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Duell (DUELL) investor relations material

Duell Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary14 Jan, 2026

Executive summary

  • Net sales and profitability declined 11.7% year-over-year in Q1 2026, mainly due to a delayed winter season and ongoing brand portfolio transitions in France.

  • Performance Uplift program and warehouse consolidation in the Nordics are progressing as planned to improve efficiency and profitability.

  • Positive momentum observed in the Eastern European motorcycle market, especially Poland, despite fierce competition.

  • Inventory levels remain high despite improved net working capital management.

Financial highlights

  • Net sales for Q1 2026 were €25.0 million, down 11.7% from €28.3 million in Q1 2025.

  • Adjusted EBITA was -€0.1 million (margin -0.5%), compared to €0.7 million last year.

  • Gross margin was 24.1%, slightly down from 24.9% year-over-year.

  • Operating expenses reduced to €5.8 million from €6.1 million.

  • Net cash flow from operating activities improved to -€1.9 million from -€4.8 million year-over-year.

Outlook and guidance

  • Guidance for the fiscal year remains unchanged: organic net sales and adjusted EBITA expected to be at last year's level.

  • Market environment anticipated to stay suppressed due to fragile consumer sentiment and ongoing uncertainty.

How will 2026 guidance be met after Q1 loss?
Plan to reduce high inventory levels?
Strategy for France brand portfolio issues?
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Frequently asked questions

Duell Oyj is a Finnish company that focuses on the wholesale, import, and distribution of aftermarket products for powersports. Its offerings include equipment, spare parts, and accessories for various vehicles such as motorcycles, snowmobiles, mopeds, all-terrain vehicles (ATVs), and bicycles. In addition to vehicle parts, the company also provides marine and watersports accessories, along with personal equipment for riders. Duell operates primarily across Finland, the Nordic region, and Europe, serving both professional and recreational markets. The company is headquartered in Korsholm, Finland, and its shares are listed on the Nasdaq Helsinki.

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