Duell (DUELL) Q3 2026 earnings summary

Executive summary

• Net sales grew 3.5% year-over-year in Q3 2026, driven by sales-focused initiatives and strong performance in the Nordics, especially in Powersports and motorcycle categories.

• Profitability remained stable with Q3 gross margin at 21.6%, matching last year despite increased sales and ongoing market challenges.

• Inventory levels decreased by over €5 million year-over-year, improving net working capital efficiency.

• Warehouse consolidation in the Nordics completed, enhancing product availability, especially for bicycles in Sweden and Norway.

• France business restructuring ongoing, with new brands added and a new head appointed, but profitability still lagging.

Financial highlights

• Q3 2026 net sales reached €39.5 million, up 3.5% year-over-year; nine-month net sales were €93.3 million, down 2.6% year-over-year.

• Adjusted EBITA for Q3 was €2 million (margin 5.0%); year-to-date adjusted EBITA was €2.2 million, down from €3.9 million last year.

• Net debt stood at €22 million, leverage increased to 4.8x from 3.4x due to lower profitability in H1.

• Net cash flow from operating activities improved to €0.3 million from -€1.3 million year-over-year.

• Gross margin for Q3 was 21.6%; nine months: 22.6%.

Outlook and guidance

• Guidance remains unchanged: organic net sales expected around €115–150 million and adjusted EBITA around €2 million for the fiscal year.

• Market environment expected to remain suppressed through fiscal year-end due to global uncertainties and weak consumer sentiment.

• Non-recurring negative impact of €2–3 million from supply chain and inventory optimization expected for the full year.

• France performance expected to remain weak in Q4 as discontinued brands are sold out and new brands take time to ramp up.

• Weak Nordic winter sales also pose a risk to outlook.