First Read: Thule Group "2Q26 softer org growth but margins beat" (Neutral)

Research evidence excerpt

First Read: Thule Group "2Q26 softer org growth but margins beat" (Neutral)

l four product areas, although management noted that RV market 12/26E 11.18 11.51

recovery softened during the spring due to increasing consumer caution linked to 12/27E 12.75 13.12

Middle East-related macro uncertainty. Gross margin benefited from positive price/mix 12/28E 14.84 14.78

and efficiency improvements, partly offset by tariffs, highlighting continued execution

on the efficiency agenda despite softer growth. Hai Huynh, CFA

Analyst

hai.huynh@ubs.com

Q: Has company outlook/guidance changed? +44-20-7567 7051

No. Thule did not provide quantitative FY26 guidance. Management continued to

Louise Wiseur, CFA

describe market conditions as challenging, particularly in North America where

consumers and retailers remain cautious. RV end-market recovery showed some louise.wiseur@ubs.com

moderation during the quarter. Thule highlighted rising raw material costs and +33-14-888 3051

announced planned price increases in Q3 to mitigate H2 cost pressure. Thule also

Natasha Brilliant

reiterated ongoing efficiency measures including lower R&D spend, platform initiatives Analyst

and warehouse automation investments. natasha.brilliant@ubs.com

+44-20-7567 0645

Q: How would you expect investors to react?

Shares are down -5% YTD and trading at 20x FY26E P/E. We expect a negative reaction

driven primarily by weaker organic growth and continued contraction in North America,

despite the 90bps beat on gross margin vs cons & EBIT resilience providing some offset.

Highlights (SKrm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 9,132 9,541 10,429 10,612 11,229 11,878 12,563 13,289

EBIT (UBS) 1,505 1,622 1,671 1,753 1,971 2,261 2,439 2,629