This is not an interim report in accordance with IAS 34. The company complies with the semi-annual reports required by the Securities Markets Act and normally publishes business reports for the first three and first nine months of the year, which present key information describing the company's financial development. This company announcement is also a summary of Duell’s financial report for September 2024–May 2025. The complete Report is attached to this announcement as a pdf file. It is also available on the company website at https://investors.duell.eu/en/reports_and_presentations.
Challenging market conditions weighed on results
Unaudited financials presented below.
February 2025-May 2025 “Q3 2025" (comparable figures in parenthesis 2/2024-5/2024):
- Net sales increased 0.7% to EUR 38.2 million (EUR 37.9 million), growth being fully organic. Net sales with comparable currencies decreased -0.8%.
- Adjusted EBITA was EUR 2.1 million (EUR 3.2 million) with an adjusted EBITA margin of 5.4% (8.4%).
- Net working capital was EUR 52.5 million (EUR 57.7 million).
- Cash flow from operating activities was EUR 8.0 million (EUR 3.4 million).
September 2024-May 2025 "1-9 2025" (comparable figures in parenthesis 9/2023-5/2024):
- Net sales increased 2.9% to EUR 95.7 million (EUR 93.1 million), growth being fully organic. Net sales with comparable currencies increased 1.4%.
- Adjusted EBITA was EUR 3.9 million (EUR 4.8 million) with an adjusted EBITA margin of 4.1% (5.2%).
- Net working capital was EUR 52.5 million (EUR 57.7 million).
- Cash flow from operating activities was EUR -1.3 million (EUR -8.3 million).
- Earnings per share was EUR -0.0 (EUR -0.0) (according to the number of shares at the end of the review period).
Duell lowered its guidance for the 2025 financial year on 30 June 2025 due to market uncertainty, further declining consumer confidence leading to a weaker-than-expected third quarter. At the same time, the company announced to remove its current medium-term financial targets, which it will redefine later. In the short term, Duell's focus will be on improving profitability and increasing organic net sales.
New guidance for the financial year 2025
The market environment has become more challenging, which has impacted Duell's net sales and profitability performance. As a result, the company is lowering its guidance for the 2025 financial year. The new guidance for the 9/2024-8/2025 financial year is:
- Duell expects organic net sales with comparable currencies to be at the same level or lower as the previous year.
- Adjusted EBITA is expected to be below last year’s level.
Previous guidance for financial year 2025 published on 10 April 2025
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 industry in which Duell operates remains relatively fragmented, which provides long-term opportunities and favours the larger players, of which Duell is one. Therefore, our guidance for financial year 9/2024-8/2025 is, that:
- Duell expects that organic net sales with comparable currencies will be at the same level or higher than previous year.
- Duell will continue to focus on improving profitability and expects adjusted EBITA to improve from last year’s level.
CEO Magnus Miemois:
The third quarter started on a very promising note with a quickly fading winter in the Nordics, and along with that, high activity on pre-order deliveries for the summer season. Unfortunately, market activity slowed down later in the quarter, which negatively impacted total sales. Weakened consumer sentiment impacted demand, especially in the traditional brick-and-mortar sector of our dealer network. Larger retail players with broader addressable markets seem to have coped better in capturing consumers’ attention. These dynamics affected the development trend and results for the quarter. As the third quarter is important for Duell, we are disappointed with this result and rewised our financial year 2025 guidance accordingly.
Despite the result being disappointing, there are also positives to mention from this quarter. We successfully executed our plan to increase the availability of high demand spare parts, which increased sales. Our focus on capturing growth in selected Central European markets continues to deliver results, and Duell’s key markets are becoming increasingly diversified. Our development project for a new ecommerce platform has progressed well through critical build stages and is approaching its first commercial release phase.
I would like to thank all our customers, suppliers and partners, as well as the entire Duell organisation, for their efforts in achieving the best possible results in challenging market conditions. In the short term, our focus will be on improving profitability and increasing organic net sales.
Key figures and ratiosEUR thousand
Q3 2025
(2/2025-
5/2025)
Q3 2024 (2/2024-5/2024)
1-9 2025(9/2024-5/2025)
1-9 2024
(9/2023-5/2024)
FY 2024(9/2023-8/2024)
Net sales
38,183
37,904
95,727
93,073
124,652
Net sales growth, %
0.7
0.6
2.9
4.6
4.9
Net sales with comparable currencies, %
-0.8
2.7
1.4
4.3
5.7
Gross margin
8,287
9,453
22,218
23,015
30,339
Gross margin, %
21.7
24.9
23.2
24.7
24.3
EBITDA
2,317
3,172
4,375
2,428
4,564
EBITDA margin, %
6.1
8.4
4.6
2.6
3.7
Items affecting comparability, EBITDA*
100
269
364
3,099
2,577
Adjusted EBITDA
2,418
3,441
4,739
5,527
7,141
Adjusted EBITDA margin, %
6.3
9.1
5.0
5.9
5.7
EBITA
1,976
2,928
3,531
1,743
3,628
EBITA margin, %
5.2
7.7
3.7
1.9
2.9
Adjusted EBITA
2,076
3,197
3,896
4,842
6,205
Adjusted EBITA margin, %
5.4
8.4
4.1
5.2
5.0
Operating profit
1,286
2,233
1,442
-337
842
Operating profit margin, %
3.4
5.9
1.5
-0.4
0.7
Earnings per share, basic, EUR*
-0.020
-0.003
-0.000
-0.006
-0.004
Earnings per share, diluted, EUR*
-0.019
-0.003
-0.000
-0.006
-0.004
Number of outstanding shares at the end of the period, basic**
5,194,374
1,038,546,116
5,194,974
1,038,546,116
1,036,334,706
Number of outstanding shares at the end of the period, diluted**
5,303,574
1,308,546,116
5,303,574
1,038,546,116
1,045,534,706
Investments in tangible and intangible assets excluding acquisitions
512
189
931
628
746
Net debt
21,628
27,086
21,628
27,086
19,563
Net working capital
52,512
57,665
52,512
57,665
48,323
Inventory, % of LTM*** net sales
39.1
40.5
39.1
40.5
36.1
Cash flow from operating activities
8,016
3,402
-1,343
-8,305
-912
Equity ratio, %
50.8
53.1
50.8
53.1
55.0
* According to the number of shares at the end of the review period**The company does not report the average number of shares for the period due to the reverse split***LTM = Last twelve months
Operational key figures
Q3 2025
(2/2025-
5/2025)
Q3 2024 (2/2024-5/2024)
1-9 2025(9/2024-5/2025)
1-9 2024
(9/2023-5/2024)
FY 2024(9/2023-8/2024)
Number of brands
548
548
548
548
535
Share of own brand sales, % of total
17
16
19
19
18
Share of online sales, % of total
30
26
29
26
26
Share of sales in Nordics, % of total
49
51
51
54
53
Share of sales in Central Europe, % of total
51
49
49
46
47
Full-time equivalent employees, average
212
217
208
218
215
Significant events during review period
Duell announced on 16 April that it has appointed Anne-May Asplund as the Group’s Chief People and Communications Officer and member of the Management Team, effective 1 July 2025. Asplund joins Duell from her position as Chief People & Culture Officer at Hedengren Group. Prior to Hedengren, Asplund held various management and specialist positions in human resources and communications since 2002 and, also has a strong background in listed companies as well as in the wholesale industry.
Significant events after review period
Duell lowered its guidance for the 2025 financial year on 30 June 2025 due to market uncertainty, further declining consumer confidence leading to a weaker-than-expected third quarter. At the same time, the company announced to remove its current medium-term financial targets, which it will redefine later. In the short term, Duell's focus will be on improving profitability and increasing organic net sales.
New guidance for the financial year 2025
The market environment has become more challenging, which has impacted Duell's net sales and profitability performance. As a result, the company is lowering its guidance for the 2025 financial year. The new guidance for the 9/2024-8/2025 financial year is:
- Duell expects organic net sales with comparable currencies to be at the same level or lower as the previous year.
- Adjusted EBITA is expected to be below last year’s level.
Previous guidance for financial year 2025 published on 10 April 2025
- Duell expects that organic net sales with comparable currencies will be at the same level or higher than previous year.
- Duell will continue to focus on improving profitability and expects adjusted EBITA to improve from last year’s level.
Webcast for investors and mediaDuell will arrange a live webcast for investors and media in English on July 3, 2025, at 10.30 am EET. The webcast can be followed online through this link. A presentation will be held by CEO Magnus Miemois, CFO Caj Malmsten and IR Pellervo Hämäläinen. A recording of the event will be available later the same day at https://investors.duell.eu/.
Financial reporting and Annual General Meetings in Financial Year 2025
During the Financial Year 2025, Duell will publish financial information as follows:
- Financial Statements Bulletin for the financial year 9/2024–8/2025 (Q4 2025) on Thursday, October 16, 2025.
Annual Report 2025, which includes, among other things, the Report of the Board of Directors, Company's financial statements, auditor’s reports and sustainability report in the week commencing October 27, 2025.
Duell’s Annual General Meeting of shareholders is scheduled for Tuesday, November 25, 2025.
The financial reviews and the annual report will be available after publication on the company's investor website at (https://investors.duell.eu/en/reports_and_presentations).
Further informationMagnus Miemois, CEODuell Corporation+358 50 558 1405magnus.miemois@duell.eu
Pellervo Hämäläinen, Communications and IR ManagerDuell Corporation+358 40 674 5257pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd, +358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 130,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2024 was EUR 125 million and it employs over 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Attachments
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Duell Corporation September 2024-May 2025 Financial Report_3.7.2025.pdf