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Mips’ presentation of the Q4 Year-end report 2025 11 February 2026 1
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• Strong development with +18% organic growth in the fourth quarter. Growth in all categories despite challenging conditions. YTD organic growth +21%. • The good momentum in Europe continued and in line with our ambition. US sales developed well, despite challenging consumer market. • Exciting acquisition of the ingredient brand, Koroyd . Great complementary portfolio to Mips and a brand with global potential. • Good development of the underlying profitability. Decrease in EBIT fully explained by legal costs, forex headwind and transaction costs. • We will also continue to support our customer in the defense of the legal dispute during 2026, in line with 2025. • Proposed dividend of SEK 2.50 (6.50) per share, corresponding to 55% of net earnings. • We remain confident in our long -term strategy and our financial targets. Key highlights 2025 I Q4 Year-end report 2
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Mips Group’s acquisition of KOROYD - Summary • Mips’ strategy is built on three pillars and the KOROYD acquisition strengthens 2 out of 3: • Grow our existing business of rotational protection solutions in helmets for Sports, Moto and Safety categories . • Capture new opportunities within helmet safety . • Open up new channels and markets . • KOROYD has many similarities to Mips: • Vision and purpose driven to make active life safer. • Market leader within its niche. • Ingredient brand trusted by consumers and leading product brands . • Science and technology -driven company . • World-class testing and simulation capabilities . • Scalable asset light supply chain . • High EBIT -margins despite significant R&D spend. • KOROYD will continue to operate as an own brand : • Current strong leadership and operational team will continue to lead KOROYD. • Both brand teams see many synergy opportunities on product development and product portfolio expansions . 32025 I Q4 Year-end report
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• The purchase price amounts to EUR 40 million on a cash and debt-free basis corresponding to a multiple of 8x Adjusted 2025 EBITDA. • In addition, the sellers have the possibility of an additional earn -out of up to EUR 25 million, corresponding to a total multiple of 13x Adjusted 2025 EBITDA. • The transaction was financed through a combination of existing cash and a credit facility. • The acquisition is expected to contribute positively to Mips’ earnings per share, EBIT, and sales growth on a short and long-term basis. Net Sales - KOROYD 7.4 7.7 8.2 11.1 2022 2023 2024 LTM 2025Q3 EURm December 12, 2025 KOROYD transaction 4 Growth: 50%, CAGR 15% 2025 I Q4 Year-end report
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• Good development of the sustainability program. Mips ranked 1 in Carnegie’s sustainability rankings within Consumer goods. AAA rated at MSCI and top-rated as SME at CDP. • Continued reduction of emissions during the year. We have now delivered 49% of our 2030 ambition inline with our long-term ambition . • Continued increase of the usage of recycled material in our products, usage amounting to 34% in 2025. • Mips has a well -developed factory audit program and increased its average score from social audits (adhering to UN Global Compact) to above 90, already reaching our 2030 ambition. 2025 I Q4 Year-end report Great development in Mips’ sustainability journey 5
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Sports – progress continues • Good quarter with +17% organic net sales growth in Sports. Strong growth in the European market, good growth in the challenging US market, Asia still challenged by macro situation. YTD organic net sales growth at 20%. • Strong performance in bike continues with volume growth for the 9 th quarter in a row. We continue to see good volume growth also in snow, both during the quarter and YTD. • Launch of Mikaela Shiffrin as a Mips Ambassador. Great partnership to continue to build awareness of Mips globally. • The long -term positive outlook in the Sports category remains. Sports 2025 I Q4 Year-end report Sports 6
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Good development in Moto • Good performance with +32% organic net sales growth in Moto in the quarter. YTD organic net sales growth amounting to +22%. Good development in both off - and on- road sub -category. • We do see that volumes are coming back in Moto after a challenging period and impact of US tariffs. • We continue to roll out our new innovations in the category and look forward to an exciting 2026. • No change in long -term outlook, good opportunity to continue to grow in the category. Moto 2025 I Q4 Year-end report 7
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Safety Well positioned for ongoing growth in Safety • In Safety we saw organic net sales growth of +41% in the quarter. YTD organic net sales growth amounting to +42%. • Performance impacted by implementation of tariffs and related cost increases, with delays in ordering. Good underlying in -market performance with new brand wins and new products. • Great recognition at largest occupational health and safety trade fair A+A in Germany. • Long-term ambition remains unchanged, good opportunity to accelerate growth and strengthen position with the KOROYD acquisition. 2025 I Q4 Year-end report 8
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Development of net sales in our categories CATEGORIES SAFETYMOTOSPORTS 2025 I Q4 Year-end report Sports Q4 FY Revenue SEKm 134 (133) 478 (437) Growth % 1 10 Organic growth %* 17 20 9 Motorcycle Q4 FY Revenue SEKm 6 (5) 31 (28) Growth % 14 11 Organic growth %* 32 22 Safety Q4 FY Revenue SEKm 7 (6) 23 (18) Growth % 22 29 Organic growth %* 41 42 *Organic net sales growth adjusted for exchange rate effects.
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Development in the fourth quarter FINANCIAL PERFORMANCE SEKm Q4 25 Q4 24 Net sales 147 144 2% Gross profit 107 105 2% Gross margin % 72.9 72.9 0pp Operating profit (EBIT) 47 62 -24% Operating margin (EBIT) % 31.8 42.9 -11.1pp Operating profit adjusted for items affecting comparability* 51 62 -17% Operating margin adjusted for items affecting comparability %* 34.9 42.9 -8.0pp Cash flow from operating activities 52 87 -40% 18% Organic growth • Good development in the fourth quarter with increase in net sales of 2%, adjusting for FX, net sales increased 18% organically. • Gross profit increased with 2%. Good gross margin of 72.9 % (72.9). • Underlying improvement in profitability. EBIT down 24% to SEK 47m (62), fully explained by legal cost of SEK 7m, transaction costs due to the acquisition of KOROYD of SEK 5m and forex. EBIT margin decreased by 11 percentage points to 31.8% (42.9). • OPEX – Higher spend fully explained by legal costs, acquisition costs and forex. Continued to invest in strategic priorities. • Good operating cash flow of SEK 52m (87). 32% EBIT margin 52m Operating cash flow 2025 I Q4 Year-end report 10 *Adjusted for costs relating to acquisitions during fourth quarter 2025.
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Development for the full year FINANCIAL PERFORMANCE 21% Organic growth • Net sales during the full year in creased with 10%, adjusting for FX, net sales increased 21% organically. • Gross profit increased with 12%. Gross margin of 73.4 % (72.5), increase mainly explained by increase in sales and sales mix. • Underlying improvement in profitability. EBIT down 11 % to SEK 156m (174), mainly explained by legal costs of SEK 43m and forex. EB IT margin decreased by 6 .9 percentage points to 29.2% (36.1). • OPEX – Higher spend fully explained by legal costs. Continued to invest in strategic priorities. • Strong operating cash flow of SEK 148m (142). 29% EBIT margin 148m Operating Cash flow 2025 I Q4 Year-end report 11 SEKm FY 25 FY 24 Net sales 533 483 10% Gross profit 391 350 12% Gross margin % 73.4 72.5 0.9pp Operating profit (EBIT) 156 174 -11% Operating margin (EBIT) % 29.2 36.1 -6.9pp Operating profit adjusted for items affecting comparability* 160 174 -8% Operating margin adjusted for items affecting comparability %* 30.1 36.1 -6.1pp Cash flow from operating activities 148 142 4% *Adjusted for costs relating to acquisitions during fourth quarter 2025.
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Mips Group (SEKm) Q4 25 Q4 24 FY 25 FY 24 Total assets 1,307 739 1,307 739 Cash & Equivalents 214 382 214 382 Equity 562 641 562 641 Net debt 90 - 90 - Equity ratio % 43 87 43 87 Net debt/adjusted EBITDA LTM x 0.5 - 0.5 - Cash flow from operating activities 52 87 148 142 Balance sheet, and cash flow • Cash and Cash Equivalents of SEK 214m (382). • During December 2025 Mips obtained a RCF loan of SEK 300m to finance the acquisition of KOROYD. • Net debt/adjusted EBITDA amounted to 0.5x. • Operating cash flow in the quarter amounted to SEK 52 m (87). • Proposed dividend of SEK 2.50 (6.50) per share, corresponding to 55% of net earnings. Cash flow from operating activities ( SEKm ) 2025 I Q4 Year-end report 12
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• Good development in the quarter with 18% organic net sales growth. We did grow in all three categories, despite challenging conditions. Good performance also YTD with 21% organic growth. • We do expect the positive development to continue, with less hampering effects from tariffs. • Exciting complementary acquisition of the ingredient brand KOROYD. Will strengthen our position in helmet safety further and offer opportunities for product extensions in adjacent areas. • Good underlying improvement in profitability, decrease fully explained by legal costs, forex headwind and transaction costs. • We remain positive on our long -term outlook and the delivery of our financial targets. Summary 2025 I Q4 Year-end report 13 *Adjusted for costs relating to acquisitions during fourth quarter 2025.
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Disclaimer IMPORTANT MESSAGE FROM MIPS AB This presentation has been prepared by Mips AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. Statements in this presentation, which are not historical facts, such as expectations, anticipations, beliefs and estimates, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. This presentation may contain various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include but are not limited to the Company’s ability to operate profitably, maintain itscompetitive position, to promote and improve its reputation and the awareness of the brand, to successfully operate its growth strategy and the impactof changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.