Quadlock adds sales, and margin increases for Thule in Q3

Net sales in Q3 2025 grew for Thule Group, at SEK 2,528m (2,344) up 7.9%, with Quadlock (acquired Nov ’24) contributing 17%, while exchange rate fluctuations had a 5.1% negative impact and organic sales declined 4%.

Thule said gross margin for the quarter increased to 47.5% (42.9%) for the quarter (July – September 2025).

The firm noted it’s strategy was to launch more new products in the first half of the year, including more sustainable versions – this year’s upgraded bike carriers have 50% lower greenhouse gas emissions than the previous version, said the firm. But Thule also noted that consumers and retailers were still cautious in Europe and North America, which naturally impacted on Q3 sales. The firm added that it is “well positioned even in a tough market”.

CEO and President Mattias Ankarberg said: “The market remained tough in the third quarter with a negative impact on sales. Despite this, operating income increased and the operating margin was higher than both last year and historical levels. Our newest product categories continued to perform well, and the work to build a larger, more profitable Thule continued at a high pace.

“Third-quarter sales increased 13%, excluding currency effects, and organic sales declined 4%. The market has not yet shown signs of recovery, with consumers and retailers remaining cautious in both Europe and North America. Our decision to launch more new products early in the year has been successful and our organic sales increased during the peak season. However, retailers remain cautious and chose not to replenish at the end of the season, which had an impact on third-quarter sales. Our newest product categories, dog transportation and child car seats, continued to grow rapidly while at the same time the acquired Quad Lock added new sales.

“The EBIT margin amounted to 17.9% (17.6). We are pleased that the margin has increased both compared to the previous year and the average historical level, despite the tough market situation. Continued improvements to the product mix and our supply chain efficiency contributed to record-high gross margins. As planned, our decision to launch more products in the first half of this year resulted in product development costs decreasing compared with last year. Excluding the acquired Quad Lock, other expenses also decreased year-on-year. Overall, EBIT increased to SEK 453m (413).

“Our sustainability work continues at a steady pace. Creating more sustainable products represents is part of our product development work and Thule has been working with eco-design and life cycle assessments for more than a decade. Many of this year’s upgraded bike carriers have 50% lower greenhouse gas emissions than the previous version. These ongoing efforts are taking us step by step toward our climate goals.

“Toward the end of last year, we added another category through the acquisition of Quad Lock, the global market leader in performance phone mounts.  The integration of Quad Lock, which will soon have been part of Thule for a full year, is proceeding as planned and Quad Lock has continued to perform well. Among other initiatives, we opened a new joint sourcing office in Shenzhen, China in the third quarter, where colleagues from both organizations can draw on each other’s expertise on the ground.

“Thule is well positioned even in a tough market. We are global market leaders in our key product categories, and invest long-term in developing fantastic and sustainable products, a strong global brand and cost-efficient manufacturing and logistics.

“We are now entering the fourth quarter, our smallest in terms of sales. However, it will be an eventful quarter, including a global customer event in Sweden. We have launched many new products over the past two years and look forward to cost-effectively showcasing our global R&D and test centre in Hillerstorp and all our product categories and news in one single Thule experience.”