Q3 2026 Dustin Group AB Earnings Call Transcript
Key Points
- Dustin Group AB (FRA:9DG) reported organic growth of 2.6% in the third quarter, driven by strong performance in the public sector.
- The gross margin increased to 14.4% from 13.4% last year, indicating improved profitability.
- Adjusted EBITDA improved significantly to SEK118 million from SEK72 million a year ago, reflecting stronger gross margins and efficiency measures.
- Cash flow from operating activities increased to SEK259 million, a substantial improvement from a negative SEK139 million last year.
- Leverage, measured as net debt-to-EBITDA, dropped to 2.3 times, well within the target range of 2 to 3 times, showing improved financial stability.
- Sales in the SMB segment decreased by 11.7% year-on-year, with organic growth at minus 11.9%, indicating challenges in this area.
- The company recognized an SEK800 million non-cash impairment related to its non-standardized services business, impacting financial results.
- Ongoing component shortages are expected to continue affecting pricing and product availability, creating market uncertainty.
- The exit from non-standardized services is expected to take up to two years, indicating a prolonged period of transition.
- Despite improvements, the SMB segment's margin remains low at 2.8%, far from the long-term target of 6.5%.
Welcome to the Dustin Q3 presentation for 2026. (Operator Instructions)
Now I will hand the conference over to the CEO, Samuel Skott; and CFO, Julia Lagerqvist. Please begin your meeting.
Thank you, and good morning, everyone, and welcome to Dustin's presentation of our third quarter results. My name is Samuel, and I'm joined here today by our CFO, Julia Lagerqvist, and together, we will take you through the highlights of the quarter before we open up for questions.
I'm pleased to report yet another quarter with organic growth, improved margins, strong cash flow and reduced leverage, while continuing to sharpen our commercial focus and the efficiency of our operations.
Net sales development was positive in the quarter, with organic growth of 2.6%. Growth was driven by continued strong performance from the public sector and supported by orders brought forward to secure pricing and availability in the light of the component shortage.
The gross margin
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