Thule Group Q2 2026 Results
Thule Group posted second‑quarter 2026 adjusted profit that beat consensus expectations despite a modest revenue miss. Net sales totaled kr3.42 billion, falling 1% short of the Factset consensus of kr3.46 billion. A 2‑percentage‑point currency drag suppressed reported revenue, but the company still achieved 2.5% organic sales growth across its four product areas.
Regionally, Europe—accounting for 72% of quarterly revenue—generated kr2.44 billion, growing 4.3% organically. North America declined 2.3% organically to kr764 million, reflecting inventory reductions by aftermarket retailers, while the Rest of World rose 1.2% organically to kr213 million.
Adjusted operating profit reached kr779 million, 0.9% above the consensus average of kr772 million, driven by price and product‑mix improvements and efficiency gains. This lifted the adjusted operating margin to 22.8%, up from 21.6% a year earlier. The gross margin widened to 47.3% from 46.3%.
Reported operating profit was kr756 million, missing the consensus of kr774 million by 2.3% after a kr23 million one‑time charge related to the closure of a Belgian office and acquisition‑related costs. Net profit increased to kr537 million from kr512 million YoY, translating to earnings per share of kr4.98 versus kr4.75 previously. Cash flow from operating activities climbed to kr824 million from kr744 million, supported by higher pre‑working‑capital generation of kr700 million versus kr588 million a year earlier.
Jefferies analysts described the quarter as “broadly in‑line,” highlighting margins as the standout feature and maintaining a “buy” rating with a price target of kr290. They noted the need to monitor the pace of the North American recovery and whether margin strength can be sustained into the second half amid inflationary pressures.
Chief Executive Officer Mattias Ankarberg said the results were achieved “despite the challenging market conditions” and cautioned that rising raw‑material costs would lead to price increases in the third quarter. He emphasized the company’s focus on its “Champions categories,” where Thule holds market leadership, as the primary driver of growth and profitability.
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, net sales fell 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%.