Slide 1: Mips' Q1 2023 Interim Report presentation
26 April 2023 Mips’ Q1 2023 Interim Report presentation 1
Slide 2: Key highlights
Key highlights • Expected soft bike market affected sales and profit in the first quarter. Net sales was down 35%, adjusting for currency effects organic growth was down 41%. • Strong growth excluding bike related sales • Soft start of season in bike due to cold weather, assumption of gradual recove
Slide 3: Strong winter sport season ended, challenging market in bike
Sport Sport Strong winter sport season ended, challenging market in bike • Challenging quarter in Sports with a decrease in net sales of 38% • Bike is the driver of the decline in the quarter, the other helmet types in Sport showed strong growth • We do expect a gradual improvement of the bike marke
Slide 4: Soft development in the quarter, long-term outlook remains
Moto Soft development in the quarter, long-term outlook remains • Soft development in the quarter in Moto with a decrease in net sales of 33% • Great attention in the market thanks to new Moto GP rider equipped with a helmet with Mips® safety system • The long-term outlook for Mips in the Moto categ
Slide 5: Strong development in line with our ambitious plans
Safety Strong development in line with our ambitious plans • Good performance in Safety and we are following our ambitious plan • In total 12 different brands have launched partnership with Mips • Platform to generate volumes established. 2023 is all about sell-through. 2023 I Q1 interim report 5
Slide 6: Development of net sales in our categories
CATEGORIES Development of net sales in our categories SPORT MOTO SAFETY Sport Q1 Motorcycle Q1 Safety Q1 Revenue SEKm 78 (125) Revenue SEKm 7 (11) Revenue SEKm 3 (1) Growth % -38 Growth % -33 Growth % 275 2023 I Q1 interim report 6
Slide 7: Development in the first quarter
FINANCIAL PERFORMANCE Development in the first quarter • Soft development in the first quarter with a decrease in net SEKm Q1 23 Q1 22 sales by 35%, adjusting for FX, sales decreased 41% organically Net sales 88 137 -35% • Gross profit decreased with 37%. Gross margin of 70.8% (72.5), despite negati
Slide 8: Balance sheet and cash flow
Balance sheet Cash flow from operating activities (SEKm) and cash flow • Cash and Cash Equivalents at SEK 487m (478). Mips does not hold any loans. • Operating cash flow in the quarter Mips group (SEKm) Q1 23 Q1 22 FY 22 amounted to SEK -42m (37), related to decrease in earnings and paid tax Total a
Slide 9: Summary
Summary • Challenging quarter, good performance excluding bike • Gradual recovery of the bike market during the second quarter expected • Good outlook in both Safety and Moto in 2023 • Continued investments in our strategic priorities to deliver on long-term strategic plan • Confident to deliver on
Slide 10: Q&A
Q&A 2023 I Q1 interim report 10
Slide 11: Mips Safety for helmets
Mins Safety for helmets
Slide 12: 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