Slides
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2025/Q4 & FY Report February 10, 2026 Mattias Ankarberg, CEO Toby Lawton, CFO
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2 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 in 20 markets Cost improvements in supply chain support record gross margin Strong recognition for product design winning world’s most influential car seat test, 17 Red Dot and iF Design awards Direction set to focus on Champions and efficiency
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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 categories, including acquired Quad Lock Adj. EBIT margin increased to 4.5% (3.8) − Adj. EBIT of SEK 83m (65) FY 2025 Sales of SEK 10,429m (9,541) +14% vs PY excl currency effects − Organic growth -1%, reported growth 9%, currency effects -5% Adj. EBIT margin of 16.0% (17.0) − All-time-high gross margin of 46.0% (42.7) − SG&A excl. acquired Quad Lock decrease vs PY 2025/H2, and adj. EBIT margin increase vs PY 2025/H2 − Adj. EBIT of SEK 1,671m (1,622) Cash flow from operations SEK 1,132m (2,310) − Working capital returns to historical pattern Proposed ordinary dividend SEK 8.30 per share 2025/Q4 – Increased sales and profitability in the last quarter 3 Note: EBIT adjusted to exclude the one-off transaction costs of SEK 100m related to the Quad Lock acquisition in Q4 2024 and res tructuring costs of SEK 31m related to North America restructuring in Q2 2025
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2025 – Profitable growth continues 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 2025 Net sales SEK m EBIT SEK m EBITNet sales 4 Note: EBIT adjusted to exclude the one-off transaction costs of SEK 100m related to the Quad Lock acquisition in Q4 2024 and res tructuring costs of SEK 31m related to North America restructuring in Q2 2025 2025 Net sales SEK 10.4b EBIT SEK 1.7b EBIT margin 16.0%
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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 start for pick-up truck rack Thule Xscape Growth in Europe, decline in North America Still a challenging market – strongest performance in premium, retailers cautious on spring/summer products RV Products – growth in improving market 2025/Q4 Net sales +10%, FY +4% Sales to OE channel (manufacturers) returns to growth in 2025/Q4, aftermarket (dealers) grows full year 2025 New award-winning products drive growth Gradually improving market conditions 2025/Q4 – New products and categories add sales (1/2) 5 Note: growth numbers indicate organic growth, unless stated otherwise
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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 Continued strong growth in all-terrain and running strollers Sales decline for bike related products driven by cautious retailers – continued growth on thule.com Bags & Mounts – growth from performance phone mounts 2025/Q4 Net sales 0% (+109% total ex. FX effects), FY -10% Performance phone mounts represent 68% of category FY , with organic growth over 15% in quarter and ca 15% FY Bags & luggage trend improved driven by Thule brand − Thule brand back to modest organic growth 2025/H2 − Continued decline in Case Logic and OE products 2025/Q4 – New products and categories add sales (2/2) 6 Note: growth numbers indicate organic growth, unless stated otherwise
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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 bigger and more Champions “Champion” product categories are the core of Thule’s success and have accounted for 90% of our historical value creation Champions are categories where Thule is the clear global number 1 in an attractive “pocket” (small market) with the ability to out-innovate competition First priority in Thule’s growth plan is to grow bigger Champions and add more Champions – Ambition to go from the current six to ten Champions by 2035 – Three Champion candidates with strong sales momentum in our portfolio today #2: Efficiency gains and scale effects Initiated cost actions to improve EBIT margin 2.5pp by 2028 – Reduced structural cost, more focused development spend, supply chain efficiency Scale effects from volume growth expected to take EBIT margin to 20% – Increased GM% (e.g. increased capacity utilization) and S&A leverage 7 Direction set: ambitious targets and clear path to reach them Capital market Day content: https://www.thulegroup.com/e n/capital-markets-day-2025
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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 America-specific products Upgraded bestsellers e.g., Thule Easyfold 3, the most sold bike carrier in the world, Thule Force 3, our best selling mid-priced roof box, and more versions of roof racks for Chinese EV brands New innovations e.g., Thule Santu, cargo box combined with bike carrier behind the car, Thule Outpace, foldable bike carrier, and Thule Arcos XL, cargo box behind the car for skis North American focus e.g., Thule ReVert, vertical hanging bike carrier, Thule Verse, premium bike carrier for heavier bikes, and Thule XScape, bed rack system for pickup trucks Positive sales impact in 2025 across all regions Entering 2026 with upgraded portfolio and more news on the way 8 Biggest ever upgrade of our Sport & Cargo Carriers portfolio
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9 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-tested harness, and Thule Allax double door, our dog crate for two dogs Dog transportation category is Champion candidate with high potential: − Clear pocket (small market) with no global players − Many Thule consumers own a dog − Pet market is growing, pet safety is growing Continue to grow dog transportation 2026 with new products and extended distribution Strong performance in Dog transportation Thule Cappy The harness achieved 4.7 out of 5 paws and is described as a solution that sets “new standards” in dog transportation
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Global media and customer event in Malmö, Sweden, with global Thule ambassadors showcasing our wide product portfolio and next year’s launches 10 Thule Experience event 2025/Q4
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Ecodesign drives lower emissions Thule XScape bed rack system for pickup trucks launched 2025/Q4, with 61% lower emissions compared to previous version Sustainability efforts are paying off 11 Emissions tCO2eq Emission intensity tCO2eq/MSEK 0 10 20 30 40 50 60 0 50000 100000 150000 200000 250000 300000 350000 400000 Base year 2019 2025 Total emissions Emission intensity -29%
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2025/Q4 – Income statement 2025/FY • Net sales of SEK 10.4b, reported growth of 9% − Organic growth -1.3%, acquisition impact +15%, FX -5% • Gross margin increased to 46.0% vs 42.7% PY, driven by Quad Lock, price/mix and supply chain efficiencies • Adjusted EBIT of SEK 1,671m vs SEK 1,622m PY, Adjusted EBIT margin of 16.0% vs 17.0% PY 12 2025/Q4 • Increased sales in a challenging market, reported sales growth of 9% − Organic growth 0%, acquisition impact +20%, FX -10% • Gross margin increased to 44.9% vs 41.6% PY, driven mainly by Quad Lock acquisition • Adjusted EBIT of SEK 83m vs SEK 65m in PY, Adjusted EBIT margin 4.5% vs 3.8% in PY − Margin up from Quad Lock acquisition and lower Selling and Admin expenses − Margin down from negative FX impact (on Gross income) 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 1 006 698 4 074 1 192 1 575 1 202 825 4 794 Gross margin, % 41.2 44.4 42.9 41.6 42.7 44.8 46.3 47.5 44.9 46.0 Selling expenses -472 -524 -482 -527 -2 005 -642 -716 -613 -592 -2 564 Administration expenses -112 -119 -110 -206 -547 -148 -157 -136 -150 -590 Operating income (EBIT) 412 732 413 -35 1 522 401 703 453 83 1 640 EBIT margin, % 17.0 23.6 17.6 -2.1 15.9 15.1 20.6 17.9 4.5 15.7 Adjusted Operating income (Adjusted EBIT) 412 732 413 65 1 622 401 734 453 83 1 671 Adjusted EBIT margin, % 17.0 23.6 17.6 3.8 17.0 15.1 21.6 17.9 4.5 16.0 Net interest expense -19 -26 -15 -15 -75 -49 -39 -37 -42 -166 Taxes -93 -148 -98 14 -325 -87 -152 -102 -19 -360 Net income 300 559 300 -37 1 122 266 512 314 21 1 114
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0% 1% 2% 3% 4% 5% 6% 7% 8% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R&D spend 2025 – increasingly focused on Champions Champions have accounted for 90 % of our value creation Direction set with more focused R&D spend More on Champions Less in total R&D spend 2025: 7.3% of sales (including adverse FX impact) Second consecutive year with increased spend on Champions. Thule Group R&D (development) spend Share of sales 13 Others Champions 13
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2025/Q4 – Cash flow • Cash flow from operations SEK 1,132m for the year − Reduction in inventories of SEK 157m, forward integration in Australia 2025/Q4 adds to inventory − Working Capital increased by SEK 131m, working capital movements, returned to historical pattern • 2025 Capex of SEK 348m, primarily related to automating and extending warehouse in Poland 14 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 -585 -176 588 286 112 -674 -282 639 198 -119 - Changes in liabilities 112 109 -187 131 165 163 135 -458 -9 -169 Changes in working capital -301 252 622 196 769 -560 156 292 -19 -131 Cash flow from operations 89 879 955 386 2 310 -334 744 668 54 1 132 Capex (acquistion/divestment fixed assets) -32 -117 -34 -80 -263 -40 -58 -140 -109 -348 Sub total 57 762 921 306 2 048 -374 686 527 -55 784 Acquisitions - - -7 -2 830 -2 837 - - - 13 13 Dividend - -502 - -502 -1 004 - -448 - -448 -895 Other change in Net Debt -81 17 -30 -66 -162 189 -165 -27 33 28 Change in Net Debt -24 277 884 -3 092 -1 955 -185 73 500 -456 -70
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15 2025/Q4 – 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 2,00 1,81 2,01 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 Q2-25 Q3-25 Q4-25 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 2024/Q4)
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2,0 2,5 3,4 6,0 7,0 7,5 8,0 13,0 9,2 9,5 8,3 8,3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 16 Dividend SEK 8.30 per share, same as last year N/A 57% 51% 87% 86% 88% 72% 76% 75% 91% 75% 80% % of Net Income Proposed dividend per share, SEK Notes: The dividend in 2016 is the ordinary dividend (excludes the special dividend). The dividend in 2019 was postponed and paid out one year later due to the pandemic. The dividend for 2024 is shown in relation to the net income after adjusting to remove the impact of the transaction costs for the acquisition of Quad Lock. Financial target: to distribute at least 75% of net profit as dividend
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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 categories and lower cost levels #1: Build bigger and more Champions Launch new and upgraded products to grow existing Champions Add more Champions by growing product portfolio and presence in dog transportation, car seats and all-terrain & running strollers Turn Bags by focusing on outdoor products and functional accessories Sell more of what we have by reaching a bigger consumer audience, incl. further DTC growth and build up new presence in Australia #2: Efficiency gains and scale effects More focused R&D spend 2026 – more on Champions, lower total Further supply chain efficiency gains 2026 through e.g., additional insourcing, product technology platforms Continue reduce structural cost: e.g., automate Poland DC for go-live 2027, expected annual cash savings SEK 100m with full effect 2028 Focus 2026: build Champions and drive efficiency gains 17
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18 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 version • Thule VeloSpace 3 – upgraded versatile carrier for heavier bikes • Thule Pulse 2 – refreshed version of our entry level roof box Build out our next generation champion categories • Thule Elivo – our first dog basket for the bike • Connected car seats – sensor-based feedback to prevent misuse • Thule WideSky – hardshell rooftop tent with low profile and fast setup Focus bags on outdoor and functional accessories • Thule EnRoute – refresh of best-selling backpack collection • Thule InLock – innovative new bike commute bag and rack solution • Thule Chasm Gear Haulers – extending best-seller into storage & org
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Thule Vero – premium hitch bike carrier built for heavier bikes 19
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Thule VeloLite – new entry level bike carrier, first ever 1-bike version 20
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21 Thule Pulse 2 – refreshed version of our entry level roof box
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Thule InLock – innovative new bike commute bag and rack solution 22
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23 Q&A
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