Slide 1: Duell Corporation First half 2026 Financial Report
Duell Corporation First half 2026 Financial Report September 2025-February 2026 April 9, 2026 Tomi Virtanen, interim CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
Slide 2: Q2 2026 in brief
Q2 2026 in brief Challenging market conditions continued • Financials • Net sales and profitability below previous year level • Improved net working capital management • Markets & Product Categories • Market uncertainty and weak consumer confidence continued • Negative impact of France brand portfol
Slide 3: Operational highlights Q2 2026
Operational highlights Q2 2026 Logistics efficiency New brand in Nordics Consumer activity UK Duell agreed on Warehouse consolidation Slightly higher consumer distribution of Quad Lock’s Positive development in in Finland and France activity at motorcycle fairs products in Finland, the UK operations
Slide 4: Key figures Q2 2026
Key figures Q2 2026 Weaker performance due to challenging market conditions Q2 2026 H1 2026 • Net sales 28.8 MEUR (29.3) • Net sales 53.7 MEUR (57.5) Net sales Net sales • Growth -1.7% (+3.9%) • Growth -6.6% (+4.3%) • Gross margin 22.6% (23.5%) • Gross margin 23.3% (24.2%) Profitability • Adjusted E
Slide 5: Net sales development
Net sales development Brand portfolio changes in France weighted net sales Quarterly net sales development Half year net sales development Q2 2026 • Growth -1.7% and in MEUR comparable currencies 0.4% -1.7% -6.6% 40 37.6 37.9 38.2 60 57.6 • Nordics 51% (52) / Central Europe 49% (48) 55.4 53.7 51.3 •
Slide 6: Profitability development
Profitability development Brand portfolio changes in France decreased profitability Quarterly adjusted EBITA development Half year adjusted EBITA development Q2 2026 • Adjusted EBITA 0.4 MEUR (1.1) MEUR -69.3% -87.1% • Impact of brand portfolio changes 4 3.8 2 in France declined net sales 1.8 3.2 1.
Slide 7: Improved net working capital
Improved net working capital Continuous focus on inventory level optimisation NWC and Inventory % of LTM* net sales development MEUR -4.3 MEUR 100 80 NWC 58.9 NWC 58.5 NWC 54.2 • Improved receivables position with 60 22.6 24.3 21.9 active credit management 40 • Inventory levels decreased despite 52.
Slide 8: Financial position
Financial position Improved net working capital Net debt and leverage MEUR 40 -3.8 MEUR • Debt repayments continued as planned 29.9 29.3 30 25.5 • Improved operational cashflow profile -4.1 MEUR (-9.4), improvement of 5.3 MEUR 20 4.5 4.0 5.4 • Seasonal profile, arrival of summer products 10 • Net ca
Slide 9: 2026 guidance published April 8, 2026
2026 guidance published April 8, 2026 Previous guidance for the financial year 2026 New guidance for the financial year 2026 (Published January 14, 2026) Consumer sentiment remains fragile, and uncertainty Consumer sentiment remains fragile, and uncertainty persists in the market. Duell expects the
Slide 10: Focus areas going forward
Focus areas going forward • Strengthening market position in the Nordics • Growth in Norway and the bicycle category in Sweden • Restoring profitable growth in France • Strengthening the brand portfolio and implementing a new sales plan under new leadership • Strengthening the financial position thr
Slide 11: Duell has a strong position in value chain
Duell has a strong position in value chain 11
Slide 12: Summary of market conditions and near term focus areas
• Market uncertainty and weak consumer confidence continued • French brand portfolio changes had negative impact on net sales and profitability • Near term focus areas • Strengthening market position in Nordics • Restoring profitable growth in France • Improved net working capital management 12 12
Slide 13: Q&A
Q&A
Slide 14: Duell contact details
Dug HQ | Mustasaari, Finland T | + 358 (0) 20 118 000 E | info@duell.eu | forename.surname@duell.eu W | www.duell.eu Duell Bike-Center Oy | Duell Oyj | Kauppatie 19 | 65610 Mustasaari | Finland Duell AB | Bredkarrsgatan 10 | 57392 Tranas | Sweden Duell AB Denmark | Snaremosevej 23C (2), Erritsa | 70