Kvartalsrapport Q3 2023

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RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interim report  
1 July 2023 – 31 March 2024 
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, July 1,2023 – March 31, 2024 
2 
 
 
THIRD QUARTER HIGHLIGHTS 
 
Financial development & significant events during the third quarter 
 
• Net sales for the period increased by 16 percent and amounted to SEK 478 (414) million. 
• Gross profit amounted to SEK 342 (300) million, corresponding to a gross margin of 71.5 (72.6) percent.  
• EBIT amounted to SEK 101 (87) million, corresponding to an increase of 16 percent. 
• EBIT margin amounted to 21.0 (21.1) percent. 
• Earnings per share before dilution amounted to SEK 0.72 (0.60) and after dilution to SEK 0.71 (0.60). 
 
 
 
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 costs for the incentive programme (LTIP), which amounted to SEK 3 million during the second quarter 23/24 and to SEK 12 million during the second quarter 22/23.  
* Alternative performance measures, see pages 16-17. 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun Apr-Mar
 SEKm 23/24 22/23 Δ 23/24 22/23 Δ 22/23 23/24
Net sales 478 414 16% 1,434 1,198 20% 1,560 1,795
Average order value (AOV), (SEK)* 969 930 4% 943 884 7% 875 921
Gross profit* 342 300 14% 1,020 856 19% 1,126 1,289
EBIT* 101 87 16% 311 242 28% 310 379
Adjusted EBIT* ¹) 101 87 16% 314 254 24% 322 382
Result for the period 81 68 19% 248 189 31% 243 301
Earnings per share before dilution, SEK 0.72 0.60 20% 2.19 1.67 31% 2.15 -
Earnings per share after dilution, SEK 0.71 0.60 18% 2.19 1.67 31% 2.15 -
Gross margin* 71.5% 72.6% -1.1 pp 71.1% 71.5% -0.4 pp 72.2% 71.8%
EBIT margin* 21.0% 21.1% -0.1 pp 21.7% 20.2% 1.5 pp 19.9% 21.1%
Adjusted EBIT margin* 21.0% 21.1% -0.1 pp 21.9% 21.1% 0.7 pp 20.6% 21.3%

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
3 
 
 
COMMENTS FROM THE CEO 
Continued growth for RevolutionRace 
 
I am pleased to report another strong quarter with solid growth. During the third quarter, our net sales amounted to SEK 
478 (414) million, which represents a growth of 16 percent, while our EBIT improved by 16 percent compared to the 
same quarter last year. We are satisfied with this development, given the weak  consumer sentiment and the fact that 
many continue to describe the market as challenging. 
 
Continued sales growth in all regions 
We continue to deliver growth in all regions. Sales in the DACH 
region grew by 18 percent, in the Rest of the World region the 
growth was 20 percent, and the Nordic region grew by 5 
percent, compared to the same quarter last year. It is pleasing 
to note that we for the third quarter in a row have managed 
to grow in the Nordics, which has been the market with the 
toughest consumer climate. Equally pleasing is that we are 
increasing our market share in all regions, which proves that 
our offering remains strong across many markets. The sales 
increase for RevolutionRace in local currency amounted to 15 
percent. 
 
EBIT margin of 21 percent 
The results were strong and EBIT for the quarter increased by 
16 percent and amounted to SEK 101 (87) million, 
corresponding to an EBIT margin of 21.0 (21.1) percent. 
Throughout the quarter, we continued to experience high 
campaign pressure with significant discounts in the market. 
Naturally, we are not unaffected by this, but we still managed 
to maintain a good gross margin of 71.5 (72.6) percent. 
 
Financial position 
We have a strong financial position with a net cash of SEK 272 
(130) million and an unused credit facility. Inventory has 
increased as planned to enable higher sales volumes going 
forward and continues to be well-balanced. 
 
During the third quarter, we initiated a share buyback 
program aimed primarily at adjusting the capital structure. 
During the quarter, 287,750 shares were repurchased for SEK 
17 million. 
 
Launches and product development 
A significant portion of our sales consists of our running 
assortment, which includes products that have been sold for 
at least one previous season. At the same time, we 
continuously develop and launch new products that have the 
potential to become part of our running assortment and are 
therefore strategically important. For example, we launched a 
new alpine range ahead of this year's winter season. The sales 
of this new collection were strong, and it has the potential to 
become a part of our future running assortment. 
 
During the third quarter, we also introduced a new category of 
outdoor products, such as the Rambler collection. The 
collection is made from thinner and lighter materials. This 
launch too has been well received by our customers, and we 
see great potential for increased future sales, particularly in 
countries outside the Nordics with warmer climates. 
 
Feedback as a key to success 
The relationship with our customers and their active 
involvement in reviewing products is central to our strategy and 
a part of our product development. Our global community grew 
to over 1.7 million social media followers during the third 
quarter, and the number of unique product reviews increased 
to over 600,000. Feedback from customers builds trust and is 
crucial not only for helping others find the right products but 
also for providing us with insights that enable development and 
significant improvements in our product range. 
 
Outlook and new financial targets 
RevolutionRace is well-positioned for future growth. We have a 
strong core offering where we provide high-quality outdoor 
products at competitive prices. This is made possible by our 
continued focus on our business model of selling our own 
products online, directly to consumers without middlemen. 
 
RevolutionRace recently celebrated its ten-year anniversary, 
and we were able to reflect on a long period of high sales 
growth while delivering industry-leading operating margins over 
time. The brand has been established in several markets while 
there are still significant growth opportunities in a large 
international market. The company also maintains a strong 
financial position, which is important in a changing world and 
makes it possible to realize both the ambition and the plan to 
continue the profitable growth journey. 
 
In the spring of 2021, the board set financial targets for a three-
year period ending on June 30, 2024. The board has now 
established new financial targets for the period extending to 
June 30, 2027, with RevolutionRace striving for sustainable and 
profitable growth with an annual growth target of 20 percent 
and to maintain an annual adjusted EBIT margin of 20 percent. 
 
We see continued growth in the fourth quarter, with a sales 
growth to date in line with the growth being reported for the 
third quarter. 
 
In conclusion, I would like to take this opportunity to thank our 
customers, whose engagement helps us to improve our 
offering. Thanks also to all our employees, shareholders, and 
partners. 
 
Paul Fischbein, CEO

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RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
4 
 
 
FINANCIAL DEVELOPMENT  
 
Third quarter (Jan – Mar 2024) 
Operating income 
Net sales in the third quarter amounted to SEK 478 (414) 
million, an increase of 16 (15 in local currencies) percent. 
The increase in net sales is attributable to higher demand 
for the company's multifunctional products in all regions. 
Net sales in the Nordics increased by 5 percent to SEK 95 
(91) million. Net sales in DACH increased by 18 percent to 
SEK 277 (235) million and in RoW by 20 percent to SEK 106 
(88) million.  
  
Share of net sales by region in the third quarter 
 
Operating income for the period amounted to SEK 484 
(414) million. The difference between net sales and 
operating income comprises other operating income which 
is usually attributable to the net of 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 6 million, 
compared to SEK -4 million in the corresponding quarter 
last year. The positive net is explained by exchange gains 
and performance based marketing contributions. 
Gross profit 
Gross profit increased by 14 percent to SEK 342 (300) 
million, corresponding to a gross margin of 72.6 (72.6).  
Operating profit (EBIT) 
Operating profit (EBIT) amounted to SEK 101 (87) million, 
corresponding to an EBIT margin of 21.0 (21.1) percent.  
 
 
 
 
 
 
 
Goods for resale increased to SEK -136 (-113) million driven 
by increased net sales. Other external expenses amounted 
to SEK -216 (-186) million. Personnel expenses in the quarter 
amounted to SEK -28 (-22) million. Net Other operating 
income/expenses amounted to SEK 6 (-4) million. 
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 103 (86) million. Profit for 
the period was SEK 81 (68) million. Earnings per share before 
dilution amounted to SEK 0.72 (0.60) and after dilution to 
SEK 0.71 (0.60). 
Cash flow 
Cash flow from operating activities amounted to SEK -49  
(101) million. The decrease, compared to the same quarter 
of the previous year, is primarily attributable to a reduction 
in operating liabilities and an increase in inventories. A 
reason for the reduced cash flow in the quarter is that the 
company has been working on extending payment terms in 
connection with entering into new supplier agreements. The 
improvement in payment terms has led to a certain shift in 
supplier payments from the second to the third quarter for 
deliveries attributable to the second quarter. 
 
Cash flow from investment activities amounted to SEK 0 (-1) 
million. Cash flow from financing activities amounted to SEK 
-19 (-19) million, primarily attributable to shares 
repurchased during the quarter. The credit facility has been 
unutilized during the third quarter of 2023/24. Cash flow for 
the period amounted to SEK -68 (81) million. 
Financial position 
Net cash amounted to SEK 272 (130) million. Cash and cash 
equivalents amounted to SEK 285 (146) million. The interest-
bearing debt of SEK 13 (16) million consists of lease liabilities 
of SEK 13 (16) 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 unutilized. The credit facility expires June 2028.  
Net working capital 
Net working capital amounted to SEK 216 (173) million. The 
change is mainly attributable to an increase of current 
liabilities. 
Investments 
Investments affecting cash flow amounted to SEK 0 (1) 
million. Investments in intangible assets amounted to SEK 0 
(1) million. Investments in tangible assets amounted to SEK 0 
(0) million. 
Personnel 
The average number of FTEs was 121 (120).

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
5 
 
 
Nine months (Jul 2023 – Mar 2024) 
Operating income 
Net sales during the nine-month period amounted to SEK 
1,434 (1,198) million, an increase of 20 (14 in local 
currencies) percent. The increase in net sales is attributable 
to higher demand for the company's multifunctional 
products in all regions. Net sales in the Nordics increased by 
9 percent to SEK 330 (304) million. Net sales in DACH 
increased by 22 percent to SEK 805 (657) million and in 
RoW by 26 percent to SEK 299 (237) million.  
 
 
Share of net sales by region in the nine-month period 
 
Operating income for the period amounted to SEK 1,436 
(1,201) million. The difference between net sales and 
operating income comprises other operating income which 
is usually attributable to net amount of 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 3 (3) 
million.  
Gross profit 
Gross profit increased by 19 percent to SEK 1,020 (856) 
million, corresponding to a gross margin of 71.1 (71.5) 
percent.  
 
Operating profit (EBIT) 
Operating profit (EBIT) amounted to SEK 311 (242) million, 
corresponding to an EBIT margin of 21.7 (20.2) percent. An 
incentive program approved by the general meeting (LTIP) 
was implemented in the second quarter and affected the 
result for the nine-month period with SEK -3 (-12) million. 
Adjusted for this one-time expense, EBIT amounted to SEK 
314 (254) million and the adjusted EBIT margin to 21.9 (21.1) 
percent. 
 
Goods for resale increased to SEK -414 (-342) million driven 
by increased net sales. Other external expenses amounted 
to SEK -622 (-528) million. Personnel expenses in the period 
amounted to SEK -83 (-84) million, of which SEK -3 (-11) 
million is attributable to LTIP. Net Other operating 
income/expenses amounted to SEK 3 (3) million. 
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 314 (238) million. Profit 
for the period was SEK 248 (189) million. Earnings per share 
before dilution amounted to SEK 2.19 (1.67) and after 
dilution to SEK 2.19 (1.67). 
Cash flow 
Cash flow from operating activities amounted to SEK 257 
(176) million. The increase, compared to the same period of 
the previous year, is primarily attributable to the improved 
result and an decrease in operating liabilities. Cash flow from 
investment activities amounted to SEK -9 (-4) million. The 
increase is primarily attributable to investments in other 
intangible assets. Cash flow from financing activities 
amounted to SEK -116 (-101) million, primarily attributable 
to dividend and to repurchased shares. Cash flow for the 
period amounted to SEK 131 (71) million. 
Financial position 
Net cash amounted to SEK 272 (130) million. Cash and cash 
equivalents amounted to SEK 285 (146) million. The interest-
bearing debt of SEK 13 (16) million consists of lease liabilities 
of SEK 13 (16) 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 unutilized. The credit facility expires June 2028. 
Net working capital 
Net working capital amounted to SEK 216 (173) million. The 
change is mainly attributable to an increase of current 
liabilities. 
Investments 
Investments affecting cash flow amounted to SEK 9 (4) 
million. Investments in intangible assets amounted to SEK 9 
(2) million. Investments in tangible assets amounted to SEK 0 
(2) million. 
Personnel 
The average number of FTEs was 119 (122).

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
6 
 
 
OTHER INFORMATION 
Financial targets for fiscal years 2024/2025 – 2026/2027 
In May 2024, the board of RevolutionRace resolved on new financial targets. These targets are set for a new three-year 
period ending in the fiscal year 2026/2027 and are a natural reflection of the recent years' developments, the company’s 
business plan which focuses on continued international growth and expansion of new products, as well as the 
investments required to continue the growth journey. 
 
RevolutionRace strives for a 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 
RevolutionRace's strategy is to continue to capitalize on the transformation from physical in -store trading to ecommerce 
and strong expected market growth. The company focuses on driving continued high growth in existing and new markets 
combined with good profitability. The company does not provide a forecast. 
Items affecting comparability 
Items affecting comparability amount to 0 (0) MSEK for the third quarter.  
Parent company 
RVRC Holding AB (publ), org. nr. 559129–4623, is a Swedish public company with domicile in Borås, Sweden. 
Net sales for the third quarter amounted to SEK 4 (3) million. The net sales are attributable to intra-group services related 
to group management. The Parent Company's profit for the third quarter amounted to SEK -2 (-1) million. 
Risks and uncertainties 
A full description of the risks and uncertainties associated with RevolutionRace can be found in the annual report 2022/23 
published on 17 October 2023.  
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 7 =====

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
7 
 
 
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, colorful, 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 Sto ckholm since 2021. RevolutionRace is on a 
mission – to make nature accessible for everyone! 
 
Borås, May 7, 2024 
 
 
Paul Fischbein 
CEO 
 
 
 
Contact details 
Jesper Alm, CFO  
E-mail: jesper.alm@revolutionrace.se 
 
Tuva Lagerbäck, PR & Communication Manager 
Phone: +46 (0)707885383 
E-mail: tuva.lagerback@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 and 
the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 
07:30 CEST on May 7, 2024.

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RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
8 
 
 
THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL  
 
Review report 
 
RVRC Holding AB (publ), corporate identity number 559129-4623 
 
Introduction 
We have reviewed the condensed interim report for RVRC Holding AB (publ) as at  March 31, 2024 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 respo nsibility 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, 7th of May 2024 
Ernst & Young AB 
 
 
Andreas Mast 
Authorized Public Accountant

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
9 
 
 
FINANCIAL REPORTS 
 
Group income statement  
 
Group statement on other comprehensive income 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 23/24 22/23 23/24 22/23 22/23
 Operating income
 Net sales 3 478 414 1,434 1,198 1,560
 Other operating income 4 6 0 3 3 2
 484 414 1,436 1,201 1,562
 
 Operating expenses
 Goods for resale -136 -113 -414 -342 -434
 Other external expenses -216 -186 -621 -528 -701
 Personnel expenses -28 -22 -83 -84 -110
Depreciation and amortisation of tangible and intangible assets -2 -2 -7 -5 -7
 Other operating expenses 4 0 -4 0 0 0
 -382 -327 -1,125 -959 -1,252 
 Operating profit (EBIT) 101 87 311 242 310 
 Financial income and expenses
 Financial income 2 0 6 0 1
 Financial expenses -1 -2 -3 -4 -5
 1 -2 3 -4 -4
 
 Profit before tax 103 86 314 238 306 
 Income tax -22 -18 -66 -49 -63
 Profit for the period 81 68 248 189 243
 
 Attributable to parent company´s shareholders 81 68 248 189 243
 
 Earnings per share
 Earnings per share before dilution, SEK 0.72 0.60 2.19 1.67 2.15
 Earnings per share after dilution, SEK 0.71 0.60 2.19 1.67 2.15
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 23/24 22/23 23/24 22/23 22/23
 
 Profit for the period 81 68 248 189 243
 
 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 81 68 248 189 243
 Attributable to parent company´s shareholders 81 68 248 189 243

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RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
10 
 
 
 
Group statement of financial position 
 
 SEKm Note 31/03/2024 31/03/2023 30/06/2023
 
 ASSETS
 
 Non-current assets
 Intangible assets
 Capitalised expenditures for development work 7 9 9
 Trademarks 171 171 171
 Goodwill 617 617 617
 Other intangible assets 8 0 0
 803 797 797
 
 Tangible assets
 Expenditures on third-party property 2 1 2
 Equipment, tools and installations 1 1 1
 Right of use assets 12 15 14
 15 17 17
 
 Deferred tax asset 2 2 2
 2 2 2
 
 Total non-current assets 819 816 816
 
 Current assets
 Goods in warehouse 382 375 323
 Goods in transit 64 10 72
 Right of return assets 15 12 8
 Sum inventory 461 398 403
 Accounts receivable 0 0 0
 Current tax assets 5 1 7
 Other current receivables 36 32 44
 Derivative instrument 2 - 0 2
 Prepaid expenses and accrued income 18 9 11
 Cash and cash equivalents 285 146 154
 Total current assets 805 586 621
 
 TOTAL ASSETS 1,624 1,402 1,437

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RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
11 
 
 
Group statement of financial position (cont.) 
 
 SEKm Note 31/03/2024 31/03/2023 30/06/2023
 
 EQUITY AND LIABILITIES
 
 Equtiy
 Share capital 1 1 1
 Other contributed capital 724 723 723
 Reserves, translation differences -0 -0 -0
 Retained earnings 299 171 171
 Profit for the period 248 189 243
 Total equity 1,272 1,084 1,138
 
 Long-term liabilities
 Liabilities to credit institutions - 0 - 
 Lease liabilities 9 12 11
 Deferred tax liabilities 35 35 35
 Total long-term liabilities 44 47 46
 
 Current liabilities
 Leasingskulder 4 4 4
 Accounts payable 78 61 91
 Other current liabilitites 48 59 43
 Derivative instrument 2 - 3 3
 Tax liabilities 17 12 17
 Repayment liabilities 56 49 32
 Prepaid income and accrued expenses 104 83 63
 Total current liabilities 308 271 253
 
 TOTAL EQUITY AND LIABILITIES 1,624 1,402 1,437

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RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
12 
 
 
Group statement on cash flow 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar
 SEKm 23/24 22/23 23/24 22/23
 
 Operating activities
 Operating profit (EBIT) 101 87 311 242
 Adjustment for non-cash items
 Depreciation and amortisation 2 2 7 5
 Interest received 2 0 6 0
 Interest paid -1 -1 -3 -4
 Paid income tax -16 -13 -63 -85
Cash flow from operating activities before changes in working capital 89 75 257 158
 
 Increase (-)/Decrease(+) in inventory -23 46 -59 44
 Increase (-)/Decrease(+) in operating receivables 2 27 4 24
 Increase (+)/Decrease(-) in operating liabilities -117 -47 56 -50
 Cash flow from operating activities -49 101 257 176
 
 Investing activities
 Acquisition of tangible assets -0 -0 -0 -2
 Acquisition of intangible assets -0 -1 -9 -2
 Cash flow from investing activities -0 -1 -9 -4
 
 Financing activities
 Amortisation of lease liabilities -1 -1 -3 -2
 Repayment of borrowings 0 -18 0 -20
 Fees related to borrowings -0 1 -1 0
 Dividend paid 0 0 -97 -87
 Buy back shares -17 0 -17 0
 Warrants -0 -1 1 7
 Cash flow from financing activities -19 -19 -116 -101
 
 Cash flow for the period -68 81 131 71
 Cash and cash equivalents at start of period 353 65 154 75
 Exchange rate differences in cash and cash equivalents 0 -0 -0 0
Cash and cash equivalents at end of period 285 146 285 146

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RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
13 
 
 
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 2022 1 716 -0 -30 288 975
 
 Transfer of profits for the previous period - - - 288 -288 0
 Profit for the period -  -  -  -  189 189
 Other comprehensive income -  -  0 -  -  0
 Comprehensive profit/loss for the year 0 0 0 288 -99 189
 
 Transactions with owners
 Dividend - - - -87 - -87
 Warrants, program 2021/24 - -0 - - - -0
 Warrants, program 2022/26 - 8 - - - 8
 Total 0 8 0 -87 0 -79
 
 Closing balance, 31 March 2023 1 723 -0 171 189 1,084
 
 
 Opening balance, 1 July 2023 1 723 -0 171 243 1,138
 
 Transfer of profits for the previous period 0 0 0 243 -243 0
 Profit for the period -  -  -  248 248
 Other comprehensive income -  -  -0 -  -  -0
 Comprehensive profit/loss for the year 0 0 -0 243 5 248
 
 Dividend - - - -97 - -97
 Buy-back of shares - - - -17 - -17
 Warrants, program 2021/24 - -0 - - - -0
 Warrants, program 2022/26 - -1 - - - -1
 Warrants, program 2023/27 - 2 - - - 2
 Total 0 1 0 -114 0 -113
 
 Closing balance, 31 March 2024 1 724 -0 299 248 1,272

===== SIDA 14 =====

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
14 
 
 
Parent company 
 
Parent company income statement 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm 23/24 22/23 23/24 22/23 22/23
 
 Operating income
 Net sales 4 3 11 15 19
 4 3 11 15 19
 Operating costs
 Other external expenses -1 -2 -5 -6 -7
 Personnel expenses -4 -2 -11 -15 -18
 Other operating expenses -0 -0 -0 -0 -0
 -5 -4 -17 -21 -26
 
 Operating profit (EBIT) -2 -1 -5 -6 -7
 
 Financial income and expenses
 Profit from participations in group companies 0 0 98 90 90
 Interest income and equivalents 1 0 0 0 0
 Interest expenses and equivalents -1 -0 -3 -1 -2
 -1 -0 95 89 88
 
 Appropriations
 Group contribution received 0 0 0 0 13
 0 0 0 0 13
 
 Profit or loss before tax -2 -1 90 83 94
 
 Income tax 0 0 0 0 -1
 Profit/Loss for the period -2 -1 90 83 93

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
15 
 
 
 
Parent company statement of financial position 
 
 
 SEKm 31/03/2024 31/03/2023 30/06/2023
 
 ASSETS
 
 Non-current assets
 Intangible assets
 Capitalised expenditures for development work - 0 - 
 Total intangible assets - 0 - 
 
 Financial assets
 Participations in group companies 644 644 644
 Receivables from group companies 0 0 0
 Total financial assets 644 644 644
 
 Total non-current assets 644 644 644
 
 Current assets
 Tax receivables 0 0 2
 Receivables from group companies 56 12 30
 Other receivables -0 -0 -0
 Prepaid expenses and accrued income 3 4 4
 Total current receivables 59 16 36
 
 Cash and cash equivalents
 Cash and cash equivalents 3 1 8
 Total cash and cash equivalents 3 1 8
 
 Total current assets 62 17 44
 
 TOTAL ASSETS 706 661 688

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
16 
 
 
 
Parent company statement of financial position (cont.) 
 
 
 SEKm 31/03/2024 31/03/2023 30/06/2023
 
 EQUITY AND LIABILITIES
 
 Equity
 Restricted equity
 Share capital 1 1 1
 1 1 1
 
 Unrestricted equity
 Share premium reserve 443 443 443
 Retained earnings 103 124 124
 Profit for the period 90 82 93
 636 650 660
 
 Total equity 637 651 661
 
 Non-current liabilities
 Liabilities to credit institutions - - - 
 Total non-current liabilities - - - 
 
 Current liabilities
 Accounts payable 0 0 0
 Liabilities to group companies 63 6 21
 Other liabilities 1 1 1
 Tax liabilities -0 -0 1
 Prepaid income and accrued expenses 5 3 3
 Total current liabilities 69 10 27
 
 TOTAL EQUITY AND LIABILITIES 706 661 688

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
17 
 
 
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 EBIT 1 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 margin 1 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 margin 1 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. 
EBITDA 1 Operating profit before depreciation and write-
downs of tangible and intangible assets. 
 
EBITDA is used to show the profitability of the sale of 
goods. 
EBITDA-margin 1 EBITDA as a percentage of operating income. 
 
(operating income = net sales + other operating 
income) 
EBITDA-margin is used to show the profitability of the 
operating business 
Gross profit 1 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 margin 1 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 currency1 Net sales for the period in local currency translated to 
SEK with comparison period currency rates, 
compared with net sales in comparison period.  
Net sales growth, local currency is used to compare 
RevolutionRace growth, excluding currency effects.  
Net debt/Net cash 1 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 capital 1 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 orders 1 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 18 =====

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
18 
 
 
Reconciliation tables, alternative performance measures 
All amounts in SEKm, unless otherwise stated. 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun Apr-Mar
 Gross profit Note 23/24 22/23 23/24 22/23 22/23 23/24
 Net sales 478 414 1,434 1,198 1,560 1,795
 Goods for resale -136 -113 -414 -342 -434 -506
 Gross profit 342 300 1,020 856 1,126 1,289
 Operating profit (EBIT)
 Operating income 484 414 1,436 1,201 1,562 1,797
 Operating expenses -382 -327 -1,125 -959 -1,252 -1,417
 Operating profit (EBIT) 101 87 311 242 310 380
 Adjusted EBIT
 Operating profit (EBIT) as reported  101 87 311 242 310 379
 Expenses related to LTIP (+) 0 0 3 12 12 3
 Adjusted EBIT  101 87 314 254 322 382
 EBIT margin
 Earnings before interest and taxes  101 87 311 242 310 380
 Operating income 484 414 1,436 1,201 1,562 1,797
 EBIT Margin  21.0% 21.1% 21.7% 20.2% 19.9% 21.1%
 Adjusted EBIT margin
Adjusted EBIT 101 87 314 254 322 382
Operating income 484 414 1,436 1,201 1,562 1,797
 Adjusted EBIT margin  21.0% 21.1% 21.9% 21.1% 20.6% 21.3%
 Net working capital
 Current assets  805 586 805 586 621 805
 Cash and cash equivalents (-) -285 -146 -285 -146 -154 -285
 Current liabilities (-) -308 -271 -308 -271 -253 -308
 Current interest-bearing liabilities (+) 4 4 4 4 4 4
 Net working capital  216 173 216 173 218 216
 Net debt(+)/Net cash (-)
 Interest-bearing debt  13 16 13 16 15 13
 Interest-bearing assets (-)  0 0 0 0 0 0
 Cash and cash equivalents (-)  -285 -146 -285 -146 -154 -285
 Net debt(+)/Net cash (-)  -272 -130 -272 -130 -139 -272
 Number of orders and average order value (AOV)  
 Number of orders ('000)  493 444 1,520 1,355 1,783 1,950
 Net sales  478 414 1,434 1,198 1,560 1,795
 Average order value (AOV); (SEK)  969 930 943 884 875 921

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
19 
 
 
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 
RFR 2. For complete information regarding accounting and valuation principles applied by the group, please 
see the annual report that was published on October 17, 2023. 
 
New and amended standards and interpretations that have not yet been applied by the Group  
RVRC Holding AB has made the assessment that new or changed standards during the financial year are expected to have 
an effect on the group. The changes that are expected to have an impact on the Group is IAS 1 Preparation of financial 
reports (information on accounting principles), where the requirement for enlightenment about accounting principles is 
replaced with a requirement for enlightenment about significant information about accounting principles. The changes 
must be applied for financial years starting on or after 1 January 2023, which for the Group m eans enforcement in the 
annual report from and including the financial year 2023/2024.  
 
The IASB has also published changes to IAS 1 regarding the classification of liabilities as short -term or long-term and where 
the meaning of the right to postpone payment beyond 12 months from the balance sheet date is clarified in the presence 
of so-called covenants. The change comes into force in 2024. New disclosure requirements are also introduced on loan 
debts linked to covenants during the next twelvemonth period. The group is affected by the extended disclosure 
requirements and is investigating the changes. 
 
 
 
 NOTE 2  Fair value of financial instruments 
 
 
 
 
 
For other financial assets and liabilities, carrying amount represents a good approximation of fair value.  
 
 
 
 
 
 
 
 
 
 Financial assets
Reported 
value Fair value  
Reported 
value Fair value  
Reported 
value Fair value 
 Financial assets reported at fair value via 
income statement
 Derivative intstrument
 Foreign exchange forwards 0 0 0 0 2 2
31/03/2024 31/03/2023 30/06/2023
 
 Financial liabilities
Reported 
value Fair value  
Reported 
value Fair value  
Reported 
value Fair value 
 Financial liabilities reported at fair value 
via income statement
 Derivative intstrument
 Foreign exchange forwards 0 0 3 3 3 3
31/03/2024 31/03/2023 30/06/2023

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
20 
 
 
 
 NOTE 3  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 market which belongs to a region. The definition of a 
market relates to the site 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 4  Other operating income and other operating expenses  
 
 
 
 
 NOTE 5  External Related Party Transactions  
 
The company has no external transactions with external related parties in the period. 
  
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
Market 23/24 22/23 Δ    23/24 22/23 Δ    22/23
 Germany 242 206 18% 702 566 24% 743
 Sweden 47 44 8% 155 142 9% 182
 Finland 21 21 1% 85 81 5% 102
 Other 168 143 17% 492 409 20% 533
 Total 478 414 16%  1,434 1,198 20%  1,560 
     
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
Region 23/24 22/23 Δ    23/24 22/23 Δ    22/23
 Nordics 95 91 5% 330 304 9% 388
 DACH 277 235 18% 805 657 22% 862
 Rest of world 106 88 20% 299 237 26% 310
 Total 478 414 16% 1,434 1,198 20% 1,560
 Jan-Mar Jan-Mar   Jul-Mar Jul-Mar  Jul-Jun 
Other operating income and other operating expenses 23/24 22/23 Δ    23/24 22/23 Δ   22/23  
Exchange rate gains 14 5 164% 50 51 -3% 58 
Exchange rate losses -12 -9 30% -51 -49 4% -57
 Other 4 0 1765% 4 1 315% 1
Total 6 -4 -245% 3 3 -11% 2

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

RVRC Holding AB (publ) Interim Report, July 1,2023 – March 31, 2024 
21 
 
 
 
 NOTE 6  Number of shares and warrants 
 
Number of shares 
 
 
In the third quarter, 287,750 shares have been repurchased at an average share price of SEK 59.15 for a total of SEK 17 
million. 
 
Number of warrants 
 
 
RevolutionRace has three incentive programs comprising warrants for senior executives and key personnel. The warrants 
have been sold to the participants at market price. 
 
In the third quarter, a buy-back of 60,214 warrants related to the two older incentive programs has been carried out.  
 
 
 NOTE 7  Currency rates 
RevolutionRace has a currency exposure mainly towards SEK, EUR, GBP, NOK  and DKK for inflow and towards 
USD, EUR and SEK 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 
 Date Description Change in number of shares Total number of shares
01/07/2023 Opening balance 112,918,918                         
31/03/2024 Closing balance 112,918,918                         
Description Utlilisation period
Subscription 
price
Number of shares 
per warrant Issued Allocated
2021/24 incentive program 2024-07-01 - 2024-12-31 93.35 1.04 1,889,677 1,435,027
2022/26 incentive program 2025-11-15 - 2026-05-15 38.27 1.04 2,125,000 1,622,000
2023/27 incentive program 2027-01-02 - 2027-07-02 74.32 1.00 750,000 239,500
Currency AR CR AR CR AR CR AR CR
SEK/EUR 11.28 11.53 11.20 11.28 11.51 11.53 10.92 11.28
SEK/USD 10.39 10.66 10.44 10.37 10.63 10.66 10.57 10.37
Jan-Mar Jan-Mar Jul-Mar Jul-Mar
23/24 22/23 23/24 22/23

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

Financial Calendar  Contact 
Full year report (Q4) 2023/24 13 August 2024 RVRC Holding AB 
Annual report 2023/24 15 October 2024 Nils Jakobssonsgatan 5D 
Interim report, Q1 2024/25 5 November 2024 504 30 Borås 
Annual General Meeting 2023/24 19 November 2024 Sweden 
Interim report, Q2 2024/25 30 January 2025 corporate.revolutionrace.com 
Interim report, Q3 2024/25 6 May 2025  
Year-end report 2024/25 12 August 2025  
 
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. Suc h 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.