Duni announced that Q2 2026 operating income will fall below market expectations, citing significant logistics disruptions related to its warehouse relocation to a new external logistics center in Germany. The total negative impact is estimated at SEK 50–70m in Q2, with the midpoint corresponding to c. 50% of our Q2/26 operating income estimate of SEK 121m, or c. 10% of FY2026E. However, we also see risks of potential spillover effects into Q3, should disruptions persist beyond quarter-end.

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