July-September 2026
- Net sales increased by 59% to SEK 215m (135), organic growth amounted to 24% during the quarter
- Operating profit amounted to SEK 60m (44), operating profit adjusted for items affecting comparability* amounted to SEK 97m (57)
- Operating margin amounted to 28.1% (32.6), operating margin adjusted for items affecting comparability* was 45.2% (42.1)
- Cash flow from operating activities amounted to SEK 48m (41)
- Earnings per share, diluted, amounted to SEK 1.48 (1.29)
- During the quarter, on 2 July 2026, Mips has together with its customer Revelyst resolved the patent infringement litigation with BrainGuard Technologies, Inc. Mips will pay USD 3.25m, which has been recognized in the third quarter
January-September 2026
- Net sales increased by 55% to SEK 598m (386), organic growth amounted to 31%
- Operating profit amounted to SEK 198m (109), operating profit adjusted for items affecting comparability* amounted to SEK 255m (145)
- Operating margin increased to 33.2% (28.2), operating margin adjusted for items affecting comparability* was 42.7% (37.5)
- Cash flow from operating activities amounted to SEK 128m (96)
- Earnings per share, diluted, amounted to SEK 5.12 (3.20)
A quarter that reaffirms our strategy
During the third quarter of the year, sales increased by 59 percent to SEK 215m. Organic growth was 24 percent, with strong growth across all categories, which is primarily attributable to continued gains in market share and increased penetration across all categories.
The positive trend across all product categories confirms that our strategic initiatives are delivering results. Koroyd, which was acquired in December 2025, contributed with 30 percent of the quarter's growth and continued to grow organically and developed well. Currency effects had a positive impact of six percent on sales in the quarter.
During the first nine months of the year, sales have increased by 55 percent to SEK 598m, with strong growth in all our categories and geographies. Excluding effects related to acquisitions and forex, organic growth was 31 percent, with forex having a negative impact of two percent.
The strong growth in combination with our scalable business model led to an improvement in profitability during the quarter. Adjusted operating profit, excluding costs related to the legal dispute that was settled in July, amounted to SEK 97m (57), and the adjusted operating margin was 45.2 percent (42.1). Legal costs and settlement amounts related to the resolution of the legal dispute in which Mips was previously involved, totaled SEK 37m (13), and were expensed this quarter. Reported operating profit for the quarter amounted to SEK 60m (44) and the reported operating margin was 28.1 percent (32.6). Operating cash flow amounted to SEK 48m (41).
Our profitability continued to improve during the first nine months of the year, with the adjusted operating profit amounting to SEK 255m (145) and an adjusted operating margin of 42.7 percent (37.5). Reported operating profit amounted to SEK 198m (109) and the operating margin increased to 33.2 percent (28.2). Operating cash flow amounted to SEK 128m (96).
Performance remains strong across all areas
The development continued to be strong in all geographies in the quarter. Europe continued to perform well with 23 percent organic growth, but met a challenging comparator, as we achieved growth of over 70 percent in the corresponding quarter of the previous year. During the first nine months of the year, organic growth in Europe amounted to 44 percent, which is in line with our ambition for this region.
North America continued to perform well, with organic growth of 32 percent for the quarter and 30 percent during the first nine months of the year. Demand remains high, particularly for our innovations and for the premium segment.
The positive trend in Asia continued, with organic growth of 53 percent for the quarter and 50 percent for the first nine months of the year. We have held a positive long-term outlook for the Asian market and are therefore very pleased that we are now beginning to see stronger results in this region as well. Growth in the region is primarily being driven by the Sports category and the bike sub-category.
The Koroyd brand continued to perform well and in line with our expectations, with strong growth in both the Sports and Safety categories. We are also seeing growing interest from several of our customers in integrating Koroyd's technology into body protection, protective gloves, and footwear.
Increased investment in the sensor technology company Quin
An important part of our strategy is to continue leading the world in advanced product development for the helmet industry through a combination of simulation and validation in laboratory settings, and real-world user data. To ensure quality and secure access to data, we acquired a 25 percent stake in the sensor technology company Quin (www.quinwithin.com) in 2023. In connection with our investment, we obtained an option to acquire an additional five percent of the shares of Quin (at a predetermined valuation of SEK 15m). Since Quin's business has progressed well and is in line with the long-term plan we jointly formulated, we chose to exercise the option in July of this year. As a result, Mips' ownership stake in Quin now stands at 30 percent.
Helmet category Sports - continued solid growth, especially in bike
In the Sports category, we achieved total growth of 37 percent during the quarter, of which organic growth amounted to 22 percent. The bike sub-category continued to perform well, and the quarter marked the twelfth consecutive quarter of growth, following the post-pandemic slowdown in the industry.
Even though we posted growth of over 100 percent in Europe last year, we still managed to deliver strong growth this quarter as well. For the first nine months of the year, growth totaled 39 percent and organic growth totaled 30 percent. We are seeing positive trends in many markets across Europe, but Germany, in particular, continues to perform well. We are also seeing positive industry data from Germany, where bike sales rose by more than 10 percent at the start of the year. This trend has also been confirmed by several players in the retail sector. We are also seeing positive developments in the important North American market, where particularly our premium products continue to perform well. The third quarter is typically a somewhat slower quarter in terms of sales in the snow sub-category, where we saw mixed results. There was stable sales progress in the European market, while the North American market was weaker following a season of challenging weather conditions in the winter of 2025-2026, particularly in the key winter-sports regions of the western U.S. and Canada. New statistics from North America show that an increasing number of people are participating in winter sports (+3 percent), with snowboarding being the fastest-growing area (+10 percent) compared to the previous year, but that the number of active days has decreased due to a season of unfavorable weather conditions.
Overall, we remain optimistic about future developments in both the key sub-categories of bike and snow. In the Sports category as a whole we are seeing strong customer interest, such as in equestrian sports, which, combined with the roll-out of exciting innovations, creates strong growth opportunities within the category.
Helmet category Motorcycle - strong progress in a challenging market
In the Motorcycle category, we achieved growth of 116 percent in the quarter. Organic sales growth amounted to 46 percent. We saw solid developments in both of our sub-categories, with off-road accounting for the largest share, but the on-road motorcycle sub-category growing the fastest. During the first nine months of the year, growth amounted to 74 percent, of which organic growth accounted for 35 percent.
It is inspiring to see that the Motorcycle category continues to move in a positive direction, despite a generally challenging market for the category. Developing new helmets to meet the requirements of the recently implemented helmet standards and those that are still to be implemented is more complicated than before, and we are seeing more and more customers seeking to partner with us to ensure access to the right expertise and technology as helmet requirements become more stringent.
Given the continued high level of activity in the category, we believe that this positive trend will continue. We have maintained a high pace of innovation, and the roll-out of these innovations will continue to support our growth journey in this category.
Helmet category Safety - continued positive performance
In the Safety category, sales increased by 396 percent during the quarter, and the organic sales growth was 34 percent. During the first nine months of the year, growth amounted to 363 percent, of which organic growth accounted for 37 percent.
In September, Mips and Koroyd participated for the first time with a joint booth at the National Safety Council (NSC) Safety Congress & Expo, one of North America's largest trade shows in the Safety category. Studson, one of the industry's leading brands, and Koroyd's largest customer in the Safety category, launched a new helmet at the trade show that fully integrates Koroyd's technology. The product was very well received by both customers and industry media, and we view it as an important step in continuing to develop the premium segment for safety helmets. Koroyd also launched new products in the areas of protective gloves and foot protection, which generated significant interest from the market.
Performance in this category has been very strong during the year, and we look forward to the roll-out of the Group's new products in this category.
Favorable conditions for a strong finish to the year and additions to Executive Management
During the first nine months of the year, we have seen positive progress in all categories and geographies, including the acquired business under the Koroyd brand. We continue to see very strong growth potential in all categories. Supported by the Group's new solutions and products, we expect to continue increasing our market share and thereby further strengthen our market-leading position. There is significant customer interest in new development projects involving both our Mips and Koroyd brands.
I am eagerly looking forward to the end of 2026 and to continuing our growth journey in 2027. Through the acquisition of Koroyd, we have strengthened both our product portfolio and our organization. We will enter 2027 with a new executive management structure, and as previously announced, we will welcome our new CFO, Marie Björklund, in January. Also in January, Céline Flach will assume the newly created position of Chief Commercial Officer. Céline most recently served as CEO of DAB Dental (part of the Lifco Group) and has a long, proven track record of commercial leadership in both marketing and sales.
Our strategy remains unchanged, and we will continue to invest in product development at an undiminished pace, and we see many exciting opportunities arising from the acquisition of Koroyd. In other words, we are well positioned to drive continued growth and deliver in line with our long-term financial goals.
Stockholm, October 2026
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 Group
Mips Group is a global safety company, based in science, operating with an ingredient brand business model that includes the brands Koroyd and Mips. The Group develops innovative safety solutions that are integrated into helmets and other protective products by renowned brands worldwide. Koroyd is a pioneer in advanced impact protection technology based on aerospace safety research, while Mips is a leader in helmet-based safety backed by over 30 years of research and development in collaboration with the Swedish Royal Institute of Technology and Karolinska Institutet. Koroyd SARL is seated in Monaco, Mips AB is headquartered in Stockholm and listed on Nasdaq Stockholm. For more information, visit www.koroyd.com and 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 2026-10-21 07:30 CEST.
