Duni reported organic sales of 1.7% y/y in Q3, better than SEBe -2% (+3.7pp). Operating income declined 20.8% y/y to SEK 133m (168), with the operating margin falling to 6.5% (-2.0pp y/y; SEB at 5.7%). Operating income was 18.8% above SEBe SEK 112m. The beat came from sales and from the segments, with Dining Solutions and Food Packaging Solutions both above SEBe. This was despite logistics transition costs, higher freight and fuel costs, and a weaker product mix.
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