Thule Group Q2 2026 Earnings Overview
Thule Group reported second‑quarter 2026 results that beat analyst expectations on an adjusted basis, while revenue fell short of consensus due to adverse currency movements. Net sales amounted to kr3.42 billion, missing the FactSet consensus of kr3.46 billion by roughly 1%; a 2‑percentage‑point currency drag suppressed reported revenue despite organic sales growth of 2.5% across all four product categories.
Adjusted operating profit reached kr779 million, 0.9% above the consensus estimate of kr772 million, driven by price and product‑mix improvements and efficiency gains. Reported operating profit was kr756 million, 2.3% below the consensus of kr774 million, reflecting kr23 million of one‑time charges linked to the closure of a Belgian office and acquisition‑related expenses.
Geographically, Europe—Thule’s largest market contributing 72% of quarterly revenue—recorded organic growth of 4.3%, generating kr2.44 billion in sales. North America experienced a 2.3% organic decline, with sales of kr764 million, while the Rest of World segment grew 1.2% organically to kr213 million.
Profitability improved markedly: the adjusted operating margin expanded to 22.8% from 21.6% a year earlier, and the gross margin widened to 47.3% from 46.3%. Net profit rose to kr537 million from kr512 million, translating to earnings per share of kr4.98 versus kr4.75 a year ago. Cash flow from operating activities increased to kr824 million from kr744 million, supported by higher pre‑working‑capital generation of kr700 million versus kr588 million in the prior year.
Jefferies analysts described the quarter as “broadly in‑line,” emphasizing that margins were the highlight and maintaining a Buy rating with a price target of kr290. They noted that the pace of the North American recovery and the sustainability of margin strength into the second half, amid inflationary pressures, would be key discussion points.
Chief Executive Officer Mattias Ankarberg stated that the results were achieved “despite the challenging market conditions” and cautioned that rising raw‑material costs would likely lead to price increases in the third quarter. He also highlighted the company’s focus on its “Champions” categories—product areas where Thule holds market leadership—as the primary driver of growth and profitability improvement.
During the quarter, Thule completed the acquisition of Swiss dog‑harness maker curli AG for kr114 million on a cash‑ and debt‑free basis. The acquisition was consolidated as of 30 June 2026 and had no impact on first‑half sales or earnings.
For the first half of 2026, total net sales declined 1.2% to kr5.99 billion, with 4.3 percentage points of the decline attributable to exchange‑rate movements. Organic growth for the half stood at 3.1%.