Thule Group AB (publ)

Q2 sales were just over SEK 3.4 billion, with 2.5% organic growth. Gross margin was 47.3%, up 1 percentage point year over year, and adjusted EBIT margin was 22.8%, up a bit more than 1 percentage point; adjusted EBIT was SEK 779 million. Cash flow from operations was SEK 824 million, and the quarter included a SEK 23 million adjustment mainly for Belgium office closure costs and curli transaction costs. On a first-half basis, organic growth was 3.1% and adjusted EBIT margin improved by 1.4 percentage points. Management did not give formal quarterly or full-year financial guidance, but said Q3 should benefit from price increases centered around August, expected USD 5 million of tariff refunds, and ongoing product launches; they also noted raw material inflation, especially aluminum, will start to hit COGS meaningfully in Q3.

Mattias Ankarberg said Thule is seeing continued progress from its strategy of focusing on champion product categories and efficiency improvements. He emphasized strong performance in Europe, good momentum in newer categories like Active with Kids & Dogs, and a steady launch cadence including higher-end and lower-priced bike carriers, connected car seats, and dog harnesses. His tone was upbeat but measured, repeatedly noting that the market remains cautious and North America is still the toughest region.

Toby Lawton highlighted the quarter’s financial execution: SEK 3.4 billion of sales, 2.5% organic growth, gross margin of 47.3%, adjusted EBIT of SEK 779 million, and adjusted EBIT margin of 22.8%. He said SG&A fell slightly in the quarter to SEK 838 million and was down 3.9% in the first half, while the quarter included a SEK 23 million adjustment for Belgium closure and curli-related transaction costs. He also noted SEK 824 million in operating cash flow, SEK 70 million of CapEx, SEK 114 million paid for curli, SEK 448 million of dividends, and leverage improving to 1.9x net debt/EBITDA.

Analysts focused on North America trends, margin sustainability, tariffs, and the impact of raw materials. Management said North America improved through the quarter in sell-through and DTC, but retailers were still destocking, so the improvement had not yet fully flowed into reported sales. On margins, they said Q3 should see raw material inflation, August price increases averaging about 2.5%, and about SEK 50 million / USD 5 million of tariff refunds, with the price increase aimed at offsetting raw material cost inflation rather than tariffs.