Dustin Group Ab · OMXSTO:DUST
Dustin Group Ab — Q1 2026 Earnings Presentation
20 slides from Dustin Group Ab's earnings presentation, Jan 14, 2026
Slide 1: Q1 2025/26
Q1 2025/26 January, 2026 dustingroup.com
Slide 2: Organic growth and lower leverage in a continued uncertain market
Organic growth and lower leverage in a continued uncertain market Financial Highlights Net sales and adjusted EBITA margin Net sales was 5,487 MSEK (4,782), corresponding to a growth of 14.7% • Organic growth was 18.1%, of which SMB -3.3% and LCP 28.4% 7 000 16% • Around 8 pp of the growth explained
Slide 3: Organic growth driven by LCP and a weak comparison quarter
Organic growth driven by LCP and a weak comparison quarter Organic growth of 18.1% year-on-year Group organic net sales growth Q1 • Signs of market recovery with gradually increasing demand – Around 8% of the growth is related to shift in sales between ~11% 18.1% comparison quarters due to the imple
Slide 4: LCP – Strong growth driven by structural market drivers and weak comps
LCP – Strong growth driven by structural market drivers and weak comps Net sales growth in LCP of 24.4% year-on-year Net sales and segment margin • Organic growth was 28.4% Segment result increased to 70 MSEK (11) • Segment margin increased to 1.7% (0.3) 5 000 8% Strong growth due to structural driv
Slide 5: SMB – Negative growth but signs of stabilisation
SMB – Negative growth but signs of stabilisation Net sales decline in SMB of 5.3% year-on-year Net sales and segment margin • Organic growth of -3.3% Segment result was 53 MSEK (50) 2 000 10% • Segment margin increased slightly to 3.6% (3.2) 1,553 Continued weak sales development 1,470 8% 1 500 Segm
Slide 6: Reduced leverage due to lower net debt and improved result
Reduced leverage due to lower net debt and improved result Reduced leverage to 3.1x Quarter-on-quarter leverage development – Leverage of 3.1 (5.2)x, corresponding to 3.3 (5.4)x according to the old definition – Improved operational result driven by higher volumes and 4.3x lower cost structure -0.4
Slide 7: Strong cash flow from operations driven by changes in net working capital
Strong cash flow from operations driven by changes in net working capital Cash flow development driven by changes in working capital Changes in Cash Flow Y/Y • Cash flow from operating activities, before changes in working capital, decreased slightly due to higher taxes paid MSEK Q1 Q1 Q1 2025/26 20
Slide 8: Lower net working capital due to lower inventory and receivables
Lower net working capital due to lower inventory and receivables Net working capital improved due to targeted activities Net working capital • Net working capital decreased to 139 MSEK (267), mainly due to lower inventory and stable trade receivables MSEK 600 1.1% • Inventory decreased by 297 MSEK t
Slide 9: Summary of the first quarter 2025/26
Summary of the first quarter 2025/26 Organic net sales growth of 18.1% • Net sales growth of 14.7% • Growth driven by strong LCP development and a weak comparison quarter Gross margin at 13.1% (14.3) • Margin pressure from strong public sector growth, a high share of PC sales and continued price pre
Slide 10: Restoring performance and realising our potential
Restoring performance and realising our potential Current state • Strong position in all our markets • Several improvement measures implemented during the last year • Continued challenging situation and financial performance • Uncertainties in the market development Focus going forward • Strengthen
Slide 11: Corporate presentation
Corporate presentation C Dustin
Slide 12: Dustin at a glance
Dustin at a glance 150,000+ hardware and software products… …primarily sold online… Net sales SEK Software and Services million ~13% Hardware: Clients 25,000 Servers Offline ~40% 20,000 15,000 10,000 Software: OS SaaS 5,000 0,000 Hardware Online ~87% Services: Financing Cloud solutions ~60% Refers t
Slide 13: 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 14: Dustin – the aggregator and destination
Dustin – the aggregator and destination Dustin’s services Hardware, software Hardware, software LCP (Large Corporate and Public) & services & services Distributors ~10,000 active customers List 5 Rows SMB (Small and Medium Sized Businesses) + 3.500 Dustin’s products ~100,000 active customers active
Slide 15: 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 16: 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 Dividend Policy >70% Dividend policy pay out of net profit depending on the financial position Supporting targets for EPS growth Organic net sales growth Segment margin SMB: 8% 3-year avg
Slide 17: Committed to long-term sustainable growth
Committed to long-term sustainable growth Trends Today Potential Climate reduction increasingly important Climate targets approved by SBTi Expand sales of refurbished products in procurement online In-house takeback centres Demand for circular products and Offer circular solutions that a
Slide 18: Scope 1 and 2 climate transition plan
Scope 1 and 2 (2024/25) Scope 1 and 2 climate transition plan 0.1% of total emissions -50% -45% -10% Electrification of car fleet Electrification of truck -45% 2,140 tonnes CO2e fleet and transition to HVO Renewable electricity and 1,070 tonnes CO2e guarantees of origin Baseline 2023/24 Scope 1 Scop
Slide 19: 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 20: Thank you
Thank you © Dustin