2.7.2026 08:30:10 EEST | Duell Oyj | Interim report (Q1 and Q3)
Sales-focused initiatives increased net sales
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-May 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.
March 2026-May 2026 "Q3 2026" (comparable figures in parenthesis 3/2025-5/2025):
- Net sales increased 3.5% to EUR 39.5 million (EUR 38.2 million).
- Net sales with comparable currencies increased 1.5%.
- Adjusted EBITA was EUR 2.0 million (EUR 2.1 million) with an adjusted EBITA margin of 5.0% (5.4%).
- Net working capital was EUR 51.7 million (EUR 52.5 million).
- Cash flow from operating activities was EUR 4.4 million (EUR 8.0 million).
September 2025-May 2026 "1-9 2026" (comparable figures in parenthesis 9/2024-5/2025):
- Net sales decreased 2.6 % to EUR 93.3 million (EUR 95.7 million).
- Net sales with comparable currencies decreased 3.3%.
- Adjusted EBITA was EUR 2.2 million (EUR 3.9 million) with an adjusted EBITA margin of 2.4% (4.1%).
- Net working capital was EUR 51.7 million (EUR 52.5 million).
- Cash flow from operating activities was EUR 0.3 million (EUR -1.3 million).
- Earnings per share was EUR -0.035 (-0.000 EUR) (according to the number of shares at the end of the review period).
Guidance for the 2026 financial year (updated 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.
CEO Tomi Virtanen:
The third quarter of the 2026 financial year exceeded our expectations in terms of both net sales and profitability. Sales-focused initiatives increased sales in the Nordic countries during the spring and early summer. In Central Europe, sales developed according to plan. The new business plan was continued in France, however, the impact of the new replacement brands will be felt with a delay.
We focused on measures in our three selected priority areas: strengthening our market position in Sweden and Norway, restoring profitable growth in France, and strengthening our financial position. We introduced new brands to our customers in both the Nordic and French brand portfolios and reduced inventory levels. The new head of our French operations took up his position.
We completed the transfer of the Tampere bicycle products warehouse to Mustasaari in Finland and Tranås, Sweden, which reduced the number of warehouses in the Nordic countries from three to two as part of our efforts to streamline operations. We also concluded the Performance Uplift project we launched in the fall of 2025. The majority of the initiatives were successfully completed, and we are continuing to develop those initiatives that have not yet reached their full potential.
In early May, a new Supply chain unit began operations with the goal of improving net working capital management by integrating logistics functions into our existing purchasing operations. This enables better communication between product category management and logistics.
Key figures and ratios, EUR 1000 | Q3 2026 (3/2026- 5/2026) | Q3 2025 (3/2025- 5/2025) | 1-9 2026 (9/2025- 5/2026) | 1-9 2025 (9/2024- 5/2025) | FY 2025 (9/2024- 8/2025) |
Net sales | 39 538 | 38 183 | 93 281 | 95 727 | 126 591 |
Net sales growth, % | 3.5 | 0.7 | -2.6 | 2.9 | 1.6 |
Net sales with comparable currencies, % | 1.5 | -0.8 | -3.3 | 1.4 | 0.8 |
Gross margin | 8 554 | 8 287 | 21 057 | 22 218 | 29 745 |
Gross margin, % | 21.6 | 21.7 | 22.6 | 23.2 | 23,5 |
EBITDA | 2 172 | 2 317 | 2 873 | 4 375 | 5 158 |
EBITDA margin, % | 5.5 | 6.1 | 3.1 | 4.6 | 4.1 |
Items affecting comparability, EBITDA | 129 | 100 | 328 | 364 | -1 005 |
Adjusted EBITDA | 2 301 | 2 418 | 3 200 | 4 739 | 6 163 |
Adjusted?EBITDA margin, % | 5.8 | 6.3 | 3.4 | 5.0 | 4.9 |
EBITA | 1 853 | 1 976 | 1 889 | 3 531 | 3 936 |
EBITA margin, % | 4.7 | 5.2 | 2.0 | 3.7 | 3.1 |
Adjusted EBITA | 1 982 | 2 076 | 2 217 | 3 896 | 4 941 |
Adjusted?EBITA margin, % | 5.0 | 5.4 | 2.4 | 4.1 | 3.9 |
Operating profit | 1 159 | 1 286 | -182 | 1 442 | 1 174 |
Operating profit margin, % | 2.9 | 3.4 | -0.2 | 1.5 | 0.9 |
Earnings per share, basic, EUR | -0.035 | -0.020 | -0.035 | -0.000 | -0.204 |
Earnings per share, diluted, EUR | -0.034 | -0.019 | -0.034 | -0.000 | -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 | 439 | 512 | 1 954 | 931 | 1 423 |
Net debt | 21 971 | 21 628 | 21 971 | 21 628 | 20 177 |
Net working capital | 51 714 | 52 512 | 51 714 | 52 512 | 49 962 |
Inventory | 44 550 | 49 753 | 44 550 | 49 753 | 46 415 |
Inventory, % of LTM** net sales | 35.9 | 39.1 | 35.9 | 39.1 | 36.7 |
Cash flow from operating activities | 4 386 | 8 016 | 312 | -1 343 | 1 570 |
Equity ratio, % | 53.4 | 50.8 | 53.4 | 50.8 | 55.1 |
*According to the number of shares at the end of the review period
**LTM = Last twelve months
Operational key figures | Q3 2026 (3/2026- 5/2026) | Q3 2025 (3/2025- 5/2025) | 1-9 2026 (9/2025- 5/2026) | 1-9 2025 (9/2024- 5/2025) | FY 2025 (9/2024- 8/2025) |
Number of brands | 515 | 548 | 515 | 548 | 543 |
Share of own brand sales, % of total | 21 | 17 | 23 | 19 | 20 |
Share of online sales, % of total | 33 | 30 | 31 | 29 | 30 |
Share of sales in Nordics, % of total | 51 | 49 | 53 | 51 | 52 |
Share of sales in Central Europe, % of total | 49 | 51 | 47 | 49 | 49 |
Full-time equivalent employees, average | 198 | 212 | 200 | 208 | 210 |
Significant events during review period
Duell announced on 4 March 2026, CEO Magnus Miemois and 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 optimization 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.
Duell's Board of Directors appointed Tomi Virtanen as the CEO of Duell on 7 May 2026. Virtanen has served as a Duell's interim CEO since March 5, 2026.
Significant events after review period
Duell announced on 15 June 2026 that Duell's Chief People Officer and member of the Management Team Anne-May Asplund will leave the Company on 15 September 2026. The company will initiate a recruitment process for a successor immediately.
Duell announced on 1 July 2026 that in line with Duell's strategy renewed in spring 2026, the company aims for a more agile and efficient operating model, with supply chain management and digital services at the core to enhance customer services. As part of the implementation of the strategy, the company has decided to change the composition of its Management Team. The CEO will assume a more active role in sales management, and the Management Team will be streamlined. As of 1 July 2026, Duell's Management Team will consist of the following persons:
Tomi Virtanen, Chief Executive Officer
Caj Malmsten, Chief Financial Officer
Heidi Markkanen, Chief Digital Officer
Jukka Smolander, Supply Chain Director
Webcast for investors and media
Duell will arrange a live webcast for investors and media in English on Thursday July 2, 2026, at
10.30 am EET. The webcast can be followed online through this link. A presentation will be held by 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 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, CEO
Duell Corporation
+358 40 707 1937
tomi.virtanen@duell.eu
Pellervo Hämäläinen, Investor Relations Director
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.
