Slide 1: Duell Corporation Nine Months Financial Report
Duell Corporation Nine Months Financial Report September 2025-May 2026 and Q3 2026 July 2, 2026 Tomi Virtanen, CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
Slide 2: Q3 2026 in brief
Q3 2026 in brief Sales-focused initiatives increased net sales • Financials • Net sales increased due to sales-focused initiatives • Profitability remained at same level • Continuous decrease of inventory levels continued • Markets & Product Categories • Active sales initiatives boosted sales mainly
Slide 3: Operational highlights Q3 2026
Operational highlights Q3 2026 Award for Quad Lock in Nordics New head of French business Warehouse consolidation Mustasaari warehouse Duell agreed on Duell’s warehouse in distribution of Quad Lock’s Jean-Marc Autheman has Warehouse consolidation Mustasaari, Finland, has smartphone mounting been app
Slide 4: Key figures Q3 2026
Key figures Q3 2026 Improved sales Q3 2026 1-9 2026 • Net sales 39.5 MEUR (38.2) • Net sales 93.3 MEUR (95.7) Net sales Net sales • Growth 3.5% (0.7%) • Growth -2.6% (2.9%) • Gross margin 21.6% (21.7%) • Gross margin 22.6% (23.2%) Profitability • Adjusted EBITA 2.0 MEUR (2.4) Profitability • Adjuste
Slide 5: Net sales development
Net sales development Structured sales actions boosted sales Quarterly net sales development Nine months net sales development Q3 2026 • Growth 3.5% and in MEUR MEUR -2.6% comparable currencies 1.5% 3.5% 40 37.6 37.9 38.2 39.5 100 93.1 95.7 93.3 • Nordics 51% (49) and Central Europe 49% (51) 89.0 •
Slide 6: Profitability development
Profitability development Q3 profitability remained at same level Quarterly adjusted EBITA development Nine months adjusted EBITA development Q3 2026 • Adjusted EBITA 2.0 MEUR (2.1) MEUR MEUR 3.8 -4.5% 4.8 -43.1% • Impact of brand portfolio changes 4 5 4.4 in France declined net sales 3.2 4 3.9 • Gr
Slide 7: Improved net working capital
Improved net working capital Decreased inventory levels NWC and Inventory % of LTM* net sales development MEUR -0.8 MEUR 80 NWC 57.7 NWC 52.5 NWC 51.7 • Focus on optimising inventory levels 24.4 25.4 60 25.5 continued 40 • Receivables at same level despite higher sales volume 49.7 49.8 20 44.6 • Inv
Slide 8: Financial position
Financial position Impact from weak H1 Net debt and leverage MEUR 30 27.1 0.4 MEUR 21.6 22.0 • Improved operational cashflow profile 0.3 MEUR 20 (-1.3), improvement of 1 MEUR 4.5 • Higher investments impacted financial position 3.4 4.8 10 • Net cash reserves at end of period was 2.3 MEUR (5.9) 0 • U
Slide 9: 2026 guidance
2026 guidance Guidance for financial year 2026 (updated April 8, 2026) Consumer sentiment remains fragile, and uncertainty persists in the market. Duell expects the market environment to remain suppressed during 2026 financial year. Duell’s performance in France continues to be weak and Nordic winte
Slide 10: Focus areas going forward – actions in Q3
Focus areas going forward – actions in Q3 • Strengthening market position in the Nordics • New products added to brand portfolio • Restoring profitable growth in France • New head of France business started • New brands added to brand portfolio • Strengthening the financial position through more sys
Slide 11: Duell has a strong position in value chain
Duell has a strong position in value chain 11
Slide 12: Summary
• Stronger than expected sales in Q3 due to sales-focused initiatives • Profitability remained at same level in Q3 • Actions in three focus areas continued • Sweden and Norway • France • Financial position 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