Here are Tommi’s quick comments on the result. ![]()
Duell’s Q3 report revenue clearly exceeded our expectations, driven by stronger-than-expected sales in the Nordic countries. This also led to a beat at the adjusted operating profit level. Expected challenges in the French subsidiary continued to weigh on the overall performance, but the Nordic market region drove the entire Group’s revenue into growth. Net debt at the end of the quarter was higher than our expectations, but leverage metrics are supported by a better-than-expected adjusted EBITDA level. The tight balance sheet position is eased by a better working capital structure compared to the comparison period, which provides the foundation for better cash flow in Q4’26 compared to the previous year. Overall, we believe the report leans toward the positive side due to the earnings beat.