Slides
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Interim report Q3 JANUARY –SEPTEMBER 2026
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A strong quarter that validates our strategy 2Q3 Interim report 2026 • Strong sales development with +59% growth in the quarter, organic growth was + 24%. YTD growth +55% and organic growth +31 %. • Momentum was broad -based across all categories and geographies. Europe and North America continued to develop strongly, while Asia maintained its positive trend. • Good demand for Koroyd’s products, new product launches reinforce customers’ interest in deepening the collaboration. • The management team has been further strengthened through the recruitment of a new CFO and the appointment of a Chief Commercial Officer, a newly created role. Both will take up their positions in January. • Settlement term sheet regarding legal dispute in the US signed on 2 nd of July. • Good improvement in underlying profitability. A strong testimony of our scalable business model. • We remain confident in our long -term strategy and our financial targets.
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Good development in Sports 3Q3 Interim report 2026 • Good quarter with +37% net sales growth in Sports. Adjusting for acquisition and forex, organic growth was +22%. Europe delivered solid growth, while the US market showed positive development despite softer market conditions. In Asia, the positive trend continued. • Strong performance in bike continues, with volume growth for the 12 th quarter in a row. • Industry data from Germany underlines the positive development in bike, showing bicycle sales growth of more than 10% year to date. • Demand for both Mips and Koroyd remains strong, and we maintain a positive long -term outlook for the Sports category.
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Moto continues to accelerate 4Q3 Interim report 2026 • Good performance in Moto with +116% growth in the quarter. Adjusting for acquisitions and forex, organic net sales grew with +46% in the quarter. YTD growth +74% and YTD organic growth +35%. • Strong development in both the off -road and the on- road sub-category. • No change in long -term outlook, good opportunity to continue to grow in the category. Photo: Bavo Swijgers
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Koroyd acquisition accelerates the growth in Safety 5 • Increased momentum in Safety after the Koroyd acquisition. Net sales growth was +396% in the quarter and adjusting for acquisitions and forex, organic net sales growth amounted to +34%. • Together with Studson , Koroyd launched the new SHK -2 industrial safety helmet. The SHK -2 is Studson’s first helmet with a full Koroyd interior, replacing EPS foam entirely to further improve thermal regulation and comfort for workers. • We remain excited about the category. No change in long -term outlook, good opportunity to continue to grow in the category. Q3 Interim report 2026
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Increased investment in Quin 6 • In July, Mips exercised its option to acquire an additional 5% of sensor technology company Quin, increasing its ownership from 25% to 30%. • Real-world user data is a key component of Mips’ leadership in advanced helmet product development, complementing simulation and laboratory validation. • Quin’s development remains in line with the jointly formulated long-term plan, supporting continued investment.Q3 Interim report 2026 Q3 Interim report 2026
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Development in our categories Sports Q3 YTD Revenue SEKm 164 (120) 477 (344) Growth % 37 39 Organic growth %* 22 30 Q3 Interim report 2026 7 *Organic growth adjusted for exchange rate effects and acquisitions. Moto Q3 YTD Revenue SEKm 20 (9) 43 (25) Growth % 116 74 Organic growth %* 46 35 Safety Q3 YTD Revenue SEKm 30 (6) 77 (17) Growth % 396 363 Organic growth %* 34 37
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Development in the third quarter SEKm Q3 26 Q3 25 Net sales 215 135 +59% Gross profit 155 100 +55% Gross margin % 72.3 74.2 -1.9p.p. Operating profit (EBIT) 60 44 +37% Operating margin (EBIT -margin), % 28.1 32.6 -4.5p.p. Operating profit (EBIT) adjusted for items affecting comparability 97 57 +70% Operating margin (EBIT -margin) adjusted for items affecting comparability, % 45.2 42.1 +3.0p.p. Cash flow from operating activities 48 41 +18% 24% Organic growth • Good development in the third quarter with increase in net sales of 59%, net sales increased 24% organically. • Gross profit increased by 55% with a gross margin of 72.3% (74.2). • Good underlying improvement in profitability. Adjusted EBIT increased by 70% with an adjusted EBIT margin of 45.2% (42.1). • OPEX including other operating expenses impacted by legal costs of SEK 37m (13), whereof settlement cost of SEK 32m. • Good operating cash flow of SEK 48m (41). 45% Adjusted EBIT margin 48m Operating Cash flow Q3 Interim report 2026 8
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Development first nine months SEKm YTD 26 YTD 25 Net sales 598 386 +55% Gross profit 434 284 +53% Gross margin % 72.7 73.6 -0.9p.p. Operating profit (EBIT) 198 109 +82% Operating margin (EBIT -margin), % 33.2 28.2 +5.0p.p. Operating profit (EBIT) adjusted for items affecting comparability 255 145 +76% Operating margin (EBIT -margin) adjusted for items affecting comparability, % 42.7 37.5 +5.2p.p. Cash flow from operating activities 128 96 +34% 31% Organic growth • Good development during the first nine months with increase in net sales of 55%, net sales increased 31% organically. • Gross profit increased by 53% with a gross margin of 72.7% (73.6). • Good underlying improvement in profitability. Adjusted EBIT increased by 76% with an adjusted EBIT margin of 42.7% (37.5). • OPEX including other operating expenses impacted by legal costs of SEK 56m (36), whereof settlement cost of SEK 32m. • Operating cash flow of SEK 128m (96). 43% Adjusted EBIT margin 128m Operating Cash flow Q3 Interim report 2026 9
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• Cash and Cash Equivalents of SEK 141m (214). • Dividend payout of SEK 66m in April (SEK 2.50 per share). • RCF loan of SEK 230m. Net debt/adjusted EBITDA LTM amounted to 0.3x. • Operating cash flow in the quarter amounted to SEK 48m (41). Balance sheet and cash flow Mips Group ( SEKm) Q3 26 Q3 25 FY 25 Total assets 1,391 622 1,307 Equity 683 536 562 Equity ratio % 49 86 43 Liabilities to credit institutions 245 - 305 Cash & Equivalents 141 280 214 Cash flow from operating activities 48 41 148 Q3 Interim report 2026 10 47 -42 9 12 31 -10 29 36 87 36 18 41 52 18 62 48 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Cash flow from operating activities (SEKm)
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Summary Q3 Interim report 2026 11 • Strong sales development with +59% growth in the quarter, organic growth was +24%. YTD growth +55% and organic growth +31 %. • Momentum was broad -based across all categories and geographies. Integration of Koroyd developing well. • The management team has been further strengthened through the recruitment of a new CFO and the appointment of a Chief Commercial Officer, both starting in January. • Good underlying improvement in profitability, adjusted EBIT margin in the quarter at 45%. • We remain positive on our long -term outlook and the delivery of our financial targets. 662 726 654 563 514 410 373 357 352 383 430 483 516 518 530 533 568 665 744 53% 53% 47% 41% 35% 24% 21% 20% 20% 25% 30% 36% 38% 38% 39% 38% 39% 41% 42% 0% 20% 40% 60% 80% 100% 0 200 400 600 800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Net sales SEKm rolling 12 months Operating margin adjusted for items affecting comparability rolling 12 months
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12Q&A
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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.