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RVRC YEAR - END & Q4 PRESENTATION 2025/26 RVRC Holding AB ( publ ) R RVRC ®
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PRESENTERS RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026 A NEW CHAPTER FOR RVRC HOLDING
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INTERNATIONAL OUTDOOR BRAND •Pants •Jackets •Accessories •Midlayers •Baselayers •Bags •Footwear •Teens •Dogs SOLID FINANCIALS Net sales Q4 2025/26 SEK 414 million R12 SEK 2 billion ADJUSTED EBIT Q4 2025/26 SEK 66 million R12 SEK 425 million STRONG CUSTOMER COMMUNITY 2.5 million SoMe followers +840,000 product reviews 4.6 / 5.0 FACTS •Launched: 2014 •Listed: Nasdaq Stockholm since 2021 •HQ: Borås, Sweden •Selling into ~40 countries WEBSHOP FACTORY CUSTOMER DIGITAL D2C FACILITATES AFFORDABLE QUALITY OFFERING Mission Making the outdoors accessible to all. #natureisourplayground Vision To be the world’s most recommended outdoor brand. THIS IS REVOLUTIONRACE RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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THE WORLD IS OUR PLAYGROUND 19 Unique webshops ~140 FTEs Available to customers in ~40 countries Local webshop 5 Global sites 3PL Warehouse HQ Three Local 3PL warehouses +25 Product suppliers Production countries Three Physical stores RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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NET SALES DEVELOPMENT 6 • Net sales amounted to SEK 414m in Q4 compared to SEK 405m LY • Growth in Net sales Q4 in local currencies amounted to +3% compared to LY (+2% in SEK) • Net sales amounted to SEK 2,018m for the full year compared to SEK 1,925m LY • Growth in net sales for the full year in local currencies amounted to +8% compared to LY (+ 5% in SEK) RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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NET SALES BY REGION IN THE FOURTH QUARTER AND FULL YEAR 7 Regional Net sales development (SEKm) • 74% of Net sales generated outside the Nordics, full year 76% • DACH growth of 3% in local currencies YoY (2% in SEK), full year growth of 10% in local currencies (7% in SEK) • Nordics growth of 7% in local currencies YoY (7% in SEK), full year growth of 9% in local currencies (7% in SEK) • RoW growth of -3% in local currencies YoY (-4% in SEK), full year growth of 1% in local currencies ( -4% in SEK) • RoW growth excluding North America of 2% in local currencies YoY (1% in SEK), full year growth of 6% in local currencies (1% in S EK) Share of Net sales by region in the quarter RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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Q4 HIGHLIGHTS Industry-leading margins • Gross margin of 72.2 percent • EBIT SEK 66 million (15.9% EBIT margin) Operational • Haparanda store opened during the quarter, with a strong performance since opening Strong financial position • Inventory amounting to SEK 520 million • Solid net cash position of SEK 313 million • Credit facility (SEK 600 million) undrawn per June 30 • Share repurchase programme; 1,207,000 shares repurchased for a total acquisition amount of SEK 68m 8 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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FULL YEAR HIGHLIGHTS Continued growth • Net sales increased by 8 percent in local currencies (5 percent in SEK) and amounted to SEK 2,018 million • Continued sales growth in all regions (in local currencies) • Net sales excluding North America increased by 9 percent in local currencies Operational • Relocation to the new automated Nordic logistics centre completed • Two stores opened during the year - Brand store in Stockholm during autumn 2025 and a store in Haparanda during spring 2026 Industry-leading margins • Gross margin of 70.5 percent • Adj. EBIT SEK 425 million (21.0 percent adj. EBIT margin) Strong financial position • The Board proposes a dividend of 1.50 (1.35) SEK per share for a total dividend amount of approximately SEK 161 million (48.1 percent of net profit for the year) • Share repurchase programme; 3,429,066 shares repurchased for a total acquisition amount of SEK 200 million 9 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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RVRC HOLDING ACQUIRES ICIW - PRESENTATION JULY 2026 ADDING ANOTHER STRONG AND PROFITABLE BRAND 10
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SPORTSWEAR BRAND • Tights • Sport bras • Tops • Shorts • Pants • Hoodies • T-shirts • Accessories SOLID FINANCIALS* STRONG CUSTOMER COMMUNITY +620,000 SoMe followers +230,000 product reviews 4.5 / 5.0 FACTS •Launched: 2012 •HQ: Stockholm, Sweden •Selling via 10 local webshops DIGITAL D2C FACTORY CUSTOMER DIGITAL D2C FIRST FACILITATES A TRUE-TO-TRAINING COMMUNITY AT SCALE Mission Making high-quality sportswear designed to help customers reach their goals Vision To inspire performance 11 WHOLESALE ICIW AT A GLANCE 2018 20262019 2020 2021 2022 2023 2024 2025 2012 Net sales R12 SEK 470 million ADJUSTED EBIT R12 SEK 73 million * Note: Financials are unaudited and according to ICIW accounting principles and Swedish GAAP (K3). Financials are restated in line with RVRC’s financial year ending in June for presentation purposes RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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▪ Net sales expected to amount to approximately SEK 124m in Q4 compared to SEK 95m LY ▪ Growth in net sales Q4 expected at around 30% ▪ LTM Jun’26 net sales expected around SEK 470m Source: Company information Note: All figures are adjusted Note: Financials are unaudited and according to ICIW accounting principles and Swedish GAAP (K3). Financials are restated in line with RVRC’s financial year ending in June for presentation purposes SEKm SEKm SOLID NET SALES DEVELOPMENT 12 292 313 389 4707% 24% 21% 2022/23 2023/24 2024/25 2025/26E Net sales Net sales growth, % 92 95 102 123 120 124 43% 7% 13% 12% 31% 30% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26E Net sales Net sales growth, % RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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▪ Adj. EBIT expected to amount to approximately SEK 73m 25/26E compared to SEK 52m in 2024/25 ▪ Adj. EBIT margin in Q4 expected at around 16.3% POSITIVE MARGIN DEVELOPMENT Source: Company information Note: All figures are adjusted SEKm SEKm 13 Note: Financials are unaudited and according to ICIW accounting principles and Swedish GAAP (K3). Financials are restated in line with RVRC’s financial year ending in June for presentation purposes 39 28 52 7313,3% 9,0% 13,5% 15,6% 2022/23 2023/24 2024/25 2025/26E Adj. EBIT Adj. EBIT margin, % 14 12 14 19 20 20 15,6% 12,5% 13,6% 15,3% 16,9% 16,3% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26E Adj. EBIT Adj. EBIT margin, % RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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Geographical split1) 14 Channel mix1) Gender split1) 1% 13% 87% Retail Wholesale (B2B) D2C 82% 14% 4% Female Male Unisex 25% 27%23% 8% 11% 6% Sweden Finland Norway Denmark Germany RoE Source: Company information Note: 1) Net revenue splits as of LTM Mar’26, 2) Includes Netherlands, Austria, Belgium, Switzerland and Estonia 2) BUSINESS OVERVIEW RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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15 ICIW MEETING RVRC HOLDING M&A CRITERIA Business model: D2C with clear digital brand approach Valuation: Attractive Operating model: Asset-light and cash-generative model Product category: Adjacent e.g. sports & outdoor Size: SEK 200-800m revenue Profitability: In line / plan to be in line with group profitability Growth profile: +15% or can contribute to faster growth Digital first D2C with strong community aspects, complemented by growing B2B sales At acquisition EV/Adj. EBIT multiple 9.5x Assuming full additional purchase price EV/EBIT multiple 7.8x Similar characteristics as RVRC Holding Gym and training - functional materials Net sales SEK 470m (estimated LTM June ’26) Profitability trajectory – Adjusted EBIT margin 13-16% last two years2) Historic and current growth trajectory – CAGR of 37% since 20191) Cultural fit: Entrepreneurial growth culture Strong fit around hands-on execution and digital D2C brand building Source: Company information Notes: 1) 2019 – 2025/26E. 2) 2024/25– 2025/26E RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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16 A DECENTRALIZED MODEL REALIZING SYNERGIES • Preserves entrepreneurial drive and local market knowledge in the company • Less disruption to employees, customers and partners • More attractive proposition for management-sellers seeking continuity • Maintains brand authenticity and close customer relationship over time • Reduces integration risks Our view on integration philosophy Decentralised model RVRC Holding AB RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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FINANCIAL PERFORMANCE 17 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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GROSS PROFIT AND MARGIN 18 • Gross profit in Q4 amounted to SEK 299m, an increase by 6 percent compared to SEK 281m LY • Gross margin in Q4 was 72.2 (69.4) percent, positively affected by currency effects on goods for resale • Gross profit FY 25/26 increased by 6 percent to SEK 1,423m compared to 1,344m FY 24/25 • Gross margin FY 25/26 was 70.5 percent (69.8) percent, affected by currency effects on net sales and goods for resale RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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OTHER EXTERNAL EXPENSES 19 • The average number of FTEs for the quarter was 147 (132) and the majority of the increase is attributable to retail operations • Personnel expenses as share of net sales were higher than LY – due to increase in FTEs • Other external expenses as share of net sales were higher than LY – partly due to investments in IT and marketing PERSONNELEXPENSES RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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EBIT 20 • The EBIT margin and adjusted EBIT margin was 15.9 percent in Q4, compared to 15.5 percent LY • EBIT margin was 20.9 percent FY 25/26, compared to 18.6 percent FY 24/25 • Adjusted EBIT margin was 21.0 percent FY 25/26, compared to 19.9 percent FY 24/25 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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• Balance sheet remains stable, major changes within current assets with higher amount of cash and cash equivalents • Solid cash position of SEK 328m and net cash position of SEK 313 as of June 30 – cash adjusted for lease liabilities of SEK 15m • Credit facility of ~SEK 600m available and was undrawn as of June 30. Following the end of the quarter the credit facility in creased to ~SEK 900m • As a consequence of the acquisition of ICIW, RVRC Holding is drawing on the credit facility and has per the date of acquisiti on a net debt position FINANCIAL POSITION & CASH FLOW 21 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026 SEKm 30/06/2026 30/06/2025 Intangible assets 799 800 Tangible assets 20 15 Deferred tax and Other long-term assets 1 1 Inventory 520 521 Cash and cash equivalents 328 189 Other 55 34 Sum current assets 903 744 Total Assets 1,724 1,561 Equity 1,271 1,220 Long-term liabilities 43 42 Current liabilities 410 299 Total Equity and Liabilities 1,724 1,561
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INVENTORY DEVELOPMENT & NET WORKING CAPITAL 22 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026 • Inventory has decreased by SEK 1m compared to Q4 LY • Inventory has increased by SEK 111m compared to Q3, driven by increase in Goods in transit • Changes in net working capital (Q4 vs Q4 LY) is mainly attributable to increase in accounts payable
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DIVIDEND AND REPURCHASE OF SHARES Dividend policy and proposed dividend RevolutionRace intends to distribute surplus capital to shareholders after considering long-term financial stability, growth opportunities and strategic initiatives. With these considerations in mind, RevolutionRace intends to distribute 40-60 percent of profits for the year. The Board proposes a dividend of SEK 1.50 per share for the financial year 2025/26, to be approved by the AGM in November 2026. Repurchased shares RevolutionRace has repurchased 3,429,066 shares during the full year 2025/26 for a total amount of SEK 200 million. Per June 30, the company held 2.8 million own shares (of total 107.4 million shares). After the financial year, 2,558,887 own shares were transferred as consideration shares to the sellers of ICIW. After the transfer, the company holds 204,343 own shares. Change in the number of shares During the fourth quarter following the subscription of shares through the exercise of warrants under LTIP 2022/2026, a total of 27,250 new shares have been registered. For the full year 1,603,980 new shares were registered through the exercise of warrants under LTIP 2022/2026. During the second quarter 3,841,189 own shares were cancelled. After the cancellation of shares and the registration of new shares, the total number of shares in RevolutionRace amounts to 107,359,430. RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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24 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026 Going forward • Two complementary brands with combined net sales of approximately SEK 2.5 billion and adjusted EBIT of close to SEK 500 million • Inventory well positioned ahead of the important autumn and winter season • ICIW will be consolidated from the acquisition early in July. We note that RVRC Holding continued to deliver sales growth in local currencies (pro forma) in July.
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NATURE IS OUR PLAYGROUND! 25 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026
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IMPORTANTINFORMATION This presentation may contain forward-looking statements. All statements other than statements of historical fact included in the presentation are forward-looking statements. Forward-looking statements give the company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business and are based on numerous assumptions regarding the company’s present and future business strategies and the environment in which it will operate in the future. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements inherently involve known and unknown risks, uncertainties and other important factors beyond the company’s control that could cause the company’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. 26 RVRC HOLDING AB (PUBL) YEAR-END AND Q4 PRESENTATION 2025/26 AUG 11, 2026