Duell’s sales grew slightly in Q4, exceeding our, consensus and we believe also Duell’s own expectations. Adj. EBITA was close to expectations, as the gross margin was on the low side. Duell’s improvement actions are starting to bear fruit and NWC efficiency improved; covenants were met. Duell’s guidance indicates an improvement in FY 2027; Duell sees slight positive signs from the market but we believe Duell leans on its own actions.
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