Duell: Notable profit warning ahead of earnings tomorrow - SEB

Duell announced a profit warning today due to continued weak performance in France, while winter sales in Nordics were low, and it sees the challenging market continuing. We had expected a profit warning, but the magnitude is clearly higher, as Duell now guides for EUR 2m adj. EBITA compared to earlier guidance of flat y/y (EUR 4.9m 2025). This will also lead to clearly increasing leverage, and we see it as likely that covenants will be breached in 2026. Duell reports Q2 tomorrow

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