Thule Group AB (publ) (THLPF) Q2 2025 Earnings Conference Call Transcript

Thule Group AB (publ) (OTCPK:THLPF) Q2 2025 Earnings Conference Call July 15, 2025 3:30 AM ET

Company Participants

Mattias Ankarberg – CEO & President
Toby James Lawton – Chief Financial Officer

Conference Call Participants

Adela Abdenian Dashian – Jefferies LLC, Research Division
Agnieszka Vilela – Nordea Markets, Research Division
Carl Deijenberg – Carnegie Investment Bank AB, Research Division
Daniel Schmidt – Danske Bank A/S, Research Division
Fredrik Ivarsson – ABG Sundal Collier Holding ASA, Research Division
Gustav Hagéus – SEB, Research Division
Mats Liss – Kepler Cheuvreux, Research Division

Operator

Good morning, all, and thank you for joining us at the Thule Group Interim Report Q2. My name is Karl and I’ll be the coordinator for today’s call. [Operator Instructions]

I would like to hand over to the President and CEO, Mattias Ankarberg. The floor is yours.

Mattias Ankarberg

Thank you very much. Welcome, everybody, to today’s call. I’m also, as usual, joined by Toby Lawton, our CFO. We will talk to the presentation, and it is later on available on our IR website as always.

So starting off with the summary on Page 2. This quarter is a quarter where we’re growing even though the market is still tough, growing a bit more than in Q1 and total sales in reported currency amounted to SEK 3.4 billion. That’s 16% more than last year, excluding the currency effects.

We continued to see a weak market, both on the retail and the consumer side and particularly so in North America. On a positive note, it’s not getting worse, but it is still tough, and we’ll get back to that.

Organic growth was small, plus 1.5% in the quarter. Europe is up 4% and North America is down 3%, which we are, of course, not happy about, but it’s a big improvement versus the development in the first quarter, which we’ll