Duell (DUELL) investor relations material

Executive summary

• Q3 2026 net sales increased 3.5% year-over-year to €39.5 million, driven by sales-focused initiatives and strong performance in the Nordics, especially in Powersports and own brands, while nine-month net sales declined 2.6% due to weak French performance and low Nordic winter sales.

• Profitability in Q3 remained stable with a gross margin of 21.6%, but nine-month adjusted EBITA was €2.2 million (margin 2.4%), down from last year due to a weak first half and French market challenges.

• Inventory levels decreased by over €5 million year-over-year, improving net working capital efficiency and inventory to LTM sales ratio to 36%.

• Warehouse consolidation in the Nordics completed, enhancing product availability, especially for bicycles in Sweden and Norway.

• CEO transition occurred in March 2026, with Tomi Virtanen appointed as interim CEO and later confirmed as CEO in May 2026.

Financial highlights

• Q3 2026 net sales: €39.5 million (+3.5% YoY); nine months: €93.3 million (-2.6% YoY).

• Adjusted EBITA Q3: €2.0 million (5.0% margin); nine months: €2.2 million (2.4% margin).

• Gross margin Q3: 21.6%; nine months: 22.6%.

• Net debt at period end: €22.0 million; leverage increased to 4.8x from 3.4x.

• Net cash flow from operating activities improved to €0.3 million from -€1.3 million year-over-year.

Outlook and guidance

• Organic net sales for FY2026 expected around €115 million; adjusted EBITA around €2 million.

• Market environment expected to remain suppressed through fiscal year-end due to global uncertainties and weak consumer sentiment.

• Non-recurring negative impact of €2–3 million from supply chain and inventory optimization expected for the full year.

• France performance expected to remain weak in Q4 as discontinued brands are sold out and new brands take time to ramp up.