Q2 2026 Thule Group AB Earnings Call Transcript
Key Points
- Thule Group AB (THUPY) reported continued organic growth and increased profitability in Q2, with sales amounting to over SEK3.4 billion and 2.5% organic growth.
- The company saw growth in all four product areas, with the fastest growth in the 'Active with Kids & Dogs' segment, which achieved 8% organic growth.
- Gross margin reached an all-time high of 47.3%, driven by favorable product and channel mix and efficiency gains in the supply chain.
- The acquisition of curli, a leader in premium dog harnesses, complements Thule's existing product portfolio and is expected to enhance growth in the dog transportation segment.
- Thule Group AB (THUPY) successfully reduced net debt by SEK100 million, bringing leverage down to 1.9x, and expects further reduction in Q3 due to strong cash flow.
- North America remains a challenging market for Thule Group AB (THUPY), with a 2% decline in sales, despite some positive developments in consumer demand.
- The company faces negative currency effects, impacting sales by approximately 2 percentage points in the quarter.
- Raw material prices, particularly aluminum, are expected to rise in the second half of the year, potentially impacting costs.
- The RV segment experienced a decline in new vehicle registrations, which could negatively affect sales in the coming quarters.
- Thule Group AB (THUPY) incurred costs related to the closure of a smaller satellite office in Belgium, amounting to SEK23 million.
Hello, everyone, and welcome to Thule Group's interim report for Q2. My name is Lydia, and I'll be your operator today. (Operator Instructions)
I'll now hand you over to Mattias Ankarberg, Chief Executive Officer and President of Thule Group. Please go ahead.
Thank you, and welcome, everybody, to this Q2 call. I am, as usual, joined here by our CFO, Toby Lawton. We'll be talking through a presentation available on the screen and later on also on our IR website. And as usual, we will follow up with a Q&A session after the presentation. So starting with highlights on Page 2.
It's nice to see that the positive development that we saw in Q1 continues also in the second quarter, which is our peak season and our biggest quarter. We see continued both organic growth and increased profitability. And as you may be aware, we are very focused on growing what we call champion product categories, product categories where Thule is the global market leader and can out-innovate
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