Duell's sales in Q4 were clearly ahead of our and consensus expectations, leading full-year sales above what we had interpreted the guidance indicated. Adj. EBITA was close to our expectations, but adj. EBITDA was above. The company took action to improve NWC efficiency. Leverage was at 3.6x (SEBe 4.0x) and covenants were met, which we see as positive. 2027 guidance indicates improving performance, and the mid-points are ahead of our and consensus estimates.
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