Kvartalsrapport Q3 2025

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
1 
 
 
 
 
 
 
 
 
 
 
 
Interim report 
1 July – 30 September 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 – 30 September 2025 
 
2 
 
 
FIRST QUARTER HIGHLIGHTS 
 
Financial development & significant events during the first quarter 
• Sales growth in local currencies amounted to 15 percent. 
• Net sales for the period increased by 12 percent and amounted to SEK 392 (350) million. 
• Gross profit amounted to SEK 273 (245) million, corresponding to a gross margin of 69.6 (70.0) percent.  
• EBIT and adjusted EBIT amounted to SEK 75 (57) million, corresponding to an increase of 31 percent.  
• EBIT margin and adjusted EBIT margin amounted to 19.0 (16.3) percent. 
• Earnings per share before and after dilution amounted to SEK 0.53 (0.40). 
 
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 million and the third quarter 24/25 amounting to SEK 21 million, which are primarily related 
to share-based incentive programs. 
* Alternative performance measures, see pages 15-16.
  
 Jul-Sep Jul-Sep Jul-Jun Oct-Sep
 SEKm 25/26 24/25 Δ 24/25 24/25
Net sales 392 350 12% 1,925 1,967
Average order value (AOV), (SEK)* 944 937 1% 979 979
Gross profit* 273 245 11% 1,344 1,372
EBIT* 75 57 31% 357 375
Adjusted EBIT* ¹) 75 57 31% 383 401
Profit for the period 58 46 28% 283 296
Earnings per share before dilution, SEK 0.53 0.40 33% 2.55 -
Earnings per share after dilution, SEK 0.53 0.40 33% 2.55 -
Gross margin* 69.6% 70.0% -0.4 pp 69.8% 69.8%
EBIT margin* 19.0% 16.3% 2.7 pp 18.6% 19.1%
Adjusted EBIT margin* 19.0% 16.3% 2.7 pp 19.9% 20.4%

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
3 
 
 
COMMENTS FROM CEO 
 
Continued sales growth and profitability for RevolutionRace 
RevolutionRace started the financial year 2025/26 with a strong quarter. Net sales during the first quarter 
amounted to SEK 392 (350) million, corresponding to a sales growth of 15 percent in local currencies (12 percent  
in SEK) compared with the same quarter last year. EBIT amounted to SEK 75 (57) million, an increase of 31 
percent. It is encouraging to deliver continued profitable growth, and we believe that we are increasing market 
shares in several markets, even though the overall market environment continues to be described as challenging. 
 
 
Growth across all regions 
We continue to deliver growth across all regions. In the Nordics, 
sales growth increased by 19 percent in local currencies  
(17 percent in SEK). In the DACH region, growth was 18 percent 
in local currencies (15 percent in SEK), and in ROW 2 percent  
(-2 percent in SEK). 
   Switzerland was the market with the strongest growth during 
the quarter, followed by Austria. Together with the growth of 14 
percent in our largest market, Germany, this resulted in a solid 
overall performance in the important DACH region. In our most 
mature market, Sweden, we recorded growth of 18 percent. In 
the ROW region, we are strengthening our position in several 
markets, such as Poland and the UK. In the US, we saw a sales 
decline due to higher tariffs, which contributed to lower growth 
for the ROW region as a whole. 
 
Industry-leading margins 
We continue to deliver strong margins and remain one of the 
most profitable companies in the industry, demonstrating our 
ability to combine growth with profitability. During the first 
quarter, EBIT amounted to SEK 75 (57) million, corresponding to 
an EBIT margin of 19.0 (16.3) percent. The gross margin for the 
quarter was 69.6 (70.0) percent. The recent strengthening of the 
SEK resulted in an unfavourable currency effect on our net sales 
and result as income is presented in SEK, but the majority of our 
income is generated in other currencies, primarily EUR. For the 
coming quarters of the financial year, we have a positive 
outlook on goods for resale, driven by a weaker USD. 
 
Financial position and inventory 
We maintain a solid financial position, with a net cash position 
of SEK 163 million at the end of the first quarter and an 
undrawn credit facility. Ahead of the second quarter, we 
completed a planned inventory build-up to prepare for the peak 
season, and we are now well prepared for the seasonally 
strongest period of the year. Going forward, we expect that 
inventory levels will gradually decrease over the course of the 
financial year. 
   During the quarter, we continued our share repurchase 
programme in line with the mandate from the Annual General 
Meeting, repurchasing shares for a total amount of SEK 32 
million. Since the AGM in 2024, we have repurchased shares 
amounting to SEK 168 million in total, and the Board’s proposal 
to the upcoming AGM in November is to cancel all repurchased 
shares. 
 
Products and launches 
During the quarter, we carried out several successful launches 
and further developed products within our existing range. Our 
shell products sold well at the start of the autumn season, as did 
our fleece range, which has been updated with new details and 
colours. 
   Our alpine range is being expanded with several new products 
during the second quarter, and we are also adding a new series 
specifically designed for cross-country skiing. Looking ahead, we 
are excited to follow the launch of the new RVRC Ultra Series, 
our most technically advanced collection to date, which was 
intro-duced in early October. The collection is designed for 
alpinism, using carefully selected materials designed to perform 
in tough conditions. 
 
New brand store strengthens presence in the Swedish market 
At the end of September, we opened our first brand store in 
central Stockholm. During the first weeks we have seen great 
interest and engagement from customers. We are evaluating 
opportunities for additional stores, including potential establish-
ments outside Sweden, but we remain selective in our choices 
and will expand step by step. 
 
Strengthened organisation for continued growth 
As RevolutionRace continues to grow, we have strengthened 
our leadership team. We have appointed Malin Kemi as Chief 
Product Officer and Peter Jansson as Chief Technology Officer. 
Malin brings extensive experience from leading positions at 
Ridestore, Axel Arigato, Lindex and NilsonGroup, while Peter 
joins us from a position as CIO at XXL. 
 
Outlook 
The market environment is still described by many as 
challenging, but RevolutionRace is well positioned ahead of the 
peak season. Our strong customer offering, leading margins and 
high customer satisfaction provide solid conditions for 
continued profitable growth. 
   With autumn and winter approaching, we hope for a cold and 
snowy season that provides excellent opportunities for outdoor 
activities and experiences in nature. 
   We are now entering our most important trading season of 
the year. The second quarter has just started, and the real peak 
season lies ahead. Overall, we have a stronger market position 
than ever, and we are seeing continued sales growth at the 
beginning of the second quarter. 
   I would like to thank everyone who has contributed to a strong 
start to the new financial year – our employees, customers, 
partners and shareholders. Together, we continue to develop 
RevolutionRace and create long-term value. 
 
Paul Fischbein, CEO

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
4 
 
 
FINANCIAL DEVELOPMENT  
 
First quarter (Jul – Sep 2025) 
Operating income 
Net sales in the first quarter amounted to SEK 392 (350) 
million, an increase of 15 percent in local currencies (12 
percent in SEK). The increase in Net sales in local currencies 
is attributable to higher demand for the company's products. 
   Net sales in the Nordics increased by 19 percent in local 
currencies (17 percent in SEK) to SEK 105 (90) million. Net 
sales in DACH increased by 18 percent in local currencies (15 
percent in SEK) to SEK 216 (188) million and increased in 
RoW by 2 percent in local currencies (-2 percent in SEK) to 
SEK 71 (72) million. 
Share of net sales by region in the first quarter 
 
Operating income for the quarter amounted to SEK 392 (350) 
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 0 million, compared 
to SEK -3 million, i.e. Other operating expenses, in the 
corresponding quarter last year, and is primarily attributable 
to currency effects related to items on the balance sheet.  
Gross profit 
Gross profit increased by 11 percent to SEK 273 (245) million, 
corresponding to a gross margin of 69.6 (70.0) percent.  
   The difference in gross margin, compared to the 
corresponding quarter last year, is primarily attributable to 
currency effects on net sales and goods for resale. 
 
 
 
Operating profit (EBIT) 
Operating profit (EBIT) for the quarter amounted to SEK 75 
(57) million, corresponding to an EBIT margin of 19.0 (16.3) 
percent. The improved EBIT-margin is mainly attributable to 
improved marketing efficiency.  
   Goods for resale increased to SEK -119 (-105) million driven 
by increased net sales. Other external expenses amounted to 
SEK -169 (-158) million. Personnel expenses in the quarter 
amounted to SEK -27 (-25) million. Net Other operating 
income/expenses amounted to SEK 0 (-3) million.  
Earnings and earnings per share for the period 
Profit before tax amounted to SEK 74 (58) million. Profit for the 
period was SEK 58 (46) million. Earnings per share before and 
after dilution amounted to SEK 0.53 (0.40). 
Cash flow 
Cash flow from operating activities amounted to SEK 27 
(-82) million. The increase in cash flow is primarily attributable 
to the improved result, a lower inventory increase and higher 
increase in operating liabilities, compared to the corresponding 
quarter last year.  
   Cash flow from investment activities amounted to SEK -1 (0) 
million. Cash flow from financing activities amounted to SEK     
-34 (-70) million, primarily attributable to repurchased shares 
of SEK -32 (-69) million. 
   Cash flow for the period amounted to SEK -8 (-152) million. 
Financial position 
Net cash amounted to SEK 163 (131) million. Cash and cash 
equivalents amounted to SEK 181 (142) million. The interest-
bearing debt of SEK 19 (11) million consists of lease liabilities of 
SEK 19 (11) 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 296 (318) million.  
Investments 
Investments affecting cash flow amounted to SEK 1 (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 (132).

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
5 
 
 
OTHER INFORMATION 
Financial targets for financial years  
2024/2025 – 2026/2027 
In May 2024, the board of RevolutionRace adopted new 
financial targets. These targets are set for a new three-year 
period ending in the financial year 2026/2027. 
   RevolutionRace strives for sustainable and profitable growth 
with an annual growth target of 20 percent and to maintain an 
annual adjusted EBIT margin of 20 percent. 
Dividend policy 
RevolutionRace intends to distribute surplus capital to 
shareholders after considering long-term financial stability, 
growth opportunities and strategic initiatives. With these 
considerations in mind, RevolutionRace intends to distribute 
40-60 percent of profits for the year. 
Significant events after the end of the period 
No significant events after the end of the period.  
Future prospects 
The company does not provide a forecast. 
 
Items affecting comparability 
Items affecting comparability amount to SEK 0 (0) million for 
the first quarter. 
 
Parent company 
RVRC Holding AB (publ), org. nr. 559129–4623, is a Swedish 
public company domiciled in Borås, Sweden. 
Net sales for the first quarter amounted to SEK 3 (3) million 
and is attributable to intra-group services related to group 
management. The Parent company's profit for the first quarter 
amounted to SEK -3 (-3) million. 
 
Share repurchase programme 
On 19 November 2024 the AGM approved to decrease the 
share capital during the second quarter 2024/25 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 2024/25 
published on 15 October 2025.   
   RevolutionRace is an international company and its 
operations as such can be affected by several risk factors in 
the form of both operational and financial risks. The risks 
related to the industry and the company include, but are not 
limited to, trends linked to people´s interest in nature as well 
as increased competition. An economic downturn or change in 
consumer preferences could have a negative impact on the 
Group's Net sales and profitability.  
   RevolutionRace is further exposed to external factors that 
the company cannot influence, such as, for example, the 
effects of increased inflation.  
   Since RevolutionRace operates globally, the company is 
exposed to changes in exchange rates, which may have a 
negative impact on the company's revenues as they are 
reported in SEK but since a large proportion of Net sales 
originate from other currencies. In addition, the company's 
products are produced in Asia, which entails a currency risk 
also on the cost side.

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
6 
 
 
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, 23 October 2025 
 
 
Paul Fischbein 
CEO 
 
Contact details 
Jesper Alm, CFO  
E-mail: jesper.alm@revolutionrace.se 
 
  
 
Auditor's review  
This interim report has not 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 23 October 2025.

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
7 
 
 
FINANCIAL REPORTS 
 
Group income statement  
 
Group statement on comprehensive income 
 Jul-Sep Jul-Sep Jul-Jun
 SEKm Note 25/26 24/25 24/25
 Operating income
 Net sales 2 392 350 1,925
 Other operating income 3 0 - -
 392 350 1,925
 
 Operating expenses
 Goods for resale -119 -105 -581
 Other external expenses -169 -158 -831
 Personnel expenses -27 -25 -143
Depreciation and amortisation of tangible and intangible assets -3 -2 -9
 Other operating expenses 3 - -3 -4
 -318 -293 -1,568 
 Operating profit (EBIT) 75 57 357 
 Financial income and expenses
 Financial income 0 2 4
 Financial expenses -1 -1 -4
 -1 1 -0
 
 Profit before tax 74 58 357
 
 Income tax -16 -12 -74
 Profit for the period 58 46 283
 
 Attributable to parent company´s shareholders 58 46 283
 
 Earnings per share
 Earnings per share before dilution, SEK 0.53 0.40 2.55
 Earnings per share after dilution, SEK 0.53 0.40 2.55
 Jul-Sep Jul-Sep Jul-Jun
 SEKm Note 25/26 24/25 24/25
 
 Profit for the period 58 46 283
 
 Other comprehensive income
 Items reclassified or which may be reclassified to profit for the period
 Exchange rate differences upon translation of foreign subsidiaries                                  0 -0 0
 Other comprehensive income for the period, after tax 0 -0 0
 
 Comprehensive income for the period 58 46 283
 Attributable to parent company´s shareholders 58 46 283

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
8 
 
 
 
Group statement of financial position 
 
 SEKm Note 30/09/2025 30/09/2024 30/06/2025
 
 ASSETS
 
 Non-current assets
 Intangible assets
 Capitalised expenditures for development work 3 6 3
 Trademarks 171 171 171
 Goodwill 617 617 617
 Other intangible assets 9 8 9
 800 802 800
 
 Tangible assets
 Expenditures on third-party property 2 2 2
 Equipment, tools and installations 2 1 2
 Right of use assets 18 10 11
 22 13 15
 
 Other long-term assets 3 - -
 Deferred tax asset 1 2 1
 5 2 1
 
 Total non-current assets 827 816 816
 
 Current assets
 Goods in warehouse 500 447 439
 Goods in transit 66 118 72
 Right of return assets 20 12 10
 Sum inventory 586 577 521
 Accounts receivable 3 0 1
 Current tax assets 4 5 1
 Other current receivables 30 34 16
 Prepaid expenses and accrued income 19 22 17
 Cash and cash equivalents 181 142 189
 Total current assets 824 780 744
 
 TOTAL ASSETS 1,650 1,597 1,561

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
9 
 
 
Group statement of financial position (cont.) 
 
 SEKm Note 30/09/2025 30/09/2024 30/06/2025
 
 EQUITY AND LIABILITIES
 
 Equity
 Share capital 1 1 1
 Other contributed capital 746 724 746
 Reserves, translation differences 0 -0 0
 Retained earnings 442 458 190
 Profit for the period 58 46 283
 Total equity 1,247 1,229 1,220
 
 Long-term liabilities
 Lease liabilities 12 7 7
 Deferred tax liabilities 35 35 35
 Other long-term liabilities 3 - -
 Total long-term liabilities 50 43 42 
 Current liabilities
 Lease liabilities 7 4 5
 Accounts payable 132 142 119
 Other current liabilitites 48 34 54
 Tax liabilities 4 18 9
 Repayment liabilities 71 48 34
 Prepaid income and accrued expenses 91 78 77
 Total current liabilities 353 324 299 
 TOTAL EQUITY AND LIABILITIES 1,650 1,597 1,561

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
10 
 
 
Group statement on cash flow 
 
 
 Jul-Sep Jul-Sep
 SEKm 25/26 24/25 
 Operating activities
 Operating profit (EBIT) 75 57
 Adjustment for non-cash items
 Depreciation and amortisation 3 2
 Other non-cash items 0 -
 Interest received 0 1
 Interest paid -1 -1
 Paid income tax -24 -15
Cash flow from operating activities before changes in working capital 53 44
 
 Increase (-)/Decrease(+) in inventory -65 -129
 Increase (-)/Decrease(+) in operating receivables -19 -5
 Increase (+)/Decrease(-) in operating liabilities 58 8
 Cash flow from operating activities 27 -82
 
 Investing activities
 Acquisition of tangible assets -0 -
 Acquisition of intangible assets -0 -0
 Cash flow from investing activities -1 -0
 
 Financing activities
 Amortisation of lease liabilities -2 -1
 Fees related to borrowings -0 -0
 Repurchase of shares -32 -69
 Warrants - -0
 Cash flow from financing activities -34 -70
 
 Cash flow for the period -8 -152
 Cash and cash equivalents at start of period 189 295
 Exchange rate differences in cash and cash equivalents -0 -0
Cash and cash equivalents at end of period 181 142

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
11 
 
 
Group statement on changes in equity 
 
 SEKm Share capital 
Other 
contributed 
capital 
Reserves, 
translation 
differences 
Retained 
earnings 
Profit for 
the period Total equity 
 Opening balance, 1 July 2024 1 724 -0 219 308 1,252
 
 Transfer of profits for the previous period - - - 308 -308 -
 Profit for the period - - - - 46 46
 Other comprehensive income - - -0 - - -0
 Comprehensive profit/loss for the period - - -0 308 -263 46
 Transactions with owners
 Buy-back of shares - - - -69 - -69
 Warrants, program 2022/26 - -0 - - - -0
 Total - -0 - -69 - -69
 
 Closing balance, 30 September 2024 1 724 -0 458 46 1,229
 
 
 Opening balance, 1 July 2025 1 746 0 190 283 1,220
 
 Transfer of profits for the previous period - - - 283 -283 -
 Profit for the period - - - - 58 58
 Other comprehensive income - - 0 - - 0
 Comprehensive profit/loss for the period - - 0 283 -225 58
 
 Transactions with owners
 Repurchase of shares - - - -32 - -32
 Total - - - -32 - -32
 
 Closing balance, 30 September 2025 1 746 0 442 58 1,247

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
12 
 
 
Parent company 
 
Parent company income statement 
 
 
 Jul-Sep Jul-Sep Jul-Jun
 SEKm 25/26 24/25 24/25
 
 Operating income
 Net sales 3 3 24
 3 3 24
 Operating costs
 Other external expenses -1 -2 -4
 Personnel expenses -4 -3 -24
 Other operating expenses -0 -0 -0
 -4 -5 -28
 
 Operating profit (EBIT) -1 -2 -4
 
 Financial income and expenses
 Profit from participations in group companies - - 130
 Interest income and equivalents 0 0 2
 Interest expenses and equivalents -3 -2 -9
 -3 -2 122
 
 Appropriations
 Group contribution received - - 3
 - - 3
 
 Profit or loss before tax -3 -3 122
 
 Income tax - - -0
 Profit/Loss for the period -3 -3 122

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
13 
 
 
 
Parent company statement of financial position 
 
 
 SEKm  30/09/2025 30/09/2024 30/06/2025
  
 ASSETS  
  
 Non-current assets  
 Financial assets  
 Participations in group companies  644 644 644
 Total financial assets  644 644 644
  
 Total non-current assets  644 644 644
  
 Current assets  
 Tax receivables  1 0 2
 Receivables from group companies  31 46 39
 Other receivables  - 0 -
 Prepaid expenses and accrued income  2 3 3
 Total current receivables  34 48 44
  
 Cash and cash equivalents  
 Cash and cash equivalents  0 4 9
 Total cash and cash equivalents  0 4 9
  
 Total current assets  34 53 53
  
 TOTAL ASSETS  679 697 697

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
14 
 
 
Parent company statement of financial position (cont.) 
 
 
 
 
 
 SEKm  30/09/2025 30/09/2024 30/06/2025
  
 EQUITY AND LIABILITIES  
  
 Equity  
  
 Restricted equity  
 Share capital  1 1 1
  1 1 1
  
 Unrestricted equity  
 Share premium reserve  443 443 443
 Retained earnings  -109 49 -200
 Profit for the period  -3 -3 122
  330 488 365
  
 Total equity  331 489 366
  
 Current liabilities  
 Accounts payable  0 0 0
 Liabilities to group companies  342 200 325
 Other liabilities  2 3 1
 Tax liabilities  - 0 -
 Prepaid income and accrued expenses  3 4 5
 Total current liabilities  347 207 331
  
 TOTAL EQUITY AND LIABILITIES  679 697 697

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
15 
 
 
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

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RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
16 
 
 
Reconciliation tables, alternative performance measures 
All amounts in SEKm, unless otherwise stated. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Is composed of leasing liabilities
 Jul-Sep Jul-Sep Jul-Jun Oct-Sep
 Gross profit Note 25/26 24/25 24/25 24/25
 Net sales 392 350 1,925 1,967
 Goods for resale (-) -119 -105 -581 -595
 Gross profit 273 245 1,344 1,372
 Gross margin
 Gross profit 273 245 1,344 1,372
 Net sales 392 350 1,925 1,967
 Gross margin 69.6% 70.0% 69.8% 69.8%
 Operating profit (EBIT)
 Operating income 392 350 1,925 1,967
 Operating expenses -318 -293 -1,568 -1,592
 Operating profit (EBIT) 75 57 357 375
 Adjusted EBIT
 Operating profit (EBIT) as reported 75 57 357 375
 Expenses mainly related to LTIP and stay-on-bonus 0 0 26 26
 Adjusted EBIT 75 57 383 401
 EBIT margin
 Earnings before interest and taxes 75 57 357 375
 Operating income 392 350 1,925 1,967
 EBIT Margin 19.0% 16.3% 18.6% 19.1%
 Adjusted EBIT margin
 Adjusted EBIT 75 57 383 401
 Operating income 392 350 1,925 1,967
 Adjusted EBIT margin 19.0% 16.3% 19.9% 20.4%
 Net working capital
 Current assets 824 780 744 824
 Cash and cash equivalents (-) -181 -142 -189 -181
 Total current assets excl. cash and cash equivalents 642 638 555 642
 Current liabilities (-) -353 -324 -299 -353
 Current interest-bearing liabilities (+) * 7 4 5 7
 Net working capital 296 318 262 296
 Net debt(+)/Net cash (-)
 Interest-bearing debt * 19 11 12 19
 Interest-bearing assets (-) 0 0 0 0
 Cash and cash equivalents (-) -181 -142 -189 -181
 Net debt(+)/Net cash (-) -163 -131 -177 -163
 Number of orders and average order value (AOV)
 Number of orders ('000) 415 374 1,967 2,009
 Net sales 392 350 1,925 1,967
 Average order value (AOV); (SEK) 944 937 979 979

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 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 2025. 
 
New and amended standards and interpretations that have not yet been applied by the Group  
RVRC Holding AB has made the assessment that no new or changed standards during the financial year will have an effect on the  
group's financial reporting. 
 
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.  
 
In December 2023, the IASB published IFRS 18 Presentation and Disclosure in Financial Statements, which becomes effective for  
financial years beginning on or after 1 January, 2027. RVRC Holding AB will apply the standard starting from the financial year 
beginning 1 July, 2027. IFRS 18 is not expected to impact the financial results but will result in changes to the presentation and 
disclosure requirements in the financial statements. 
 
The IASB has also issued the annual improvements (Annual Improvements to IFRS Standards 2023) as well as amendments to IFRS 
9 and IFRS 7, addressing, among other things, the classification of financial instruments and power purchase agreements, effe ctive 
from 1 January, 2026. RVRC Holding AB has assessed that these changes will not have a material impact on the Group’s financial 
reporting.

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
 
 
 
 NOTE 2  Income from agreements with customers 
The company has one operating segment and has for the breakdown of income identified one category, 
geographical area, for which the smallest entity is a market which in turn belongs to a region. The definition of a 
market relates to the website on which the sales take place, for example revolutionrace.se for Sweden and 
revolutionrace.de for Germany.    
 
Below, net sales is presented per geographical market and region, respectively. 
 
 
 
 
 
   NOTE 3  Other operating income and other operating expenses  
 
 
 
 
 
 NOTE 4  Related Party Transactions  
 
The company has no external transactions with external related parties in the period. 
 
 
 
 
 
 Jul-Sep Jul-Sep Oct-Sep Oct-Sep
Market 25/26 24/25 Δ   24/25 23/24 Δ   
 Germany 183 165 11% 953 912 4%
 Sweden 52 44 18% 229 200 14%
 Other 158 141 12% 785 737 7%
 Total 392 350 12% 1,967 1,849 6%
 
 Jul-Sep Oct-Sep
Local currencies Δ  25/26  24/25
 Germany 14% 6%
 Sweden 18% 14%
 Other 15% 8%
 Total 15% 8%
 
 Jul-Sep Jul-Sep Oct-Sep Oct-Sep
Region 25/26 24/25 Δ   24/25 23/24 Δ   
 Nordics 105 90 17% 461 414 11%
 DACH 216 188 15% 1,120 1,044 7%
 RoW 71 72 -2% 385 391 -1%
 Total 392 350 12% 1,967 1,849 6%
 
 Jul-Sep Oct-Sep
Local currencies Δ  25/26  24/25  
 Nordics 19% 12%
 DACH 18% 9%
 RoW 2% 0%
 Total 15% 8%
 Jul-Sep Jul-Sep  
Other operating income and other operating expenses 25/26 24/25 Δ    
Exchange rate gains 10 14 -30% 
Exchange rate losses -9 -17 -44%
 Other 0 0
Total 0 -3

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
 
 
 
 NOTE 5  Shares and warrants 
 
Number of shares 
 
 
 
 
Weighted average number of shares 
 
 
 
 
Repurchase of own shares 
 
The number of outstanding shares (total number of shares reduced by repurchased shares) at the start of the financial year was 
106,421,286. During the first quarter, RevolutionRace repurchased 665,836 own shares. At the end of the quarter the total 
number of outstanding shares amounts to 105,755,450. 
 
 
*Excluding transaction costs. 
 
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. No changes have occurred in the first quarter. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Date Description Change in number of shares Total number of shares
01/07/2025 Opening balance - 109,596,639                       
30/09/2025 Closing balance - 109,596,639                       
Jul-Sep Jul-Sep
25/26 24/25
Weighted average number of shares 109,596,639                   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-Jun 24/25 (full year) 4,644,371 44.15 205
Jul-Sep 25/26 (quarter) 665,836 47.36 32
7,163,468 46.63 334
Description Utilisation period
Subscription 
price (SEK)
Shares per 
warrant Issued Transferred shares
2022/26 incentive program 15/11/2025 - 15/05/2026 37.11 1.07 2,125,000    1,472,000                 
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

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
 
 
 NOTE 6  Currency rates 
RevolutionRace has a currency exposure mainly towards DKK, EUR, GBP, PLN and SEK for inflow and towards EUR, SEK 
and USD for outflow. RevolutionRace has accordingly an exposure towards changes in these currencies. For inflow 
EUR is the primary currency and for outflow the primary currency is USD.  
 
Below currency cross rates for SEK/EUR and SEK/USD for information purposes. 
 
 
 
 
Source: European Central Bank 
 
AR = average rate  
CR = closing rate
Currency AR CR AR CR
SEK/EUR 11.12 11.06 11.45 11.30
SEK/USD 9.52 9.42 10.43 10.09
Jul-Sep Jul-Sep
25/26 24/25

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

RVRC Holding AB (publ) Interim report, 1 July – 30 September 2025 
 
 
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Calendar  Contact 
Annual General Meeting 2024/25 20 November 2025 RVRC Holding AB 
Interim report, Q2 2025/26 29 January 2026 Nils Jakobsonsgatan 5D 
Interim report, Q3 2025/26 28 April 2026 504 30 Borås 
Year-end report 2025/26 11 August 2026 Sweden 
  corporate.revolutionrace.com 
   
   
 
In the event of discrepancies between the English and Swedish reports, the Swedish version shall govern. 
This report contains forward-looking statements that reflect the company's current expectations. Although the Company believes that the 
expectations reflected in such forward-looking statements are reasonable, it cannot be guaranteed that expectations will prove correct as 
they are subject to risks and uncertainties that could cause actual results to differ materially depending on a number of factors. Such factors 
include, but are not limited to, changes in consumer demand, changing economic, market and com petitive conditions, exchange rate 
fluctuations, developments in product liability disputes, regulatory environment changes and other government measures. Forward-looking 
statements relate only to expectations as of the date they were made, and beyond what  is required by applicable law, the Company 
undertakes no responsibility for updating any of them in the event of new information or future events.