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Thule Group AB (publ) ( OTCPK:THLPF ) Q1 2025 Earnings Conference Call April 29, 2025 3:30 AM ET Company Participants Mattias Ankarberg - President and Chief Executive Officer Toby Lawton - Chief Financial Officer Conference Call Participants Gustav Hagéus - SEB Group Fredrik Ivarsson - ABG Sundal Collier Agnieszka Vilela - Nordea Bank Daniel Schmidt - Danske Bank Adela Dashian - Jefferies Group LLC Carl Deijenberg - Carnegie Investment Bank AB Alexander Siljeström - Pareto Securities AS Mats Liss - Kepler Cheuvreux Operator Good morning. Thank you for attending today’s Thule Interim Report First Quarter. My name is Kenneth, and I will be your moderator today.
[Operator Instructions] I would now like to pass the conference over to your host, Mattias Ankarberg. Please begin. Mattias Ankarberg Thank you, operator, and welcome everybody to this Q1 call.
I’m joined, as usual, here today by Toby Lawton, our CFO, and we’ll take you to the material that will also be available on our Investor Relations website afterwards. So, starting off in the first quarter of the year, Thule is growing despite a clearly weak North America. Sales increased in total 10% versus last year.
The market in North America is weak, and I’m sure we’ll get back to that. But there is also cautious behavior across the world after the announcement of the tariffs in the U.S.
in February. Organic growth was minus 3% with clear differences between the geographies. North America declined 13% versus Europe was flat.
And it’s nice to see, though, that we continue to see growth from new Thule products, even in this market, and also that the three new product categories that we have continue to add sales growth, including the acquired Quad Lock that came at the end of last year. Gross margin increased to an all-time high.
