Thule Posts Strong Q1 Organic Growth and Higher Profitability Despite Currency Headwinds

The latest update is out from Thule Group AB ( (SE:THULE) ).

Thule Group AB, a Swedish maker of outdoor transport and active lifestyle products, serves customers mainly in Europe and North America with roof racks, cargo carriers, and family-oriented mobility gear. The company has been expanding its range for activities with children and pets, reinforcing its position in premium, design-focused outdoor equipment.

In the first quarter of 2026, Thule delivered 3.9% organic sales growth despite a reported 3.4% decline in net sales to SEK 2,573m due to adverse currency effects. Operating profit rose to SEK 424m with a margin of 16.5%, net income improved to SEK 293m, and cash flow from operating activities swung to a positive SEK 25m, underscoring stronger profitability and demand, particularly in the Active with Kids & Dogs segment, which grew organically by 10.9%.

Europe drove growth with a 5.2% organic sales increase, while North America was flat and the rest of the world posted 2.2% organic growth. The stable gross margin of 44.8% and rising earnings per share indicate improved efficiency and pricing power, suggesting a solid start to the year and resilience in Thule’s core markets after earlier restructuring in North America.

The most recent analyst rating on (SE:THULE) stock is a Hold with a SEK220.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

More about Thule Group AB

Thule Group AB is a Sweden-based company operating in the outdoor and recreational products industry, best known for car roof boxes, racks, and related transport solutions. The group also focuses on active lifestyle gear for families, including products for activities with kids and dogs, targeting consumers in Europe, North America, and other international markets.

Average Trading Volume: 367,729

Technical Sentiment Signal: Sell

Current Market Cap: SEK25.39B

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