Duni's Q1 sales outperformed expectations at SEK 1,877m, growing 23.5% organically, due to a robust HoReCa market and inflation-based cost compensation measures. However, the operating margin of 6.9% fell short of our estimated 7.4%, due to ongoing inflationary pressures, particularly in the BioPak business area, and delayed impact of cost compensation measures. The report suggests potential single-digit revisions for FY/23.
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