Thule Group AB (publ)

Strong execution: organic growth + improving profitability for 3 quarters - Q3 delivered modest organic growth of ~+1% (reported +3% SEK), despite a tough market backdrop. - EBIT margin ~20% in Q3; EBIT = SEK 521m. - Management emphasized 3 consecutive quarters of organic growth and improving profitability, with efficiency initiatives driving cost improvement.

Tariff refunds boosted margins; underlying gross margin slightly softer - Q3 gross margin included tariff refunds of SEK 52m (US). - Underlying (excluding refunds) gross margin: 47.3% vs 47.5% last year (slightly down). - Main negatives under the surface: higher raw material + freight costs linked to the Middle East conflict / higher oil prices. - Price actions: price increases implemented ~1 Aug (~+2.5%); company says this nearly offsets cost pressure in Q3 but is not fully offset yet—expects to be fully offset going forward as the price increases flow through.

Year-to-date and strategic targets: “on track” vs Nov 2025 financial targets - YTD: ~+2.5% organic growth, and EBIT margin up ~1.5pp vs prior year. - LTM: ~SEK 10.4bn sales, SEK 1.8bn EBIT, 17.3% EBIT margin. - Dividend outlook: dividend payout ratio remains above the target (no buyback mentioned in the transcript). - Management reiterates targets were set in Nov 2025, ambitious but intended to be reached over midterm (2–4 years); they state progress is “on track.”