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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.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.
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