Thule Group Rides “Champion” Categories to Organic Growth in Q1 2026

Thule Group has reported a resilient start to 2026, navigating a complex global market to deliver increased organic sales and improved profitability for the first quarter. The Swedish outdoor giant credited its strategic focus on "Champion" product categories and a rigorous push for operational efficiency for the positive momentum.

Thule Group President and CEO Mattias Ankarberg noted that the company successfully grew its core business despite lingering macroeconomic headwinds, particularly in North America.

“This positive trend is driven by our focus on building Champion categories and implementing efficiency improvements,” Ankarberg stated in his letter to investors. “We have clear priorities to drive growth and profitability, and our financial position enables long-term investments.”

Financial Performance by the Numbers

While reported net sales saw a slight dip due to currency volatility, the underlying organic growth told a story of steady demand.

• Net Sales: SEK 2,573 million (a decrease of 3.4% y/y).

• Organic Growth: Increased by 3.9%, stripping out exchange rate impacts.

• Currency Impact: Changes in exchange rates accounted for a 7.3% negative hit to reported sales.

• Profitability: Operating profit (EBIT) rose to SEK 424 million, representing a margin of 16.5%, up from 15.1% in the prior year.

The Rise of the “Champions”

At the heart of Thule’s strategy are its “Champion” categories—segments where the brand holds a dominant market position and maintains a competitive edge through innovation.

The company is currently prioritizing six established Champions while nurturing three high-growth "candidates": All-Terrain/Jogging Strollers, Dog Transportation Products, and Child Car Seats. This trio, housed within the "Active with Kids & Dogs" product area, saw an impressive 11% organic growth during the quarter.

Thule also highlighted successes in its flagship Sport & Cargo Carriers area, supported by the launch of the Thule Pulse roof box and the Thule VeloLite bike carrier—the latter of which features a 53% reduction in emissions compared to previous versions.

Regional Variations and Seasonality

• Performance varied significantly by geography, reflecting a "two-speed" global recovery:

• Region Europe: Remained the powerhouse, accounting for 73% of total sales with a 5.2% organic increase.

• Region North America: Faced a more challenging climate with cautious retailers and consumers. Organic sales remained flat, though the company noted a gradual improvement in trend over recent quarters.

As a bike-heavy business, Thule remains highly seasonal. While Q1 is typically a quieter period dominated by winter gear, the Group is currently ramping up production for its peak Q2 and Q3 seasons. Thule has specifically adapted its supply chains to handle the surge in demand for bike carriers and roof racks as consumers head outdoors for the summer months.

Looking Ahead

With overhead costs decreasing due to more focused product development and administrative efficiencies, Thule enters the second quarter with a lean operational structure.

“We are now entering the peak season, with high activity in our factories and warehouses,” Ankarberg said. “We have a clear plan, and I am very much looking forward to the rest of 2026.”