Dustin Group Ab · OMXSTO:DUST
Dustin Group Ab — Q4 2025 Earnings Presentation
23 slides from Dustin Group Ab's earnings presentation, Oct 8, 2025
Slide 1: Q4 2024/25
Q4 2024/25 October, 2025 dustingroup.com
Slide 2: Modest organic growth and continued focus on profitability
Modest organic growth and continued focus on profitability Financial Highlights Net sales and adjusted EBITA margin Net sales was 5,056 MSEK (4,988), corresponding to a growth of 1.4% • Organic growth was 3.6%, of which SMB -6.3% and LCP 7.0% 7 000 16% • Adjusted for retroactive net accounting, SMB
Slide 3: Organic growth driven by underlying structural trends in the market
Organic growth driven by underlying structural trends in the market Changed sales recovery pattern between segments Sales recovery patterns - ILLUSTRATIVE • Normally, SMB both drops and recovers earlier in an economic cycle compared to LCP. Organic growth within LCP driven by underlying structural t
Slide 4: Efficiency measures partly compensating for slow market and currency effects
Efficiency measures partly compensating for slow market and currency effects Total SG&A Q4 Average FTE’s per quarter -305 (-13%) 2,495 2.500 -225 -6.3% 2,422 2,391 (-10%) 2.400 2,350 2,317 2.300 2,285 2,271 2.270 2,263 526 2,197 -1.7% 2.200 2.115 2.100 2.045 2.000 SG&A 552 517 1.900 FX 1.800 1.700 1
Slide 5: SMB – Signs of stabilisation from a low level
SMB – Signs of stabilisation from a low level Net sales decline in SMB of 7.9% y/y Net sales and segment margin • Organic growth of -6.3% • Adjusted for retroactive reclassification of net revenue 2 000 10% recognition of software revenue, organic growth was -2.2% Segment result was 34 MSEK (9) 8% 1
Slide 6: LCP – Growth driven by positive structural market drivers
LCP – Growth driven by positive structural market drivers Net sales growth in LCP of 4.6% y/y Net sales and segment margin • Organic growth was 7.0% Segment result was 80 MSEK (53) • Segment margin increased to 2.1% (1.4) 5 000 8% Growth in the Nordics but challenging in the Netherlands 3,709 3,878
Slide 7: Cash flow from operations improved but burdened by changes in net working capital
Cash flow from operations improved but burdened by changes in net working capital Cash flow burdened by temporary changes in working capital Changes in Cash Flow Y/Y • Cash flow from operating activities, before changes in working capital, increased mainly due to higher EBIT and lower taxes paid MSE
Slide 8: Net working capital temporary higher
Net working capital temporary higher Net working capital impacted by inventory and late invoicing Net working capital • Net working capital increased to 477 MSEK (175), due to higher inventory and invoicing of larger contracts at quarter-end MSEK 600 0.5% 1.3% • Inventory increased by 260 MSEK to 1,
Slide 9: Sharpened strategic focus with a clear plan to increase profitability
Sharpened strategic focus with a clear plan to increase profitability High pace of change for strengthened efficiency • Implemented a new organisation, structured around the offering, the sales channels, delivery and support functions, enabling a higher pace of execution of the company's strategy (Q
Slide 10: Updated sustainability targets and SBTi approved climate targets
Updated sustainability targets and SBTi approved climate targets Updated climate targets approved by SBTi • In 2024 Dustin joined Science Based Targets initiative (SBTi), an international framework for companies that adopt science-based climate targets in line with the Paris agreement • The climate
Slide 11: Summary of the fourth quarter 2024/25
Summary of the fourth quarter 2024/25 Organic net sales growth of 3.6% • Net sales growth of 1.4% • Signs of market stabilisation in the Nordics Gross margin at 12.7% (12.9) • Stable margin development in the Nordics • Positive margin development in the Nordics, but competition and price pressure bu
Slide 12: Corporate presentation
Corporate presentation C Dustin
Slide 13: Dustin at a glance
Dustin at a glance 280,000 hardware and software products… …primarily sold online… Net sales SEK Software and Services Dustin (B2B) Offline million ~13% Hardware: Clients Servers ~40% 25,000 20,000 15,000 Dustin Home (B2C) 10,000 Software: OS SaaS 5,000 0,000 Hardware Online ~87% Services: Financing
Slide 14: Long and strong history of European expansion
Long and strong history of European expansion 1984 – 2006 2007 – 2014 2015 - 2020 2021 IPO and Strategy Nordic expansion and European Founders phase - mail order sales of B2B hardware and development of online platform for continued additional services expansion growth 24 22 20 18 16 Net sales (Bn
Slide 15: Dustin – the aggregator and destination
Dustin – the aggregator and destination Dustin services LCP (Large Corporate and Public) Hardware, software & services ~10,000 active customers Distributors SMB (Small and Medium Sized Businesses) List 5 Rows ~100,000 active customers + 3.500 Dustin products B2C (Business to Consumer) ~200,000 activ
Slide 16: Multi-channel approach to drive growth and margins
Multi-channel approach to drive growth and margins Customer needs Product portfolio Three tiered Customer needs Basic Medium Advanced sales model Basic Medium Advanced Stand-alone services and Consultative solutions sales Offline ~40% of net sales Cloud solutions MPS1) Higher gross margin Advanced p
Slide 17: We are well positioned to cater for both SMB and LCP customers
We are well positioned to cater for both SMB and LCP customers Accenture High TietoEvry Atea Crayon Bechtle Atos Comments Advania Degree of value added service Cloud giants Starting from hardware box Small IT E.g., AWS moving to adding services as infrastructure and service customer expectations m
Slide 18: One IT Platform enables cost synergies
One IT Platform enables cost synergies One IT Platform One Dynamics One Web Experience One Service Management One Data Platform ERP & CRM Portals & Open Web ConnectWise & Service Business Intelligence & Data Management Innovation Our future platform is: We will be able to: Geographically scalable
Slide 19: Medium-term financial targets
Medium-term financial targets EPS Growth Leverage >10% 2.0-3.0 Net debt/EBITDA 3-year average annual growth rate Unchanged CO2 emission Dividend Policy 25% reduction >70% in C02e/MSEK Net Sales in the coming 3-year period. Dividend policy pay out of net profit depending on the financial position Tow
Slide 20: Committed to long-term sustainable growth
Committed to long-term sustainable growth Trends Today Potential Climate reduction increasingly important Launch of in-house takeback Sell refurbished products online in procurement Advantage in tenders Use data to help customers make Demand for circular products and sustainable choices
Slide 21: Our path to decrease our CO2 impact
Our path to decrease our CO2 impact Our main levers – share of total improvement 25% reduction in CO2e/ MSEK Net Sales until FY25/26 Expanding services such as managed services and takeback. 61 ~25% 56 54 Promoting solutions and products with lower 100% 1 311 642 t CO2e, negative environmental impac
Slide 22: Our mission, vision, guiding direction and promise
Our mission, vision, guiding direction and To provide the right IT solution, to the right customer and user. promise Mission At the right time. At the right price. Vision To help our customers stay in the forefront Guiding direction Enabling the circularity movement List 5 Rows Promise We keep thing
Slide 23: Thank you
Thank you © Dustin