14.1.2026 08:30:00 EET | Duell Oyj | Interim report (Q1 and Q3)
This is not an interim report in accordance with IAS 34. The company complies with the semi-annual reports required by the Securities Markets Act and normally publishes business reports for the first three and first nine months of the year, which present key information describing the company's financial development. This company announcement is also a summary of Duell's financial report for September 2025-November 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.
Delayed start of the winter season
Unaudited financials are presented below.
September 2025-November 2025 "Q1 2026" (comparable figures in parenthesis 9/2024-11/2024):
- Net sales decreased 11.7% to EUR 25.0 million (EUR 28.3 million).
- Net sales with comparable currencies decreased 12.5%.
- Adjusted EBITA was EUR -0.1 million (EUR 0.7 million) with an adjusted EBITA margin of -0.5% (2.4%). There were no items affecting comparability during the review period.
- Net working capital EUR 51.6 million (EUR 53.5 million).
- Cash flow from operating activities was EUR -1.9 million (EUR -4.8 million).
- Earnings per share was EUR -0.28 (-0.08 EUR) (according to the number of shares at the end of the review period).
Guidance 2026 (unchanged)
Consumer sentiment remains fragile, and uncertainty persists in the market.
Duell expects the market environment to remain suppressed during 2026 financial year.
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:
In the Nordic countries, the first quarter of the 2026 financial year is winter driven. Due to a slow start to the winter season and challenges in France, net sales and profitability were lower than in the previous year. As a result of the challenging quarter, inventory levels remained high despite overall improved net working capital management.
Overall business in Central Europe progressed largely as planned, but the transitional challenges relating to brand portfolio in France persisted. Transformation and right sizing measures are being implemented. In the Eastern European market, especially in Poland, we noted positive development, even though competition is relatively fierce compared to other Central European target markets.
Duell's own development projects and measures have progressed well. The renewal and expansion of our ecommerce service is proceeding according to plan with the second phase launch around the corner. The optimisation related to logistics operations in the Nordic countries is proceeding as planned, and the transfer of bicycle products from Tampere warehouse in Finland to Mustasaari in Finland and Tranås in Sweden will be completed by the end of March. In the ongoing Performance Uplift project, we have identified areas for improvement and have set clear execution plans.
The first quarter left us eager to finally get going with the winter season, and I would like to thank the entire organisation for their efforts and making the best of a challenging demand situation.
Key figures and ratios | Q1 2026 (9/2025-11/2025) | Q1 2025 (9/2024-11/2024) | 2025 |
Net sales | 24,986 | 28,292 | 126,591 |
Net sales growth, % | -11.7 | 4.7 | 1.6 |
Net sales growth with comparable currencies, % | -12.5 | 4.4 | 0.8 |
Gross margin | 6,015 | 7,057 | 29,745 |
Gross margin, % | 24.1 | 24.9 | 23.5 |
EBITDA | 198 | 810 | 5,158 |
EBITDA margin, % | 0.8 | 2.9 | 4.1 |
Items affecting comparability, EBITDA | 0 | 115 | -1,005 |
Adjusted EBITDA | 198 | 925 | 6,163 |
Adjusted EBITDA margin, % | 0.8 | 3.3 | 4.9 |
EBITA | -119 | 557 | 3,936 |
EBITA margin, % | -0.5 | 2.0 | 3.1 |
Adjusted EBITA | -119 | 672 | 4,941 |
Adjusted EBITA margin, % | -0.5 | 2.4 | 3.9 |
Operating profit | -807 | -141 | 1,174 |
Operating profit margin, % | -3.2 | -0.5 | 0.9 |
Earnings per share, basic, EUR* | -0.28 | -0.08 | -0,204 |
Earnings per share, diluted, EUR* | -0.27 | -0.08 | -0,205 |
Number of outstanding shares at the end of the period, basic* | 5,194,374 | 5,194,374 | 5,194,374 |
Number of outstanding shares at the end of the period, diluted** | 5,183,536 | 5,160,574 | 5,160,574 |
Investments in tangible and intangible assets excluding acquisitions | -95 | -176 | 1 423 |
Net debt | 22,566 | 24,721 | 20,177 |
Net working capital | 51,551 | 53,509 | 49,962 |
Inventory | 48,993 | 48,365 | 49,794 |
Inventory, % of LTM** net sales | 39.7 | 38.4 | 36.7 |
Net cash flow from operating activities | -1,924 | -4,793 | 1,570 |
Equity ratio, % | 53.6 | 53.1 | 55.1 |
* According to the number of shares at the end of the review period
**The company does not report the average number of shares for the period due to the reverse split
***LTM = Last twelve months
Operational key figures | Q1 2026 (9/2025-11/2025) | Q1 2025 (9/2024-11/2024) | 2025 |
Number of brands | 514 | 536 | 543 |
Share of own brand sales, % of total | 20 | 21 | 20 |
Share of online sales, % of total | 28 | 25 | 28 |
Share of sales in Nordics, % of total | 55 | 54 | 53 |
Share of sales in Central Europe, % of total | 45 | 46 | 48 |
Full-time equivalent employees, average | 202 | 206 | 210 |
Significant events during 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 warehouse operations in Finland, which focus on bicycle products, to Mustasaari in Finland and Tranås in Sweden. As part of the planned transfer, Duell started change negotiations with all warehouse and production personnel in Tampere on 29 September 2025
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.
Significant events after review period
Duell announced on 18 November 2025, that a total of 22,962 of Duell Corporation treasury shares have been transferred to key employees participating in the Restricted Share Unit Plan 2024-2025, without consideration and in accordance with the plan terms. Further details of the plan were announced in a company announcement issued on 6 February 2024. Following the directed share issue, the number of treasury shares now stands at 10,838 shares.
The Board of Directors of Duell Corporation decided in the organisational meeting held after Annual General Meeting 2025 that Anna Hyvönen is elected as the Chair of the Board of Directors and Kim Ignatius as the Vice Chair of the Board of Directors as well as Axel Lindholm and Elina Rahkonen as members of the Board of Directors. Anna Hyvönen was elected as the Chair of the People and Remuneration Committee and Elina Rahkonen as a member of the People and Remuneration Committee. Kim Ignatius was elected as the Chair of the Audit Committee and Axel Lindholm and Elina Rahkonen as members of the Audit Committee.
Duell announced on 18 December 2025, that it has completed the change negotiations. As a result of the negotiations, a total reduction in personnel will be nine positions. The original estimate of the need for reduction was a maximum of 15 positions. The transfer will be completed by the end of March 2026. This measure is expected to generate annual savings of around EUR 400,000, as well as one-off costs of around EUR 350,000 in the first half of the 2026 financial year.
Webcast for investors and media
Duell will arrange a live webcast for investors and media in English on January 14, 2026, 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 2026 financial Year
During the 2026 financial year, Duell will publish financial information as follows:
- 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.
