Ahead of Duni’s Q2 report, we lower our estimates by low single digits but keep our DCF-derived fair equity value of SEK 148-190. We expect Q2/25 sales trends to mirror Q1, with cautious consumer sentiment weighing on growth in the quarter. However, we see Food Packaging’s operating margin improving sequentially from Q1, driven by inventory improvements, resulting in flat margins y/y and decent earnings growth in Q2.

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