Slides
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Duell Corporation First Quarter 2026 Financial Report September 2025-November 2025 January 14, 2025 Magnus Miemois, CEO Caj Malmsten, CFO Pellervo Hämäläinen, IR
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Q1 2026 in brief Delayed start ofthe 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 & Product Categories • Poor snow conditions in the Nordic countries delayed the start of winter season sales • Positive development in Eastern European motorcycle market • Transformation and rightsizing of French operations started 2
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Operational highlights Q1 2026 • Promising market with Poland as key driver • Active adopters of emerging brands • SnowPeople outdoor clothing and gear • For growing Lapland winter tourism • Nordics warehouse optimisation , to be completed in March • Operational efficiency • Improved customer service East Europe Performance UpliftSnowPeople – Own brand 3 • Performance Uplift project planning phase completed • Moving into execution phase Nordic warehouse optimisation
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Key figures Q1 2026 Seasonal demand and France brand portfolio changes impacted sales volumes Year-on-year comparison (Previous Year) Net sales • Net sales 25.0 MEUR (28.3) • Growth -11.7% (+4.7%) Profitability • Gross Margin 24.1% (24.9%) • Adjusted EBITA -0.1 MEUR (0.7) • Adjusted EBITA margin -0.5% (2.4%) Financial position • Net Debt 22.6 MEUR (24.7) • Leverage 4.2 (3.1) • Net Cash Flow from Operating activities -1.9 MEUR (-4.8) 4
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Net sales development Late winter in Nordics, France weighed Central Europe 5 • Growth in comparable currencies -12.5% (4.4) • Nordics 55% (54) / Central Europe 45% (46) • Decline in Central Europe due to brand portfolio changes in France • Own brands sales 20% (21) • Online sales 28% (25) 0.0 10.0 20.0 30.0 40.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 MEUR Quarterly net sales development Nordics Central Europe -11.7% 25.7 25.5 37.6 29.9 27.0 28.2 37.9 31.6 28.2 29.3 62% 58% 64% 51% 56% 56% 51% 50% 54% 52% 48%46% 50% 49% 44% 44% 49% 42% 36%38% 51% 49% 38.2 30.9 47% 53% 55% 45% 25.0
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Profitability development • Adjusted EBITA -0.1 MEUR (0.7) • Due to lower volumes • Gross margin 24.1% (24.9) • OPEX 5.8 MEUR (6.1) • France right sizing 6 -1 0 1 2 3 4 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 MEUR -0.4 1.0 3.8 0.2 0.3 1.4 3.2 1.4 0.7 1.1 -23,3% Adj. EBITA Adj. EBITA % 2.1 -1.7% 3.8% 10.1% 0.8% 1.0% 4.9% 8.4% 4.3% 2.4% 3.9% 5.4% 1.0 3.9% -0.5% -0.1%
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Improved net working capital 7 NWC and Inventory % of LTM* net sales development *LTM = Last 12 months sales • Improved receivables position with active credit management • Improved supplier payment terms • Inventory levels remained high in delayed seasonal demand situation -17.1 -14.8 -16.1 50.4 48.4 18.6 20.0 16.1 -20 0 20 40 60 80 Payables Inventory Receivables MEUR Q1 2024 Q1 2025 Q1 2026 Inventory/LTM* sales 39.7%38.4%43.3% NWC 55.5 -1.9 MEUR NWC 53.5 NWC 51.6 49,0
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Financial position • Debt services as planned, amortisation twice per year • Cash position at the end of the period 3.2 MEUR (5.5) • Operational cashflow profile -1.9 MEUR (-4,8), change of 2.9 MEUR 8 0 10 20 30 40 50 Q1 2024 Q1 2025 Q1 2026 Net debt and leverage Leverage, xNet debt MEUR 7.2 3.1 4.2 -2.1 MEUR 45.2 24.7 22.6
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2026 guidance (unchanged) 9 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 expects organic net sales to remain at the same level as last year. • Duell expects adjusted EBITA to stay at the same level as last year. Guidance for the 2026 financial year
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Performance Uplift Project launched 10 • 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 • Customer segmentation and related services • Discount management • France business turnaround • Inventory management • Outbound logistics • Performance management • Purchasing and product assortment management • Sales and operations planning
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Duell has a strong position in value chain 11
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12 • Poor winter conditions in Nordics weighed on net sales and profitability • Development initiatives progressed as planned • Performance Uplift project gaining momentum 12
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Q&A