Slides
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22 October 2026 Mattias Ankarberg, CEO Toby Lawton, CFO 2026/Q3 report
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Three quarters of growth and improved profitability • Organic growth and increased profitability despite declining RV market • Fastest and accelerating growth in Active with Kids & Dogs • Improved profitability driven by efficiency gains • On track towards our financial targets 2 2026/Q3 HIGHLIGHTS
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2026/Q3 Sales of SEK 2,603m (2,528), organic growth +1%, reported growth +3% • Continued tough market, especially in North Am • Organic growth in Europe +4%, North Am -1% • Currency effect +1% Gross margin 49.3% (47.5%) • Positive impact from tariff refunds with SEK 52m • Negative impact from higher raw material prices EBIT margin increased to 20.0% (17.9%) • S&A cost decrease as share of sales • EBIT SEK 521m (453) • Excluding tariff refunds, margin in line with PY historical high level Cash flow from operations SEK 791m (668) 2026/Q3 YTD Sales of SEK 8,596 (8,594), organic growth +2.5% Gross margin 47.2% (46.2%) Adjusted EBIT margin increased to 20.0% (18.5%) 3 Continued growth and increased profitability 2026/Q3 FINANCIAL OVERVIEW
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Long term profitable growth 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 2026 Q3 LTM Net sales SEK m EBIT SEK m Note: EBIT adjusted to exclude restructuring costs of SEK 31m in Q2 2025 related to North America restructuring and SEK 23m in Q2 2026 mainly related to restructuring in Belgium 2026/Q3 LTM Net sales SEK 10.4b EBIT SEK 1.8b EBIT margin 17.3% 4 EBITNet sales FX impact
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On track towards new financial targets 5 Financial target 2025 FY outcome 2026/Q3 YTD outcome Organic growth 7% -1% +2.5% All four product areas growing in line with communicated ambition EBIT margin 20% 16% +1.3 ppt LTM vs 2025 Margin expansion driven by efficiency actions Dividend payout ratio 75% 80% n/a On track (above target for the last three years) Targets announced in November 2025, to be reached in the mid-term, i.e. 2-4 years
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On track towards new financial targets 6 Sport & Cargo Carriers RV Products Active with Kids & Dogs Bags & Mounts 2025 2026/Q3 YTD Mid-term ambition -1% +1% +5% Targets announced in November 2025, to be reached in the mid-term, i.e. 2-4 years Financial target 2025 FY outcome 2026/Q3 YTD outcome Organic growth 7% -1% +2.5% EBIT margin 20% 16% +1.3 ppt LTM vs 2025 Dividend payout ratio 75% 80% n/a +2% +13% +3% +5% +15% +10% 4% -2% -10%
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• 2026/Q3 Net sales +1% (organic), YTD 1% • Continued growth from new Thule products – Good first season for new most premium bike carrier Thule Epos ParkSecure – Continued momentum in rear-of-car cargo – Growth from upgraded entry price roof top box Thule Pulse • Positive development in premium price points across product portfolio • Good growth in Europe, decline in North America Champions: Roof racks Cargo boxes Bike carriers 7 Organic growth Q3 1% Sport & Cargo Carriers 2026/Q3 PER PRODUCT AREA Share of sales Q3 52%
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Champions: Awnings • 2026/Q3 Net sales -5% (organic), YTD +3% • Decline in RV registrations that started 2026/Q2 continued in 2026/Q3, following period of gradually improving market conditions • Lower registrations impact primarily aftermarket (dealers), OE channel (manufacturers) more stable • New award-winning products drive growth • Consumer interest in RV-ing remains high 8 Organic growth Q3 -5% RV Products 2026/Q3 PER PRODUCT AREA Share of sales Q3 14%
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• 2026/Q3 Net sales +22% (organic), YTD +13% • 2026/Q3 Net sales +31% (incl. acquired curli) • Fast growth in all three Champion candidates – Good growth in all-terrain and running strollers – Continued strong trend in dog transportation, incl. well received harnesses Thule Dart – Sustained momentum in child car seats, now further boosted by roll-out of connected car seats • Improved trend for multisport and bike trailers continues into 2026/Q3 – driven by premium 9 Organic growth Q3 +22% Champion: Multisport & bike trailers Champion candidates: All-terrain & jogging strollers Dog transportation Child car seats Active with Kids & Dogs 2026/Q3 PER PRODUCT AREA Share of sales Q3 13%
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Champions: Mounts • 2026/Q3 Net sales -4% (organic), YTD +2% • Performance phone mounts benefit from well received new products and wider distribution • Performance phone mounts negatively impacted by changes in launch timings of new phone models, driving different sales phasing across quarters • Growth in Thule branded bags driven by new products, including Thule InLock for bike commute and Thule Chasm gear haulers. Continued decline in Case Logic. • Acquired the IP and product rights for the Aeroe mountain bike bags (2026/Oct) 10 Organic growth Q3 -4% Bags & Mounts 2026/Q3 PER PRODUCT AREA Share of sales Q3 21%
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1 350 1 400 1 450 1 500 1 550 1 600 1 650 1 700 1 750 1 800 1 850 0 100 200 300 400 500 600 700 800 900 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBIT (adj.) Operating income Operating income LTM 7 000 7 500 8 000 8 500 9 000 9 500 10 000 10 500 11 000 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net sales Net sales Net sales LTM 2026/Q3 – Financial summary Comments to 2026/Q3 • Sales driven by organic growth +1.2%, currency impact 1.0%, curli acquisition +0.8% • Gross income includes SEK 52m from tariff refunds • Gross margin excluding tariff refunds of 47.3%, slightly down vs 2025/Q3 due to higher material and freight costs, partly offset by increased prices from August • Slightly higher Selling and Administration expenses, impacted negatively by currency and curli acquisition • EBIT of SEK 521m vs SEK 453m in 2025/Q3 − EBIT impacted negatively by currency − EBIT margin increased due to higher gross margin − LTM EBIT (adj) margin increased to 17.3% (16.0% in 2025) 11 SEK m 2026/Q3 2025/Q3 Change 2026/YTD 2025/YTD Change Sales 2,603 2,528 +3.0% 8,596 8,594 0.0% Organic growth, % 1.2% -4.0% 2.5% -1.5% Gross income 1,283 1,202 +6.7% 4,054 3,969 +2.1% Gross margin, % 49.3% 47.5% 47.2% 46.2% Selling and Administration expenses -762 -749 +1.7% -2,353 -2,411 -2.4% Adjusted EBIT 521 453 +15.1% 1,723 1,588 +8.5% Adjusted EBIT margin, % 20.0% 17.9% 20.0% 18.5% EBIT 521 453 +15.1% 1,701 1,557 +9.2% Net income 393 314 +25.2% 1,223 1,092 +11.9% SEK m SEK m SEK m SEK m
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Share of sales LTM 2026/Q3 (2025) 12 Bags & Mounts 21% (21%) Region Europe 69% (67%) Region North America 22% (24%) Region Rest of world 9% (9%) Sport & Cargo Carriers 50% (51%) RV Products 17% (17%) Active with Kids & Dogs 12% (11%) Geographic regions Product areas
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0 5 10 15 20 25 30 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 LTM 2026/Q3 – EBIT and EBITDA development 13 Comments • LTM EBIT margin has increased from 16.0% in 2025 to 17.3% in 2026/Q3, in line with pre-pandemic average • EBITDA margin above pre-pandemic levels • Depreciation has increased due to investments, mainly in manufacturing capacity and automation in 2021-2022 • EBIT margin financial target 20% PandemicPre-pandemic % of sales 17.5% 19.0% 16.0% 17.3% 19.5% 20.8% EBIT margin EBITDA margin Note: EBIT adjusted to exclude restructuring costs of SEK 31m in Q2 2025 related to North America restructuring and SEK 23m in Q2 2026 mainly related to restructuring in Belgium
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0,0 0,5 1,0 1,5 2,0 2,5 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net debt (pro forma) Net debt Net debt:EBITDA 2026/Q3 – Cash flow 14 SEK m 2026/Q3 2025/Q3 2026/YTD 2025/YTD Cash flow from operations, before change in working capital 562 376 1,652 1,190 - Change in inventories 102 110 200 365 - Change in receivables 526 639 -239 -317 - Change in liabilities -399 -458 28 -160 Change in working capital 229 292 -11 -112 Cash flow from operations 791 668 1,641 1,078 Capex -120 -140 -290 -238 Acquisitions - - -114 - Dividend - - -448 -448 24/Q3 24/Q4 25/Q1 25/Q2 25/Q3 25/Q4 26/Q1 26/Q2 26/Q3 SEK m Comments to 2026/Q3 • Strong cash flow from operations of SEK 791m − Q2 and Q3 are the strongest quarters for cash flow • Working capital reduced by SEK 229m • Capex in the quarter at SEK 120m, mainly related to automating and extending warehouse in Poland • Net debt decreased by SEK 586m to SEK 3,477m • Net debt:EBITDA down to 1.6 times SEK m 1.9x 1.6x -400 -200 0 200 400 600 800 1000 1200 Cash flow from operations
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Focus 2026: build Champions and drive efficiency gains Focus on Champions and efficiency gains deliver results • Three quarters of organic growth and increased profitability • Continued cautious consumers and retailers, N Am still toughest market • Following a period of improved market conditions, European RV registrations decline started 2026/Q2 and continued 2026/Q3 • Raw material cost increases mitigated by price increases 2026/Q3 #1: Build bigger and more Champions • Launch new and upgraded products to grow existing Champion categories • Add more Champions by growing our three candidates dog transportation, car seats and all-terrain & running strollers • Turn Bags by focusing on outdoor products and functional accessories #2: Efficiency gains and scale effects • More focused R&D spend 2026 – more on Champions, lower total • Supply chain efficiency gains, e.g., insourcing, technology platforms • Continue reduce structural cost, incl. automate Poland DC, go-live 2027 15
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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 WideSky – hardshell rooftop tent with low profile and fast setup • Connected car seats – sensor-based feedback to prevent misuse • Thule Dart – premium harnesses for larger dogs 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 16
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Thule Epos ParkSecure – our most premium bike carrier gets better 17
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18 Handlebar Mount Pro – two-axis adjustability for motorcycles
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Connected car seats – sensor-based feedback to prevent misuse 19
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Thule Dart – premium harnesses for larger dogs 20
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Thule Chasm Gear haulers – rugged and adaptable 21
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Q&A 22