Slide 1: Duell Corporation Nine Months Financial Report
Duell Corporation Nine Months Financial Report September 2024-May 2025 (Q3 2025) July 3, 2025 Magnus Miemois, CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
Slide 2: Q3 2025 in brief
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 • Marke
Slide 3: Operational highlights Q3 2025
Operational highlights Q3 2025 Central Europe strategy Positive bicycle category Solid position in tech category Halvarssons house brand Continued growth in Positive trend for bicycle Boosted inventory on high New collection perceived Central European market category continued demand spare parts cre
Slide 4: Key figures Q3 and 1-9 2025
Key figures Q3 and 1-9 2025 Consumer confidence impacted market demand Q3 2025 1-9 2025 • Net sales 38.2 MEUR (37.9) • Net sales 95.7 MEUR (93.1) Net sales Net sales • Growth 0.7 % • Growth 2.9 % • Gross Margin 21.7% (24.9%) • Gross Margin 23.2% (24.7%) Profitability • Adjusted EBITA 2.1 MEUR (3.2)
Slide 5: Fully organic net sales growth
Fully organic net sales growth Role of Central Europe increasing Quarterly net sales development Nine months net sales development Q3 2025 +0.7% • Growth in comparable currencies -0.8% +2.9% MEUR MEUR • Nordics 49% (51) / Central Europe 51% (49) 40.0 37.6 37.9 38.2 100 95.7 89.0 93.1 • Own brands sa
Slide 6: Profitability development
Profitability development Lower profitability due to prevailing market conditions Quarterly adjusted EBITA development Nine months adjusted EBITA development Q3 2025 MEUR -52% MEUR -23% • Adjusted EBITA 2.1 MEUR (3.2) 3.8 4.8 4 5 • Gross margin 21.7% (24.9) 4.4 3.2 3 4 3.9 • OPEX 15.4% (15.9) 2.0 2.
Slide 7: Focus on working capital management continues
Focus on working capital management continues NWC and Inventory % of LTM* net sales development MEUR -5.2 MEUR 100 NWC 61.8 NWC 57.7 NWC 52.5 80 • Market demand impact on inventory 27.9 60 24.4 25.4 • Snow category products from Q2 40 55.2 • Summer products slow down Q3 49.7 49.8 20 • Increasing ava
Slide 8: Financial position
Financial position Net debt and leverage MEUR 60 • Debt repayments continued as planned 48.6 50 • Operational cashflow profile YTD -1.3 MEUR (-8.3), 40 an improvement of 7.0 MEUR -5.5 MEUR 27.1 • Seasonal profile, start of summer season 30 6.9 21.6 • Positive net working capital fluctuation 20 4.5 3
Slide 9: 2025 guidance (changed)
2025 guidance (changed) New guidance for the financial year 2025 Previous guidance for the financial year 2025 • Duell lowered its guidance for the 2025 financial year • Duell expects that organic net sales with comparable currencies on 30 June 2025 will be at the same level or higher than previous
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: Summary and going forward focus
• 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
Slide 13: Q&A
Q&A
Slide 14: 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