This article first appeared on GuruFocus .
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Q4 Revenue:SEK1.8 billion, up 9% year-over-year.
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Organic Growth:0% for Q4; -1.3% for the full year.
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Full Year Revenue:SEK10.4 billion, up 9% year-over-year.
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EBIT Margin:4.5% for Q4; 16% for the full year.
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Gross Margin:44.9% for Q4; 46% for the full year, an all-time high.
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Adjusted EBIT:SEK83 million for Q4; SEK1,671 million for the full year.
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Cash Flow from Operations:SEK1.1 billion for the full year.
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Dividend Proposal:SEK8.3 per share, same as the previous year.
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Sport & Cargo Carriers:Declined 4% in Q4; -1% for the full year.
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RV Products:10% organic growth in Q4; 4% for the full year.
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Active with Kids & Dogs:6% organic growth in Q4; -2% for the full year.
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Bags & Mounts:0% organic growth in Q4; -10% for the full year.
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Quad Lock Growth:Over 15% organic growth in Q4 and for the full year.
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Net Debt to EBITDA:Leverage at 2.0, with plans to deleverage in 2026.
Release Date: February 10, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Thule Group AB ( THUPY ) achieved its highest sales and profit numbers in 2025, despite a challenging market environment.
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The company successfully upgraded its Sport & Cargo Carriers product portfolio, which accounts for over 50% of its sales.
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Thule Group AB ( THUPY ) expanded its direct-to-consumer (D2C) footprint to 20 markets, enhancing its digital channel's significance.
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The company recorded strong growth in new product categories, such as dog transportation, car seats, and phone mounts.
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Thule Group AB ( THUPY ) maintained a strong gross margin, reaching an all-time high in 2025, due to supply chain improvements and cost efficiencies.
Negative Points
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Organic growth was flat in Q4 2025, with a decline in North America, although slightly less negative than previous quarters.
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The EBIT margin for the full year was 16%, which is 1 percentage point lower than the previous year.
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Cash flow from operations decreased to SEK1.1 billion, lower than the previous year.
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The company faced significant currency effects, impacting both the top line and EBIT margins, particularly in Q4.
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Thule Group AB ( THUPY ) experienced a decline in its Sport & Cargo Carriers category in North America, driven by cautious retailer inventory management.
Q & A Highlights
Q: What drove the strong margin in Quad Lock during Q4, and what are the expectations for Q1 and the full year? A: Toby Lawton, CFO, explained that Quad Lock's strong margin was driven by a successful Black Week in November, which boosted revenue and margin. Going forward, Quad Lock is expected to be slightly accretive to Thule's overall EBIT margin, consistent with this year's performance.
Q: Can you provide some insight into the growth of new categories like dog transportation and child car seats? A: Mattias Ankarberg, CEO, noted that these categories are driving growth within the Active with Kids & Dogs segment. While specific figures weren't disclosed, he mentioned that these categories have been significant contributors to growth and will be considered for future reporting.
Q: What are the expectations for product development costs in 2026? A: Toby Lawton, CFO, stated that product development spending will decrease in absolute terms in 2026. The focus will be on Champion categories, with a medium-term plan to reduce development spend to 6% of revenue, with at least 4% dedicated to Champion categories.
Q: How should we think about the FX headwind on margins in the coming quarters? A: Toby Lawton, CFO, mentioned that FX movements in 2025 had a significant impact, particularly in Q4. If current FX rates persist, Q1 will face some headwinds, but the impact is expected to be more substantial in Q1 than in subsequent quarters.
Q: Can you elaborate on the organic growth development in RV products during Q4? A: Mattias Ankarberg, CEO, explained that the RV segment saw growth driven by a recovery in the OE channel, which returned to growth for the first time in almost two years. The aftermarket channel also continued to perform well.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
