Dustin (DUST) Q2 25/26 earnings summary

Executive summary

• Organic net sales growth of 4.4% year-over-year, driven by strong public sector demand and advanced orders, while the exit from the consumer business and weak non-standard services impacted SMB performance.

• Gross margin decreased to 13.2% from 13.9% last year, mainly due to higher public sector sales and price pressure, especially in the Netherlands.

• Adjusted EBITDA/EBITA was SEK 103 million (down from SEK 110 million), with efficiency measures and cost-saving initiatives offsetting lower gross profit.

• Cash flow from operating activities improved to SEK 258 million from SEK 180 million, mainly due to improved net working capital.

• Leverage (net debt/EBITDA) reduced to 2.7x from 5.7x last year, now within the 2x-3x target range.

Financial highlights

• Net sales were SEK 5,481 million, nearly flat year-over-year, with organic growth of 4.4%.

• Gross margin at 13.2%, down from 13.9% last year.

• Adjusted EBITDA/EBITA stable at SEK 103 million (vs. SEK 110 million last year); margin at 1.9%.

• Operating cash flow reached SEK 258 million, up from SEK 180 million.

• CapEx was SEK 92 million, with SEK 39 million affecting cash flow, mainly for IT development.

Outlook and guidance

• Market stabilization observed, but ongoing uncertainty due to geopolitical and economic factors.

• Continued volatility expected from component shortages, with anticipated price increases and limited availability for lower and mid-end products.

• SEK 80 million in annual cost savings targeted, with full effect from Q4.

• Focus remains on profitable growth, cost optimization, and transformation towards standardized, scalable services.