This company announcement is a summary of Duell’s 2026 financial year report for September 2025–August 2026. 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.
Focus on supply chain efficiency and inventory levels
June 2026-August 2026 "Q4 2026" (comparable figures in parenthesis 6/2025-8/2025)
September 2025-August 2026 "1-12 2026" (comparable figures in parenthesis 9/2024-8/2025):
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.
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 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.
**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 |
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 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:
Annual Report 2027, which includes, 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
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
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