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Q4 results were broadly in line with expectations, though regional performance diverged from our forecast. Revised financing provides operational flexibility, but cautious guidance and challenges in France weigh on the outlook.
Duell’s Q4 results were mixed, with the Nordics outperforming expectations while Central Europe fell short. Profitability came in line with our estimates. Although the company did not meet its covenant requirements at the end of the period, the lender granted a waiver.
Duell will report its FY 2025 results on Thursday, 16 October. We expect the market to have remained soft and sales and profitability to be down y/y. Our interest in the report lies in the company’s leverage position and the outlook for FY 2026.
Duell’s first nine months of the fiscal year were negatively impacted by adverse weather and overall weakening demand sentiment. Market is expected to remain soft, continuing to pressure the company in Q4, where the focus is on profitability and inventory management.
Duell’s Q3 figures were anticipated to be weak following the profit warning. While profitability was below expectations, volumes exceeded our forecasts. In addition, developments in NWC, cash flow, and net debt were positives easing concerns related to leverage.
Duell lowered its guidance for FY 2025 as weakened market conditions resulted in weaker-than-expected Q3. The company’s Q3 (March–May) figures are due on Thursday, July 3.
Duell’s Q2 was mixed as rapid growth continued in Europe while slower snowmobile products sales in the Nordics affected margins more than we had expected. Uncertainties are high, yet we expect growth to continue during H2 in both Nordics and Central Europe.
Duell reported Q2 net sales at EUR 29.3m, surpassing our forecast of EUR 28.3m, while adjusted EBITA reached EUR 1.1m, falling short of our estimate of EUR 1.5m. Growth in Europe exceeded our forecasts, while slow demand for snowmobile products due to weather conditions impacted margins more than we had expected.
Duell's FY 2024 showed promising signs of a return to profitable growth track, following a challenging 2023 resulting in a rights issue. While we see the company gaining traction, the conditions remain slippery.
Duell delivered slightly better figures than we had expected for the seasonally quiet Q1 of its fiscal year. Market environment remains tense, yet we expect growth in Europe coupled with efficiency measures to deliver improvement from last year also on an annual basis.
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The Board of Directors of Duell Corporation has decided in the organisational meeting held after Annual General Meeting 2025 that Anna Hyvönen is elected as the Chair of the Board of Directors and Kim Ignatius as the Vice Chair of the Board of Directors as well as Alex Lindholm and Elina Rahkonen as members of the Board of Directors.
Anna Hyvönen is elected as the Chair of the People and Remuneration Committee and Elina Rahkonen as a member of the People and Remuneration Committee.
Kim Ignatius is elected as the Chair of the Audit Committee and Axel Lindholm and Elina Rahkonen as members of the Audit Committee.
Duell Corporation, Board of Directors
Further information:
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Adviser
Oaklins Finland Ltd
+358 9 312 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares (DUELL) are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Duell Corporation’s (“Duell” or the “Company”) Annual General Meeting was held on November 25, 2025, in Helsinki. The Annual General Meeting adopted all the proposals of the Board of Directors and/or the shareholders to the Annual General Meeting.
Financial statements and dividend
The Annual General Meeting adopted the financial statements, annual report and audit report as well as consolidated financial statements for the financial year from 1 September 2024 to 31 August 2025 and resolved that the parent company’s profit for the financial year amounting to EUR 646,526 will be transferred to the retained earnings account and that no dividend will be distributed.
Deciding on discharge from liability
The Annual General Meeting resolved to discharge from liability the members of the Board of Directors and the CEO for the financial year from 1 September 2024 to 31 August 2025.
Remuneration report for governing bodies
The Annual General Meeting confirmed the remuneration report presented to the Annual General Meeting. The resolution on the remuneration report is advisory in accordance with the Limited Liability Companies Act.
Remuneration of the members of the Board of Directors
The Annual General Meeting resolved that the members of the Board of Directors are paid following monthly compensation:
- Chair of the Board of Directors: EUR 4,000;
- Deputy Chair of the Board of Directors: EUR 3,000; and
- other members of the Board of Directors: EUR 2,000.
Members of Committees are paid the following meeting fees:
- Chair of a Committee: EUR 1,000 per meeting, however, only if a member of the Board of Directors other than the Chair or Deputy Chair of the Board of Directors acts as the Chair of the Committee; and
- other members of Committees: EUR 500 per meeting.
In addition, reasonable travel expenses incurred by members of the Board of Directors from meetings will be reimbursed in accordance with the Company’s travel policy.
Number of members of the Board of Directors
Annual General Meeting resolved that the number of ordinary members of the Board of Directors be four (4) for the term of office of members of the Board of Directors that ends at the close of the Annual General Meeting following their election.
Members of the Board of Directors
The Annual General Meeting re-elected the current members Anna Hyvönen, Kim Ignatius and Axel Lindholm to the Board of Directors and elected Elina Rahkonen as a new member to the Board of Directors for the term of office of the Board of Directors that ends at the close of the Annual General Meeting following their election.
Auditor and remuneration of the auditor
The Annual General Meeting re-elected Authorised Public Accounting firm KPMG Oy Ab as the auditor of the Company for the term of office of the auditor that ends at the close of the Annual General Meeting following the election of the auditor. Authorised Public Accountant Mari Kaasalainen will act as the responsible auditor. The auditor’s fee and travel expenses shall be reimbursed according to the auditor’s invoice approved by the Board of Directors.
Authorisation of the Board of Directors to decide on the repurchase of own shares
The Annual General Meeting authorised the Board of Directors to resolve on the repurchase of own shares as follows.
The aggregate amount of own shares to be repurchased based on the authorisation shall be the maximum of 519,437, which corresponds to approximately 10 per cent of all of the shares in the Company as at the date of the notice to the General Meeting.
Only the unrestricted equity of the Company can be used to repurchase own shares based on the authorisation.
Own shares can be repurchased at a price formed in public trading on the date of the repurchase or otherwise at a price formed on the market.
The Board of Directors shall decide how own shares will be repurchased. Own shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase).
Own shares can be repurchased to limit the dilutive effects of issuances of shares carried out in connection with possible acquisitions, to develop the Company’s capital structure, to be transferred for financing or execution of possible acquisitions, to be used in incentive arrangements or to be cancelled, provided that the repurchase is in the interest of the Company and its shareholders.
The authorisation is effective until the close of the next Annual General Meeting, however no longer than until December 31, 2026.
The authorisation replaces the authorisation granted by the Annual General Meeting held on November 20, 2024.
Authorisation of the Board of Directors to resolve on share issues
The Annual General Meeting authorised the Board of Directors to resolve on the issuance of shares in one or several parts, either against payment or without payment as follows.
The aggregate amount of shares that may be issued based on the authorisation shall be the maximum of 519,437 shares, which corresponds to approximately 10 per cent of all of the shares in the Company as at the date of the notice to the General Meeting.
Shares may be issued to develop the Company’s capital structure, to finance or execute possible acquisitions and to be used in incentive arrangements, provided that the issue of shares or special rights is in the interest of the Company and its shareholders.
The Board of Directors shall resolve on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders’ pre-emptive rights (directed issue). The authorisation concerns both the issuance of new shares as well as the transfer of treasury shares.
The authorisation is effective until the close of the next Annual General Meeting, however no longer than until December 31, 2026.
The authorisation replaces the share issue authorisation granted by the Annual General Meeting held on November 20, 2024.
Minutes of the Annual General Meeting
The minutes of the Annual General Meeting will be available on the Company’s website https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025 as of December 9, 2025, at the latest.
Duell Corporation, Board of Directors
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares (DUELL) are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Following a proposal by the shareholders of Duell Corporation (“Duell”), it has come to light that Board member Niko Mokkila will not be available for re-election to Duell’s Board of Directors at tomorrow’s Annual General Meeting on 25 November 2025 for personal reasons.
The shareholders, who in total represent 40.28 per cent of the shares in the company, had in accordance with the company release published on November 3, 2025, proposed Mokkila to be re-elected as a member of the Board of Directors and that the Board of Directors shall consist of five (5) members. The shareholders, who in total represent 40.28 per cent of the shares in the company, have after Mokkila’s announcement resolved to retain its proposal valid in all other respects, meaning that according to the proposal of the shareholders, the Board of Directors shall consist of four (4) members.
The Board of Directors of Duell has resolved, based on the request of the shareholders, who in total represent 40.28 per cent of the shares in the company, to update items 12 and 13 of the notice to the Annual General Meetings published as a company release on November 3, 2025, as follows:
“12. Resolution on the number of members of the Board of Directors
The shareholders, who in total represent 40.28 per cent of the shares in the company, propose to the Annual General Meeting that the number of ordinary members of the Board of Directors be 4 for the term of office of members of the Board of Directors that ends at the close of the Annual General Meeting following their election.
13. Election of members of the Board of Directors
The shareholders, who in total represent 40.28 per cent of the shares in the company, propose to the Annual General Meeting that the current members Anna Hyvönen, Kim Ignatius and Axel Lindholm are re-elected to the Board of Directors and Elina Rahkonen is elected as a new member to the Board of Directors for the term of office of members of the Board of Directors that ends at the close of the Annual General Meeting following their election. According to paragraph 6 of the articles of association, the Board of Directors appoints the Chair among its members.
All persons mentioned above have given their consent to the position. All proposed members of the Board of Directors are independent from the company. With the exception of Axel Lindholm, the proposed Board members are independent from the company’s significant shareholders.
Introduction of the new member of the Board of Directors is attached to this notice to the General Meeting.”
The notice to the Annual General Meeting, updated according to the proposal of the shareholders, who in total represent 40.28 per cent of the shares in the company (items 12 and 13), is attached to this release, while in all other respects, the notice to the Annual General Meeting remains as published on November 3, 2025.
Further information:
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Adviser
Oaklins Finland Ltd
+358 9 312 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares (DUELL) are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Attachments
Duell Corporation has received the following notification of Managers’ Transactions in Duell shares.
Person subject to the notification requirement
Name: Pellervo Hämäläinen
Position: Other senior manager
Issuer: Duell Oyj
LEI: 743700MVGCRZQ2CR8244
Notification type: Initial notification
Reference number: 743700MVGCRZQ2CR8244_20251119090024_3
Transaction date: 2025-11-18
Venue: Venue not applicable
Instrument type: Share
ISIN: FI4000582143
Nature of the transaction: Receipt of a share-based incentive
Transaction details
(1): Volume: 1,355 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 1,355 Volume weighted average price: 0.00 EUR
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Duell Corporation has received the following notification of Managers’ Transactions in Duell shares.
Person subject to the notification requirement
Name: Heidi Markkanen
Position: Other senior manager
Issuer: Duell Oyj
LEI: 743700MVGCRZQ2CR8244
Notification type: Initial notification
Reference number: 743700MVGCRZQ2CR8244_20251119090024_4
Transaction date: 2025-11-18
Venue: Venue not applicable
Instrument type: Share
ISIN: FI4000582143
Nature of the transaction: Receipt of a share-based incentive
Transaction details
(1): Volume: 1,355 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 1,355 Volume weighted average price: 0.00 EUR
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Duell Corporation has received the following notification of Managers’ Transactions in Duell shares.
Person subject to the notification requirement
Name: Jukka Smolander
Position: Other senior manager
Issuer: Duell Oyj
LEI: 743700MVGCRZQ2CR8244
Notification type: Initial notification
Reference number: 743700MVGCRZQ2CR8244_20251119090024_5
Transaction date: 2025-11-18
Venue: Venue not applicable
Instrument type: Share
ISIN: FI4000582143
Nature of the transaction: Receipt of a share-based incentive
Transaction details
(1): Volume: 1,355 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 1,355 Volume weighted average price: 0.00 EUR
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Duell Corporation has received the following notification of Managers’ Transactions in Duell shares.
Person subject to the notification requirement
Name: Jarkko Ämmälä
Position: Other senior manager
Issuer: Duell Oyj
LEI: 743700MVGCRZQ2CR8244
Notification type: Initial notification
Reference number: 743700MVGCRZQ2CR8244_20251119090024_2
Transaction date: 2025-11-18
Venue: Venue not applicable
Instrument type: Share
ISIN: FI4000582143
Nature of the transaction: Receipt of a share-based incentive
Transaction details
(1): Volume: 8,000 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 8,000 Volume weighted average price: 0.00 EUR
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Duell Corporation has received the following notification of Managers’ Transactions in Duell shares.
Person subject to the notification requirement
Name: Karl Magnus Miemois
Position: Chief Executive Officer
Issuer: Duell Oyj
LEI: 743700MVGCRZQ2CR8244
Notification type: Initial notification
Reference number: 743700MVGCRZQ2CR8244_20251119090024_1
Transaction date: 2025-11-18
Venue: Venue not applicable
Instrument type: Share
ISIN: FI4000582143
Nature of the transaction: Receipt of a share-based incentive
Transaction details
(1): Volume: 3,941 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 3,941 Volume weighted average price: 0.00 EUR
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
A total of 22,962 of Duell Corporation treasury shares have been transferred to key employees participating in the Restricted Share Unit Plan 2024-2025, without consideration and in accordance with the plan terms. Further details of the plan were announced in a company announcment issued on 6 February 2024.
The directed share issue is based on an authorisation given at the Annual General Meeting held on 20 November 2024.
Following the directed share issue, the number of treasury shares now stands at 10,838 shares.
DUELL CORPORATION
Board of Directors
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
NOTICE TO GENERAL MEETING
The shareholders of Duell Corporation are invited to the Annual General Meeting to be held on Tuesday, November 25, 2025, starting at 12:00 p.m. EET at Clarion Hotel Mestari at the address Fredrikinkatu 51-53 FI-00100 Helsinki, Finland. The reception of shareholders who have registered for the meeting and distribution of ballot papers will start at 11:00 a.m. EET at the meeting venue.
The shareholders may follow the General Meeting through a webcast. Instructions for following the webcast are available on the company’s website at https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025. Shareholders following the General Meeting this way are not considered to participate in the General Meeting and, thus, may not exercise their right to pose questions or vote in the General Meeting or their possibilities to make counterproposals during the General Meeting. A shareholder who wishes to follow the General Meeting via webcast must also register for the General Meeting in accordance with the instructions under section C.
A. Matters to be discussed at the General Meeting
The General Meeting will discuss the following matters:
1. Opening the meeting
2. Matters of order for the meeting
3. Election of the persons to scrutinise the minutes and to supervise the counting of votes
4. Recording the legal convening of the meeting and quorum
5. Establishment of the persons present and confirmation of the voting list
6. Presentation of the financial statements, annual report and auditor’s report for the financial year from September 1, 2024, to August 31, 2025
Presentation of the CEO’s review.
7. Adoption of the financial statements, which includes the adoption of the consolidated financial statements
8. Resolution on the use of the profit shown on the balance sheet and the payment of dividends
The distributable funds of the parent company as of August 31, 2025, were EUR 49,812,317, of which the parent company’s profit for the financial year is EUR 645,526. No significant changes have taken place in the company’s financial position since the end of the financial year.
The Board of Directors proposes to the Annual General Meeting that that the parent company’s profit for the financial year amounting to EUR 645,526 will be transferred to the retained earnings account and that no dividend will be distributed.
9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability for the financial year from September 1, 2024, to August 31, 2025
10.Consideration of the remuneration report for governing bodies
The remuneration report is presented annually at the Annual General Meeting. The remuneration report details the remuneration paid to the Board of Directors and the CEO.
The remuneration report and remuneration policy for governing bodies will be available on the company’s website https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025 no later than November 3, 2025.
11. Resolution on the remuneration of the members of the Board of Directors
The shareholders, who in total represent 40.28 per cent of the shares in the company, propose to the Annual General Meeting that the members of the Board of Directors are paid monthly compensation as follows:
- Chair of the Board of Directors: EUR 4,000;
- Deputy Chair of the Board of Directors: EUR 3,000; and
- Other members of the Board of Directors: EUR 2,000.
In addition, the said shareholders propose that members of Committees are paid the following meeting fees:
- Chair of a Committee: EUR 1,000 per meeting, however, only if a member of the Board of Directors other than the Chair or Deputy Chair of the Board of Directors acts as the Chair of the Committee; and
- Other members of Committees: EUR 500 per meeting.
In addition, reasonable travel expenses incurred by members of the Board of Directors from meetings will be reimbursed in accordance with the company’s travel policy.
12. Resolution on the number of members of the Board of Directors
The shareholders, who in total represent 40.28 per cent of the shares in the company, propose to the Annual General Meeting that the number of ordinary members of the Board of Directors be 5 for the term of office of members of the Board of Directors that ends at the close of the Annual General Meeting following their election.
13. Election of members of the Board of Directors
The shareholders, who in total represent 40.28 per cent of the shares in the company, propose to the Annual General Meeting that the current members Anna Hyvönen, Kim Ignatius, Niko Mokkila and Axel Lindholm are re-elected to the Board of Directors and Elina Rahkonen is elected as a new member to the Board of Directors for the term of office of members of the Board of Directors that ends at the close of the Annual General Meeting following their election. According to paragraph 6 of the articles of association, the Board of Directors appoints the Chair among its members.
All persons mentioned above have given their consent to the position. All proposed members of the Board of Directors are independent from the company. With the exception of Niko Mokkila and Axel Lindholm, the proposed Board members are independent from the company’s significant shareholders.
Introduction of the new member of the Board of Directors is attached to this notice to the General Meeting.
14. Resolution on the remuneration of the auditor
The Board of Directors proposes to the Annual General Meeting that the auditor’s fee and travel expenses shall be reimbursed according to the auditor’s invoice approved by the Board of Directors.
15. Election of the auditor
The Board of Directors proposes to the Annual General Meeting that Authorised Public Accounting firm KPMG Oy Ab is re-elected as the auditor of the company for the term of office of the auditor that ends at the close of the Annual General Meeting following the election of the auditor. KPMG Oy Ab has informed that, if elected as the auditor of the company, Authorised Public Accountant Mari Kaasalainen will act as the responsible auditor.
The term of office of the auditor ends at the close of the Annual General Meeting following the election of the auditor.
16. Authorisation of the Board of Directors to decide on the repurchase of own shares
The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on a repurchase of own shares as set out below.
The aggregate amount of own shares to be repurchased based on the authorisation shall be the maximum of 519,437 shares, which corresponds to approximately 10 per cent of all the shares in the company as at the date of this notice to the General Meeting.
Only the unrestricted equity of the company can be used to repurchase own shares based on the authorisation.
Own shares can be repurchased at a price formed in public trading on the date of the repurchase or otherwise at a price formed on the market.
The Board of Directors shall decide how own shares will be repurchased. Own shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase).
Own shares can be repurchased to limit the dilutive effects of issuances of shares carried out in connection with possible acquisitions, to develop the company’s capital structure, to be transferred for financing or execution of possible acquisitions, to be used in incentive arrangements or to be cancelled, provided that the repurchase is in the interest of the company and its shareholders.
The authorisation is effective until the close of the next Annual General Meeting, however no longer than until December 31, 2026.
The authorisation replaces the authorisation granted by the Annual General Meeting held on November 20, 2024.
17. Authorisation of the Board of Directors to resolve on share issues
The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on share issues as set out below.
The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on the issuance of shares in one or several parts, either against payment or without payment.
The aggregate amount of shares that may be issued based on the authorisation shall be the maximum of 519,437 shares, which corresponds to approximately 10 per cent of all the shares in the company as at the date of this notice to the General Meeting.
Shares may be issued to develop the company’s capital structure, to finance or execute possible acquisitions and to be used in incentive arrangements, provided that the issue of shares is in the interest of the company and its shareholders.
The Board of Directors shall resolve on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders’ pre-emptive rights (directed issue). The authorisation concerns both the issuance of new shares as well as the transfer of treasury shares.
The authorisation is effective until the close of the next Annual General Meeting, however no longer than until December 31, 2026.
The authorisation replaces the share issue authorisation granted by the Annual General Meeting held on November 20, 2024.
18. Closing the meeting
B. Documents of the General Meeting
The above-mentioned proposals for resolutions on the agenda of the General Meeting, attachments thereto and this notice are available on Duell Corporation’s website at https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025. Duell Corporation’s financial statements, annual report, auditor’s report as well as remuneration policy and remuneration report will be available on said website no later than November 3, 2025. The proposed resolutions and other documents mentioned above will also be available for inspection at the General Meeting.
The minutes of the General Meeting will be available on the above-mentioned website no later than December 9, 2025, onwards.
C. Instructions for meeting participants
1. Shareholder registered in the shareholders’ register
Shareholders who are registered in the shareholders’ register of Euroclear Finland Oy on the record date of the General Meeting November 13, 2025, are entitled to participate in the General Meeting. A shareholder whose shares in the company are registered in their personal Finnish book-entry account is registered in the company’s shareholders’ register. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.
Registration for the General Meeting starts on November 4, 2025, at 10:00 a.m. EET. A shareholder entered in the company’s shareholders’ register who wishes to attend the General Meeting must register no later than November 20, 2025, at 10:00 a.m. EET, by which time the registration must be received. You can register for the General Meeting or to follow the General Meeting through a webcast:
- via the company’s website at https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025
Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish or Danish bank ID or mobile certificate.
- by e-mail to Innovatics Ltd to agm@innovatics.fi.
Shareholders registering by e-mail shall submit the registration form available on the company’s website at https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025 or equivalent information.
- by mail to Innovatics Ltd to the address Innovatics Ltd, General Meeting / Duell Corporation, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.
Shareholders registering by mail shall submit the registration form available on the company’s website https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025 or equivalent information.
When registering, the shareholder must provide the requested information, such as the shareholder's name, date of birth or business ID, contact details, the name of any assistant or proxy representative and the proxy’s date of birth, phone number and/or e-mail. The personal data provided by shareholders to Duell Corporation will only be used in connection with the General Meeting and the processing of the necessary registrations related thereto. In addition, the shareholder who registers by email or regular mail must, upon request, provide any other information necessary for shareholder identification to Innovatics Ltd. A registration submitted by regular mail or email before the expiry of the registration period is considered as a registration to the General Meeting, provided that the message contains the information required for registration. The registration form will be available on the company’s website by November 4, 2025, at 10:00 a.m. EET at the latest.
All shareholders who have registered to the General Meeting and who have registered to follow the General Meeting through a webcast will be sent a personal link and password, to the contact information provided in connection with the registration, a day before the meeting. Contact details of the service provider, instructions for following remotely and for possible fault situations are available at https://vagm.fi/support and a link for testing compatibility of a computer, smart phone or tablet and internet connection is available at https://demo.videosync.fi/agm-compatibility?language=en.
The shareholder, their representative or proxy must be able to prove their identity and/or right of representation at the meeting venue if necessary.
Further information on registration is available by telephone during the registration period of the General Meeting by calling Innovatics Ltd at +358 10 2818 909 on weekdays from 9:00 a.m. to 12:00 p.m. and from 1:00 p.m. to 4:00 p.m. EET.
2. Holder of nominee-registered shares
A holder of nominee-registered shares is entitled to participate in the General Meeting on the basis of the shares which would entitle him/her/its to be entered in the shareholders’ register kept by Euroclear Finland Oy on the record date for the General Meeting November 13, 2025. Participation also requires that the shareholder is temporarily registered in the shareholders’ register held by Euroclear Finland Oy by November 20, 2025, by 10:00 a.m. EET at the latest. In the case of nominee-registered shares, this is considered as registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.
The holder of nominee-registered shares is advised to request well in advance the necessary instructions from his/her/it custodian bank regarding temporary registration in the register of shareholders, the issuing of proxies and voting instructions and registration and attendance at the General Meeting. The account manager of the custodian bank shall register the holder of nominee-registered shares who wishes to attend the General Meeting temporarily in the register of shareholders of the company by the aforementioned date and time at the latest. Further information is also available on the company’s website at https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025.
3. Proxy representatives and powers of attorney
A shareholder may participate in the General Meeting and exercise their rights there by way of proxy representation.
The proxy representative is required to personally authenticate themselves using strong authentication in the electronic registration service, following which they will be able to register on behalf of the shareholder they are representing. The shareholder's proxy must present dated proxy documents, or otherwise in a reliable manner prove that he/she is entitled to represent the shareholder at the General Meeting. The right to representation can be proved by using the suomi.fi e-Authorisations service available in the electronic registration service.
Model proxy documents and voting instructions are available on the company’s website at https://investors.duell.eu/en/corporate_governance/annual_general_meeting_2025. If a shareholder participates in the General Meeting through several proxies representing the shareholder with shares held in different securities accounts, the shares on the basis of which each proxy represents the shareholder shall be identified in connection with the registration.
Any proxy documents are requested to be submitted preferably as an attachment with the electronic registration or alternatively by mail to Innovatics Ltd, General Meeting / Duell Corporation, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland, or by e-mail to agm@innovatics.fi before the end of the registration period. In addition to submitting the proxy documents, the shareholder or their proxy shall register for the General Meeting in the manner described above in this notice. The proxy form will be available on the company’s website by November 4, 2025, at 10:00 a.m. EET at the latest.
4. Other instructions/information
The meeting language is Finnish.
Shareholders present at the General Meeting have the right to ask questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Limited Liability Companies Act.
Changes in shareholding after the record date of the General Meeting do not have impact on the right to participate in the General Meeting nor the number of votes of shareholders.
On the date of the notice to the General Meeting on November 3, 2025, Duell Corporation has a total of 5,194,374 shares representing equal amount of votes. On November 3, 2025, the company holds, directly or through its subsidiaries, a total of 33,800 treasury shares that do not carry right to vote in the Annual General Meeting.
In Helsinki, November 3, 2025
DUELL CORPORATION
BOARD OF DIRECTORS
Certified Advisor
Oaklins Finland Ltd
+358 9 312 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in financial year 2025 was EUR 127 million and it employs some 200 people. Duell’s shares (DUELL) are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Duell Corporation has published its annual report for the 2025 financial year in Finnish and English today, October 31, 2025. The English-language annual report is available on the company's website at https://investors.duell.eu/reports_and_presentations and is also attached to this release as a PDF file. The annual report includes, among other things, the Board of Directors' report, the company's financial statements, the auditor's report, and the sustainability review.
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Attachments
Duell Corporation has received the following notification of Managers’ Transactions in Duell shares.
Person subject to the notification requirement
Name: Anna Hyvönen
Position: Member of the Board/Deputy Member
Issuer: Duell Oyj
LEI: 743700MVGCRZQ2CR8244
Notification type: Initial notification
Reference number: 126959/8/9
Transaction date: 2025-10-20
Venue: First North Growth Market Finland (FSME)
Instrument type: Share
ISIN: FI4000582143
Nature of the transaction: Acquisition
Transaction details
(1): Volume: 1572 Unit price: 3.64 EUR
(2): Volume: 242 Unit price: 3.64 EUR
(3): Volume: 185 Unit price: 3.65 EUR
(4): Volume: 1 Unit price: 3.65 EUR
(5): Volume: 433 Unit price: 3.63 EUR
(6): Volume: 567 Unit price: 3.64 EUR
Aggregated transactions (6):
Volume: 3000 Volume weighted average price: 3.63918 EUR
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Duell Corporation has received the following notification of Managers’ Transactions in Duell shares.
Person subject to the notification requirement
Name: Karl Magnus Miemois
Position: Chief Executive Officer
Issuer: Duell Oyj
LEI: 743700MVGCRZQ2CR8244
Notification type: Initial notification
Reference number: 126985/4/4
Transaction date: 2025-10-20
Venue: First North Growth Market Finland (FSME)
Instrument type: Share
ISIN: FI4000582143
Nature of the transaction: Acquisition
Transaction details
(1): Volume: 245 Unit price: 3.59 EUR
(2): Volume: 698 Unit price: 3.64 EUR
(3): Volume: 1000 Unit price: 3.6 EUR
(4): Volume: 1057 Unit price: 3.59 EUR
(5): Volume: 941 Unit price: 3.5 EUR
Aggregated transactions (5):
Volume: 3941 Volume weighted average price: 3.5799 EUR
Further information
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
This company announcement is a summary of Duell’s 2025 financial year report for September 2024–August 2025. 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.
Maintained sales in softening market
Full-year and comparative figures presented below are derived from the published financial statement.
Financial year and quarterly figures are audited. The comparison period figures are based on audited
statements.
June 2025-August 2025 "Q4 2025" (comparable figures in parenthesis 6/2024-8/2024):
- Net sales decreased -2.3% to EUR 30.9 million (EUR 31.6 million). Net sales with comparable currencies decreased -1.1%.
- Adjusted EBITA was EUR 1.0 million (EUR 1.4 million) with an adjusted EBITA margin of 3.4% (4.2%).
- Net working capital EUR 50.0 million (EUR 48.3 million).
- Cash flow from operating activities was EUR 2.9 million (EUR 7.4 million).
September 2024-August 2025 "2025" (comparable figures in parenthesis 9/2023-8/2024):
- Net sales increased 1.6% to EUR 126.6 million (EUR 124.7 million), growth being fully organic.
- Net sales with comparable currencies increased 0.8%.
- Adjusted EBITA was EUR 4.9 million (EUR 6.2 million) with an adjusted EBITA margin of 3.9% (5.0%).
- Net working capital EUR 50.0 million (EUR 48.3 million).
- Cash flow from operating activities was EUR 1.6 million (EUR -0.9 million).
- Earnings per share was EUR -0.20 (EUR -0.00) (according to the number of shares at the end of the review period).
Guidance 2026
Consumer sentiment remains fragile, and uncertainty persists in the market.
Duell expects the market environment to remain suppressed over the next 12 months.
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.
CEO Magnus Miemois:
Demand increased in the fourth quarter when summer weather arrived in the Nordic countries. Demand gradually weakened over the course of the full financial year, putting pressure on margins due to fierce competition.
I am pleased that Duell's organisation has made good progress in many key areas and markets this year. However, in France we had difficulties. Changes to the brand portfolio significantly impacted volumes, and although we initiated transition measures, these changes negatively impacted our company. We are now taking steps to put our French business back on the path to growth.
The decline in demand also resulted in inventory levels being higher than planned. This was already the case after Q2 due to poor snow conditions.
We are continuing to strengthen Duell's presence across Europe. During the summer, we launched the first release of our new eCommerce platform for our dealers, and development of the next release in the rollout plan is ongoing. This updated platform will provide our customers with access to our full product range via a single, integrated channel. We have established a roadmap for developing our logistical footprint, and the first step of aligning the operational footprint in the Nordics has begun. This will improve operational efficiency and enable us to provide a better service to customers in Sweden.
Due to the aforementioned challenges, profitability development was not satisfactory. We have therefore launched a performance improvement programme focusing on key areas to improve profitability, net working capital efficiency and operative cash flow. These initiatives will have a positive impact on the 2025–2026 financial year and beyond.
Finally, I would like to thank everyone in the organisation for their efforts during the financial year. It was a challenging year, but by focusing on the identified development areas, I am confident that we will continue to strengthen Duell and improve its performance in the current financial year.
Tunnusluvut tuhatta euroa | Q4 2025 (6/2025-8/2025) | Q4 2024 (6/2024-8/2024) | 2025 | 2024 (9/2023-8/2024) |
Liikevaihto | 30 864 | 31 579 | 126 591 | 124 652 |
Liikevaihdon kasvu, % | -2,3 | 5,8 | 1,6 | 4,9 |
Valuuttakurssineutraali liikevaihdon kasvu, % | -1,1 | 2,0 | 0,8 | 5,7 |
Myyntikate | 7 527 | 7 324 | 29 745 | 30 339 |
Myyntikate-marginaali, % | 24,4 | 23,2 | 23,5 | 24,3 |
EBITDA | 783 | 2 136 | 5 158 | 4 564 |
EBITDA-marginaali, % | 2,5 | 6,8 | 4,1 | 3,7 |
Vertailukelpoisuuteen vaikuttavat erät, myyntikate* |
| 421 |
| 421 |
Vertailukelpoisuuteen vaikuttavat erät, EBITDA** | -641 | 101 | -1 005 | -2 988 |
Oikaistu EBITDA | 1 424 | 1 614 | 6 163 | 7 141 |
Oikaistu EBITDA-marginaali, % | 4,6 | 5,1 | 4,9 | 5,7 |
EBITA | 405 | 1 885 | 3 936 | 3 628 |
EBITA-marginaali, % | 1,3 | 6,0 | 3,1 | 2,9 |
Oikaistu EBITA | 1 046 | 1 363 | 4 941 | 6 205 |
Oikaistu EBITA-marginaali, % | 3,4 | 4,3 | 3,9 | 5,0 |
Liikevoitto | -268 | 1 179 | 1 174 | 842 |
Liikevoittomarginaali, % | -0,9 | 3,7 | 0,9 | 0,7 |
Osakekohtainen tulos, laimentamaton, EUR*** | -0,184 | 0,001 | -0,204 | -0,004 |
Osakekohtainen tulos, laimennettu, EUR*** | -0,185 | 0.001 | -0,205 | -0,004 |
Ulkona olevien osakkeiden lukumäärä katsauskauden lopussa, laimentamaton**** | 5 194 374 | 1 038 546 116 | 5 194 374 | 1 038 546 116 |
Ulkona olevien osakkeiden lukumäärä katsauskauden lopussa, laimennettu**** | 5 160 574 | 1 036 334 706 | 5 160 574 | 1 045 534 706 |
Investoinnit aineellisiin ja aineettomiin hyödykkeisiin ilman yritysostoja | 492 | 118 | 1 423 | 746 |
Nettovelka | 20 177 | 19 563 | 20 177 | 19 563 |
Nettokäyttöpääoma | 49 962 | 48 323 | 49 962 | 48 323 |
Varasto, % LTM***** myynnistä | 36,7 | 36,1 | 36,7 | 36,1 |
Liiketoiminnan kassavirta | 2 913 | 7 393 | 1 570 | -912 |
Omavaraisuusaste, % | 55,1 | 55,0 | 55,1 | 55,0 |
*Vertailukelpoisuuteen vaikuttavat erät, käyttökate: 421 000 euroa 09/2023–08/2024, joka johtuu varaston kirjaamiskäytännön muutoksesta.
** Vertailukelpoisuuteen vaikuttavat erät, EBITDA: Ranskan varasto siirtoon liittyvät kustannukset 600 000 euroa, uudelleen organisointiin liittyvät kustannukset 405 000 euroa.
***Katsauskauden lopun osakemäärän mukaan
****Yhtiö ei raportoi osakkeiden yhdistämisen takia kauden keskimääräisiä osakemääriä
*****LTM = Viimeiset 12 kuukautta (Last twelve months)
Operational key figures | Q4 2025 (6/2025-8/2025) | Q4 2024 (6/2024-8/2024) | 2025 | 2024 (9/2023-8/2024) |
Number of brands | 541 | 535 | 543 | 535 |
Share of own brand sales,% of total | 16 | 16 | 20 | 18 |
Share of online sales,% of total | 27 | 26 | 30 | 26 |
Share of sales in Nordics,% of total | 53 | 50 | 52 | 53 |
Share of sales in Central Europe, % of total | 47 | 50 | 48 | 47 |
Full-time equivalent employees, average | 215 | 215 | 210 | 215 |
Significant events during review period
Duell lowered its guidance for the 2025 financial year on 30 June 2025 due to market uncertainty, further declining consumer confidence leading to a weaker-than-expected third quarter. At the same time, the company announced to remove its current medium-term financial targets, which it will redefine later. In the short term, Duell's focus will be on improving profitability and increasing organic net sales.
Significant events after review period
Duell announced on 22 September 2025 that it is streamlining its operations and plans to reduce the number of warehouses in the Nordic countries from three to two by transferring its Tampere (Finland) warehouse operations, which focus on bicycle products, to Mustasaari (Finland) and Tranås (Sweden). The aim is to complete the planned transfer by the end of the second quarter of 2026. As part of the planned transfer, Duell started change negotiations with all warehouse and production personnel in Tampere on 29 September 2025. A maximum of 15 employees will be involved in the negotiations. The measure is expected to generate annual savings of around EUR 500,000, as well as one-off costs of around EUR 400,000 in the first half of the 2026 financial year.
The loan terms were adjusted to better suit Duell’s business, and the amendment was signed in October. The lender has granted a waiver and loan repayments will continue as per the previous payment plan.
Webcast for investors and media
Duell will arrange a live webcast for investors and media in English on October 16, 2025, at
10.30 am EET. The webcast can be followed online through this link. A presentation will be held by CEO Magnus Miemois, CFO Caj Malmsten and IR Pellervo Hämäläinen. A recording of the event will be available later the same day at https://investors.duell.eu/.
Financial reporting and Annual General Meetings in Financial Year 2025
Annual Report 2025, 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 27, 2025.
Duell’s Annual General Meeting 2025 of shareholders is scheduled for Tuesday, November 25, 2025.
Financial reporting and Annual General Meetings in 2026 financial Year
During the 2026 financial year, Duell will publish financial information as follows:
- Financial report September 2025–November 2025 (Q1 2026) on Wednesday, January 14, 2026.
- Half-year financial report September 2025–February 2026 (Q2 2026) on Thursday, April 9, 2026.
- Financial report September 2025–May 2026 (Q3 2026) on Thursday, July 2, 2026.
- Financial statements report for the 2026 financial year September 2025–August 2026 (Q4 2026) on Thursday, October 15, 2026.
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.
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
Magnus Miemois, CEO
Duell Corporation
+358 50 558 1405
magnus.miemois@duell.eu
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
Attachments
During the 2026 financial year, Duell will publish financial information as follows:
- Financial report September 2025–November 2025 (Q1 2026) on Wednesday, January 14, 2026.
- Half-year financial report September 2025–February 2026 (Q2 2026) on Thursday, April 9, 2026.
- Financial report September 2025–May 2026 (Q3 2026) on Thursday, July 2, 2026.
- Financial statements report for the 2026 financial year September 2025–August 2026 (Q4 2026) on Thursday, October 15, 2026.
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.
Further information:
Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Oaklins Finland Ltd
+358 9 612 9670
Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes around 130,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in financial year 2024 was EUR 125 million and it employs over 200 people. Duell’s shares (DUELL) are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.
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Company Facts
Guidance
For FY 2026, Duell expects organic net sales and adjusted EBITA to remain at the same level as in FY 2025.
Financial targets
Duell’s medium term (3-5 years) targets: Net sales in the range of EUR 200-300m in the medium term achieved through both organic and inorganic growth, adjusted EBITA-% at least 13%, net debt to adjusted EBITDA ratio 2-3x.
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