Interim report
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1 | Fourth quarter 2025/26 | Dustin Group AB Year-end report September 1, 2025 – August 31, 2026 Q4
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2 | Fourth quarter 2025/26 | Dustin Group AB Year-end report, September 2025 – August 2026 "Improved profitability through a more streamlined and customer centric business" Fourth quarter • Net sales decreased by 4.8 per cent to SEK 4,813 million (5,056). • Organic sales growth amounted to -5.0 per cent (3.6), of which LCP accounted for -4.7 per cent (7.0) and SMB -6.1 per cent (-6.3). Adjusted for the discontinuation of the consumer business, organic growth for SMB was 3.4 per cent. • The gross margin amounted to 13.2 per cent (12.7). • Adjusted EBITA amounted to SEK 110 million (83), corresponding to an adjusted EBITA margin of 2.3 per cent (1.6). • Operating profit (EBIT) amounted to SEK 75 million (21). Items affecting comparability of SEK -1 million (-12) affected operating profit. • Profit for the quarter amounted to SEK 32 million (3). • Earnings per share before and after dilution amounted to SEK 0.02 (0.00). • Cash flow from operating activities amounted to SEK -204 million (-73). • At the end of the period, net debt in relation to adjusted EBITDA over the past 12-month period was 2.8 (4.1) times. September 2025-August 2026 • Net sales increased by 2.9 per cent to SEK 21,006 million (20,407). • Organic sales growth amounted to 4.8 per cent (- 3.3), of which LCP accounted for 9.6 per cent (-2.6) and SMB -8.0 per cent (-5.0). Adjusted for the discontinuation of the consumer business, organic growth for SMB was -2.4%. • The gross margin was 13.5 per cent (13.6). • Adjusted EBITA amounted to SEK 413 million (286), corresponding to an adjusted EBITA margin of 2.0 per cent (1.4). • Operating profit (EBIT) amounted to SEK -646 million (-2,523), including a non-cash impairment of mainly goodwill of SEK -800 million (-2,500), mainly related to the discontinuation of our non- standard services. Items affecting comparability of SEK -114 million (-85) affected operating profit. • Profit for the year amounted to SEK -799 million (-2 631). • Earnings per share before dilution amounted to SEK -0.59 (-2.92). Earnings per share before impairment amounted to SEK 0.00. • Cash flow from operating activities amounted to SEK 695 million (-74). • [The Board of Directors proposes that no dividend be paid for the financial year 2025/26.] Financial key ratios Q4 Q4 Full-year Full-year All amounts in SEK million, unless otherwise indicated 25/26 24/25 25/26 24/25 Net sales 4,813 5,056 21,006 20,407 Organic sales growth (%) -5.0 3.6 4.8 -3.3 Gross margin (%) 13.2 12.7 13.5 13.6 Adjusted EBITA 110 83 413 286 Adjusted EBITA margin (%) 2.3 1.6 2.0 1.4 Operating profit (EBIT) 75 21 -646 -2,523 Profit/loss for the period 32 3 -799 -2,631 Items affecting comparability -1 -12 -114 -85 Earnings per share before and after dilution (SEK) 0.02 0.00 -0.59 -2.92 Cash flow from operating activities -204 -73 695 -74 Net debt/adjusted EBITDA (multiple) - - 2.8 4.1 Return on equity (%) - - neg neg
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3 | Fourth quarter 2025/26 | Dustin Group AB Improved profitability through a more streamlined and customer centric business The fourth quarter concluded a year in which we implemented extensive changes to build a stronger and more focused Dustin. In the quarter, sales declined, partly due to orders being brought forward to the preceding quarter and, to some extent, subdued demand resulting from higher price levels. Despite the lower sales, profitability improved, mainly as a result of a lower cost base following implemented efficiency measures. A stronger and more focused business During the year, we implemented several important measures to strengthen Dustin's long-term competitiveness. We are now fully focused on B2B customers and have established a new sales organisation with clearer local responsibility in the Nordics and Benelux. At the same time, we have implemented efficiency measures that reduce our cost base and continued the transition towards a more standardised and scalable service offering. The cost- cutting measures implemented at the beginning of the third quarter had full effect in the fourth quarter and correspond to annual cost savings of approximately SEK 80 million. Changed purchasing patterns affect sales The shortage of memory components has led to higher prices and a more limited product range, which has affected customers' purchasing patterns during the year. In both the second and third quarters, we saw some customers bring forward investments to secure supply and price levels, which had a negative impact on demand in the fourth quarter. Organic growth for the Group amounted to -5.0 per cent, corresponding to -3.0 per cent adjusted for the discontinuation of the consumer business. In LCP, sales decreased compared with the previous year. The decline is mainly explained by orders being brought forward to the second and third quarters, particularly in the public sector. At the same time, profitability improved somewhat through active management of existing contracts and greater discipline in selecting new business. Improved development in SMB In SMB, organic growth was positive, adjusted for the effect of the discontinued consumer business, mainly driven by positive performance in hardware and software in the Nordics. Implemented efficiency measures and the ongoing phase-out of non- standardised services also contributed to improved profitability. With a strong position in the Nordics as a foundation, the ambition is to continue developing the SMB business and strengthen our sales efforts. The transformation of the service business continues towards a more standardised and scalable offering, with a focus on further strengthening profitability. Continued focus on margin and cash flow The gross margin improved slightly during the quarter and was positively impacted by higher price levels and efforts to improve profitability in the customer and contract portfolio. At the same time, the implemented efficiency measures resulted in a lower cost base. Overall, this resulted in adjusted EBITA increasing to SEK 110 million (83). Cash flow from operating activities amounted to SEK - 204 million (-73). Working capital, which is normally seasonally higher in the fourth quarter, improved significantly compared to the previous year. Net debt in relation to adjusted EBITDA was 2.8 times (4.1) at the end of the quarter, which remains within our target range of between 2.0–3.0 times. IT security incident after the end of the quarter At the beginning of September, we identified unauthorised access to some of our internal IT systems. We acted immediately to contain the incident, which included temporarily shutting down parts of our systems. Order flows resumed after a few days and after about a week, all websites and customer portals for placing orders were operating normally again. Priorities going forward We enter the new financial year with an organisation with clearer local responsibility and closer customers relationships, a stable financial position, a lower cost base and a more focused offering, important building blocks for a stronger Dustin. At the same time, the market situation remains uncertain, with component shortages driving higher prices, which in turn are expected to impact demand. Our priorities remain unchanged. We will continue to strengthen our sales efforts and customer relationships and develop a more profitable and scalable SMB business. We will invest in resources and offering development to take advantage of the opportunities in AI and meet the need for modern IT infrastructure, including IT security and lifecycle services. Together with continued cost discipline, this creates the conditions for gradually strengthening profitability and creating long-term value for customers and shareholders. Nacka, October 2026, Samuel Skott President and CEO
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4 | Fourth quarter 2025/26 | Dustin Group AB Financial overview Income statement items and cash flow are compared with the corresponding period in the preceding year. Balance sheet items pertain to the position at the end of the period and, unless otherwise stated, are compared with the corresponding time last year. The quarter pertains to June 2026 – August 2026. Fourth quarter Net sales Net sales decreased by -4.8 per cent and amounted to SEK 4,813 million (5,056) in the quarter. Organic growth amounted to -5.0 per cent (3.6), of which LCP accounted for -4.7 per cent (7.0) and SMB -6.1 per cent (-6.3). Exchange rate fluctuations had a positive impact of 0.2 per cent (-2.2). The discontinuation of the consumer business had a negative impact on growth in the quarter, adjusted for this, organic growth for the Group was -3.0 per cent. For more information, see derivation of alternative performance measures. Gross profit Gross profit amounted to SEK 634 million (642) and the gross margin to 13.2 per cent (12.7). The higher margin is mainly explained by higher price levels, continued efforts to improve profitability in the customer and contract portfolio and a continued more selective approach to new business. Adjusted EBITA Adjusted EBITA amounted to SEK 110 million (83), corresponding to an adjusted EBITA margin of 2.3 per cent (1.6). The change in earnings is mainly due to reduced sales and administrative expenses as a result of previously implemented efficiency measures. Adjusted EBITA excludes items affecting comparability of SEK -1 million (-12). Operating profit (EBIT) Operating profit amounted to SEK 75 million (21) and includes items affecting comparability. For further information, see Note 3 items affecting comparability. For reconciliation between adjusted EBITA and operating profit, see Note 2 Net sales and segment reporting. Financial items Financial items totalled SEK -27 million (-31) and are mainly explained by costs for external financing of SEK -26 million (-31), of which interest expenses including interest rate hedging amounted to SEK -19 million (-18). Other financial items amounted to SEK -1 million (0). Tax The reported tax effect for the quarter amounted to SEK -17 million (12). The tax expense was affected by the geographical profit mix between countries with different corporate tax rates. Profit/loss for the quarter Profit for the quarter amounted to SEK 32 million (3) and includes items affecting comparability of SEK -1 million (-12). Earnings per share amounted to SEK 0.02 (0.00) before and after dilution. Cash flow Cash flow before changes in working capital amounted to SEK 168 million (115). Cash flow from changes in working capital amounted to SEK -372 million (-188), which is mainly explained by a decrease in current liabilities. For further explanations about working capital, please refer to the section Net working capital. Cash flow from investing activities amounted to SEK - 40 million (-36) and pertained primarily to IT-related investments of SEK -25 million (-34). Further information can be found in Note 4 investments. Cash flow from financing activities amounted to SEK - 47 million (-1,061) and was mainly affected by repayment of lease liabilities of SEK -47 million (-49). The comparison quarter was affected by repayment of loans of SEK 1,005 million. Reported cash flow for the quarter amounted to SEK - 291 million (-1,170). Employees The average number of full-time employees was 1,856 compared with 2,045 in the fourth quarter of last year, where the decrease is mainly explained by implemented efficiency measures. Significant events during the fourth quarter On 16 June, Dustin announced the appointment of Anne Nillesen as EVP Relation Sales Benelux and member of Dustin’s Group Management. The appointment follows the change to the sales organisation, giving the Nordics and Benelux clearer regional responsibility for relation sales, with the aim of strengthening sales and customer relationships in each market.
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5 | Fourth quarter 2025/26 | Dustin Group AB Period 1 September 2025 – 31 August 2026 Net sales Net sales increased by 2.9 per cent and amounted to SEK 21,006 million (20,407). Organic growth amounted to 4.8 per cent (-3.3), of which LCP accounted for 9.6 per cent (-2.6) and SMB -8.0 per cent (-5,0). Exchange rate fluctuations had a negative impact of 1.9 per cent (1.6). For more information, see derivation of alternative performance measures. The discontinuation of the consumer business during the first quarter had a negative impact on growth during the year, adjusted for this, organic growth for the Group was 6.5 per cent. Gross profit Gross profit amounted to SEK 2,830 million (2,768) and the gross margin to 13.5 per cent (13.6). The slightly lower gross margin was mainly explained by price pressure in larger public sector framework agreements in the Netherlands during the first half of the year and weak performance in non-standardised services. The development was supported by higher price levels during the second half of the year, continuous efforts to improve profitability in the customer and contract portfolio, and a more selective approach to new business. Adjusted EBITA Adjusted EBITA amounted to SEK 413 million (286), corresponding to an adjusted EBITA margin of 2.0 per cent (1.4). The margin improvement is mainly due to higher gross profit and efficiency measures. Adjusted operating profit excludes items affecting comparability of SEK -114 million (-85), mainly related to restructuring costs, settlement of previously resolved civil cases and severance pay related to the former CEO. Operating profit (EBIT) EBIT amounted to SEK -646 million (-2,523) and includes items affecting comparability. EBIT was negatively impacted by a non-cash impairment of mainly goodwill of SEK -800 million (- 2,500). For further information, please refer to Note 3 items affecting comparability and Note 8 impairment of acquisition-related intangible assets. For reconciliation between adjusted EBITA and operating profit, see Note 2 Net sales and segment reporting. Financial items Financial items amounted to SEK -123 million (-179) and are mainly explained by external financing costs of SEK -125 million (-170), of which interest expenses including interest rate hedging of SEK -92 million (-131). The lower interest expenses are mainly explained by the repayment of loans carried out in the fourth quarter of last year. Other financial items amounted to SEK 2 million (-9). Tax Reported tax for the year amounted to SEK -30 million (70), corresponding to an effective tax rate of 3.8 per cent (-2.6). The effective tax rate was primarily impacted by the impairment of goodwill, which gives rise to a permanent tax difference as such impairments are generally not tax deductible. Profit for the year Profit for the year amounted to SEK -799 million (-2,631) and includes items affecting comparability of SEK -114 million (-85). Earnings per share amounted to SEK -0.59 (-2.92) before and after dilution. Cash flow Cash flow before changes in working capital amounted to SEK 388 million (256). Cash flow from operating activities amounted to SEK 695 million (-74). Cash flow from changes in working capital amounted to SEK 307 million (-331). For further explanations about working capital, please refer to the Net working capital section. Cash flow from investing activities amounted to SEK - 161 million (-169) and pertained primarily to IT-related investments of SEK -125 million (-156). Further information can be found in Note 4 investments. Cash flow from financing activities amounted to SEK - 197 million (21) and was mainly affected by amortization of the lease liability of SEK -189 million (- 202). Reported cash flow for the year amounted to SEK 337 million (-222). Net working capital Net working capital amounted to SEK 162 million (477) at year-end, a decrease of SEK 315 million compared with the previous year. The change is mainly due to a decrease in trade receivables of SEK 604 million, primarily as a result of focused efforts to settle receivables from previous periods. In addition, the year-on-year comparison is affected by the invoicing of major contracts within LCP at the end of the comparative quarter. Trade payables decreased by SEK 174 million and are attributable to the effect of the distribution of supplier payments between periods. SEK million 26-08-31 25-08-31 Inventory 1,030 1,086 Accounts receivable 2,683 3,287 Tax assets and other current receivables 840 720 Trade payables -3,167 -3,342 Tax liabilities and other current liabilities -1,224 -1,274 Net working capital 162 477
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6 | Fourth quarter 2025/26 | Dustin Group AB Net debt and cash and cash equivalents Net debt at year-end amounted to SEK 1,780 million (2,148), which corresponds to a decrease of SEK 369 million compared with the previous year. The decrease is mainly due to the increased cash balance as a result of the year's positive cash flow. Net debt at the end of the period in relation to adjusted EBITDA over the past 12-month period was 2.8 (4.1). For further information, see the section Definitions. SEK million 26-08-31 25-08-31 Liabilities to credit institutions 2,564 2,538 Interest-bearing receivables -110 -112 Financial leasing liabilities* 344 398 Cash and cash equivalents -1,018 -676 Net debt 1,780 2,148 *Excludes leasing related to service delivery of SEK 115 million (119). Nomination Committee 2025/2026 In accordance with the instructions for the Nomination Committee adopted by the Annual General Meeting, the following individuals were appointed as members of the Nomination Committee based on the ownership structure as of March 31, 2026. • Marie Ehrling, Axel Johnson AB, Chairman of the Nomination Committee • Oskar Börjesson, Skandia Fonder • Lise Børresen, DNB Asset Management • Mikael Olsson, Nordanland • Tomas Franzén, Chairman of Dustin's Board of Directors (co-opted) Shareholders who wish to submit proposals to the Nomination Committee can do so to the Nomination Committee's secretary by mail, Dustin Group AB, Att. Sara Hedblom, Box 1194, SE-131 27 Nacka Strand, Sweden, or by e-mail to valberedningen@dustin.com. Annual General Meeting 2025/2026 Dustin' s Annual General Meeting (AGM) will be held in Stockholm on December 16, 2026. Shareholders who wish to have a matter considered must submit a written request to the Board of Directors by October 28, 202, to ensure that the matter is included in the notice convening the AGM. Requests should be addressed to Dustin Group AB, Att. Charlotte Törnberg, Box 1194, SE- 131 27 Nacka Strand, Sweden, or by e-mail to charlotte.tornberg@dustin.com. Events after the balance sheet date [On September 3, Dustin announced that unauthorized access to certain internal IT systems had been identified. Measures were taken to limit the impact, including a temporary shutdown of certain systems and the company's website. On September 10, Dustin confirmed that all websites and customer portals for placing orders had been reopened and were fully functional.] The Parent Company Dustin Group AB (Corp. Reg. No. 556703-3062), which is domiciled in Nacka, Sweden, conducts only holding operations. Furthermore, the external financing is gathered in the Parent Company. Net profit for the year amounted to SEK 121 million (- 1,589). Profit is mainly driven by intra-group interest of SEK 128 million together with other financial items, of which external financing costs constitute the largest item. The share The parent company's share, with the ticker symbol DUST, has been listed on Nasdaq Stockholm since February 13, 2015 and belongs to the Mid Cap segment. On August 31, 2026, Dustin’s share price was SEK 1.87 per share (1.64), representing a total market capitalization of SEK 2,563 million (2,240). As of August 31, 2026, the company had a total of 12,856 shareholders (14,135). The Company's three largest shareholders were Axel Johnson Gruppen with 50.6 per cent, DNB Asset Management AS with 8.1 per cent and DNB Asset Management SA with 4.2 per cent. The total number of shares as of August 31, 2026 amounted to 1,372,250,312 shares (1,362,250,312), of which 1,357,484,132 are ordinary shares (1,357,425,312) and 14,766,180 are Class C shares held in treasury (4,825,000).
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7 | Fourth quarter 2025/26 | Dustin Group AB Review of business segments Dustin operates through two business segments: LCP (Large Corporate and Public sector) and SMB (Small and Medium-sized Businesses). LCP includes larger companies with more than 500 employees and the public sector, while SMB includes companies with up to 500 employees. LCP - Large Corporate and Public Sector Q4 Q4 Change Full year Full year Change SEK million 25/26 24/25 % 25/26 24/25 % Net sales 3,703 3,878 -4,5 15,861 14,740 7.6 Segment results 87 80 9,6 380 253 50.0 Segment margin (%) 2.4 2.1 - 2,4 1,7 - *All sales in segment reporting refer to external sales. Net sales Net sales decreased by 4.5 per cent in the quarter to SEK 3,703 million (3,878). Organic growth amounted to -4.7 per cent (7.0). Exchange-rate differences had a positive impact of 0.2 per cent (2.5). The development in LCP was negatively affected by the fact that investments were brought forward to the second and third quarters. The decline in sales is mainly related to the public sector, while the development in larger companies was stable compared to the corresponding quarter last year. Organic growth was positive in Denmark, Belgium and Sweden, while the development was weaker in the Netherlands and Finland. Segment results The gross margin strengthened compared to the previous year, which is mainly explained by focused efforts to improve profitability in the customer and contract portfolio, as well as higher price levels in the market and increased discipline in new business. Segment profit increased to SEK 87 million (80), mainly as a result of implemented efficiency measures and improved gross profit. The segment margin increased to 2.4 per cent (2.1). Summary and focus ahead Sales development was negatively impacted by earlier investments in the second and third quarters Price increases and focused work on the customer and contract portfolio have had a positive effect on the gross margin Continued strengthened profitability in take-back has had a positive marginal effect Development of the new sales organization for strengthened local marketing Increased focus on modern IT infrastructure and lifecycle services to meet growing demand driven by AI and increased security requirements
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8 | Fourth quarter 2025/26 | Dustin Group AB SMB - Small and Medium-sized Businesses Q4 Q4 Change Full year Full year Change SEK million 25/26 24/25 % 25/26 24/25 % Net sales 1,110 1,178 -5.7 5,145 5,667 -9.2 Segment results 47 34 37.2 165 167 -1.4 Segment margin (%) 4.2 2.9 - 3.2 3.0 - *All sales in segment reporting relate to external sales. Net sales Net sales for the quarter decreased by 5.7 per cent to SEK 1,110 million (1,178). Organic growth amounted to - 6.1 per cent (-6.3). Exchange rate fluctuations had a positive impact of 0.4 per cent (1.6). Adjusted for the discontinuation of the consumer business, organic growth was 3.4 per cent. Developments in SMB improved during the quarter. Excluding the effect of the discontinued consumer business, organic growth was positive, driven by a positive development in the hardware and software business in the Nordic region. Software and services as a share of sales increased to 10.8 per cent (10.4) in the fourth quarter (see Note 2 Net sales and segment reporting). Segment results The gross margin weakened slightly compared with both the previous year and the third quarter, while remaining at a historically high level. The margin benefited from continuous price increases in combination with continued strong price discipline and a more focused customer offering. Segment profit increased to SEK 47 million (34), while the margin increased to 4.2 per cent (2.9). Implemented efficiency measures have more than compensated for the negative growth, while the negative impact from non-standard services decreased compared with the two previous quarters. Summary and focus ahead • The discontinuation of the consumer business has streamlined the business towards B2B customers, but negatively impacted sales development • Implemented efficiency measures have contributed positively to the segment margin • The phase-out of non-standardised services is progressing according to plan and has had a positive impact on profitability • Continued development of the new sales organisation to strengthen local market presence • Clearer positioning as a long-term IT partner for medium-sized businesses to support future growth Corporate functions Q4 Q4 Change Full year Full year Change SEK million 25/26 24/25 % 25/26 24/25 % Cost of corporate functions -25 -31 -20.9 -132 -134 -2.0 Cost of corporate functions in relation to net sales (%) 0.5 0.6 - 0.6 0.7 - Corporate functions In the fourth quarter, costs for corporate functions amounted to 0.5 per cent (0.6) in relation to sales. Costs for corporate functions totalled SEK 25 million (31) and were positively impacted by non-recurring effects during the quarter. For further financial data regarding the segments, please refer to Note 2 Net Sales and Segment Reporting on pages 18-19 and segment information by quarter on page 26.
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9 | Fourth quarter 2025/26 | Dustin Group AB Dustin at a glance With a focus on long-term and profitable growth, we have positioned ourselves to become one of Europe's leading IT partners. We will achieve this by further strengthening our position as a value-creating and reliable player, based on our deep understanding of customer needs, a scalable and cost-effective business, and a clear focus on long-term sustainability for customers, investors, employees and society at large. We make our customers' everyday lives easier by developing the right IT solution, of both products and services, at the right time and at an attractive price. This model makes us a leading IT partner for small and medium-sized companies as well as for large companies and the public sector. Focus on business customers The business consists of two business segments: LCP (Large Corporate and Public sector) with a sales share of approximately 76 per cent in 2025/26 and SMB (Small and Medium Sized Businesses) with a sales share of approximately 24 per cent. Our sales are made online and via advisory relationship sales. Growing service sales The demand for standardised and managed services increases as companies' needs for mobility and accessibility increase. We are broadening our already extensive product offering with services to help our customers with a larger share of their IT needs. Leading online position A significant part of our customers' purchases are made online. We have been online since 1995 and have built a strong position, making us the Nordic region’s largest e-retailer for the B2B segment. Sustainability for a stronger business Responsible business conduct is a prerequisite for a modern, sound and successful business. For us, it is about combining business value with responsibility, where we both help our customers and challenge for a more sustainable IT industry. This involves everything from how we compose our offering to how we make it possible for our customers to make more sustainable choices and move toward more sustainable choices. Dustin Group AB is a Swedish public limited liability company with its head office in Nacka Strand. The share was listed on Nasdaq Stockholm’s Mid Cap Index in 2015.
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10 | Fourth quarter 2025/26 | Dustin Group AB Vision Our vision is to help our customers to be at the forefront. We achieve this by providing the right IT solution to the right customer and user. At the right time and at the right price. That's why our promise to our customers is – "We keep things moving". Operational targets The Board of Directors of Dustin has established the following long-term financial targets, which were updated on February 20, 2023. Earnings per share Growth of earnings per share of at least 10 per cent (3- year average annual growth rate). Supporting targets for earnings per share: Organic annual growth in net sales for LCP of 5 per cent and for SME of 8 per cent (annual average over a three-year period). Achieve a segment margin of at least 4.5 per cent for LCP and at least 6.5 per cent for SMBs within the next three-year period. Capital structure Dustin's capital structure should enable a high degree of financial flexibility and provide scope for acquisitions. The company's target is a net debt of 2.0–3.0 times adjusted EBITDA for the last twelve- month period. Dividend policy To distribute more than 70 per cent of the year’s profit, with the company's financial status taken into consideration. Our sustainability work Sustainability is an integral part of our strategy and our operations. We want to make it easy for our customers to make knowledge-based IT choices and challenge the IT industry to become more circular and sustainable while reducing our own impact throughout the value chain. Our sustainability work is guided by a Group-wide strategy with three focus areas: climate, circularity and social impact. A more detailed description of our sustainability goals and outcomes can be found in our Annual and Sustainability Report. Climate We have science-based climate targets for 2029/30 and 2049/50 that have been approved by the Science Based Targets initiative as well as a transition plan integrated into our strategy. As more than 99 per cent of our emissions arise within Scope 3, we focus on reducing emissions in the value chain together with suppliers and customers, including through product- level climate data and circular solutions. Target: Reduce Scope 1 and 2 CO₂e emissions by 50 per cent and Scope 3 CO₂e intensity* by 51.6 per cent by 2029/30, both compared by 2023/24, and net zero emissions throughout our entire value chain by 2049/50. *CO₂e intensity = tonnes of CO₂e per MSEK value added (Adjusted EBITDA + personnel costs and board fee). Circularity Circularity is about keeping products in use for as long as possible and reducing the need for virgin materials. We are developing product lifecycle services to enable more IT products to be reused, refurbished, repaired and responsibly recycled, while increasing the share of software and services in our offering. Target: Increase revenue per kilogram of virgin material used by 20 per cent by 2029/30, with base year 2023/24. Social impact Social impact means that people are always at the center. We work for good working conditions, gender equality and a safe and inclusive work environment, while respecting and protecting human rights throughout the value chain. Through our Supplier Code of Conduct, factory audits and long-term collaborations, we drive for improvements at suppliers and partners. Goal: Implement 100 initiatives that contribute to long-term social impact in our value chain by 2029/30, with base year 2019/20. EcoVadis During the year, we received the EcoVadis Platinum award. At the same time, we improved our result to 89 out of 100 points, compared to 82 in the previous year. The award places us in the top 1 per cent globally and strengthens our credibility in dialogues with customers who place high demands on sustainability, especially in major procurements.
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11 | Fourth quarter 2025/26 | Dustin Group AB The undersigned certify that this interim report gives a true and fair presentation of the Parent Company's and the Group's operations, financial position and results and describes the material risks and uncertainties facing the Parent Company and the companies that are part of the Group. Nacka, October 14, 2026 Samuel Skott, President and CEO In accordance with authorization by the Board of Directors This report has not been reviewed by the company's auditors
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12 | Fourth quarter 2025/26 | Dustin Group AB Consolidated income statement SEK million Q4 Q4 Full year Full year Note 25/26 24/25 25/26 24/25 Net sales 2 4,813 5,056 21,006 20,407 Costs of goods and services sold -4,178 -4,414 -18,176 -17,640 Gross profit 634 642 2,830 2,768 Selling and administration costs -549 -602 -2,538 -2,683 Items affecting comparability 3 -1 -12 -114 -85 Other operating income 4 5 18 26 Other operating expenses -13 -12 -43 -48 Impairment losses of acquisition-related intangible assets 8 - - -800 -2,500 Operating profit (EBIT) 2 75 21 -646 -2,523 Financial income and other similar income items 4 3 23 22 Financial expenses and other similar profit and loss items -31 -34 -146 -201 Profit/loss after financial items 48 -10 -769 -2,701 Tax -17 12 -30 70 Profit or loss for the period, attributable in its entirety to Parent Company shareholders 32 3 -799 -2,631 Earnings per share before dilution (SEK) 0.02 0.00 -0.59 -2.92 Earnings per share after dilution (SEK) 0.02 0.00 -0.59 -2.92 . Consolidated statement of comprehensive income Q4 Q4 Full-year Full-year SEK million 25/26 24/25 25/26 24/25 Profit or loss for the period 32 3 -799 -2,631 Other comprehensive income: Items that may be transferred to the income statement The result of the remeasurement of derivatives recognised in equity 0 -9 54 -8 Result from hedge of net investment in foreign operations -65 -51 -49 30 Translation reserve 94 59 38 -134 Tax attributable to components in other comprehensive income 13 13 -1 -5 Other comprehensive income after tax 42 11 42 -117 Comprehensive income for the period is attributable in its entirety to the Parent Company's shareholders 74 14 -757 -2,748
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13 | Fourth quarter 2025/26 | Dustin Group AB Condensed consolidated balance sheet SEK million Note Aug 31, 2026 Aug 31, 2025 ASSETS Fixed assets Goodwill 8 5,084 5,832 Intangible assets attributable to acquisitions 332 372 Other intangible assets 4 550 545 Tangible assets 4 75 70 Right-of-use assets 4 442 499 Interest-bearing receivables 5 73 49 Deferred tax assets 122 149 Derivative instruments 5 39 41 Other fixed assets 13 14 Total fixed assets 6,730 7,570 Current assets Inventory 1,030 1,086 Accounts receivable 2,683 3,287 Interest-bearing receivables 38 63 Derivative instruments 5 5 0 Tax assets 38 46 Other receivables 802 674 Cash and cash equivalents 1 018 676 Total current assets 5,614 5,832 TOTAL ASSETS 12,344 13,403 EQUITY AND LIABILITIES Equity Equity attributable to Parent Company shareholders 4 756 5,506 Total equity 4,756 5,506 Long-term liabilities Deferred tax and other long-term provisions 119 121 Liabilities to credit institutions 2,526 2,475 Long-term lease liabilities 288 343 Derivative instruments 5 - 12 Total long-term liabilities 2,933 2,951 Current liabilities Liabilities to credit institutions 38 63 Other provisions 8 7 Current lease liabilities 170 174 Trade payables 3,167 3,342 Tax liabilities 1 63 Derivative instruments 5 47 86 Other current liabilities 1,224 1,211 Total current liabilities 4,655 4,945 TOTAL EQUITY AND LIABILITIES 12,344 13,403
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14 | Fourth quarter 2025/26 | Dustin Group AB Consolidated report on changes in equity in summary SEK million Aug 31, 2026 Aug 31, 2025 Opening balance as of 1 September 5,506 7,008 Profit or loss for the period -799 -2,631 Other comprehensive income Translation difference 38 -134 Result of remeasurement of derivatives recognised in equity 54 -8 Result from hedging net investment in foreign operations -49 30 Tax attributable to components of other comprehensive income -1 -5 Total other comprehensive income 42 -117 Total total income -757 -2,748 New share issue - 1 267 Issue costs, net after tax 0 -23 Share-based incentive program 6 2 Total transactions with shareholders 6 1,246 Closing balance as of balance sheet date, in its entirety attributable to the parent company's shareholders 4,756 5,506
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15 | Fourth quarter 2025/26 | Dustin Group AB The Group's cash flow report SEK million Q4 Q4 Full year Full year Note 25/26 24/25 25/26 24/25 Ongoing operations Operating profit (EBIT) 75 21 -646 -2,523 Adjustments for non-cash items 102 116 1,205 2,986 Interest received 3 2 21 21 Interest paid -23 -37 -113 -171 Income tax paid 12 12 -79 -57 Cash flow from operating activities before changes in working capital 168 115 388 256 Decrease (+)/increase (-) in inventories 127 21 64 -276 Decrease (+)/increase (-) in receivables -216 118 435 -543 Decrease (-)/increase (+) in current liabilities -283 -328 -193 489 Cash flow from changes in working capital -372 -188 307 -331 Cash flow from operating activities -204 -73 695 -74 Investment activities Acquisition of intangible assets 4 -25 -34 -125 -156 Acquisition of tangible assets 4 -16 -2 -35 -13 Cash flow from investing activities -40 -36 -161 -169 Financing activities New share issue - - - 1,240 Share-based remuneration - - 1 - New loans raised - - - 10 Repayment of loans - -1,005 -3 -1,008 Borrowing costs paid 0 -7 -6 -19 Repayment of lease liabilities -47 -49 -189 -202 Cash flow from financing operations -47 -1,061 -197 21 Cash flow for the period -291 -1,170 337 -222 Cash and cash equivalents at the beginning of the period 1,326 1,864 676 884 Cash flow for the period -291 -1,170 337 -222 Exchange differences in cash and cash equivalents -18 -18 5 14 Cash and cash equivalents at the end of the period 1,018 676 1,018 676
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16 | Fourth quarter 2025/26 | Dustin Group AB Summary of the Parent Company's income statement Q4 Q4 Full year Full year SEK million 25/26 24/25 25/26 24/25 Net sales 15 4 26 16 Costs of goods and services sold -15 -3 -25 -14 Gross profit 0 1 1 2 Selling and administration costs -1 -2 -8 -8 Other operating expenses -1 0 -1 0 Operating profit (EBIT) -2 -2 -8 -5 Financial income and other similar income items 108 18 294 410 Financial expenses and other similar profit and loss items* -94 -1,848 -166 -2,037 Profit after financial items 13 -1,832 120 -1,633 Financial statement appropriations 69 495 69 57 Tax 6 -12 -68 -14 Profit for the period 88 -1,349 121 -1,589 * The previous year was impacted by an impairment of long-term investments in subsidiaries of SEK -1,830 million Parent company's comprehensive income statement Q4 Q4 Full year Full year SEK million 25/26 24/25 25/26 24/25 Profit for the period 88 -1,349 121 -1,589 Other comprehensive income - - - - Comprehensive income for the period 88 -1,349 121 -1,589 Summary of the Parent Company's balance sheet SEK million Aug 31, 2026 Aug 31, 2025 ASSETS Fixed assets 6,963 7,195 Current assets 1,046 1,845 TOTAL ASSETS 8,009 9,040 EQUITY AND LIABILITIES Restricted equity 2,394 2,377 Non-restricted equity 3,140 3,030 Long-term liabilities 2,454 2,452 Current liabilities 22 1 181 TOTAL EQUITY AND LIABILITIES 8,009 9,040
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17 | Fourth quarter 2025/26 | Dustin Group AB Note 1 Accounting policies and risks Dustin applies IFRS accounting standards as adopted by the EU. This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. The accounting principles are consistent with those used by the Group in the Annual Report for the financial year 2024/25, unless otherwise stated. The Parent Company applies the Annual Accounts Act and the Swedish Council for Sustainability and Financial Reporting's recommendation RFR 2 Accounting for legal entities. The report has been prepared in millions of SEK unless otherwise stated. Rounding differences may occur in this report. Share-based remuneration Dustin has several share-based remuneration programs, which are reported in accordance with IFRS 2. The new program, PSP 2026, was approved at the Annual General Meeting and will be reported in the coming quarters. Personnel costs for shares attributable to the program are calculated at each accounting date based on an assessment that the probability that the performance targets will be achieved. The costs are calculated on the basis of the number of shares that Dustin expects to settle at the end of the vesting period. When allotment of shares takes place, social security contributions must be paid in certain countries for the value of the employee's benefit. This value is based on fair value at each accounting date and is reported as a provision for social security contributions. Risks and uncertainties Dustin's risks and uncertainties are affected by the uncertain macroeconomic and geopolitical environment. Demand for IT products and services is affected by economic developments and customers' willingness to invest, while changing price levels and the availability of products can affect customers' purchasing patterns. This uncertainty can be amplified as a result of a number of external factors, including increased geopolitical tensions, disruptions in global supply chains, increased volatility in energy and financial markets, and changes in inflation, currencies and interest rates. The global shortage of memory components has led to sharply increased prices and limited access to certain IT products. This development may continue to affect both supply and price levels and lead to changes in customer purchasing patterns. Higher purchase prices and limited opportunities to fully compensate for these, including in certain fixed-price agreements, may affect the Group's sales and margins. The Group is also exposed to cyber and information security risks, which were brought to the fore by the IT security incident that occurred after the end of the quarter. Cyber incidents can result in operational disruptions, loss or exposure of information, as well as financial and reputational consequences. The work to strengthen the security and resilience of the IT environment continues through preventive measures, monitoring and continuous development of security controls. Relations with the Group's lenders, consisting of major Nordic banks, are good and long-lasting. The existing loan agreement is subject to customary conditions, and all conditions were fulfilled at the end of the period. In the company's current internal forecasts for the coming periods, there are no indications of breaches, but if the result deviates significantly from expectations, it cannot be ruled out that breaches will occur. Dustin has a structured and Group-wide process for identifying, classifying, managing and following up a number of strategic, operational and external risks. A more detailed description of the risks that are deemed to be of material importance for the Group's future development can be found in Dustin's Annual and Sustainability Report for 2024/25 pages 81-86.
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18 | Fourth quarter 2025/26 | Dustin Group AB Note 2 Net sales and segment reporting Q4 Q4 Full year Full year All figures in millions of SEK unless otherwise stated Note 25/26 24/25 25/26 24/25 Net sales LCP 3,703 3,878 15,861 14,740 of which the Nordic countries 1,771 1,866 7,970 7,325 of which Benelux 1,932 2,012 7,891 7,415 of which hardware* 3,141 3,483 14,080 13,106 of which software and services* 562 396 1,781 1,635 SMB 1,110 1 178 5,145 5,667 of which the Nordic countries 932 978 4,371 4,763 of which Benelux 178 200 774 904 of which hardware 990 1,054 4,577 4,981 of which software and services 120 123 568 686 Total 4,813 5,056 21,006 20,407 of which the Nordic countries 2,703 2,844 12,341 12,089 of which Benelux 2,110 2,212 8,665 8,319 of which hardware* 4,131 4,537 18,657 18,086 of which software and services* 682 519 2,349 2,321 Segment results LCP 87 80 380 253 SMB 47 34 165 167 Total 134 114 545 420 Corporate functions -25 -31 -132 -134 of which effects related to leasing 4 4 15 16 Adjusted EBITA 110 83 413 286 Segment margin LCP, segment margin (%) 2.4 2.1 2.4 1.7 SMB, segment margin (%) 4.2 2.9 3.2 3.0 Segment margin 2.8 2.2 2.6 2.1 Cost of corporate functions, excluding items affecting comparability, in relation to net sales (%) 0.5 0.6 0.6 0.7 Reconciliation with profit after financial items Items affecting comparability 3 -1 -12 -114 -85 Depreciation and amortization of intangible assets -34 -49 -945 -2,724 Operating profit (EBIT), Group 75 21 -646 -2,523 Financial income and other similar income items 4 3 23 22 Financial expenses and other similar profit and loss items -31 -34 -146 -201 Profit after financial items, Group 48 -10 -769 -2,701 * The system integration of the Benelux has enabled mor e granular data, which has led to a reclassification between software and hardware in the historical accumulated comparative figures within LCP. Previously reported amounts for the full year amounted to SEK 12,798 m illion for hardware and SEK 1,943 million for software.
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19 | Fourth quarter 2025/26 | Dustin Group AB Note 2 Net sales and segment reporting – continued Q4 Q4 Full year Full year By geographical area 25/26 24/25 25/26 24/25 Sweden 1,286 1,276 6,250 5,629 Finland 354 447 1,446 1,753 Denmark 402 371 1,687 1,736 Netherlands 1,790 1 ,928 7,314 7,310 Norway 662 750 2,958 2,970 Belgium 320 284 1,351 1,009 Total 4,813 5,056 21,006 20,407 Note 3 Items affecting comparability During the fourth quarter, items affecting comparability amounted to SEK -1 million (-12), which mainly relates to restructuring costs. Q4 Q4 Full year Full year SEK million 25/26 24/25 25/26 24/25 Settlement - - -28 - Restructuring costs -1 0 -60 -73 Re-evaluation of historical holiday pay debt - -12 - -12 CEO Severance pay - - -25 - Other - - -1 - Total -1 -12 -114 -85
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20 | Fourth quarter 2025/26 | Dustin Group AB Note 4 Investments Q4 Q4 Full year Full year SEK million 25/26 24/25 25/26 24/25 Capitalized expenditure for IT development 25 34 125 156 of which, affecting cash flow 25 34 125 156 Investments in tangible assets 25 15 110 73 of which, affecting cash flow 16 2 35 13 of which, leased assets 10 13 75 60 Investments in service delivery 16 4 48 48 of which, leased assets 16 4 48 48 Total investments 67 52 284 277 of which, affecting cash flow 40 36 161 169 of which, leased assets 26 17 123 108 Dustin's rights of use are mainly attributable to buildings and IT equipment. During the quarter, rights of use of SEK 26 million (17) have been added, mainly attributable to IT equipment. SEK million 26-08-31 25-08-31 Buildings 223 268 Cars 89 89 IT equipment for internal use 15 23 IT equipment linked to service delivery 115 119 Other 1 1 Right-of-use assets 442 499
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21 | Fourth quarter 2025/26 | Dustin Group AB Note 5 Financial instruments Financial instruments measured at fair value consist of derivative instruments. As regards other financial items, fair values correspond in all material respects to book values. Derivative instruments Dustin has interest rate and currency derivatives that are measured at fair value. Derivative instruments have been used as hedging for variable interest rates on external bank loans. Foreign exchange derivatives refer to hedging of purchases in dollars from China and hedging of investments by foreign subsidiaries. The Group uses hedge accounting for derivatives and currency futures, and fair value is based on level 2 data, as defined in IFRS 13. The valuation level is unchanged compared to 2025-08-31. The fair value of derivative instruments as of 2026-08-31 amounted to SEK -3 million (-57), which is explained by currency and interest rate changes. Note 6 Seasonality Dustin is affected by seasonal variations. Each quarter is comparable between years. Sales volumes are normally higher in November and December and lower during the summer months when sales and marketing activities decrease. Similar seasonal variations occur in all geographic markets. Note 7 Related party transactions No transactions of significant scope have taken place with related parties during the current period or the comparison period, and any smaller transactions have in such cases been carried out on market terms. Note 8 Impairment of acquisition-related intangible assets The transition to a more standardized and scalable service offering is progressing according to plan. Following the non-cash impairment of SEK 800 million that was carried out in the previous quarter, the focus is on gradually increasing the share of deals with higher margins and better scalability.
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22 | Fourth quarter 2025/26 | Dustin Group AB Key figures All figures in millions of SEK Unless otherwise specified Q4 Q4 Full year Full year 25/26 24/25 25/26 24/25 Income statement Organic sales growth (%) -5.0 3.6 4.8 -3.3 Gross margin (%) 13.2 12,7 13.5 13.6 Operating profit (EBIT) 75 21 -646 -2,523 Adjusted EBITDA 163 140 631 528 Adjusted EBITA 110 83 413 286 Adjusted EBITA margin (%) 2.3 1.6 2.0 1.4 Balance sheet Net working capital 162 477 162 477 Capital employed 1,476 1,844 1,476 1,844 Net debt 1,780 2,148 1,780 2,148 Net debt/adjusted EBITDA (times) - - - - Maintenance investments -40 -36 -161 -169 Return on equity (%) - - neg neg Cash flow Operating cash flow -249 -85 777 28 Cash flow from operating activities -204 -73 695 -74 Data per share Earnings per share before dilution (SEK) 0.02 0.00 -0.59 -2.92 Earnings per share after dilution (SEK) 0.02 0.00 -0.59 -2.92 Equity per share (SEK) 3.47 4.04 3.47 4.04 Cash flow from operating activities per share before dilution (SEK) -0.15 -0.05 0.51 -0.08 Cash flow from operating activities per share after dilution (SEK) -0.15 -0.05 0.51 -0.08 Average estimated number of shares 1,357,484,132 1,357,085,526 1,357,460,926 900,165,504 Average estimated number of shares after dilution 1,357,484,132 1,357,085,526 1,357,460,926 900,165,504 Number of shares issued at the end of the period 1,372,250,312 1,362,250,312 1,372,250,312 1,362,250,312
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23 | Fourth quarter 2025/26 | Dustin Group AB Derivation of alternative performance measures Dustin uses financial measures that are not defined in IFRS but are so-called alternative performance measures (APMs). These financial measures are considered to provide valuable information to the reader of the report as they are a complement to the evaluation of Dustin's performance. The key performance measures Dustin has chosen to present are relevant to the business and in relation to the financial targets regarding growth, margin and capital structure as well as the company's dividend policy. The alternative performance measures are not always comparable with measures used by other companies as these may have calculated in another way. Under Definitions on pages 27–28, it is stated how Dustin defines the key performance indicators and the purpose of each key performance indicator. The data below are supplementary information with the purpose of being able to derive all alternative performance measures. The report has been prepared in SEK million unless otherwise stated. Rounding differences may occur in this report. Q4 Q4 Full year Full year Return on equity 25/26 24/25 25/26 24/25 Profit or loss for the period - - -799 -2,631 Equity - - 4,756 5,506 Return on equity (%) - - neg neg Q4 Q4 Full year Full year Gross margin 25/26 24/25 25/26 24/25 Net sales 4,813 5,056 21,006 20,407 Gross profit 634 642 2,830 2,768 Gross margin (%) 13.2 12.7 13.5 13.6 Q4 Q4 Full year Full year Equity per share 25/26 24/25 25/26 24/25 Equity 4,756 5,506 4,756 5,506 Number of shares (million shares) 1,372 1,362 1,372 1,362 Equity per share, SEK 3.47 4.04 3.47 4.04 Q4 Q4 Full year Full year Adjusted EBITA 25/26 24/25 25/26 24/25 Operating profit (EBIT) 75 21 -646 -2,523 Amortization and impairment of intangible fixed assets 34 49 945 2,724 Items affecting comparability 1 12 114 85 Adjusted EBITA 110 83 413 286 Q4 Q4 Full year Full year Adjusted EBITDA 25/26 24/25 25/26 24/25 Operating profit (EBIT) 75 21 -646 -2,523 Depreciation and impairment of property, plant and equipment 7 8 29 39 Depreciation and impairment of right-of-use assets 46 49 188 202 Amortization and impairment of intangible fixed assets 34 49 945 2,724 Items affecting comparability 1 12 114 85 Adjusted EBITDA 163 140 631 528
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24 | Fourth quarter 2025/26 | Dustin Group AB Derivation of alternative performance measures – continuation Q4 Q4 Full year Full year Adjusted EBITA margin 25/26 24/25 25/26 24/25 Net sales 4,813 5,056 21,006 20,407 Adjusted EBITA 110 83 413 286 Adjusted EBITA margin (%) 2.3 1.6 2.0 1.4 Q4 Q4 Full year Full year Cash flow from operating activities per share 25/26 24/25 25/26 24/25 Cash flow from operating activities -204 -73 695 -74 Average number of shares (million shares) 1,357 1,357 1,357 900 Cash flow from operating activities per share, SEK -0.15 -0.05 0.51 -0.08 Q4 Q4 Full year Full year Net working capital 25/26 24/25 25/26 24/25 Inventory 1,030 1,086 1,030 1,086 Accounts receivable 2,683 3,287 2,683 3,287 Tax assets and other current receivables 840 720 840 720 Trade payables -3,167 -3,342 -3,167 -3,342 Tax liabilities and other current liabilities -1,224 -1,274 -1,224 -1,274 Net working capital 162 477 162 477 Q4 Q4 Full year Full year Net debt 25/26 24/25 25/26 24/25 Liabilities to credit institutions 2,564 2,538 2,564 2,538 Interest-bearing receivables -110 -112 -110 -112 Financial lease liability 458 517 458 517 Leasing related to service delivery -115 -119 -115 -119 Cash and cash equivalents -1,018 -676 -1,018 -676 Net debt 1,780 2,148 1,780 2,148 Q4 Q4 Full year Full year Net debt/EBITDA, times 25/26 24/25 25/26 24/25 Net debt - - 1,780 2,148 Adjusted EBITDA - - 631 528 Net debt/ EBITDA - - 2.8 4.1
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25 | Fourth quarter 2025/26 | Dustin Group AB Derivation of alternative performance measures – continuation Q4 Q4 Full year Full year Organic growth 25/26 24/25 25/26 24/25 Net sales 4,813 5,056 21,006 20,407 Of which currency effects -11 111 378 371 Organic net sales 4,801 5,167 21,384 20,778 Net sales in the comparison period 5,056 4,988 20,407 21,482 Organic growth – total (%) -5.0 3.6 4.8 -3.3 Q4 Q4 Full year Full year Organic growth – LCP 25/26 24/25 25/26 24/25 Net sales 3,703 3,878 15,861 14,740 Of which currency effects -7 91 299 301 Organic net sales 3,695 3,969 16,160 15,042 Net sales in the comparison period 3,878 3,709 14,740 15,444 Organic growth (%) -4.7 7.0 9.6 -2.6 Q4 Q4 Full year Full year Organic growth – SMB 25/26 24/25 25/26 24/25 Net sales 1,110 1,178 5,145 5,667 Of which currency effects -4 20 70 71 Organic net sales 1,106 1,198 5,215 5,738 Net sales in the comparison period 1,178 1,278 5,667 6,037 Organic growth (%) -6.1 -6.3 -8.0 -5.0 Q4 Q4 Full year Full year Operating cash flow 25/26 24/25 25/26 24/25 Adjusted EBITDA 163 140 631 528 Cash flow from changes in working capital -372 -188 307 -331 Maintenance investments -40 -36 -161 -169 Operating cash flow -249 -85 777 28 Q4 Q4 Full year Full year Capital employed 25/26 24/25 25/26 24/25 Net working capital 162 477 162 477 Fixed assets 6,730 7,570 6,730 7,570 Goodwill and intangible assets attributable to acquisitions 5,416 6,204 5,416 6,204 Capital employed 1,476 1,844 1,476 1,844
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26 | Fourth quarter 2025/26 | Dustin Group AB Segment information by quarter All figures in millions of SEK unless otherwise stated Q4 Q3 Q2 Q1 Q4 Q3 Q2 25/26 25/26 25/26 On 25/26 24/25 24/25 24/25 Net sales 4,813 5,225 5,481 5,487 5,056 5,089 5,480 Organic sales growth (%) -5.0 2.6 4.4 18.1 3.6 -2.9 3.7 Gross margin (%) 13.2 14.4 13.2 13.1 12.7 13.4 13.9 Adjusted EBITA 110 118 103 83 83 72 110 Adjusted EBITA margin (%) 2.3 2.3 1.9 1.5 1.6 1.4 2.0 Net sales by segment: LCP 3,703 3,993 4,149 4,017 3,878 3,693 3,940 SMB 1 110 1,232 1,332 1,470 1,178 1,396 1,540 Segment Results: LCP 87 117 105 70 80 63 99 SMB 47 34 31 53 34 37 46 Segment margin (%): LCP 2.4 2.9 2.5 1.7 2.1 1.7 2.5 SMB 4.2 2.8 2.3 3.6 2.9 2.7 3.0 Corporate functions Corporate functions -25 -34 -33 -41 -31 -28 -35 As % of net sales 0.5 0.6 -0.6 -0.7 -0.6 -0.6 -0.6
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27 | Fourth quarter 2025/26 | Dustin Group AB Definitions IFRS measures: Definition/Calculation Earnings per share Net income in SEK in relation to the average number of shares, as calculated for IAS 33. Alternative KPIs: Definition/Calculation Purpose Return on equity Profit for the period in relation to equity at the end of the period. Dustin believes that the KPI measures how profitable the company is for its shareholders. Gross margin Gross profit in relation to net sales. Used to measure product and service profitability. Equity per share Equity at the end of the period in relation to the number of shares at the end of the period. Shows Dustin's equity per share. Acquired growth Net sales for the current period attributable to acquired and divested businesses and internal customer relocations in connection with integration, in relation to net sales for the comparison period. Acquired growth is excluded from the calculation of organic growth to enable a comparison of net sales over time. Adjusted EBITA Operating profit (EBIT) according to the income statement, before items affecting comparability and depreciation and amortization of intangible assets. Dustin believes that the key figure measures the underlying earning capacity of the business and facilitates comparison between quarters. Adjusted EBITDA Operating profit (EBIT) according to the income statement, before items affecting comparability and depreciation and amortization of intangible and tangible assets. Dustin believes that the key figure measures the underlying earning capacity of the business and facilitates comparison between periods. Adjusted EBITA margin Adjusted EBITA in relation to net sales. The KPI aims to measure the profitability of the business. Cash flow from operating activities Cash flow from operating activities after changes in working capital. Intends to show how much cash flow is generated from operating activities. Cash flow from operating activities per share Cash flow from operating activities in relation to the average number of shares outstanding. Intends to show how much cash flow is generated from operating activities per share. Net working capital Total current assets less cash and cash equivalents and current non-interest-bearing liabilities, at the end of the period. Is a measure that shows Dustin's efficiency and tied-up capital. Net debt Long- and short-term interest-bearing liabilities, lease liabilities and other financial liabilities (including liabilities to finance This shows Dustin's total interest-bearing liabilities reduced by cash and cash equivalents as well as long-term
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28 | Fourth quarter 2025/26 | Dustin Group AB companies), excluding acquisition-related liabilities and leases for service delivery, minus cash and cash equivalents at the end of the period, less long-term and short-term interest-bearing assets (including interest- bearing receivables). and short-term interest-bearing receivables. Net debt/EBITDA Net debt in relation to Adjusted EBITDA rolling 12 months. This measure aims to demonstrate the ability to pay their debts. Organic growth Net sales growth for the current period, adjusted for acquisitions and disposals, customer moves between segments and currency effects. Provides a measure of the growth that Dustin has achieved by his own efforts. Revenue growth Net sales for the current period in relation to net sales for the comparison period. Aims to show the development of net sales. Operating cash flow Adjusted EBITDA less maintenance investments plus cash flow from changes in working capital. Intends to show how much cash flow is generated from operating activities and remains for payments attributable to dividends, interest and taxes. Operating profit (EBIT) Operating profit (EBIT) is a measure of the company's earnings before tax and financial items. This metric shows Dustin's profitability from the business. Equity ratio Equity at the end of the period in relation to total assets at the end of the period. Dustin believes that this measure provides a picture of the company's ability to pay in the long term. Segment results The segment's operating profit excluding depreciation and items affecting comparability. Dustin believes that the key figure measures the segment's earning capacity. Presented in Note 2. Capital employed Working capital plus total non-current assets, excluding goodwill and other intangible assets attributable to acquisitions and interest-bearing receivables relating to financial leases, at the end of the period. Capital employed measures capital use and efficiency. Currency effects The difference between net sales in SEK for the comparison period and net sales in local currency for the comparison period, translated into SEK using the current period's average currency. Currency effects are excluded in the calculation of organic growth.
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29 | Fourth quarter 2025/26 | Dustin Group AB Glossary Words/Concepts Definition/Calculation B2B Refers to all sales to companies and organizations, divided into segments LCP and SMB as defined below. Circularity Circular share of net sales, where actual sales for software and services together with an estimated sales equivalent for repossessed hardware (average prices for relevant categories are multiplied by the number of repossessions to reach the value of corresponding new sales) are set in relation to net sales for the period. Corporate functions Costs for Corporate functions consist of common costs for finance, HR, legal and management, including depreciation, excluding items affecting comparability. Acquired growth Net sales for the current period attributable to acquired and divested businesses and internal customer relocations in connection with integration, in relation to net sales for the comparison period. Excluded in connection with the calculation of organic growth. Integration costs Integration costs consist of costs for integrating acquired companies into the Dustin platform. The Dustin platform means integration to the IT platform with e-commerce and organizational integration. Items affecting comparability Items affecting comparability refer to significant income or expense items that are reported separately due to their importance and amount. Clients Collective names for the product categories computers, mobile phones and tablets. Contracted recurring revenue Subscription-like and recurring revenue that is assumed to have a maturity of several years. LCP Refers to all sales to large companies and the public sector. As a general rule, the segment is defined as companies and organizations with more than 500 employees or public sector operations. PSP Long-term incentive program covering Group Management and other key employees within Dustin. Net Reporting Net accounting means that only the difference between income and expenses, or income and expenses, is reported, i.e. they are offset against each other. SMB Refers to all sales to Small and Medium-sized Businesses. Previous B2C segments have been incorporated into the segment. Maintenance investments Investments required to maintain current operations excluding financial leasing.
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30 | Fourth quarter 2025/26 | Dustin Group AB Financial calendar 2026-11-18 Annual Report 2025/26 2026-12-16 Annual General Meeting 2025/26 2027-01-13 Interim report for the first quarter 1 September 2026 – 30 November 2026 2027-04-14 Interim report for the second quarter 1 September 2026 – 28 February 2027 2027-06-30 Interim report for the third quarter 1 September 2026 – 31 May 2027 2027-10-13 Year-end report 1 September 2026 – 31 August 2027 2027-11-24 Annual Report 2026/27 2027-12-14 Annual General Meeting 2026/27 For more information, please contact: Julia Lagerqvist, CFO julia.lagerqvist@dustin.com 0765-29 65 96 Fredrik Sätterström, Head of Investor Relations fredrik.satterstrom@dustin.com 0705-10 10 22 This information is information that Dustin Group AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on October 14, 2026 at 08:00 CET