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Investor Relations14 Oct 2025
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Dustin Group (DUST) investor relations material
Dustin Group Q4 24/25 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 24/25 earnings summary8 Oct, 2025
Executive summary
Q4 organic growth was 3.6%, driven by LCP segment performance and market stabilization in the Nordics, while SMB remained negative; full-year organic growth was -3.3% due to ongoing challenges, especially in SMB and Benelux.
Adjusted EBITA margin improved to 1.6% in Q4 from 0.6% year-over-year, mainly due to completed efficiency measures and cost reductions, but full-year margin declined to 1.4% from 2.6%.
Strategic focus shifted to B2B and standardized services, with the consumer business closed and a new organization implemented to accelerate strategy.
Updated sustainability targets, approved by SBTI, aim for significant emissions reductions, increased circularity, and social impact initiatives.
A SEK 2,500 million goodwill impairment led to a full-year EBIT of SEK -2,523 million and a net loss of SEK -2,631 million.
Financial highlights
Q4 net sales were SEK 5,056 million (+1.4% YoY), with gross profit at SEK 642 million and gross margin at 12.7% (down from 12.9%); full-year net sales were SEK 20,407 million (-5% YoY).
Q4 adjusted EBITA was SEK 83 million (1.6% margin), up from SEK 28 million (0.6% margin); full-year adjusted EBITA was SEK 286 million (SEK 551 million prior year).
Q4 profit was SEK 3 million (SEK -83 million prior year); full-year loss was SEK -2,631 million (SEK 53 million prior year).
Cash flow from operating activities was SEK -73 million in Q4 (improved from SEK -355 million prior year); full-year was SEK -74 million (SEK 147 million prior year).
Leverage ended at 4.3x, up from 4.0x last year.
Outlook and guidance
Market stabilization is expected to continue, especially in the Nordics, with larger customers driving demand due to Windows 11 upgrades and structural trends.
Working capital and inventory levels are targeted for reduction in the coming quarters, with management expecting improved cash flow and working capital in Q1.
Strategic transformation continues with a focus on B2B and standardized services; medium-term targets include >10% EPS growth (3-year average), leverage of 2.0–3.0x Net debt/EBITDA, and >70% dividend payout ratio.
No dividend proposed for 2024/25.
Deleveraging path to target net debt?
How will B2B focus boost SMB organic growth?
Strategy for Netherlands' margin pressure?
What drives SMB hardware refresh delays?
Netherlands market: competitive landscape outlook?
Are long-term financial targets still valid?
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Next Dustin Group earnings date
Q1 25/2614 Jan, 2026
Next Dustin Group earnings date
Q1 25/2614 Jan, 2026
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Frequently asked questions
Dustin Group is one of the largest e-commerce companies in the Nordic region, with operations in Sweden, Denmark, Norway and Finland. The company offers private and business customers a wide range of IT products and services. Dustin's operating income during 2017 was over SEK 11 billion and the customer base exceeded 1.8 million customers. At the end of Q2 2018, almost 1,400 people worked at Dustin. Dustin Group was founded in 1984 and is headquartered in Nacka Strand, Sweden.
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