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Duell's Q1 figures fell short of our estimates, particularly on the top line, with sales weaker than expected in both the Nordics and Central Europe. Challenges in France are expected to affect performance throughout the year, prompting us to lower net sales estimates, while profitability should remain relatively resilient.
Duell reported Q1 net sales at EUR 25.0m, below our forecast of EUR 27.0, while adj. EBITA came in at EUR -0.1m, also below our estimate. Issues in France persisted and the slow start to the winter season affected sales in the Nordics.
Duell reports Q1 (Sep–Nov) on January 14. We expect a challenging quarter, with weak market conditions, elevated dealer inventories and France weighing on performance.
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.
Duell reported Q1 net sales at EUR 28.3m, just surpassing our forecast of EUR 27.5m, while adjusted EBITA reached EUR 0.7m, also higher than our prediction of EUR 0.5m. The performance in the Nordics was stronger than expected despite the late start of Nordic winter season.
Duell publishes its Q1/2025 (9/24-11/24) business review on 16th of January. Given that Q1 of Duell’s fiscal year is typically slow due to seasonal factors, our attention is on any potential remarks regarding market activity and future outlook.
The Duell AGM was held on November 20, 2024, where a decision was passed regarding the reverse split, the plans for which were published earlier in October. In the split, each existing 200 shares will correspond to one share in the company. We update our TP to EUR 9.0 (prev. EUR 0.045) to match the new share count.
Duell is advancing its turnaround amidst a challenging market, with overall risk reduced due to balance sheet deleveraging during the fiscal year. We increase TP to EUR 0.045 (prev. EUR 0.04) while keeping rating at BUY.
Duell reported Q4 net sales at EUR 31.6m, just surpassing our forecast of EUR 31.3m, while adjusted EBITA reached EUR 1.4m, slightly higher than our prediction of EUR 1.3m. The performance in the Nordics was stronger than expected while the other Europe developed slower than we had estimated.
Duell publishes its Q4 (6-8/24) figures on Wednesday 9th of October. The Nordic market continues to challenge as the end-markets remain quiet and dealer inventories are at historically low levels. Despite the market conditions, we expect improvement y/y driven by growth in Europe and weak comparison period Q4/23.
Duell’s Q3 development was two-fold as growth in Europe was stronger than expected while revenue declined in the Nordics more than we estimated. Profitability missed our estimates mainly due to higher-than-expected operating expenses and lower net sales. We continue to anticipate an increase in profitability y/y for Q4 and consequently for the entire FY 2024.
Duell’s Q3 net sales came in at EUR 37.9m, slightly below our estimate of EUR 38.8m as the sales declined in the Nordics more than we estimated. On the cost side, the gross margin was a positive surprise while operating expenses were higher than estimated, leading to lower-than-expected profitability.
Duell publishes its business review for Q3 (March-May) on Wednesday 3rd of July. We expect continued good execution especially in Europe during the company’s most important quarter of the fiscal year.
Duell has faced challenges during the FY 2023 due to the current high interest rate environment, leading to reduced demand across the powersports aftermarket value chain. Despite the recent share price strength after the company posted solid Q3 figures, we see the current valuation moderate as we estimate continued growth in Europe and improved margins going forward. We initiate coverage of Duell with a BUY rating and TP of EUR 1.4.
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On 22 September 2025, Duell Corporation announced an efficiency plan for the Tampere warehouse operations in Finland, with the aim of reducing the number of warehouses in the Nordic countries from three to two by transferring bicycle product warehouse operations from Tampere to Mustasaari in Finland and Tranås in Sweden. The change negotiations of Oy Duell Bike-Center Ab concerning warehouse operations in Tampere began on 29 September 2025, in accordance local requirements for negotiations with employee representatives.
The Company has completed the change negotiations. As a result of the negotiations, a total reduction in personnel will be nine positions. The original estimate of the need for reduction was a maximum of 15 positions. The transfer will be completed by the end of March 2026.
This measure is expected to generate annual savings of around EUR 400,000, as well as one-off costs of around EUR 350,000 in the first half of the 2026 financial year.
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 (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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