Duni: 2026 set up looks materially better than 2025 - SEB

At SEB's Nordic Seminar, Duni Group’s CEO Robert Dackeskog and CFO Magnus Carlsson outlined why 2026 could mark an inflection point for Duni Group after two challenging years. The most tangible near-term catalyst is Germany’s decision to cut restaurant VAT from 19% to 7%, which materially improves the outlook for Duni’s largest market, and thus the investment case, which ultimately hinges on higher volumes to drive operating leverage and margin expansion.

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