Slides
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Q1 2025/26 January, 2026 dustingroup.com
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Financial Highlights Net sales was 5,487 MSEK (4,782), corresponding to a growth of 14.7% • Organic growth was 18.1%, of which SMB -3.3% and LCP 28.4% • Around 8 pp of the growth explained by a weak comparison quarter • Increased demand among public sector and larger enterprises Gross profit was 721 MSEK (683) • Gross margin amounted to 13.1% (14.3) • Margin pressure from strong public sector growth, a high share of PC sales and continued price pressure in the Netherlands Adjusted EBITA was 83 MSEK (21) • Adjusted EBITA margin was 1.5% (0.4) Cash flow from operating activities was 381 MSEK (-42), driven by strong net working capital development Leverage was 3.1x (5.2) in the past 12-month period, corresponding to 3.3x (5.4) according to the old definition Operational Highlights Updated climate targets approved by Science Based Targets initiative (SBTi) Organic growth and lower leverage in a continued uncertain market Net sales and adjusted EBITA margin 4,782 5,487 0.4% 1.5% 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q1 2024/25 Q1 2025/26 Adjusted EBITA margin MSEK Net sales Adjusted EBITA margin 2
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Organic growth driven by LCP and a weak comparison quarter 3 Organic growth of 18.1% year-on-year • Signs of market recovery with gradually increasing demand – Around 8% of the growth is related to shift in sales between comparison quarters due to the implementation of the shared IT platform in Benelux in the first quarter last year. This will also affect the second quarter comparison – Underlying growth within LCP mainly related to public sector migration to Windows 11, driving strong PC sales – SMB customers remained cautious, resulting in slight negative growth • A shortage of memory components in 2026 could negatively influence market developments going forward Q1 24/25 Comparables LCP underlying SMB underlying Q1 25/26 Group organic net sales growth Q1 ~8% ~11% 18.1% ~-1%
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Net sales growth in LCP of 24.4% year-on-year • Organic growth was 28.4% Segment result increased to 70 MSEK (11) • Segment margin increased to 1.7% (0.3) Strong growth due to structural drivers and weak comps • Increased demand, mainly in the public sector driven by PC upgrades related to Windows 11 migration • Strong growth in Benelux due to larger roll-outs among both existing and new customers, and the effect of a weak comparison quarter Higher segment margin despite gross margin pressure • Lower gross margin due to continued price pressure in specific agreements in the Netherlands and a high share of PC sales • Completed efficiency measures contributed to a lower cost base • Improved profitability in takeback and private label products had a positive margin impact LCP – Strong growth driven by structural market drivers and weak comps Net sales and segment margin 3,228 4,017 0.3% 1.7% 0% 2% 4% 6% 8% 0 1 000 2 000 3 000 4 000 5 000 Q1 2024/25 Q1 2025/26 Segment margin MSEK Net sales Segment margin 4
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Net sales decline in SMB of 5.3% year-on-year • Organic growth of -3.3% Segment result was 53 MSEK (50) • Segment margin increased slightly to 3.6% (3.2) Continued weak sales development • Demand has stabilised at a low level, customers remained cautious due to the continued market uncertainty • Share of software and services sales decreased to 10.7% (12.4), mainly due to our strategic focus on standardised services Slightly improved segment margin • Improved gross margin year-on-year, due to strong price discipline • Efficiency measures contributed to a lower cost base SMB – Negative growth but signs of stabilisation Net sales and segment margin 1,553 1,470 3.2% 3.6% 0% 2% 4% 6% 8% 10% 0 500 1 000 1 500 2 000 Q1 2024/25 Q1 2025/26 Segment margin MSEK Net sales Segment margin 5
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Reduced leverage due to lower net debt and improved result 6 Reduced leverage to 3.1x – Leverage of 3.1 (5.2)x, corresponding to 3.3 (5.4)x according to the old definition – Improved operational result driven by higher volumes and lower cost structure – Strong cashflow, supported by higher profitability and, in particular, targeted actions to improve net working capital – Net debt definition updated, eliminating leasing related to service delivery of SEK 107 million (136) to better reflect the company's financial risk Quarter-on-quarter leverage development 3.1x3.3x-0.4 -0.1-0.5 0.0 4.3x -0.2
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Cash flow development driven by changes in working capital • Cash flow from operating activities, before changes in working capital, decreased slightly due to higher taxes paid • Strong cash flow from changes in working capital, mainly due to targeted activities to reduce inventory and active efforts to settle receivables from previous periods • Cash flow from investing activities and financing activities slightly lower compared to last year Reduced level of capex in the quarter • Total investments decreased to 46 MSEK (73), of which 41 MSEK (45) affecting cash flow • Capex related to IT development decreased to 36 MSEK (40), and affecting cash flow Strong cash flow from operations driven by changes in net working capital Changes in Cash Flow Y/Y 7 MSEK Q1 2025/26 Q1 2024/25 Q1 y/y change Cash flow from operating activities before changes in working capital 9 20 -11 Changes in working capital 373 -62 435 Cash flow from operating activities 381 -42 423 Cash flow from investing activities -41 -45 4 Cash flow from financing activities -51 -62 11 Cash flow for the period 289 -149 438
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Net working capital improved due to targeted activities • Net working capital decreased to 139 MSEK (267), mainly due to lower inventory and stable trade receivables • Inventory decreased by 297 MSEK to 863 MSEK (1,160) year-on- year, mainly due to targeted efforts to reduce levels • Accounts payable increased slightly compared to last year, impacted by higher sales activity • Accounts receivable was stable despite higher volumes, reflecting active efforts to settle receivables from previous periods • Long-term target level for net working capital of around -100 MSEK Lower net working capital due to lower inventory and receivables Net working capital -1.1% -0.8% -3.1% -1.9% 0.0% -0.1% 0.4% 1.1% -600 -400 -200 0 200 400 600 NWC Average LTM NWC as % of LTM sales 8 MSEK
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9 Organic net sales growth of 18.1% • Net sales growth of 14.7% • Growth driven by strong LCP development and a weak comparison quarter Gross margin at 13.1% (14.3) • Margin pressure from strong public sector growth, a high share of PC sales and continued price pressure in the Netherlands Adjusted EBITA margin of 1.5% (0.4) • Improvement primarily driven by efficiency measures implemented, a weak comparison quarter and higher sales volume Leverage was 3.1x (5.2) in the past 12-month period Market outlook Signs of market recovery with gradually increasing demand A shortage of memory components in 2026 could negatively influence market developments going forward Summary of the first quarter 2025/26 9
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Restoring performance and realising our potential 10 Current state • Strong position in all our markets • Several improvement measures implemented during the last year • Continued challenging situation and financial performance • Uncertainties in the market development Focus going forward • Strengthen sales and customer focus • Increase the pace of strategy execution • Continue to drive efficiency improvements
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Corporate presentation
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150,000+ hardware and software products… Hardware ~87% Hardware: Software: Services: Software and Services ~13% Refers to the financial year 2024/25 Clients Servers OS SaaS Cloud solutionsFinancing Net sales…primarily sold online… Online ~60% Offline ~40% Refers to the financial year 2024/25 …across the Nordics and Benelux… Finland ~9% Netherlands ~38% Sweden ~25% Denmark ~7% Norway ~15% ** R12 refers to 12 month rolling Dustin at a glance …to B2B customers Adjusted EBITA and margin, R12** 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 8,0% 0 100 200 300 400 500 600 700 800 900 1 000 SEK million * Refers to pro forma including Centralpoint Belgium ~6% Refers to the financial year 2024/25 Refers to the Nordics in the financial year 2024/25 * Refers to pro forma including Centralpoint 12 0,000 5,000 10,000 15,000 20,000 25,000 SEK million ~ 2 million orders annually SMB LCP Full assortment Large roll-outs, volume services, takeback SEK 10,000 SEK 15,000 Customers Offering Avg. order 72% 28% % net sales
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List 5 Rows 0 2 4 6 8 10 12 14 16 18 20 22 24 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net sales (BnSEK) Founders phase - mail order sales of B2B hardware and development of online platform Nordic expansion and additional services 1984 – 2006 2007 – 2014 IPO and Strategy for continued growth 2015 - 2020 European expansion 2021 Long and strong history of European expansion 13
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List 5 Rows LCP (Large Corporate and Public) ~10,000 A large number of suppliers… needs an aggregator with a strong brand to interact with… a large number of customers. Dustin – the aggregator and destination SMB (Small and Medium Sized Businesses) ~100,000 Hardware, software & services active customers active customers 6 + 3.500 14 active customers Hardware, software & services Dustin’s services Distributors Dustin’s products
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Multi-channel approach to drive growth and margins Three tiered sales model Medium AdvancedBasic Customer needs Online ~60% of net sales Offline ~40% of net sales @ @ @ @ Server Stand-alone services and solutions Advanced products Basic products Cloud solutions MPS1) Financing Higher gross margin Product portfolio Medium AdvancedBasic Customer needs SaaS Consultative sales Outbound sales Online sales 15
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Medium-term financial targets EPS Growth >10% 3-year average annual growth rate Leverage 2.0-3.0 Net debt/EBITDA Dividend Policy >70% Dividend policy pay out of net profit depending on the financial position Supporting targets for EPS growth Organic net sales growth SMB: 8% 3-year avg LCP: 5% 3-year avg Segment margin SMB >6.5% FY25/26 LCP >4.5% FY25/26 16
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Committed to long-term sustainable growth PotentialTrends Today Climate reduction increasingly important in procurement Demand for circular products and solutions Responsibility and transparency in value chain management Climate targets approved by SBTi In-house takeback centres Sustainability linked loan connected to two KPIs: CO 2e per shipment and number of takebacks. Discount of -2,5 bps on margin if the two KPIs are reached Full value chain approach, incl. Scope 3 External integrated reporting, same level for sustainability as financial auditing, CSRD compliant Expand sales of refurbished products online Offer circular solutions that add clear customer value Use data to help customers make sustainable choices LCP customer expectations driving change within SMB Given our position and size in our market we can have a positive impact in the entire value chain Sustainability is becoming an integral part of buying IT Strong ambitions with tangible steps towards the 2029/30 targets Making sustainable IT easy for our customers and contributing to margin development 17
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Electrification of car fleet Electrification of truck fleet and transition to HVO Baseline 2023/24 Scope 1 Scope 1 Scope 2 Target year 2029/30 Scope 1 and 2 (2024/25) 0.1% of total emissions Scope 3 (2024/25) 99.9% of total emissions 2,140 tonnes CO2e -45% -10% -45% Renewable electricity and guarantees of origin 1,070 tonnes CO2e Scope 1 and 2 climate transition plan Climate transition plan for Scope 3 358 tonnes CO2e per adjusted EBITDA + personnel costs 173 tonnes CO2e per adjusted EBITDA + personnel costs -2.0% External factors Increased share of purchases from suppliers with SBTi targets Increased share of sales of services and software Increased share of sales of product lifecycle services Increased share of sales of reused products Optimised sales for sustainability -55.3% -6.5% -7.9% -21.8% -6.5% -50% -51.6% Baseline 2023/24 Target year 2029/30
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List 5 Rows Our mission, vision, guiding direction and promise To provide the right IT solution, to the right customer and user. At the right time. At the right price. Mission To help our customers stay in the forefront Enabling the circularity movement We keep things moving Vision Guiding direction Promise 19
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Thank you