Good start of year for Hövding - interrupted by Covid-19

The number of Hövding helmets sold during the first quarter 2020 increased by 2% compared to the same period last year. Net sales increased by 7%. The period is affected by the Covid-19 pandemic which impacted sales.

Important markets like Germany and Denmark were during March essentially shut down while Sweden witnessed a dramatic dropin footfall to our physical retail partners. Whileonlinesales,by usand commercial partners, madeupfor someof the shortfall versus plan it didnotrecover all.

Worth noting is that we were off to a good start with combined January and February sales up 43%. Sweden at +61% and Germany at +38%.

It is especially interesting to see the performance in Sweden confirming that the market is far from saturated. We continue to penetrate the major cities further and start covering secondary cities with greater focus than previously and it delivers strong results.

Read the Hövding Interim Report Q1 2020 in the attached pdf.