Duni missed our top line and operating income estimates by -8% and -25%, respectively. Organic grow was -9% due to lower volumes in both segments, albeit against a tough comp. Op. margin was 8%, 1.7pp below our estimate due reduced volumes in Dining solutions, while op. income for Food packaging improved y/y. Despite a decrease in sales, EBIT improved by 11% y/y, and considering Q1 is a small quarter (and Easter), we do not see the miss on earnings as the end of the world.

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