Interim report
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1 Thule Interim Report, July–September 2026 Delårsrapport Q1 2026 eng maskinöve Q3 Interim Report Third Quarter July–September 2026
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2 Thule Interim Report, July–September 2026 Jul-Sep Jul-Sep Change Jan-Sep Jan-Sep Change Jan-Dec 2026 2025 % 2026 2025 % 2025 Net sales, SEKm 2,603 2,528 3.0 8,596 8,594 0.0 10,429 Operating income (EBIT) SEKm 521 453 15.1 1,701 1,557 9.2 1,640 Operating margin, % 20.0 17.9 2.1 /p 19.8 18.1 1.7 /p 15.7 Adjusted operating income, SEKm1 521 453 15.1 1,723 1,588 8.5 1,671 Adjusted operating margin, % 20.0 17.9 2.1 /p 20.0 18.5 1.5 /p 16.0 Net income, SEKm 393 314 25.2 1,223 1,092 11.9 1,114 Earnings per share, SEK 3.65 2.91 25.1 11.34 10.13 11.9 10.33 Cash flow from operating activities, SEKm 791 668 18.5 1,641 1,078 52.2 1,132 Interim Report, Third Quarter 2026 Continued organic growth and increased profitability • Net sales for the quarter amounted to SEK 2,603 m (2,528), an increase of 3.0 percent, of which 1.0 percent was related to exchange rate fluctuations. Organic sales growth was 1.2 percent. • In Region Europe organic revenue increased by 3.9 percent. In Region North America organic revenue decreased by 0.8 percent, and in Region Rest of the world organic growth decreased by 12.4 percent. • Operating income for the quarter amounted to SEK 521 m (453), which includes tariff refunds of SEK 52 m. The operating margin was 20.0 percent (17.9). • The gross margin for the quarter was 49.3 percent (47.5). • Earnings per share before dilution amounted to SEK 3.65 (2.91) for the quarter. • Cash flow from operating activities amounted to SEK 791 m (668) during the quarter. • Net sales for the first three quarters of 2026 totaled SEK 8,596 m (8,594), which is in line with the previous year. Exchange rate fluctuations had a negative impact of 2.7 percent. Organic sales growth was 2.5 percent. • Operating income for the first three quarters totaled SEK 1,701 m (1,557), corresponding to a margin of 19.8 percent (18.1). • Adjusted operating income for the first three quarters amounted to SEK 1,723 m (1,588), corresponding to a margin of 20.0 percent (18.5). • After the end of the quarter, the Chairman of the Board, Hans Eckerström, resigned after the largest shareholders requested an extraordinary general meeting to elect a new Chairman. Deputy Chairman, Per-Arne Blomquist, has been appointed the new Chairman. Organic growth (Q3): 1.2% Operating margin (Q3): 20.0% Q3 1 Adjusted operating income. Operating income was adjusted by a total of SEK 23 million during the second quarter of 2026. The item relates to costs associated with the closure of one of the Belgian operations and acquisition-related transaction costs.
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3 Thule Interim Report, July–September 2026 CEO Statement Three quarters of growth and increased profitability In the third quarter, we delivered another quarter of organic growth and increased profitability, despite a continued challenging market situation and a weaker RV market. Three quarters after the financial targets were updated, we can confirm that we are on track to meet th e targets. In the third quarter, organic sales increased by 1 percent and total sales by 3 percent. So far this year, Thule has grown organically by 2.5 percent. Growth in the third quarter was negatively impacted by a weakening RV market during the summer. Sales in our largest product area, Sport & Cargo Carriers, increased. Sales in Bags & Mounts were negatively impacted in the short term by the changed phasing of this year’s smartphone launches. The highest growth came from Active with Kids & Dogs, where all three of our Champions candidates continued to grow rapidly. As in previous periods, Region Europe grew faster during the quarter than Region North America. The EBIT margin increased to 20.0 percent (17.9) for the third quarter. Tariff refunds contributed positively to earnings, but even without this effect, profitability was on par with last year’s historically high level, despite higher raw material costs. Strong profitability gives us the opportunity to continue investing in areas that drive growth. Our long-term sustainability efforts also continue to yield results. Purchased materials account for the largest share of Thule’s emissions, making the transition to low-carbon materials a key focus of our climate efforts. During the quarter, we began the transition to recycled steel with a smaller volume of steel tubing, and we will continue to gradually increase these volumes going forward. New Thule Products drive growth New Thule products drive growth regardless of market conditions, and this year is no exception. Going forward, our product launches will focus on building so-called “Champion” categories, where Thule is the clear market leader and where we can innovate more and innovate better than our competitors. Although the current market conditions mean that more consumers are holding off on major purchases, we see that premium products have the strongest demand, especially when combined with innovation. One example is this spring’s launch of our most advanced bike carrier to date, the Thule Epos Park Secure with built-in parking sensors. It has been well received during the cycling season and demonstrates that enthusiasts are willing to pay more when innovation creates added value. Another successful launch is the Thule Arcos XL, a cargo box that mounts on the tow bar instead of the roof. The Thule Arcos XL was launched in late 2025 and has quickly established a strong position among Thule’s cargo boxes. It is a good example of how we use innovation to further develop established solutions in an area where we are already the market leader. A cargo box mounted behind the car is easier to load and unload, while also reducing aerodynamic drag compared to a roof mounted box. North America on the right track The changes implemented in North America are having an impact. The market however remains challenging. In the third quarter, organic sales declined by 1 percent. Growth on thule.com remained strong, while retailers continue to be cautious about inventory levels, especially towards the end of the season.
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4 Thule Interim Report, July–September 2026 On track to meet our financial targets We presented updated financial targets nearly a year ago, with the ambition of achieving them within two to four years. We have a clear plan to reach our targets, and we can now confirm that we are on the right track. Our growth target is to grow organically by 7 percent per year. So far this year, our organic growth has been 2.5 percent. This is an improvement compared to -1 percent last year, in spite of the continued challenging market conditions, which proves that our strategy is working. Equally important is that this organic growth is coming from the areas identified in the plan, with a focus on Champions and Champion candidates. − Sport & Cargo Carriers, our largest product area, has grown by 1 percent so far, an improvement compared to last year’s -1 percent. The goal is to grow 5 percent per year. Performance within the product area varies. Premium products are performing best, and in Europe, growth is already in line with our target. − In RV Products, we have achieved 3 percent growth so far this year, which is significantly better than the market. The goal is 5 percent growth. Interest in camping and an active lifestyle on the road remains strong, but in the short term, demand is being affected by lower sales of motorhomes and camper vans. − Within Active with Kids & Dogs, sales have increased by 13 percent so far this year, compared to a 2 percent decline last year. Our goal is to grow by 15 percent. We have launched two new product categories, dog transportation and child car seats, which have grown faster than any previously launched categories. These new product categories have now reached a scale where they contribute significantly to Thule’s overall growth, and there is still much to be done. − Bags & Mounts has grown by 2 percent so far this year, a significant improvement compared with -10 percent last year. The goal is to grow by 10 percent. The overhaul of the bag product line continues, and together with the performance phone mounts, continued growth is expected. The time horizon for the financial targets has been chosen with care. Changed priorities, such as increased investments in Champions, along with initiatives like the overhaul of the bag assortment, need time to take full effect. The trend so far this year confirms that we are on the right track. Profitability is also moving in the right direction, with an adjusted EBIT margin of 17.3 (16.0) percent over the past twelve months. The goal is to achieve an adjusted EBIT margin of 20 percent. A more focused R&D strategy means we are increasing our investment in Champions, which drives growth, while total costs are decreasing. Work on building technology platforms and automating our warehouse in Poland continues as planned. We are also well-positioned to increase profitability through economies of scale. The strategic direction remains unchanged Market conditions remain challenging, and we do not expect any significant improvement in the short term. We are now in the fourth quarter, which is Thule’s smallest in terms of sales. At the same time, it is a busy quarter with preparations for next year’s launches and activities. Work to build a larger, more profitable Thule continues at a high pace. We have clear priorities, our efforts are yielding results, and more and more people want to lead active lives, which supports our long-term growth. I look forward to ending 2026 with high energy and many customers eager to get out and experience winter with their Thule products. Mattias Ankarberg President and CEO
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5 Thule Interim Report, July–September 2026 Financial Overview Trend for the third quarter Net sales Net sales for the third quarter of 2026 amounted to SEK 2,603 m (2,528), corresponding to an increase of 3.0 percent, of which 1.0 percent is attributable to exchange rate fluctuations and 0.8 percent to the acquisition of curli. Organic sales growth was 1.2 percent. Net sales for Region Europe increased by 5.2 percent to SEK 1,768 m, with organic growth of 3.9 percent. For Region North America, net sales increased by 1.2 percent to SEK 618 m, with organic growth of -0.8 percent. In Region Rest of the world, net sales decreased by 8.4 percent to SEK 217 m, with organic growth of -12.4 percent. Gross profit Gross profit for the quarter amounted to SEK 1,283 m (1,202), corresponding to a gross margin of 49.3 percent (47.5). US tariff refunds had a positive impact of SEK 52 m on gross profit for the quarter. Otherwise, the gross margin was negatively impacted by higher costs for raw materials and freight due to the crisis in the Middle East, which was partially offset by higher selling prices from August. Operating income Operating income amounted to SEK 521 m (453), corresponding to a margin of 20.0 percent (17.9). Operating income was positively impacted by organic growth and an improved gross margin (driven by tariff refunds) , however, Jul-Sep Change in net sales 2026 Organic growth 1.2% Acquisitions 0.8% Changes in exchange rates 1.0% Total 3.0% Jul-Sep Jul-Sep Change 2026 2025 % Net sales, SEKm 2,603 2,528 3.0 Gross margin, % 49.3 47.5 1.8 /p Operating income (EBIT) SEKm 521 453 15.1 Operating margin, % 20.0 17.9 2.1 /p Adjusted operating income (EBIT) SEKm 521 453 15.1 Adjusted operating margin, % 20.0 17.9 2.1 /p Net income, SEKm 393 314 25.2 Earnings per share, SEK 3.65 2.91 25.1 Cash flow from operating activities, SEKm 791 668 18.5 Thule Outpace is a lightweight bike carrier that easily folds to save space when stored.
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6 Thule Interim Report, July–September 2026 raw material costs were higher compared with the previous year. Depreciation and amortization totaled SEK 94 m (90). Net financial items Net financial items for the quarter totaled SEK -34 m (-37). Exchange rate differences on loans and cash and cash equivalents totaled SEK 6 m (2). Interest expenses on borrowings amounted to SEK -41 m (-38). Taxes The tax expense for the third quarter amounted to SEK -94 m (-102), and the effective tax rate was 19.2 percent (24.5). Net income for the period Net income for the third quarter amounted to SEK 393 m, corresponding to earnings per share of SEK 3.65 before and after dilution. For the corresponding period last year, net income amounted to SEK 314 m, corresponding to earnings per share of SEK 2.91 before and after dilution. Cash flow Cash flow from operating activities for the quarter amounted to SEK 791 m (668). Of this, cash flow from operating activities before changes in working capital amounted to SEK 562 m (376). Capital expenditures during the quarter totaled SEK 120 m, and drawdowns under the credit facility decreased by SEK 151 million. 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 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 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 Operating income (adj.) Operating income Operating income LTM SEKm SEKm SEKm SEKm SEKm
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7 Thule Interim Report, July–September 2026 Trend for the first three quarters Net sales Net sales for the first three quarters of 2026 totaled SEK 8,596 m (8,594), which is in line with the same period last year. Organic sales growth was 2.5 percent. Other changes refer to -2.7 percent in changes in exchange rates and 0.2 percent related to the acquisition of curli. Net sales for Region Europe increased by 2.6 percent to SEK 6,101 m, with organic growth of 4.5 percent. For Region North America, net sales decreased by 6.5 percent to SEK 1,861 m, with organic growth of -1.3 percent. In Region Rest of the world, net sales decreased by 3.5 percent to SEK 634 m, with organic growth of -3.6 percent. Gross profit Gross profit for the first three quarters amounted to SEK 4,054 m (3,969), corresponding to a gross margin of 47.2 percent (46.2). The gross margin was positively impacted by price/mix and efficiency improvements, while higher raw material costs and increased US tariffs had a negative impact over the whole period, even though SEK 52 m of the tariffs were refunded during the third quarter. Operating income Operating income amounted to SEK 1,701 m (1,557), corresponding to a margin of 19.8 percent (18.1). Operating income in the second quarter was charged with SEK 23 m related to the closure of an office in Belgium and transaction costs related to acquisitions. Operating income for the second quarter of 2025 was also charged with SEK 31 m related to the closure of an office in Colorado, USA. These costs have been reported as administrative expenses in the consolidated income statement. The operating margin (adjusted for the aforementioned items) amounted to 20.0 percent (18.5). Operating income was positively impacted by organic growth, an improved gross margin, and lower selling expenses, Jan-Sep Jan-Sep Change 2026 2025 % Net sales, SEKm 8,596 8,594 0.0 Gross margin, % 47.2 46.2 1.0 /p Operating income (EBIT) SEKm 1,701 1,557 9.2 Operating margin, % 19.8 18.1 1.7 /p Adjusted operating income (EBIT) SEKm 1,723 1,588 8.5 Adjusted operating margin, % 20.0 18.5 1.5 /p Net income, SEKm 1,223 1,092 11.9 Earnings per share, SEK 11.34 10.13 11.9 Cash flow from operating activities, SEKm 1,641 1,078 52.2 Jan-Sep Change in net sales 2026 Organic growth 2.5% Acquisitions 0.2% Changes in exchange rates -2.7% Total 0.0% Sport & Cargo Carriers, 52% RV Products, 14% Bags & Mounts, 21% Active with Kids & Dogs, 13% Product areas (Third quarter) Region Europe, 68%Region North America, 24% Region Rest of the world, 8% Geographical regions (Third quarter)
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8 Thule Interim Report, July–September 2026 primarily due to lower product development costs. Depreciation and amortization totaled SEK 271 m (276). Net financial items Net financial items for the first three quarters totaled SEK -108 m (-124). Foreign exchange differences on loans and cash and cash equivalents totaled SEK 18 m (0). Interest expenses on borrowings totaled SEK -127 m (-124). Net income for the period Net income for the period amounted to SEK 1,223 m, corresponding to earnings per share of SEK 11.34 before and after dilution. For the corresponding period last year, net income amounted to SEK 1,092 m, corresponding to earnings per share of SEK 10.13 before and after dilution. Cash flow Cash flow from operating activities for the period amounted to SEK 1,641 m (1,078). Of this amount, cash flow from operating activities before changes in working capital totaled SEK 1,652 m (1,190). Investments during the first three quarters amounted to SEK 290 m, the majority of which related to the automation of a logistics facility in Poland and the acquisition of curli AG for SEK 114 m. During the period, utilization of the credit facility decreased by SEK 1,036 m, and bonds totaling SEK 1,000 m were issued under the MTN program. The first installment of the dividend, SEK 448 m (out of a total of SEK 895 m), has been paid to the company’s shareholders. Taxes The tax expense for the period amounted to SEK -370 m (-341). The effective tax rate for the period January–September 2026 was 23.2 percent (23.8). Financial position The Group’s equity as of September 30, 2026, amounted to SEK 8,322 m (7,319). The equity ratio was 52.5 percent (50.6). The leverage ratio, or net debt relative to LTM EBITDA as of September 30, was 1.6 (1.9). Net debt as of September 30, 2026, amounted to SEK 3,477 m (3,574) and has decreased by SEK 554 m since the start of the year. Total long-term borrowings amounted to SEK 4,316 m (4,249) and consisted of loans from credit institutions totaling SEK 3,105 m (4,081), bond loans of SEK 1,000 m (0), long-term lease liabilities of SEK 236 m (183), capitalized financing costs of SEK-25 m (-23), and the long-term portion of financial derivative instruments of SEK 0 m (9). Total short- term financial liabilities amounted to SEK 122 m (95) and consisted of the short-term portion of financial derivative instruments and lease liabilities. Goodwill as of September 30, 2026, amounted to SEK 7,461 m, an increase of SEK 741 m since the beginning of the year. The increase is primarily attributable to changes in exchange rates. Sep 30 Sep 30 Dec 31 SEKm 2026 2025 2025 Long-term loans, gross 4,341 4,263 4,187 Financial derivative liability, long- term 0 9 4 Short-term loans, gross 97 89 91 Financial derivative liability, short- term 25 6 13 Overdraft facilities 0 0 0 Capitalized financing costs -25 -23 -21 Accrued interest 5 0 0 Gross debt 4,444 4,345 4,274 Financial derivative asset -33 -11 -27 Cash and cash equivalents -934 -761 -218 Net debt 3,477 3,574 4,030
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9 Thule Interim Report, July–September 2026 Other Information Acquisitions At the end of the second quarter of 2026, the acquisition of the Swiss company curli AG was completed. Over the past decade, curli has established a leading position in high- quality dog harnesses, which are distributed in approximately 60 countries. The product line complements Thule’s current range of products for the safe dog transportation in cars and on bicycles. curli’s revenue in 2025 amounted to CHF 6.4 m (approx. SEK 75 m). The purchase price (including final adjustments) amounted to SEK 114 m on a cash- and debt- free basis, corresponding to a multiple of 7x curli’s EBIT for 2025. An additional purchase price of up to CHF 6.8 m will be paid based on the financial results for 2026 through June 2027. curli was consolidated as of June 30 and did not have any material impact on the Group’s sales and earnings during the third quarter. The value of acquired intangible assets, primarily brand, customer relations and goodwill, has been preliminarily estimated at approximately SEK 190 m, and the value of acquired working capital, primarily inventory, amounts to approximately SEK 9 m. Investments In the second quarter of 2025, Thule decided to expand and automate its existing logistics facility in Huta, Poland. The facility will have three times as many pallet spaces in a highly automated warehouse. The investment is estimated at approximately SEK 450 m, distributed as follows: 30 percent in 2025, 60 percent in 2026, and 10 percent in 2027. Annual savings are estimated at approximately SEK 100 m as a result of more efficient handling, optimized logistics flows, reduced labor costs, and the termination of contracts with two external suppliers. The positive impact on EBIT is estimated at approximately SEK 75 m per year, with full effect beginning in 2028. Depreciation on the facility is estimated at approximately SEK 25 m per year, and inventory levels are expected to decrease by SEK 80 m. The new facility is scheduled to become operational in 2027. Thule’s investment program and capital expenditures are expected to continue to amount to approximately 2.5–3 percent of revenue, excluding leasing. Seasonal variations Thule’s revenue and operating income are typically affected by seasonal variations. Since a significant portion of the company’s revenue comes from bike-related products, sales are usually higher during the second and third quarters (i.e., summer in the Northern Hemisphere). Sales are typically lower during the first and fourth quarters, when a larger share of revenue comes from winter-related products. Thule has adapted its production processes and supply chains to manage these variations. Employees The average number of employees was 3,015 (3,104) . Events after the end of the period In October, Thule completed the acquisition of intellectual property and product rights from the founders of Aeroe, relating to bags for mountain bikes and other bikes. The transaction has no material impact on Thule’s revenue or earnings. On October 20, 2026, the Chairman of the Board, Hans Eckerström, announced his resignation, after the three largest shareholders requested an extraordinary general meeting to elect a new Chairman. The request for an extraordinary general meeting was withdrawn by the owners following Hans Eckerström’s resignation. Deputy Chairman, Per-Arne Blomquist, has been appointed the new Chairman of the Board effective October 21, 2026. Thule's child car seats now come with connected sensors that indicate whether the seat and seat belt are installed correctly, further enhancing safety.
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10 Thule Interim Report, July–September 2026 Thule Group’s share Thule Group AB’s shares are listed on the Nasdaq Stockholm Large Cap list. As of September 30, 2026, the number of shares totaled 107,838,162. Shareholders As of September 30, 2026, Thule Group AB had 32,068 known shareholders. The largest shareholders at that time were AMF Pension & Fonder (14.9 percent of the capital and votes), Handelsbanken Fonder (7.7 percent of the capital , and votes), Alecta Tjänstepension (5.3 percent of the capital and votes), and Vanguard (4.4 percent of the capital and votes). See www.thulegroup.com for more information about Thule Group’s shareholders. Annual General Meeting and Annual report The Annual General Meeting of Thule Group AB will take place on May 12, 2027, in Malmö. Thule’s annual report will be available at www.thulegroup.com no later than week 16, 2027. Dividend The Annual General Meeting approved a dividend of SEK 8.30 per share, corresponding to SEK 895 m. The dividend represents 80 percent of earnings per share for 2025. The dividend has been paid in two installments. On May 19, 2026, SEK 4.15 per share was paid. On October 8, 2026, the remaining SEK 4.15 per share was paid. 2026/2029 Share-based incentive program The warrant program for senior executives and key personnel of Thule Group AB, as resolved by the Annual General Meeting, was implemented during the second quarter of 2026. The program comprises a total of up to 750,000 warrants issued to Thule AB for subsequent transfer to the participants. During the second quarter of 2026, a total of 617,675 warrants in the 2026/2029 series were acquired by 39 participants. The transfers were made at a price of SEK 19.42 per warrant, which corresponds to the market price calculated by an external party at the time of transfer. The warrants may be exercised to subscribe for shares between June 15 and December 15, 2029, and the exercise price per share is SEK 255.69, which corresponds to 120 percent of the volume-weighted average price according to Nasdaq Stockholm’s official price list during the five trading days immediately preceding the transfer. The so-called cap price is SEK 351.57, which corresponds to 165 percent of the same average price. This means that if the market price of the company’s stock exceeds the cap price when the option is exercised, the exercise price shall be increased accordingly. Parent company Thule Group AB’s primary operations consist of headquarter functions such as group-wide management and administration. The comments below cover the period from January 1 to September 30, 2026. The parent company bills its expenses to the Group companies. The parent company’s net income amounted to SEK -56 m (-30). Cash and cash equivalents and short-term investments totaled SEK 0 m (0). Long-term financial liabilities totaled SEK 4,080 m (4,058). The parent company’s financial position is dependent on the financial position and performance of its subsidiaries. The parent company is therefore indirectly affected by the risks described in Note 4, “Risks and Uncertainties.” Largest Shareholders Sep 30, 2026 AMF Pension & Fonder 14.9% Handelsbanken Fonder 7.7% Alecta Tjänstepension 5.3% Vanguard 4.4% Declared dividend Payment Date Total First payment May 19, 2026 4.15 SEK Second payment October 8, 2026 4.15 SEK Total dividend 8.30 SEK
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11 Thule Interim Report, July–September 2026 Sales Trends by Geographic Region Region Europe In Region Europe, organic sales increased by 3.9 percent in the third quarter and by 4.5 percent in the first three quarters. During the quarter, Sport & Cargo Carriers grew, and the highest growth came from Active with Kids & Dogs. All three Champion candidates, all-terrain and running strollers, dog transportation and child car seats, grew rapidly. Within RV Products, the market showed signs of recovery early in the year. However, market conditions deteriorated during the spring and summer, with fewer registrations of new motorhomes and camper vans. Region Europe accounted for 68 percent of sales for the quarter. Region North America In Region North America, organic sales declined by 0.8 percent in the third quarter and by 1.3 percent in the first three quarters. The market remains weak with retailers and consumers remaining cautious. Growth on thule.com remained strong, but retailers’ focus on reducing inventory levels had a negative impact on Thule’s sales during the quarter. Region North America accounted for 24 percent of sales in the quarter. Region Rest of the world In Region Rest of the world, organic sales declined by 12.4 percent in the third quarter and by 3.6 percent in the first three quarters. Sales in South America performed better in the third quarter than sales in Asia. The Region Rest of the world accounted for 8 percent of sales for the quarter. Jul-Sep Change Change Jan-Sep Change Change SEKm 2026 reported organic 2026 reported organic Region Europe 1,768 5.2% 3.9% 6,101 2.6% 4.5% Region North America 618 1.2% -0.8% 1,861 -6.5% -1.3% Region Rest of the world 217 -8.4% -12.4% 634 -3.5% -3.6% Net sales 2,603 3.0% 1.2% 8,596 0.0% 2.5% Organic growth is adjusted for acquisitions and exchange rate fluctuations. Thule Arcos XL is a cargo box mounted on the tow bar instead of on the roof. It is extra wide to accommodate up to four pairs of skis.
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12 Thule Interim Report, July–September 2026 Sales Trends by Product Area Sports & Cargo Carriers In the product area Sports & Cargo Carriers, Thule has three Champions: bike carriers, roof racks, and roof boxes. Organic sales increased by 1.1 percent in the third quarter and by 0.5 percent in the first three quarters. Europe continues to outperform North America. Premium products are in the highest demand, especially when combined with innovation. Sport & Cargo Carriers accounted for 52 percent of total sales during the quarter. RV Products Within the product area RV Products (Recreational Vehicles) Thule has a Champion product: awnings. Within RV Products, sales declined by 5.2 percent on an organic basis during the third quarter and increased by 2.7 percent during the first three quarters. Within RV Products, the market showed signs of recovery at the beginning of the year. However, market conditions deteriorated during the spring and summer, with fewer registrations of new motorhomes and camper vans. RV Products accounted for 14 percent of total sales during the quarter. Approximately 95 percent of sales occur in the European market. Jul-Sep Change Change Jan-Sep Change Change SEKm 2026 reported organic 2026 reported organic Sport & Cargo Carriers 1,341 2.0% 1.1% 4,452 -2.1% 0.5% RV Products 369 -5.0% -5.2% 1,441 0.5% 2.7% Bags & Mounts 554 -2.1% -3.7% 1,614 -1.4% 2.0% Active with Kids & Dogs 339 30.5% 21.5% 1,089 11.9% 12.6% Net sales 2,603 3.0% 1.2% 8,596 0.0% 2.5% Organic growth is adjusted for acquisitions and changes in exchange rates. Thule Dart offers harnesses and collars for dogs. Thule Dart features a magnetic buckle and a smart S-hook opening at the neck for easy on and off.
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13 Thule Interim Report, July–September 2026 Bags & Mounts In the product area Bags & Mounts, Thule has a Champion: performance phone mounts. Sales decreased by 3.7 percent on an organic basis during the third quarter and increased by 2.0 percent during the first three quarters. Of Bags & Mounts’ total sales for the quarter, performance phone mounts, which came with the acquisition of QuadLock, accounted for two-thirds, and bags for one- third. The product portfolio of bags is gradually being realigned to complement Thule’s other products, while bags under other brands are being phased out. Bags under the Thule brand grew during the quarter, while sales of other bags declined. Sales of performance phone mounts were negatively impacted in the short term by changes in the launch patterns of new phone models, as new models are now launched more frequently throughout the year. As a result, sales are distributed differently across quarters. Bags & Mounts accounted for 21 percent of total sales during the quarter. Active with Kids & Dogs Within the product area Active with Kids & Dogs, Thule has one Champion: multisport and bike trailers. There are also three Champion candidates: all-terrain and running strollers, dog transportation, and child car seats. Sales increased by 21.5 percent organically during the third quarter and by 12.6 percent during the first three quarters. The two newest categories, dog transportation and child car seats, have continued to grow rapidly. Sales of all-terrain and running strollers have also continued to increase. The multisport and bike trailers product category showed growth during the quarter following a period of declining sales. Active with Kids & Dogs accounted for 13 percent of total sales. Champions: Champions are product categories where Thule is the market leader in a niche market, with the ability to innovate more and better than its competitors. Current Champions: Roof racks, roof boxes, bike carriers, multisport and bike trailers, awnings (for RVs), and performance phone mounts. Candidates for Future Champions: All-terrain and running strollers, dog transportation, and child car seats. The goal is to increase from the current 6 Champions to 10 Champions by 2035.
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14 Thule Interim Report, July–September 2026 Financial Reports Consolidated Income Statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep Last 12 Jan-Dec Not 2026 2025 2026 2025 months 2025 Net sales 2 2,603 2,528 8,596 8,594 10,432 10,429 Cost of goods sold -1,320 -1,326 -4,542 -4,625 -5,553 -5,635 Gross income 1,283 1,202 4,054 3,969 4,879 4,794 Selling expenses -618 -613 -1,907 -1,971 -2,500 -2,564 Administrative expenses -144 -136 -446 -440 -596 -590 Operating income 2 521 453 1,701 1,557 1,784 1,640 Net interest expense/income -34 -37 -108 -124 -150 -166 Income before taxes 487 416 1,593 1,433 1,633 1,474 Taxes -94 -102 -370 -341 -390 -360 Net income 393 314 1,223 1,092 1,244 1,114 Net income pertaining to: Shareholders of Parent Company 393 314 1,223 1,092 1,244 1,114 Net income 393 314 1,223 1,092 1,244 1,114 Earnings per share, SEK before dilution 3.65 2.91 11.34 10.13 10.33 Earnings per share, SEK after dilution 3.65 2.91 11.34 10.13 10.33 Average number of shares (millions) 107.8 107.8 107.8 107.8 107.8 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Last 12 Jan-Dec 2026 2025 2026 2025 months 2025 Net income 393 314 1,223 1,092 1,244 1,114 Items that have been carried ov er or can be carried over to net income Foreign currency translation 338 -68 924 -1,138 729 -1,333 Cash flow hedges 6 2 -10 -13 14 11 Net investment hedge -68 15 -150 140 -81 208 Tax on components in other comprehensive income -2 -3 -11 28 -26 13 Items that cannot be carried over to net income Revaluation of defined-benefit pension plans 12 5 3 2 9 7 Tax pertaining to items that cannot be carried over to net income -3 -1 -1 0 -2 -2 Other comprehensive income, net after tax 284 -50 755 -983 642 -1,095 Total comprehensive income 678 264 1,977 110 1,886 18 Total comprehensive income pertaining to: Shareholders of Parent Company 678 264 1,977 110 1,886 18 Total comprehensive income 678 264 1,977 110 1,886 18 All amounts are in SEKm unless otherwise stated. Consolidated statement of comprehensive income
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15 Thule Interim Report, July–September 2026 Consolidated Balance Sheet Sep 30 Sep 30 Dec 31 2026 2025 2025 Assets Intangible assets 8,659 7,898 7,793 Tangible assets 2,628 2,355 2,405 Long-term receivables 14 15 13 Deferred tax receivables 314 344 329 Total fixed assets 11,614 10,612 10,540 Inventories 1,755 1,667 1,876 Tax receivables 188 170 71 Accounts receivable 1,041 934 713 Prepaid expenses and accrued income 152 149 148 Other receivables 165 185 177 Cash and cash equivalents 934 761 218 Total current assets 4,234 3,866 3,202 Total assets 15,849 14,478 13,742 Sep 30 Sep 30 Dec 31 2026 2025 2025 Equity and liabilities Equity 8,322 7,319 7,228 Long-term interest-bearing liabilities 4,316 4,249 4,170 Provisions for pensions 227 220 217 Deferred income tax liabilities 624 659 625 Total long -term liabilities 5,168 5,128 5,012 Short-term interest-bearing liabilities 122 95 104 Accounts payable 655 605 638 Tax liabilities 230 108 9 Other liabilities 541 548 123 Accrued expenses and deferred income 588 589 523 Provisions 222 86 106 Total short -term liabilities 2,359 2,031 1,503 Total liabilties 7,527 7,159 6,514 Total equity and liabilities 15,849 14,478 13,742 Jan-Sep Jan-Sep Full year 2026 2025 2025 Opening balance, January 1 7,228 8,095 8,095 Net income 1,223 1,092 1,114 Other comprehensive income 755 -983 -1,095 Total comprehensive income 1,977 110 18 Transactions with the Group's owners: New share issue 0 0 0 Dividend -895 -895 -895 Warrants 12 9 9 Closing balance 8,322 7,319 7,228 Consolidated statement of changes in equity
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16 Thule Interim Report, July–September 2026 Consolidated statment of cash flow Jul-Sep Jul-Sep Jan-Sep Jan-Sep 2026 2025 2026 2025 Income before taxes 487 416 1,593 1,433 Adjustments for items not included in cash flow 136 98 339 139 Paid income taxes -60 -139 -280 -383 Cash flow from operating activities prior to changes in working capital 562 376 1,652 1,190 Cash flow from changes in working capital Increase (-) / Decrease (+) in inventories 102 110 200 365 Increase (-) / Decrease (+) in receivables 526 639 -239 -317 Increase (+) / Decrease (-) in liabilities -399 -458 28 -160 Cash flow from operating activities 791 668 1,641 1,078 Investing activiti es Acquisition of subsidiaries, net 0 0 -114 0 Acquisitions / divestments of tangible / intangible assets -120 -140 -290 -238 Cash flow from investing activities -120 -140 -404 -238 Financing activities Warrants 0 0 12 9 Dividend 0 0 -448 -448 Debt repaid / new loans -177 -126 -108 -28 Cash flow from financing activities -177 -126 -544 -466 Net cash flow 494 401 693 373 Cash and cash equivalents at beginning of period 431 357 218 405 Effect of exchange rates on cash and cash equivalents 9 3 24 -17 Cash and cash equivalents at end of period 934 761 934 761
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17 Thule Interim Report, July–September 2026 Condensed Parent company income statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full year 2026 2025 2026 2025 2025 Other operating revenue 8 9 23 26 34 Administrative expenses -23 -21 -74 -49 -61 Operating income -15 -12 -52 -23 -27 Result from shares in subsidiaries 0 0 0 0 600 Interest income and expense -7 -4 -19 -15 -21 Income after financial items -22 -16 -71 -38 552 Appropriations 0 0 0 0 93 Net income before taxes -22 -16 -71 -38 645 Taxes 4 3 15 8 -9 Net income -18 -13 -56 -30 636 Sep 30 Sep 30 Dec 31 2026 2025 2025 Assets Financial fixed assets 7,514 7,478 7,382 Total fixed assets 7,514 7,478 7,382 Receivables from Group companies 12 7 695 Other current receivables 28 26 10 Cash and cash equivalents 0 0 0 Total current assets 40 33 705 Total assets 7,555 7,511 8,087 Equity and liabilities Equity 885 1,158 1,824 Other provisions 47 41 42 Bond loans 1,000 0 0 Liabilities to credit institutions 3,080 4,058 3,970 Liabilities to Group companies 0 0 0 Total long -term liabilities 4,127 4,099 4,012 Liabilities to Group companies 2,067 1,785 2,234 Other current liabilities 476 469 16 Total short -term liabilities 2,543 2,254 2,251 Total equitiy and liabilities 7,555 7,511 8,087 Condensed Parent company balance sheet
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18 Thule Interim Report, July–September 2026 Assurance of the Board of Directors and the CEO The Board of Directors and the CEO certify that the interim report provides a fair overview of the Group’s and the parent company’s operations, financial position, and results, and describes the material risks and uncertainties faced by the Parent company and other companies in the Group. October 22, 2026 The Board of Directors Auditor’s Report To the Board of Directors of Thule Group AB (publ) Corporate ID No. 556770-6311 Introduction We have performed a review of the condensed interim financial information (the interim report) for Thule Group AB (publ) as of September 30, 2026, and for the nine-month period ended on that date. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review . Focus and Scope of the Review We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of Interim Financial Information Performed by the Entity’s Statutory Auditor.” A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and carrying out other review procedures. A review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISAs and generally accepted auditing standards. The review procedures performed during a review do not enable us to obtain sufficient assurance to be aware of all significant matters that might have been identified had an audit been performed. The opinion based on a review therefore does not provide the same level of assurance as an opinion based on an audit. Conclusion Based on our review, no matters have come to our attention that cause us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the parent company in accordance with the Annual Accounts Act. Malmö, October 22, 2026 Öhrlings PricewaterhouseCoopers AB Erik Bergh Neda Feher Certified Public Accountant Certified Public Accountant Lead Auditor
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19 Thule Interim Report, July–September 2026 Disclosures, Accounting Policies, and Risk Factors Disclosures in accordance with IAS 34.16A are provided not only in the financial statements and their accompanying notes but also in other sections of the interim report. Note 1. Accounting policies This condensed interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable provisions of the Annual Accounts Act. The interim report for the parent company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, “Interim Reports.” The same accounting principles and calculation methods have been applied to the Group and the parent company as in the most recent annual report. Amended standards effective in 2026 have not had any material effect on the Group’s results and financial position. IFRS 18 replaces IAS 1 Presentation of Financial Statements and will apply from 1 January 2027. As the standard only affects presentation, it will have no impact on equity on transition. Note 2. Operating segments and allocation of revenue Thule Group constitutes a single segment. The Group has common global processes for product development, purchasing, manufacturing, logistics, and marketing, but sales are managed in three regions: Region Europe, Region North America, and Region Rest of the world. Internal monthly follow-ups focus on the Group as a whole, in addition to geographic information on sales, which is presented at levels other than the Group as a whole. All revenue is recognized at a single point in time. Jul-Sep Jul-Sep Jan-Sep Jan-Sep Latest 12 Jan-Dec 2026 2025 2026 2025 months 2025 Net sales from external customers 2,603 2,528 8,596 8,594 10,432 10,429 - Region Europe 1,768 1,681 6,101 5,947 7,198 7,044 - Region North America 618 611 1,861 1,990 2,346 2,475 - Region Rest of the world 217 237 634 657 887 910 Adjusted EBITDA 615 543 1,994 1,864 2,168 2,038 Depreciation / amortization of fixed assets -94 -90 -271 -276 -362 -367 Adjusted operating income 521 453 1,723 1,588 1,806 1,671 Comparability items1 0 0 -23 -31 -23 -31 Operating income 521 453 1,701 1,557 1,784 1,640 Net interests expense / income -34 -37 -108 -124 -150 -166 Taxes -94 -102 -370 -341 -390 -360 Net income 393 314 1,223 1,092 1,244 1,114 1 Items affecting comparability; see the section “Alternative performance measures and other financial definitions.” These items have been recognized as administrative expenses in the consolidated income statement.
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20 Thule Interim Report, July–September 2026 Note 3. Fair value of financial instruments Carrying value is an approximation of fair value for all financial assets and liabilities. The Group’s long-term liabilities bear variable interest rates, which means that changes in the base interest rate do not materially affect the fair value of the liabilities. In the Company’s assessment, there has also been no change in credit spreads that would materially affect the fair value of the liabilities. The financial instruments measured at fair value on the balance sheet consist of derivative instruments held to hedge the Group’s exposure to interest rates, foreign exchange rates, and commodity prices. All derivatives are classified as Level 2. Note 4. Risks and uncertainties Thule Group is an international company, and its operations may be affected by a number of risk factors in the form of industry- and market- related risks, operational risks, sustainability-related risks, and financial risks. The current macroeconomic situation and geopolitical tensions are creating uncertainty that makes it difficult to predict how demand and the cost base will be affected. U.S. trade tariffs also contribute to uncertainty and require an increased focus on an efficient supply chain. For more details on risks and currency exposure, please refer to Thule Group’s annual report. Fair value Sep 30 Sep 30 2026 2025 Assets - financial derivatives Currency forward contracts 5 7 Currency swaps 3 2 Currency options 0 0 Interest rate swaps 26 2 Total derivative assets 33 11 Liabilities - financial derivatives Currency forward contracts -22 -5 Currency swaps -3 -1 Currency options 0 0 Interest rate swaps 0 -9 Total derivative liabilities -25 -15
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21 Thule Interim Report, July–September 2026 Key ratios Alternative performance measures and other financial definitions Alternative performance measures are used to describe the development of the underlying business and to enhance comparability between periods. These are not defined based on IFRS regulations but are consistent with how Group management and the Board of Directors measure the company’s financial performance. These performance measures should not be viewed as a substitute for financial information presented in accordance with IFRS, but rather as a supplement. See definitions of alternative performance measures, including calculation tables, as well as other financial definitions below. Gross Margin Gross profit as a percentage of net sales. Gross Profit Net sales minus cost of goods sold. EBIT margin/Operating margin EBIT as a percentage of net sales / Operating income as a percentage of net sales. EBIT/Operating income Income before net financial items and taxes. EBITDA/Operating income before depreciation and amortization Income before net financial items, taxes, and depreciation and amortization of tangible and intangible fixed assets. Adjusted operating income – (adjusted EBIT) Adjusted operating income refers to operating income adjusted for items affecting comparability. This performance measure is one of the company’s financial targets and reflects the operational profitability of the business, with adjustments made for items affecting comparability, thereby enabling comparisons over time. Items affecting comparability refer to significant revenues and expenses that, due to their size, nature, or occurrence, affect the comparability between reporting periods and are not considered part of normal recurring operations. Items affecting comparability include costs associated with the closure of one of the Belgian operations and transaction costs related to acquisitions (SEK 23 m), which were recognized in the second quarter of 2026, as well as restructuring costs related to the North American operations (SEK 31 m), which were recognized in the second quarter of 2025. Adjusted operating margin Adjusted operating income as a percentage of net sales. Adjusted EBITDA / Adjusted operating income before depreciation and amortization EBITDA adjusted for items affecting comparability; see the definition under Adjusted operating income (Adjusted EBIT). Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Organic growth, currency-adjusted Change in net sales for the period adjusted for structural changes and currency effects. Organic growth excludes the effects of structural changes in the Group’s structure and exchange rates, which enables a comparison of net sales over time without the impact of, for example, acquisitions. Net sales growth, currency-adjusted Change in net sales for the period, adjusted for currency effects. Net debt Gross debt minus cash and cash equivalents. Gross debt consists of total long- and short-term borrowings, derivative instruments, capitalized transaction costs, and accrued interest. The net debt metric is used to track debt trends and the size of the fin ancing requirement. Since cash and cash equivalents can be used to repay debt on short notice, net debt is used instead of gross debt as a measure of total debt financing. LTM Rolling 12-month value. Earnings per Share Net income for the period divided by the average number of shares during the period. Leverage ratio Net debt divided by EBITDA (LTM). This ratio indicates how many years it would take to pay off the company’s debt, assuming that its net debt and EBITDA remain constant and without taking into account cash flows related to interest, taxes, and investments. Leverage ratio Pro forma Net debt divided by pro forma EBITDA. Pro forma EBITDA (LTM) refers to adjusted EBITDA and includes acquisitions as if they had been part of the Group for the past 12 months. Equity Ratio Equity as a percentage of total assets. Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec 2026 2025 2026 2025 2025 Net sales, SEKm 2,603 2,528 8,596 8,594 10,429 Net sales growth, % 3.0% 7.9% 0.0% 9.3% 9.3% Net sales growt, organic % 1.2% -4.0% 2.5% -1.5% -1.3% Gross margin, % 49.3% 47.5% 47.2% 46.2% 46.0% Adjusted operating income (adj EBIT), SEKm 521 453 1,723 1,588 1,671 Operating income (EBIT), SEKm 521 453 1,701 1,557 1,640 Operating margin, % 20.0% 17.9% 19.8% 18.1% 15.7% Adjusted EBITDA, SEKm 615 543 1,994 1,864 2,038 Adjusted EBITDA margin, % 23.6% 21.5% 23.2% 21.7% 19.5% Earnings per share, SEK 3.65 2.91 11.34 10.13 10.33 Equity ratio, % 52.5% 50.6% 52.5% 50.6% 52.6% Leverage ratio 1.6 1.9 1.6 1.9 2.0 Leverage ratio, proforma 1.6 1.8 1.6 1.8 2.0
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22 Thule Interim Report, July–September 2026 Jul-Sep Jul-Sep Jan-Sep Jan-Sep 2026 2025 2026 2025 Leverage ratio Net debt, SEKm 3,477 3,574 3,477 3,574 EBITDA LTM, SEKm 2,146 1,866 2,146 1,866 Leverage ratio 1.6 1.9 1.6 1.9 Leverage ratio, proforma Net debt, SEKm 3,477 3,574 3,477 3 ,574 EBITDA proforma LTM, SEKm 2,168 1 ,971 2,168 1, 971 Leverage ratio, proforma 1.6 1.8 1.6 1.8 Equity ratio Equity, SEKm 8,322 7,319 8,322 7,319 Total assets, SEKm 15,849 14,478 15,849 14,478 Equity ratio, % 52.5 50.6 52.5 50.6 Jul-Sep Jul-Sep Jan-Sep Jan-Sep 2026 2025 2026 2025 Organic growth, currency adjusted Change in net sales, % 3.0 7.9 0.0 9.3 Exchange rate fluctuations, % -1.0 5.1 2.7 3.7 Net sales, currency adjusted growth, % 2.0 13.0 2.7 13.0 Structural changes, % -0.8 -17.0 -0.2 -14.5 Organic growth, % 1.2 -4.0 2.5 -1.5 Adjusted operating income (adjusted EBIT) Operating income (EBIT), SEKm 521 453 1,701 1,557 Items affecting comparability, SEKm 0 0 23 31 Adjusted operating income, SEKm 521 453 1,723 1,588 Adjusted EBITDA Adjusted operating income (adjusted EBIT), SEKm 521 453 1,723 1,588 Reversal of depreciation/amortization and impairment, 94 90 271 276 Adjusted EBITDA, SEKm 615 543 1,994 1,864 EBITDA Operating income (EBIT), SEKm 521 453 1,701 1,557 Reversal of depreciation/amortization and impairment, 94 90 271 276 EBITDA, SEKm 615 543 1,971 1,833 Net debt Long-term interest-bearing liabilities, gross, SEKm 4,341 4,263 4,341 4,263 Derivative liabilities, long-term, SEKm 0 9 0 9 Short-term interest-bearing liabilities, SEKm 97 89 97 89 Derivative liabilities, short-term, SEKm 25 6 25 6 Capitalized financing costs, SEKm -25 -23 -25 -23 Accrued interest, SEKm 5 0 5 0 Gross debt, SEKm 4,444 4,345 4,444 4,345 Derivative assets, SEKm -33 -11 -33 -11 Cash and cash equivalents, SEKm -934 -761 -934 -761 Net debt, SEKm 3,477 3,574 3,477 3,574 Calculation table for alternative performance measures
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23 Thule Interim Report, July–September 2026 Contacts Catharina Paulcén, Communications & IR Phone: 073 - 665 45 74 Email: catharina.paulcen@thule.com Toby Lawton, CFO Phone: 070 - 242 29 47 Email: toby.lawton@thule.com Financial Calendar Year-End Report February 10, 2027 Quarterly Report: January–March April 28, 2027 Annual Shareholders’ Meeting May 12, 2027 Quarterly Report: April–June July 20, 2027 Quarterly Report: July–September October 22, 2027 Thule Group AB (publ) Dockgatan 1, 211 12 Malmö Corporate ID No. 556770-6311 www.thulegroup.com About Thule Thule is a global sports and outdoor company. We offer high-quality products with smart features and a sustainable design that make it easy for people across the globe to live an active life. Under the motto Bring your life — and with a focus on consumer-driven innovation and long-term sustainability — we develop, manufacture and market products within the product categories Sport & Cargo Carriers (roof racks, roof boxes and carriers for cycling, water and winter sports equipment, and rooftop tents mounted on a car), Active with Kids & Dogs (car seats, strollers, bike trailers, child bike seats and dog transportation), RV Products (awnings, bike carriers and tents for RVs and caravans) and Bags & Mounts (backpacks, luggage and performance phone mounts). Thule has about 3,000 employees at nine production facilities and 35 sales offices worldwide. The Group’s products are sold in 138 markets and in 2025, sales amounted to SEK 10.4 billion. Thule Chariot Sport 2 is specially designed for active families who want maximum performance. With the bike holder you can bring your child’s bike along on the trip. This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.