Interim report
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Duell Corporation Full-year 2026 Financial Report September 2025-August 2026
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2 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 Focus on supply chain efficiency and inventory levels June 2026-August 2026 "Q4 2026" (comparable figures in parenthesis 6/2025-8/2025): • Net sales increased 0.5% to EUR 31.0 million (EUR 30.9 million). • Net sales with comparable currencies decreased 0.9%. • Adjusted EBITA was EUR -0.2 million (1.0 EUR million) with an adjusted EBITA margin of -0.7% (3.4%). • Net working capital was EUR 40.8 million (EUR 50.0 million). • Cash flow from operating activities was EUR 7.0 million (EUR 2.9 million). September 2025-August 2026 "1-12 2026" (comparable figures in parenthesis 9/2024-8/2025): • Net sales decreased -1.8% to EUR 124.3 million (EUR 126.6 million). • Net sales with comparable currencies decreased 2.5%. • Adjusted EBITA was EUR 2.0 million (EUR 4.9 million) with an adjusted EBITA margin of 1.6% (3.9%). • Net working capital was EUR 40.8 million (EUR 50.0 million). • Cash flow from operating activities was EUR 7.3 million (EUR 1.6 million). • Earnings per share was EUR -1.285 (EUR -0.204) (according to the number of shares at the end of the review period). Guidance for the 2027 financial year (9/2026–8/2027) 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 CEO Tomi Virtanen: In the fourth quarter of the 2026 financial year, Duell’s inventory levels were lowered significantly while retaining the good availability to our customers. I am very pleased about this development, which gives a good starting point for our financial year 2027 and demonstrates we can do substantial operative improvement in relatively short time. Focusing on shorter delivery times, selecting sources of supplies closer to demand, planning inbound and outbound deliveries better and simplifying our warehouse footprint we could improve the cash position. This was needed, as our profitability declined year-on-year due to the impact of the change in product mix and increased inflation, particularly in the logistics cost driven by increased oil price. We continued to advance our strategic priorities with discipline: strengthening our market position in Nordics, restoring profitable growth in France and reinforcing our financial position. During the fourth quarter, we strengthened our team by announcing new key recruitments in sales, supply chain management and human resources. I am warmly welcoming all new people in Duell family and wishing them success in their pivotal roles. We also broadened the organisation’s capabilities by adding new expertise e.g. in terms of introducing artificial intelligence and enhanced digital capabilities in our daily operations. These changes are intended to increase agility in decision-making, clarify responsibilities and ensure better customer experience through integrated supply chain management and digital services. The financial year 2026 was financially challenging overalland particularly sales in the first half of 2026 fell short of our expectations. Market uncertainty driven by global crisis was reflected by low
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3 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 consumer confidence and rightful caution in dealers’ purchasing behaviour. With the solid execution in sales in the second half of 2026, we managed to recover on sales, although we declined slightly in whole year compared to the previous year. Profitability was impacted by changes in portfolio in France, and above-mentioned product mix and inflation. We improved our cash position by optimising the inventories while securing availability to our customers. We expect market uncertainty to persist in the 2027 financial year, although some tentative positive signals are emerging in the operating environment, e.g. increased registrations of motorcycles in most of the European countries. Market outlook might change rapidly due to fluctuations in consumer confidence, demand pattern and dealers’ purchasing behaviour. In order to be better prepared for the changing world, we will continue to pursue with our chosen priorities with determination. We will focus on strengthening our position in Nordics, restoring the profitable growth in France and improving our net working capital and profitability. Our ambition is to build Duell into an even more competitive, efficient and financially robust company. I would like to thank all our customers for trusting Duell, all our brands for selecting Duell as a distribution partner and all our employees for their commitment and excellent work in a demanding market environment. Key figures and ratios, EUR 1000 Q4 2026 (6/2026- 8/2026) Q4 2025 (6/2025- 8/2025) FY 2026 (9/2025- 8/2026) FY 2025 (9/2024- 8/2025) Net sales 31 010 30 864 124 290 126 591 Net sales growth, % 0.5 -2.3 -1.8 1.6 Net sales with comparable currencies, % -0.9 -1.1 -2.5 0.8 Gross margin 6 390 7 527 27 447 29 745 Gross margin, % 20.6 24.4 22.1 23,5 EBITDA -2 638 783 234 5 158 EBITDA margin, % -8.5 2.5 0.2 4.1 Items affecting comparability, EBITDA* -3 539 -641 -3 866 -1 005 Adjusted EBITDA 900 1 424 4 101 6 163 Adjusted EBITDA margin, % 2.9 4.6 3.3 4.9 EBITA -3 749 405 -1 860 3 936 EBITA margin, % -12.1 1.3 -1.5 3.1 Adjusted EBITA -210 1 046 2 006 4 941 Adjusted EBITA margin, % -0.7 3.4 1.6 3.9 Operating profit -4 440 -268 -4 622 1 174 Operating profit margin, % -14.3 -0.9 -3.7 0.9 Earnings per share, basic, EUR -0.995 -0.204 -1.285 -0.184 Earnings per share, diluted, EUR -0.997 -0.205 -1.228 -0.185 Number of outstanding shares at the end of the period, basic** 5 194 374 5 194 374 5 194 374 5 194 374 Number of outstanding shares at the end of the period, diluted* 5 433 574 5 303 574 5 433 574 5 303 574 Investments in tangible and intangible assets excluding acquisitions 279 492 2 234 1 423 Net debt 14 921 20 177 14 921 20 177 Net working capital 40 752 49 962 40 752 49 962 Inventory 36 024 46 415 36 024 46 415 Inventory, % of LTM*** net sales 29.0 36.7 29.0 36.7 Cash flow from operating activities 7 195 2 913 7 310 1 570 Equity ratio, % 55.0 55.1 55.0 55.1 * Includes an inventory write-down of EUR 2.9 million and organisational restructuring costs of EUR 1.0 million.
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4 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 **According to the number of shares at the end of the review period ***LTM = Last twelve months Operational key figures Q4 2026 (6/2026- 8/2026) Q4 2025 (6/2025- 8/2025) FY 2026 (9/2025- 8/2026) FY 2025 (9/2024- 8/2025) Number of brands 545 541 545 543 Share of own brand sales, % of total 14 16 19 20 Share of online sales, % of total 28 27 31 30 Share of sales in Nordics, % of total 50 53 52 52 Share of sales in Central Europe, % of total 50 47 48 48 Full-time equivalent employees, average 193 215 198 210 Net sales 9/2025–8/2026 Duell’s net sales in 2026 financial year decreased 1.8% (1.6%) to EUR 124.3 million (EUR 126.6 million). The decline in net sales is attributable mainly to the changes in the French brand portfolio, which had an impact of more than EUR 6 million, and weak winter conditions in the Nordics during the first quarter. Net sales from the Nordics amounted to 52.2% (51.6%), while the Central Europe market area amounted to 47.8% (48.4%) of Duell’s net sales. The decline in net sales in Central Europe is attributable mainly to the changes in the French brand portfolio. The share of online channel sales of total net sales amounted to 31.0% (29.6%) for the review period. The increase in online sales reflects the trend of large e-commerce dealers winning market share relative to smaller players. The share of own brand sales of total net sales decreased and amounted to 18.7% (19.7%) in the review period. The decline in the share of own brands was due to the relative growth of the largest brands within the brand portfolio. Profitability 9/2025–8/2026 Duell’s EBITA in 2026 financial year was EUR -1.9 million (EUR 3.9 million). Adjusted EBITA was EUR 2.0 million (EUR 4.9 million). Adjusted EBITA margin decreased to 1.6% (3.9%). The decline in profitability is attributable mainly to the changes in the French brand portfolio and higher logistics costs. Financial position at the end of the financial year and cash flow 9/2025–8/2026 Duell’s consolidated balance sheet total on August 31, 2026, was EUR 78.8 million (EUR 90.6 million). The amount of consolidated goodwill in the balance sheet was EUR 13.5 million (EUR 16.2 million). Duell’s cash and cash equivalents amounted to EUR 7.5 million (EUR 5.6 million) and total interest-bearing liabilities amounted to EUR 22.4 million (EUR 25.7 million) on August 31, 2026. Total interest-bearing liabilities comprise loans from financial institutions. At the end of the review period, Duell had unused credit facility of EUR 12.0 million. Net working capital as on August 31, 2026, was EUR 40.8 million (EUR 50.0 million), while the value of inventories was EUR 36.0 million (EUR 46.4 million). The decrease in the value of inventories was attributable to inventory optimisation measures amounting to EUR 7.5 million and a write-down of EUR 2.9 million recognised at the end of the reporting period. Inventory optimisation includes new purchasing practices, renegotiated supplier agreements, optimised delivery timings, and broader use
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5 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 of artificial intelligence. The inventory write down includes the disposal of slow-moving products and discontinued brands. Duell's equity ratio was 55.0% (55.1%) on August 31, 2026, and the Group's return on equity was -14.3% (-2.1%). Includes goodwill amortisation of EUR -2.8 million and non-recurring items of EUR -3.9 million. Duell’s cash flow from operating activities in the of 2026 financial year was EUR 7.3 million (EUR 1.6 million), a change of EUR 5.7 million. This was a result by improved working capital as a result of the reduction in capital tied up in inventories. Duell’s net debt was EUR 14.9 million (EUR 20.2 million) on August 31, 2026. Duell’s net debt to adjusted EBITDA ratio for the last 12 months on August 31, 2026, was 3.6x (3.3x). The conditions for the covenants for the fourth quarter 2026 were met. Investments 9/2025–8/2026 Duell’s net cash flow used in investing activities in 2026 financial year was EUR -2.2 million (-1.4 million). The investments were primarily attributable to capital expenditure related to Duell’s ecommerce platform. Personnel 9/2025–8/2026 Duell had an average of 198 (210) full-time equivalent (FTE) employees during the period, and at the end of the review period 193 (215). When calculating the average, the part-time nature of the employment relationship has also been considered. Out of the personnel 135 (145) employees were in the Nordic countries and 63 (65) employees in Central Europe. Duell announced on December 18, 2025, that it had concluded the change negotiations. As a result of the negotiations, a total of nine positions were eliminated. Risks Market uncertainty is expected to persist in financial year 2026 financial year, with overall market situation affecting consumer confidence, which will weaken the predictability and increase business risks. One of the key risks to Duell's business is the decision by brand owners to switch to a distribution chain model that does not involve wholesalers in the distribution of their products. Geographical expansion and entry into new markets involve various risks that may adversely affect Duell’s business and growth, such as the competitive situation in the new markets, challenges in establishing new supplier and customer relationships, lack of local brand recognition and failure to hire skilled personnel. Sustainability During the 2026 financial year, Duell focused on monitoring changes to the Corporate Sustainability Reporting Directive (CSRD) and their implications in the context of the European Commission’s new Omnibus package. The Company is not subject to the sustainability reporting requirements under Directive (EU) 2022/2464 of the European Parliament and of the Council (CSRD). Shares and shareholders The closing price of the share during the review period on the first day of trading, September 1, 2025, was EUR 4.21 (7.02). On the last trading day of the financial period, August 31, 2026, the closing price of the share was EUR 2.12 (4.30). The highest price quoted in the review period was EUR 4.32 (9.28) and the lowest EUR 1.20 (3.68). The average closing price of the share during the review period was EUR 2.64 (6.48) and the average daily trading volume was shares 13 227 (8 455).
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6 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 Duell held a total of 10 838 shares on August 31, 2026 (33 800). Duell's market capitalisation on August 31, 2026, was EUR 11 012 073 (22 335 808). Shareholders Duell had 3 350 (3 909) shareholders on August 31, 2026. The company’s 100 largest shareholders are presented on the company’s investor website at https://investors.duell.eu/en/share_information/shareholders 10 largest shareholders Position Shareholder Shares % of shares 1 Hc Dl Holding Oy Ab 1 566 316 30.15 2 Sponsor Capital Oy 526 085 10.13 3 Kelhu Markku Juhani 200 000 3.85 4 Oy Cashbörs Ab 131 500 2.53 5 Nordnet Bank Ab 126 999 2.44 6 Erikoissijoitusrahasto Aktia Finnish Micro Cap 118 605 2.28 7 Jarkko Ämmälä 74 055 1.43 8 Westforum Ab 64 300 1.24 9 Tarkkanen Juha Heikki 64 000 1.23 10 Juha Niemelä Oy 56 000 1.08 Total Total 10 largest owners 2 927 560 56.36 Duell through the nominee register, ownership on August 31, 2026, was 3.84% (1.50%). Management team Duell announced on July 1, 2026, changes to the composition of its Management Team as part of the strategy launched in spring 2026. The changes are intended to enable a more agile and efficient operating model, with supply chain management and digital services playing a central role in enhancing customer service. At the same time, the CEO will assume a more prominent role in steering sales, and the Group Management Team will be streamlined. With effect from 1 July 2026, Duell’s Management Team comprises Tomi Virtanen (CEO), Caj Malmsten (CFO), Jukka Smolander (Supply Chain Director) and Heidi Markkanen (Chief Digital Officer). Significant events during review period Duell announced on June 15, 2026, that Duell’s Chief People Officer and member of the Management Team Anne-May Asplund will leave the Company on 15 September 2026. Duell announced on July 1, 2026, that the Management Team was streamlined consisting of Tomi Virtanen, Chief Executive Officer, Caj Malmsten, Chief Financial Officer, Heidi Markkanen, Chief Digital Officer and Jukka Smolander, Supply Chain Director Duell announced on July 7, 2026, that it appointed Jonathan Delalu as Sales Director, Nordics, and Tarja Kaipio as the Group’s Human Resources, effective from 1 September 2026. Duell Announced on July 27, 2026, that Supply Chain Director and member of the Management Team, Jukka Smolander, has resigned from the company and will continue in his current position until October 2026. Hannu Holopainen appointed to Duell’s Supply Chain Director and member of the Management Team starting 21 October 2026. Duell announced on August 25, 2026, that the Board of Directors of Duell has approved the Share plan for 2026–2028. The value of the rewards to be paid on the basis of the plan corresponds to a maximum
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7 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 total of 130,000 shares of Duell Corporation, corresponding to approximately 2.5 percent of the total number of shares in the Company, including also the proportion to be paid in cash. The target group in the performance period 2026–2028 consists of some 10 key employees. Significant events after review period In October 2026, Duell entered into a new financing agreement with a financial institution, specifying the covenant terms and the amounts of the credit facilities, margins and collateral. Webcast for investors and media Duell will arrange a live webcast for investors and media in English on Thursday October 15, 2026, at 10.30 am EET. The webcast can be followed online through this link. A presentation will be held by CEO Tomi Virtanen, CFO Caj Malmsten and Investor Relations Director Pellervo Hämäläinen. A recording of the event will be available later the same day at https://investors.duell.eu/. Financial reporting and Annual General Meeting in 2026 financial Year Annual Report 2026, 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 26, 2026. Duell’s Annual General Meeting 2026 of shareholders is scheduled for Tuesday, November 24, 2026. Duell Corporation’s financial reporting and Annual General Meetings in 2027 financial year During the 2027 financial year, Duell will publish financial information as follows: • Financial report September 2026–November 2026 (Q1 2027) on Thursday, January 14, 2027. • Half-year financial report September 2026–February 2027 (Q2 2027) on Thursday, April 8, 2027. • Financial report September 2026–May 2027 (Q3 2027) on Thursday, July 1, 2027. • Financial statements report for the 2027 financial year September 2026–August 2027 (Q4 2027) on Thursday, October 14, 2027. Annual Report 2027, which incl udes, among other things, the report of the Board of Directors, Company's financial statements, auditor’s reports and sustainability review in the week commencing November 1, 2027. Duell’s Annual General Meeting 2027 of shareholders is scheduled for Thursday, November 25, 2027. 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 information Tomi Virtanen, CEO Duell Corporation +358 40 707 1937 tomi.virtanen@duell.eu Pellervo Hämäläinen, Investor Relations Director Duell Corporation +358 40 674 5257 pellervo.hamalainen@duell.eu
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8 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 Certified Advisor Oaklins Finland Ltd +358 9 612 9670 Financial figures of 2026 financial year report September 1, 2025–August 31, 2026 Consolidated Income Statement EURO 1-12/2026 1-12/2025 NET SALES 124 290 126 591 Other operating income 245 230 Materials and services Purchases during the period -84 658 -91 440 Change in inventories -7 963 909 External services -7 107 -6 315 -99 729 -96 847 Personnel expenses Wages and salaries -10 639 -10 644 Pension expenses -1 127 -1 274 Other social expenses -1 322 -1 350 -13 087 -13 268 Depreciation and amortization -4 856 -3 984 Other operating expenses -11 485 -11 548 OPERATING PROFIT (-LOSS) EBIT -4 622 1 174 Financial income and expenses Other Interest and other financial income 2 314 1 829 Interest and other financial expenses -4 809 -4 104 -2 495 -2 274 Profit (loss) before appropriations and taxes -7 117 -1 100 Income taxes 444 43 PROFIT (-LOSS) FOR THE FINANCIAL PERIOD -6 673 -1 057 Consolidated Balance Sheet – Assets
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9 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 EURO 31.8.2026 31.08.2025 A S S E T S NON-CURRENT ASSETS Immaterial rights 83 112 Goodwill 13 475 16 176 Other intangible assets 1 438 2 091 Assets under construction 1 809 1 030 Intangible assets total 16 805 19 409 Machinery and equipment 580 595 Tangible assets total 580 595 TOTAL NON-CURRENT ASSETS 17 385 20 004 CURRENT ASSETS Inventories 35 407 44 943 Advance payments 617 1 472 Inventories total 36 024 46 415 Other long-term receivables 179 220 Total long-term receivables 179 220 Trade receivables 15 173 16 457 Loan receivables 0 1 Deferred tax assets 942 274 Other receivables 228 38 Prepaid expenses and accrued income 1 378 1 661 Total short-term receivables 17 721 18 430 Cash and bank 7 476 5 554 TOTAL CURRENT ASSETS 61 400 70 619 TOTAL ASSETS 78 785 90 623 Consolidated Balance Sheet – Equity and Liabilities EURO 31.8.2026 31.8.2025 E Q U I T Y AND L I A B I L I T I E S
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10 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 EQUITY Share capital 80 80 Reserve for invested unrestricted equity 52 797 52 797 Retained earnings -2 843 -1 896 Profit (-loss) for the financial year -6 673 -1 057 Total Equity 43 361 49 925 NON-CURRENT LIABILITIES Loans from financial institutions 19 100 22 434 Other non-interest bearing liabilities 34 84 Total non-current liabilities 19 133 22 518 CURRENT LIABILITIES Loans from financial institutions 3 298 3 298 Trade payables 7 746 8 150 Other current liabilities 2 198 3 011 Accrued expenses and deferred income 3 049 3 721 Total current liabilities 16 291 18 180 TOTAL LIABILITIES 35 424 40 698 TOTAL EQUITY AND LIABILITIES 78 785 90 623 Consolidated Cash Flow Statement EURO 1-12/2026 1-12/2025 x Cash flow from operating activities EBIT -4 622 1 174 Depreciations and amortizations 1 267 1 222 Amortisation of consolidated goodwill 2 762 2 762 Other income and expenses, without cash impact 3 643 -399 Changes in working capital 7 061 -655 Financial expenses and income -2 687 -2 011 Income taxes -115 -523 Net cash flow from operating activities 7 309 1 570 Cash flow from investing activities Investments of intangible and tangible assets -2 145 -1 423 Net cash flow from investing activities -2 145 -1 423 Cash flow from financing activities Withdrawals of long-term loans 0 0
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11 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 Repayment of non-current debt -3 349 -3 298 Credit limit change 0 0 Share issue and buy-back 0 -182 Net cash flow from financing activities -3 349 -3 480 Unrealized exchange and currency translation differences 106 -400 Cash and cash equivalents at the beginning of the financial year 5 554 9 288 Changes in cash and cash equivalents 1 922 -3 734 Cash and cash equivalents at the end of the financial year 7 476 5 554 Consolidated Statement of Changes in Equity Share Capital Reserve for invested unrestricted equity Retained earnings excl. Translation differences Translation differences Retained earnings total Total Equity 1.9.2025 80 52 797 -3 087 134 -2 953 49 924 Change in translation difference 72 72 72 Correction to Retained Earnings 38 38 38 Profit (loss) for the period -6 673 Equity 31.8.2026 80 52 797 -3 049 206 -2 843 43 361 Equity 1.9.2025 80 52 980 1 766 -551 -1 411 51 648 Change in translation difference 48 48 48 Increase Share Capital -182 0 -182 Correction to Retained Earnings Change in accounting principles -537 -537 -537 Other 5 5 5 Profit (loss) for the period -1 057 -1 057 Equity 31.8.2025 80 52 797 1 235 -503 -2 953 49 925 Collaterals and off-balance sheet commitments EURO 31.8.2026 31.8.2025 Loans and other liabilities pledged with collaterals Loan from financial institutions 22 398 25 732 Credit limits 12 000 21 000 whereof used 0 0 Import letter of credit 500 500 whereof used 33 0 Other collaterals 618 618 whereof used 316 286 Given Collateral
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12 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 Corporate mortgage 120 640 120 640 Rental commitment Current rental commitments 2 308 2 458 Non-current rental commitments 9 214 10 964 Total 11 522 13 422 Lease commitment Current leasing commitments 249 359 Non-current leasing commitments 148 290 Total 397 649 Calculation of key figures Constant currency net sales growth, % Net sales growth calculated by using previous year's net sales translated at average foreign exchange rates for the current year Organic net sales growth, % Change in net sales adjusted for acquisitions, divestments and foreign currency effects. Gross margin Net Sales less Cost of sales Gross margin, % Gross Margin / Net Sales EBITDA Operating profit before depreciation, amortisation and impairment EBITDA margin, % EBITDA / Net sales EBITA Operating profit before amortisation and impairment EBITA margin, % EBITA / Net sales Operating profit* Operating profit Operating profit margin, % Operating profit / Net sales Items affecting comparability Material items outside ordinary course of business including restructuring costs, net gains or losses from sale of business operations or other non-current assets, strategic development projects, external advisory costs related to capital reorganization, impairment charges on non-current assets incurred in connection with restructurings, compensation for damages and transaction costs related to business acquisitions Adjusted EBITDA EBITDA excluding items affecting comparability Adjusted EBITDA margin, % Adjusted EBITDA / Net Sales Adjusted EBITA EBITA excluding items affecting comparability Adjusted EBITA margin, % Adjusted EBITA / Net sales Adjusted operating profit Operating profit excluding items affecting comparability Adjusted operating profit margin, % Adjusted operating profit / Net Sales Full-time equivalent employees Average Full-Time Equivalents Key cash flows indicators Net cash flows from operating activities* Net cash from operating activities as presented in the consolidated statement of cash flows Operating free cash flows Adjusted EBITDA less investments in tangible and intangible assets and change in net working capital
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13 Full-year 2026 financial report 9/2025-8/2026 October 15, 2026 Cash conversion, % Operating free cash flows / Adjusted EBITDA Investments in tangible and intangible assets excluding brand acquisitions Investments in tangible and intangible assets as presented in the consolidated statement of cash flows excluding new brand acquisitions Share Information Shares Number of Shares Earnings per share Net Result / Number of Shares Financial position key figures Net debt Current and non-current interest-bearing liabilities less cash and cash equivalents Net debt to adjusted EBITDA for the last months, ratio Net debt / Adjusted EBITDA Change in working capital Change in Inventories, trade and other receivables less changes in trade and other payables Net working capital Inventories, trade and other receivables less trade and other payables Capital employed Total equity and net debt Capital employed excluding goodwill Total equity and net debt and less goodwill Return on capital employed (ROCE), % Operating profit / Average capital employed Adjusted return on capital employed (Adjusted ROCE), % Adjusted EBITA / Average capital employed excluding goodwill Equity ratio, % Total equity / Total assets Return on equity, % Result for the period / Total equity (average for the first and last day of the period) Founded in 1983 in Mustasaari, Finland, Duell Corporation is one of Europe’s leading import and wholesale companies for accessories, spare parts and equipment in the motorcycle, ATV/UTV, cycling, boating, and garden and forestry small machinery sectors. The company serves 8 500 dealers by offering a comprehensive brand and product portfolio comprising 100 000 products from more than 500 brands, together with an efficient logistics service model. Logistics centres in Finland, Sweden, the Netherlands, France and the United Kingdom support fast and reliable service across different markets. Duell’s revenue in 2026 was EUR 124 million, and the company employs approximately 200 people. Duell’s shares (DUELL) are listed on Nasdaq First North Growth Market Finland. www.duell.eu