IN BRIEF
Thule Group published its results for the third quarter of 2026 on 22 October: net sales of 2,603 million Swedish kronor, up 3.0%, including 1.2% organic growth. Operating income reached 521 million kronor, a margin of 20.0% against 17.9% a year earlier, including 52 million in refunded customs duties. Europe grew 3.9% organically, while North America fell 0.8%. Since January, the Active with Kids & Dogs product category, which includes child bike trailers and child bike seats, is up 13%.
Thule is holding its course: excluding the one-off effect of the refunded customs duties, its profitability remains at the historically high level of 2025, even though raw materials have become more expensive. Gross margin for the quarter rose to 49.3%, against 47.5% a year earlier, and earnings per share before dilution went from 2.91 to 3.65 kronor.
Thule results driven by Europe
The quarter was decided first and foremost in Europe. The Europe region posted 3.9% organic growth, while North America fell 0.8% and the rest of the world 12.4%. Thule says growth in the quarter was held back by a weaker motorhome market over the summer. Currency effects contributed 1.0 percentage point to the reported 3.0% increase.
Over the first nine months, net sales were stable at 8,596 million kronor, against 8,594 a year earlier: organic growth of 2.5% offset a negative currency effect of 2.7%. Cumulative operating income reached 1,701 million kronor, a margin of 19.8% against 18.1%. On an adjusted basis, it came to 1,723 million, a margin of 20.0% against 18.5%.
Dog transport and car seats drive growth
Cycling runs through several of Thule’s product categories. Sport & Cargo Carriers, which Thule describes as its largest product category, covers roof racks and roof boxes, carriers for bikes, water sports and winter sports, and rooftop tents. It is up 1% since January, against a 1% decline last year, with a target of 5% a year. The group highlights the launch this spring of the Thule Epos Park Secure, which it presents as its most advanced bike carrier to date, with integrated parking sensors.
Active with Kids & Dogs, which brings together car seats, strollers, bike trailers, child bike seats and dog transport, is up +13% since the start of the year, after a 2% decline last year, against a target of 15%. Bike carriers for motorhomes, classified under RV Products, gained 3% against a target of 5%. Bags & Mounts, which includes phone mounts, grew 2% after -10% last year, against a target of 10%.
A 7% annual target still far off
Three quarters after updating its financial targets, Thule says it is on track to reach them. The gap remains clear on growth: the group targets 7% organic growth a year, and has achieved 2.5% since January.
