Duell

Q4 results were broadly in line with expectations, though regional performance diverged from our forecast. Revised financing provides operational flexibility, but cautious guidance and challenges in France weigh on the outlook.

Duell’s Q4 results were mixed, with the Nordics outperforming expectations while Central Europe fell short. Profitability came in line with our estimates. Although the company did not meet its covenant requirements at the end of the period, the lender...

Duell will report its FY 2025 results on Thursday, 16 October. We expect the market to have remained soft and sales and profitability to be down y/y. Our interest in the report lies in the company’s leverage position and the outlook for FY 2026.