Thule Group AB (publ) (THLPF) Q1 2025 Earnings Call Transcript

2025-04-29 23:43:03 ET

Thule Group AB (publ) (THLPF)

Q1 2025 Earnings Conference Call

April 29, 2025 3:30 AM ET

Company Participants

Mattias Ankarberg - President and Chief Executive Officer

Toby Lawton - Chief Financial Officer

Conference Call Participants

Gustav Hagéus - SEB Group

Fredrik Ivarsson - ABG Sundal Collier

Agnieszka Vilela - Nordea Bank

Daniel Schmidt - Danske Bank

Adela Dashian - Jefferies Group LLC

Carl Deijenberg - Carnegie Investment Bank AB

Alexander Siljeström - Pareto Securities AS

Mats Liss - Kepler Cheuvreux

Presentation

Operator

Good morning. Thank you for attending today’s Thule Interim Report First Quarter. My name is Kenneth, and I will be your moderator today. [Operator Instructions]

I would now like to pass the conference over to your host, Mattias Ankarberg. Please begin.

Mattias Ankarberg

Thank you, operator, and welcome everybody to this Q1 call. I’m joined, as usual, here today by Toby Lawton, our CFO, and we’ll take you to the material that will also be available on our Investor Relations website afterwards.

So, starting off in the first quarter of the year, Thule is growing despite a clearly weak North America. Sales increased in total 10% versus last year. The market in North America is weak, and I’m sure we’ll get back to that. But there is also cautious behavior across the world after the announcement of the tariffs in the U.S. in February.

Organic growth was minus 3% with clear differences between the geographies. North America declined 13% versus Europe was flat. And it’s nice to see, though, that we continue to see growth from new Thule products, even in this market, and also that the three new product categories that we have continue to add sales growth, including the acquired Quad Lock that came at the end of last year.

Gross margin increased to an all-time high of 44.8%. EBIT margin was almost 2 percentage points below last year at 15.1%. We are having more product launches ahead of the high season i.e., earlier in the year this year, which shifts SG&A to H1, and there will be less product development costs versus last year H2. So that has an impact on the specific quarter one numbers, of course, excluding that the EBIT margin would have been in line with last year. EBIT in total was SEK 401 million versus SEK 412 million last year....

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