Mips (MIPS) Q3 2026 earnings summary

Executive summary

• Q3 net sales were SEK 215m, up 59% with 24% organic growth; 9M sales were SEK 598m, up 55% with 31% organic growth, across categories and geographies.

• Market-share gains, customer penetration, product innovation and Koroyd integration supported growth; strategy and product-development investment pace remain unchanged.

Financial highlights

• Q3 gross profit rose 55% to SEK 155m; reported EBIT increased 37% to SEK 60m and adjusted EBIT rose 70% to SEK 97m.

• 9M gross profit increased 53% to SEK 434m; reported EBIT rose 82% to SEK 198m and adjusted EBIT increased 76% to SEK 255m.

• Q3 net income was SEK 39m versus SEK 34m; diluted EPS was SEK 1.48 versus SEK 1.29.

• 9M net income was SEK 136m versus SEK 85m; diluted EPS was SEK 5.12 versus SEK 3.20.

• Operating cash flow was SEK 48m in Q3 and SEK 128m in 9M, versus SEK 41m and SEK 96m, respectively.

Outlook and guidance

• Long-term organic growth ambition remains above 30%; management saw no Q4 deviation from the ambition and reiterated the target for 2027.

• Long-term targets are net sales above SEK 2bn no later than 2029 and EBIT margin above 50%; targets are objectives, not forecasts.

• Management expects a strong year-end and continued growth in 2027, supported by customer interest, new products and Koroyd opportunities.

• Long-term gross margin ambition remains above 70%; management expects to defend that level with Koroyd included.

• Q4 is normally the largest quarter seasonally; expectations include continued strong European bike growth and a broadly unchanged U.S. market.