Q4 2025 Thule Group AB Earnings Call Transcript
Key Points
- Thule Group AB (THUPY) achieved its highest sales and profit numbers in 2025, despite a challenging market environment.
- The company successfully upgraded its Sport & Cargo Carriers product portfolio, which accounts for over 50% of its sales.
- Thule Group AB (THUPY) expanded its direct-to-consumer (D2C) footprint to 20 markets, enhancing its digital channel's significance.
- The company recorded strong growth in new product categories, such as dog transportation, car seats, and phone mounts.
- Thule Group AB (THUPY) maintained a strong gross margin, reaching an all-time high in 2025, due to supply chain improvements and cost efficiencies.
- Organic growth was flat in Q4 2025, with a decline in North America, although slightly less negative than previous quarters.
- The EBIT margin for the full year was 16%, which is 1 percentage point lower than the previous year.
- Cash flow from operations decreased to SEK1.1 billion, lower than the previous year.
- The company faced significant currency effects, impacting both the top line and EBIT margins, particularly in Q4.
- Thule Group AB (THUPY) experienced a decline in its Sport & Cargo Carriers category in North America, driven by cautious retailer inventory management.
Thank you very much, and welcome, everybody, to this Q4 call. I am, as always, joined by our CFO, Toby Lawton, and we'll take turns going through the presentation and then open up for Q&A.
So before we get into the quarter and the details, I'd like to just take a moment to step back and look at the full year 2025. It's, of course, been an intense year and not an easy market. But in many ways, it's been a good year for Thule. And let's mention a couple of highlights.
Thule has never been bigger. We have recorded the highest sales number we've ever done in 2025 and profit increases versus previous year despite, of course, a challenging market with cautious consumers, retailers, currency headwinds and tariffs, et cetera. We have done the biggest upgrade of our Sport&Cargo Carriers product portfolio in the history of Thule. And that's important because Sport&Cargo Carriers is just over 50% of our sales, and we know that new Thule products drive growth.
We are seeing fast growth in our newest product
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