Slide 1: Duell Corporation First Quarter 2026 Financial Report
Duell Corporation First Quarter 2026 Financial Report September 2025-November 2025 January 14, 2025 Magnus Miemois, CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
Slide 2: Q1 2026 in brief
Q1 2026 in brief Delayed start of the winter season • Financials • Due to a slow start to the winter season and challenges in France, net sales and profitability were lower than in the previous year • Inventory levels remained high despite overall improved net working capital management • Markets &
Slide 3: Operational highlights Q1 2026
Operational highlights Q1 2026 Nordic warehouse East Europe SnowPeople – Own brand Performance Uplift optimisation • Nordics warehouse • Promising market with • Performance Uplift project optimisation, to be Poland as key driver planning phase completed • SnowPeople outdoor completed in March • Acti
Slide 4: Key figures Q1 2026
Key figures Q1 2026 Seasonal demand and France brand portfolio changes impacted sales volumes • Net sales 25.0 MEUR (28.3) Net sales • Growth -11.7% (+4.7%) • Gross Margin 24.1% (24.9%) Profitability • Adjusted EBITA -0.1 MEUR (0.7) • Adjusted EBITA margin -0.5% (2.4%) • Net Debt 22.6 MEUR (24.7) Fi
Slide 5: Net sales development
Net sales development Late winter in Nordics, France weighed Central Europe Quarterly net sales development MEUR -11.7% 40.0 37.6 37.9 38.2 • Growth in comparable currencies -12.5% (4.4) 29.9 31.6 30.9 • Nordics 55% (54) / Central Europe 45% (46) 30.0 29.3 42% 28.2 28.2 51% 25.7 25.5 27.0 49% 25.0 •
Slide 6: Profitability development
Profitability development MEUR -23,3% 4 3.8 3.2 • Adjusted EBITA -0.1 MEUR (0.7) 3 • Due to lower volumes 1.4 2.1 2 10.1% • Gross margin 24.1% (24.9) 1.4 8.4% 1.0 1.1 5.4% 1.0 • OPEX 5.8 MEUR (6.1) 1 4.3% 4.9% 0.7 3.8% 0.3 3.9% 3.9% • France right sizing 0.2 2.4% -0.4 0.8% 1.0% -0.1% 0 -1.7% -0.5% Q
Slide 7: Improved net working capital
Improved net working capital NWC and Inventory % of LTM* net sales development -1.9 MEUR MEUR 80 NWC 53.5 NWC 55.5 NWC 51.6 60 18.6 • Improved receivables position 20.0 16.1 with active credit management 40 49,0 • Improved supplier payment terms 50.4 48.4 20 • Inventory levels remained high in 0 del
Slide 8: Financial position
Financial position Net debt and leverage MEUR 50 45.2 40 -2.1 MEUR • Debt services as planned, amortisation twice per year 30 24.7 • Cash position at the end of the period 3.2 MEUR (5.5) 7.2 22.6 20 • Operational cashflow profile -1.9 MEUR (-4,8), change of 2.9 MEUR 3.1 4.2 10 0 Q1 2024 Q1 2025 Q1 2
Slide 9: 2026 guidance (unchanged)
2026 guidance (unchanged) Guidance for the 2026 financial year 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 expect
Slide 10: Performance Uplift Project launched
Performance Uplift Project launched • In October 2025, Duell launched a Group-wide Performance Uplift Project to improve performance and establish the ”OneDuell' way of working • Concrete improvement areas have been identified, and targets and a roadmap to achieve these goals have been established •
Slide 11: Duell has a strong position in value chain
Duell has a strong position in value chain 11
Slide 12: Summary: poor winter conditions, development initiatives progressing
• Poor winter conditions in Nordics weighed on net sales and profitability • Development initiatives progressed as planned • Performance Uplift project gaining momentum 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