FULLTEXT DEL 1 AV 1

Kvartalsrapport Q3 2025

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

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

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

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%

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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.