July-September 2025
- Net sales increased by 10% to SEK 135m (123), organic growth amounted to 19% during the quarter
- Operating profit amounted to SEK 44m (48)
- Operating margin decreased to 32.6% (38.5)
- Cash flow from operating activities increased by SEK 5m to SEK 41m (36)
- Earnings per share, diluted, amounted to SEK 1.29 (1.37)
January-September 2025
- Net sales increased by 14% to SEK 386m (339), organic growth amounted to 22%
- Operating profit amounted to SEK 109m (113)
- Operating margin decreased to 28.2% (33.3)
- Cash flow from operating activities increased by SEK 40m to SEK 96m (56)
- Earnings per share, diluted, amounted to SEK 3.20 (3.33)
Growth in all categories and good underlying performance
During the quarter we saw good development with an organic growth of 19 percent and growth in all our categories. This is despite the fact that the tariffs in the for us important US market continues to create uncertainty for our customers, the helmet brands, and for the retail chain. During the quarter, consumers began to experience higher prices for helmets instore, as a result of price increases implemented by the helmet brands to manage tariff costs. Consumer demand has despite that been good and we expect this positive trend to continue and look forward to a return to more normal levels of demand.
Operating profit decreased this quarter compared to last year, which is entirely due to legal costs and negative effects of exchange rate differences. The legal costs amounted to SEK 13m and relate to a lawsuit which one of Mips' US customers is a party to. As previously communicated, Mips is not a party to the suit, but since the suit concerns areas where Mips has intellectual property rights, being an important cornerstone of our brand strength, Mips has chosen to engage to secure the best possible outcome. Mips' own intellectual property rights are not part of this suit.
Net sales increased by 10 percent in the quarter, while organic sales growth, adjusted for currency effects, increased by 19 percent. The gross margin developed well, amounting to 74.2 percent (73.4). Operating profit amounted to SEK 44m (48) and operating cash flow increased to SEK 41m (36).
Helmet category Sports - we continue to perform well in a challenging market
In the Sports category, we achieved growth of 8 percent in the quarter, despite a significant negative impact from currency effects. It is rewarding to see that despite a challenging bike market, we have now delivered volume growth for the eighth quarter in a row in the bike sub-category.
The European market continued to drive growth, but we also saw positive development of our sales within bike in the US market in spite of that the overall sales development in the helmet market has been soft.
We saw a somewhat negative development in the snow sub-category this quarter, driven by phasing of order placements from some of our larger customers. When we sum up the progress so far this year, we still see a continued positive overall development in this sub-category as well.
Helmet category Motorcycle - return to growth in the quarter
In the Motorcycle category, sales increased by 28 percent in the quarter, partly offset by negative currency effects. Both the on-road and off-road sub-categories developed well, and sales started to recover after the imposition of the US tariffs.
This quarter we launched our new event concept at an MXGP competition in Lommel, Belgium. The launch was very successful and well received by our customers as well as consumers. Through our new event concept, we will have the opportunity to increase our activation towards our end consumers to a greater extent.
Helmet category Safety - continued good development in the quarter
In the Safety category, we achieved a 26 percent increase in sales this quarter, partly offset by negative currency effects. We are seeing continued uncertainty around tariffs and related cost increases in the sector. However, we consider this to be of a temporary nature and believe we will be able to maintain a high growth rate in the Safety category going forward.
A helmet rating test for safety helmets was introduced at Virginia Tech in the US this quarter, which is something we welcome. As the current design of this helmet test only addresses head impacts without significant elements of rotation, we look forward to a more comprehensive test methodology in the future that will also address more accident scenarios on construction sites. As these types of tests are refined and expanded, we believe that the importance of rotational protection will also become clearer, which we look forward to.
We received great recognition at NSC Congress & Expo in the US, with four helmets equipped with Mips' safety system listed as top ranked, of which one helmet was awarded "Best in Show". This is evidence of the great work we have accomplished in product development.
Strong position and positive outlook
Despite the challenges consumer goods companies with significant exposure to the US have faced during the year due to major and sudden tariff announcements, we have once again been able to demonstrate the strength of our business model and our offering. We are growing in all three of our categories and are seeing good progress in both the US and Europe. The uncertainty surrounding tariffs for the US market has challenged everyone in our industry, but our customers have generally navigated well in this environment and, among other things, implemented price increases to offset tariff related cost increases, which have been received better than many expected by retailers and consumers.
The imposition of tariffs has meant that many of our customers have started to look into helmet manufacturing in countries other than China. This has taken up a lot of their internal development resources, and has limited their focus on product development of new and better products, which in turn has also decreased the inflow of new customer projects to Mips. Positive to note is that we in the third quarter now are back to the same number of started customer projects as last year after a few quarters of fewer projects being started together with our customers', since they have focused on relocation rather than product development.
We continue to gain market share, have a stronger and broader product range than ever, a unique brand position, and we continue to invest in marketing and product development, which are our key priorities. Given all that, we look forward to an exciting end to the year and an interesting 2026.
Stockholm, October 2025
Max Strandwitz
President and CEO
For more information, please contact:
Max Strandwitz, President and CEO
Max.Strandwitz@Mipsprotection.com
tel +46 709 61 17 54
Karin Rosenthal, CFO
Karin.Rosenthal@Mipsprotection.com
tel +46 768 34 63 66
About Mips
Mips specializes in helmet-based safety and is a world-leader in this area. Based on an ingredient brand business-model, Mips' safety system is sold to the global helmet industry. The technology is based on over 25 years of research and development together with the Royal Institute of Technology and the Karolinska Institute, both located in Stockholm, Sweden. Mips' headquarter with 87 employees engaged in research and development, sales, marketing and administration is in Stockholm, where its product and technology test facility also is located. The Mips share is listed on Nasdaq Stockholm. For more information: www.mipscorp.com
This information is information that Mips AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-10-22 07:30 CEST.
