Duni reported a weak Q4 with sales of SEK 1,965m, 7% below SEB, and operating income of SEK 162m, 11% below SEB. The miss was driven by Dining Solutions due to negative mix as customers shifted to lower-priced alternatives, offsetting positive contributions from acquisitions. Our first take is for modest negative revisions to consensus estimates given weak organic trends, though efficiency measures and Germany's VAT cut may provide some support.
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