Resilient Growth and Strong Brand Equity: MIPS AB’s Positive Long-term Outlook Despite Challenges

Adela Dashian, an analyst from Jefferies, maintained the Buy rating on MIPS AB. The associated price target remains the same with SEK580.00.

Adela Dashian has given her Buy rating due to a combination of factors that highlight MIPS AB’s resilience and potential for growth. The company’s second-quarter results for 2025 showed net sales of SEK 135 million, marking a 1% year-over-year increase and a 12% organic growth. This performance was driven by strong momentum in the Sports category, which saw solid bike volumes and stable snow sales, despite challenges such as US tariffs affecting the Moto and Safety segments.
Although the EBIT margin declined to 30.1% due to legal costs from a lawsuit involving MIPS’ intellectual property rights, the company’s management anticipates minimal direct impact from tariffs due to their Ex-Works model. Adela Dashian views the quarter as resilient, with a positive long-term outlook supported by MIPS’ strong brand equity, global diversification, and expansion across categories.