Dustin (DUST) Q4 25/26 earnings summary

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.