Pierce’s board of directors has adopted the following financial targets that form the overall basis for the business plan.

Net revenue growth: In the medium to long term (3-5 years), organically outgrow the European online market for motorcycle gear, accessories and parts.

Adjusted operating margin (EBIT): In the medium to long term (3-5 years), achieve an adjusted operating margin (EBIT) of 5-8%.

Capital structure: Net debt/ EBITDA* not exceeding 2.0x, subject to temporary flexibility for strategic initiatives.

Dividend policy: Over the next few years, the Company plans to use free cash flows** for continued development*** and does not intend to pay dividends to shareholders.

* Net debt in relation to last twelve month adjusted EBITDA, excluding IFRS 16 effects.

** Free cash flow refers to cash flow from ongoing operations and investment activities.

*** Development of the company refers to e.g., investments in IT-hardware, IT-development, expansion of distribution warehouse, marketing, customer acquisition, and business and asset acquisitions.