Slide 1: Duell Corporation Half-year Financial Report
Duell Corporation Half-year Financial Report September 2024-February 2025 (Q2 2025) April 10, 2025 Magnus Miemois, CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
Slide 2: Q2 2025 in brief
Q2 2025 in brief A balancing act due to challenging weather conditions • Financials • Net sales growth continued, fully organic • Lost opportunity due to weak Snow category demand • Markets & Product Categories • Difficult winter season in Nordics due to poor winter conditions • Growth continued in
Slide 3: Operational highlights Q2 2025
Operational highlights Q2 2025 Record sales for Amoq New brand for bicycle category Enhanced customer activities Expanding customer base Record sales for Duell’s Expanding bicycle brand Successful annual Dealers Continued expansion of own house brand Amoq offering with top brand. Days for bicycle ca
Slide 4: Key figures Q2 and 1H 2025
Key figures Q2 and 1H 2025 Q2 2025 H1 2025 • Net sales 29.3 MEUR (28.2) • Net sales 57.5 MEUR (55.2) Net sales Net sales • Growth +3.9% • Growth +4.3% • Gross Margin 23.5% (25.2%) • Gross Margin 24.2% (24.6%) Profitability • Adjusted EBITA 1.1 MEUR (1.4) Profitability • Adjusted EBITA 1.8 MEUR (1.6)
Slide 5: Fully organic net sales growth
Fully organic net sales growth Q2 2025 Quarterly net sales development Half-year net sales development • Fully organic growth +3.9% MEUR +3.9% MEUR +4.3% • Growth in comparable currencies +1.3% 40 37.6 37.9 60 57.5 55.2 • Nordics 52% (56) / Central Europe 48% (44) 51.2 29.9 31.6 • Own brands sales 2
Slide 6: Profitability development
Profitability development Quarterly adjusted EBITA development Half-year adjusted EBITA development Q2 2025 MEUR -16.3% MEUR +10.6 % • Adjusted EBITA 1.1 MEUR (1.4) 3.8 4 2 1.8 • Gross margin 23.5% (25.2), 3.2 1.7 affected by weak demand in 3 Snow categories 1.5 2 2.0 • OPEX 18.9% (19.7) 10.1% 1.4 8
Slide 7: Improved working capital management efficiency
Improved working capital management efficiency NWC and Inventory % of LTM* net sales development MEUR -0.4 MEUR 100 NWC 66.9 80 NWC 58.9 NWC 58.5 26.9 60 22.6 24.3 • Improved inventory efficiency 40 60.1 52.4 50.2 • Development rate challenged by 20 38% weak demand in Snow category 0 -20.1 -16.1 -15
Slide 8: Financial position
Financial position Net debt and leverage MEUR 60 52.8 • Financial position continued to be stable 50 • Improved operational cashflow profile -9.4 MEUR (-11.7) 40 -0.6 MEUR • Seasonal profile, arrivals of summer products 29.9 29.3 30 10.2x • Cash and cash equivalent reserves at the end of the 20 peri
Slide 9: 2025 guidance unchanged
2025 guidance unchanged 2025 guidance • Markets have somewhat stabilised, but consumer sentiment remains fragile due to uncertainties. Duell expects the demand over the next 12 months to be slightly better than the comparison period, but there may be variations between product categories. • The indu
Slide 10: Strategy and focus areas on financial year 2025
Strategy and focus areas on financial year 2025 Strategy • Geographical expansion • Partner for online sales • Product portfolio development Focus areas • Profitability improvement • Growth • Efficient net working capital management 10
Slide 11: Duell has a strong position in value chain
Duell has a strong position in value chain >130,000 11
Slide 12: Continued net sales growth; difficult winter season
• Continued net sales growth • Continued growth in Central Europe • Difficult winter season in Nordics due to poor winter conditions impacted profitability in Q2 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