Slides
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Full-year 2026 financial report TOMI VIRTANEN, CEO CAJ MALMSTEN, CFO PELLERVO HÄMÄLÄINEN, IR 15 OCTOBER 2026
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Q4 2026 in brief • Financials • Net sales at previous year’s level • Profitability declined • Improved net working capital and cash flow • Markets and product categories • Solid development in Nordics and UK • Brand portfolio changes in France weighed Central European performance • Introduction of new brands 2 FOCUS ON SUPPLY CHAIN EFFICIENCY AND INVENTORY LEVELS
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Inventory optimisation New eCommerce in Nordics 3 Operational highlights Q4 2026 Key appointments Brand renewal and consolidation Inventory levels significantly lower without compromising product availability New eCommerce service launched for Nordic powersports customers Hannu Holopainen - Supply Chain Director, Jonathan Delalu - Nordic Sales Director, Tarja Kaipio - HR Director Duell renewed brand identity are rebranded French operations under Duell brand BUILDING STRONGER DUELL FOR FUTURE
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Key figures Q4 and full-year 2026 4 STRENGTHENING FINANCIAL POSITION THROUGH REDUCED INVENTORIES POSITIVE TREND IN 2H 2026 SALES Net sales • Net sales 31.0 MEUR (30.9) • Growth 0.5% (-2.3%) Profitability • Gross margin 20.6% (24.4%) • Adjusted EBITA -0.2 MEUR (1.0) • Adjusted EBITA margin -0.7% (3.4%) Financial position • Net debt 14.9 MEUR (20.2) • Leverage 3.6x (3.3x) • Net cash flow from operating activities 7.3 MEUR (1.6) FY 2026Q4 2026 Net sales Profitability • Net sales 124.3 MEUR (126.6) • Growth -1.8% (1.6%) • Gross margin 22.1% (23.5%) • Adjusted EBITA 2.0 MEUR (4.9) • Adjusted EBITA margin 1.6% (3.9%) Year-on-year comparison (Previous Year)
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Net sales development 5 Q4 NET SALES AT PREVIOUS YEAR’S LEVEL Quarterly net sales development Full-year net sales development Q4 2026 • Growth 0.5% and in comparable currencies -0.9% • Nordics 50% (53) and Central Europe 50% (47) • Own brands sales 14% (16) • Online sales 28% (27) FY 2026 • Growth -1.8% and in comparable currencies -2.5% • Impact of brand portfolio changes in France decreased net sales over 6 MEUR • Nordics 52% (52) and Central Europe 48% (48) • Own brands sales 19% (20) • Online sales 31% (30)Nordics Central Europe 0 10 20 30 40 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 Q2 2026 Q3 2026 Q4 2026 MEUR 0.5% 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% 51% 48%50% 49% 44%44%49% 42% 36%38% 49% 38.2 30.9 47% 53% 55% 43% 25.0 51% 44% 49% 28.8 39.5 49% 51% 50% 50% 0 20 40 60 80 100 120 140 FY 2023 FY 2024 FY 2025 FY 2026 -1.8% 118.8 124.7 126.6 124.3 41% 59% 47% 53% 48% 52% 48% 52% MEUR 31.0 Nordics Central Europe
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Profitability development 6 Q4 PROFITABILITY LOWER DUE TO PRODUCT MIX AND HIGHER LOGISTICS C OSTS Q4 2026 • Adjusted EBITA -0.2 MEUR (1.0) • Impact of brand portfolio changes in France declined net sales • Gross margin 20.6% (24.4) • Impact of product mix • Higher logistics costs • OPEX 17.7 % (19.8) FY 2026 • Adjusted EBITA2.0 MEUR (4.9) • Impact of brand portfolio changes in France and higher logistics costs declined profitability • Gross margin 22.1% (23.5) • OPEX 18.8 % (18.6) Full-year adjusted EBITA developmentQuarterly adjusted EBITA development -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 Q2 2026 Q3 2026 Q4 2026 MEUR -120.1% Adj. EBITA Adj. EBITA % -1.7% 3.8% 10.1% 0.8% 1.0% 4.9% 8.4% 4.3% 2.4% 3.9% 5.4% 3.9% -0.5% 1.2% 5.2% -0.2-0.4 1.0 3.8 0.2 0.3 1.4 3.2 1.4 0.7 1.1 2.1 1.0 -0.1 0.4 2.0 -0.7% 0 1 2 3 4 5 6 FY 2023 FY 2024 FY 2025 FY 2026 -59.4% 3.9% 5.0% 3.9% 6.2 1.6% MEUR 4.6 4.9 2.0 Adj. EBITA Adj. EBITA %
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Improved net working capital 7 CLEARLY LOWER INVENTORY LEVELS WHILE SECURING GOOD AVAILABILITY *LTM = Last 12 months sales • Systematic inventory optimisation resulted 10 MEUR reduction in inventory levels • Inventory optimisation 7.5 MEUR • New purchasing practices • Renegotiated supplier agreements • Optimised delivery timings • Broader use of AI • Inventory write-down 2.9 MEUR • Disposal of slow -moving products • Discontinued brands -20 0 20 40 60 80 NWC and Inventory % of LTM* net sales development MEUR FY 2024 FY 2025 FY 2026 Inventory/LTM* sales 29.0%36.7%36.1% NWC 48.3 -9.2 MEUR NWC 50.0 NWC 40.8 Payables ReceivablesInventory 16.7 18.4 36.0 46.445.0 -13.3 -14.9 17.7 -13.0
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Financial position 8 STRONGER FINANCIAL POSITION • Improved operational cashflow profile 7.3 MEUR (1.6), improvement of 5.7 MEUR • Lower inventory levels • Debt repayments continued according to plan • Net cash reserves at end of period was 7.5 MEUR (5.6) • Unused RCF facility 12.0 MEUR0 10 20 30 FY 2024 FY 2025 FY 2026 Net debt and leverage Leverage, xNet debt MEUR 2.5 3.3 3.6 -5,3 MEUR 19.6 20.2 14.9
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Guidance for 2027 financial year • Duell expects market uncertainty to continue in the 2027 financial year and consumer confidence to remain low. • Net sales is estimated to be EUR 122 –130 million • Adjusted EBITA is estimated to be EUR 3–5 million 9 SEPTEMBER 2026 –AUGUST 2027
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Summary • Net sales at previous year’s level and profitability below previous year's level • Strengthening market position in the Nordics • Strong sales execution • New head of sales appointed • Restoring profitable growth in France • New brands added in portfolio having impact in 2027 • Renewed sales force • Strengthening the financial position through more systematic net working capital management and positive cash flow • Clearly stronger financial position through inventory optimisation with lower inventory levels 10
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Q&A