Mips (MIPS) Q1 2026 earnings summary

Executive summary

• Net sales grew 30% year-over-year to SEK 151m in Q1 2026, with 25% organic growth across all categories and key regions.

• Profitability improved, with adjusted EBIT margin reaching 33.2% and EBIT up 50% year-over-year, despite legal costs and forex headwinds.

• Koroyd acquisition, completed in December, contributed 18% to growth, expanded the product portfolio, and is generating strong customer interest.

• Growth achieved across all three categories (sports, moto, safety) and all key regions, with market share gains in Europe and the US.

• Limited impact from Middle East conflict so far, but suppliers warn of potential future cost increases.

Financial highlights

• Net sales: SEK 151m (up 30% year-over-year); organic growth 25%.

• Gross profit: SEK 107m (up 29%); gross margin 71.1% (down from 72.1% last year).

• Adjusted EBIT: SEK 50m (up 50%); adjusted EBIT margin 33.2% (up from 28.8%).

• Operating profit (EBIT): SEK 43m (up 78%); EBIT margin 28.6% (up 7.7 p.p.).

• Operating cash flow was SEK 18m, impacted by higher receivables and later invoicing.

Outlook and guidance

• Long-term ambition remains at 30%+ organic growth per year, with positive outlook for all categories.

• Safety category expected to accelerate growth above 6% organic, targeting faster growth than last year’s 43%.

• Innovation pipeline and Koroyd integration expected to drive relevance and entry into new product areas.

• Ongoing legal dispute expected to continue impacting costs through 2026.

• Management anticipates ongoing global economic and geopolitical challenges but feels well-equipped to navigate them.