THULENasdaq StockholmConsumer DiscretionaryIFRS · SEK

Thule Group

Thule Group is a global company specializing in sports and outdoor products designed to simplify active lifestyles. The company is known for its high-quality, innovative products that include sport and cargo carriers, juvenile and pet products, RV products, and packs, bags, and luggage. With a focus on consumer-driven innovation and sustainability, Thule Group has established a strong market presence in 138 countries. In 2024, the company achieved significant growth through new product launches and strategic acquisitions, such as Quad Lock.

Revenue10.4bn SEK
+9.3 %y/y
Operating profit (EBIT)1,640m SEK
+7.8 %y/y
EBIT margin15.7%
−0.2 ppy/y
Net income0.0m SEK
−100.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0.02.55.07.510.012.5bn SEK2020: 7.8 bn SEK2020: EBIT 1.6 bn SEK20202021: 10.4 bn SEK2021: EBIT 2.3 bn SEK20212022: 10.1 bn SEK2022: EBIT 1.7 bn SEK20222023: 9.1 bn SEK2023: EBIT 1.5 bn SEK20232024: 9.5 bn SEK2024: EBIT 1.5 bn SEK20242025: 10.4 bn SEK2025: EBIT 1.6 bn SEK202510.41.6
RevenueOperating profit (EBIT)

Business

Share of revenue
Sport & Cargo Carriers40 %

Includes roof racks, roof boxes, and carriers for sports equipment.

Juvenile & Pet Products25 %

Comprises car seats, strollers, bike trailers, and dog transport products.

RV Products15 %

Covers awnings, bike carriers, and tents for RVs and caravans.

Packs, Bags & Luggage10 %

Features hiking backpacks, luggage, and camera bags.

Performance Phone Mounts10 %

Includes mounts for phones, especially for active use.

Customers

Thule Group serves a diverse customer base that includes outdoor enthusiasts, families, and pet owners who value high-quality, durable products for active lifestyles. The company's products appeal to consumers who prioritize safety, convenience, and design in their outdoor and travel gear. Retailers and distributors also form a significant part of Thule's customer base, as they stock and promote Thule's product range globally. The company's direct-to-consumer channel, including thule.com, is expanding to reach more markets and engage directly with end-users.

Outdoor Enthusiasts

Purchase sport and cargo carriers for active lifestyles.

Families

Buy juvenile products like car seats and strollers for safety and convenience.

Pet Owners

Invest in dog transportation solutions for active travel with pets.

Retailers

Stock and promote Thule's diverse product range.

Strategy

Thule Group's strategic priorities focus on product development, market expansion, consumer visibility, and supply chain efficiency. The company aims to maintain a high pace of new product launches to strengthen its market-leading positions. Expanding into new product categories, such as dog transportation and car seats, is a key focus. Thule is also enhancing its consumer engagement through increased visibility in stores and media. Improving supply chain efficiency and reducing inventory levels are critical to supporting future growth.

Product DevelopmentShort term

To maintain market leadership and drive sales.

Market ExpansionMedium term

To capture new customer segments and increase sales.

Consumer EngagementMedium term

To increase brand awareness and customer loyalty.

Supply Chain EfficiencyShort term

To support growth and reduce costs.

Geography

Thule Group operates globally, with a strong presence in Europe and North America. The company has nine production facilities and 35 sales offices worldwide, allowing it to serve 138 markets effectively. While the European market has been more stable, the North American market presents challenges due to economic conditions. Thule's strategic expansion into new markets, including recent sales launches in Ireland, supports its growth objectives. The company continues to leverage its global supply chain to optimize efficiency and capacity utilization.

Risks

Thule Group faces several risks, including geopolitical tensions, trade tariffs, and economic uncertainties, particularly in the North American market. The company's reliance on a global supply chain exposes it to potential disruptions and cost fluctuations. Additionally, the competitive nature of the outdoor and sports equipment industry poses a risk of market share erosion. Thule's strategy to expand into new product categories also carries the risk of unsuccessful product launches or market acceptance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Economic Uncertainty1Geopolitical Tensions2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Economic UncertaintyImpact: HighLikelihood: High

    Affects consumer spending in key markets.

  2. Geopolitical TensionsImpact: HighLikelihood: Medium

    Impact on international trade and tariffs.

  3. Supply Chain DisruptionsImpact: Medium

    Potential delays and increased costs.

  4. Competitive PressuresImpact: Medium

    Risk of losing market share to competitors.

Accounting

Judgemental items
Revenue Recognition

Affects timing and reporting of sales across markets.

Impact: high

Seasonal Sales Patterns

Leads to quarterly fluctuations in financial results.

Impact: medium

Inventory Management

Critical for optimizing cash flow and reducing costs.

Impact: medium

Currency Fluctuations

Impacts financial reporting and international operations.

Impact: medium

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026