9.4.2026 08:30:01 EEST | Duell Oyj | Half year financial report
Challenging market conditions continued
This company announcement is a summary of Duell' half-year financial year report for September 2025-February 2026. 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.
Unaudited financials are presented below.
December 2025-February 2026 "Q2 2026" (comparable figures in parenthesis 12/2024-2/2025):
- Net sales decreased 1.7% to EUR 28.8 million (EUR 29.3 million).
- Net sales with comparable currencies increased 0.4%.
- Adjusted EBITA was EUR 0.4 million (EUR 1.1 million) with an adjusted EBITA margin of 1.2% (3.9%).
- Net working capital was EUR 54.2 million (EUR 58.5 million).
- Cash flow from operating activities was EUR -2.2 million (EUR -4.6 million).
September 2025-February 2026 "H1 2026" (comparable figures in parenthesis 9/2024-2/2025):
- Net sales decreased 6.6% to EUR 53.7 million (EUR 57.5 million).
- Net sales with comparable currencies decreased 5.9%.
- Adjusted EBITA was EUR 0.2 million (EUR 1.8 million) with an adjusted EBITA margin of 0.4% (3.2%).
- Net working capital was EUR 54.2 million (EUR 58.5 million).
- Cash flow from operating activities was EUR -4.1 million (EUR -9.4 million).
- Earnings per share was EUR -0.4 (-0.0 EUR) (according to the number of shares at the end of the review period).
New guidance for the 2026 financial year published April 8, 2026
Consumer sentiment remains fragile, and uncertainty persists in the market. Duell expects the market environment to remain suppressed during 2026 financial year. Duell's performance in France continues to be weak and Nordic winter season sales was low.
- Duell expects organic net sales to be around EUR 115 million
- Duell expects adjusted EBITA to be around EUR 2 million
In addition, re-engineering of supply chain operations, including inventory optimisation is having a non-recurring negative impact of EUR 2-3 million on Duell's full-year result.
Previous guidance for 2026 financial year published January 14, 2026
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 (interim) Tomi Virtanen:
During the second quarter of 2026, the winter season was in full swing in the Nordic countries, while elsewhere in Europe it was, as usual, at lower point.
Market uncertainty and weak consumer confidence continued to weigh on demand. We fell short of the previous year's revenue and profitability levels. Changes in the French brand portfolio had the most significant impact on the weaker performance, affecting both revenue and profitability.
However, we were able to improve working capital management. Our goal was to reduce inventory levels further, but retailers' caution was clearly reflected in their orders. During the quarter, we focused on reducing fixed costs and consolidated two French warehouses into a single facility. The relocation of the Tampere warehouse to Mustasaari and Tranås in Sweden was finalised at the end of March.
We have selected three focus areas. The first is to strengthen our market position in the Nordics by growing presence in Norway and expanding our bicycle category in Sweden. The second is to restore profitable growth in France by strengthening the brand portfolio and implementing a new sales plan under new local leadership. The third area is strengthening the financial position through more systematic net working capital management, positive cash flow, and improved purchasing practices, and taking action on obsolete and slow-moving items.
Key figures and ratios, EUR 1000 | Q2 2026 (12/2025- 2/2026) | Q2 2025 (12/2024- 2/2025) | H1 2026 (9/2025- 2/2026) | H1 2025 (9/2024- 2/2025) | FY 2025 (9/2024- 8/2025) |
Net sales | 28 757 | 29 252 | 53 743 | 57 544 | 126 591 |
Net sales growth, % | -1.7 | 3.9 | -6.6 | 4.3 | 1.6 |
Net sales with comparable currencies, % | 0.4 | 1.3 | -5.9 | 2.8 | 0.8 |
Gross margin | 6 487 | 6 874 | 12 502 | 13 931 | 29 745 |
Gross margin, % | 22.6 | 23.5 | 23.3 | 24.2 | 23,5 |
EBITDA | 503 | 1 248 | 701 | 2 058 | 5 158 |
EBITDA margin, % | 1.7 | 4.3 | 1.3 | 3.6 | 4.1 |
Items affecting comparability, EBITDA* | 199 | 149 | 199 | 264 | -1 005 |
Adjusted EBITDA | 702 | 1 397 | 899 | 2 322 | 6 163 |
Adjusted EBITDA margin, % | 2.4 | 4.8 | 1.7 | 4.0 | 4.9 |
EBITA | 154 | 999 | 35.5 | 1 556 | 3 936 |
EBITA margin, % | 0.5 | 3.4 | 0.1 | 2.7 | 3.1 |
Adjusted EBITA | 353 | 1 147 | 234.1 | 1 820 | 4 941 |
Adjusted EBITA margin, % | 1.2 | 3.9 | 0.4 | 3.2 | 3.9 |
Operating profit | -534 | 297 | -1 341 | 156 | 1 174 |
Operating profit margin, % | -1.9 | 1.0 | -2.5 | 0.3 | 0.9 |
Earnings per share, basic, EUR* | -0.125 | -0.090 | -0.403 | -0.002 | -0.204 |
Earnings per share, diluted, EUR* | -0.125 | -0.090 | -0.395 | -0.002 | -0.205 |
Number of outstanding shares at the end of the period, basic | 5 194 374 | 5 194 374 | 5 194 374 | 5 194 374 | 5 194 374 |
Number of outstanding shares at the end of the period, diluted | 5 303 574 | 5 303 574 | 5 303 574 | 5 303 574 | 5 303 574 |
Investments in tangible and intangible assets excluding acquisitions | 926 | 243 | 1 515 | 419 | 1 423 |
Net debt | 25 508 | 29 274 | 25 508 | 29 274 | 20 177 |
Net working capital | 54 197 | 58 503 | 54 197 | 58 503 | 49 962 |
Inventory | 49 427 | 50 161 | 49 427 | 50 161 | 46 415 |
Inventory, % of LTM** net sales | 40.3 | 39.5 | 40.3 | 39.5 | 36.7 |
Cash flow from operating activities | -2 150 | -4 565 | -4 074 | -9 359 | 1 570 |
Equity ratio, % | 52.5 | 52.7 | 52.5 | 52.7 | 55.1 |
*According to the number of shares at the end of the review period
** Last twelve months
Operational key figures | Q2 2026 (12/2025- 2/2026) | Q2 2025 (12/2024- 2/2025) | H1 2026 (9/2025- 2/2026) | H1 2025 (9/2024- 2/2025) | FY 2025 (9/2024- 8/2025) |
Number of brands | 515 | 543 | 515 | 543 | 543 |
Share of own brand sales, % of total | 21 | 20 | 23 | 20 | 20 |
Share of online sales, % of total | 33 | 33 | 31 | 29 | 31 |
Share of sales in Nordics, % of total | 51 | 52 | 54 | 53 | 52 |
Share of sales in Central Europe, % of total | 49 | 48 | 46 | 47 | 49 |
Full-time equivalent employees, average | 200 | 206 | 200 | 206 | 210 |
Significant events during review period
Duell announced on November 18, 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 December 18, 2025, that it has completed the change negotiations. As a result of the negotiations, a total reduction in personnel will be 9 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.
Significant events after review period
Duell announced on 4 March 2026, CEO Magnus Miemois and Duell's Board of Directors have mutually agreed that Miemois will step down from his position in the company. The Board of Directors has initiated a recruitment process for a new CEO and has appointed Tomi Virtanen as interim CEO of Duell, as of March 5, 2026. Virtanen has served in Duell as a manager in Supply Chain Management.
New guidance for the 2026 financial year published April 8, 2026.
Consumer sentiment remains fragile, and uncertainty persists in the market. Duell expects the market environment to remain suppressed during 2026 financial year. Duell's performance in France continues to be weak and Nordic winter season sales was low.
- Duell expects organic net sales to be around EUR 115 million
- Duell expects adjusted EBITA to be around EUR 2 million
In addition, re-engineering of supply chain operations, including inventory optimisation is having a non-recurring negative impact of EUR 2-3 million on Duell's full-year result.
Previous guidance for 2026 financial year published on 14 January 2026.
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.
Webcast for investors and media
Duell will arrange a live webcast for investors and media in English on April 9, 2026, at
10.30 am EET. The webcast can be followed online through this link. A presentation will be held by interim CEO Tomi Virtanen, 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 Meeting in 2026 financial Year
During the 2026 financial year, Duell will publish financial information as follows:
- 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
Tomi Virtanen, interim CEO
Duell Corporation
+358 40 707 1937
tomi.virtanen@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.
