Thule President and CEO Mattias Ankarberg told investors on Monday, July 20 that both organic sales and profitability continued to increase for the second quarter, with the trend is driven by a focus on building the company’s Champions categories and implementing efficiency improvements. Champions are product categories where Thule is the clear market leader and where the company believes is has the ability to innovate more and innovate better than its competitors.
“The second quarter is our peak season, especially for bike-related products,” the CEO explained. “This year, we’ve launched several new products in our Champion category of Bike Carriers to meet the needs of more consumers. The launch of the Thule Epos ParkSecure is an upgrade to our best bike carrier, which is now equipped with a parking sensor. The new Thule VeloLite is our first single-bike platform carrier, and its lower price point gives new consumers the opportunity to discover Thule. Thule Vero is a premium bike carrier for heavier bikes designed for the North American market. All of these products have been well received.”
Current Champions include Roof Racks, Roof Boxes, Bike Carriers, Multisport and Bike Trailers, Awnings (for RVs), and Performance Phone Mounts. Candidates for Future Champions include All-Terrain and Running Strollers, Dog Transportation, and Child Car Seats.
In addition to growing the company’s existing Champions categories, Ankarberg said Thule is building new ones.
“The goal is to increase the number from the current six to 10 by 2035,” Ankarberg shared. “We currently have three promising candidates that fit the profile for Champion categories but are still small: all-terrain and running strollers, dog transportation products, and child car seats. All three continued to grow rapidly in the second quarter, resulting in 8 percent organic growth for the Active with Kids & Dogs product area, which includes these three categories.”
In the second quarter, Thule also completed a small acquisition in the dog transportation segment. Curli reportedly holds a leading position in high-quality dog harnesses and offers a product line that complements Thule’s current range of products for safe dog transportation in cars and on bikes. “Over time, these products will be integrated under the Thule brand,” the CEO noted.
“Our efforts to create a larger, more profitable Thule are delivering results, despite the challenging market conditions,” the CEO said in his letter accompanying Q2 results.
Second Quarter Summary
Net sales for the second quarter increased 0.5 percent on a reported basis to SEK 3,421 million (~$365 mm), with organic sales increasing 2.5 percent year-over-year (y/y). The quarter was said to be hurt by a 2.0 percent negative impact related to exchange rate fluctuations. Still, Ankarberg said the second quarter is the largest quarter of the year.
Year-to-date (YTD, H1) six-month sales reportedly increased by just over 3 percent y/y.
Thule, Inc. reports in the Swedish krona (SEK) currency. Mips AB reports in the Swedish krona (SEK) currency. All conversions are calculated at the average 1 SEK = 0.1067 USD conversion rate for the second quarter as reported by X-Rates.
Product Areas Summary
All four product areas showed growth for the second quarter. The fastest-growing product area was Active with Kids & Dogs, where organic sales increased by 7.9 percent y/y. Ankarberg said all four of the company’s product areas showed growth during the quarter.
Sports & Cargo Carriers
In Sports & Cargo Carriers, Thule has three Champions: Bike Carriers, Roof Racks, and Roof Boxes. Organic sales increased by 0.5 percent in the second quarter, while reported sales were down 1.7 percent y/y to SEK 1,867 million (~$199 mm). Organic sales rose 0.2 percent in the first half of the year. During the second quarter, Thule said it launched the Epos ParkSecure, which was said to be an upgrade to Thule’s top-of-the-line bike carrier, which is now equipped with a parking sensor. The company said sales of newly launched products from previous quarters have continued to perform well.
Sport & Cargo Carriers accounted for 54 percent of total sales during the quarter.
RV Products
In RV Products (Recreational Vehicles), Thule identified one Champion category: Awnings. Within RV Products, sales increased 3.6 percent organically y/y during the second quarter. Reported sales were up 2.6 percent y/y to SEK 521 million (~$56 mm). First half 2026 organic sales grew 5.8 percent y/y. However, the company said that, during the spring, the effects of the Middle East conflict became apparent, and the previous recovery in the RV market was negatively impacted. The company said sales benefit from a long-term focus on product development, where new products drive growth.
RV Products accounted for 15 percent of total sales during the quarter. Approximately 95 percent of sales occur in the European market.
Bags & Mounts
In Bags & Mounts, Thule identified one Champion: Performance Phone Mounts. Sales increased 4.5 percent organically y/y during the second quarter and grew 2.0 percent y/y to SEK 602 million (~$64 mm) on a reported basis. Performance Phone Mounts, which came with the acquisition of QuadLock, represented over two-thirds of the Bags & Mounts business, while Bags accounted for less than one-third. Bags & Mounts sales grew 5.6 percent during the first half of the year.
Performance Phone Mounts have reportedly continued to grow by nearly 10 percent organically, driven by new products and broader distribution. The product range of Bags is reportedly being repositioned to complement Thule’s other products, while Bags under other brands are being phased out. Bags under the Thule brand grew during the quarter, while sales of other bags declined.
Bags & Mounts accounted for 18 percent of total sales during the quarter.
Active with Kids & Dogs
In the Active with Kids & Dogs product area, Thule has one Champion: Multisport and Bike Trailers. The company said there are also three candidates for future Champions, namely All-Terrain and Running Strollers, Dog Transportation, and Child Car Seats. Reported sales were up 5.8 percent y/y to SEK 431 million (~$46 mm) in the second quarter.
Still, sales increased by 7.9 percent organically y/y during the second quarter and by 9.2 percent during the first half of the year. The two newest categories, Dog Transportation and Child Car Seats, have reportedly performed well and continued to grow. Sales of All-Terrain and Running Strollers have also continued to rise. Sales of Multisport and Bike Trailers were said to have “declined slightly in a market that remains challenging.”
Active with Kids & Dogs accounted for 13 percent of total sales.
Regional Summary
Region Europe reportedly grew faster than Region North America once again, despite the company’s efforts to make progress. The company said the region remains the most challenging. In Region Rest of the World (RoW), sales increased slightly.
Region Europe
In Region Europe, organic sales increased 4.3 percent y/y in the second quarter and grew 4.7 percent y/y in the first half of the year. All four product areas reportedly showed growth. The fastest growth was in the Active with Kids & Dogs product area as the company noted that all three Champion candidates, All-Terrain and Running Strollers, Dog Transportation, and Child Car Seats, were said to have grown rapidly during the quarter. Product area RV Products showed solid growth in the region, but Thule said that during the spring, the effects of the Middle East conflict became apparent, and the previous recovery in the RV market was negatively impacted.
Region Europe accounted for 72 percent of total company sales in the quarter.
Region North America
In Region North America, organic sales declined 2.3 percent y/y in the second quarter and dipped 1.5 percent y/y in the first half of the year. Reported sales for the second quarter fell 7.2 percent y/y to SEK 764 million (~$82 mm).
The company said the market remains weak, “with cautious aftermarket retailers and consumers.” Growth at thule.com was said to be strong, and sales of Thule products also “increased among the company’s largest aftermarket retailers.” However, the company noted that one retailer’s focus on reducing inventory levels had a negative impact on Thule’s sales during the quarter.
“We have for a period of time implemented several changes in North America,” the CEO wrote. “These measures are having an effect, and the sales trend has improved quarter over quarter. At the same time, the North American market has remained challenging.”
Region North America accounted for 22 percent of sales in the quarter.
Region Rest of the World
In Region Rest of the World (RoW), organic sales increased 1.2 percent y/y in the second quarter and grew 1.7 percent y/y in H1 2026. Sales in Asia reportedly performed better in the second quarter than sales in South America.
Region RoW accounted for 6 percent of sales for the quarter.
Profitability & Expenses
“The adjusted EBIT margin increased to 22.8 percent, and so far this year the margin has increased by nearly 1.5 percentage points,” Ankarberg commented in his letter. “The gross margin increased, driven by positive mix effects and efficiency improvements. Overhead costs decreased and our more focused product development has, as planned, resulted in lower costs during the first half of the year.”
Gross margin for the quarter was 47.3 percent, improving 100 basis points versus the 2025 second quarter.
Operating income for the quarter amounted to SEK 756 million, corresponding to a margin of 22.1 percent of sales in the second quarter, compared to SEK 703 million, or 20.6 percent of sales, in the 2025 second quarter.
Adjusted operating income for the quarter amounted to SEK 779 million, or a margin of 22.8 percent of sales in Q2, compared to SEK 734 million, or 21.6 percent of sales, in the 2025 Q2 period.
Earnings per share before dilution amounted to SEK 4.98 for the quarter, compared to SEK 4.75 for the year-ago period.
Cash flow from operating activities amounted to SEK 824 million during the quarter, compared to SEK 744 million in Q2 2025.
“Efficiency improvements are crucial to achieving our profitability target,” Ankarberg stressed in his letter. “Our focus on Champion categories means we are increasing our investment in new products for our Champions while reducing total product development costs. We are creating technology platforms to optimize production costs and have now scaled up the manufacturing of standardized components for bike carriers.”
The CEO said the company continues to streamline its administration, and in the second quarter decided to close a satellite office in Belgium.
“We are well-positioned to increase profitability through economies of scale,” he commented. “As we grow, we can utilize the available production capacity at our factories.”
First Half Financial Summary
- Net sales for the first half of 2026 totaled SEK 5,993 million, a decrease of 1.2 percent y/y, of which negative 4.3 percent was related to exchange rate fluctuations. Organic sales growth was 3.1 percent y/y in the first half.
- Operating income for the first half of the year amounted to SEK 1,180 million, or a margin of 19.7 percent of sales, in H1, compared to SEK 1,104 million, or 18.2 million, in the 2025 first half.
- Adjusted operating income for the first half of the year amounted to SEK 1,202 million, corresponding to a margin of 20.1 percent of sales, in H1, compared to SEK 1,135 million, or 18.7 percent of sales, in the 2025 H1 period.
