Interim report
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Duell Corporation First quarter 2026 Financial Report September 2025-November 2025
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2 First quarter 2026 financial report 9/2025-11/2025 Janury 14, 2026, at 8.30am EET 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.
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3 First quarter 2026 financial report 9/2025-11/2025 Janury 14, 2026, at 8.30am EET * 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 (9/2024–8/2025) 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 Net sales Key figures and ratios EUR thousand Q1 2026 (9/2025–11/2025) Q1 2025 (9/2024–11/2024) 2025 (9/2024–8/2025) 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
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4 First quarter 2026 financial report 9/2025-11/2025 Janury 14, 2026, at 8.30am EET Duell’s net sales in the first quarter 2026 decreased 11,7 % (4,7 %) to EUR 25.0 million (EUR 28.3 million). The decline in net sales is attributable to the late start of the winter season and changes in the French brand portfolio. Net sales from Nordics amounted to 55% (54%), while the Central Europe market area amounted to 45% (46%) of Duell’s net sales. The share of online channel sales of total net sales amounted to 28% (25%) for the review period. The share of own brand sales of total net sales amounted to 20% (21%) in the review period. Profitability Duell’s EBITA was EUR -0.1 million (EUR 0.6 million). Adjusted EBITA was EUR -0.1 million (EUR 0.7 million). Adjusted EBITA margin decreased to -0.5% (2.4%). Financial position and cash flow Duell’s consolidated balance sheet total on November 30, 2025, was EUR 90.6 million (EUR 96.1 million). The amount of consolidated goodwill in the balance sheet was EUR 15.4 million (EUR 21.0 million). Duell’s cash and cash equivalents amounted to EUR 3.2 million (EUR 5.5 million) and total interest-bearing liabilities amounted to EUR 25.8 million (EUR 30.2 million) on November 30, 2025. Total interest-bearing liabilities comprise loans from financial institutions. At the end of the review period, Duell had unused credit facility of EUR 12.0 million. Duell's equity ratio was 53.6% (53.1 %) on November 30, 2025, and the Group's return on equity was -1.5% (-0,8%). Duell’s net cash flow from operating activities in the first quarter 2026 was EUR -1.9 million (EUR -4.8 million), a change of EUR 2.9 million. Duell’s net debt was EUR 22.6 million (EUR 24.7 million) on November 30, 2025. Duell’s net debt to adjusted EBITDA ratio for the last 12 months on November 30, 2025, was 4.2x (3,1x). The conditions for the covenants were met at the end of the review period. 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
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5 First quarter 2026 financial report 9/2025-11/2025 Janury 14, 2026, at 8.30am EET 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
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6 First quarter 2026 financial report 9/2025-11/2025 Janury 14, 2026, at 8.30am EET Oaklins Finland Ltd +358 9 612 9670 Financial figures of first quarter 2026 financial report September 1, 2025-November 30, 2025 Consolidated Income Statement EURO 1-3 /2026 1-3/2025 NET SALES 24 986 28 292 Other operating income 70 55 Materials and services Materials and consumables Purchases during the period -21 905 -24 346 Change in inventories 4 314 4 477 External services -1 380 -1 365 -18 971 -21 235 Personnel expenses Wages and salaries -2 645 -2 895 Social security expenses Pension expenses -382 -359 Other social expenses -349 -319 -3 376 -3 573 Depreciation and amortization -1 005 -951 Other operating expenses -2 511 -2 729 OPERATING PROFIT (-LOSS) -807 -141 Financial income and expenses Other Interest and other financial income 259 440 Interest and other financial expenses -840 -925 -581 -485 Profit before appropriations and taxes -1 389 -626 Income taxes -56 203 PROFIT (-LOSS) FOR THE FINANCIAL YEAR -1 444 -423 Consolidated Balance Sheet EURO 30.11.2025 30.11.2024 A S S E T S
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7 First quarter 2026 financial report 9/2025-11/2025 Janury 14, 2026, at 8.30am EET NON-CURRENT ASSETS Immaterial rights 104 136 Goodwill 15 432 18 514 Other intangible assets 1 824 1 070 Assets under construction 1 520 1 713 Intangible assets total 18 880 21 433 Machinery and equipment 634 678 Tangible assets total 634 678 TOTAL NON-CURRENT ASSETS 19 514 22 111 CURRENT ASSETS Inventories 47 122 46 856 Advance payments 1 871 1 510 Inventories total 48 994 48 365 Other long-term receivables 221 164 Total long-term receivables 221 164 Trade receivables 16 680 17 612 Other receivables 206 1 382 Prepaid expenses and accrued income 1 737 932 Total short-term receivables 18 622 19 927 Cash and bank 3 222 5 514 TOTAL CURRENT ASSETS 71 058 73 970 TOTAL ASSETS 90 573 96 081 EURO 30.11.2025 30.11.2024 E Q U I T Y AND L I A B I L I T I E S EQUITY Share capital 80 80 Reserve for invested unrestricted equity 52 797 52 797 Retained earnings -2 871 -1 468 Profit (-loss) for the financial year -1 444 -423 TOTAL EQUITY 48 562 50 987 NON-CURRENT LIABILITIES Loans from financial institutions 22 490 25 441 Other non-interest bearing liabilities 158 95 Total non-current liabilities 22 648 25 536 CURRENT LIABILITIES Loans from financial institutions 3 298 4 795 Trade payables 10 412 7 870 Other current liabilities 2 251 2 936
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8 First quarter 2026 financial report 9/2025-11/2025 Janury 14, 2026, at 8.30am EET Accrued expenses and deferred income 3 401 3 957 Total current liabilities 19 362 19 558 TOTAL LIABILITIES 42 010 45 093 TOTAL EQUITY AND LIABILITIES 90 573 96 081 Consolidated Cash Flow Statement 30.11.2025 30.11.2024 Cash flow from operating activities EBIT -807 -141 Depreciations and amortizations 1 005 951 Other income and expenses, without cash impact -185 -304 Changes in working capital -1 721 -4 886 Financial expenses and income -407 -404 Income taxes 191 -9 Net cash flow from operating activities -1 924 -4 793 Cash flow from investing activities Investments of intangible and tangible assets -589 -176 Acquired shares in subsidiaries 0 0 Net cash flow from investing activities -589 -176 Cash flow from financing activities Withdrawals of long-term loans 0 0 Repayment of non-current debt 0 0 Credit limit change 0 1 496 Share issue and buy-back 0 -183 Net cash flow from financing activities 0 1 313 Unrealized exchange and currency translation differences 181 -119 Changes in cash and cash equivalents -2 332 3 775 Cash and cash equivalents at the beginning of the financial year 5 554 -23329 288 Cash and cash equivalents at the end of the financial year 3 222 5 513 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.