Nelly Groups Q3 operating losses, adjusted for non-recurring DC project-related costs of SEK 22m in the period (SEBE: SEK 32m) came in at SEK 5m - well-below our underlying EBIT forecasts for SEK 13m. Adjusted gross margins (excluding NRIs) were flat y/y at 47.2%, while we were looking for a 1.3pp improvement y/y. Still, the major deviation of reported from expected results is driven by SEK 9m in lower sales (2% y/y growth vs. 5% expected). Our current midpoint DCF is SEK 55.
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