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MIPS AB (MIPS) Q3 2026 Earnings Report
SE:MIPS Q3 2026 EPS Results
- Actual EPS
- SEK 1.76
- Consensus EPS
- SEK 2.08
- Beat/Miss
- Missed by -SEK 0.32
- One Year Ago EPS
- SEK 1.29
SE:MIPS Q3 2026 Revenue Results
- Actual Revenue
- SEK 215.00M
- Expected Revenue
- SEK 215.53M
- Beat/Miss
- Missed by -SEK 525.00K
- YoY Revenue Growth
- +59.26%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
MIPS AB's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Robust sales growth, broad-based market momentum, significant growth in Moto and Safety, improved adjusted profitability, healthy cash flow, market share gains, and a reaffirmed long-term outlook substantially outweighed the lower-than-expected quarterly organic growth, gross-margin decline, legal costs, challenging U.S. market and modest relocation costs.
Management said its long-term ambition is to stay above 30% organic growth, with “more than 30% organic growth” expected in Q4 and the “exact same ambition level” for 2027; the U.S. market assumption for 2027 is that it will “basically be as it is today,” while Europe is expected to “continue to grow quite quickly” and the Asian market is expected to be “quite strong during next year.” In safety, the ambition is SEK 100 million for the year, and Q4 has “normally been the biggest quarter in safety of the year.” Gross margin is expected to remain “above 70%” going forward with Koroyd; R&D spending is intended to be 5% and marketing 7%, with Koroyd expected over time to have the same type of cost base and cost ratios as Mips. Koroyd was expected to grow with “around 15%,” and management sees “no reason why it should start decreasing again.” A few SEK million of cost relating to the move to a new facility should be added into the Q4 assumption, and the plan remains to release a more integrated Mips and Koroyd solution during 2027.
- Strong Quarterly and Year-to-Date Sales GrowthThird-quarter net sales increased 59%, including 24% organic growth after adjusting for acquisitions and FX. Year-to-date net sales increased 65%, with 31% organic growth, in line with the company's long-term ambition.
- Broad-Based Momentum and Market Share GainsMomentum was broad-based across all categories and geographies. Europe and North America continued to develop strongly, Asia continued its positive trend, and the company stated that it gained market share in all markets.
- Strong Sport Category PerformanceSport net sales increased 37% in the quarter, including 22% organic growth. Year-to-date organic growth in Sport was 30%, with solid growth in Europe, positive development in the U.S. despite softer market conditions, and continued positive momentum in Asia.
- Sustained Bike Growth and European OpportunityBike delivered growth for the 12th consecutive quarter and has reported three consecutive years of quarterly growth, which management said means the COVID unwind effects can now be considered over. Bikes sold in Germany were up 10% versus the previous year, and the company expects Germany and the broader European bike market to remain strong.
- Moto Category AcceleratedMoto net sales increased 116% in the quarter, including 46% organic growth. Year-to-date net sales growth was 74%, with 35% organic growth. Both off-road and on-road performed well, and the on-road subcategory outgrew motocross in absolute terms for the first time.
- On-Road Moto Initiatives Gaining TractionManagement said initiatives in the on-road category are starting to pay off and reiterated that there is a good opportunity to continue growing in Moto.
- Athlete Team AchievementsMips athlete Jeffrey Herlings won the MXGP World Tour and became world champion, while Jorge Prado won the SMX series in the U.S.
- Safety Category Growth and Target ProgressSafety growth was 396% in the quarter, including 34% organic growth after adjusting for acquisition and FX. Safety revenue reached SEK 77 million, against the full-year ambition of SEK 100 million, and management said there is a very good chance of reaching that milestone.
- Successful SHK-2 Helmet LaunchMips and Studson launched the SHK-2 industrial safety helmet in September. The helmet was well received, focuses on thermal regulation, comfort and fit, and is Studson's first helmet with a full interior Koroyd solution rather than a combination of Koroyd and EPS.
- Koroyd Integration and DemandManagement said the integration of Koroyd is working really well. Koroyd contributed 30% to third-quarter net sales growth and 26% to year-to-date growth. Third-quarter Koroyd momentum was better than the approximately 15% historic full-year growth expectation, and management saw no reason for that momentum to decrease.
- Improved Underlying ProfitabilityThird-quarter adjusted EBIT increased 70%, and the adjusted EBIT margin improved to 45.2% from 42.1% last year. For the first nine months, adjusted EBIT increased 76%, with an adjusted EBIT margin of 42.7% versus 37.5% last year.
- Healthy Cash Flow and LeverageOperating cash flow was SEK 48 million in the third quarter and SEK 128 million for the first nine months. Cash and cash equivalents were SEK 141 million, and net debt to adjusted EBITDA was 0.3x at the end of September.
- Dividend PaidThe company paid a SEK 66 million dividend in April, corresponding to 55% of net earnings.
- Management Team StrengthenedMips recruited Marie Björklund as the new CFO and Céline Flach as Chief Commercial Officer, a newly created role. Both are scheduled to start in January.
- Increased Quin Ownership and Data CapabilitiesMips exercised an option to acquire an additional 5% of Quin, increasing its ownership from 25% to 30%. Management said Quin's real-world user data complements Mips' computer simulations and test laboratory, creating an ecosystem of data that is difficult to match in the industry.
- Quin Repositioned Into a Profitable Ingredient BrandQuin has shut down its own helmet development and helmet sales activities and is now a pure ingredient brand. Sales are currently a couple of millions, and the business has moved into profitable territory.
- Long-Term Growth Outlook ReaffirmedManagement reiterated its ambition to deliver more than 30% organic growth over the long term and said it expects the same ambition level for 2027. The company also reiterated its long-term outlook for Sport, Moto and Safety.
- Positive Bike and Asian Market ExpectationsManagement expects the European bike market to continue growing quickly, particularly in Germany. It also said the Asian market bounced back earlier than expected and is expected to remain strong next year.
- Investment in R&D and MarketingManagement said it plans to invest 5% in R&D and 7% in marketing, with Koroyd expected over time to move toward a similar cost-base and cost-ratio structure as Mips.
- Growing Project Revenue and Industry InterestProject services revenue increased quickly due to increased project momentum and the inclusion of Koroyd. Management said tougher standards, including the FIM 02 standard used for MotoGP and MXGP, are generating greater interest from brands seeking collaboration.
- Planned Integrated Mips and Koroyd SolutionThe company confirmed that it still plans to release a more integrated Mips and Koroyd solution during 2027.
- Supportive New Safety StandardsManagement said the new ANSI standard provides clearer definitions for Type 1 and Type 2 helmets and introduces more requirements for helmet performance. The standard is expected to support demand for better-quality helmets, with a potentially positive effect for Koroyd in the short term.
SE:MIPS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 3.23- | 1.34 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 2.081.75 | 1.28 | 36.58% (+0.47) | |
| Jul 16, 2026 | 2026 (Q2) | 2.292.78 | 1.22 | 128.64% (+1.56) | |
| Apr 23, 2026 | 2026 (Q1) | 1.171.21 | 0.72 | 68.06% (+0.49) | |
| Feb 11, 2026 | 2025 (Q4) | 1.491.34 | 2 | -33.00% (-0.66) | |
| Oct 22, 2025 | 2025 (Q3) | 1.321.28 | 1.4 | -8.21% (-0.12) | |
| Jul 16, 2025 | 2025 (Q2) | 1.221.22 | 1.54 | -21.10% (-0.33) | |
| Apr 24, 2025 | 2025 (Q1) | 1.090.72 | 0.45 | 61.07% (+0.27) | |
| Feb 06, 2025 | 2024 (Q4) | 1.722.00 | 0.6 | 233.33% (+1.40) | |
| Oct 24, 2024 | 2024 (Q3) | 1.421.40 | 0.51 | 174.51% (+0.89) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
