Slide 1: Duell Corporation Full Year 2025 Financial Report
Duell Corporation Full Year 2025 Financial Report September 2024-August 2025 (Q4 2025) October 16, 2025 Magnus Miemois, CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
Slide 2: Q4 2025 and FY 2025 in brief
Q4 2025 and FY 2025 in brief Sustained net sales in challenging market • Financials • Maintained net sales in challenging market • Growth in Central Europe continued • French business in transition phase • Market environment and changes in brand portfolio affected profitability negatively • Markets
Slide 3: Operational highlights Q4 2025
Operational highlights Q4 2025 Key markets in ATV category MC Rider Gear Winning brands Central Europe Bronco product range house brands Strong player in UK market High quality products. and in Duell Group. Premium helmet segment. Broad ATV/UTV assortment Trusted by the most New products well receiv
Slide 4: Key figures Q4 and FY 2025
Key figures Q4 and FY 2025 Consumer confidence impacted market demand Q4 2025 FY 2025 • Net sales 30.9 MEUR (31.6) • Net sales 126.6 MEUR (124.7) Net sales Net sales • Decline -2.3% (+5.8%) • Growth +1.6% (+4.9%) • Gross Margin 24.4% (23.2%) • Gross Margin 23.5% (24.3%) Profitability • Adjusted EBIT
Slide 5: Fully organic net sales growth
Fully organic net sales growth Central Europe share is growing Quarterly net sales development Full year net sales development Q4 2025 -2.3% • Growth in comparable currencies -1.1% +1.6% MEUR MEUR 38.2 • Nordics 53% (50) / Central Europe 47% (50) 40.0 37.6 37.9 140.0 126,6 118.8 124,7 • Own brands s
Slide 6: Profitability development
Profitability development Profitability affected by France business Quarterly adjusted EBITA development Full year adjusted EBITA development Q4 2025 MEUR MEUR -21.0% • Adjusted EBITA 1.0 MEUR (1.4) -23,3% 5 7 6.2 • Gross margin 24.4% (23.2) 6 4 3.8 • OPEX 19,8% (15,7) 4.9 5 4.6 3.2 3 4 2.1 5.0% FY
Slide 7: Weak demand affected progress on working capital development
Weak demand affected progress on working capital development Number of SKUs decreased over 20% NWC and Inventory % of LTM* net sales development MEUR +1.8 MEUR 80 NWC 49.9 NWC 50.0 NWC 48.2 60 17.3 • Effect of low demand in winter season 18.4 16.7 affected the full year, as snow 40 category remained
Slide 8: Financial position
Financial position Net debt and leverage MEUR 50 40 38.2 • Debt serviced as planned, 3,3 MEUR instalments + 0.6 MEUR • Operational cashflow profile YTD 1.57 MEUR (-0,91), 30 an improvement of 2.48 MEUR 7.0 20.2 20 19.6 • Cash and cash equivalent reserves at the end of the period 5.6 MEUR (9.3) 2.5 3
Slide 9: 2026 guidance
2026 guidance Guidance for the 2026 financial year Consumer sentiment remains fragile, and uncertainty persists in the market. Duell expects the market environment to remain suppressed over the next 12 months. Therefore, our guidance for the 2026 financial year is that: • Duell expects organic net s
Slide 10: Strategy and focus areas on financial year 2025
Strategy and focus areas on financial year 2025 Strategy implementation and progress in 2025 • Geographical expansion • Growth in Central Europe • Active customer management • Partner for online sales • First phase of new eCommerce platform launched • Share of online sales increase from 26% to 30% •
Slide 11: Duell has a strong position in value chain
Duell has a strong position in value chain 11
Slide 12: We continue building a stronger Duell by
We continue building a stronger Duell by • Developing the operational footprint to improve logistical efficiency and enable growth ➢ Initiative to streamline Warehouse operations in the Nordics has been started • Integrating the tech stack to improve customer interface operations, service level, and
Slide 13: Summary
• Net sales grew in Central Europe despite softening market and the negative impact of the French business • Good progress with key customers and eCommerce • New Group-level initiatives have been launched to improve performance 13 13
Slide 14: Q&A
Q&A
Slide 15: 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