Duell's sales declined slightly in Q4. Adj. EBITA in Q4 was clearly ahead of our expectation and slightly above Factset consensus. However, the company indicates that it sees challenging market sentiment continuing, and guides for flat sales and adj. EBITA for FY 2026, which creates downward pressure to cons. FY 2026 adj. EBITA estimates. Covenants were breached, but waiver was granted. We think that balance sheet risks remain elevated.
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