698 4,074 1,192 4,270 Gross margi n, % 41.2 44.4 42.9 41.6 42.7 44.8 43.6 Selling expenses -472 -524 -482 -527 -2,005 -642 -2,176 Administration expenses -112 -119 -110 -206 -547 -148 -583 Operating income (EBIT) 412 732 413 -35 1,522 401 1,511 EBIT margin, % 17.0 23.6 17.6 -2.1 15.9 15.1 15.4 Adjusted Operating income (Adjusted EBIT) 412 732 413 65 1,622 401 1,611 Adjusted EBIT margin, % 17.0 23.6 17.6 3.8 17.0 15.1 16.5 Net interest expense -19 -26 -15 -15 -75 -49 -104 Taxes -93 -148 -98 14 -325 -87 -320 Net i ncome 300 559 300 -37 1,122 266 1,087
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2025/Q1 – Cash flow 11 • Cash flow from operations SEK -334m for the quarter − Working Capital increased by SEK 560m – seasonal increase due to sales and production ahead of summer season − One off impact in 2024 from inventory reduction, not repeated in 2025. Still on track for targets SEK 200m inventory reduction for 2025 (full year). • Q1 Capex of SEK 40m in Q1 • FX impacts Cash flow from operations before changes in working capital with SEK -110. Offset by positive FX impact shown in ”Other change in Net Debt”. Q1 Q2 Q3 Q4 FY Q1 SEKm 2024 2024 2024 2024 2024 2025 Cash flow from operations before changes in working capital 390 628 333 190 1 541 226 - Changes in inventories 173 318 221 -220 492 -49 - Changes in receivables -585 -176 588 286 112 -674 - Changes in liabilities 112 109 -187 131 165 163 Changes in working capital -301 252 622 196 769 -560 Cash flow from operations 89 879 955 386 2 310 -334 Capex (acquistion/divestment fixed assets) -32 -117 -34 -80 -263 -40 Sub total 57 762 921 306 2 048 -374 Acquisitions - - -7 -2 830 -2 837 - Dividend - -502 - -502 -1 004 - Other change in Net Debt -81 17 -30 -66 -162 189 Change in Net Debt -24 277 884 -3 092 -1 955 -185
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12 2025/Q1 – Net debt and Net debt:EBITDA 1,70 1,51 1,78 1,53 0,22 0,59 1,50 1,14 1,83 1,94 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Net debt - SEKm Net debt:EBITDA Net debt:EBITDANet Debt Note: Net debt shown in relation to LTM EBITDA (and using proforma LTM EBITDA including the acquired Quad Lock business from Q4-24)
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Well positioned in a tough market Weak North American market and cautious behavior across the world, expected to continue Thule is well positioned: global market leaders in our key categories, premium products to enthusiast consumers, own manufacturing in both Europe and USA, and new Thule products and categories drive growth Changes made in North America (organization, growth priorities, costs and pricing) to drive profitable organic growth in a weak market Clear priorities for 2025 1. Product development – high pace also 2025, front loaded to capture more of high season, increased focus on attractive pockets in North Am 2. More categories – scale up newly launched dog transportation and child car seats in Europe, grow acquired performance phone mounts 3. Consumer visibility – show more to sell more, expand DTC 4. Supply chain efficiency – increased efficiency funds growth, target to reduce inventory by additional SEK 200m in 2025 Focus 2025 – drive long-term growth strategy in a tough market 13
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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 stroller gets better Thule Chasm – building out our leading duffel bag collection Thule Aion – extending our luggage collection and including surf Innovations in our core sport & cargo carrier category Thule Santu – rear-of-car innovation combining bike and cargo Thule OutPace – our new best mid-price foldable bike carrier Thule Arcos XL – new solution to transport skis behind car Thule XScape – truck rack with easy install and adjustments Scaling up our newest categories Thule Cappy – our first crash-tested dog harness Thule Palm – high-back booster seat for safety and comfort Thule Allax double door – designed to protect dogs and people High launch pace continues 2025 14
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Thule Cappy – crash tested dog harness 15
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2023-10-27 Thule Group Q3 Report 2023 Investor- and analyst presentation16 Thule Force – upgrading our best mid-price roof top box
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2023-10-27 Thule Group Q3 Report 2023 Investor- and analyst presentation17 Thule Verse – upgrading our best-selling North Am bike carrier
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New Thule products drive growth also in a tough market More thule.com DTC countries and new marketing campaigns Peak production period and high energy throughout organization 18 Ready for high season
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19 Q&A
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