Duell (DUELL) Q4 2025 earnings summary

Executive summary

• Net sales increased 1.6% year-over-year to EUR 126.6 million, with growth driven by Central Europe and e-commerce, while France's transition and market challenges negatively impacted volumes and profitability.

• Operational highlights included strong performance in the UK, successful premium helmet launches, and synergies between UK and Nordic brand portfolios.

• Online sales rose to 30% of total, and own brands accounted for 20%.

• Inventory levels remained elevated due to weak winter demand and poor snow conditions.

• Performance uplift and improvement projects were launched to address profitability and capital efficiency.

Financial highlights

• Q4 net sales declined 2.3% year-over-year to EUR 30.9 million; full-year net sales reached EUR 126.6 million, up 1.6%.

• Full-year adjusted EBITDA/EBITA fell to EUR 4.9 million from EUR 6.2 million, with a margin of 3.9%.

• Gross margin for the year was 23.5%, down from 24.3%; Q4 gross margin improved to 24.4%.

• Net debt increased to EUR 20.2 million, leverage ratio rose to 3.3x net debt/adjusted EBITDA.

• Operational cash flow improved to EUR 1.57 million.

Outlook and guidance

• Organic net sales and adjusted EBITDA/EBITA are expected to remain at FY2025 levels due to continued market uncertainty and fragile consumer sentiment.

• Performance improvement initiatives are expected to positively impact results in 2025-2026 and beyond.