16.10.2025 08:30:02 EEST | Duell Oyj | Financial statement release
This company announcement is a summary of Duell's 2025 financial year report for September 2024-August 2025. The complete report is attached to this announcement as a pdf file. It is also available on the company website at https://investors.duell.eu/en/reports_and_presentations.
Maintained sales in softening market
Full-year and comparative figures presented below are derived from the published financial statement.
Financial year and quarterly figures are audited. The comparison period figures are based on audited
statements.
June 2025-August 2025 "Q4 2025" (comparable figures in parenthesis 6/2024-8/2024):
- Net sales decreased -2.3% to EUR 30.9 million (EUR 31.6 million). Net sales with comparable currencies decreased -1.1%.
- Adjusted EBITA was EUR 1.0 million (EUR 1.4 million) with an adjusted EBITA margin of 3.4% (4.2%).
- Net working capital EUR 50.0 million (EUR 48.3 million).
- Cash flow from operating activities was EUR 2.9 million (EUR 7.4 million).
September 2024-August 2025 "2025" (comparable figures in parenthesis 9/2023-8/2024):
- Net sales increased 1.6% to EUR 126.6 million (EUR 124.7 million), growth being fully organic.
- Net sales with comparable currencies increased 0.8%.
- Adjusted EBITA was EUR 4.9 million (EUR 6.2 million) with an adjusted EBITA margin of 3.9% (5.0%).
- Net working capital EUR 50.0 million (EUR 48.3 million).
- Cash flow from operating activities was EUR 1.6 million (EUR -0.9 million).
- Earnings per share was EUR -0.20 (EUR -0.00) (according to the number of shares at the end of the review period).
Guidance 2026
Consumer sentiment remains fragile, and uncertainty persists in the market.
Duell expects the market environment to remain suppressed over the next 12 months.
Therefore, our guidance for the 2026 financial year is that:
- Duell expects organic net sales to remain at the same level as last year.
- Duell expects adjusted EBITA to stay at the same level as last year.
CEO Magnus Miemois:
Demand increased in the fourth quarter when summer weather arrived in the Nordic countries. Demand gradually weakened over the course of the full financial year, putting pressure on margins due to fierce competition.
I am pleased that Duell's organisation has made good progress in many key areas and markets this year. However, in France we had difficulties. Changes to the brand portfolio significantly impacted volumes, and although we initiated transition measures, these changes negatively impacted our company. We are now taking steps to put our French business back on the path to growth.
The decline in demand also resulted in inventory levels being higher than planned. This was already the case after Q2 due to poor snow conditions.
We are continuing to strengthen Duell's presence across Europe. During the summer, we launched the first release of our new eCommerce platform for our dealers, and development of the next release in the rollout plan is ongoing. This updated platform will provide our customers with access to our full product range via a single, integrated channel. We have established a roadmap for developing our logistical footprint, and the first step of aligning the operational footprint in the Nordics has begun. This will improve operational efficiency and enable us to provide a better service to customers in Sweden.
Due to the aforementioned challenges, profitability development was not satisfactory. We have therefore launched a performance improvement programme focusing on key areas to improve profitability, net working capital efficiency and operative cash flow. These initiatives will have a positive impact on the 2025-2026 financial year and beyond.
Finally, I would like to thank everyone in the organisation for their efforts during the financial year. It was a challenging year, but by focusing on the identified development areas, I am confident that we will continue to strengthen Duell and improve its performance in the current financial year.
Tunnusluvut tuhatta euroa | Q4 2025 (6/2025-8/2025) | Q4 2024 (6/2024-8/2024) | 2025 | 2024 (9/2023-8/2024) |
Liikevaihto | 30 864 | 31 579 | 126 591 | 124 652 |
Liikevaihdon kasvu, % | -2,3 | 5,8 | 1,6 | 4,9 |
Valuuttakurssineutraali liikevaihdon kasvu, % | -1,1 | 2,0 | 0,8 | 5,7 |
Myyntikate | 7 527 | 7 324 | 29 745 | 30 339 |
Myyntikate-marginaali, % | 24,4 | 23,2 | 23,5 | 24,3 |
EBITDA | 783 | 2 136 | 5 158 | 4 564 |
EBITDA-marginaali, % | 2,5 | 6,8 | 4,1 | 3,7 |
Vertailukelpoisuuteen vaikuttavat erät, myyntikate* | 421 | 421 | ||
Vertailukelpoisuuteen vaikuttavat erät, EBITDA** | -641 | 101 | -1 005 | -2 988 |
Oikaistu EBITDA | 1 424 | 1 614 | 6 163 | 7 141 |
Oikaistu EBITDA-marginaali, % | 4,6 | 5,1 | 4,9 | 5,7 |
EBITA | 405 | 1 885 | 3 936 | 3 628 |
EBITA-marginaali, % | 1,3 | 6,0 | 3,1 | 2,9 |
Oikaistu EBITA | 1 046 | 1 363 | 4 941 | 6 205 |
Oikaistu EBITA-marginaali, % | 3,4 | 4,3 | 3,9 | 5,0 |
Liikevoitto | -268 | 1 179 | 1 174 | 842 |
Liikevoittomarginaali, % | -0,9 | 3,7 | 0,9 | 0,7 |
Osakekohtainen tulos, laimentamaton, EUR*** | -0,184 | 0,001 | -0,204 | -0,004 |
Osakekohtainen tulos, laimennettu, EUR*** | -0,185 | 0.001 | -0,205 | -0,004 |
Ulkona olevien osakkeiden lukumäärä katsauskauden lopussa, laimentamaton**** | 5 194 374 | 1 038 546 116 | 5 194 374 | 1 038 546 116 |
Ulkona olevien osakkeiden lukumäärä katsauskauden lopussa, laimennettu**** | 5 160 574 | 1 036 334 706 | 5 160 574 | 1 045 534 706 |
Investoinnit aineellisiin ja aineettomiin hyödykkeisiin ilman yritysostoja | 492 | 118 | 1 423 | 746 |
Nettovelka | 20 177 | 19 563 | 20 177 | 19 563 |
Nettokäyttöpääoma | 49 962 | 48 323 | 49 962 | 48 323 |
Varasto, % LTM***** myynnistä | 36,7 | 36,1 | 36,7 | 36,1 |
Liiketoiminnan kassavirta | 2 913 | 7 393 | 1 570 | -912 |
Omavaraisuusaste, % | 55,1 | 55,0 | 55,1 | 55,0 |
*Vertailukelpoisuuteen vaikuttavat erät, käyttökate: 421 000 euroa 09/2023-08/2024, joka johtuu varaston kirjaamiskäytännön muutoksesta.
** Vertailukelpoisuuteen vaikuttavat erät, EBITDA: Ranskan varasto siirtoon liittyvät kustannukset 600 000 euroa, uudelleen organisointiin liittyvät kustannukset 405 000 euroa.
***Katsauskauden lopun osakemäärän mukaan
****Yhtiö ei raportoi osakkeiden yhdistämisen takia kauden keskimääräisiä osakemääriä
*****LTM = Viimeiset 12 kuukautta (Last twelve months)
Operational key figures | Q4 2025 (6/2025-8/2025) | Q4 2024 (6/2024-8/2024) | 2025 | 2024 (9/2023-8/2024) |
Number of brands | 541 | 535 | 543 | 535 |
Share of own brand sales,% of total | 16 | 16 | 20 | 18 |
Share of online sales,% of total | 27 | 26 | 30 | 26 |
Share of sales in Nordics,% of total | 53 | 50 | 52 | 53 |
Share of sales in Central Europe, % of total | 47 | 50 | 48 | 47 |
Full-time equivalent employees, average | 215 | 215 | 210 | 215 |
Significant events during review period
Duell lowered its guidance for the 2025 financial year on 30 June 2025 due to market uncertainty, further declining consumer confidence leading to a weaker-than-expected third quarter. At the same time, the company announced to remove its current medium-term financial targets, which it will redefine later. In the short term, Duell's focus will be on improving profitability and increasing organic net sales.
Significant events after review period
Duell announced on 22 September 2025 that it is streamlining its operations and plans to reduce the number of warehouses in the Nordic countries from three to two by transferring its Tampere (Finland) warehouse operations, which focus on bicycle products, to Mustasaari (Finland) and Tranås (Sweden). The aim is to complete the planned transfer by the end of the second quarter of 2026. As part of the planned transfer, Duell started change negotiations with all warehouse and production personnel in Tampere on 29 September 2025. A maximum of 15 employees will be involved in the negotiations. The measure is expected to generate annual savings of around EUR 500,000, as well as one-off costs of around EUR 400,000 in the first half of the 2026 financial year.
The loan terms were adjusted to better suit Duell's business, and the amendment was signed in October. The lender has granted a waiver and loan repayments will continue as per the previous payment plan.
Webcast for investors and media
Duell will arrange a live webcast for investors and media in English on October 16, 2025, at
10.30 am EET. The webcast can be followed online through this link. A presentation will be held by CEO Magnus Miemois, CFO Caj Malmsten and IR Pellervo Hämäläinen. A recording of the event will be available later the same day at https://investors.duell.eu/.
Financial reporting and Annual General Meetings in Financial Year 2025
Annual Report 2025, which includes, among other things, the Report of the Board of Directors, Company's financial statements, auditor's reports and sustainability report in the week commencing October 27, 2025.
Duell's Annual General Meeting 2025 of shareholders is scheduled for Tuesday, November 25, 2025.
Financial reporting and Annual General Meetings in 2026 financial Year
During the 2026 financial year, Duell will publish financial information as follows:
- Financial report September 2025-November 2025 (Q1 2026) on Wednesday, January 14, 2026.
- Half-year financial report September 2025-February 2026 (Q2 2026) on Thursday, April 9, 2026.
- Financial report September 2025-May 2026 (Q3 2026) on Thursday, July 2, 2026.
- Financial statements report for the 2026 financial year September 2025-August 2026 (Q4 2026) on Thursday, October 15, 2026.
Annual Report 2026, which includes, among other things, the Report of the Board of Directors, Company's financial statements, auditor's reports and sustainability report in the week commencing October 26, 2026.
Duell's Annual General Meeting 2026 of shareholders is scheduled for Tuesday, November 24, 2026.
The financial reviews and the annual report will be available after publication on the company's investor website at https://investors.duell.eu/en/reports_and_presentations.
Further information
Magnus Miemois, CEO
Duell Corporation
+358 50?558 1405
magnus.miemois@duell.eu
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell's net sales in 2025 was EUR 127 million and it employs 200 people. Duell's shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
