Kvartalsrapport Q1 2026

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===== SIDA 1 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
1 
 
 
 
 
 
 
 
 
 
 
Interim report 
1 July 2025 – 31 March 2026 
RVRC Holding AB (publ) 
 
The report concerns the group in which RVRC Holding AB (559129–4623)  
is the parent company and which is referred to in the report as RevolutionRace

===== SIDA 2 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
2 
 
 
THIRD QUARTER HIGHLIGHTS 
 
Financial development & significant events during the third quarter 
• Sales growth in local currencies amounted to 5 percent. 
• Net sales for the quarter amounted to SEK 487 (486) million. 
• Gross profit amounted to SEK 345 (337) million, corresponding to a gross margin of 71.0 (69.4) percent.  
• EBIT amounted to SEK 105 (80) million, corresponding to an increase of 31 percent.  
• Adjusted EBIT amounted to SEK 105 (101) million, corresponding to an increase of 4 percent.  
• EBIT margin amounted to 21.4 (16.4) percent and adjusted EBIT margin amounted to 21.4 (20.8) percent. 
• Earnings per share before and after dilution amounted to SEK 0.77 (0.57).  
• Successful relocation of logistics center in Sweden completed. 
• Exercise of warrants in LTIP 2022/26 generated SEK 56 million. 
 
 
Financial overview 
 
 
 
 
 Net sales 
 Per quarter and rolling 12 months 
Adjusted EBIT 1) 
Per quarter and rolling 12 months 
EBIT  
Per quarter and rolling 12 months
              
 
 
 
RevolutionRace financial year is 1 July – 30 June. 
1) Excluding items affecting comparability for the second quarter 25/26 amounting to SEK 2 million, for the second quarter 24/25 amounting to SEK 5 million and the third quarter 
24/25 amounting to SEK 21 million, which are primarily related to share-based incentive programmes. 
* Alternative performance measures, see page 18-19. 
 
 
 
 
 
 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun Apr-Mar
 SEKm 25/26 24/25 Δ 25/26 24/25 Δ 24/25 25/26
Net sales 487 486 0% 1,604 1,520 6% 1,925 2,009
Average order value (AOV), (SEK)* 932 1,018 -8% 968 992 -2% 979 960
Gross profit* 345 337 2% 1,124 1,063 6% 1,344 1,405
EBIT* 105 80 31% 357 295 21% 357 419
Adjusted EBIT* ¹) 105 101 4% 359 320 12% 383 422
Profit for the period 83 63 32% 281 233 21% 283 332
Earnings per share before dilution, SEK 0.77 0.57 35% 2.60 2.09 24% 2.55 -
Earnings per share after dilution, SEK 0.77 0.57 35% 2.60 2.09 24% 2.55 -
Gross margin* 71.0% 69.4% 1.6 pp 70.1% 70.0% 0.1 pp 69.8% 69.9%
EBIT margin* 21.4% 16.4% 5.0 pp 22.2% 19.4% 2.8 pp 18.6% 20.9%
Adjusted EBIT margin* 21.4% 20.8% 0.6 pp 22.4% 21.1% 1.3 pp 19.9% 21.0%

===== SIDA 3 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
3 
 
 
COMMENTS FROM CEO 
 
Continued growth and profitability for RevolutionRace 
We present a quarter of continued profitable growth and continue to strengthen our market positions. During the third 
quarter, sales increased by 5 percent in local currencies compared with the corresponding quarter of the previous year. 
Net sales in the third quarter amounted to SEK 487 (486) million. Profitability remains industry -leading and adjusted 
EBIT amounted to SEK 105 (101) million during the quarter, with an adjusted EBIT margin of 21.4 (20.8) percent.  
 
Continued increase in market share 
Sales in DACH increased by 7 percent in local currencies. 
Austria and Switzerland continued to show a positive 
trend, and Austria was overall the third largest market 
during the quarter. In Germany we see reports 
indicating that overall consumer confidence has 
weakened. Despite this, we continue to grow and we 
assess that we are strengthening our market position in 
this, our largest, market. 
   In the Nordics region, growth amounted to 6 percent 
in local currencies, while in the Rest of the World region 
sales decreased by 4 percent in local currencies. 
   Sales in the United States were at their highest in the 
corresponding quarter of the previous year and have 
since been negatively impacted by changing market 
conditions, such as the introduction of tariffs. Excluding 
North America, the Rest of the World region would have 
increased sales by 2 percent in local currencies, as well 
as by 6 percent for total sales across all markets. 
 
Industry-leading margins 
We continue to combine growth with high profitability, 
thereby reinforcing our position as one of the most 
profitable players in the industry. Adjusted EBIT in the 
quarter amounted to SEK 105 (101) million, 
corresponding to an adjusted EBIT margin of 21.4 (20.8) 
percent. The gross margin in the quarter amounted to 
71.0 (69.4) percent. 
   During the quarter, net sales were negatively 
impacted by currency effects due to a stronger Swedish 
krona, as the majority of our revenues are generated in 
other currencies, primarily EUR, while reporting is in 
SEK. At the same time, a weaker USD had a positive 
impact on purchasing costs, and we continue to have a 
positive view on the development of the gross margin in 
the coming quarters. 
 
Strengthened logistics and delivery capability 
During the quarter, we completed the relocation of our 
Nordic warehouse to the automated logistics centre in 
Stockholm. Following the relocation, we are better 
equipped to handle higher volumes. This strengthens 
our customer promise and creates favourable 
conditions for continued growth. 
   The warehouse move was carried out without any 
direct disruptions to operations, except for some 
negative impact on product availability during isolated 
days. 
Financial position 
We continue to have a strong financial position, with an 
inventory of good quality, a net cash position of SEK 351 
(147) million and a credit facility of SEK 600 million, 
which was unutilised at the end of the quarter. 
   During the quarter, we continued share repurchases in 
accordance with the mandate from the Annual General 
Meeting and repurchased shares for SEK 62 million 
during the period. We continue to take a long-term view 
of the share repurchase programme.  
   Further, we received SEK 56 million in cash during the 
quarter as a result of the exercise of warrants under 
LTIP 2022/26.  
 
Customer focus and new products 
Our customer relationships are a central part of 
RevolutionRace’s development. The number of unique 
product reviews on the website now exceeds 800,000, 
with an average rating of 4.6 out of 5. Continuous 
feedback from our customers strengthens the brand, 
contributes to high loyalty and a large share of repeat 
customers. 
   During the quarter, we further developed and 
broadened the Nordwand series, our most iconic and 
best-selling pants. The updates, based on customer 
feedback, include improved fit, more models and an 
expanded range of lengths. Early feedback indicates a 
strong customer reception. 
   In March 2026, RevolutionRace also launched its first 
collection of dedicated cycling products, designed to 
cover everything from mountain biking to road cycling. 
The launch is part of testing new outdoor verticals to 
meet customer demand for a broader product range 
and to increase sales over time. The alpine category was 
launched a few years ago and has developed well. Sales 
of alpine products continued to show strong 
performance during the most recent alpine season and 
have the potential to continue growing in the coming 
seasons.

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RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
4 
 
 
Physical stores as a complement to e-commerce 
Following the establishment of our first two physical 
stores in Stockholm, we continue to evaluate 
opportunities for additional store openings. In April, we 
opened our store in Haparanda, located near the border 
between Sweden and Finland. The opening day was very 
well attended, with customers from Sweden, Finland 
and Norway, clearly highlighting Haparanda’s role as a 
cross-border retail destination. 
   We will continue to selectively evaluate further 
locations, including outside Sweden. Our physical stores 
complement e-commerce by strengthening the brand, 
deepening customer relationships and contributing to 
increased sales, both directly in-store and indirectly 
through increased traffic and conversion online. 
 
Outlook 
The external environment remains uncertain, but with a 
strong outdoor offering, combining high quality with 
attractive prices, we are well positioned. Combining a 
strong financial position, satisfied customers and a 
competitive offering, provides a solid foundation for 
continued profitable growth over time and we note 
continued sales growth during the first weeks of April. 
   Finally, I would like to extend my sincere thanks to our 
employees, whose commitment and expertise are 
crucial to our continued development. I would also like 
to thank our customers and partners for your trust. 
 
 
Paul Fischbein, CEO

===== SIDA 5 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
5 
 
 
FINANCIAL DEVELOPMENT  
 
Third quarter (Jan – Mar 2026) 
Operating income 
Net sales in the third quarter amounted to SEK 487 (486) 
million, an increase of 5 percent in local currencies (0 percent 
in SEK). The increase in net sales in local currencies is 
attributable to higher demand for the company’s products. 
   Net sales in region DACH increased by 7 percent in local 
currencies (2 percent in SEK) to SEK 285 (279) million. Net 
sales in the Nordics increased by 6 percent in local currencies 
(4 percent in SEK) to SEK 109 (104) million and decreased in 
RoW by 4 percent in local currencies (-10 percent in SEK) to 
SEK 93 (103) million. 
 Share of net sales by region in the third quarter 
 
Operating income for the quarter amounted to SEK 488 (486) 
million. The difference between net sales and operating 
income comprises other operating income which is usually 
attributable to the net of currency exchange gains and losses. 
A positive net amount equals other operating income, and a 
negative net amount equals other operating expenses.  
   The net amount for the quarter is SEK 1 million, i.e. other 
operating income, compared to SEK -4 million, i.e. other 
operating expenses, in the corresponding quarter last year, 
and is primarily attributable to currency effects related to 
items on the balance sheet.  
Gross profit 
Gross profit increased by 2 percent to SEK 345 (337) million, 
corresponding to a gross margin of 71.0 (69.4) percent.  
   The difference in gross margin, compared to the 
corresponding quarter last year, is primarily attributable to 
currency effects on net sales and goods for resale and product 
mix. 
 
 
 
 
 
 
 
Operating profit (EBIT) 
Adjusted operating profit (EBIT) for the quarter amounted to 
SEK 105 (101) million, corresponding to an adjusted EBIT 
margin of 21.4 (20.8) percent. Operating profit (EBIT) for the 
quarter amounted to SEK 105 (80) million, corresponding to 
an EBIT margin of 21.4 (16.4) percent. The result in the 
corresponding quarter last year included items affecting 
comparability of SEK -21 million. 
   Goods for resale decreased to SEK -141 (-149) million. 
Other external expenses amounted to SEK -204 (-200) 
million. Personnel expenses in the quarter amounted to SEK  
-35 (-51) million whereof SEK -21 million in the 
corresponding quarter last year was related to items 
affecting comparability. Net other operating 
income/expenses amounted to SEK 1 (-4) million.  
Earnings and earnings per share for the quarter 
Profit before tax amounted to SEK 105 (79) million. Profit for 
the quarter was SEK 83 (63) million. Earnings per share 
before and after dilution amounted to SEK 0.77 (0.57). 
Cash flow 
Cash flow from operating activities amounted to SEK 18 
(-110) million. The increase in cash flow is primarily 
attributable to the improved result, changes in operating 
liabilities and decrease in inventory, compared to the 
corresponding quarter last year.  
   Cash flow from investment activities amounted to SEK -1  
(0) million. Cash flow from financing activities amounted to 
SEK -8 (-10) million, primarily attributable to repurchased 
shares of SEK -62 (-27) million and to subscription of shares 
SEK 56 (0) million in incentive programme 2022/26.  
   Cash flow for the quarter amounted to SEK 9 (-120) million. 
Financial position 
Net cash amounted to SEK 351 (147) million. Cash and cash 
equivalents amounted to SEK 368 (159) million. The interest-
bearing debt of SEK 17 (12) million consists of lease liabilities 
of SEK 17 (12) million. Liabilities to credit institutions 
amounts to SEK 0 (0) million. The group’s total credit facility 
amounts to SEK 600 million, which at the end of the quarter 
was undrawn. The credit facility expires in June 2028.  
Net working capital 
Net working capital amounted to SEK 148 (294) million. The 
change is primarily attributable to reduction in inventory.  
Investments 
Investments affecting cash flow amounted during the 
quarter to SEK 1 (0) million. Investments in intangible assets 
amounted to SEK 1 (0) million. Investments in tangible assets 
amounted to SEK 0 (0) million. 
Personnel 
The average number of FTEs was 145 (132), including 6 (0) 
average FTEs attributable to retail operations.

===== SIDA 6 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
6 
 
 
Nine months (Jul 2025 – Mar 2026) 
Operating income 
Net sales in the nine-month period amounted to SEK 1,604 
(1,520) million, an increase of 10 percent in local currencies (6 
percent in SEK). The increase in net sales is attributable to 
higher demand for the company’s products.  
   Net sales in DACH increased by 13 percent in local 
currencies (8 percent in SEK) to SEK 936 (866) million. Net 
sales in the Nordics increased by 10 percent in local 
currencies (7 percent in SEK) to SEK 370 (345) million and 
increased in RoW by 2 percent in local currencies (-4 
percent in SEK) to SEK 298 (309) million. 
 Share of net sales by region in the nine-month period 
 
Operating income for the period amounted to SEK 1,605 
(1,520) million. The difference between net sales and 
operating income comprises other operating income which 
is usually attributable to the net of currency exchange gains 
and losses. A positive net amount equals other operating 
income, and a negative net amount equals other operating 
expenses.  
   The net amount for the period is SEK 0 million, i.e. other 
operating income, compared to SEK -2 million, i.e. other 
operating expenses, in the corresponding period last year, 
and is primarily attributable to currency effects related to 
items on the balance sheet.  
Gross profit 
Gross profit increased by 6 percent to SEK 1,124 (1,063) 
million, corresponding to a gross margin of 70.1 (70.0) 
percent.  
   The difference in gross margin, compared to the 
corresponding period last year, is primarily attributable to 
currency effects on net sales and goods for resale. 
 
 
 
 
 
 
 
Operating profit (EBIT)  
Adjusted operating profit (EBIT) for the period amounted to 
SEK 359 (320) million, corresponding to an adjusted EBIT 
margin of 22.4 (21.1) percent. Operating profit (EBIT) for the 
period amounted to SEK 357 (295) million, corresponding to 
an EBIT margin of 22.2 (19.4) percent. The result for the 
period was affected by items affecting comparability of SEK -2 
(-26) million. 
   Goods for resale increased to SEK -480 (-457) million driven 
by increased net sales. Other external expenses amounted to 
SEK -660 (-648) million. Personnel expenses in the period 
amounted to SEK -100 (-112) million, of which SEK -2 (-25) 
million are attributable to items affecting comparability. Net 
other operating income/expenses amounted to SEK 0 (-2) 
million.  
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 356 (295) million. Profit for 
the period was SEK 281 (233) million. Earnings per share 
before and after dilution amounted to SEK 2.60 (2.09). 
Cash flow 
Cash flow from operating activities amounted to SEK 404 
(134) million. The increase in cash flow is primarily 
attributable to the improved result and decrease in 
inventory, compared to the corresponding period last year.  
   Cash flow from investment activities amounted to SEK -3  
(-1) million. Cash flow from financing activities amounted to 
SEK -223 (-268) million, primarily attributable to dividend of 
SEK -143 (-132) million, repurchased shares of SEK -132 (-154) 
million and to subscription of shares SEK 57 (0) million, 
programme 2022/26. 
   Cash flow for the period amounted to SEK 178 (-135) 
million. 
Financial position 
Net cash amounted to SEK 351 (147) million. Cash and cash 
equivalents amounted to SEK 368 (159) million. The interest-
bearing debt of SEK 17 (12) million consists of lease liabilities 
of SEK 17 (12) million. Liabilities to credit institutions 
amounts to SEK 0 (0) million. The group’s total credit facility 
amounts to SEK 600 million, which at the end of the period 
was undrawn. The credit facility expires in June 2028.  
Net working capital 
Net working capital amounted to SEK 148 (294) million. The 
change is primarily attributable to a decrease in inventory. 
Investments 
Investments affecting cash flow amounted to SEK 3 (1) 
million. Investments in intangible assets amounted to SEK 1 
(1) million. Investments in tangible assets amounted to SEK 2 
(0) million. 
Personnel 
The average number of FTEs was 139 (133), including 3 (0) 
average FTEs attributable to retail operations.

===== SIDA 7 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
7 
 
 
OTHER INFORMATION 
Financial targets for financial years  
2024/2025 – 2026/2027 
In May 2024, the board of RevolutionRace adopted new 
financial targets. These targets are set for a new three-year 
period ending in the financial year 2026/2027. 
   RevolutionRace strives for sustainable and profitable growth 
with an annual growth target of 20 percent and to maintain an 
annual adjusted EBIT margin of 20 percent. 
Dividend policy 
RevolutionRace intends to distribute surplus capital to 
shareholders after considering long-term financial stability, 
growth opportunities and strategic initiatives. With these 
considerations in mind, RevolutionRace intends to distribute 
40-60 percent of profits for the year. 
Significant events after the end of the period 
No significant events after the end of the period.  
Future prospects 
The company does not provide a forecast. 
 
Items affecting comparability 
Items affecting comparability amount to SEK 0 (-21) million for 
the third quarter, which is in the corresponding quarter of the 
previous year mainly related to stay-on bonuses under the 
2021/24 incentive program. 
 
Parent company 
RVRC Holding AB (publ), org. nr. 559129–4623, is a Swedish 
public company domiciled in Borås, Sweden. 
Net sales for the third quarter amounted to SEK 4 (9) million 
and is attributable to intra-group services related to group 
management. The Parent company’s profit for the third 
quarter amounted to SEK -4 (-4) million. 
 
Share repurchase- and incentive programme 
In accordance with the decision of the Annual General 
Meeting (AGM) on 20 November 2025, the company reduced 
the share capital by approximately SEK 39,576.30 through 
cancellation of 3,841,189 repurchased shares and to increase 
the share capital with SEK 39,576.30 through a bonus issue 
without issuing new shares. The AGM also authorised the 
Board of Directors to, on one or more occasions before the 
next AGM, repurchase shares up to 10 percent of the shares.  
 
 
 
 
 
 
 
On 25 November 2025 the Board of Directors resolved to 
repurchase own shares up to SEK 200 million. 
   The subscription period for incentive programme 2022/26 
was initiated on 15 November 2025 and will end on 15 May 
2026. During the quarter, 1,422,000 warrants were 
exercised, resulting in the subscription of 1,549,980 new 
shares. As a result of the subscription, the share capital 
increased by approximately SEK 16,549.55, from 
approximately SEK 1,129,464.79 to approximately SEK 
1,146,014.34, in accordance with the terms of the incentive 
programme.  
   The total number of shares, including shares owned by the 
company, amounts to 107,332,180 with an equal number of 
votes. The quotient value remains unchanged and amounts 
to approximately SEK 0.010677. See also note 5.      
Risks and uncertainties 
A full description of the risks and uncertainties associated 
with RevolutionRace can be found in the annual report 
2024/25 published on 15 October 2025.   
   RevolutionRace is an international company and its 
operations as such can be affected by several risk factors in 
the form of both operational and financial risks. The risks 
related to the industry and the company include, but are not 
limited to, trends linked to people´s interest in nature as well 
as increased competition. An economic downturn or change 
in consumer preferences could have a negative impact on 
the Group’s Net sales and profitability.  
   RevolutionRace is further exposed to external factors that 
the company cannot influence, such as, for example, the 
effects of increased inflation.  
   Since RevolutionRace operates globally, the company is 
exposed to changes in exchange rates, which may have a 
negative impact on the company’s revenues as they are 
reported in SEK but since a large proportion of Net sales 
originate from other currencies. In addition, the company’s 
products are produced in Asia, which entails a currency risk 
also on the cost side.

===== SIDA 8 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
8 
 
 
About RevolutionRace 
RVRC Holding AB (publ) (RevolutionRace) is a fast-growing outdoor company offering multifunctional products including clothes, 
shoes, backpacks, and accessories to people with an active lifestyle. RevolutionRace ambition is to create high-quality, colourful, 
and affordable outdoor products with an amazing design and fit at unmatched value under the tagline “Nature is our playground”. 
The company operates with a digital D2C business model reaching customers in approximately 40 countries. The company was 
founded in 2013 and is listed on Nasdaq Stockholm since 2021. RevolutionRace is on a mission – to make nature accessible for 
everyone! 
 
Borås, 28 April 2026 
 
 
Paul Fischbein 
CEO 
 
Contact details 
Jesper Alm, CFO  
E-mail: jesper.alm@revolutionrace.se 
 
  
 
Auditor’s review  
This interim report has been subject to a review by the company’s auditors. 
 
This information is information that RVRC Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on 28 April 2026.

===== SIDA 9 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
9 
 
 
THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL 
Review report 
RVRC Holding AB, corporate identity number 559129-4623 
 
 
Introduction 
We have reviewed the condensed interim report for RVRC Holding AB as at March 31, 2026 and for the nine months period then ended. The 
Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 
34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. 
 
Scope of review 
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial 
Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for 
financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit 
conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures 
performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an 
audit. Accordingly, we do not express an audit opinion. 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, 
in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act 
regarding the Parent Company. 
 
Gothenburg, 28th of April 2026 
Ernst & Young AB 
 
 
Andreas Mast 
Authorized Public Accountant

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RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
10 
 
 
FINANCIAL REPORTS 
 
Group income statement  
 
Group statement on comprehensive income 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 25/26 24/25 25/26 24/25 24/25
 Operating income
 Net sales 2 487 486 1,604 1,520 1,925
 Other operating income 3 1 - 0 - -
 488 486 1,605 1,520 1,925
 
 Operating expenses
 Goods for resale -141 -149 -480 -457 -581
 Other external expenses -204 -200 -660 -648 -831
 Personnel expenses -35 -51 -100 -112 -143
 Depreciation and amortisation of tangible and intangible assets -3 -2 -8 -7 -9
 Other operating expenses 3 - -4 - -2 -4
 -383 -406 -1,248 -1,225 -1,568 
 Operating profit (EBIT) 105 80 357 295 357 
 Financial income and expenses
 Financial income 1 0 2 3 4
 Financial expenses -1 -1 -3 -3 -4
 -0 -1 -1 0 -0
 
 Profit before tax 105 79 356 295 357
 
 Income tax -22 -17 -74 -62 -74
 Profit for the period 83 63 281 233 283
 
 Attributable to parent company´s shareholders 83 63 281 233 283
 
 Earnings per share
 Earnings per share before dilution, SEK 0.77 0.57 2.60 2.09 2.55
 Earnings per share after dilution, SEK 0.77 0.57 2.60 2.09 2.55
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 25/26 24/25 25/26 24/25 24/25
 
 Profit for the period 83 63 281 233 283
 
 Other comprehensive income
 Items reclassified or which may be reclassified to profit for the period
 Exchange rate differences upon translation of foreign subsidiaries                                  0 0 0 0 0
 Other comprehensive income for the period, after tax 0 0 0 0 0
 
 Comprehensive income for the period, after tax 83 63 282 233 283
 Attributable to parent company´s shareholders 83 63 282 233 283

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RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
11 
 
 
Group statement of financial position 
 
 SEKm Note 31/03/2026 31/03/2025 30/06/2025
 
 ASSETS
 
 Non-current assets
 Intangible assets
 Capitalised expenditures for development work 2 4 3
 Trademarks 171 171 171
 Goodwill 617 617 617
 Other intangible assets 10 9 9
 800 800 800
 
 Tangible assets
 Expenditures on third-party property 3 2 2
 Equipment, tools and installations 2 1 2
 Right of use assets 16 11 11
 21 14 15
 
 Deferred tax asset 1 2 1
 1 2 1
 
 Total non-current assets 822 816 816
 
 Current assets
 Goods in warehouse 369 484 439
 Goods in transit 21 38 72
 Right of return assets 19 21 10
 Sum inventory 409 543 521
 Accounts receivable 5 1 1
 Current tax assets 4 20 1
 Other current receivables 34 34 16
 Prepaid expenses and accrued income 15 14 17
 Cash and cash equivalents 368 159 189
 Total current assets 835 770 744
 
 TOTAL ASSETS 1,657 1,586 1,561

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RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
12 
 
 
Group statement of financial position (cont.) 
 
 SEKm Note 31/03/2026 31/03/2025 30/06/2025
 
 EQUITY AND LIABILITIES
 
 Equity
 Share capital 1 1 1
 Other contributed capital 805 746 746
 Reserves, translation differences 0 -0 0
 Retained earnings 198 241 190
 Profit for the period 281 233 283
 Total equity 1,286 1,221 1,220
 
 Long-term liabilities
 Lease liabilities 9 7 7
 Deferred tax liabilities 35 35 35
 Total long-term liabilities 45 42 42 
 Current liabilities
 Lease liabilities 8 5 5
 Accounts payable 55 51 119
 Other current liabilitites 58 56 54
 Tax liabilities 15 33 9
 Repayment liabilities 72 70 34
 Prepaid income and accrued expenses 119 108 77
 Total current liabilities 327 323 299 
 TOTAL EQUITY AND LIABILITIES 1,657 1,586 1,561

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RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
13 
 
 
Group statement on cash flow 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar
 SEKm 25/26 24/25 25/26 24/25 
 Operating activities
 Operating profit (EBIT) 105 80 357 295
 Adjustment for non-cash items
 Depreciation and amortisation 3 2 8 7
 Interest received 1 0 2 3
 Interest paid -1 -1 -3 -3
 Paid income tax -22 -18 -72 -66
Cash flow from operating activities before changes in working capital 86 63 292 235
 
 Increase (-)/Decrease(+) in inventory 86 48 112 -96
 Increase (-)/Decrease(+) in operating receivables 0 -1 -20 4
 Increase (+)/Decrease(-) in operating liabilities -154 -219 19 -9
 Cash flow from operating activities 18 -110 404 134
 
 Investing activities
 Acquisition of tangible assets -0 - -2 -0
 Acquisition of intangible assets -1 -0 -1 -1
 Cash flow from investing activities -1 -0 -3 -1
 
 Financing activities
 Amortisation of lease liabilities -2 -1 -6 -3
 Fees related to borrowings -0 -0 -1 -1
 Shareholder contribution - 20 - 20
 Dividend paid - - -143 -132
 Repurchase of shares -62 -27 -132 -154
 Warrants - -2 2 2
 Subscription of shares, programme 2022/26 56 - 57 -
 Cash flow from financing activities -8 -10 -223 -268
 
 Cash flow for the period 9 -120 178 -135
 Cash and cash equivalents at start of period 358 280 189 295
 Exchange rate differences in cash and cash equivalents 1 -1 1 -1
Cash and cash equivalents at end of period 368 159 368 159

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RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
14 
 
 
Group statement on changes in equity 
 
 SEKm Share capital 
Other 
contributed 
capital 
Reserves, 
translation 
differences 
Retained 
earnings 
Profit for the 
period Total equity 
 Opening balance, 1 July 2024 1 724 -0 219 308 1,252
 
 Transfer of profits for the previous period - - - 308 -308 -
 Profit for the period - - - - 233 233
 Other comprehensive income - - -0 - - -0
 Comprehensive profit/loss for the period - - -0 308 -75 233
 Transactions with owners
 Shareholder contribution - 20 - - - 20
 Dividend - - - -132 - -132
 Repurchase of shares - - - -154 - -154
 Cancellation of repurchased shares -0 - - 0 - -
 Bonus issue 0 - - -0 - -
 Warrants, programme 2022/26 - -2 - - - -2
 Warrants, programme 2023/27 - -0 - - - -0
 Warrants, programme 2024/28 - 3 - - - 3
 Total - 21 - -286 - -264
 
 Closing balance, 31 Mars 2025 1 746 -0 241 233 1,221
 
 
 Opening balance, 1 July 2025 1 746 0 190 283 1,220
 
 Transfer of profits for the previous period - - - 283 -283 -
 Profit for the period - - - - 281 281
 Other comprehensive income - - 0 - - 0
 Comprehensive profit/loss for the period - - 0 283 -2 282
 
 Transactions with owners
 Dividend - - - -143 - -143
 Repurchase of shares - - - -132 - -132
 Cancellation of repurchased shares -0 - - 0 - -
 Bonus issue 0 - - -0 - -
 Subscription of shares, programme 2022/26 0 57 - - - 57
 Warrants, programme 2025/29 - 2 - - - 2
 Total 0 59 - -275 - -216
 
 Closing balance, 31 Mars 2026 1 805 0 198 281 1,286

===== SIDA 15 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
15 
 
 
Parent company 
 
Parent company income statement 
 
 
 
 
The parent company has no items recognised in other comprehensive income. Total comprehensive income corresponds to 
profit/loss for the period. 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm 25/26 24/25 25/26 24/25 24/25
 
 Operating income
 Net sales 4 9 14 20 24
 4 9 14 20 24
 Operating costs
 Other external expenses -2 -2 -4 -4 -4
 Personnel expenses -4 -9 -14 -21 -24
 Other operating expenses - - - - 0
 -6 -11 -19 -25 -28
 
 Operating profit (EBIT) -2 -2 -5 -4 -4
 
 Financial income and expenses
 Profit from participations in group companies - - 143 130 130
 Interest income and equivalents 2 0 2 2 2
 Interest expenses and equivalents -4 -2 -10 -7 -9
 -2 -2 135 125 122
 
 Appropriations
 Group contribution received - - - - 3
 - - - - 3
 
 Profit or loss before tax -4 -4 131 121 122
 
 Income tax - - - - -0
 Profit/Loss for the period -4 -4 131 121 122

===== SIDA 16 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
16 
 
 
Parent company statement of financial position 
 
 
 SEKm  31/03/2026 31/03/2025 30/06/2025
  
 ASSETS  
  
 Non-current assets  
 Financial assets  
 Participations in group companies  644 644 644
 Total financial assets  644 644 644
  
 Total non-current assets  644 644 644
  
 Current assets  
 Tax receivables  2 2 2
 Receivables from group companies  176 27 39
 Prepaid expenses and accrued income  2 3 3
 Total current receivables  180 32 44
  
 Cash and cash equivalents  
 Cash and cash equivalents  7 1 9
 Total cash and cash equivalents  7 1 9
  
 Total current assets  187 33 53
  
 TOTAL ASSETS  831 677 697

===== SIDA 17 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
17 
 
 
Parent company statement of financial position (cont.) 
 
 
 
 
 
 SEKm  31/03/2026 31/03/2025 30/06/2025
  
 EQUITY AND LIABILITIES  
  
 Equity  
  
 Restricted equity  
 Share capital  1 1 1
  1 1 1  
 Unrestricted equity  
 Share premium reserve  500 443 443
 Retained earnings  -353 -149 -200
 Profit for the period  131 121 122
  278 415 365
  
 Total equity  279 416 366
  
 Current liabilities  
 Accounts payable  0 0 0
 Liabilities to group companies  544 253 325
 Other liabilities  1 2 1
 Prepaid income and accrued expenses  6 6 5
 Total current liabilities  552 261 331  
 TOTAL EQUITY AND LIABILITIES  831 677 697

===== SIDA 18 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
18 
 
 
DEFINITIONS 
 
Items affecting comparability  
Items affecting comparability refer to events of a material 
nature that make it difficult for the company to achieve 
good transparency and comparability over time in the 
financial statements. For example, LTIP or write downs. 
Key performance measures 
Some key measures that management and analysts use to 
assess the Group’s performance are not defined by IFRS 
(alternative performance measures – “APM”). The 
following table follows definitions and a description of the 
purpose of all key measures. The Company applies ESMA’s 
guidelines for alternative performance measures.
 
 
Key measure Definition Purpose 
Adjusted EBIT1) Operating profit (EBIT) adjusted by items affecting 
comparability. 
Adjusted EBIT is used to maintain the clarity and 
comparability of the profit of the day-to-day operations. 
Adjusted EBIT margin1) Adjusted EBIT as a percentage of operating income.  
(Operating income = Net sales + Other operating income. ) 
Adjusted EBIT margin is used to show the degree of 
profitability, excluding items affecting comparability. 
Average net order value (AOV) 1) Net sales for the period divided by number of orders for the 
period. 
Average net order value (AOV) is used to analyse the 
profitability per order. 
Cash flow from operations Cash flow attributable to operations, investment and 
financial activities not included. 
KPI defined by IFRS. 
Earnings per share before dilution 
(SEK) 
Net profit for the period attributable to holders of ordinary 
shares of the parent company, before dilution.  
KPI defined by IFRS. 
Earnings per share after dilution (SEK) Net profit for the period attributable to holders of ordinary 
shares of the parent company, after dilution. 
KPI defined by IFRS. 
EBIT margin1) Earnings before interest and taxes divided by operating 
income. 
(Operating income = Net sales + Other operating income. ) 
EBIT margin is used to analyse the degree of profitability 
of the operating business. 
EBT Earnings before taxes. KPI defined by IFRS. 
Gross profit1) Net sales less direct costs related to purchase of goods 
including freight and customs to warehouse. 
Gross profit is used to analyse the profitability of the sale 
of goods. 
Gross margin1) Gross profit divided by net sales. Gross profit margin is used to show the degree of 
profitability of the sale of goods. 
Net sales Total sales less exchange gains related to operational assets 
and liabilities. 
Net sales is used to analyse sales less exchange rate gains.  
Net sales growth, local currencies1) Net sales for the period in local currencies translated to SEK 
with comparison period currency rates, compared with net 
sales in comparison period. 
Abbreviated in reports as local currencies/curr.  
Net sales growth, local currencies is used to compare 
RevolutionRace growth, excluding currency effects.  
Net debt/Net cash1) Interest-bearing current and long-term liabilities reduced by 
interest-bearing assets, cash and cash equivalents. 
Net debt/Net cash is used to determine if the company 
will be able to fulfil its financial commitments. 
Net working capital1) Current assets reduced by cash and cash equivalents minus 
non-interest-bearing current liabilities. 
Net working capital is used to analyse the condition of the 
company to finance the day-to-day operations. 
Number of orders1) Number of orders before cancellations and returns in the 
period. 
Number of orders is used to measure the level of 
customer activity and to calculate the average net order 
value (AOV). 
Operating profit (EBIT)1) Earnings before interest and taxes Operating profit (EBIT) is used to analyse the profitability 
of the operating business. 
Result for the period Result for the period. KPI defined by IFRS. 
 
1) Alternative performance measures according to the guidelines of ESMA .

===== SIDA 19 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
19 
 
 
Reconciliation tables, alternative performance measures 
All amounts in SEKm, unless otherwise stated. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Is composed of leasing liabilities
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun Apr-Mar
 Gross profit Note 25/26 24/25 25/26 24/25 24/25 25/26
 Net sales 487 486 1,604 1,520 1,925 2,009
 Goods for resale (-) -141 -149 -480 -457 -581 -604
 Gross profit 345 337 1,124 1,063 1,344 1,405
 Gross margin
 Gross profit 345 337 1,124 1,063 1,344 1,405
 Net sales 487 486 1,604 1,520 1,925 2,009
 Gross margin 71.0% 69.4% 70.1% 70.0% 69.8% 69.9%
 Operating profit (EBIT)
 Operating income 488 486 1,605 1,520 1,925 2,009
 Operating expenses -383 -406 -1,248 -1,225 -1,568 -1,590
 Operating profit (EBIT) 105 80 357 295 357 419
 Adjusted EBIT
 Operating profit (EBIT) as reported 105 80 357 295 357 419
 Expenses mainly related to LTIP and stay-on-bonus - 21 2 26 26 2
 Adjusted EBIT 105 101 359 320 383 422
 EBIT margin
 Earnings before interest and taxes 105 80 357 295 357 419
 Operating income 488 486 1,605 1,520 1,925 2,009
 EBIT Margin 21.4% 16.4% 22.2% 19.4% 18.6% 20.9%
 Adjusted EBIT margin
 Adjusted EBIT 105 101 359 320 383 422
 Operating income 488 486 1,605 1,520 1,925 2,009
 Adjusted EBIT margin 21.4% 20.8% 22.4% 21.1% 19.9% 21.0%
 Net working capital
 Current assets 835 770 835 770 744 835
 Cash and cash equivalents (-) -368 -159 -368 -159 -189 -368
 Total current assets excl. cash and cash equivalents 467 611 467 611 555 467
 Current liabilities (-) -327 -323 -327 -323 -299 -327
 Current interest-bearing liabilities (+) * 8 5 8 5 5 8
 Net working capital 148 294 148 294 262 148
 Net debt(+)/Net cash (-)
 Interest-bearing debt * 17 12 17 12 12 17
 Interest-bearing assets (-) - - - - - -
 Cash and cash equivalents (-) -368 -159 -368 -159 -189 -368
 Net debt(+)/Net cash (-) -351 -147 -351 -147 -177 -351
 Number of orders and average order value (AOV)
 Number of orders ('000) 522 477 1,658 1,532 1,967 2,093
 Net sales 487 486 1,604 1,520 1,925 2,009
 Average order value (AOV); (SEK) 932 1,018 968 992 979 960

===== SIDA 20 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
 
 
20 
NOTES 
All amounts in the report are rounded off to the nearest million Swedish kronor (SEKm), unless otherwise stated. Therefore, 
calculations in tables do not always sum up, figures between 0 and 0.5 are reported as 0. 
 
 NOTE 1  Accounting principles and estimates 
RVRC Holding AB applies the International Financial Reporting Standards (IFRS) as adopted by the European 
Community (EC). The financial statements for the Group and the interim report have been prepared according to 
applicable sections of the Annual Accounts Act and IAS 34 Interim financial reporting. 
 
The financial statements of the parent company have been prepared according to Annual Accounts Act and The 
Swedish Corporate Reporting Board RFR 2 Accounting for Legal Entities. For complete information regarding 
accounting and valuation principles applied by the group, please see the annual report that was published on 15 
October 2025. 
 
New and amended standards and interpretations that have not yet been applied by the Group  
RVRC Holding AB has made the assessment that no new or changed standards during the financial year will have an effect  
on the group’s financial reporting. 
 
In April 2024, the IASB published IFRS 18 Presentation and Disclosure in Financial Statements, which becomes effective for 
financial years beginning on or after 1 January 2027. RVRC Holding AB will apply the standard starting from the financial year 
beginning 1 July 2027. IFRS 18 is not expected to impact the financial results but will result in changes to the presentation and 
disclosure requirements in the financial statements. 
 
The IASB has also issued the annual improvements (Annual Improvements to IFRS Standards 2023) as well as amendments to IFRS 
9 and IFRS 7, addressing, among other things, the classification of financial instruments and power purchase agreements, effe ctive 
from 1 January 2026. RVRC Holding AB has assessed that these changes will not have a material impact on the Group’s financial 
reporting.

===== SIDA 21 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
 
 
21 
 
  NOTE 2  Income from agreements with customers 
The company has one operating segment and has for the breakdown of income identified one category, 
geographical area, for which the smallest entity is a market which in turn belongs to a region. The definition of a 
market relates to the website on which the sales take place, for example revolutionrace.se for Sweden and 
revolutionrace.de for Germany. 
 
Below, net sales is presented per geographical market and region, respectively. 
 
 
 
 
 
  NOTE 3  Other operating income and other operating expenses  
 
 
 
 
 
 NOTE 4  Related Party Transactions  
 
The company has no external transactions with related parties in the period. 
 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Apr-Mar Apr-Mar Jul-Jun
Market 25/26 24/25 Δ   25/26 24/25 Δ   25/26 24/25 Δ   24/25
 Germany 239 239 0% 780 742 5% 972 946 3% 935
 Sweden 58 52 12% 186 170 9% 237 215 10% 221
 Other 190 195 -3% 639 608 5% 800 766 4% 769
 Total 487 486 0% 1,604 1,520 6% 2,009 1,927 4% 1,925
 
 Jan-Mar Jul-Mar Apr-Mar
Local currencies Δ  25/26  25/26  25/26
 Germany 5% 10% 7%
 Sweden 12% 9% 10%
 Other 2% 10% 9%
 Total 5% 10% 8%
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Apr-Mar Apr-Mar Jul-Jun
Region 25/26 24/25 Δ   25/26 24/25 Δ   25/26 24/25 Δ   24/25
 Nordics 109 104 4% 370 345 7% 471 435 8% 446
 DACH 285 279 2% 936 866 8% 1,162 1,097 6% 1,093
 RoW 93 103 -10% 298 309 -4% 376 395 -5% 387
 Total 487 486 0% 1,604 1,520 6% 2,009 1,927 4% 1,925
 
 Jan-Mar Jul-Mar Apr-Mar
Local currencies Δ  25/26  25/26  25/26  
 Nordics 6% 10% 11%
 DACH 7% 13% 10%
 RoW -4% 2% 0%
 Total 5% 10% 8%
 Jan-Mar Jan-Mar   Jul-Mar Jul-Mar  Jul-Jun 
Other operating income and other operating expenses 25/26 24/25 Δ    25/26 24/25 Δ   24/25  
Exchange rate gains 17 10 65% 35 38 -9% 45 
Exchange rate losses -16 -15 8% -35 -41 -13% -49
 Other 0 0 1 0 0
Total 1 -4 0 -2 -4

===== SIDA 22 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
 
 
22 
 
   NOTE 5  Shares and warrants  
 
Repurchase of own shares  
During the third quarter RevolutionRace repurchased 935,927 own shares and have repurchased 2,222,066 own shares so far 
during the financial year. At the end of the period the company holds 1,556,230 treasury shares, after the cancellation of shares 
during the second quarter.  
 
 
*Excluding transaction costs. 
 
Warrants  
RevolutionRace has four incentive programmes comprising warrants for senior executives and key personnel. The warrants have 
been transferred to the participants at market price.  
 
In the second quarter the subscription period for incentive programme 2022/26 was initiated. During the third quarter, 1,422,000 
warrants were exercised within the framework of the incentive programme. The subscription period ends 15 May 2026.  
 
 
 
 
Number of shares 
Following the subscription of shares through the exercise of warrants under LTIP 2022/2026, a total of 1,549,980 new shares has 
been registered during the quarter, through which RevolutionRace received SEK 56 million. At the end of the quarter the total 
number of outstanding shares (total number of shares reduced by treasury shares) amounts to 105,775,950. 
 
 
 
 
Weighted average number of shares 
 
 
 
 
  
 
 
 
Period Number of repurchased shares Average share price, SEK Amount, SEKm*
Jul-Jun 23/24 (full year) 1,853,261 52.60 97
Jul-Jun 24/25 (full year) 4,644,371 44.15 205
Jul-Sep 25/26 (quarter) 665,836 47.36 32
Oct-Dec 25/26 (quarter) 620,303 63.20 39
Jan-Mar 25/26 (quarter) 935,927 65.76 62
8,719,698 49.86 435
Description Subscription period
Subscription price 
(SEK) Shares per warrant Issued Transferred
2022/26 incentive programme 15/11/2025 - 15/05/2026 36.33 1.09 2,125,000     25,000                    
2023/27 incentive programme 02/01/2027 - 02/07/2027 70.59 1.05 750,000         227,500                  
2024/28 incentive programme 22/11/2027 - 22/05/2028 45.63 1.05 1,000,000     472,000                  
2025/29 incentive programme 24/11/2028 - 24/05/2029 77.81 1.02 1,000,000     144,000                  
 Date Description Change in number of shares Total number of shares
01/07/2025 Opening balance - 109,596,639                                  
17/11/2025 Subscription of shares 26,750 -
21/11/2025 Cancellation of shares -3,841,189 -
05/02/2026 Subscription of shares 1,549,980 -
31/03/2026 Closing balance - 107,332,180                                  
Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
25/26 24/25 25/26 24/25 24/25
Weighted average number of shares 106,729,410       109,596,639       108,090,318       111,331,607       110,897,865

===== SIDA 23 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
 
 
23 
 
 NOTE 6  Currency rates and currency exposure 
RevolutionRace has a currency exposure mainly towards DKK, EUR, GBP, PLN and SEK for inflow and towards EUR, SEK 
and USD for outflow. RevolutionRace has accordingly an exposure towards changes in these currencies. For inflow 
EUR is the primary currency and for outflow the primary currency is USD.  
 
Below currency cross rates for SEK/EUR and SEK/USD for information purposes. 
 
 
 
 
Source: European Central Bank 
 
AR = average rate  
CR = closing rate
Currency AR CR AR CR AR CR AR CR
SEK/EUR 10.69 10.94 11.24 10.85 10.93 10.94 11.39 10.85
SEK/USD 9.14 9.52 10.68 10.03 9.36 9.52 10.62 10.03
Jan-Mar Jan-Mar Jul-Mar Jul-Mar
25/26 24/25 25/26 24/25

===== SIDA 24 =====

RVRC Holding AB (publ) Interim report, 1 July 2025 – 31 March 2026 
 
 
 
24 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Calendar  Contact 
Year-end report 2025/26 11 August 2026 RVRC Holding AB 
Annual report 2025/26 16 October 2026 Nils Jakobsonsgatan 5D 
Interim report, Q1 2026/27 23 October 2026 504 30 Borås 
Annual General Meeting 2025/26 26 November 2026 Sweden 
Interim report, Q2 2026/27 28 January 2027 corporate.revolutionrace.com 
Interim report, Q3 2026/27 29 April 2027  
Year-end report 2026/27 10 August 2027  
   
 
In the event of discrepancies between the English and Swedish reports, the Swedish version shall govern. 
This report contains forward-looking statements that reflect the company's current expectations. Although the Company believes that the 
expectations reflected in such forward-looking statements are reasonable, it cannot be guaranteed that expectations will prove correct as 
they are subject to risks and uncertainties that could cause actual results to differ materially depending on a number of factors. Such factors 
include, but are not limited to, changes in consumer demand, changing economic, market and com petitive conditions, exchange rate 
fluctuations, developments in product liability disputes, regulatory environment changes and other government measures. Forward-looking 
statements relate only to expectations as of the date they were made, and beyond what  is required by applicable law, the Company 
undertakes no responsibility for updating any of them in the event of new information or future events.