Dustin (DUST) Q3 25/26 earnings summary

Executive summary

• Organic net sales grew 2.6% year-over-year, driven by strong public sector demand and pre-buying amid component shortages, while discontinued consumer business weighed on SMB growth.

• Gross margin improved to 14.4% from 13.4% year-over-year, supported by higher pricing and efficiency measures.

• Adjusted EBITA/EBITDA margin rose to 2.3% from 1.4%, reflecting operational improvements.

• Cash flow from operating activities improved to SEK 259 million from SEK -139 million last year.

• Leverage (net debt/EBITDA) reduced to 2.3x from 4.1x, well within the 2–3x target range.

Financial highlights

• Net sales increased to SEK 5,225 million from SEK 5,089 million year-over-year, supported by public sector and pre-buying to secure pricing and availability.

• Gross profit rose to SEK 750 million from SEK 680 million, with margin gains attributed to pricing and LCP improvements.

• SEK 800 million non-cash impairment recognized due to exit from non-standardized services, mainly in SMB.

• Efficiency measures expected to deliver SEK 80 million in annual savings, with full effect from Q4.

• Net working capital improved to SEK -182 million from SEK 261 million last year.

Outlook and guidance

• Component shortages expected to persist, leading to higher prices and tighter supply into 2027, especially in low- and mid-range PCs.

• Pre-buying by customers creates uncertainty in future demand timing.

• Focus remains on executing strategic initiatives, improving profitability, and sustainable growth through standardized, scalable services.