Flügger delivered 2.2% revenue growth in H1 2025/26 to MDKK 1,264, as strong growth in Poland (International segment (12% y/y) and Sweden (+8% y/y) offset revenue declines in Denmark and other export nations. In the Nordics, a conversion of white-label volumes to own-brand sales in Denmark lifted margins; however, Group EBIT was stable at MDKK 141 (from MDKK 140 H1 2024/25), as terminated sales to nations in Eastern Europe and other non-core export markets had a negative impact on the International segment’s EBIT result year-over-year. Despite weaker EBIT expansion than projected in H1 2025/26 the structural value drivers of margin expansion in the Nordics from improved product mix and strong, higher margin growth in Poland remain unchanged. We still see a favourable risk-reward as Flügger executes its profitable rebound, despite possible sanctions-related risks, and reiterate our “Accumulate” recommendation and slightly lower price target of DKK 360 per share.

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