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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Dustin
Dustin (DUST) investor relations material
Dustin Q4 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 25/26 earnings summary14 Oct, 2026
Executive summary
Q4 net sales fell 4.8% to SEK 4,813m; organic growth was -5.0%, or -3.0% excluding the discontinued consumer business.
Q4 adjusted EBITA rose to SEK 110m from SEK 83m, with margin up to 2.3% from 1.6%, as higher gross margin and efficiency savings offset lower sales.
Full-year net sales increased 2.9% to SEK 21,006m and adjusted EBITA rose to SEK 413m from SEK 286m; an SEK 800m non-cash impairment contributed to a SEK 799m net loss.
Financial highlights
Q4 gross margin rose to 13.2% from 12.7%; adjusted EBITDA margin improved to 2.3% from 1.6%.
Q4 cash flow was -SEK 291m versus -SEK 1.2bn; cash flow before net working capital changes was +SEK 168m, while net working capital reduced cash flow by SEK 374m.
Full-year operating cash flow was SEK 695m versus -SEK 74m; reported cash flow was SEK 337m versus -SEK 222m.
Full-year gross profit was SEK 2,830m versus SEK 2,768m; gross margin was 13.5% versus 13.6%.
Outlook and guidance
Component shortages are expected to sustain higher prices and constrain availability into 2027; higher prices may weigh on workplace demand.
Priorities include profitable SMB growth, local execution, pricing discipline, completing the non-standardized services phase-out, and further efficiency measures.
Annual savings from measures implemented at the start of Q3 are ~SEK 80m, with full effect in Q4.
AI-related offerings, modern IT infrastructure and security needs are planned areas of investment; management expects no negative inventory-related gross-margin impact in Q1.
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Latest events from Dustin
- Organic growth, margin gains, and strong cash flow offset by SEK 800m impairment from service exit.DUST
Q3 25/26 - Organic growth and improved cash flow offset margin pressure and SMB decline.DUSTQ2 25/26
- Strong LCP-driven growth and cash flow, but margin pressure and market risks persist.DUSTQ1 25/26
- Q4 saw organic growth and margin gains, but the year closed with a large net loss.DUSTQ4 24/25
- Sales and margins declined, but a SEK 1,240m rights issue and B2B focus improved leverage.DUSTQ3 24/25
- Sales and margins declined, but efficiency gains and IT upgrades are expected to drive recovery.DUSTQ4 2024
- Sales and margins declined, but cash flow and leverage improved; recovery expected in 2024.DUSTQ3 2024
- Sales up 4.5%, but SEK 2.5B impairment and weak margins prompt SEK 1.25B rights issue.DUSTQ2 2025
- Sales and earnings fell sharply amid weak demand and IT platform transition; cost cuts ongoing.DUSTQ1 2025
Next Dustin earnings date
Q1 26/2713 Jan, 2027
Dustin
Next Dustin earnings date
Q1 26/2713 Jan, 2027
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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.