Duell (DUELL) investor relations material

Executive summary

• Net sales and profitability declined year-over-year due to challenging market conditions, weak consumer confidence, and changes in the French brand portfolio, with France particularly impacted.

• Warehouse consolidation across Europe, including Finland and France, reduced the number of warehouses to five and improved logistics efficiency.

• Operational improvements included the addition of new brands such as Quad Lock and positive developments in the UK, while the Nordics saw slightly higher consumer activity at motorcycle fairs.

• Interim CEO appointed in March 2026 following the departure of the previous CEO.

Financial highlights

• Q2 2026 net sales declined by 1.7% year-over-year to EUR 28.8 million; H1 2026 net sales decreased 6.6% to EUR 53.7 million.

• Adjusted EBITDA/EBITA for Q2 2026 was EUR 0.4 million (margin 1.2%), and for H1 2026 EUR 0.2 million (margin 0.4%), both down from prior year.

• Gross margin for H1 2026 was 23.3%, down from 24.2% year-over-year.

• Net debt reduced to EUR 25.5 million from EUR 29.3 million year-over-year; leverage increased to 5.4x.

• Net cash flow from operating activities improved to EUR -4.1 million from EUR -9.4 million.

Outlook and guidance

• Organic net sales for FY 2026 expected to be around EUR 115 million; adjusted EBITDA/EBITA around EUR 2 million.

• Non-recurring negative impact of EUR 2–3 million expected from supply chain re-engineering and inventory cleanup.

• Market environment expected to remain suppressed throughout 2026, with continued weak performance in France and low Nordic winter sales.