Q2 2026 Dustin Group AB Earnings Call Transcript
Key Points
- Dustin Group AB (DUSXF) reported a 4.4% organic growth in net sales, driven by strong performance in the public sector.
- Cash flow from operating activities increased significantly to SEK258 million from SEK180 million last year, primarily due to improved net working capital.
- Leverage improved, with net debt to EBITDA dropping to 2.7 times from 5.7 times last year, now within the target range of 2x to 3x.
- The company completed the discontinuation of its consumer offering, allowing a full focus on business customers.
- Dustin Group AB (DUSXF) was reawarded the EcoVadis Platinum rating, enhancing its sustainability credentials with customers.
- Gross margin decreased to 13.2% from 13.9% last year, affected by mix effects from strong public sector growth and price pressure in the Netherlands.
- Adjusted EBITDA was relatively stable but slightly lower at SEK103 million compared to SEK110 million a year earlier.
- The SMB segment saw a 14% decline in sales, partly due to the exit from the B2C business.
- Continued price pressure in the Netherlands negatively impacted margins.
- Nonstandard services underperformed, leading to cost-saving initiatives to align the cost base with lower volumes.
Welcome to the Dustin Q2 presentation for 2026. (Operator Instructions). Now, I will hand the conference over to the CEO Samuel Skott and CFO Julia Lagerqvist. Please go ahead.
Good morning, everyone, and a warm welcome to the presentation of our second quarter results. My name is Samuel Skott. I'm the group CEO here at Dustin and with me today, I have our CFO, Julia Lagerqvist.
And if we get into the Q2 report, I'm glad to report yet another quarter with organic growth, strong cash flow and reduced leverage, while we continue to streamline and improve the efficiency of our operations.
Net sales development was positive in the quarter with organic growth of 4.4%. Growth was driven by strong performance in the public sector and should partly be seen in the light of a strong comparable quarter. The gross margin decreased to 13.2% compared with 13.9% last year, but indicated a sequential improvement compared to the first quarter's margin of 13.1%.
The lower margin is
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