MIPSNasdaq StockholmConsumer DiscretionaryIFRS · SEK

Mips

Mips is a Swedish safety-technology company that develops helmet safety systems sold as ingredient-brand components to helmet manufacturers. Its products are integrated into helmets across sports, motorcycle, and occupational safety applications, with operations and sourcing spanning Europe and China.

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Revenue533m SEK
+10.4 %y/y
Operating profit (EBIT)156m SEK
−10.3 %y/y
EBIT margin29.3%
−6.8 ppy/y
Net income26.0m SEK
−81.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0200400600800m SEK2020: 365 m SEK2020: EBIT 167 m SEK20202021: 608 m SEK2021: EBIT 326 m SEK20212022: 563 m SEK2022: EBIT 229 m SEK20222023: 357 m SEK2023: EBIT 70 m SEK20232024: 483 m SEK2024: EBIT 174 m SEK20242025: 533 m SEK2025: EBIT 156 m SEK2025533156
RevenueOperating profit (EBIT)
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Business

Share of revenue
Sports helmet systems74 %

Low-friction safety systems integrated into sports helmets, especially bike helmets.

Motorcycle helmet systems10 %

Safety components designed for on-road and off-road motorcycle helmets.

Safety helmet systems11 %

Products used in occupational and industrial safety helmets.

Services and customer development5 %

Technology development and customer-specific services tied to helmet models.

Customers

Mips sells primarily to helmet brands and helmet production factories, not directly to end consumers. Its customers use Mips components to differentiate helmets with added head-protection features and to support premium positioning in their own product lines.

Helmet brands

Buy component kits and license-based safety technology to integrate into branded helmets.

Helmet production factories

Install Mips components during helmet manufacturing and assembly.

Sports helmet manufacturers

Use Mips systems in bike and other sports helmets to improve safety features.

Motorcycle helmet manufacturers

Buy Mips technology for on-road and off-road motorcycle helmets.

Safety and work-helmet manufacturers

Use Mips systems in occupational safety helmets and related products.

Strategy

Mips’ strategy is built around growing its existing helmet categories, opening new channels and price points, and extending helmet-safety applications beyond its core rotational-protection offering. The company also emphasizes sustainability, supplier standards, and product innovation as part of its long-term positioning with helmet brands.

Grow the existing businessShort term

Deepening penetration with current customers expands installed base and improves category coverage.

Open new channels and marketsMedium term

Lower-price solutions and new geographies broaden the addressable helmet market.

Capture new helmet-safety opportunitiesLong term

Extending the technology platform can create additional use cases beyond rotational protection.

Geography

Mips is headquartered in Sweden and runs a global business with operations in Europe and outside Europe, including China. Revenue is generated through helmet brands and factories in multiple regions, while sourcing and manufacturing are concentrated with external suppliers close to helmet production hubs.

Risks

Mips depends on helmet-market demand, customer manufacturing activity, and a supply chain that is largely outsourced, so disruptions or customer insolvencies can affect revenue and execution. The business is also exposed to currency movements, geopolitical uncertainty, trade conditions, and product-safety or compliance issues across its supplier network.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer insolvency and payment risk1Supply-chain disruption and supplier noncompliance2Product safety and reputation risk3Geopolitical and trade uncertainty4Foreign exchange volatility5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer insolvency and payment riskImpact: HighLikelihood: Medium

    Mips sells mainly to helmet brands and factories, so customer distress can directly reduce sales and collections.

    Exposure: Helmet manufacturers and supply-chain counterparties

  2. Supply-chain disruption and supplier noncomplianceImpact: HighLikelihood: Medium

    Mips does not manufacture itself and relies on external suppliers for production and installation.

    ExposureManufacturing suppliersLogisticsQuality assurance
  3. Product safety and reputation riskImpact: HighLikelihood: Low

    The brand is tied to helmet safety performance, so any product issue could damage customer trust.

    Exposure: Helmet safety systems and customer relationships

  4. Geopolitical and trade uncertaintyImpact: MediumLikelihood: Medium

    Global conflicts, tariffs, and macro volatility can disrupt demand, sourcing, and customer planning.

    Exposure: International markets and China-linked supply chains

  5. Foreign exchange volatilityImpact: MediumLikelihood: Low

    Revenue is invoiced in USD, EUR, and CNY, and exchange-rate changes affect net sales and profitability.

    ExposureUSDEURCNY
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Accounting

Judgemental items
Revenue recognition for component kits and licenses

Sales are mainly component kits and license fees, so timing and contract terms affect when revenue is booked.

Impact: Reported revenue and quarterly comparability

Foreign currency translation and transaction effects

The company invoices in USD, EUR, and CNY, creating translation and transaction exposure.

Impact: Net sales, EBIT, and volatility in reported results

IFRS 16 lease accounting

Leasing adjustments are used in adjusted EBITDA and affect operating metrics.

Impact: EBITDA, adjusted EBITDA, and covenant analysis

Receivables and expected credit losses

Sales to a concentrated customer base require judgment on collectability.

Impact: Accounts receivable and impairment charges

Acquisition accounting and intangible assets

Acquired technology and customer relationships can create amortization and impairment considerations.

Impact: Profitability and balance-sheet carrying values

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Last updated: 24/09/2026