We make minor estimate cuts following XXL’s pre-warned soft Q4 results. The company remains constrained by low product availability at key price points and a more diluted concept than earlier years - having neither the lowest prices nor a specialist appeal. The planned NOK 600m right issue by March should strengthen the balance sheet in the medium term, but the path to break-even is long and estimated in 2027. Until tangible results from its "Reset and Rethink" initiatives, we see better risk/re ....
