Mips (MIPS) Q2 2026 earnings summary

Executive summary

• Net sales grew 72% year-over-year in Q2 2026 to SEK 232m, with organic growth of 42% and strong momentum across all categories and geographies, especially Europe and North America, with Asia rebounding.

• Year-to-date net sales up 53%, organic growth at 35%; all business categories contributed.

• Integration of Koroyd progressing well, significantly contributing to growth, especially in Safety, and expanding product offerings.

• Legal dispute in the U.S. settled post-quarter for USD 3.25m, with related costs to impact Q3, removing a key uncertainty.

• Confidence maintained in long-term strategy and financial targets.

Financial highlights

• Q2 net sales: SEK 232m (up 72% YoY); organic growth 42%; Koroyd contributed 30% to growth.

• Q2 gross profit: SEK 172m (up 71% YoY); gross margin 74.1% (vs. 74.2% last year).

• Q2 adjusted EBIT up 98% to SEK 108m, margin at 46.7% (vs. 40.4% last year); Q2 operating profit SEK 95m (up 133%), EBIT margin 41.0%.

• Operating cash flow SEK 62m in Q2 (up 235% YoY); H1 operating cash flow SEK 80m.

• Year-to-date: net sales up 53%, organic growth 35%, gross margin 72.9%, adjusted EBIT margin 41.4%.

Outlook and guidance

• Ambition to maintain organic growth above 30% for the year, with current performance ahead of plan.

• No expectation to reach 50% EBIT margin for the full year, but strong profitability improvement continues; long-term targets unchanged (net sales > SEK 2bn by 2029, EBIT margin > 50%).

• Safety segment targeting SEK 100m in sales for the year.

• Market assumed to remain flat for the rest of the year; growth expected to outpace market.

• Positive momentum expected to continue in H2, supported by innovation and new product launches.