Slide 1: Mips' presentation of the Q2 2024 Interim Report
18 July 2024 Mips’ presentation of the Q2 2024 Interim Report 2024 I Q2 interim report 1
Slide 2: Key highlights
Key highlights • Strong quarter with +31% organic growth, YTD organic growth now at +14% • Good development in all categories and in all regions • The interest in implementing Mips’ safety system in new helmets remains high and market share and penetration of Mips continue to increase • No change of
Slide 3: Sports – strong development in bike and snow
Sports Sports – strong development in bike and snow • Good performance in Sports with +33% with good performance in bike, snow and EQ • We continue to see positive order momentum in bike and our previous assumption of recovery in bike remains • Inventory levels have returned to more healthier levels
Slide 4: Positive momentum in Moto continues
Moto Positive momentum in Moto continues • Good performance with 14% growth in the quarter • Retail environment has improved, especially for the important US market, but still softer than normal • Implemented initiatives start to have effect, through new launches, improved sell through and new partn
Slide 5: Good development in Safety with important launches
Safety Good development in Safety with important launches • Important launches with MSA and Husqvarna in the quarter, strong platform to build volumes established • Volume development somewhat slower than expected despite good interest from both the US and the European market • Volumes expected to i
Slide 6: Development of net sales in our categories
CATEGORIES Development of net sales in our categories SPORTS MOTO SAFETY Sports Q2 YTD Motorcycle Q2 YTD Safety Q2 YTD Revenue SEKm 122 (91) 193 (169) Revenue SEKm 8 (7) 15 (14) Revenue SEKm 4 (4) 8 (6) Growth % 33 14 Growth % 14 8 Growth % 10 23 2024 I Q2 interim report 6
Slide 7: Development in the second quarter
FINANCIAL PERFORMANCE Development in the second quarter • Great development in the second quarter with increase in net SEKm Q2 24 Q2 23 sales of 31%, adjusting for FX, net sales increased 31% organically. Net sales 133 102 31% • Gross profit increased with 37%. Gross margin of 72.9% (70.0), increase
Slide 8: Development first six months
FINANCIAL PERFORMANCE Development first six months SEKm YTD 24 YTD 23 • Net sales during the first six months increased with 14%, adjusting for FX sales increased 14% organically. Net sales 216 190 14% • OPEX – continue to invest in strategic priorities. Gross profit 154 134 16% • EBIT up 70% to SEK
Slide 9: Balance sheet and cash flow
Balance sheet Cash flow from operating activities (SEKm) and cash flow • Cash and Cash Equivalents at SEK 266m (356). Dividend payout of SEK 159m in May (SEK 6.00 per share). Mips does not hold any loans. • Operating cash flow in the quarter Mips group (SEKm) Q2 24 Q2 23 FY 23 amounted to SEK 29m (9
Slide 10: Summary
Summary • Good quarter with growth in all categories and all geographies. YTD sales now in positive territory. • Our assumption remains the same as previous quarter. We expect gradual recovery of growth throughout 2024. Our view is that our sales will reflect market sell out, with less impact from o
Slide 11: Q&A
Q&A 2024 I Q2 interim report 11
Slide 12: Mips Safety for helmets
Mins Safety for helmets
Slide 13: Disclaimer
Disclaimer IMPORTANT MESSAGE FROM MIPS AB This presentation has been prepared by Mips AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentati