Duell (DUELL) Q4 2024 earnings summary

Executive summary

• Net sales grew 4.9% year-over-year to EUR 124.7 million, driven by strong Central European expansion and improved profitability initiatives, despite challenging market conditions and soft Nordics performance.

• Central Europe now represents 47% of full-year sales and 50% of Q4 sales, reflecting successful execution of the growth strategy and all-time high sales volumes.

• Financial position significantly strengthened through inventory optimization and net debt reduction.

• Strategic focus on Central Europe offset soft demand in Nordics, especially in marine and motorcycle categories.

Financial highlights

• FY 2024 net sales: EUR 124.7 million (+4.9% year-over-year); Q4 net sales: EUR 31.6 million (+5.8%).

• Adjusted EBITDA for FY 2024 was EUR 7.2 million (5.7% margin); adjusted EBITA was EUR 6.2 million (5.0% margin).

• Q4 adjusted EBITDA was EUR 1.4 million, a sixfold increase year-over-year.

• Gross margin increased to 24.3% from 23.9% year-over-year.

• Online sales accounted for 26% of total sales, showing continued growth.

Outlook and guidance

• Organic net sales for FY 2025 expected to be at or above FY 2024 levels, with further improvement in adjusted EBITDA/EBITA.

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

• Market conditions have stabilized but remain fragile due to consumer uncertainty.