===== SIDA 1 ===== 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 ===== SIDA 4 ===== 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. ===== SIDA 8 ===== 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 ===== SIDA 10 ===== 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 ===== SIDA 11 ===== 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 ===== SIDA 12 ===== 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 ===== SIDA 13 ===== 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.