Ahead of its investor day, today, November 20, at its headquarters in Malmö, Sweden, Thule Group revised its long-term sales target, replacing its previous target of reaching SEK 20 billion in sales by 2030 with a mandate to achieve 7 percent organic growth.

Thule said the change clarifies its focus on organic growth and aligns with its average annual growth rate of 5 percent since 2014.

This adjustment to the company’s sales target was not unexpected, as the former target was established following a period of strong growth during the COVID-2022 period and would have required annual sales growth of approximately 15 percent. Thule’s sales were SEK 9.54 billion in 2024.

The targets for an EBIT margin of 20 percent and a dividend payout ratio of at least 75 percent of net profit remain. The long-term sustainability targets remain unchanged.

“The Board is focused on creating shareholder value, and the work to take Thule to the next level continues at a rapid pace. Our ambition to grow Thule remains. Now is the right time to revise the financial targets that were set during different times while also having them reflect the many opportunities we see ahead,” said Hans Eckerström, chairman of the Board.

“We are now raising our ambition compared to historical performance. We have many strengths to build on, well-received new product categories, ongoing efficiency initiatives, and a proven track record of innovation. Although the market is tough this year, the long-term trends for an active life outdoors are positive, providing us with a tailwind over time,” said Mattias Ankarberg, president and CEO.

Thule’s updated long-term financial targets:

  • Annual organic growth of 7 percent or higher. Previous target: sales of SEK 20 billion by 2030.
  • EBIT margin of 20 percent. Previous target: long-term maintain >20 percent underlying EBIT margin.
  • Dividend at or above 75 percent of net income. Previous target: >75 percent in ordinary dividend, in relation to net income.
  • Thule’s sustainability targets remain unchanged.

Image courtesy Thule Group