Slides
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Mattias Ankarberg, President & CEO Toby Lawton, CFO January 7, 2026 Thule at SEB Nordic Seminar
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80+ years of product driven growth 2024 Performance phone mounts acquisition of Quad Lock 1942 Thule founded in Hillerstorp, Sweden 1960’s Thule Ski Rack lays foundation for Sport & Cargo category 1970’s Thule Ski Box launched and world- famous alpine skier Ingemar Stenmark becomes Thule ambassador 1980’s Surfboard carriers launched in US, with star surfer Robby Naish 1990’s Towbar bike carriers launched, acquisition of Polish supplier starts manufacturing transformation journey 2005 RV entry acquisition of Omnistor, European leader in RV bike carriers and awnings 2011 Multi-sport child trailers acquisition of Chariot, global leader in multisport child trailers, starts Active with Kids 2014 Running strollers launched with Thule Glide 2010 Thule bags Introduced through Thule Crossover, following acquisition of Case Logic 2006 2018 Urban strollers entered through Thule Sleek 2018 Roof top tents acquisition of Tepui, North Am market leader Active w Dogs launch of crate Thule Allax Car seats winning ADAC from start 2
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Long track record of profitable growth 3 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 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/Q3 2025/Q3 LTM Net sales SEK 10.3b EBIT margin 16.1% Average since 2014 Net sales CAGR +5% FX adj EBIT margin average 17.8%
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Two new categories entered successfully 2024 • Organically entered Dog transportation and Car seats in 2024 • Both categories set new Thule record for first full year sales On a journey towards a bigger, more profitable Thule 4 Acquired Quad Lock to enter a third category 2024/Q4 • Entered performance phone mounts via acquisition of global market leader • Strong performance in 2025 with +15% growth in +10% growth category Upgraded sport & cargo portfolio 2024-2025 • Strengthened premium & mid-price in both bike carriers and cargo boxes • All-time high GM% in both 2024 and 2025 Inventory reduced by SEK 1.5bn 2023-2025 • Reduced inventory SEK 1.5bn in three years, excl. acquisitions New focus for North America 2025 • Dedicated N Am sales & marketing organization installed 2025/Q1 • Focus on core categories, N Am bike carriers launched 2025/Q2 • Reentering pick-up truck space, bed rack launching 2025/Q4 Driving cost efficiency 2025 • Discontinue N Am car seat development 2025/Q1 • Remove “Region Americas” management layer 2025/Q1 • Closure of US satellite office in Longmont, Colorado 2025/Q2 • Automate DC in Poland for SEK 100m savings p.a., go-live 2027
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Updated long-term financial targets with ambition to beat historical performance 5 “Thule is setting new financial targets that reflect our ambition to build a company with faster growth and higher profitability compared to historical performance.” Sustainability targets are unchanged. Long-term financial target CMD 2025 Target definition Growth 7% Annual organic growth at or above 7% EBIT margin 20% EBIT margin of 20% Dividend payout ratio 75% Dividend payout ratio at or above 75% of net income
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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 Our value is created by a few Champion product categories 6 Champion product categories Champion product categories account for 90% of value creation • A few global market leading positions account for 90% of sales and gross profit growth since 2014 Net sales SEK m Other 73% 79% 84% LTM 2025/Q3
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Bike carriers Roof racks Roof boxes Multi-sport and bike trailers Awnings Performance phone mounts Champions – global market leading positions in pockets • Global No. 1, with high market share – often +50% and large distance to No. 2 • Pockets – markets typically SEK 2-5bn, with Thule sales SEK +1bn 7 Sport & Cargo Carriers Sport & Cargo Carriers Sport & Cargo Carriers Active with Kids & DogsRecreational vehicles Bags & Mounts
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Our Champions have common characteristics 1. Fit with the Thule brand Enable an active life outdoors, appreciated by enthusiast consumers 2. Market tailwind Good category growth and high consumer willingness to pay for best product 3. Barriers to entry Less competitive intensity, driven by safety, regulations, IP, proprietary manufacturing, complexity 4. Leverage from Thule innovation Innovation drives premium and growth Thule R&D positioned for best product Scale from distribution and supply chain 8
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Our growth ambition: From 6 to 10 champion categories by 2035 Organic sales +7% per year Supported by add-on M&A 10
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Dog transportation Car seats • Clear pocket and no global players • Many Thule consumers own dogs • Pet growing, pet safety growing • Best new category by yr 1 sales • Competitive and big market – but few in premium child safety • Child safety focus growing • Best new category by yr 1 sales 11 Build more champions: scale up existing candidates All-terrain & running strollers • Clear pocket and Thule global no 1 • Growth from sporty parents • Innovation driven category • Strong growth momentum + New categories developed organically + Supported by add-on M&A
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R&D spend increasingly shifted to contender ambitions and new categories CMD 2017 Become contender in bags & strollers CMD 2022 Enter dog transport, car seats Europe & N Am 0% 1% 2% 3% 4% 5% 6% 7% 8% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Champions Car seats & dog transport Strollers, luggage and other Thule Group R&D spend Share of sales Opportunity to get more leverage from our R&D spend: focus on building champions new category efforts to be focused on attractive pockets 12
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PandemicPre-pandemic 17.5% 16.1% 40.5% 45.4% 23.0% 29.3% Historical margin development 13 Notes: LTM refers to Last Twelve Months as at the end of Q3 2025. Pre-pandemic is the period from 2016-2019. Price and product mix includes impact of volume and material cost changes. Deviations shown are management estimates. LTM EBIT adjusted to exclude the one-off transaction costs of SEK 100m related to the Quad Lock acquisition in Q4 2024 and restructuring costs of SEK 31m related to North America restructuring in Q2 2025. % of Sales EBIT margin • Pre-pandemic average 17.5% • LTM Q3 2025 16.1% 1.4% Gross margin Price and product mix: 2.0% Supply chain automation: 0.5% - Efficiencies: +1.5% - Increased depreciation: -1.0% Quad Lock acquisition: 2.4% 4.9% Selling and admin exp Quad Lock acquisition: 1.9% - of which amortization 0.3% Development and selling exp. 3.5% - R&D (driven by new categories) 2.4% - Selling expenses 1.1% - Administration flat Warehouse and distribution 0.8% 6.3% 0 % 10 % 20 % 30 % 40 % 50 % 0 % 10 % 20 % 30 % 40 % 50 % 0 % 10 % 20 % 30 % 40 % 50 % LTM 2025/Q3
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+ Distribution + Admin. Full effect 2028 + Focused R&D investments Full effect 2028 Initiated cost actions + Supply chain efficiencies Structural cost reductions Development expenses Supply chain (gross profit) Scale driven The path to 20% EBIT margin 0% 5% 10% 15% 20% 25% 14 Note – LTM refers to Last Twelve Months as at the end of Q3 2025 (see previous slide). Impacts from Initiated Cost Actions are estimated. Pre pandemic average LTM Pro-forma for Initiated cost actions 1 2 3 3 2 1 17.5 16.1 18.5 20.0 Financial Target Structural cost reductions • Investment in automation in Poland, cost saving of 100 MSEK before depreciation • Consolidation of third-party warehousing • Structurally changed costs in North America • Automation in admin, sales and marketing Development expenses • More focused R&D investment going forward • More R&D on champions, less R&D in other areas • Lower R&D spend equivalent to 1% of sales, full effect from 2028 Supply chain • Leveraging additional volumes from insourced component manufacturing • Focus on technology platforms to consolidate manufacturing lines
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Initiated cost actions + Capacity utilization + Efficiency + Price / mix + Growth in Quad Lock + Leverage fixed costs - Growth in Quad Lock + Market growth Scale driven Gross profit development Operational leverage in S&A Market & macro Improvements The path to 20% EBIT margin 0% 5% 10% 15% 20% 25% 15 Financial target 4 5 6 + Distribution + Admin. Full effect 2028 + Focused R&D investments Full effect 2028 + Supply chain efficiencies Structural cost reductions Development expenses Supply chain (gross profit) Pre pandemic average LTM Pro-forma for Initiated cost actions 1 2 3 17.5 16.1 18.5 20.0 Note – LTM refers to Last Twelve Months as at the end of Q3 2025 (see previous slide). Impacts from Initiated Cost Actions and Scale driven effects are estimated.
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Initiated cost actions Scale driven Gross profit development Operational leverage in S&A Market & macro Improvements EBITDA margin higher than pre-pandemic average 0% 5% 10% 15% 20% 25% 16 Financial target 4 5 6 + Distribution + Admin. Full effect 2028 + Focused R&D investments Full effect 2028 + Supply chain efficiencies Structural cost reductions Development expenses Supply chain (gross profit) Pre pandemic average LTM Pro-forma for Initiated cost actions 1 2 3 17.5 16.1 18.5 20.0 Note – LTM refers to Last Twelve Months as at the end of Q3 2025 (see previous slide). Impacts from Initiated Cost Actions and Scale driven effects are estimated. 19.0 19.4 22.0 23.5 EBITDA + Capacity utilization + Efficiency + Price / mix + Growth in Quad Lock + Leverage fixed costs - Growth in Quad Lock + Market growth
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Clear path to our financial targets Building bigger and more Champions • Champion categories, Thule global #1 in attractive “pocket” with ability to out-innovate competition. • Champion product categories have accounted for 90% of the historical value creation. • Focus on Champions: ambition to go from six to ten Champions by 2035. 17 Efficiency gains and scale • Initiated cost actions: − reduced structural cost − more focused development spend − increased supply chain efficiency. • Proven scale effects both on gross profit (e.g. capacity utilization) and leverage in S&A
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Thule Xscape – truck rack with easy install and adjustments 18
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Thule Allax double door – designed to protect dogs and people 19
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Thule Epos ParkSecure – our most premium bike carrier gets better 20
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21 Q&A