Duni (DUNI) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 3.1% to SEK 2,033m, including 1.7% organic growth and 2.0% growth in fixed currencies; Australia and European own-brand products supported sales.

• Operating income fell to SEK 133m from SEK 168m, with logistics transition costs, higher freight and fuel costs, and weaker European product mix weighing on results.

• Backlogs were eliminated and operations stabilized; transfer of remaining German volumes is expected to finish in Q4.

Financial highlights

• Q3 operating margin was 6.5% vs 8.5%; gross margin was 22.3% vs 25.2%. Logistics transition costs were ~SEK 25m, including double warehousing and higher freight.

• Q3 net income was SEK 32m vs SEK 112m and EPS was SEK 0.70 vs SEK 2.23; financial net was SEK -48m vs SEK 14m.

• 9M net sales were SEK 5,620m vs SEK 5,720m; operating income was SEK 297m vs SEK 398m, with margin of 5.3% vs 7.0%.

• Q3 operating cash flow was SEK 44m vs SEK 229m; working capital used SEK 106m, including receivables up SEK 110m and inventory up SEK 55m.

• 9M operating cash flow was SEK -73m vs SEK 260m; cash flow including investing activities was SEK -295m vs SEK -42m.

Outlook and guidance

• Remaining German logistics volumes are expected to transfer before year-end; transition costs are expected to decline over coming quarters.

• Freight-cost effects are expected to ease as truck fill rates improve and forwarder costs are reduced; transportation costs remain a priority.

• Once logistics stabilize, working capital is expected to generate cash in Q4; inventory reduction remains a priority.

• Sales and administration efficiency measures are expected to deliver SEK 34m in annual savings, with full effect from Q4 2026; a stronger operational platform is expected entering 2027.