Thule Group AB (publ)

Strong Q3 performance despite tougher markets (organic + profitability) - Q3 sales: SEK 2.6bn, +3% reported YoY (≈ +1.2% organic, +1.0% FX, +0.8% from Curli acquisition). - Organic growth: ~+1% in Q3, but 3 quarters in a row of organic growth and improving profitability. - EBIT margin: 20% in Q3 and EBIT: SEK 521m; also profitability improving due to efficiency initiatives.

Gross margin impacted by tariffs and inflation—clear normalization expected - Tariff refunds (US): +SEK 52m (one-off) in Q3. - Excluding tariff refunds: gross margin 47.3% vs 47.5% YoY (slightly down). - Underlying headwinds: higher raw materials + freight, linked to the Middle East conflict/oil price; partially offset by price increases started Aug 1 (~2.5%). - Management expectation: once Aug price increase fully flows through, price should offset material cost increases going forward (no major overcompensation expected, but improving sequentially), with effects largely more visible in Q4.

YTD momentum and targets: “on track” toward Nov ’25 financial goals - Organic growth YTD: +2.5% (vs -1% last year). - LTM profitability improving: EBIT margin +1.5pp (to 17.3% EBIT margin, SEK 1.8bn EBIT, SEK 10.4bn sales on LTM basis). - Dividend payout ratio remains above target. - Company claims progress is on track toward the midterm (2–4 years) targets set at Capital Markets Day (Nov ’25), emphasizing these are ambitious but not expected to be reached immediately.