Interim report
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– Q3 January – September 2026 Interim Report
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2 Mips AB (publ) — Q3 Interim Report January – September 2026 2 In brief July-September 2026 • Net sales increased by 59% to SEK 215m (135), organic growth amounted to 24% during the quarter • Operating profit amounted to SEK 60m (44), operating profit adjusted for items affecting comparability* amounted to SEK 97m (57) • Operating margin amounted to 28.1% (32.6), operating margin adjusted for items affecting comparability* was 45.2% (42.1) • Cash flow from operating activities amounted to SEK 48m (41) • Earnings per share, diluted, amounted to SEK 1.48 (1.29) • During the quarter, on 2 July 2026, Mips has together with its customer Revelyst resolved the patent infringement litigation with BrainGuard Technologies, Inc. Mips will pay USD 3.25m, which has been recognized in the third quarter January-September 2026 • Net sales increased by 55% to SEK 598m (386), organic growth amounted to 31% • Operating profit amounted to SEK 198m (109), operating profit adjusted for items affecting comparability* amounted to SEK 255m (145) • Operating margin increased to 33.2% (28.2), operating margin adjusted for items affecting comparability* was 42.7% (37.5) • Cash flow from operating activities amounted to SEK 128m (96) • Earnings per share, diluted, amounted to SEK 5.12 (3.20) The Mips Group in brief SEKm Jul-Sep 2026 Jul-Sep 2025 ∆ Jan-Sep 2026 Jan-Sep 2025 ∆ LTM 2026 Full year 2025 ∆ Net sales 215 135 +59 % 598 386 +55 % 744 533 +40 % Gross profit 155 100 +55 % 434 284 +53 % 541 391 +38 % Gross margin, % 72.3 74.2 -1.9 p.p. 72.7 73.6 -0.9 p.p. 72.7 73.4 -0.6 p.p. Operating profit (EBIT) 60 44 +37 % 198 109 +82 % 245 156 +58 % Operating margin (EBIT-margin), % 28.1 32.6 -4.5 p.p. 33.2 28.2 +5.0 p.p. 32.9 29.2 +3.7 p.p. Operating profit (EBIT) adjusted for items affecting comparability* 97 57 +70 % 255 145 +76 % 314 203 +54 % Operating margin (EBIT-margin) adjusted for items affecting comparability, %* 45.2 42.1 +3.0 p.p. 42.7 37.5 +5.2 p.p. 42.2 38.2 +4.0 p.p. Profit for the period 39 34 +14 % 136 85 +60 % 171 120 +42 % Earnings per share basic, SEK 1.48 1.29 +14 % 5.12 3.20 +60 % 6.47 4.53 +43 % Earnings per share diluted, SEK 1.48 1.29 +14 % 5.12 3.20 +60 % 6.47 4.53 +43 % Cash flow from operating activities 48 41 +18 % 128 96 +34 % 180 148 +22 % Net debt/adjusted EBITDA LTM, x* 0.3 - - - 0.3 - - - 0.3 0.4 - - Dividend per share, SEK - - - - 2.50 6.50 - - 2.50 6.50 - - * For information and derivation of adjusted items, please see pages 20-24.
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3 Mips AB (publ) — Q3 Interim Report January – September 2026 2 CEO’s comments A quarter that reaffirms our strategy During the third quarter of the year, sales increased by 59 percent to SEK 215m. Organic growth was 24 percent, with strong growth across all categories, which is primarily attributable to continued gains in market share and increased penetration across all categories. The positive trend across all product categories confirms that our strategic initiatives are delivering results. Koroyd, which was acquired in December 2025, contributed with 30 percent of the quarter’s growth and continued to grow organically and developed well. Currency effects had a positive impact of six percent on sales in the quarter. During the first nine months of the year, sales have increased by 55 percent to SEK 598m, with strong growth in all our categories and geographies. Excluding effects related to acquisitions and forex, organic growth was 31 percent, with forex having a negative impact of two percent. The strong growth in combination with our scalable business model led to an improvement in profitability during the quarter. Adjusted operating profit, excluding costs related to the legal dispute that was settled in July, amounted to SEK 97m (57), and the adjusted operating margin was 45.2 percent (42.1). Legal costs and settlement amounts related to the resolution of the legal dispute in which Mips was previously involved, totaled SEK 37m (13), and were expensed this quarter. Reported operating profit for the quarter amounted to SEK 60m (44) and the reported operating margin was 28.1 percent (32.6). Operating cash flow amounted to SEK 48m (41). Our profitability continued to improve during the first nine months of the year, with the adjusted operating profit amounting to SEK 255m (145) and an adjusted operating margin of 42.7 percent (37.5). Reported operating profit amounted to SEK 198m (109) and the operating margin increased to 33.2 percent (28.2). Operating cash flow amounted to SEK 128m (96). Performance remains strong across all areas The development continued to be strong in all geographies in the quarter. Europe continued to perform well with 23 percent organic growth, but met a challenging comparator, as we achieved growth of over 70 percent in the corresponding quarter of the previous year. During the first nine months of the year, organic growth in Europe amounted to 44 percent, which is in line with our ambition for this region. North America continued to perform well, with organic growth of 32 percent for the quarter and 30 percent during the first nine months of the year. Demand remains high, particularly for our innova- tions and for the premium segment. The positive trend in Asia continued, with organic growth of 53 percent for the quarter and 50 percent for the first nine months of the year. We have held a positive long-term outlook for the Asian market and are therefore very pleased that we are now beginning to see stronger results in this region as well. Growth in the region is primarily being driven by the Sports category and the bike sub-category. The Koroyd brand continued to perform well and in line with our expectations, with strong growth in both the Sports and Safety categories. We are also seeing growing interest from several of our customers in integrating Koroyd’s technology into body protection, protective gloves, and footwear. Increased investment in the sensor technology company Quin An important part of our strategy is to continue leading the world in advanced product development for the helmet industry through a combination of simulation and validation in laboratory settings, and real-world user data. To ensure quality and secure access to data, we acquired a 25 percent stake in the sensor technology company Quin (www.quinwithin.com) in 2023. In connection with our investment, we obtained an option to acquire an additional five percent of the shares of Quin (at a predetermined valuation of SEK 15m). Since Quin’s business has progressed well and is in line with the long-term plan we jointly formulated, we chose to exercise the option in July of this year. As a result, Mips’ ownership stake in Quin now stands at 30 percent. Helmet category Sports – continued solid growth, especially in bike In the Sports category, we achieved total growth of 37 percent during the quarter, of which organic growth amounted to 22 percent. The bike sub- category continued to perform well, and the quarter marked the twelfth consecutive quarter of growth, following the post-pandemic slowdown in the industry. Even though we posted growth of over 100 percent in Europe last year, we still managed to deliver strong growth this quarter as well. For the first nine months of the year, growth totaled 39 percent and organic growth totaled 30 percent. We are seeing positive trends in many markets across Europe, but Germany, in particular, continues to perform well. We are also seeing positive industry data from Germany, where bike sales rose by more than 10 percent at the start of the year. This trend has also been confirmed by several players in the retail sector. We are also seeing positive developments in the important North American market, where particularly our premium products continue to
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4 Mips AB (publ) — Q3 Interim Report January – September 2026 2 perform well. The third quarter is typically a somewhat slower quarter in terms of sales in the snow sub-category, where we saw mixed results. There was stable sales progress in the European market, while the North American market was weaker following a season of challenging weather conditions in the winter of 2025–2026, particularly in the key winter-sports regions of the western U.S. and Canada. New statistics from North America show that an increasing number of people are participating in winter sports (+3 percent), with snowboarding being the fastest-growing area (+10 percent) compared to the previous year, but that the number of active days has decreased due to a season of unfavorable weather conditions. Overall, we remain optimistic about future developments in both the key sub-categories of bike and snow. In the Sports category as a whole we are seeing strong customer interest, such as in equestrian sports, which, combined with the roll-out of exciting innovations, creates strong growth opportunities within the category. Helmet category Motorcycle – strong progress in a challenging market In the Motorcycle category, we achieved growth of 116 percent in the quarter. Organic sales growth amounted to 46 percent. We saw solid develop- ments in both of our sub-categories, with off-road accounting for the largest share, but the on-road motorcycle sub-category growing the fastest. During the first nine months of the year, growth amounted to 74 percent, of which organic growth accounted for 35 percent. It is inspiring to see that the Motorcycle category continues to move in a positive direction, despite a generally challenging market for the category. Developing new helmets to meet the requirements of the recently implemented helmet standards and those that are still to be implemented is more complicated than before, and we are seeing more and more customers seeking to partner with us to ensure access to the right expertise and technology as helmet requirements become more stringent. Given the continued high level of activity in the category, we believe that this positive trend will continue. We have maintained a high pace of innovation, and the roll-out of these innovations will continue to support our growth journey in this category. Helmet category Safety – continued positive performance In the Safety category, sales increased by 396 percent during the quarter, and the organic sales growth was 34 percent. During the first nine months of the year, growth amounted to 363 percent, of which organic growth accounted for 37 percent. In September, Mips and Koroyd participated for the first time with a joint booth at the National Safety Council (NSC) Safety Congress & Expo, one of North America’s largest trade shows in the Safety category. Studson, one of the industry’s leading brands, and Koroyd’s largest customer in the Safety category, launched a new helmet at the trade show that fully integrates Koroyd’s technology. The product was very well received by both customers and industry media, and we view it as an important step in continuing to develop the premium segment for safety helmets. Koroyd also launched new products in the areas of protective gloves and foot protection, which generated significant interest from the market. Performance in this category has been very strong during the year, and we look forward to the roll-out of the Group’s new products in this category. Favorable conditions for a strong finish to the year and additions to Executive Management During the first nine months of the year, we have seen positive progress in all categories and geographies, including the acquired business under the Koroyd brand. We continue to see very strong growth potential in all categories. Supported by the Group’s new solutions and products, we expect to continue increasing our market share and thereby further strengthen our market-leading position. There is significant customer interest in new development projects involving both our Mips and Koroyd brands. I am eagerly looking forward to the end of 2026 and to continuing our growth journey in 2027. Through the acquisition of Koroyd, we have strengthened both our product portfolio and our organization. We will enter 2027 with a new executive management structure, and as previously announced, we will welcome our new CFO, Marie Björklund, in January. Also in January, Céline Flach will assume the newly created position of Chief Commercial Officer. Céline most recently served as CEO of DAB Dental (part of the Lifco Group) and has a long, proven track record of commercial leadership in both marketing and sales. Our strategy remains unchanged, and we will continue to invest in product development at an undiminished pace, and we see many exciting opportunities arising from the acquisition of Koroyd. In other words, we are well positioned to drive continued growth and deliver in line with our long-term financial goals. Stockholm, October 2026 Max Strandwitz President and CEO ”A quarter that reaffirms our strategy”
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5 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Financial performance July – September Net sales Net sales for the third quarter increased to SEK 215m (135), an increase of 59 percent. The organic sales growth amounted to 24 percent. The organic increase in net sales is mainly explained by increased sales in the sub-category bike. As of 31 December 2025, Koroyd has been consolidated and has contributed with SEK 40m in net sales for the third quarter 2026. Changes in net sales % Jul-Sep 2026 Jan-Sep 2026 Organic growth 24 31 Acquisition 30 26 Change in exchange rates 6 -2 Total 59 55 Gross profit Gross profit increased by 55 percent to SEK 155m (100). The gross margin amounted to 72.3 percent (74.2). Operating profit (EBIT) Operating profit increased by 37 percent to SEK 60m (44), corresponding to an operating margin of 28.1 percent (32.6). Operating profit is mainly explained by increase in sales. Operating profit adjusted for items affecting comparability increased to SEK 97m (57) and operating margin adjusted for items affecting comparability increased to 45.2 percent (42.1). Items affecting comparability consist of legal costs amounting to SEK 37m (13), as described in more detail below. Selling expenses amounted to SEK 25m (19). Administrative expenses amounted to SEK 24m (26), during the quarter, which include legal costs of SEK 4m (13). The legal costs were due to a patent-related dispute which Mips, together with its customer Revelyst, decided to reach a settlement in during early July this year. Mips was not a party to the lawsuit, but since the dispute concerned areas where Mips has intellectual property rights, that are an important cornerstone of the company’s strong brand, Mips chose to get involved in the process. The decision to reach a settlement was made to avoid the costs and, to some extent, the uncertainties that legal proceedings can entail. Nothing in the settlement should be construed as an admission of liability, wrongdoing, or infringement on the part of Mips or Revelyst; rather, it is solely related to the fact that the settlement now allows Mips to focus fully on its business. The settlement releases all alleged claims and prevents any and all existing or future claims against Mips or any of Mips’ customers. Mips will pay USD 3.25m as part of the settlement, which has been recognized as an other operating expense during the third quarter of 2026. To facilitate better follow-up of the underlying operations, Mips have decided to classify these costs as items affecting compara- bility during 2025 and 2026. Research and development costs amounted to SEK 14m (9). Profit for the period and earnings per share Profit before tax amounted to SEK 52m (44). Tax expenses for the quarter amounted to SEK -13m (-10), corresponding to an effective tax rate of 25.4 percent (22.5). The increase in effective tax rate is partly explained by withholding tax on dividend received by the subsidiary in China during the quarter. Profit for the period was SEK 39m (34). Diluted earnings per share amounted to SEK 1.48 (1.29). Cash flow Cash flow from operating activities increased to SEK 48m (41). The change is mainly explained by stronger underlying results, partly offset by higher accounts receivables compared to previous year. Cash flow from investing activities was SEK -29m (-2), where the change is mainly explained by acquiring an additional five percent of the shares of Quin (at a predetermined valuation of SEK 15m). Cash flow from financing activities was SEK -66m (-1), mainly attributable to amortization of loan of SEK -71m (-) and exercising of warrants under the warrant-based incentive programs of SEK 3m (-). Cash flow for the period amounted to SEK -47m (37). January – September Net sales Net sales for the first nine months amounted to SEK 598m (386), an increase of 55 percent. Adjusted for exchange rate effects, the organic sales growth was 31 percent. The increase in net sales is mainly explained by higher sales within the bike sub-category. As of 31 December 2025, Koroyd has been consolidated and has contributed with SEK 101m in net sales during the first nine months of 2026. Gross profit Gross profit increased by 53 percent to SEK 434m (284), where the increase mainly is an effect of increase in net sales. The gross margin amounted to 72.7 percent (73.6). Operating pro fit (EBIT) Operating profit amounted to SEK 198m (109), corresponding to an operating margin of 33.2 percent (28.2). Operating profit adjusted for items affecting comparability increased to SEK 255m (145) and operating margin adjusted for items affecting comparability increased to 42.7 percent (37.5). Items affecting comparabil- ity consist of legal costs amounting to SEK 56m (36), see more above under financial
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6 Mips AB (publ) — Q3 Interim Report January – September 2026 2 performance in the quarter, and transaction costs attributable to the acquisition of Koroyd of SEK 1m (-). Selling expenses amounted to SEK 76m (62). Administrative expenses amounted to SEK 85m (78), which include legal costs of SEK 23m (36) and transaction costs of SEK 1m (-). The legal costs are described in more detail above under financial performance in the quarter. Research and development costs amounted to SEK 45m (30). Other operating expenses of SEK 30m mainly refers to the settlement cost of SEK 32m, which is described more in detail above under financial performance in the quarter. Profit for the period and earnings per share Profit before tax amounted to SEK 176m (110). Tax expenses for the first nine months amounted to SEK -41m (-25), corresponding to an effective tax rate of 23.2 percent (23.0). Profit for the period was SEK 136m (85). Diluted earnings per share amounted to SEK 5.12 (3.20). Cash flow Cash flow from operating activities amounted to SEK 128m (96). The change is mainly explained by stronger underlying results, partly offset by higher accounts receivables compared to previous year. Cash flow from investing activities was SEK -37m (-14) where the change is mainly ex- plained by acquiring an additional five percent of the shares of Quin (at a predetermined valuation of SEK 15m). Cash flow from financing activities was SEK -172m (-175), mainly attributable to dividend payment of SEK -66m (-172), change in loans of net SEK -60m, settlement of dividend to the former owners of Koroyd of SEK -42m and exercising of warrants under the warrant-based incentive programs of SEK 3m (-). Cash flow for the first nine months amounted to SEK -81m (-93). Financial position The Group’s total assets as of 30 September 2026 amounted to SEK 1,391m and to SEK 1,307m as of 31 December 2025. Non-current assets as of 30 September 2026 amounted to SEK 924m (874), whereof surplus value in terms of goodwill of SEK 590m and trademark of SEK 124m are attributable to Koroyd. Assets held for sale amounted to SEK 6m (5) and refers to a lease agreement in the subsidiary Koroyd. Cash and cash equivalents as of 30 September 2026 amounted to SEK 141m (214). Non-current liabilities to credit institutions amounted to SEK 192m (303). Current liabilities to credit institutions amounted to SEK 53m (1). Liabilities that refer to the conditional additional purchase price attributable to the acquisition of Koroyd amounted to SEK 267m (250). Total liabilities amounted to SEK 708m (745). As of 30 September 2026 the Group had a net debt of SEK 104m compared to a net debt of SEK 90m as of 31 December 2025. Net debt/ adjusted EBITDA LTM amounted to 0.3x at the end of the quarter. The equity ratio was 49 percent (43). Reported values for assets and liabilities are in all material aspects consistent with fair market value. Investments During the third quarter, investments having an impact on the cash flow amounted to SEK 29m (2). Investments in intangible fixed assets amounted to SEK 1m (1). Investments in tangible fixed assets amounted to SEK 7m (1). Investments in associated companies amounted to SEK 15m (-) and refers to acquiring an additional five percent of the shares of Quin. During the first nine months, investments amounted to SEK 37m (14). Investments in intangible fixed assets amounted to SEK 5m (4) mainly related to acquisition of patent rights and some other intangible assets. Investments in tangible fixed assets amounted to SEK 10m (9). Investments in associated companies amounted to SEK 15m (-) and refers to acquiring an additional five percent of the shares of Quin. Parent company Net sales for the first nine months for the parent company amounted to SEK 330m (265). Profit for the same period was SEK 103m (67). During the third quarter, financial income is mainly explained by dividend from Mips’ Chinese subsidiary Mips AB (Dongguan) of SEK 25m. Cash and cash equivalents amounted to 65m (147). Non-current liabilities to credit institutions amounted to SEK 180m (300). Liabilities that refer to the conditional additional purchase price attributable to the acquisition of Koroyd amounted to SEK 267m (250). Total liabilities amounted to SEK 568m (585). Employees The average number of employees during the third quarter was 125 (107). The Mips Group’s number of employees at the end of the period was 133 (111). The number of men employed was 74 and number of women employed was 59 at the end of the period. * For information and derivation of adjusted items, please see pages 20-24.
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7 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Condensed consolidated income statement SEKm Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Net sales 215 135 598 386 533 Cost of goods sold -60 -35 -163 -102 -142 Gross profit 155 100 434 284 391 Selling expenses -25 -19 -76 -62 -83 Administrative expenses -24 -26 -85 -78 -104 Research and development expenses -14 -9 -45 -30 -41 Other operating income and expenses -32 -3 -30 -5 -8 Operating profit/loss 60 44 198 109 156 Financial income and expenses -8 0 -22 1 2 Net financial items -8 0 -22 1 2 Profit/loss before tax 52 44 176 110 158 Income taxes -13 -10 -41 -25 -38 Profit/loss for the period 39 34 136 85 120 Earnings per share basic, SEK 1.48 1.29 5.12 3.20 4.53 Earnings per share diluted, SEK 1.48 1.29 5.12 3.20 4.53 Average number of shares for the period, basic (thousand) 26,494 26,491 26,492 26,491 26,491 Average number of shares for the period, diluted (thousand) 26,494 26,499 26,492 26,503 26,497 Condensed consolidated statement of comprehensive income SEKm Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Profit/loss for the period 39 34 136 85 120 Other comprehensive income Items that may subsequently be transferred to profit or loss Foreign currency translation 19 -1 49 -20 -29 Changes in the fair value of cash flow hedges - - - - - Tax on components in other comprehensive income - - - - - Items that cannot be transferred to profit or loss - - - - - Other comprehensive income for the period 19 -1 49 -20 -29 Comprehensive income for the period 59 33 184 64 91
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8 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Condensed consolidated balance sheet SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 782 67 752 Property, plant and equipment 39 14 35 Right-of-use assets 19 8 24 Participations in associated companies 71 58 56 Other financial assets 12 0 7 Total non-current assets 924 147 874 Current assets Inventories 23 5 15 Accounts receivable 261 142 167 Other current receivables 37 47 31 Assets held for sale 6 - 5 Cash and cash equivalents 141 280 214 Total current assets 467 475 432 TOTAL ASSETS 1,391 622 1,307 EQUITY AND LIABILITIES Equity Share capital 3 3 3 Other paid in capital 388 385 385 Reserves 25 -14 -23 Retained earnings incl profit/loss for the period 267 162 197 Total equity 683 536 562 Non-current liabilities Liabilities to credit institutions 192 - 303 Lease liability 14 1 16 Other liabilities 249 - 250 Deferred tax liability 29 4 28 Total non-current liabilities 484 5 597 Current liabilities Liabilities to credit institutions 53 - 1 Lease liability 4 6 7 Accounts payable 59 43 51 Other liabilities 108 32 88 Total current liabilities 224 81 148 TOTAL EQUITY AND LIABILITIES 1,391 622 1,307
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9 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Condensed consolidated statement of changes in equity SEKm Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Opening equity for the period 562 641 641 Comprehensive income for the period Profit/loss for the period 136 85 120 Other comprehensive income for the period 49 -20 -29 Comprehensive income for the period 184 64 91 Transactions with owners Premium on issue of warrants - 2 2 New share issues 3 - - Dividend paid -66 -172 -172 Total transactions with the owners -64 -170 -170 Closing equity for the period 683 536 562
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10 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Consolidated statement of cash flows SEKm Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Operating activities Profit before tax 52 44 176 110 158 Adjustment for non-cash items 47 5 67 13 21 Income taxes paid -16 -17 -39 -40 -36 Cash flow from operating activities before change in working capital 83 33 205 84 143 Cash flow from changes in working capital Increase (-)/decrease (+) of inventories -6 1 -7 2 3 Increase (-)/decrease (+) of current receivables -22 11 -78 1 -10 Increase (+)/decrease (-) of current liabilities -7 -4 8 10 13 Cash flow from operating activities 48 41 128 96 148 Investing activities Acquisition of intangible assets -1 -1 -5 -4 -6 Acquisition of property, plant and equipment -7 -1 -10 -9 -10 Investments in associated companies -15 - -15 - - Acquisition of subsidiary - - - - -412 Other financial non-current assets -6 - -7 0 -1 Cash flow from investing activities -29 -2 -37 -14 -429 Financing activities New share issues 3 - 3 - - Premium received from issue of warrants - - - 2 2 Paid dividend - - -66 -172 -172 Obtained loan 4 - 61 - 300 Amortization of loan -71 - -121 - - Amortization of lease debt -2 -1 -6 -4 -6 Settlement of dividend to former owners of Koroyd - - -42 - - Cash flow from financing activities -66 -1 -172 -175 124 Net change in cash & cash equivalents -47 37 -81 -93 -157 Cash & cash equivalents at beginning of period 187 244 214 382 382 Exchange-rate difference, cash and cash equivalents 1 -1 7 -9 -10 Cash & cash equivalents at end of period 141 280 141 280 214
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11 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Condensed parent company income statement SEKm Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Net sales 115 93 330 265 364 Cost of goods sold -6 -5 -19 -16 -22 Gross profit 109 87 311 249 342 Selling expenses -20 -19 -61 -59 -80 Administrative expenses -19 -25 -73 -78 -98 Research and development expenses -8 -8 -29 -29 -39 Other operating income and expenses -31 -1 -27 0 -1 Operating profit/loss 30 34 121 83 124 Financial income and expenses 18 0 5 2 17 Profit after financial items 48 34 126 85 140 Appropriations - - - - 1 Appropriations - - - - 1 Profit/loss before tax 48 34 126 85 142 Income taxes -6 -7 -22 -18 -27 Profit/loss for the period 42 27 103 67 114 Condensed parent company statement of comprehensive income SEKm Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Profit/loss for the period 42 27 103 67 114 Other comprehensive income Items that may subsequently be transferred to profit or loss Changes in the fair value of cash flow hedges - - - - - Tax on components in other comprehensive income - - - - - Items that cannot be transferred to profit or loss - - - - - Other comprehensive income for the period - - - - - Comprehensive income for the period 42 27 103 67 114
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12 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Condensed parent company balance sheet SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 62 67 66 Property, plant and equipment 11 13 13 Participations in Group companies 688 1 688 Receivables from Group companies 21 - - Participations in associated companies 95 80 80 Other financial assets 9 2 2 Total non-current assets 886 162 848 Current assets Inventories 0 0 0 Accounts receivable 135 85 91 Other current receivables 49 45 25 Cash & cash equivalents 65 226 147 Total current assets 249 356 263 TOTAL ASSETS 1,134 518 1,111 EQUITY AND LIABILITIES Equity Restricted equity 4 4 4 Non restricted equity 540 453 500 Total equity 544 457 505 Untaxed reserves 22 24 22 Total untaxed reserves 22 24 22 Non-current liabilities Liabilities to credit institutions 180 - 300 Other liabilities 249 - 250 Total non-current liabilities 429 - 550 Current liabilities Liabilities to credit institutions 50 - - Accounts payable 14 14 11 Other current liabilities 75 23 23 Total current liabilities 139 37 35 TOTAL EQUITY AND LIABILITIES 1,134 518 1,111
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13 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Other information Information about the parent company Mips AB (publ), corp. reg. no. 556609-0162, is a Swedish public company with its registered office in Stockholm, Sweden. The company’s shares are listed on Nasdaq Stockholm Large Cap under the ticker MIPS. Accounting policies The consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretative statements by the IFRS Interpreta- tions Committee (IFRIC) as adopted by the European Commission for use in the EU that were presented in the Group’s 2025 Annual and Sustainability report. The standards and interpretative statements applied were in effect as of 1 January 2026 and had been adopted by the EU. Changed accounting policies as of 1 January 2026 is described below. Furthermore, the Swedish Corporate Reporting Board’s recommendation RFR 1 Supplementary Accounting Rules for Groups has been applied. This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting and the applicable provisions of the Annual Accounts Act and the Securities Market Act. The interim report for the parent company has been prepared in accordance with the Annual Accounts Act and the Swedish Corporate Reporting Board’s recommendation RFR 2, Accounting for Legal Entities. Disclosures in accordance with IAS 34.16A are incorporated in the financial statements and their accompanying notes as well as in other parts of this interim report. New accounting standards from 1 January 202 6 The new or amended IFRS effective as of 2026 have not had any significant impact on the Group’s financial statements. Valuation basis applied when preparing the financial statements Assets and liabilities are recognized at historical cost, except for conditional additional purchase price which are based on fair value. Functional currency and presentation currency The parent company’s functional currency is Swedish kronor (SEK), which is also the reporting currency for the Group. This means that the financial statements are presented in SEK. All amounts are, unless otherwise stated, rounded to the nearest SEKm. Estimates in the financial statements It is Mips’ assessment that the Group does not have any assets or liabilities whose estimated reported value entails a significant risk for a material adjustment during the coming year. Adjustments Certain financial information presented in this report have been rounded and thus the tables do not necessarily tally. Alternative performance measures The Group is following the European Securities and Markets Authority’s (ESMA) guidelines on alternative performance measures. Alternative performance measures are financial measures that cannot be directly read in or derived from the financial statements. These financial measures are intended to help group management and investors analyze the Group’s performance. Investors should not consider these alternative performance measures to be a substitute for the financial statements prepared in accordance with IFRS, but rather a supplement to them. Explanation of alternative performance measures see page 20-24. Segment Mips’ operations are managed as one segment since this reflects the Group’s operations, financial monitoring and management structure. Seasonal variations The Group’s sales are partly subject to seasonal variations. The Group’s net sales and operating profit have historically been weakest during the first quarter of the year and strongest during the fourth quarter. The Mips Group has chosen to divide its business into three main categories: Sports, Motorcycle, and Safety. The largest category, Sports, mainly consists of the bike and snow sub- categories which follow certain seasonable patterns. The majority of the Group’s sales in the bike sub- category takes place during the second half of the year when bike helmets are manufactured for the important spring and summer season. In the snow sub-category, the majority of the Group’s sales takes place in the first half of the year so that helmets can be delivered for the winter season. Sales in the Motorcycle and Safety categories comprise a smaller proportion of Mips total sales, which is why no clear seasonal patterns are evident in these categories. Risks and uncertainties Mips is an international group and, as such, its operations can be affected by a number of risk factors in the form of both operating and financial risks. Risks related to the industry and the Group include, but are not limited to, market acceptance and knowledge of both the harmful effects of rotational motion to the brain and increased competition. As an ingredient brand, Mips is also dependent upon its customers’ ability to reach end-users and on end-user demand. An economic downturn or change in end-user’s preferences could have a negative impact on the Group’s net sales and profitability. The Group is dependent on its intellectual property rights and technology and in certain cases the protection may be inadequate, or the Group may incur significant costs to protect its intellectual property rights which could have an adverse impact on the Group’s operations, earnings and/or financial position. Furthermore, the Group is exposed to risks related to legal processes regarding product liability issues and
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14 Mips AB (publ) — Q3 Interim Report January – September 2026 2 other types of legal issues. Even though these risks are mitigated by insurance coverage, to the extent possible, they could result in significant costs for the Group. Mips is also exposed to external factors and geopolitical uncertainty over which the Group has no control, but which can have an adverse impact on future market developments. During the first nine months the geopolitical tensions and conflicts have increased globally, especially the instability in the Middle East. There is an evolving global trade landscape and a volatile macroeconomic situation. Mips still believes that long-term demand for the Group’s products is robust. Mips sells the majority of all products based on Incoterms Ex Works, which means that the buyer takes responsibility for transport costs, fees, taxes, tariffs and so on. Mips see continued risks in the supply chain that could lead to insolvency among the Group’s customers. If Mips’ customers become insolvent, this could have a negative impact on the Group. Mips has continuously an active dialogue with its customers to be able to identify and react on any eventual insolvency situations at an early stage. The Group has not noticed any payment issues with any of its customers that has materially affected the quarter. The Group is following the development and relevant authorities’ recommendations closely and are taking the measures deemed necessary to minimize the short-term and long-term impacts on Mips. The Group’s executive management actively manages both operating and financial risks. The above statement applies for both the parent company and the Group. For further information about Mips' risks and uncertainties see Mips’ Annual and Sustainability report for 2025 on page 57-61. Distribution of revenue The Group’s revenue primarily comprises sales of component kits (license and components) to helmet manufacturers. Sales of services is attributable to the development of Mips’ technology and Koroyd’s technology for a specific customer and helmet model. Income by nature SEKm Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Revenue recognized at the time of delivery Sales of goods 210 131 581 373 515 Revenues reported over time Sales of services 6 4 16 13 18 Total 215 135 598 386 533 Income by region MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 North America 125 64 341 193 269 Europe 60 45 176 121 169 Sweden 12 15 35 42 59 Asia and Australia 18 11 46 30 36 Total 215 135 598 386 533 The Group’s revenue is concentrated to customers in North America and Europe. The substantial concentration of sales in North America is explained by the large number of helmet manufacturers based in this geographical region. Specification by region is based on customers' domicile and not distribution. Revenues increased during the third quarter with 59 percent mainly driven by North America with a growth of 95 percent, Europe with a growth of 32 percent and Asia and Australia with a growth of 66 percent. Sweden had a negative growth of 19 percent. Organic growth increased by 32 percent in North America, in Europe by 23 percent and in Asia and Australia by 53 percent. Sweden had a negative organic growth of 23 percent.
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15 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Income per category SEKm Jul-Sep 2026 Jul-Sep 2025 Reported growth% Organic growth%* Jan-Sep 2026 Jan-Sep 2025 Reported growth% Organic growth%* Full year 2025 Sports 164 120 37 22 477 344 39 30 478 Motorcycle 20 9 116 46 43 25 74 35 31 Safety 30 6 396 34 77 17 363 37 23 Total 215 135 59 24 598 386 55 31 533 The Group has chosen to divide its business into three main categories. Thus, the Group's revenues are distributed over these categories. As of 1st January 2026, Koroyd is included in the categories. Revenues for the third quarter in Sports increased by 37 percent, organic growth amounted to 22 percent. In Motorcycle revenues increased by 116 percent, organic growth amounted to 46 percent. In Safety revenues increased by 396 percent, which mainly is due to Koroyd being included. Organic growth in Safety amounted to 34 percent. Currency exposure The Group invoices its customers in three foreign currencies, USD, EUR and CNY. Mips AB's license fee, which represents the majority of the company's revenues, is invoiced in USD and fluctuations in the exchange rate have a significant impact on Mips’ net sales and profitability. A 10 percent change in the USD exchange rate would impact EBIT with approximately +/- SEK 30m (31) on the full-year figures for 2025. Mips DG’s sales of components are in China and are invoiced in CNY. However, since the company has both revenues and costs related to components in CNY, the exposure to the CNY exchange rate is relatively limited. For further information, see the company’s Annual and Sustainability report for 2025 page 83. Koroyd has EUR as currency, which means that the currency exposure in the Group has increased compared to previous year. Koroyd’s revenues and costs are primarily in EUR, which means that the transaction exposure to EUR is relatively limited. * Organic net sales growth adjusted for exchange rate effects and acquisition. For information of adjusted items, please see pages 20-24.
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16 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Assets held for sale Assets held for sale relate to a lease agreement in the subsidiary Koroyd. Financial liabilities Financial instruments (conditional additional purchase price) belong to level 3 according to IFRS 13. As of 30 September 2026, the Group has a total liability of SEK 267m which relates to the conditional additional purchase price for Koroyd. At the beginning of the previous year, Mips had a non-current liability regarding contin- gent additional purchase consideration of SEK 10m attributable to a previous asset acquisition. In June 2025, management have made the assessment that the criteria for the liability of the conditional additional purchase price is not completely fulfilled and therefore the liability has been completely revaluated to zero. The revaluation of SEK 9m has been reported as other operating income in the second quarter 2025. As of 30 September 2026, the Group has total liabilities to credit institutions amounting to SEK 245m. Other information/Investments in associated companies An important part Mips’ strategy is to continue leading the world in advanced product development for the helmet industry through a combination of simulation and validation in laboratory settings, and real-world user data. To ensure quality and secure access to data, Mips acquired a 25 percent stake in the sensor technology company Quintessential Design, Inc. (“Quin”) in 2023. In connection with the investment, Mips obtained an option to acquire an additional five percent of the shares of Quin (at a predetermined valuation of SEK 15m). Since Quin’s business has progressed well and is in line with the long-term plan that was jointly formulated, Mips chose to exercise the option in July 2026. As a result, Mips’ ownership stake in Quin is at 30 percent as of 30 September 2026. Investments in associated companies are accounted for using the equity method. The investment is initially recognized at cost and is subsequently adjusted for the Group’s share of the associate’s profit or loss, other comprehen- sive income, and any dividends received. Quin is an associated company to Mips, and during the first nine months it generated a share of loss of SEK 4m, which has been recognized as other operating expenses. The translation difference affecting the carrying amount of Quin and other comprehensive income amounted to SEK 5m in the first nine months. Share capital and number of shares As of 30 September 2026, the total registered number of shares amounted to 26,497,986 (26,491,122) and the share capital amounted to SEK 2,649,798.6 (2,649,112.2). All shares are ordinary shares and carry equal voting rights. The shares have a nominal value of SEK 0.10. The number of outstanding shares as of 30 September 2026 was 26,497,986. Share-based incentive programs At the Annual General Meeting 2023, it was resolved to approve three long term incentive programs, Warrant program 2023/2026, Warrant program 2024/2027 and Warrant program 2025/2028, for the senior executives and certain key persons in Mips. In total, 429,000 warrants have been issued divided upon a maximum of 143,000 warrants per program. This can lead to a dilution of approximately 1.6 percent. In the 2023/2026 program 82,100 warrants were allocated to the participants, in the 2024/2027 program 46,070 warrants were allocated to the participants and in the program 2025/2028 23,000 warrants were allocated to the participants. As of 30 September 2026, a total of 151,170 warrants have been allocated. Upon full exercise of these, the dilution effect amounts to approximately 0.6 percent. During the third quarter of 2026, 6,600 warrants were exercised for the subscription of new shares under the 2023/2026 warrant program, resulting in 6,864 new shares in the company. The subscription price in the first program amounts to SEK 396.27 per Mips share (before recalculation), in the second program it amounts to SEK 388.25 per Mips share (before recalculation) and in the third program it amounts to SEK 538.23 per Mips share (before recalculation). Each warrant entitles to subscription of one new share in the company (before recalculation). The exercise price and number of shares shall be recalculated based on, among other things, paid dividend in accordance with the terms and conditions for the warrants. In the first program the exercise price after paid dividend is SEK 381.08. In the second program the exercise price after paid dividend is SEK 373.37. In the third program the exercise price after paid dividend is SEK 533.21. The company has no other costs for the warrant programs other than administrative costs regarding advisors etc. in connection with the preparation of the documentation and the resolution to issue the warrants etc. Disputes The company is not a party to any significant legal dispute. Related-party transactions Material related-party transactions during the first nine months relates to payment of dividend and settlement of dividend to the former owners of Koroyd. No significant transactions with related parties were carried out during the third quarter. Events after the end of the reporting period No significant events have occurred after the end of the reporting period. Auditors report This report has been subject for a review engagement by the company’s auditors.
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17 Mips AB (publ) — Q3 Interim Report January – September 2026 2 The Board of Directors and the President and CEO affirm that this interim report provides a true and fair view of the Parent Company’s and the Group’s position and earnings, and describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group. Stockholm, 21 October 2026 Mips AB (publ) The Board of Directors
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18 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Review report Mips AB To the Board of Directors of Mips AB (publ.) Corp. id 556609-0162 Introduction We have reviewed the condensed interim financial information (interim report) of Mips AB (publ) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm 21 October 2026 KPMG AB Christel Caldefors Authorized Public Accountant
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19 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Financial Instruments Fair values on financial instruments The fair value and carrying amount are recognized in the balance sheet as shown in the table below. For quoted securities, the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. At the reporting date the Group had no items in this category. For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2. At the reporting date the Group had no items in this category. For contingent considerations, a cash flow-based valuation is performed, which is not based on observable market data, level 3. For the Group’s other financial assets and liabilities, fair value is estimated to essentially correspond to the carrying amount. Financial instruments measured at fair value 30 Sep 2026 30 Sep 2025 31 Dec 2025 Liabilities SEKm Carrying amount Level 1 Level 2 Level 3 Carrying amount Level 1 Level 2 Level 3 Carrying amount Level 1 Level 2 Level 3 Financial liabilites Contingent consideration 267 - - 267 - - - - 250 - - 250 Contingent considerations SEKm Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Amount at beginning of period 260 - 250 10 10 Acquisitions during the period - - - - 252 Revaluation through profit or loss - - - -9 -9 Reversed through profit or loss - - - - - Interest expenses 1 - 5 0 0 Exchange rate differences 6 - 12 -1 -4 Amount at the end of the period 267 - 267 - 250
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20 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Key metrics and alternative performance measures The Group uses certain performance measures that are not defined in the IFRS rules for financial reporting, which Mips applies. The alternative performance measures presented are a complement to the IFRS-defined measures and are used by Mips’ management to monitor and control the operations. Accordingly, these alternative performance measures, as they are defined, are not fully comparable with other companies’ performance measures of the same name. For more information regarding the purpose of each alternative performance measurement and financial derivation, see below. Non-IFRS key metrics and IFRS performance measures Definition Reason for use of measure Organic net sales growth Calculated as net sales for the period, adjusted for acquired net sales if any and currency effects, compared with net sales for the same period the previous year as if the units had been owned for the same length of time in the comparative period. The measure used by Executive Management to measure the underlying net sales growth. Gross profit Net sales less cost of goods sold. Gross profit is the profit measure used by Executive Management to monitor the profitability directly related to net sales. Gross margin (%) Gross profit as a percentage of net sales during the period. The measure is a material complement to the gross profit, which only states the change in absolute figures, and provides an understanding of value creation over time. Operating profit (EBIT) Profit before financial items and taxes. The measure is used to measure the profit generated by the operating activities. Operating margin (EBIT margin) (%) Operating profit as a percentage of net sales during the period. The measure is used to assess profitability generated by the operating activities and provides an understanding of value creation over time. Items affecting comparability Transaction-related revenues and costs, substantial impairments of non‑current assets and items affecting comparability not reflecting operating activities. The measure represents income and expenses that are not attributable to the underlying performance of the business. Operating profit (EBIT) adjusted for items affecting comparability Operating profit excluding items affecting comparability. The measure is used to maintain comparability between periods and to present a result of operating activities. Operating margin (EBIT-margin) adjusted for items affecting comparability Operating profit adjusted for items affecting comparability as a percentage of net sales during the period. See explanation under the description of “Operating profit (EBIT) adjusted for items affecting comparability”. EBITDA Operating profit before depreciation and amortisation. EBITDA is a performance measure used to clarify results before depreciation and amortisation, which gives a view of the profit generated by the company’s operating activities. Adjusted EBITDA EBITDA adjusted for IFRS 16 leasing costs and items affecting comparability. The measure provides Executive Management and investors with an overview of the size of the operations included in the Group at the report date, as it is adjusted for items that are not directly attributable to the operating activities. Equity ratio (%) Equity in relation to total assets. The measure states the proportion of total assets composed of equity and provides a greater understanding of Mips’ capital structure. Cash flow from operating activities Cash flow from the primary income- generating operating activities The cash-flow measure is used by Executive Management to monitor the cash flow generated by the operating activities. Net debt Calculated as the sum of interest- bearing liabilities to credit institutions less cash and cash equivalents. The key metric can be used for assessment of debt development. Net debt/EBITDA x Calculated as net debt in relation to EBITDA for the period. The key metric can be used for assessment of financial risk. Net debt/adjusted EBITDA x Calculated as net debt in relation to adjusted EBITDA for the period. The key metric can be used for assessment of financial risk. Last 12 months rolling comparison (LTM) Indicates net sales and adjusted operating profit as a 12-month period from the most recent quarter. Provides Executive Management with an indication of perfor- mance over time without having to wait to compare with the next calendar year. Average number of employees The average number of employees converted to full-time positions. Converting the number of employees to full-time positions makes the measure comparable over periods and in the event of differences in working hours.
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21 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Explanation of alternative performance measures Organic net sales growth Since the Group invoices its goods and services in USD, EUR and CNY at the same time as the accounting currency is SEK, it is essential to create an understanding of how the Group performs excluding currency exchange effects when recalculating sales. This key figure is expressed in percentage points of the previous year's net sales, a high change in sales in local currency consequently leads to a greater currency impact. For net sales growth, impact of foreign currencies and acquisition related effects on net sales, see below. In calculating organic growth for 2026, no foreign exchange effect attributable to EUR has been considered, as Koroyd did not contribute any net revenue to the Group in the comparative year 2025. Organic net sales growth Jul-Sep 2026 Jan-Sep 2026 Net sales growth 59% 55% Net Sales in USDm 12 34 Net Sales in SEKm at 2026 average USD exchange rate 115 329 Net Sales in SEKm at 2025 average USD exchange rate 112 337 Impact currency in absolute numbers 3 -8 Net Sales 2025 SEKm 135 386 USD impact on growth 2% -2% Net Sales in CNYm 42 121 Net Sales in SEKm at 2026 average CNY exchange rate 60 166 Net Sales in SEKm at 2025 average CNY exchange rate 56 166 Impact currency in absolute numbers 4 0 Net Sales 2025 SEKm 135 386 CNY impact on growth 3% 0% Acquisition 30% 26% Organic net sales growth 24% 31% Gross margin (%) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Net sales 215 135 598 386 533 Gross profit 155 100 434 284 391 Gross margin (%) 72.3 74.2 72.7 73.6 73.4 Operating margin (EBIT margin) (%) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Net sales 215 135 598 386 533 Operating profit 60 44 198 109 156 Operating margin (%) 28.1 32.6 33.2 28.2 29.2 During 2025 and 2026, adjustments have been made with respect to effects (costs) related to legal costs and transaction costs which have been deemed to affect comparability. To create a good understanding of the Group’s ongoing operations and how the operating profit had been without these items, Mips has chosen to show an adjusted operating profit which excludes the items affecting comparability. Items affecting comparability Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Legal costs -37 -13 -56 -36 -43 Transaction costs - - -1 - -5 Items affecting comparability -37 -13 -57 -36 -48
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22 Mips AB (publ) — Q3 Interim Report January – September 2026 2 EBITDA, LTM Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Operating profit 245 170 245 170 156 Depreciation and amortization 25 19 25 19 19 EBITDA 270 190 270 190 175 Adjusted EBITDA, LTM Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 EBITDA 270 190 270 190 175 Reversal of items affecting comparability 69 36 69 36 48 Adjustment for IFRS 16 leasing contracts -8 -6 -8 -6 -6 Adjusted EBITDA 331 219 331 219 216 Operating profit adjusted for items affecting comparability Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Operating profit 60 44 198 109 156 Reversal of items affecting comparability 37 13 57 36 48 Operating profit adjusted for items affecting comparability 97 57 255 145 203 Operating margin adjusted for items affecting comparability (%) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Net sales 215 135 598 386 533 Operating profit adjusted for items affecting comparability 97 57 255 145 203 Operating margin adjusted for items affecting comparability (%) 45.2 42.1 42.7 37.5 38.2 Equity ratio (%) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Total equity 683 536 683 536 562 Total assets 1,391 622 1,391 622 1,307 Equity ratio (%) 49 86 49 86 43 Net debt/EBITDA LTM, x Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Cash and cash equivalents -141 - -141 - -214 Non-current liabilities to credit institutions 192 - 192 - 303 Current liabilities to credit institutions 53 - 53 - 1 Net debt 104 - 104 - 90 EBITDA 270 - 270 - 175 Net debt/EBITDA LTM, x 0.4 - 0.4 - 0.5 Net debt/adjusted EBITDA LTM, x Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full year 2025 Cash and cash equivalents -141 - -141 - -214 Non-current liabilities to credit institutions 192 - 192 - 303 Current liabilities to credit institutions 53 - 53 - 1 Net debt 104 - 104 - 90 Adjusted EBITDA 331 - 331 - 216 Net debt/adjusted EBITDA LTM, x 0.3 - 0.3 - 0.4
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23 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Net sales, last 12 months rolling Given the company’s historical growth momentum, it is important to continuously follow the business performance from a long-term perspective and not focus solely on specific quarterly results.
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24 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Quarterly consolidated performance measures* Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 LTM Net sales 215 232 151 147 135 135 116 144 123 133 83 91 77 744 Net sales growth, % 59 72 30 2 10 1 40 58 61 31 -6 -15 -32 41 Organic net sales growth, % 24 42 25 18 19 12 42 52 69 31 -6 -13 -33 27 Gross profit 155 172 107 107 100 100 83 105 91 97 57 64 56 541 Gross margin, % 72.3 74.1 71.1 72.9 74.2 74.2 72.1 72.9 73.4 72.9 69.4 70.2 73.1 72.7 Operating profit 60 95 43 47 44 41 24 62 48 52 14 17 15 245 Operating margin, % 28.1 41.0 28.6 31.8 32.6 30.1 20.9 42.9 38.5 38.9 16.5 18.8 19.5 32.9 Operating profit adjusted for items affecting comparability 97 108 50 58 57 55 33 62 48 52 14 17 15 314 Operating margin adjusted for items affecting comparability, % 45.2 46.7 33.2 39.8 42.1 40.4 28.8 42.9 38.5 38.9 16.5 18.8 19.5 42.2 EBITDA 67 102 50 51 49 45 29 66 52 57 18 22 20 270 EBITDA-margin, % 31.3 43.9 33.1 35.0 36.2 33.5 25.0 46.3 42.4 42.4 22.2 23.9 25.5 36.3 Depreciation/amortization 7 7 7 5 5 5 5 5 5 5 5 5 5 25 Earnings per share basic, SEK 1.48 2.55 1.09 1.33 1.29 1.20 0.71 2.00 1.37 1.53 0.44 0.60 0.52 6.47 Earnings per share diluted, SEK 1.48 2.55 1.09 1.33 1.29 1.20 0.71 1.99 1.37 1.53 0.44 0.60 0.52 6.47 Equity ratio, % 49 46 46 43 86 85 87 87 87 85 89 89 89 49 Cash flow from operating activities 48 62 18 52 41 18 36 87 36 29 -10 31 12 180 Average number of employees 125 123 120 107 107 107 106 106 102 100 103 104 102 119 * All key metrics except net sales, gross profit, operating profit , earnings per share and cash flow from operating activities are non-IFRS key metrics.
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25 Mips AB (publ) — Q3 Interim Report January – September 2026 2 Other For further information, please contact: Max Strandwitz, President and CEO Max.Strandwitz@Mipsprotection.com tel +46 709 61 17 54 Karin Rosenthal, CFO Karin.Rosenthal@Mipsprotection.com tel +46 768 34 63 66 Mips will present the interim report at an audiocast via teleconference on 21 October 2026 at 11.00 a.m. CET. To participate, please register at the webcast or telephone conference at below links: Webcast: https://edge.media-server.com/mmc/p/36t4kqyf Telephone confer ence: https://register-conf.media-server.com/register/BIa3b6d5f33ffd464791e67dfaf66ddb3b FINANCIAL CALENDAR 2026-2027 10 February 2027: Q4 Year-end-report 2026 18 March 2027: Annual and Sustainability report 2026 22 April 2027: Q1 Interim report January-March 2027 22 April 2027: Annual General Meeting 20 July 2027: Q2 Interim report January-June 2027 22 October 2027: Q3 Interim report January-September 2027
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26 Mips AB (publ) — Q3 Interim Report January – September 2026 2 About Mips Group Growth Financial targets Mips’ long-term financial targets should not be viewed as a forecast but rather as an objective which the Board of Directors and senior executives believe is a reasonable long-term objective for the Group. GROWTH: Net sales >SEK 2 billion no later than 2029 PROFITABILITY: EBIT margin >50% DIVIDEND POLICY: >50% dividend of annual net earnings Profitability Sustainability targets Mips is a global leader in its field and also aims to be at the forefront of its industry when it comes to sustainability. You can read about Mips’ sustainability work in Mips’ Annual and Sustainability report for 2025. Mips long-term ambition includes: SCIENCE BASED TARGETS: Mips has committed to reduce emissions in line with the Paris Agreement’s goal to limit global warming to 1.5 degrees Celsius. This means that Mips has set a science-based target, approved by SBTi, to reduce its total emissions by 42 percent by the end of 2030, based on a base year of 2021. UN GLOBAL COMPACT: Mips’ has committed itself, and indirectly also its manufacturing partners, to adhere to the ten principles of the UN Global Compact. Long term target 2030: Reach an average supplier social and environmental audit score of 90 (out of 100) with our manufacturing suppliers. CIRCULAR PRODUCT OFFERING: Mips’ ambition for the Group is to provide products that are resource-efficient, circular and have a low carbon footprint. The target to 2030 is to achieve a share of 90 percent recycled material content in Mips’ products. About Mips Group Mips Group is a global safety company, based in science, operating with an ingredient brand business model that includes the brands Koroyd and Mips. The Group develops innovative safety solutions that are integrated into helmets and other protective products by renowned brands worldwide. Koroyd is a pioneer in advanced impact protection technology based on aerospace safety research, while Mips is a leader in helmet-based safety backed by over 30 years of research and development in collaboration with the Swedish Royal Institute of Technology and Karolinska Institutet. Koroyd SARL is seated in Monaco, Mips AB is headquartered in Stockholm and listed on Nasdaq Stockholm. Mips Group has 133 employees at the end of the period. Mips’ net sales during 2025 amounted to SEK 533m and the operating margin was 29 percent. For more information, visit www.koroyd.com and www.mipscorp.com. This information is of such nature that Mips AB (publ) is obliged to disclose it in accordance with the EU’s Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 21 October 2026 at 07.30 a.m. CET. This interim report has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish interim report and the English translation, the former shall take precedence. * For information and derivation of adjusted items, please see pages 20-24. 0 200 400 600 800 2021 2022 2023 2024 2025 LTM 2026 Net sales SEKm 10% 30% 50% 2020 2021 2022 2023 2024 2025 LTM 2026 Operating margin adjusted for items affecting comparability (%)
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Mips AB (publ) — Q3 Interim Report January – September 2026 Mips AB Kemistvägen 1B, SE-183 79 Täby Mipsprotection.com