Thule Group AB (publ) THULE
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Full analysis: 6 Apr 2026
Latest news check: 21 Jul 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Maintain; consider adding if Q2 shows continued organic growth (especially in North America) and sustained/improving EBIT margin, or on attractive valuation post ex-div.
Q2 confirmed organic growth and margin expansion but an EBIT miss and soft North America keep HOLD signal in place pending clearer momentum.
Market sentiment
7/10
↑
Trend: Improving
Sentiment remains mildly positive after margin gains, yet the market reacted negatively to the earnings miss and weaker North America performance.
Risk assessment
5/10
Dilution:
Low
Low dilution risk: no equity raise signals; the MTN program implies potential debt funding rather than equity dilution, and operating cash flow improved in Q1.
Jurisdiction:
Low
Sweden listing; low political risk.
Execution:
Medium
New categories and targets must be delivered.
Recent changes
- Report shows organic growth and margin expansion but lower-than-expected profit and weak North America sales.
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Show all changes (3) — follow the company freeAbout the company
Thule Group AB (publ) designs and sells premium products for active lifestyles and transport, including roof boxes, bike carriers, strollers, and bags. The company remains profitable but has seen weak organic growth, while new categories (e.g., dog transportation) and the Quad Lock acquisition are expected to support future growth. The next key data point is the Q1 report on 29 April 2026.
Sector:
Outdoor and transport accessories (consumer discretionary)
Type:
Other
Next report
23 Oct 2026
Q3
Catalysts
Unknown
MTN programme
Medium
Unknown
First bond issue
Medium
Unknown
Share buy-back mandate
Medium
Horizon:
Bull case
European growth and the Active with Kids & Dogs category continue to support organic development while margins expand.
Bear case
North America remains weak and macro uncertainty may dampen demand for larger discretionary purchases.
Signal rationale (informational)
Q2 confirmed organic growth and margin expansion but an EBIT miss and soft North America keep HOLD signal in place pending clearer momentum.
Recent news
- Q2 report published 20 July showed net sales of SEK 3 421 m and 2.5 % organic growth. Adjusted EBIT rose to SEK 779 m with gross margin at 47.3 %. The share fell about 3.7 % on the day after an EBIT miss. The Curli AG acquisition in the dog-transport segment was completed and price increases are planned for Q3.
Key figures
Revenue
Q2 2026
SEK 3.4B
Revenue TTM
Q2 2026
SEK 10.4B
EBITDA
Q2 2026
SEK 0.8B
Gross margin
Q2 2026
47.3%
Shares outstanding
Q2 2026
107,838,162
Price & valuation
Last close
SEK 214
Market Cap
SEK 23.0B
1 week
-2.1 %
3 months
-8.9 %
12 months
-19.7 %
From 52w high
-26.6 %
From 52w low
+12.8 %
Exchange
Stockholm
Sector
Outdoor and transport accessories (consumer discretionary)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.