Fourth quarter
- Net sales for the quarter amounted to SEK 1,835m (1,678), which corresponds to an increase of
9.4 percent, of which 19.9 percent was from acquisitions and a negative 10.4 percent from exchange rate fluctuations. Organically, sales remained unchanged. - The gross margin for the quarter increased to 44.9 percent (41.6).
- Operating income for the quarter amounted to SEK 83m (-35), corresponding to a margin of 4.5 percent (-2.1). Adjusted operating income amounted to SEK 83m (65), corresponding to an operating margin of 4.5 percent (3.8).
- Net income for the quarter amounted to SEK 21m (-37).
- Earnings per share before dilution amounted to SEK 0.20 (-0.35).
- Cash flow from operating activities was SEK 54m (386) during the quarter.
- New financial targets were published on November 19, 2025, see page 8.
- The Board of Directors proposes a dividend of SEK 8.30 per share (8.30), corresponding to a dividend of SEK 895m (895), calculated based on the number of shares outstanding on February 10, 2026.
Full year
- Net sales for the full year amounted to SEK 10,429m (9,541), corresponding to an increase of
9.3 percent, of which 15.4 percent was from acquisitions, and -4.8 percent from exchange rate fluctuations. Organic sales decreased by 1.3 percent. - The gross margin for the full year increased to 46.0 percent (42.7).
- Operating income for the full year amounted to SEK 1,640m (1,522), corresponding to a margin of 15.7 percent (15.9). Adjusted operating profit amounted to SEK 1,671m (1,622), corresponding to an operating margin of 16.0 percent (17.0).
- Net income for the full year amounted to SEK 1,114m (1,122).
- Earnings per share before dilution amounted to SEK 10.33 (10.59).
- Cash flow from operating activities totaled SEK 1,132m (2,310) for the full year.,
CEO'S STATEMENT
Increased sales and profitability
In 2025, Thule once again increased both sales and profit, despite a challenging business environment. We have also continued to invest in the future and our newest product categories are growing rapidly. With our new focused priorities, we are well positioned to achieve our new financial targets.
Sales in the fourth quarter, which is seasonally the smallest, increased by 20 percent, excluding currency effects. Organic sales were unchanged - an improvement compared to the third quarter. The trend has continued to be better in Europe than in North America. However, with actions implemented, the trend in North America has gradually improved during the year. Strong growth in RV Products, products for motorhomes and caravans, has contributed to the positive development in Europe.
The EBIT margin for the fourth quarter increased to 4.5 percent (3.8). The gross margin increased and, as planned, product development costs decreased compared with the previous year. Excluding the acquired Quad Lock, total expenses also decreased compared with the previous year. Adjusted EBIT amounted to SEK 83m (65).
For the full year 2025, sales increased by 14 percent, excluding currency effects. Organic sales decreased by 1 percent, unchanged in Europe and a decrease of 6 percent in North America. It is clear that new Thule products are driving growth even in a tough market.
For the full year, the adjusted EBIT margin was 16 percent (17.0). During the second half of the year, the EBIT margin increased compared to the same period last year, due to lower costs. For the full year, adjusted EBIT increased to SEK 1,671m (1,622).
Cash flow from operating activities amounted to SEK 1,132m. Our financial position gives us the flexibility to both distribute money to shareholders and continue to invest for the future.
The work on achieving our long-term sustainability goals has continued at a rapid pace. One focus area in 2025 has been to find more environmentally friendly materials for our products, and in 2026, we will begin producing roof boxes with 10 percent lower CO2 emissions per kg of plastic, as an example.
New products and categories drive growth
The main driver of our historical growth has been new products. We had an intense launch year in 2025, and new products have contributed positively to sales growth again this year. One example is RV Products, where this year's launches have generated growth despite a weaker period in the market for motorhome and caravan products. In our largest category, Sport & Cargo Carriers, we have updated our range of both roof boxes and bike carriers, which has had a clear positive effect on sales, even in the challenging North American market.
Our three newest product categories grew rapidly in 2025. Products for dog transport, which had a record-breaking start in 2024, have continued to perform strongly, helped by the launch of more products. The record for the best new category, in terms of first-year sales, was this year taken over by our car seats. Sales of performance phone mounts developed strongly during all quarters of the year and grew by approximately 15 percent during the year. Quad Lock has had a good first year as part of Thule.
Clear plan to meet ambitious financial targets
At our Capital Markets Day in November, we presented updated financial targets and a clear plan for achieving them. We will drive long-term value creation by focusing on organic growth in so-called Champion categories and continued efficiency improvements. Our new ambitious targets mean increasing growth and profitability compared to historical levels.
Thule has a long history of profitable growth and many strengths to build on. A key theme during the Capital Markets Day was Champions, product categories that have accounted for 90 percent of historical value creation. Champions are categories where Thule is the global market leader in an attractive niche, and where we have the ability to do more and better innovation than our competitors. We currently have six Champions. In addition, we are pleased to have three promising Champions candidates, categories with the potential to fit the description and with strong sales momentum: dog transportation, car seats, and all terrain- and running strollers. The most important priority in our growth plan is to build bigger and more Champions, and the ambition is to increase the number to ten by 2035.
Cost efficiency is a constant priority, and continued efficiency improvements are crucial to achieving our profitability target. We have implemented several initiatives in 2025 and have more in progress that will have an impact in the coming years. In addition, Thule is well positioned to increase profitability through economies of scale, for example through better utilization of available production capacity in our own factories.
Focus on Champions and efficiency improvements in 2026
The first priority for 2026 is to grow Champion categories through product development. We will launch many new Thule products in 2026 as well, to both grow our current Champions and build up the candidates. Already in the first quarter, we will launch the new Thule Vero bike rack for the US market and a new generation of the lower-priced Thule Pulse roof box. In the second quarter, new products for both dog transportation and car seats will be launched. At the same time, we are continuing our efforts to present our range to more consumers. For example, at the end of 2025, we established a sales organization in Australia, a country with many outdoor enthusiasts and growth potential for Thule. In the first quarter of 2026, e-commerce will also open in Australia via thule.com.
We will continue to drive efficiency improvements in 2026: we will make more focused R&D investments, create technology platforms to optimize manufacturing costs, and automate our warehouse in Poland. More focused R&D means that we will increase investments in Champions but reduce total R&D costs, an effect that will already be visible in 2026.
In 2025, we increased both sales and profit despite a challenging business environment. As we enter 2026, the market as a whole is still affected by cautious consumers and retailers, but the trend is now more positive in, for example, the market for RV Products.
Thule is well positioned regardless of the market situation, and we have sharpened our priorities to drive growth and profitability. More and more people want to live active lives, which also gives us tailwind over time. The work to build a larger, more profitable Thule continues. I am very much looking forward to 2026!
Mattias Ankarberg
President and CEO
Contacts
Toby Lawton
CFO
Phone: +46 70 242 29 47
Email: toby.lawton@thule.com
Catharina Paulcén
SVP Corporate Communications and Investor Relations
Phone:+46 73 665 45 74
Email: Catharina.Paulcen@thule.com
About Thule Group
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 transporting 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 transport), RV Products (awnings, bike carriers and tents for RVs and caravans) and Bags & Mounts (backpacks, luggage and performance mounts).
Thule Group 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.
www.thulegroup.com
This information is information that Thule Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-10 07:45 CET.
