Q3: Strong cash flow in a continued weak market

Third quarter

•    Net sales amounted to SEK 5,455 million (5,582).

•    Organic sales growth was -3.5 per cent (-9.4), of which SMB -10.2 per cent (-17.4) and LCP -0.8 per cent (-5.5).

•    The gross margin amounted to 15.0 per cent (15.3).

•    Adjusted EBITA amounted to SEK 130 million (169), corresponding to an adjusted EBITA margin of 2.4 per cent (3.0).

•    EBIT totalled SEK 86 million (97), including items affecting comparability of SEK -1 million (-25).

•    Profit for the quarter was SEK 27 million (23).

•    Earnings per share before dilution totalled SEK 0.06 (0.11).

•    Cash flow from operating activities amounted to SEK 454 million (431).

September 2023–May 2024

•    Net sales declined 10.8 per cent to SEK 16,494 million (18,489).

•    Organic sales growth was -12.7 per cent (-1.1), of which SMB accounted for -10.7 per cent (-11.7) and LCP -13.5 per cent (4.0).

•    The gross margin amounted to 15.5 per cent (14.4).

•    Adjusted EBITA amounted to SEK 523 million (582), corresponding to an adjusted EBITA margin of 3.2 per cent (3.1).

•    EBIT totalled SEK 357 million (391), including items affecting comparability of SEK -33 million (-53).

•    Profit for the period amounted to SEK 136 million (171).

•    Earnings per share before dilution totalled SEK 0.37 (0.79).

•    Cash flow from operating activities amounted to SEK 502 million (596).

•    At the end of the period, net debt in relation to adjusted EBITDA over the past 12-month period was 3.0 (4.5).

“The sales trend remained negative in the third quarter. However, it is gratifying to see increased sales compared with the second quarter, which is typically a stronger quarter. While the trend remains cautious among smaller and medium-sized businesses, we are standing firm by our assessment of a gradual improvement in the market during 2024. Profitability declined in the quarter as a direct result of weak volume performance and thereby a relatively high cost base in the SMB segment as well as several new framework agreements with initially lower margins within the LCP segment. The quarter’s cash flow was strong, primarily driven by a positive trend in net working capital”, says Johan Karlsson, President and CEO at Dustin.

For additional information, please contact:

Fredrik Sätterström, Head of Investor Relations

fredrik.satterstrom@dustin.com, +46 705 10 10 22

Contact person:

Eva Ernfors, Head of Communication

eva.ernfors@dustin.com, +46 70 258 62 94

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, through the agency of the contact person set out above, at 08:00 CET on July 2, 2024.

About Dustin

Dustin is a leading online based IT partner in the Nordics and Benelux. We help our customers to stay in the forefront by providing them with the right IT solution for their needs.

We offer approximately 280,000 products with related services to companies, the public sector and private individuals. Sales for the financial year 2022/23 amounted to approximately SEK 23.6 billion and just over 90 per cent of the revenues came from the corporate market.

Dustin has approximately 2,200 employees and has been listed on Nasdaq Stockholm since 2015, with its headquarters in Nacka Strand just outside the centre of Stockholm.