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Dustin Group
Dustin Group (DUST) investor relations material
Dustin Group Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 25/26 earnings summary14 Jan, 2026
Executive summary
Net sales increased 14.7% year-over-year to SEK 5,487 million, with organic growth of 18.1% driven by strong LCP segment performance and a weak comparison quarter.
Adjusted EBITA/EBITDA rose to SEK 83 million from SEK 21 million, with margin up to 1.5% from 0.4% last year.
Cash flow from operating activities improved to SEK 381 million from -SEK 42 million, reducing leverage to 3.1x net debt/EBITDA from 5.2x.
Gross margin declined to 13.1% from 14.3% due to public sector growth, high PC sales, and price pressure in the Netherlands.
Updated sustainability/climate targets approved by the Science Based Targets initiative.
Financial highlights
Gross profit increased to SEK 721 million from SEK 683 million year-over-year.
Operating profit (EBIT) was SEK 6 million (from SEK -52 million), including SEK -37 million in non-recurring items.
Net working capital reduced to SEK 139 million from SEK 267 million, mainly due to lower inventory.
CapEx for the quarter was SEK 46 million, mainly for IT development.
Cash flow from operating activities per share was SEK 0.28 (from SEK -0.05).
Outlook and guidance
Signs of market recovery, especially in public sector and large enterprises, but SMB demand remains cautious.
Continued market uncertainty expected into 2026, particularly due to anticipated memory component shortages.
Structural drivers like Windows 11 migration and AI-optimized PCs expected to support future demand.
Proactive measures in place to mitigate supply chain risks.
Focus remains on strengthening sales, executing strategy, and driving efficiency improvements.
SMB segment: Path to positive organic growth?
Gross margin decline: How to sustain EBITA growth?
Memory component shortage: Mitigation strategy?
Memory shortage: What mitigation actions are planned
Standardized services: What is the execution timeline
Net working capital: Path to -SEK 100M target
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Next Dustin Group earnings date
Q2 25/2615 Apr, 2026
Dustin Group
Next Dustin Group earnings date
Q2 25/2615 Apr, 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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