Good morning, and welcome to Duell's webcast for nine months and the third quarter 2026 financial report. We have today Tomi Virtanen, CEO, and CFO Caj Malmsten presenting the report and the highlights from it. My name is Pellervo Hämäläinen from Investor Relations. During the webcast, there's the opportunity to send questions via chat in Finnish and English, and we will come back to those questions at the end of the broadcast and the webcast. I think we start to be ready. Tomi and Caj, the stage is yours. Thank you, Pellervo. Great to be here and good morning on my behalf. Third quarter was quite sales-focused effort from our company, and we are very proud of the results in terms of the sales, what we achieved. As I earlier pointed out that we have three focus areas. Number one, strengthening our position in Nordics. Number two, restoring the profitable growth in France. On a third, the improving our financial position through better management of the net working capital and improving the profitability. I'm very pleased to say that we have progressed in all of these areas. Of course, the results, in some cases, we see them sooner, in other cases, a little bit later. The solid plans, what we have in place, have been progressed very well. If we look at the financials, the net sales increased year-on-year and main reason is our sales-focused initiatives. Of course, we also saw pretty nice springtime in Nordic countries, but weather is never the explanation for everything. Our team has done the utmost to serve our customers the best possible way. This is, of course, something that we need to improve and earn the trust of our customers, our most valuable asset, every day. Profitability remained at the same level. Of course, we are not pleased with the profitability level altogether, but of course, it's good that we didn't see the erosion of the margin when we were increasing the sales. The continuous decrease of inventory levels continued. This is really important for us that we are releasing the tight capital in our company. If you look at the market and product categories, again, it's very important that we have the rich portfolio and very lucrative brands so that we can serve our customers in best possible way. We introduced new products in our portfolio, and we cherished the ones that what we have. I'm pretty happy to say that overall, our capability to serve our customers with our existing portfolio is very good. Of course, there are huge variation between different markets. As I mentioned, the implementation of the new business plan in France, so restoring the profitable growth is well on its way. However, of course, the financial results are still to be seen. When we look at some operational highlights, we have much more, but some of them during the third quarter. On the left-hand side, you can see our happy Warehouse Manager in Mustasaari, Eemi Lekker, receiving the award of the Warehouse Excellence Award 2026. We are very proud to be part of this club who has now won this award, and it tells about our impeccable capabilities in our warehouse operations. Both Mustasaari warehouse and Tranås warehouse in Sweden made record-breaking days in terms of the picking lines and our teams were very stressed to serve the customers, but happy to see that we were very successful in that respect. As mentioned regarding our brands, our aim is that we have the most lucrative brands for our customers in our portfolio, and it's a great honor to be now the distributor of the Quad Lock in Nordics. That is, of course, one of those brands that our customers, dealers, and the end customers are really looking after. Jean-Marc Autheman, with the impeccable track record in our business, joined us as a general manager for our France operations and has renewed the organization, introduced new brands, and doing really great in our journey to be back on the profitable growth path in France. Of course, we also completed the warehouse consolidation in Nordics. Concentrating now in Tranås, Sweden, and Mustasaari in Finland with the full portfolio serving the whole Nordic area. This has been particularly good in terms of having better availability in bicycle products in Sweden and thus in Norway, which is, of course, again, enabling us to serve the customers even better than before. So, when we talk about the numbers, as I already mentioned, year-on-year, compared to the previous year, we have a growth in net sales and particularly as the beginning of the year has been quite challenging, this is absolutely good news. When we look at the year-to-date figures, we are still behind last year, but the quarter was clearly better. We reached the level of EUR 39.5 million, which is growth of 3.5% on the quarter. On the profitability side, as said, the gross margin are roughly on the same level as a year ago, 21.6%. Again, we would like to be on a higher level, but it's a good defense, that when we were investing in sales, we didn't dilute the gross margin level. Adjusted EBITA showing EUR 2 million. Of course, we should be on a much higher level. The journey is continuing, and we're doing utmost to improve the situation, giving us the adjusted EBITA margin of 5.0%. On a financial position, our net debt on a EUR 22 million level, delivering the leverage of 4.8x and net cash flow from operating activities being EUR 0.3 million. More about the financial figures, I hand over to Caj. Thank you, Tomi. Let's dig into the numbers a little bit more deep. As Tomi said, quarter three was good in terms of sales, up 3.5% compared to last year. You have to remember on the cumulative side, we are bringing the weak first half year with us. On a year-to-date basis, we are EUR 2.4 million behind, but direction is correct. If we look a little bit deeper here, we can see that especially the Nordics performed really well during quarter three and also whole year. Especially quarter three, the Powersports part were performing really good. We can also see that both the own brands and online sales side continued to grow. Looking the same for the year-to-date figures, the Nordic shares now is higher, 54% compared to 51% a year back. As I said, that's a strong quarter in the Nordics. We have to keep in mind here also a part of it is that Central Europe is a little bit weakened due to the fact that we have the challenges in the French business. Going to the profitability side. Adjusted EBITA, EUR 2 million and gross margins, as Tomi said, on similar level as last year. Good that we managed to keep the gross margin levels in the current market situation. We have a little bit higher OpEx operating expenses for the quarter, 18.3%, coming mainly from the fact that we are putting efforts in developing our e-commerce platform as well as a transition from three warehouses to two in the Nordics. Always create a little bit startup cost as such. When we made the move, we got in the same time a lot of incoming goods when the volumes were in the same time increasing and the warehouse personnel managed it well. It of course has a little bit of impact to the figures. For the full year or the year-to-date figures, we are adjusted EBITA EUR 2.2 million compared to EUR 3.9 million. Here we bring the weak beginning of the year with us. That of course will go through the year. We cannot cover up for the beginning of the year. Going forward, networking capital, we have an improvement year-on-year in the networking capital down by EUR 0.8 million. Moreover, I would say now finally the actions we are taking in order to optimize the inventory levels, they are starting to pay off. We can see a decrease in the inventory levels of more than EUR 5 million year-on-year. In the same time, with a little bit higher volumes, the receivables remain on same level. Here we can also see that the meter we follow inventory to LTM sales is gradually improving. We are now at 36%, year back 39%, we are coming closer to the long-term targets. We have to remember that all the actions that are done on the inventory level side, it consists of many small and bigger actions, starting from way of purchasing, way of dealing with potential slow-moving. It's a sum of many ongoing actions in the group for the moment. Here we can, for the quarter, be really proud that we see a good development. Turning into the financial position. Here we have the net debt level on similar level as a year back, EUR 2.22 million. Here we have a little bit higher investments this year compared to the previous, which have an impact also. We have to keep in mind, we saw the inventory going down, but not yet during quarter three, we have been able fully to turn around. A big portion moved from inventories to receivables to turn out into cash in the future. Anyhow, we improved the cash flow. The profile with now EUR 0.3 million, that's an improvement of EUR 1 million. We expect further improvement here. On the leverage side, we have an increase to 4.8x compared to 3.4x, here a big part of it is coming from the weaker profitability side of the first half of the year. In terms of real financial position then, as you can see, we have an unused RCF facility still of EUR 12 million. If I summarize the quarter in a few words. Overall, a good quarter. We are happy to see sales coming back and especially happy to see that inventory levels are going down, which in the future will turn into positive cash flow. With these words, I hand back to Tomi. Thank you, Caj. Looking ahead, looking for the future, we updated our guidance in April, it remains the same. If you look at the overall situation first on a global level, it remains very uncertain. We've seen the conflict in Strait of Hormuz and Iran, nobody knows how it is ending. We have the ongoing Russian brutal war in Ukraine. We have many other kind of crises in the world. This doesn't improve or increase the consumer confidence at all. At the same token, as very well known, our business is not order book based, we need to prove ourself every single day in the eyes of our customer. We have still two-thirds of this quarter going ahead, there is a lot of uncertainty that we do not know how exactly we are going to land. Based on our best estimations, we believe that we are within the guidance, i.e., saying that consumer sentiment remains very fragile and uncertainty persists in the market. We expect that the market environment is remaining suppressed until end of our fiscal year, so end of August. It's also worth mentioning that even though we have now very good plans in place in France, our performance in France continues to be weak. We have now basically sold out all the brands that we are closing, that means that we do not have any tails of that profitable business to come during the fourth quarter. We are expecting the organic net sales to be around EUR 150 million and the adjusted EBITA to be around EUR 2 million. In addition, as Caj was also referring to, our supply chain operations, including the inventory optimization, is having a non-recurring negative impact of EUR 2 million-EUR 3 million for the full year's result. That's about our guidance. When we look at the actions going on, as I already mentioned, we are strengthening our market position in the Nordics. This means, of course, new products are added into our product portfolio. I already mentioned Quad Lock, but there are many more, and many more to come. We are also addressing better certain customer segments in the Nordics business area, including the bicycle market in Sweden and Norway. Overall, of course, we are making sure that we have all the necessary positions, people in place in order to serve the customers even better in the Nordics. We have a very good plan restoring the profitable growth in France, headed by Jean-Marc Autheman. We have already signed a lot of new brands to our portfolio in France. We see that there is a lot of interest with the big players, with our customers, dealers in France for this enriched portfolio. That said, even though we are getting a lot of interest and some pre-orders, we cannot deliver and sell and generate revenue prior we have the products first in a country and then we need to, as said, deliver to the customers to get to the invoicing phase. This will take a little bit time. We are strengthening our financial position. Particularly, I'm happy to see the development with our networking capital management. As said, we are not near where we're supposed to be and we continue with all of the efforts. We believe that this we can do without jeopardizing or worsening our availability because of course, the availability to our customers is the cornerstone of our business. As mentioned, the Tampere warehouse completion means then, of course, also very positive things, including the better availability of the bicycle products in Sweden and Norway. We will continue all of the efforts rigorously, and we are confident that this is improving our position both in a short and in a long term. Keep in mind about our strong position in the value chain. We are the link between the valuable brands and then our valued customers. We are the experts who can guide, advise, be a trusted advisor for our customers about what is the right brand selection just for them. With way over 100,000 stock keeping units, we have a very good assortment, which for surely can give the right selection for the different kind of customers. Closing the presentation part, we are happy to see the stronger than originally expected sales in third quarter. This is due to the initiatives we have taken on the sales front. The profitability remained at the same level. As said, we would like to see better profitability, but the good thing is that despite of the increased sales, we didn't jeopardize the gross margin level. The activities, the three focus areas are going, strengthening the position in Nordics, restoring the profitable growth in France, and improving our financial position through better management of networking capital and improved cash flow. With this, I conclude the presentation, and Pellervo, hand it over to you. Thank you, Tomi and Caj. We have several questions here. We can start with the finances. In Q3, there was financial expenses about minus EUR 0.7 million. How much this is related to non-cash items and how much is ordinary interest expenses? Yes. A big portion of it, the interest portion is as normal. A portion is related to unrealized or realized exchange rates. That's a little bit higher than normally, especially the unrealized part. Okay, good. In the Q2, we estimated that we have about EUR 2 million-3 million in one-off items for current financial year. Related to the beginning of the warehouse. Is this same level kind of today estimated to the end of the financial year or are there some changes? The number remains the same. The estimated number is EUR 2 million-3 million, and the walk through inventories and so forth, what part of the EUR 2 million-EUR 3 million is ongoing, and that write-down will be made during the quarter four when we have more clarity where we end with the number, but somewhere between EUR 2 million and EUR 3 million. Okay, good. About the covenants. How certain we are currently that we can meet the covenant conditions in the Q4. Do we see that we manage with our cash flow that there is no need for any capitalization from the market? If I take this. As I already mentioned, when we look at the fourth quarter, it's only one third that we have experienced. As said, because this is not the order book business, but we need to prove ourself every day, it is very uncertain how the sales will develop during July and August. Of course, we are giving based on the best information what we can to outlook of the future. In that sense, we are keeping the guidance, and we believe that this is then also delivering what is expected in terms of the covenants. As said, there is a lot of uncertainty, and we will be wiser when we are closer to the end of the quarter. Okay. We have several questions related to the guidance. The guidance seems to be quite conservative if we look at the figures from Q3. What can we expect from the Q4 since it looks like the guidance is going way over? I do not agree that the guidance is very conservative. As said, the guidance is our best understanding where we are landing. Even though our Q3 sales was better than expected, it was not way over what was expected. Of course, the Q4 sales remains to be seen. Overall, if you look at the mega trends, nothing is pushing or giving us free lunches, so to speak, that we would see that there is an unplanned demand that is heavily then increasing our sales. What comes to the profitability, as I already mentioned, now we are totally out of stock of those discontinued brands in France. Of course, when we have sold them earlier in Q3 and Q2, that has helped on profitability level, and that help is not anymore there. There is nothing left to be sold. As I mentioned, even though we have very solid plan for France in place, the new brands that we are introducing, they will take time also just physically to get the goods in France and then being able to do the sales. This is unfortunately not happening so much during the fourth quarter, i.e., now during the months of July and August. It will help us, of course, then in the future, but this is now the struggle we need to take. Therefore, the profitability level that we are expecting for the full year is where it is. Overall, I wouldn't call our guidance conservative. It's the realistic, and that is the best estimation that we can give as we speak. About the question about the financials. The gross margin in Q3 seems to be, let's say, in average lower level from 21%-24%. Did the company focus more on reducing the inventory and increase sales, let's say that with lack of profitability? If I answer to that, no, that we have not done. It's better reference point here is the last year. We are similar level as last year. The margin levels depends, of course, on a lot of things, but utmostly the competition in the market. The sales has been grown in quarter three, thanks to good sales works and with similar margins levels as last year's. Yeah. Very good. Perhaps if I add, it's good to also recognize that the product mix is heavily impacting to the margin level. Of course, when we look at in the past for a very long time, of course the product mix for sure has been somewhat different. It's of course changing all the time. We of course know how it has changed, but we are not disclosing everything. About the net working capital. It was improved, do we see that we can still squeeze the net working capital efficiency? Is this kind of the trend? Is it sustainable? What can we expect from the end of this financial year? Excellent question. Short answer is yes, we see that we can continue to improve, that is our overall plan that we are improving all the time. We need to improve even though we are winning the award in our warehouse operations. Still, in every single aspect of our supply chain, we need to improve. It's about in a cooperation with our brands, innovate and think about more efficient ways to deliver. Also better visibility. Timing in our business is having a very huge impact, it's also working together with our customers so that we would get the better forecast, better understanding about the demand. Again, being able to help with the total optimization of the supply chain. However, of course, coming back to the product mix, there are huge differences between the different products. Of course, everybody understand that when we have a very long lead time products, due to the way they are, for example, produced or the source of origin coming very far from Far East or very far from the West Coast of the U.S.A., that will always take a lot of time. We are improving, we need to be improving, this is of course the bread and butter of our business. Where to set the target it has to be done on a product category level. Of course the overall group level estimation is then the aggregate of these different product categories. When we see the change in the volumes, i.e. change in the sales of the different product categories, it is impacting of course then what is doable in terms of the net working capital. Thanks. The OpEx was somehow elevated in the Q3, should we expect higher level to continue also in Q4? Was this kind of a temporary event? This was a temporary increase for the quarter three. First of all, as I said, it's a startup of warehouse when consolidating three to two and then a push for the e-commerce. We need also to keep in mind that the full effect of the Tampere warehouse will start to kick with full effect then from quarter four. This was a temporary one in quarter three. Thanks. About the different markets. As we have highlighted in these three focus areas, the growth in the Nordics and also restoring kind of the profitable growth in France. Does that mean that we have less focus on growth in other rest of the European countries? The challenge with the focus when you talk about it's of course good word that you cannot focus on everything. It doesn't mean that some of the market areas are less important. If I take it, for example, the U.K., we are performing very well and it doesn't need sort of like extra effort from the management to do additional things as the U.K. team headed by Pete is delivering very solid result and they have a very long-term sustainable plan. When we look at the different growth potential of different areas, there are multiple factors impacting for each one of them. One thing is that the market size, one thing is that how fast the overall market is growing, it is also our relative position. What is the addressable market for us? Because even in some of these markets, the markets itself can be very substantial, but not necessarily so addressable for us. In all of the markets that we are present, we are serious. We are not taking anything granted, and we need to do our best in all of the markets. When we look at sort of like group level focus areas, then of course they need to be focus areas and not everything can be included. Thank you. About France, as the France business has been decreasing, how do we see that the net working capital will be impacted or tied to the net working capital? Has that kind of a clear impact to our net working capital going forward? All of our businesses of course have the impact on our net working capital. In terms of the France, the portfolio is relatively unique for the French market. The setup has been and still is that the French market is served from the warehouse in France. As already reported earlier, we have reduced the number of the warehouses from two to one in France in order to gain the efficiency and making sure that we don't have any duplicate items in multiple places. When we look at the way forward, as Caj mentioned, what applies also to France, that we need to look at the obsolete stock and the slow-moving items as separate actions and activities. Of course, we have unfortunately that in some degree in France as well, and we are taking activities there. When we are planning for the new business and increasing the new business, of course, we aim to start with the optimal setup right away. Which means that we are optimizing the inventory levels and looking for the cooperation again with our new brands so that we don't need to store everything, but we can get the fast deliveries from their European warehouses or apply consignment stock model or something that is very efficient for the total supply chain. Good. Coming back to the dead stock. There was one additional question. Did we have already some impact in the Q3 from this measure? Impact in Q3 is rather limited, but we have to keep in mind with a number of SKUs, about 100,000 in the group, the, so to say, dead or slow stock is a daily issue that has to be part on the agenda every day. The bigger one which we refer is the write-down that is going to take place in Q4. About the current market. How do we see the demands as we have now gone through the June? What is kind of the market sentiment currently? It's very dangerous thing to comment the overall market sentiment in Europe, and one could argue that it's not very valuable to give the comment from the total market. We see the big differences between different markets. As said, when we talk about the Northern Europe, the start of the season was good. There is clearly consumer demand that we see, but it's also varying a lot between different areas, even within countries where we see that somewhere the demand is developing positively and in other parts, it's remaining flat. Challenging question, and it would need to dig down to each country and even the different regions of the country and in different product categories. Overall, of course, we believe and see that the demand for these kind of goods we are selling is in a longer term going to be good and positive. Thank you. I think that we are ready to conclude the webcast for the Q3, maybe you can, Tomi, give the final kind of view and conclude this final summary. Thank you, Pellervo, and thank you for all of the good questions. Thank you everybody who managed to listen to us and dared to listen to us. I really want to thank our customers, our most valuable asset for the good result of the Q3, and the valuable brands that we are representing, and big thanks to our own people, our guys who were really selling very well in this quarter, the operations, delivering, and everybody doing their utmost best. I hope that everybody can also have a good summer holiday and rest with the families and enjoy. Thanks for everybody and very good summer. See you next time on autumn. Thank you as well.