Interim report
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Year - end and Q4 report 1 July 2025-30 June 2026 RVRC Holding AB ( publ ) The report concerns the group in which RVRC Holding AB ( 559129-4623 ) is the parent company and which is referred to in the report as Revolution Race R RVRC Ⓡ NATULE IS OUR RVRC
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 2 FOURTH QUARTER & FULL YEAR HIGHLIGHTS Financial development & significant events during the fourth quarter • Sales growth in local currencies amounted to 3 percent. • Net sales for the quarter amounted to SEK 414 (405) million. • Gross profit amounted to SEK 299 (281) million, corresponding to a gross margin of 72.2 (69.4) percent. • EBIT and adjusted EBIT amounted to SEK 66 (63) million, corresponding to an increase of 5 percent. • EBIT margin and adjusted EBIT margin amounted to 15.9 (15.5) percent. • Earnings per share before and after dilution amounted to SEK 0.49 (0.46). Financial development & significant events during the full year • Sales growth in local currencies amounted to 8 percent. • Net sales for the period amounted to SEK 2,018 (1,925) million. • Gross profit amounted to SEK 1,423 (1,344) million, corresponding to a gross margin of 70.5 (69.8) percent. • EBIT amounted to SEK 422 (357) million. • EBIT margin amounted to 20.9 (18.6) percent. • Adjusted EBIT amounted to SEK 425 (383) million, corresponding to an increase of 11 percent. • Adjusted EBIT margin amounted to 21.0 (19.9) percent. • Earnings per share before dilution amounted to SEK 3.10 (2.55) and after dilution to SEK 3.09 (2.55). • The Board of Directors proposes a dividend of 1.50 (1.35) SEK per share. Financial overview Net sales Per quarter and rolling 12 months Adjusted EBIT 1) Per quarter and rolling 12 months EBIT Per quarter and rolling 12 months RevolutionRace financial year is 1 July – 30 June. 1) Excluding items affecting comparability for the second quarter 25/26 amounting to SEK 2 million, for the second quarter 24/25 amounting to SEK 5 million and the third quarter 24/25 amounting to SEK 21 million, which are primarily related to share-based incentive programmes. *Alternative performance measures, see page 18-19. Apr-Jun Apr-Jun Jul-Jun Jul-Jun SEKm 25/26 24/25 Δ 25/26 24/25 Δ Net sales 414 405 2% 2,018 1,925 5% Average order value (AOV), (SEK)* 904 930 -3% 954 979 -3% Gross profit* 299 281 6% 1,423 1,344 6% EBIT* 66 63 5% 422 357 18% Adjusted EBIT* ¹) 66 63 5% 425 383 11% Profit for the period 53 50 5% 334 283 18% Earnings per share before dilution, SEK 0.49 0.46 7% 3.10 2.55 22% Earnings per share after dilution, SEK 0.49 0.46 7% 3.09 2.55 21% Gross margin* 72.2% 69.4% 2.8 pp 70.5% 69.8% 0.7 pp EBIT margin* 15.9% 15.5% 0.4 pp 20.9% 18.6% 2.3 pp Adjusted EBIT margin* 15.9% 15.5% 0.4 pp 21.0% 19.9% 1.1 pp
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 3 COMMENTS FROM CEO A new chapter for RVRC Holding We close the 2025/26 financial year reporting continued growth and solid profitability. However, above all we enter the next financial year with a great sense of excitement and enthusiasm. In early July, shortly after the end of the financial year, w e announced the acquisition of ICANIWILL (ICIW), a fast-growing and profitable sportswear brand. It is our first acquisition and marks the beginning of an exciting new chapter for RVRC Holding as a group. We are proud that RevolutionRace continues to report industry-leading margins, demonstrating the strength of both our brand and our business model. Adjusted EBIT for the full year amounted to SEK 425 (383) million, corresponding to an adjusted EBIT margin of 21.0 (19.9) percent. At the same time, RevolutionRace continued to gain market share in several key markets. Net sales for the full year amounted to SEK 2,018 (1,925) million, corresponding to an increase of 8 percent in local currencies compared with the previous financial year. For the full financial year, sales increased in all regions. DACH grew by 10 percent in local currencies, the Nordics by 9 percent and Rest of the World by 1 percent. It should be noted that sales in the United States were relatively high in the comparison period and have since been negatively impacted by changing market conditions. Excluding North America, sales in Rest of the World would have increased by 6 percent in local currencies, while total sales across all markets would have increased by 9 percent. Fourth quarter Market conditions were weak, particularly in Germany, and net sales in the fourth quarter amounted to SEK 414 (405) million, corresponding to an increase of 3 percent in local currencies (2 percent in SEK) compared with the corresponding quarter of t he previous year. Sales in the Nordics increased by 7 percent during the quarter, both in local currencies and in SEK. Sweden recorded the highest growth in the region, at 12 percent, which is a strong performance in a mature market. Sales in DACH increased by 3 percent in local currencies and both Austria and Switzerland continued to perform well and recorded double-digit sales growth. Sales in Rest of the World decreased by 3 percent in local currencies during the quarter. Excluding North America, sales in R est of the World would have increased by 2 percent in local currencies, while total sales across all markets would have increased by 4 percent. EBIT in the fourth quarter amounted to SEK 66 (63) million, corresponding to an EBIT margin of 15.9 (15.5) percent. The gross margin improved in the fourth quarter and amounted to 72.2 (69.4) percent. During the quarter we invested in IT projects aimed at strengthening our platform for the future. This led to temporary increased IT related expenses in the quarter and the projects continue into the next quarter. The acquisition of ICANIWILL (ICIW) On 10 July 2026, RVRC Holding acquired 90.1 percent of the sportswear brand ICIW, with an option to acquire all remaining shares. Through the acquisition of ICIW, we are taking an important next step in the development of RVRC Holding as a group. We are adding M&A to our strategy and strengthening the group with a fast-growing and profitable brand that complements RevolutionRace’s offering. We have developed an M&A framework and ICIW meets all our criteria. Adjusted to RVRC Holding’s 2025/26 financial year, ICIW reported net sales of SEK 470 million and adjusted EBIT of SEK 73 million. 1 Financial position and capital allocation We remain in a strong financial position, and the acquisition of ICIW demonstrates how we can use our financial strength to create new opportunities for profitable growth. We maintain a disciplined approach to capital allocation, with investments in organic growth as our focus, while acquisitions, dividends and share repurchase are complementary tools that can be used to create long-term shareholder value. At the end of the fourth quarter, net cash amounted to SEK 313 million. Following the end of the quarter, RVRC Holding has increased its credit facility by SEK 300 million for working capital purposes, and the credit facility now amounts to SEK 900 million. As a consequence of the acquisition of ICIW, RVRC Holding is drawing on the credit facility and has per the date of acquisition a net debt position. Our sellable inventory was lower than at the corresponding point in the previous year, while the value of Goods in transit was higher. Deliveries have increased since the end of the quarter, and our inventory will be well positioned ahead of the import ant autumn and winter season. The Board of Directors proposes a dividend of SEK 1.50 (1.35) per share. This is in line with the company’s dividend policy, and we are pleased to be able to continue increasing the dividend. 1 The information has not been audited and is presented in accordance with ICIW’s accounting policies and Swedish GAAP (K3).
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 4 Outlook We are excited about the future and, through the acquisition of ICIW, we are taking an important next step in the development of RVRC Holding. RevolutionRace and ICIW are two complementary brands and, together, the group now has a stronger foundation, with annual net sales of approximately SEK 2.5 billion and adjusted EBIT of close to SEK 500 million. ICIW will continue to operate as an independent brand, with its existing management and its own identity. At the same time, our experience of geographical expansion provides good opportunities to support ICIW’s continued growth, particularly in DACH. ICIW will be consolidated from the acquisition early in July. For RevolutionRace, we will enter the peak season of the year from September with a healthy inventory position and attractive new products. It should be noted that the strong sales growth reported in the first quarter last year was supporte d by outlet sales and favorable weather in Germany. Market conditions, particularly in Germany, were weak in Q4 and continue to be challenging. Despite this, we note that RVRC Holding continued to deliver sales growth in local currencies (pro forma) in Jul y. Finally, I would like to extend my sincere thanks to our employees, customers, partners and shareholders, while also warmly welcoming ICIW’s employees to RVRC Holding. Together, we are now entering an exciting new chapter. Paul Fischbein, CEO
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 5 FINANCIAL DEVELOPMENT Fourth quarter (Apr – Jun 2026) Operating income Net sales in the fourth quarter amounted to SEK 414 (405) million, an increase of 3 percent in local currencies (2 percent in SEK). The increase in net sales in local currencies is attributable to higher demand for the company’s products. Net sales in region DACH increased by 3 percent in local currencies (2 percent in SEK) to SEK 231 (226) million. Net sales in the Nordics increased by 7 percent in local currencies (7 percent in SEK) to SEK 108 (101) million and decreased in RoW by 3 percent in local currencies (-4 percent in SEK) to SEK 75 (78) million. Share of net sales by region in the fourth quarter Operating income for the quarter amounted to SEK 414 (405) million. The difference between net sales and operating income comprises other operating income which is usually attributable to the net of currency exchange gains and losses. A positive net amount equals other operating income, and a negative net amount equals other operating expenses. In the quarter, net sales and operating income are identical and the effect is reported as expenses. The net amount for the quarter is SEK -1 million, i.e. other operating expenses, compared to SEK -2 million, i.e. other operating expenses, in the corresponding quarter last year, and is primarily attributable to currency effects related to items on the balance sheet. Gross profit Gross profit increased by 6 percent to SEK 299 (281) million, corresponding to a gross margin of 72.2 (69.4) percent. The difference in gross margin, compared to the corresponding quarter last year, is primarily attributable to currency effects on goods for resale. Operating profit (EBIT) Operating profit (EBIT) for the quarter amounted to SEK 66 (63) million, corresponding to an EBIT margin of 15.9 (15.5) percent. Goods for resale decreased to SEK -115 (-124) million. Other external expenses amounted to SEK -191 (-183) million. The change is partly attributable to increased investments in IT and somewhat higher marketing costs. Personnel expenses in the quarter amounted to SEK -38 (-31) million. Net other operating income/expenses amounted to SEK -1 (-2) million. Earnings and earnings per share for the quarter Profit before tax amounted to SEK 66 (62) million. Profit for the quarter was SEK 53 (50) million. Earnings per share before and after dilution amounted to SEK 0.49 (0.46). Cash flow Cash flow from operating activities amounted to SEK 31 (85) million. The lower cash flow, compared to the corresponding quarter last year, is mainly attributable to increased inventory levels, relative to the previous quarter, and changes in operating receivables. Cash flow from investment activities amounted to SEK -2 (-2) million. Cash flow from financing activities amounted to SEK -69 (-53) million, primarily attributable to repurchased shares of SEK -68 (-51) million. Cash flow for the quarter amounted to SEK -40 (30) million. Financial position Net cash amounted to SEK 313 (177) million. Cash and cash equivalents amounted to SEK 328 (189) million. The interest- bearing debt of SEK 15 (12) million consists of lease liabilities of SEK 15 (12) million. Liabilities to credit institutions amounts to SEK 0 (0) million. The group’s total credit facility amounts to SEK 600 million, which at the end of the quarter was undrawn. The credit facility expires in June 2028. Net working capital Net working capital amounted to SEK 172 (262) million. The change is primarily attributable to an increase in accounts payables. Investments Investments affecting cash flow amounted during the quarter to SEK 2 (2) million. Investments in intangible assets amounted to SEK 0 (0) million. Investments in tangible assets amounted to SEK 1 (2) million. Personnel The average number of FTEs was 147 (132) and the majority of the increase is attributable to retail operations.
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 6 Full year (Jul 2025 – Jun 2026) Operating income Net sales in the full year amounted to SEK 2,018 (1,925) million, an increase of 8 percent in local currencies (5 percent in SEK). The increase in net sales is attributable to higher demand for the company’s products. Net sales in DACH increased by 10 percent in local currencies (7 percent in SEK) to SEK 1,167 (1,093) million. Net sales in the Nordics increased by 9 percent in local currencies (7 percent in SEK) to SEK 478 (446) million and increased in RoW by 1 percent in local currencies (-4 percent in SEK) to SEK 373 (387) million. Share of net sales by region in the full year period Operating income for the period amounted to SEK 2,018 (1,925) million. The difference between net sales and operating income comprises other operating income which is usually attributable to the net of currency exchange gains and losses. A positive net amount equals other operating income, and a negative net amount equals other operating expenses. In the period, net sales and operating income are identical and the effect is reported as expenses. The net amount for the period is SEK -1 million, i.e. other operating expenses, compared to SEK -4 million, i.e. other operating expenses, in the corresponding period last year, and is primarily attributable to currency effects related to items on the balance sheet. Gross profit Gross profit increased by 6 percent to SEK 1,423 (1,344) million, corresponding to a gross margin of 70.5 (69.8) percent. The difference in gross margin, compared to the corresponding period last year, is primarily attributable to currency effects on net sales and goods for resale. Operating profit (EBIT) Adjusted operating profit (EBIT) for the period amounted to SEK 425 (383) million, corresponding to an adjusted EBIT margin of 21.0 (19.9) percent. Operating profit (EBIT) for the period amounted to SEK 422 (357) million, corresponding to an EBIT margin of 20.9 (18.6) percent. The result for the period was affected by items affecting comparability of SEK -2 (-26) million. Goods for resale increased to SEK -595 (-581) million driven by increased net sales. Other external expenses amounted to SEK -851 (-831) million. Personnel expenses in the period amounted to SEK -138 (- 143) million, of which SEK -2 (-25) million are attributable to items affecting comparability. Net other operating income/expenses amounted to SEK -1 (-4) million. Earnings and earnings per share for the period Profit before tax amounted to SEK 422 (357) million. Profit for the period was SEK 334 (283) million. Earnings per share before dilution amounted to SEK 3.10 (2.55) and after dilution to SEK 3.09 (2.55). Cash flow Cash flow from operating activities amounted to SEK 435 (219) million. The increase in cash flow is mainly attributable to a positive development in working capital, primarily higher operating liabilities, as well as an improved operating profit. Cash flow from investment activities amounted to SEK -5 (-3) million. Cash flow from financing activities amounted to SEK -292 (-321) million, primarily attributable to dividend of SEK -143 (-132) million, repurchased shares of SEK -201 (-205) million and to subscription of shares SEK 58 (0) million, programme 2022/26. Cash flow for the period amounted to SEK 139 (-105) million. Financial position Net cash amounted to SEK 313 (177) million. Cash and cash equivalents amounted to SEK 328 (189) million. The interest- bearing debt of SEK 15 (12) million consists of lease liabilities of SEK 15 (12) million. Liabilities to credit institutions amounts to SEK 0 (0) million. The group’s total credit facility amounts to SEK 600 million, which at the end of the period was undrawn. The credit facility expires in June 2028. Net working capital Net working capital amounted to SEK 172 (262) million. The change is primarily attributable to an increase in accounts payables. Investments Investments affecting cash flow amounted to SEK 5 (3) million. Investments in intangible assets amounted to SEK 2 (1) million. Investments in tangible assets amounted to SEK 3 (2) million. Personnel The average number of FTEs was 141 (132) and the majority of the increase is attributable to retail operations.
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 7 OTHER INFORMATION Financial targets for financial years 2024/2025 – 2026/2027 In May 2024, the board of RevolutionRace adopted new financial targets. These targets are set for a new three-year period ending in the financial year 2026/2027. RevolutionRace strives for sustainable and profitable growth with an annual growth target of 20 percent and to maintain an annual adjusted EBIT margin of 20 percent. Dividend policy 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. Significant events after the end of the period Acquisition of ICANIWILL On 8 July 2026, RevolutionRace entered into an agreement to acquire 90.1 percent of the sportswear brand ICANIWILL AB ("ICIW"), with an option to acquire all of the remaining shares. The initial purchase price, representing 100 percent of the shares (on a fully diluted basis), corresponds to a valuation of SEK 700 million on a cash and debt-free basis (EV). A potential additional purchase price of up to a total of SEK 175 million, based on 100 percent of the shares (on a fully diluted basis), is payable following the end of calendar years 2026 and 2027, respectively. Assuming full achievement of these EBIT targets, the total purchase price would correspond to an implied multiple of 7.8x EV/EBIT calendar year 2027. The multiple at the initial purchase price corresponds to 9.5x EV/Adj. EBIT (LTM per 30 June 2026). Closing of the transaction took place on 10 July 2026. Based on the authorisation from the Annual General Meeting on 20 November 2025, the Board of Directors resolved to transfer 2,558,887 own shares in RVRC Holding to the sellers of ICIW at a price of SEK 58.62 per share (corresponds to the volume- weighted average share price on Nasdaq Stockholm for the 30 trading days immediately preceding 7 July 2026). After the transfer, the company holds 204,343 own shares. Shares that have been transferred to the sellers are subject to a lock-up period of 6-12 months from the closing date. The initial purchase price, consisting of own shares, cash and available credit facilities, amounts to approximately SEK 617 million, of which approximately SEK 150 million was paid through the transfer of own shares described above. The agreement includes two future occasions for calculating the additional purchase price. The first relates to the calendar year ending 31 December 2026, occurs no later than 31 March 2027 and is estimated to amount to approximately SEK 90 million. The second relates to the calendar year ending 31 December 2027, occurs no later than 31 March 2028 and is estimated to amount to approximately SEK 68 million. The value of all the remaining shares is estimated to amount to approximately SEK 135 million. Summary of purchase price (preliminary) Initial purchase price 617 - of which own shares 150 - of which cash and available credit facilities 467 Additional purchase price (relating to 2026) 90 Additional purchase price (relating to 2027) 68 Total 775 Purchase price allocation (preliminary) Purchase price 775 Non-controlling interest 135 Fair value 910 Acquired net assets 68 - of which assets 178 - of which liabilities 110 Goodwill and trademarks 842 The estimated transaction costs amount to approximately SEK 20 million, which will affect the result for the first quarter 2026/27. See also press releases published on 8 and 10 July. Increase of the credit facility To ensure continued financial flexibility, the credit facility has been extended by SEK 300 million to a total of SEK 900 million. Future prospects The company does not provide a forecast. Items affecting comparability Items affecting comparability amount to SEK 0 (0) million for the fourth quarter. Parent company RVRC Holding AB (publ), org. nr. 559129–4623, is a Swedish public company domiciled in Borås, Sweden. Net sales for the fourth quarter amounted to SEK 4 (4) million and is attributable to intra-group services related to group management. The Parent company’s profit for the fourth quarter amounted to SEK 1 (1) million.
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 8 Share repurchase- and incentive programme In accordance with the decision of the Annual General Meeting (AGM) on 20 November 2025, the company reduced the share capital by approximately SEK 39,576.30 through cancellation of 3,841,189 repurchased shares and to increase the share capital with SEK 39,576.30 through a bonus issue without issuing new shares. The AGM also authorised the Board of Directors to, on one or more occasions before the next AGM, repurchase shares up to 10 percent of the shares. On 25 November 2025 the Board of Directors resolved to repurchase own shares up to SEK 200 million. The subscription period for incentive programme 2022/26 was initiated on 15 November 2025 and ended on 15 May 2026. During the quarter, 25,000 warrants were exercised, resulting in the subscription of 27,250 new shares. As a result of the subscription, the share capital increased by approximately SEK 290.95, from approximately SEK 1,146,014.34 to approximately SEK 1,146,305.29, in accordance with the terms of the incentive programme. The total number of shares, including shares owned by the company, amounts to 107,359,430 with an equal number of votes. The quotient value remains unchanged and amounts to approximately SEK 0.010677. See also note 5. Risks and uncertainties A full description of the risks and uncertainties associated with RevolutionRace can be found in the annual report 2024/25 published on 15 October 2025. RevolutionRace is an international company and its operations as such can be affected by several risk factors in the form of both operational and financial risks. The risks related to the industry and the company include, but are not limited to, trends linked to people´s interest in nature as well as increased competition. An economic downturn or change in consumer preferences could have a negative impact on the Group’s Net sales and profitability. RevolutionRace is further exposed to external factors that the company cannot influence, such as, for example, the effects of increased inflation. Since RevolutionRace operates globally, the company is exposed to changes in exchange rates, which may have a negative impact on the company’s revenues as they are reported in SEK but since a large proportion of Net sales originate from other currencies. In addition, the company’s products are produced in Asia, which entails a currency risk also on the cost side.
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 9 About RevolutionRace RVRC Holding AB (publ) (RevolutionRace) is a fast-growing outdoor company offering multifunctional products including clothes, shoes, backpacks, and accessories to people with an active lifestyle. RevolutionRace ambition is to create high-quality, colourful, and affordable outdoor products with an amazing design and fit at unmatched value under the tagline “Nature is our playground”. The company operates with a digital D2C business model reaching customers in approximately 40 countries. The company was founded in 2013 and is listed on Nasdaq Stockholm since 2021. RevolutionRace is on a mission – to make nature accessible for everyone! Borås, 11 August 2026 Paul Fischbein CEO Contact details Jesper Alm, CFO E-mail: jesper.alm@revolutionrace.se Auditor’s review This interim report has not been subject to a review by the company’s auditors. This information is information that RVRC Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on 11 August 2026.
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 10 FINANCIAL REPORTS Group income statement Group statement on comprehensive income Apr-Jun Apr-Jun Jul-Jun Jul-Jun SEKm Note 25/26 24/25 25/26 24/25 Operating income Net sales 2 414 405 2,018 1,925 Other operating income 3 - - - - 414 405 2,018 1,925 Operating expenses Goods for resale -115 -124 -595 -581 Other external expenses -191 -183 -851 -831 Personnel expenses -38 -31 -138 -143 Depreciation and amortisation of tangible and intangible assets -3 -2 -11 -9 Other operating expenses 3 -1 -2 -1 -4 -348 -342 -1,596 -1,568 Operating profit (EBIT) 66 63 422 357 Financial income and expenses Financial income 1 1 4 4 Financial expenses -1 -1 -4 -4 0 -0 -0 -0 Profit before tax 66 62 422 357 Income tax -13 -12 -88 -74 Profit for the period 53 50 334 283 Attributable to parent company´s shareholders 53 50 334 283 Earnings per share Earnings per share before dilution, SEK 0.49 0.46 3.10 2.55 Earnings per share after dilution, SEK 0.49 0.46 3.09 2.55 Apr-Jun Apr-Jun Jul-Jun Jul-Jun SEKm Note 25/26 24/25 25/26 24/25 Profit for the period 53 50 334 283 Other comprehensive income Items reclassified or which may be reclassified to profit for the period Exchange rate differences upon translation of foreign subsidiaries -0 0 0 0 Other comprehensive income for the period, after tax -0 0 0 0 Comprehensive income for the period, after tax 53 50 334 283 Attributable to parent company´s shareholders 53 50 334 283
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 11 Group statement of financial position SEKm Note 30/06/2026 30/06/2025 ASSETS Non-current assets Intangible assets Capitalised expenditures for development work 1 3 Trademarks 171 171 Goodwill 617 617 Other intangible assets 10 9 799 800 Tangible assets Expenditures on third-party property 3 2 Equipment, tools and installations 2 2 Right of use assets 15 11 20 15 Deferred tax asset 1 1 1 1 Total non-current assets 821 816 Current assets Goods in warehouse 336 439 Goods in transit 172 72 Right of return assets 12 10 Sum inventory 520 521 Accounts receivable 2 1 Current tax assets 0 1 Other current receivables 36 16 Prepaid expenses and accrued income 18 17 Cash and cash equivalents 328 189 Total current assets 903 744 TOTAL ASSETS 1,724 1,561
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 12 Group statement of financial position (cont.) SEKm Note 30/06/2026 30/06/2025 EQUITY AND LIABILITIES Equity Share capital 1 1 Other contributed capital 806 746 Reserves, translation differences 0 0 Retained earnings 130 190 Profit for the period 334 283 Total equity 1,271 1,220 Long-term liabilities Lease liabilities 8 7 Deferred tax liabilities 35 35 Total long-term liabilities 43 42 Current liabilities Lease liabilities 8 5 Accounts payable 205 119 Other current liabilitites 48 54 Tax liabilities 7 9 Repayment liabilities 47 34 Prepaid income and accrued expenses 96 77 Total current liabilities 410 299 TOTAL EQUITY AND LIABILITIES 1,724 1,561
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 13 Group statement on cash flow Apr-Jun Apr-Jun Jul-Jun Jul-Jun SEKm 25/26 24/25 25/26 24/25 Operating activities Operating profit (EBIT) 66 63 422 357 Adjustment for non-cash items Depreciation and amortisation 3 2 11 9 Other non-cash items 0 0 0 0 Interest received 1 1 4 4 Interest paid -1 -1 -4 -4 Paid income tax -18 -16 -90 -83 Cash flow from operating activities before changes in working capital 51 48 343 284 Increase (-)/Decrease(+) in inventory -111 22 1 -74 Increase (-)/Decrease(+) in operating receivables 3 16 -17 20 Increase (+)/Decrease(-) in operating liabilities 88 -1 108 -10 Cash flow from operating activities 31 85 435 219 Investing activities Acquisition of tangible assets -1 -2 -3 -2 Acquisition of intangible assets -0 -0 -2 -1 Cash flow from investing activities -2 -2 -5 -3 Financing activities Amortisation of lease liabilities -2 -1 -8 -4 Fees related to borrowings -0 -0 -1 -1 Shareholder contribution - - - 20 Dividend paid - - -143 -132 Repurchase of shares -68 -51 -201 -205 Warrants 0 -0 2 2 Subscription of shares, programme 2022/26 1 - 58 - Cash flow from financing activities -69 -53 -292 -321 Cash flow for the period -40 30 139 -105 Cash and cash equivalents at start of period 368 159 189 295 Exchange rate differences in cash and cash equivalents -0 -0 1 -1 Cash and cash equivalents at end of period 328 189 328 189
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 14 Group statement on changes in equity SEKm Share capital Other contributed capital Reserves, translation differences Retained earnings Profit for the period Total equity Opening balance, 1 July 2024 1 724 -0 219 308 1,252 Transfer of profits for the previous period - - - 308 -308 - Profit for the period - - - - 283 283 Other comprehensive income - - 0 - - 0 Comprehensive profit/loss for the period - - 0 308 -25 283 Transactions with owners Shareholder contribution - 20 - - - 20 Dividend - - - -132 - -132 Repurchase of shares - - - -205 - -205 Cancellation of repurchased shares -0 - - 0 - - Bonus issue 0 - - -0 - - Warrants, programme 2022/26 - -2 - - - -2 Warrants, programme 2023/27 - -0 - - - -0 Warrants, programme 2024/28 - 3 - - - 3 Total - 21 - -337 - -316 Closing balance, 30 June 2025 1 746 0 190 283 1,220 Opening balance, 1 July 2025 1 746 0 190 283 1,220 Transfer of profits for the previous period - - - 283 -283 - Profit for the period - - - - 334 334 Other comprehensive income - - 0 - - 0 Comprehensive profit/loss for the period - - 0 283 51 334 Transactions with owners Dividend - - - -143 - -143 Repurchase of shares - - - -201 - -201 Cancellation of repurchased shares -0 - - 0 - - Bonus issue 0 - - -0 - - Subscription of shares, programme 2022/26 0 58 - - - 58 Warrants, programme 2025/29 - 2 - - - 2 Total 0 60 - -343 - -283 Closing balance, 30 June 2026 1 806 0 130 334 1,271
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 15 Parent company Parent company income statement The parent company has no items recognised in other comprehensive income. Total comprehensive income corresponds to profit/loss for the period. Apr-Jun Apr-Jun Jul-Jun Jul-Jun SEKm 25/26 24/25 25/26 24/25 Operating income Net sales 4 4 19 24 4 4 19 24 Operating costs Other external expenses -1 0 -5 -4 Personnel expenses -4 -3 -19 -24 -5 -3 -24 -28 Operating profit (EBIT) -1 0 -5 -4 Financial income and expenses Profit from participations in group companies - - 143 130 Interest income and equivalents 1 0 3 2 Interest expenses and equivalents -4 -3 -14 -9 -3 -2 132 122 Appropriations Group contribution received 5 3 5 3 5 3 5 3 Profit or loss before tax 1 1 131 122 Income tax - -0 - -0 Profit/Loss for the period 1 1 131 122
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 16 Parent company statement of financial position SEKm 30/06/2026 30/06/2025 ASSETS Non-current assets Financial assets Participations in group companies 644 644 Total financial assets 644 644 Total non-current assets 644 644 Current assets Tax receivables 2 2 Receivables from group companies 181 39 Prepaid expenses and accrued income 2 3 Total current receivables 184 44 Cash and cash equivalents Cash and cash equivalents 20 9 Total cash and cash equivalents 20 9 Total current assets 204 53 TOTAL ASSETS 848 697
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 17 Parent company statement of financial position (cont.) SEKm 30/06/2026 30/06/2025 EQUITY AND LIABILITIES Equity Restricted equity Share capital 1 1 1 1 Unrestricted equity Share premium reserve 501 443 Retained earnings -421 -200 Profit for the period 131 122 211 365 Total equity 213 366 Current liabilities Accounts payable 1 0 Liabilities to group companies 627 325 Other liabilities 1 1 Prepaid income and accrued expenses 7 5 Total current liabilities 636 331 TOTAL EQUITY AND LIABILITIES 848 697
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 18 DEFINITIONS Items affecting comparability Items affecting comparability refer to events of a material nature that make it difficult for the company to achieve good transparency and comparability over time in the financial statements. For example, LTIP or write downs. Key performance measures Some key measures that management and analysts use to assess the Group’s performance are not defined by IFRS (alternative performance measures – “APM”). The following table follows definitions and a description of the purpose of all key measures. The Company applies ESMA’s guidelines for alternative performance measures. Key measure Definition Purpose Adjusted EBIT1) Operating profit (EBIT) adjusted by items affecting comparability. Adjusted EBIT is used to maintain the clarity and comparability of the profit of the day-to-day operations. Adjusted EBIT margin1) Adjusted EBIT as a percentage of operating income. (Operating income = Net sales + Other operating income. ) Adjusted EBIT margin is used to show the degree of profitability, excluding items affecting comparability. Average net order value (AOV) 1) Net sales for the period divided by number of orders for the period. Average net order value (AOV) is used to analyse the profitability per order. Cash flow from operations Cash flow attributable to operations, investment and financial activities not included. KPI defined by IFRS. Earnings per share before dilution (SEK) Net profit for the period attributable to holders of ordinary shares of the parent company, before dilution. KPI defined by IFRS. Earnings per share after dilution (SEK) Net profit for the period attributable to holders of ordinary shares of the parent company, after dilution. KPI defined by IFRS. EBIT margin1) Earnings before interest and taxes divided by operating income. (Operating income = Net sales + Other operating income. ) EBIT margin is used to analyse the degree of profitability of the operating business. EBT Earnings before taxes. KPI defined by IFRS. Gross profit1) Net sales less direct costs related to purchase of goods including freight and customs to warehouse. Gross profit is used to analyse the profitability of the sale of goods. Gross margin1) Gross profit divided by net sales. Gross profit margin is used to show the degree of profitability of the sale of goods. Net sales Total sales less exchange gains related to operational assets and liabilities. Net sales is used to analyse sales less exchange rate gains. Net sales growth, local currencies1) Net sales for the period in local currencies translated to SEK with comparison period currency rates, compared with net sales in comparison period. Abbreviated in reports as local currencies/curr. Net sales growth, local currencies is used to compare RevolutionRace growth, excluding currency effects. Net debt/Net cash1) Interest-bearing current and long-term liabilities reduced by interest-bearing assets, cash and cash equivalents. Net debt/Net cash is used to determine if the company will be able to fulfil its financial commitments. Net working capital1) Current assets reduced by cash and cash equivalents minus non-interest-bearing current liabilities. Net working capital is used to analyse the condition of the company to finance the day-to-day operations. Number of orders1) Number of orders before cancellations and returns in the period. Number of orders is used to measure the level of customer activity and to calculate the average net order value (AOV). Operating profit (EBIT)1) Earnings before interest and taxes Operating profit (EBIT) is used to analyse the profitability of the operating business. Result for the period Result for the period. KPI defined by IFRS. 1) Alternative performance measures according to the guidelines of ESMA.
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 19 Reconciliation tables, alternative performance measures All amounts in SEKm, unless otherwise stated. * Is composed of leasing liabilities Apr-Jun Apr-Jun Jul-Jun Jul-Jun Gross profit Note 25/26 24/25 25/26 24/25 Net sales 414 405 2,018 1,925 Goods for resale (-) -115 -124 -595 -581 Gross profit 299 281 1,423 1,344 Gross margin Gross profit 299 281 1,423 1,344 Net sales 414 405 2,018 1,925 Gross margin 72.2% 69.4% 70.5% 69.8% Operating profit (EBIT) Operating income 414 405 2,018 1,925 Operating expenses -348 -342 -1,596 -1,568 Operating profit (EBIT) 66 63 422 357 Adjusted EBIT Operating profit (EBIT) as reported 66 63 422 357 Expenses mainly related to LTIP and stay-on-bonus - - 2 26 Adjusted EBIT 66 63 425 383 EBIT margin Earnings before interest and taxes 66 63 422 357 Operating income 414 405 2,018 1,925 EBIT Margin 15.9% 15.5% 20.9% 18.6% Adjusted EBIT margin Adjusted EBIT 66 63 425 383 Operating income 414 405 2,018 1,925 Adjusted EBIT margin 15.9% 15.5% 21.0% 19.9% Net working capital Current assets 903 744 903 744 Cash and cash equivalents (-) -328 -189 -328 -189 Total current assets excl. cash and cash equivalents 575 555 575 555 Current liabilities (-) -410 -299 -410 -299 Current interest-bearing liabilities (+) * 8 5 8 5 Net working capital 172 262 172 262 Net debt(+)/Net cash (-) Interest-bearing debt * 15 12 15 12 Interest-bearing assets (-) - - - - Cash and cash equivalents (-) -328 -189 -328 -189 Net debt(+)/Net cash (-) -313 -177 -313 -177 Number of orders and average order value (AOV) Number of orders ('000) 457 435 2,115 1,967 Net sales 414 405 2,018 1,925 Average order value (AOV); (SEK) 904 930 954 979
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 20 NOTES All amounts in the report are rounded off to the nearest million Swedish kronor (SEKm), unless otherwise stated. Therefore, calculations in tables do not always sum up, figures between 0 and 0.5 are reported as 0. NOTE 1 Accounting principles and estimates RVRC Holding AB applies the International Financial Reporting Standards (IFRS) as adopted by the European Community (EC). The financial statements for the Group and the interim report have been prepared according to applicable sections of the Annual Accounts Act and IAS 34 Interim financial reporting. The financial statements of the parent company have been prepared according to Annual Accounts Act and The Swedish Corporate Reporting Board RFR 2 Accounting for Legal Entities. For complete information regarding accounting and valuation principles applied by the group, please see the annual report that was published on 15 October 2025. New and amended standards and interpretations that have not yet been applied by the Group RVRC Holding AB has made the assessment that no new or changed standards during the financial year will have an effect on the group’s financial reporting. In April 2024, the IASB published IFRS 18 Presentation and Disclosure in Financial Statements, which becomes effective for financial years beginning on or after 1 January 2027. RVRC Holding AB will apply the standard starting from the financial year beginning 1 July 2027. IFRS 18 is not expected to impact the financial results but will result in changes to the presentation and disclosure requirements in the financial statements. The IASB has also issued the annual improvements (Annual Improvements to IFRS Standards 2023) as well as amendments to IFRS 9 and IFRS 7, addressing, among other things, the classification of financial instruments and power purchase agreements, effe ctive from 1 January 2026. RVRC Holding AB has assessed that these changes will not have a material impact on the Group’s financial reporting.
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 21 NOTE 2 Income from agreements with customers The company has one operating segment and has for the breakdown of income identified one category, geographical area, for which the smallest entity is a market which in turn belongs to a region. The definition of a market relates to the website on which the sales take place, for example revolutionrace.se for Sweden and revolutionrace.de for Germany. Below, net sales is presented per geographical market and region, respectively. NOTE 3 Other operating income and other operating expenses NOTE 4 Related Party Transactions The company has no external transactions with related parties in the period. Apr-Jun Apr-Jun Jul-Jun Jul-Jun Market 25/26 24/25 Δ 25/26 24/25 Δ Germany 193 193 0% 972 935 4% Sweden 57 51 12% 243 221 10% Other 164 161 1% 802 769 4% Total 414 405 2% 2,018 1,925 5% Apr-Jun Jul-Jun Local currencies Δ 25/26 25/26 Germany 1% 8% Sweden 12% 10% Other 3% 8% Total 3% 8% Apr-Jun Apr-Jun Jul-Jun Jul-Jun Region 25/26 24/25 Δ 25/26 24/25 Δ Nordics 108 101 7% 478 446 7% DACH 231 226 2% 1,167 1,093 7% RoW 75 78 -4% 373 387 -4% Total 414 405 2% 2,018 1,925 5% Apr-Jun Jul-Jun Local currencies Δ 25/26 25/26 Nordics 7% 9% DACH 3% 10% RoW -3% 1% Total 3% 8% Apr-Jun Apr-Jun Jul-Jun Jul-Jun Other operating income and other operating expenses 25/26 24/25 Δ 25/26 24/25 Δ Exchange rate gains 15 7 116% 50 45 10% Exchange rate losses -16 -9 83% -51 -49 3% Other -0 0 1 0 Total -1 -2 -1 -4
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 22 NOTE 5 Shares and warrants Repurchase of own shares During the fourth quarter RevolutionRace repurchased 1,207,000 own shares and have repurchased 3,429,066 own shares during the financial year. At the end of the period the company holds 2,763,230 treasury shares, after the cancellation of shares during the second quarter. *Excluding transaction costs. Warrants At the end of the financial year, RevolutionRace has three incentive programmes comprising warrants for senior executives and key personnel. The warrants have been transferred to the participants at market price. In the second quarter the subscription period for incentive programme 2022/26 was initiated and it ended in the fourth quarter. During the fourth quarter, 25,000 warrants were exercised within the framework of the incentive programme. In the quarter, a repurchase of 29,500 warrants related to the incentive programme 2023/27 has been carried out. Number of shares Following the subscription of shares through the exercise of warrants under LTIP 2022/2026, a total of 27,250 shares has been registered during the quarter, through which RevolutionRace received SEK 1 million. At the end of the quarter the total number of outstanding shares (total number of shares reduced by treasury shares) amounts to 104,596,200. Weighted average number of shares Period Number of repurchased shares Average share price, SEK Amount, SEKm* Jul-Jun 23/24 (full year) 1,853,261 52.60 97 Jul-Jun 24/25 (full year) 4,644,371 44.15 205 Jul-Sep 25/26 (quarter) 665,836 47.36 32 Oct-Dec 25/26 (quarter) 620,303 63.20 39 Jan-Mar 25/26 (quarter) 935,927 65.76 62 Apr-Jun 25/26 (quarter) 1,207,000 56.42 68 9,926,698 50.66 503 Description Subscription period Subscription price (SEK) Shares per warrant Issued Transferred 2023/27 incentive programme 02/01/2027 - 02/07/2027 70.59 1.05 750,000 198,000 2024/28 incentive programme 22/11/2027 - 22/05/2028 45.63 1.05 1,000,000 472,000 2025/29 incentive programme 24/11/2028 - 24/05/2029 77.81 1.02 1,000,000 144,000 Date Description Change in number of shares Total number of shares 01/07/2025 Opening balance - 109,596,639 17/11/2025 Subscription of shares 26,750 - 21/11/2025 Cancellation of shares -3,841,189 - 05/02/2026 Subscription of shares 1,549,980 - 08/05/2026 Subscription of shares 27,250 - 30/06/2026 Closing balance - 107,359,430 Apr-Jun Apr-Jun Jul-Jun Jul-Jun 25/26 24/25 25/26 24/25 Weighted average number of shares 107,347,924 109,596,639 107,904,719 110,897,865
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 23 NOTE 6 Currency rates and currency exposure RevolutionRace has a currency exposure mainly towards DKK, EUR, GBP, PLN and SEK for inflow and towards EUR, SEK and USD for outflow. RevolutionRace has accordingly an exposure towards changes in these currencies. For inflow EUR is the primary currency and for outflow the primary currency is USD. Below currency cross rates for SEK/EUR and SEK/USD for information purposes. Source: European Central Bank AR = average rate CR = closing rate Currency AR CR AR CR AR CR AR CR SEK/EUR 10.89 11.09 10.95 11.15 10.92 11.09 11.29 11.15 SEK/USD 9.36 9.74 9.67 9.51 9.36 9.74 10.39 9.51 Apr-Jun Apr-Jun Jul-Jun Jul-Jun 25/26 24/25 25/26 24/25
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RVRC Holding AB (publ) Year-end & Q4 report, 1 July 2025 – 30 June 2026 24 Financial Calendar Contact Annual report 2025/26 16 October 2026 RVRC Holding AB Interim report, Q1 2026/27 19 November 2026 Nils Jakobsonsgatan 5D Annual General Meeting 2025/26 26 November 2026 504 30 Borås Interim report, Q2 2026/27 11 February 2027 Sweden Interim report, Q3 2026/27 29 April 2027 corporate.revolutionrace.com Year-end report 2026/27 10 August 2027 The Annual report will be available at corporate.revolutionrace.com. In the event of discrepancies between the English and Swedish reports, the Swedish version shall govern. This report contains forward-looking statements that reflect the company's current expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot be guaranteed that expectations will prove correct as they are subject to risks and uncertainties that could cause actual results to differ materially depending on a number of factors. Such factors include, but are not limited to, changes in consumer demand, changing economic, market and competitive conditions, exchange r ate fluctuations, developments in product liability disputes, regulatory environment changes and other government measures. Forward-looking statements relate only to expectations as of the date they were made, and beyond what is required by applicable law, the Comp any undertakes no responsibility for updating any of them in the event of new information or future events.