Thule Group: 2Q26 more traction on margins than sales

研报英文原文证据摘录

Thule Group: 2Q26 more traction on margins than sales

Thule Group UBS Research

Key takeaways from the conference call

North America: Remains the most challenging market, but management

highlighted a sequential improvement through Q2. Retail sell-through and D2C

trends were positive, although continued retailer inventory reductions prevented

this from translating into stronger reported growth. Q2 exited at a better run-rate

& lower inventory levels than the beginning of the quarter. Management

highlighted that several major retailers increased consumer sell-through while

simultaneously reducing inventory,

Pricing actions: Management announced c2.5% price increases effective from

August across most of the portfolio to mitigate higher raw material costs. The

benefit will be only partial in Q3 due to timing, with a more meaningful impact

expected in Q4. Mgmt indicated the increases vary by geography and product

category and were deliberately delayed until after the peak summer selling season

to minimise disruption for retail partners.

Gross margin outlook: Despite rising aluminium and input costs, management

expects Q3 gross margin headwinds to be offset by $5m tariff refunds and pricing

actions which should net positive for Q3. Longer term, pricing, mix and

technology-platform initiatives should continue to support margin expansion.

Q2 profitability: Gross margin reached a record 47.3% (+100bps YoY), driven by

favourable price/mix, D2C strength and efficiency gains. Technology-platform

benefits are beginning to contribute, although mix remains the largest driver.

Premium product sales continued to outperform lower price points, providing an

additional positive mix tailwind.

North American market share gains: Management believes Thule continues to