Duell (DUELL) Q2 2025 earnings summary

Executive summary

• Net sales grew 4.3% year-over-year to EUR 57.5 million in H1 2025, with all growth organic, despite weak demand in the Snow category due to poor winter conditions in the Nordics.

• Central Europe drove growth, with its share of sales rising to 48% in Q2 from 44% a year ago, while the Nordics faced challenges.

• Online sales increased to 33% of Q2 sales, up from 26% last year, and own brands accounted for 20% of sales.

• Record sales achieved for the Amoq house brand and new top brand added to the bicycle category.

• Efficiency program initiated, targeting EUR 1 million annual cost savings, including 13 personnel reductions.

Financial highlights

• Q2 2025 net sales: EUR 29.3 million (up 3.9%); H1 2025 net sales: EUR 57.5 million (up 4.3%).

• Adjusted EBITA improved to EUR 1.8 million in H1 2025, margin at 3.2%; Q2 margin at 3.9%.

• Gross margin slightly down in Q2, but stable at 24.2% for H1.

• Operating expenses as a percentage of sales improved to 18.9% in Q2 and 20.4% for H1.

• Cash flow from operating activities improved to EUR -9.4 million, with cash reserves at EUR 0.2 million and EUR 18.8 million unused RCF.

Outlook and guidance

• Fiscal 2025 guidance unchanged: organic net sales expected at or above previous year, adjusted EBITA to improve.

• Q3 expected to benefit from early start to summer season and positive dealer sentiment.

• Efficiency program impact to continue, with cost benefits stabilizing in coming quarters.

• Medium-term targets: net sales EUR 200–300 million, adjusted EBITA margin at least 13%, net debt/EBITDA 2–3.