RVRC publishes pro forma overview ahead of transition to segment reporting
RVRC publishes pro forma overview ahead of transition to segment reporting
On 10 July 2026, RVRC Holding AB (publ) (“RVRC” or “the Group”) completed the acquisition of 90.1 percent of the shares in ICANIWILL AB (“ICIW”). Going forward, RVRC will report two operating segments – RevolutionRace and ICANIWILL – as well as group common and today publishes a pro forma overview of the Group’s historical financial performance for the last four quarters (financial year 2025/26). The purpose is to provide a comparable view of historical financial performance before a new reporting structure with operating segments is introduced in connection with RVRC’s interim report for the period July–September 2026.
The acquisition in brief
On 10 July 2026, RVRC acquired 90.1 percent of ICIW on a cash and debt-free basis of SEK 700 million for 100 percent of the shares, with an additional earn-out of up to SEK 175 million linked to EBIT targets for the financial years 2026 and 2027 (SEK 100 million and SEK 75 million, respectively). RVRC holds a right to acquire the remaining 9.9 percent of the shares after the end of 2028.
Introduction of segment reporting
RVRC will begin reporting two operating segments, RevolutionRace and ICANIWILL, as of the interim report for July–September 2026. The change follows from the acquisition of ICIW and reflects how the Group is managed and monitored.
Until now, RVRC has reported as a single operating segment, as RevolutionRace has been the Group’s only significant business. Following the acquisition of 90.1 percent of the shares in ICIW, ICANIWILL is operated as an independent brand with its own management, brand identity and customer relationships. This is in line with the decentralised integration model previously communicated by the Group.
As of the financial year 2026/27, RVRC will report in two operating segments:
- RevolutionRace – outdoor and leisure apparel and equipment, sold primarily direct-to-consumer via e-commerce.
- ICANIWILL – training and sports apparel, sold primarily direct-to-consumer via e-commerce.
Costs for group common roles, costs associated with being a listed company, and costs for the Board of Directors and the Annual General Meeting are not allocated to the operating segments. Instead, they are reported separately as "Group common" in the reconciliation between the operating segments’ results and the Group’s total results.
About the pro forma information – principles and reservations
The attached pro forma overview has been prepared for illustrative purposes to show what the Group’s results would have been had ICIW been consolidated as of 1 July 2025, i.e. from the beginning of the financial year 2025/26. The pro forma information:
- is unaudited and has not been reviewed by the Company’s auditor;
- has been prepared on the basis of ICIW’s historical accounts, restated to RVRC’s accounting policies (IFRS) to the extent that material differences have been identified; and
- does not include transaction costs or other non-recurring effects attributable to the acquisition.
Adjusted operating profit
RVRC estimates that transaction costs for the acquisition of ICIW amount to approximately SEK 21 million, which will be presented as an item affecting Group common comparability in the interim report for the period July–September 2026.
Other information regarding the consolidation of ICIW
The acquisition is accounted for in accordance with IFRS 3 Business Combinations. Goodwill is recognised in its entirety (the so-called full goodwill method). The share of ICIW’s profit and equity attributable to non-controlling interests is reported separately in the Group’s income statement and balance sheet. ICIW is consolidated in the Group’s financial statements as of 1 July 2026. ICIW’s assets, liabilities, revenue and expenses are included in full (100 percent) in the Group’s accounts.