Slides
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Duell Corporation Nine Months Financial Report September 2024-May 2025 (Q3 2025) July 3, 2025 Magnus Miemois, CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
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Q3 2025 in brief Challenging market conditions weighed on results • Financials • Sales growth slowed down due to lower market demand in Nordics and distribution changes of key brands in France • Lower profitability due to prevailing market conditions • Weakening consumer confidence continued • Markets & Product Categories • Brick-and-mortar dealers suffering from low consumer confidence • Weak weather conditions in the Nordics • Central Europe continue to grow • Positive trend continued in the bicycle category 2
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Operational highlights Q3 2025 Continued growth in Central European market supported by positive fundamentals Boosted inventory on high demand spare parts created above average growth Positive trend for bicycle category continued in Nordics New collection perceived and performed well in Nordics and UK Central Europe strategy Solid position in tech categoryPositive bicycle category Halvarssons house brand 3
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Key figures Q3 and 1-9 2025 Consumer confidence impacted market demand Year-on-year comparison (Previous Year) Net sales • Net sales 38.2 MEUR (37.9) • Growth 0.7 % Profitability • Gross Margin 21.7% (24.9%) • Adjusted EBITA 2.1 MEUR (3.2) • Adjusted EBITA margin 5.4% (8.4%) Financial position • Net Debt 21.6 MEUR (27.1) • Leverage 3.4 (4.5) • Cash Flow from Operating activities -1.3 MEUR (-8.3) 4 1-9 2025Q3 2025 Net sales Profitability • Net sales 95.7 MEUR (93.1) • Growth 2.9 % • Gross Margin 23.2% (24.7%) • Adjusted EBITA 3.9 MEUR (4.8) • Adjusted EBITA margin 4.1% (5.2%)
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Fully organic net sales growth Role of Central Europe increasing 5 Q3 2025 • Growth in comparable currencies -0.8% • Nordics 49% (51) / Central Europe 51% (49) • Own brands sales 17% (16) • Online sales 30% (26) 1-9 2025 • Growth in comparable currencies 1.4% • Nordics 51% (54) / Central Europe 49% (46) • Own brands sales 19% (19) • Online sales 29% (26) Nordics Central Europe Nine months net sales development MEUR 0 20 40 60 80 100 1-9 2023 1-9 2024 1-9 2025 62% 50% 54% 51% 49%38% 46% +2.9% 89.0 93.1 95.7 0.0 10.0 20.0 30.0 40.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 MEUR Quarterly net sales development Nordics Central Europe +0.7% 25.7 25.5 37.6 29.9 27.0 28.2 37.9 31.6 28.3 29.3 62% 58% 64% 51% 56% 56% 51% 50% 56% 52% 48%44%50% 49% 44%44%49% 42% 36%38% 51% 49% 38.2
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Profitability development Lower profitability due to prevailing market conditions Q3 2025 • Adjusted EBITA 2.1 MEUR (3.2) • Gross margin 21.7% (24.9) • OPEX 15.4% (15.9) 1-9 2025 • Adjusted EBITA3.9 MEUR (4.8) • Gross margin 23.2% (24.7) • OPEX 18.3% (18.8) 6 Nine months adjusted EBITA development Adj. EBITA Adj. EBITA % -1 0 1 2 3 4 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 MEUR Quarterly adjusted EBITA development -0.4 1.0 3.8 0.2 0.3 1.4 3.2 2.0 0.7 1.1 -52% Adj. EBITA Adj. EBITA % 2.1 -1.7% 3.8% 10.1% 0.8% 1.0% 4.9% 8.4% 1.6% 2.4% 3.9% 5.4% 0 1 2 3 4 5 1-9 2023 1-9 2024 1-9 2025 -23% 4.4 4.8 3.9 MEUR 4.9% 5.2% 4.1%
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Focus on working capital management continues 7 NWC and Inventory % of L TM* net sales development *LTM = Last 12 months sales • Market demand impact on inventory • Snow category products from Q2 • Summer products slow down Q3 • Increasing availability of high demand spare parts-21.4 -16.4 -22.6 55.2 49.7 49.8 27.9 24.4 25.4 -40 -20 0 20 40 60 80 100 Payables Inventory Receivables Q3 2023 Q3 2024 Q3 2025 Inventory/LTM* sales 39.1%40.5%44.7% MEUR NWC 61.8 -5.2 MEUR NWC 57.7 NWC 52.5
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Financial position • Debt repayments continued as planned • Operational cashflow profile YTD -1.3 MEUR (-8.3), an improvement of 7.0 MEUR • Seasonal profile, start of summer season • Positive net working capital fluctuation • Cash and cash equivalent reserves at the end of the period 5.9 MEUR (4.2) • Unused RCF facility 21 MEUR 8 48.6 27.1 21.6 0 10 20 30 40 50 60 Q3 2023 Q3 2024 Q3 2025 Leverage, xNet debt Net debt and leverage MEUR 6.9 4.5 3.4 -5.5 MEUR
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2025 guidance (changed) Previous guidance for the financial year 2025 • Duell expects that organic net sales with comparable currencies will be at the same level or higher than previous year . • Duell will continue to focus on improving profitability and expects adjusted EBITA to improve from last year’s level. 9 • Duell lowered its guidance for the 2025 financial year on 30 June 2025 • The market environment has become more challenging, which has impacted Duell's net sales and profitability performance. As a result, the company is lowering its guidance for the 2025 financial year. • The new guidance for the 9/2024 -8/2025 financial year is: • Duell expects organic net sales with comparable currencies to be at the same level or lower as the previous year. • Adjusted EBITA is expected to be below last year’s level. New guidance for the financial year 2025
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Strategy and focus areas on financial year 2025 Strategy Focus areas • Geographical expansion • Partner for online sales • Product portfolio development • Profitability improvement • Growth • Efficient net working capital management 10
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Duell has a strong position in value chain 11 >130,000
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12 • Growth trend slowed down in Q3. Central European market area growing in line with strategy • Disappointing Q3 result. Challenging market conditions impacted profitability • Going forward focus on • Further strengthening customer service level • Profitability improvement measures • Working capital efficiency 12
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Q&A