We make minor estimate changes following XXL’s Q1 report, where EBITDA came in slightly below expectations due to higher opex, despite a return to revenue growth. The company remains hampered by low product availability at key price points and a diluted concept — lacking both the lowest prices and specialist appeal. We continue to find the balance sheet risk as high, and the path to break-even remains long, estimated for 2027. Until tangible results emerge from its "Reset and Rethink" initiative ....
