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...