Kvartalsrapport Q3 2024

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
1 
 
 
 
Interim report 
1 July 2024 – 31 March 2025 
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 2024 – 31 March 2025 
 
2 
 
 
THIRD QUARTER HIGHLIGHTS 
 
Financial development & significant events during the third quarter 
• Sales growth in local currencies amounted to 2 percent. 
• Net sales for the period increased by 2 percent and amounted to SEK 486 (478) million. 
• Gross profit amounted to SEK 337 (342) million, corresponding to a gross margin of 69.4 (71.5) percent.  
• Adjusted EBIT amounted to SEK 101 (101) million.  
• EBIT amounted to SEK 80 (101) million. 
• Adjusted EBIT margin amounted to 20.8 (21.0) percent and EBIT margin to 16.4 (21.0) percent. 
• Earnings per share before dilution amounted to SEK 0.57 (0.72) and after dilution to SEK 0.57 (0.71). 
   
 
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 in the second quarter 24/25 amounting to SEK 5 (3) million and the third quarter 24/25 amounting to SEK 21 (0) million, which are primarily 
related to option based incentive programs. 
* Alternative performance measures, see pages 17-18. 
 
  
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun Apr-Mar
 SEKm 24/25 23/24 Δ 24/25 23/24 Δ 23/24 24/25
Net sales 486 478 2% 1,520 1,434 6% 1,840 1,927
Average order value (AOV), (SEK)* 1,018 969 5% 992 943 5% 942 980
Gross profit* 337 342 -1% 1,063 1,020 4% 1,312 1,356
EBIT* 80 101 -21% 295 311 -5% 386 369
Adjusted EBIT* ¹) 101 101 -1% 320 314 2% 389 395
Result for the period 63 81 -23% 233 248 -6% 308 293
Earnings per share before dilution, SEK 0.57 0.72 -21% 2.09 2.19 -5% 2.73 -
Earnings per share after dilution, SEK 0.57 0.71 -20% 2.09 2.19 -5% 2.72 -
Gross margin* 69.4% 71.5% -2.1 pp 70.0% 71.1% -1.1 pp 71.3% 70.4%
EBIT margin* 16.4% 21.0% -4.6 pp 19.4% 21.7% -2.3 pp 20.9% 19.2%
Adjusted EBIT margin* 20.8% 21.0% -0.2 pp 21.1% 21.9% -0.8 pp 21.1% 20.5%

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
3 
 
 
COMMENTS FROM THE CEO 
Continued growth for RevolutionRace 
 
We continue to deliver growth and strong profitability in a challenging market environment. In the third quarter, our net sales 
amounted to SEK 486 (478) million, representing a growth of 2 percent in both SEK and local currencies compared with the 
same quarter last year. The adjusted operating profit amounted to SEK 101 (101) million, maintaining an industry-leading 
margin of approximately 21 percent. 
 
Continued market share gains 
Sales performance varied throughout the quarter, with 
January showing some growth, February being weaker, and 
March clearly stronger than the previous year. 
 
Sales in the Nordics grew by 10 percent in local currencies (9 
percent in SEK), and we are pleased to have maintained a 
positive trend in the region, increasing our market share 
despite a continued challenging outdoor market. According to 
Sportindex, the outdoor market in Sweden declined by 2.5 
percent during the quarter. 
 
In the DACH region and Rest of the World, market reports also 
indicate a weak market environment, but we are increasing 
our market share in several countries. Among our larger 
markets, Switzerland recorded the highest growth rate during 
the quarter, and the United Kingdom was our third-largest 
market after Germany and Sweden. In Germany, our largest 
and most important market, we see no clear signs of a near-
term improvement in market conditions, but despite this we 
strengthen our position. Our strong customer offering remains 
a clear advantage. 
 
Sales in the DACH region grew by 1 percent in local currencies 
(0 percent in SEK), while sales in the Rest of the World 
decreased by 3 percent in local currencies (-3 percent in SEK). 
 
Industry-leading margins 
The adjusted operating profit for the quarter amounted to SEK 
101 (101) million, corresponding to an adjusted EBIT margin of 
20.8 percent. Delivering a strong result is important to us, and 
the underlying result improved compared with last year. 
Currency effects from balance sheet items not related to the 
operations resulted in other operating expenses of SEK 4 
million for the quarter, whereas the comparable quarter 
showed other operating income of SEK 6 million. Adjusted for 
this, the underlying EBIT grew more than sales and we are 
proud to report industry-leading margins also in these 
challenging times. 
 
The gross margin for the quarter was 69.4 (71.5) percent, 
partly explained by stronger sales performance in March 
compared to February and January. March included our 
annual birthday campaign, celebrating 11 years with attractive 
promotional offers, which supported sales but also had a 
negative effect on the gross margin. 
 
 
 
 
 
 
 
Financial position and inventory 
We maintain a solid financial position with a net cash balance 
and an unused credit facility of SEK 600 million at the end of the 
quarter. Inventory remains well balanced, and we expect it to 
gradually decrease over the coming twelve months. During the 
quarter, we continued our share repurchase programme 
according to the mandate from the AGM and shares worth SEK 
27 million were repurchased during the period. We continue to 
take a long-term view of the repurchase programme. 
 
Product launches and store 
The expansion of our outdoor product range continues, and a 
broader assortment is now taking shape. In recent years, we 
have introduced new categories such as active, alpine, lifestyle, 
footwear, teens, and bags. Our alpine collection, launched 
ahead of last year’s winter season, has been a clear success, and 
we are well positioned to build further on this momentum in 
the coming seasons. Another exciting category is footwear, 
where we in April launched new models. 
 
In April, we opened our first outlet store in Barkarby outside 
Stockholm. The store opening was successful, and we see 
exciting potential to expand our retail footprint. We are 
currently evaluating opportunities for further physical locations 
as a complement to our e-commerce business. 
 
Outlook 
Market conditions remain challenging, but as the market 
stabilises we are well-positioned with strong financials, satisfied 
customers, and a competitive offering delivering high-quality 
outdoor products at competitive prices. We see strong potential 
to continue our long-term growth journey and note that sales 
during the first weeks of the fourth quarter show growth in 
local currencies compared to the same weeks last year. 
 
Finally, I would like to extend my sincere thanks to all our 
employees for their tireless dedication and expertise. I would 
also like to thank our customers and partners for their 
continued trust and support. Together, we look forward to 
embracing the opportunities and challenges that lie ahead. 
 
Paul Fischbein, CEO

===== SIDA 4 =====

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
4 
 
 
FINANCIAL DEVELOPMENT  
 
Third quarter (Jan – Mar 2025) 
Operating income 
Net sales in the third quarter amounted to SEK 486 (478) 
million, an increase of 2 percent in local currencies (2 percent 
in SEK). The increase in net sales is attributable to higher 
demand for the company's products. 
   Net sales in the Nordics increased by 10 percent in local 
currencies (9 percent in SEK) to SEK 104 (95) million. Net 
sales in DACH increased by 1 percent in local currencies (0 
percent in SEK) to SEK 279 (277) million and decreased in 
RoW by 3 percent in local currencies (3 percent in SEK) to SEK 
103 (106) million. 
 
Share of net sales by region in the third quarter 
 
Operating income for the quarter amounted to SEK 486 (484) 
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 -4 million, i.e. Other 
operating expenses, compared to SEK 6 million, i.e. Other 
operating income, in the corresponding quarter last year. 
The expenses in the quarter are primarily attributable to 
currency exchange losses on bank balances and receivables 
connected to payment service providers. The income in the 
corresponding quarter last year is mainly attributable to a 
one-time compensation from payment service providers. 
Gross profit 
Gross profit decreased by 1 percent to SEK 337 (342) million, 
corresponding to a gross margin of 69.4 (71.5) percent. The 
decrease in gross margin is mainly attributable to a larger 
share of sales with price reduction, product mix and a non-
favourable currency effect on net sales in relation to goods 
for resale. 
Operating profit (EBIT) 
The result was affected by SEK -21 (0) million in personnel 
expenses, of which SEK -20 (0) million refers to  
stay-on-bonus in incentive program 2021/24. See also items 
affecting comparability, page 6. Adjusted for these items, EBIT 
amounted to SEK 101 (101) million and the adjusted EBIT 
margin to 20.8 (21.0) percent. Operating profit (EBIT) 
amounted to SEK 80 (101) million, corresponding to an EBIT 
margin of 16.4 (21.0) percent.   
   Goods for resale increased to SEK -149 (-136) million driven 
by increased net sales. Other external expenses amounted to 
SEK -200 (-216) million. Personnel expenses in the quarter 
amounted to SEK -51 (-28) million, whereof SEK -20 (0) million 
is, as mentioned above, attributable to stay-on-bonus. Net 
Other operating income/expenses amounted to SEK -4 (6) 
million. 
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 79 (103) million. Profit for 
the period was SEK 63 (81) million. Earnings per share before 
dilution amounted to SEK 0.57 (0.72) and after dilution to SEK 
0.57 (0.71). 
Cash flow 
Cash flow from operating activities amounted to SEK -110  
(-49) million. The decrease in cash flow is primarily attributable 
to changes in operating liabilities compared to the 
corresponding quarter last year. A prepaid shareholder 
contribution for stay-on-bonus in incentive program 2021/24 
in the second quarter affected the cash flow for the third 
quarter as a decrease in operating liabilities of SEK 20 (0) 
million, see also items affecting comparability, page 6. 
   Cash flow from investment activities amounted to SEK 0 (0) 
million. Cash flow from financing activities amounted to SEK -
10 (-19) million, primarily attributable to repurchased shares of 
SEK -27 (-17) million and a received shareholder contribution 
of SEK 20 (0) million, see also items affecting comparability, 
page 6.  
   Cash flow for the period amounted to SEK -120 (-68) million. 
Financial position 
Net cash amounted to SEK 147 (272) million. Cash and cash 
equivalents amounted to SEK 159 (285) million. The interest-
bearing debt of SEK 12 (13) million consists of lease liabilities of 
SEK 12 (13) 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 294 (216) million. The 
change is mainly attributable to an increased inventory. 
Investments 
Investments affecting cash flow amounted to SEK 0 (0) million. 
Investments in intangible assets amounted to SEK 0 (0) million. 
Investments in tangible assets amounted to SEK 0 (0) million. 
Personnel 
The average number of FTEs was 132 (121).

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
5 
 
 
Nine months (Jul 2024 – Mar 2025) 
Operating income 
Net sales during the nine-month period amounted to SEK  
1,520 (1,434) million, an increase of 7 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 the Nordics increased by 5 percent in local 
currencies (5 percent in SEK) to SEK 345 (330) million. Net 
sales in DACH increased by 8 percent in local currencies (8 
percent in SEK) to SEK 866 (805) million and in RoW by 3 
percent in local currencies (3 percent in SEK) to SEK 309 (299) 
million.  
 
Share of net sales by region in the nine-month period 
 
Operating income for the period amounted to SEK 1,520 
(1,436) 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 -2 million, i.e. Other 
operating expenses, compared to SEK 3 million, i.e. Other 
operating income, in the corresponding period last year.  
Gross profit 
Gross profit increased by 4 percent to SEK 1,063 (1,020) 
million, corresponding to a gross margin of 70.0 (71.1) 
percent.  
Operating profit (EBIT) 
An incentive program (LTIP) was implemented in the second  
quarter, affecting the result by SEK -5 (-3) million. In the third 
quarter, the result was affected by SEK -21 (0) million in 
personnel expenses affecting comparability, of which SEK -20 
(0) million refers to stay-on-bonus in incentive program 
2021/24. See also items affecting comparability, page 6.  
 
Adjusted for these items, EBIT amounted to SEK 320 (314)  
million and the adjusted EBIT margin to 21.1 (21.9) percent. 
Operating profit (EBIT) amounted to SEK 295 (311) million, 
corresponding to an EBIT margin of 19.4 (21.7) percent. 
   Goods for resale increased to SEK -457 (-414) million driven 
by increased net sales. Other external expenses amounted to 
SEK -648 (-621) million. Personnel expenses in the period 
amounted to SEK -112 (-83) million, of which SEK -4 (-3) million 
are attributable to LTIP and SEK -20 (0) million are attributable 
to stay-on-bonus, both mentioned above.           
   Net Other operating income/expenses amounted to SEK -2 
(3) million. 
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 295 (314) million. Profit for 
the period was SEK 233 (248) million. Earnings per share 
before dilution amounted to SEK 2.09 (2.19) and after dilution 
to SEK 2.09 (2.19). 
Cash flow 
Cash flow from operating activities amounted to SEK 134 
(257) million. The decrease in cash flow is primarily 
attributable to changes in operating liabilities and an increase 
in inventory compared to the corresponding period last year.     
   Cash flow from investment activities amounted to SEK -1 (-9) 
million. Cash flow from financing activities amounted to SEK -
268 (-116) million, primarily attributable to dividend of SEK -
132 (-97) million, repurchased shares of SEK -154 (-17) million 
and a received shareholder contribution of SEK 20 (0) million. 
   Cash flow for the period amounted to SEK -135 (131) million. 
Financial position 
Net cash amounted to SEK 147 (272) million. Cash and cash 
equivalents amounted to SEK 159 (285) million. The interest-
bearing debt of SEK 12 (13) million consists of lease liabilities of 
SEK 12 (13) 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 294 (216) million. The 
change is mainly attributable to an increased inventory. 
Investments 
Investments affecting cash flow amounted to SEK 1 (9) million. 
Investments in intangible assets amounted to SEK 1 (9) million. 
Investments in tangible assets amounted to SEK 0 (0) million. 
Personnel 
The average number of FTEs was 133 (119).

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
6 
 
 
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 
RevolutionRace's strategy is to continue capitalising on the 
transformation from physical in-store trading to e-
commerce 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 in the Group's income 
statement, personnel expenses, amount to SEK -21 (0) 
million for the third quarter, of which SEK -20 (0) million is 
attributable to stay-on-bonus in incentive programme 
2021/24.   
   Items affecting comparability in the parent company's 
balance sheet, Retained earnings and Other liabilities and 
the Group's balance sheet, Retained earnings and Other 
current liabilities, amount to SEK 20 (0) million for the third 
quarter. Items affecting comparability in reported cash flow 
correspond to a decrease in operating liabilities and a 
received shareholder contribution, both of SEK 20 (0) 
million. These items are attributable to stay-on-bonus in 
incentive program 2021/24. For more information 
regarding stay-on-bonus, see annual report 2023/24, note 4 
on page 110. 
 
 
 
 
 
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 9 (4) 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 -4 (-2) million. 
Share repurchase programme 
On 19 November 2024 the AGM approved to decrease the 
share capital with SEK 33,222.79 through cancellation of 
3,322,279 repurchased shares and to increase the share capital 
with SEK 33,222.79 through bonus issue without issuing new 
shares. The share capital was thereby restored to the same 
level as before the decrease, SEK 1,129,189.18. The total 
number of shares, including shares owned by the company, 
amounts to 109,596,639 with an equal number of votes. The 
quotient value has hereby increased from SEK 0.01 to 
approximately SEK 0.0103.  
   On 19 November 2024 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 22 
November 2024 the Board resolved to repurchase own shares 
up to SEK 200 million. 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 2023/24 
published on 15 October 2024.   
   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, 1 July 2024 – 31 March 2025 
 
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, 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, 6 May 2025 
 
 
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 6 May 2025.

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
8 
 
 
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, 2025 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, 6th of May 2025 
Ernst & Young AB 
 
 
 
Andreas Mast 
Authorized Public Accountant

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
9 
 
 
FINANCIAL REPORTS 
 
Group income statement  
 
Group statement on other comprehensive income 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 24/25 23/24 24/25 23/24 23/24
 Operating income
 Net sales 2 486 478 1,520 1,434 1,840
 Other operating income 3 - 6 - 3 2
 486 484 1,520 1,436 1,842
 
 Operating expenses
 Goods for resale -149 -136 -457 -414 -528
 Other external expenses -200 -216 -648 -621 -805
 Personnel expenses -51 -28 -112 -83 -114
Depreciation and amortisation of tangible and intangible assets -2 -2 -7 -7 -9
 Other operating expenses 3 -4 - -2 - -
 -406 -382 -1,225 -1,125 -1,456 
 Operating profit (EBIT) 80 101 295 311 386 
 Financial income and expenses
 Financial income 0 2 3 6 8
 Financial expenses -1 -1 -3 -3 -4
 -1 1 0 3 4
 
 Profit before tax 79 103 295 314 389 
 Income tax -17 -22 -62 -66 -81
 Profit for the period 63 81 233 248 308
 
 Attributable to parent company´s shareholders 63 81 233 248 308
 
 Earnings per share
 Earnings per share before dilution, SEK 0.57 0.72 2.09 2.19 2.73
 Earnings per share after dilution, SEK 0.57 0.71 2.09 2.19 2.72
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm Note 24/25 23/24 24/25 23/24 23/24
 
 Profit for the period 63 81 233 248 308
 
 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 63 81 233 248 308
 Attributable to parent company´s shareholders 63 81 233 248 308

===== SIDA 10 =====

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
10 
 
 
 
Group statement of financial position 
 
 SEKm Note 31/03/2025 31/03/2024 30/06/2024
 
 ASSETS
 
 Non-current assets
 Intangible assets
 Capitalised expenditures for development work 4 7 6
 Trademarks 171 171 171
 Goodwill 617 617 617
 Other intangible assets 9 8 8
 800 803 802
 
 Tangible assets
 Expenditures on third-party property 2 2 2
 Equipment, tools and installations 1 1 1
 Right of use assets 11 12 11
 14 15 14
 
 Deferred tax asset 2 2 2
 2 2 2
 
 Total non-current assets 816 819 818
 
 Current assets
 Goods in warehouse 484 382 362
 Goods in transit 38 64 76
 Right of return assets 21 15 10
 Sum inventory 543 461 448
 Accounts receivable 1 0 0
 Current tax assets 20 5 5
 Other current receivables 34 36 32
 Prepaid expenses and accrued income 14 18 20
 Cash and cash equivalents 159 285 295
 Total current assets 770 805 800
 
 TOTAL ASSETS 1,586 1,624 1,618

===== SIDA 11 =====

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
11 
 
 
Group statement of financial position (cont.) 
 
 SEKm Note 31/03/2025 31/03/2024 30/06/2024
 
 EQUITY AND LIABILITIES
 
 Equity
 Share capital 1 1 1
 Other contributed capital 746 724 724
 Reserves, translation differences -0 -0 -0
 Retained earnings 241 299 219
 Profit for the period 233 248 308
 Total equity 1,221 1,272 1,252
 
 Long-term liabilities
 Lease liabilities 7 9 8
 Deferred tax liabilities 35 35 36
 Total long-term liabilities 42 44 44
 
 Current liabilities
 Lease liabilities 5 4 4
 Accounts payable 51 78 140
 Other current liabilitites 56 48 46
 Tax liabilities 33 17 22
 Repayment liabilities 70 56 37
 Prepaid income and accrued expenses 108 104 73
 Total current liabilities 323 308 322
 
 TOTAL EQUITY AND LIABILITIES 1,586 1,624 1,618

===== SIDA 12 =====

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
12 
 
 
Group statement on cash flow 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar
 SEKm 24/25 23/24 24/25 23/24
 
 Operating activities
 Operating profit (EBIT) 80 101 295 311
 Adjustment for non-cash items
 Depreciation and amortisation 2 2 7 7
 Interest received 0 2 3 6
 Interest paid -1 -1 -3 -3
 Paid income tax -18 -16 -66 -63
Cash flow from operating activities before changes in working capital 63 89 235 257
 
 Increase (-)/Decrease(+) in inventory 48 -23 -96 -59
 Increase (-)/Decrease(+) in operating receivables -1 2 4 4
 Increase (+)/Decrease(-) in operating liabilities -219 -117 -9 56
 Cash flow from operating activities -110 -49 134 257
 
 Investing activities
 Acquisition of tangible assets - -0 -0 -0
 Acquisition of intangible assets -0 -0 -1 -9
 Cash flow from investing activities -0 -0 -1 -9
 
 Financing activities
 Amortisation of lease liabilities -1 -1 -3 -3
 Fees related to borrowings -0 -0 -1 -1
 Shareholder contribution 20 - 20 -
 Dividend paid - - -132 -97
 Repurchase of shares -27 -17 -154 -17
 Warrants -2 -0 2 1
 Cash flow from financing activities -10 -19 -268 -116
 
 Cash flow for the period -120 -68 -135 131
 Cash and cash equivalents at start of period 280 353 295 154
 Exchange rate differences in cash and cash equivalents -1 0 -1 -0
Cash and cash equivalents at end of period 159 285 159 285

===== SIDA 13 =====

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
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 2023 1 723 -0 171 243 1,138
 
 Transfer of profits for the previous period - - - 243 -243 -
 Profit for the period - - - -  248 248
 Other comprehensive income - - -0 -  -  -0
 Comprehensive profit/loss for the year - - -0 243 5 248
 Transactions with owners
 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 - 1 - -114 - -113
 
 Closing balance, 31 March 2024 1 724 -0 299 248 1,272
 
 
 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 year - - -0 308 -75 233
 
 Transactions with owners
 Shareholder contribution - 20 - - - 20
 Dividend - - - -132 - -132
 Repurchase of shares - - - -154 - -154
 Warrants, program 2022/26 - -2 - - - -2
 Warrants, program 2023/27 - -0 - - - -0
 Warrants, program 2024/28 - 3 - - - 3
 Total - 21 - -286 - -264
 
 Closing balance, 31 March 2025 1 746 -0 241 233 1,221

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
14 
 
 
Parent company 
 
Parent company income statement 
 
 
 Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
 SEKm 24/25 23/24 24/25 23/24 23/24
 
 Operating income
 Net sales 9 4 20 11 15
 9 4 20 11 15
 Operating costs
 Other external expenses -2 -1 -4 -5 -6
 Personnel expenses -9 -4 -21 -11 -15
 Other operating expenses -0 -0 -0 -0 -0
 -11 -5 -25 -17 -21
 
 Operating profit (EBIT) -2 -2 -4 -5 -6
 
 Financial income and expenses
 Profit from participations in group companies - - 130 97 97
 Interest income and equivalents 0 1 2 1 1
 Interest expenses and equivalents -2 -1 -7 -3 -4
 -2 -1 125 95 95
 
 Appropriations
 Group contribution received - - - - 6
 - - - - 6
 
 Profit or loss before tax -4 -2 121 90 95
 
 Income tax - - - - -0
 Profit/Loss for the period -4 -2 121 90 94

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
15 
 
 
 
Parent company statement of financial position 
 
 
 SEKm  31/03/2025 31/03/2024 30/06/2024
  
 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  1 0 0
 Receivables from group companies  27 56 62
 Other receivables  - -0 -0
 Prepaid expenses and accrued income  3 3 3
 Total current receivables  32 59 65
  
 Cash and cash equivalents  
 Cash and cash equivalents  1 3 3
 Total cash and cash equivalents  1 3 3
  
 Total current assets  32 62 68
  
 TOTAL ASSETS  677 706 712

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
16 
 
 
Parent company statement of financial position (cont.) 
 
 
 
 
 
 SEKm  31/03/2025 31/03/2024 30/06/2024
  
 EQUITY AND LIABILITIES  
  
 Equity  
 Restricted equity  
 Share capital  1 1 1
  1 1 1
  
 Unrestricted equity  
 Share premium reserve  443 443 443
 Retained earnings  -149 103 23
 Profit for the period  121 90 94
  415 636 560
  
 Total equity  416 637 561
  
 Current liabilities  
 Accounts payable  0 0 0
 Liabilities to group companies  253 63 144
 Other liabilities  2 1 1
 Tax liabilities  0 -0 -0
 Prepaid income and accrued expenses  6 5 6
 Total current liabilities  261 69 151
  
 TOTAL EQUITY AND LIABILITIES  677 706 712

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
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 currencies 1 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 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, 1 July 2024 – 31 March 2025 
 
18 
 
 
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 24/25 23/24 24/25 23/24 23/24 24/25
 Net sales 486 478 1,520 1,434 1,840 1,927
 Goods for resale -149 -136 -457 -414 -528 -571
 Gross profit 337 342 1,063 1,020 1,312 1,356
 Gross margin
 Gross profit 337 342 1,063 1,020 1,312 1,356
 Net sales 486 478 1,520 1,434 1,840 1,927
 Gross margin 69.4% 71.5% 70.0% 71.1% 71.3% 70.4%
 Operating profit (EBIT)
 Operating income 486 484 1,520 1,436 1,842 1,927
 Operating expenses -406 -382 -1,225 -1,125 -1,456 -1,558
 Operating profit (EBIT) 80 101 295 311 386 369
 Adjusted EBIT
 Operating profit (EBIT) as reported 80 101 295 311 386 369
 Expenses mainly related to LTIP and stay-on-bonus 21 0 26 3 3 26
 Adjusted EBIT 101 101 320 314 389 395
 EBIT margin
 Earnings before interest and taxes 80 101 295 311 386 369
 Operating income 486 484 1,520 1,436 1,842 1,927
 EBIT Margin 16.4% 21.0% 19.4% 21.7% 20.9% 19.2%
 Adjusted EBIT margin
 Adjusted EBIT 101 101 320 314 389 395
 Operating income 486 484 1,520 1,436 1,842 1,927
 Adjusted EBIT margin 20.8% 21.0% 21.1% 21.9% 21.1% 20.5%
 Net working capital
 Current assets 770 805 770 805 800 770
 Cash and cash equivalents (-) -159 -285 -159 -285 -295 -159
 Total current assets excl. cash and cash equivalents 611 520 611 520 505 611
 Current liabilities (-) -323 -308 -323 -308 -322 -323
 Current interest-bearing liabilities (+) 5 4 5 4 4 5
 Net working capital 294 216 294 216 187 294
 Net debt(+)/Net cash (-)
 Interest-bearing debt 12 13 12 13 12 12
 Interest-bearing assets (-) 0 0 0 0 0 0
 Cash and cash equivalents (-) -159 -285 -159 -285 -295 -159
 Net debt(+)/Net cash (-) -147 -272 -147 -272 -282 -147
 Number of orders and average order value (AOV)
 Number of orders ('000) 477 493 1,532 1,520 1,953 1,965
 Net sales 486 478 1,520 1,434 1,840 1,927
 Average order value (AOV); (SEK) 1,018 969 992 943 942 980

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
 
 
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 15 October 2024. 
 
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. 
 
The IASB has published amendments to IAS 21 regarding effects of changed exchange rates, which provide guidance for situation s 
where currency exchange restrictions limit the ability to exchange currencies, which became effective on 1 January 2025. RVRC 
Holding AB has made the assessment that the changes in IAS 21 will not have any material effect on the group's financial 
reporting.  
 
 
 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. 
 
 
 
 
 
 
 
 
 
 Jan-Mar Jan-Mar Local curr Jul-Mar Jul-Mar Local curr Jul-Jun
Market 24/25 23/24 Δ   Δ  24/25 23/24 Δ  Δ  23/24
 Germany 239 242 -2% -1% 742 702 6% 7% 905
 Sweden 52 47 10% 10% 170 155 10% 10% 200
 Other 195 189 3% 3% 608 577 5% 5% 735
 Total 486 478 2% 2% 1,520 1,434 6% 7% 1,840
 Jan-Mar Jan-Mar Local curr Jul-Mar Jul-Mar Local curr Jul-Jun
Region 24/25 23/24 Δ   Δ 24/25 23/24 Δ  Δ 23/24
 Nordics 104 95 9% 10% 345 330 5% 5% 420
 DACH 279 277 0% 1% 866 805 8% 8% 1,036
 RoW 103 106 -3% -3% 309 299 3% 3% 385
 Total 486 478 2% 2% 1,520 1,434 6% 7% 1,840

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
 
 
   NOTE 3  Other operating income and other operating expenses  
 
 
 
 
 NOTE 4  Related Party Transactions  
 
The company has no external transactions with external related parties in the period. 
 
 
 NOTE 5  Shares and warrants 
 
Number of shares 
 
 
 
 
Weighted average of shares 
 
 
 
 
Repurchase of own shares 
 
During the first quarter, RevolutionRace repurchased 1,469,018 own shares and during the second quarter RevolutionRace 
repurchased 1,449,303 own shares and cancelled 3,322,279 own shares. During the third quarter 576,100 own shares were 
repurchased. At the end of the third quarter the total number of outstanding shares (total number of shares reduced by 
repurchased shares) amounts to 107,571,236.  
 
 
 
*Excluding transaction costs. 
 
 
  
 Jan-Mar Jan-Mar  Jul-Mar Jul-Mar  Jul-Jun 
Other operating income and other operating expenses 24/25 23/24 Δ   24/25 23/24 Δ   23/24  
Exchange rate gains 10 14 -24% 38 50 -23% 57 
Exchange rate losses -15 -12 22% -41 -51 -20% -59
 Other 0 4 0 4 4
Total -4 6 -2 3 2
 Date Description Change in number of shares Total number of shares
01/07/2024 Opening balance - 112,918,918                        
21/11/2024 Cancellation of shares -3,322,279 -
31/03/2025 Closing balance - 109,596,639                        
Jan-Mar Jan-Mar Jul-Mar Jul-Mar Jul-Jun
24/25 23/24 24/25 23/24 23/24
Weighted average number of shares 109,596,639      112,918,918 111,331,607 112,918,918 112,918,918
Period Number of repurchased shares Average share price, SEK Amount, SEKm*
Jul-Jun 23/24 (full year) 1,853,261 52.60 97
Jul-Sep 24/25 (quarter) 1,469,018 46.60 68
Oct-Dec 24/25 (quarter) 1,449,303 40.46 59
Jan-Mar 24/25 (quarter) 576,100 46.68 27
5,347,682 47.02 251

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
 
 
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 repurchase of 112,000 warrants related to the two older incentive programs has been carried out. 
 
 
 
 
Incentive program 2021/24 with the final subscription date 31/12/2024 has expired without value, as a result the 1,889,677 
issued and 1,435,027 transferred warrants have therefore expired. 
  
 
 NOTE 6  Currency rates 
RevolutionRace has a currency exposure mainly towards SEK, EUR, GBP, PLN 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 
Description Utlilisation period
Subscription 
price
Shares per 
warrant Issued
Transferred 
shares
2022/26 incentive program 15/11/2025 - 15/05/2026 37.11 1.07 2,125,000    1,497,000          
2023/27 incentive program 02/01/2027 - 02/07/2027 72.09 1.03 750,000        227,500             
2024/28 incentive program 22/11/2027 - 22/05/2028 46.61 1.03 1,000,000    472,000             
Currency AR CR AR CR AR CR AR CR
SEK/EUR 11.24 10.85 11.28 11.53 11.39 10.85 11.51 11.53
SEK/USD 10.68 10.03 10.39 10.66 10.62 10.03 10.63 10.66
Jan-Mar Jan-Mar Jul-Mar Jul-Mar
24/25 23/24 24/25 23/24

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

RVRC Holding AB (publ) Interim report, 1 July 2024 – 31 March 2025 
 
 
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Calendar  Contact 
Year-end report 2024/25 12 August 2025 RVRC Holding AB 
Annual report 2024/25 15 October 2025 Nils Jakobssonsgatan 5D 
Interim report, Q1 2025/26 23 October 2025 504 30 Borås 
Annual General Meeting 2024/25 20 November 2025 Sweden 
Interim report, Q2 2025/26 29 January 2026 corporate.revolutionrace.com 
Interim report, Q3 2025/26 28 April 2026  
Year-end report 2025/26 11 August 2026  
 
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 refle cted 
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 t o, 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.