Duni reported a soft Q2 with sales of SEK 1,884m, -8% below SEB and operating income -18% below our estimate. The earnings miss was driven by negative mix effects and lower capacity utilisation due to lower volumes y/y. As a result, operating margin fell by 0.8 pp y/y. Our first take is for minor negative revisions to consensus 2025 EBIT estimates and for the shares to trade down today. Our current mid-point fair equity value per share is SEK 170 (range SEK 148-190).

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