Duell (DUELL) investor relations material

Executive summary

• FY26 net sales declined 1.8% to €124.3m and adjusted EBITA fell to €2.0m from €4.9m; operating cash flow improved to €7.3m from €1.6m.

• Q4 sales were nearly flat at €31.0m, while adjusted EBITA was -€0.2m versus €1.0m a year earlier; inventory and working-capital reductions strengthened cash flow.

Financial highlights

• Q4 net sales rose 0.5% YoY to €31.0m; comparable-currency sales declined 0.9%. FY26 net sales declined 1.8% to €124.3m; comparable-currency sales declined 2.5%.

• Q4 adjusted EBITA was -€0.2m versus €1.0m; FY26 adjusted EBITA was €2.0m versus €4.9m.

• Q4 gross margin was 20.6% versus 24.4%; FY26 gross margin was 22.1% versus 23.5%. Product mix and higher logistics costs weighed on profitability.

• FY26 adjusted EBITDA was €4.1m versus €6.2m, with a 3.3% margin versus 4.9%; net loss was €6.7m versus €1.1m.

• Q4 operating expenses were 17.7% of sales versus 19.8%; FY26 operating expenses were 18.8% versus 18.6%.

Outlook and guidance

• FY27 guidance: net sales of €122m–€130m and adjusted EBITA of €3m–€5m.

• Market uncertainty and low consumer confidence are expected to persist; demand patterns and dealer purchasing add uncertainty to the outlook.

• Priorities include strengthening the Nordics position, restoring profitable growth in France, and improving working capital and profitability; new brands and Central Europe growth are expected to contribute.