Good morning, everyone. Today, we will be discussing the Thule Group AB (publ) Q3 earnings report for the period of July to September 2024. I am Mattias Ankarberg, the CEO and President of Thule Group, and I am joined by Toby Lawton, our CFO.
In the third quarter of 2024, despite challenges in the consumer market, Thule Group saw a 4% organic growth. This growth was driven by a 6% increase in Europe and the rest of the world, and a 1% increase in the Americas. The European market continues to show more promise compared to North America.
Our growth was fueled by new Thule products and bike-related products, which performed well in a tough market environment. We maintained a strong gross margin of close to 43% and achieved our highest ever EBIT margin of 17.6% for the third quarter, excluding the pandemic years. Our total EBIT for the quarter was SEK413 million.
Looking ahead, we remain cautiously optimistic about the market conditions. We will continue to focus on innovation and product development to drive growth in the coming quarters.
Now, I will open the floor for questions. If you have any questions, please feel free to ask.
Thank you for joining us today for the Thule Group Q3 earnings call. We appreciate your continued support.
