Fireside Chat Feedback: MIPS Is No Longer Just a Helmet Story

Research evidence excerpt

Fireside Chat Feedback: MIPS Is No Longer Just a Helmet Story

EUROPE | European Midcaps

MIPS EquityJulyResearch20, 2026

FLASH NOTEFireside Chat Feedback: MIPS Is No Longer Just

RATING BUYa Helmet Story

PRICE SEK385.00^

Our fireside chat reinforced our view that investors still underestimate the scale

of MIPS’ opportunity. The debate is no longer helmet demand, but whether MIPS PRICE TARGET | % TO PT SEK565.00 | +47%

can evolve into a broader safety technology platform. Management reiterated 52W HIGH-LOW SEK444.80 - SEK206.00

its SEK 2bn revenue ambition by 2029, implying >30% annual growth and a FLOAT (%) | ADV MM (USD) 99.3% | 5.92

return to 50% EBIT margins. We continue to see multiple growth levers that MARKET CAP SEK10.2B | $1.1B

support a longer and larger growth runway than the market discounts. TICKER MIPS SS ^Prior trading day's closing price unless otherwise

noted.

Helmet growth remains driven by penetration, not market growth. While North American helmet

demand remains broadly flat, MIPS delivered 33% organic growth in the region during Q2,

accelerating from 28% in Q1, driven by ongoing market-share gains, higher value content and

broader customer adoption. Europe arguably offers an even longer runway, where penetration in

bike and snow has risen from roughly 10% to 30% over the past three years. Combined with e-

bike adoption, commuting trends and continued premiumization, we see a substantial gap between

current penetration and the long-term opportunity.

More technology per helmet is becoming as important as more helmets. Perhaps the most

important takeaway is that MIPS is increasingly growing through higher content per helmet rather

than simply greater unit penetration. The company has expanded from a single technology platform