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Edge24 Jan 2025
Mips: The Gore-Tex of Brain Protection
How Mips turned a critical safety flaw into a global success, redefining helmet protection with its technology and ingredient brand business model.
Mips
Mips (MIPS) investor relations material
Mips Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved 18% organic growth in Q4 and 21% for the full year, with strong performance across all categories and significant gains in Europe and the US despite challenging market conditions.
Completed acquisition of Koroyd in December, expanding the product portfolio and market reach, expected to be accretive to EPS and EBIT.
Underlying profitability impacted by legal, forex, and transaction costs, with EBIT down 11% to SEK 156m.
Sustainability progress recognized with top industry ratings, 49% of 2030 emission reduction target achieved, and 34% recycled material usage in 2025 products.
Proposed dividend of SEK 2.50 per share, representing 55% of net earnings.
Financial highlights
Q4 net sales increased 2% to SEK 147m, with 18% organic growth after FX adjustment; gross margin stable at 72.9%.
Q4 EBIT down 24% to SEK 47m, margin at 31.8% (39.8% excluding legal and transaction costs).
Full-year net sales up 10% to SEK 533m, organic growth 21%, gross margin at 73.4%, EBIT down 11% to SEK 156m, margin at 29.2%.
Operating cash flow strong at SEK 148m for the year.
Cash and equivalents at SEK 214m; net debt/adjusted EBITDA at 0.5x; equity ratio at 43%.
Outlook and guidance
Positive outlook for 2026 with continued growth expected in Europe and the US, and less impact from tariffs.
Legal costs expected to remain at 2025 levels (~SEK 10m per quarter) due to ongoing disputes.
Koroyd acquisition to drive further growth and product innovation, with synergies anticipated in both sales and R&D.
Innovation pipeline and sustainability initiatives to support long-term strategy.
Chinese market remains soft with hesitant consumer demand, not expected to recover in 2026.
How will Koroyd's contingent consideration be met?
How will Mips mitigate US tariff impacts in 2026?
What is the plan to improve operating margin in 2026?
Clarify 2026 legal cost expectations
Initial Koroyd cross-selling synergies
China market outlook for 2026
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Next Mips earnings date
Q1 202623 Apr, 2026
Mips
Next Mips earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Swedish pioneering technology in helmets
If you’ve used or seen someone using a helmet in the last few years, you’ve likely seen a MIPS-equipped helmet, recognizable from the yellow liner and small yellow dot on the helmet shell.
Multi-directional Impact Protection (MIPS) is an integral part of the safety technology in helmets, and over 140 brands incorporate it in over 883 helmets. In 2021, over twelve million helmets with MIPS were sold.
A new way of protecting your brain
The first MIPS helmet was actually an equestrian one, launched in 2007 after the student Peter Haldin and the brain surgeon Hans Von Holst had discovered the shortcomings of standard helmets. The traditional helmets were only tested for linear impacts rather than rotational forces, which are more harmful to the human brain. Marcus Seyffarth is head of product development at MIPS. He uses the analogy of stretching a rubber band to explain the strain these rotational forces can have:
“The more you stretch a rubber band, the less likely it is to return to its original shape, and the same can be said for rotational forces in the brain.”
Exclusively in third-party collaborations
Halldin and Von Holst realized, however, that it can be hard to break through with a new product and brand in a fairly brand-dominated market. So, the founders released their first third-party helmet, including the MIPS system. Today, the company works exclusively with manufacturers and integrates their technology into the helmets from the beginning of the design process.
Licensing, for a constant cash flow
After the initial lower margin “heavy lifting” when onboarding a new brand and/or model (fitting the MIPS technology into a specific helmet, safety testing it, and then mass producing the layers) is paid for, basically every incremental licensing dollar for producing and selling the helmets drops straight to the bottom line. As a result of this, the company has increased their EBIT by an incredible 125x in the last six years, and revenue by 11.3x, due to en impressive margin expansion and increased adoption of the MIPS technology.
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