Duell's Q2 sales grew 4% y/y organically and were 10% ahead of SEBe, driven by good progress in Nordics (although negatively impacted by weather) and Central Europe (particularly e-commerce). Adj. EBITA of EUR 1.1m was ahead of the EUR 0.7m expected by us and also net debt was lower (EUR 29.3m vs EUR 31m). The guidance of 2025 was reiterated and mechanically Q2 deviation corresponds to 6% positive revision to FY EBITA. Share outperformance seems warranted today.
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