Q1 2026 Thule Group AB Earnings Call Transcript

Apr 29, 2026 / 08:00 AM GMT

Release Date Price: $26.82

Transcript

Key Points

Positve

Thule Group AB (THLPF) reported an organic growth of 4% in Q1 2026, driven by strong performance in Europe and the 'Active with Kids and Dogs' product area.
The company maintained a high gross margin of 44.8%, supported by positive price mix and efficiency gains.
EBIT margin improved by 1.5 percentage points to 16.5%, attributed to cost efficiency and reduced sales and administrative costs.
Thule Group AB (THLPF) received 14 new product awards from Red Dot and 8 from IF Design, highlighting their strong product design capabilities.
Cash flow from operations was positive at $25 million, marking an improvement over historical trends.

Negative

Reported sales in Swedish Krona (SEC) decreased by 3% due to a significant negative currency impact of 7 percentage points.
North American market remains challenging, with flat growth and a decline in mid and lower price items.
The 'Sport and Cargo Carriers' product area experienced flat organic sales, with growth in Europe offset by declines in North America.
Increased material costs and tariffs negatively impacted the gross margin, despite efficiency gains.
Net debt increased by 133 million SEC, with a net debt to EBITDA ratio slightly up at 2.1 times, indicating a focus on reducing leverage.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

THULE.ST - Thule Group AB
Q1 2026 Thule Group AB Earnings Call
Apr 29, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Thank you and welcome everybody to this call. I am, as usual, joined here by our CFO, Toby Lawton, and we will also, as usual, speak to a presentation that will later be available on our website. And following that presentation, we'll open up for questions.

So starting off with the highlights for the quarter, it's a good start to the year. For sure, it's still a challenging market in many ways, but we deliver organic growth of 4% and then improved profitability.

It's nice to see that the growth is driven by our focus on building what we call the champion categories, and we see the fastest growth in the quarter in the product area active with kids and dogs, where we have invested a lot there in recent years and continue to fuel

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