EXEC: Thule Reports Flat Organic Sales in Q4; North America Shows Recovery

February 10, 2026

Thule Group reported that operating earnings on an adjusted basis grew 27.7 percent in the fourth quarter due in part to benefits from the Quad Lock acquisition, price increases and cost efficiencies. Sales were flat on an organic basis, improving from a 4 percent decline in the third quarter, with newer products offsetting declines in Sport & Cargo Carriers. North America’s sales were down again but less than recent quarters.

Net sales for the fourth quarter amounted to SEK 1,835 million ($206 million), representing an increase of 9.4 percent, of which 19.9 percent was attributable to the acquisition of Quad Lock and negative 10.4 percent to exchange rate fluctuations.

Thule, Inc. reports in the Swedish krona (SEK) currency.

Gross margins in the quarter improved to 44.9 percent from 41.6 percent, mainly due to the acquisition of Quad Lock, but also to price increases, efficiency improvements, and a better product mix.

Operating income amounted to SEK 83 million against an operating loss of SEK 35 million in the year-ago quarter. Adjusted to exclude transaction costs related to the acquisition of Quad Lock, the year-ago adjusted operating income was SEK 65 million. The acquisition of Quad Lock contributed positively to operating profit for the quarter. Excluding the acquisition of Quad Lock, gross income has been negatively affected by exchange rate fluctuations on net sales, while sales and administrative expenses are slightly lower compared to the previous year, mainly due to lower product development costs.

Net profit for the fourth quarter amounted to SEK 21 million against a loss of SEK 37 million in the prior-year Q4 period.

Full-Year Results
Net sales for the year amounted to SEK 10,429 million, corresponding to an increase of 9.3 percent, of which 15.4 percent was said to be from acquisition and a negative 4.8 percent from exchange rate fluctuations. Organically, sales decreased by 1.3 percent.

Adjusted operating income amounted to SEK 1,671 million, up from SEK 1,622 million in Q4 2024. Adjusted operating income reportedly increased due to the acquisition of Quad Lock but was said to be negatively affected by weak organic sales growth, higher product development costs, and exchange rate fluctuations.

On a reported basis, operating income amounted to SEK 1,640 million in 2025, compared to SEK 1,522 million in the prior year. The latest year includes a non-recurring charge of SEK 31 million in the second quarter related to the restructuring of the North American operations. In the fourth quarter of the previous year, operating income was charged with a one-time item for transaction costs related to the acquisition of Quad Lock, amounting to SEK 100 million. SGB