Q2: Strong underlying growth – negative margin impact from mix effects

Second quarter

• Net sales rose 79.5 per cent to SEK 6,612 million (3,683), primarily as a result of the acquisition of Centralpoint.

• Organic sales growth was 12.2 per cent (6.4), of which SMB accounted for 10.1 per cent (8.3), LCP 17.2 per cent (4.9) and B2C negative 22.4 per cent (pos: 5.5).

• Sales growth for comparable units (pro forma) was 13.5 per cent.

• The gross margin amounted to 13.7 per cent (16.1).

• Adjusted EBITA amounted to SEK 275 million (201), corresponding to an adjusted EBITA margin of 4.2 per cent (5.5).

• EBIT totalled SEK 220 million (177), including items affecting comparability of a negative SEK 13 million (neg: 1).

• Profit for the quarter was SEK 144 million (122).

• Earnings per share before dilution totalled SEK 1.27 (1.34).

• Cash flow from operating activities amounted to SEK 388 million (218).

September 2021-February 2022

• Net sales rose 74.3 per cent to SEK 12,859 million (7,379), primarily as a result of the acquisition of Centralpoint.

• Organic sales growth was 11.6 per cent (7.2), of which SMB accounted for 11.1 per cent (7.7), LCP 15.0 per cent (6.5) and B2C negative 19.9 per cent (pos: 10.4).

• The gross margin amounted to 14.0 per cent (15.8).

• Adjusted EBITA amounted to SEK 576 million (372), corresponding to an adjusted EBITA margin of 4.5 per cent (5.0).

• EBIT totalled SEK 471 million (308), including items affecting comparability of a negative SEK 20 million (neg: 15).

• Profit for the period amounted to SEK 310 million (213).

• Earnings per share before dilution totalled SEK 2.74 (2.33).

• Cash flow from operating activities amounted to SEK 757 million (483).

• At the end of the period, net debt in relation to adjusted EBITDA during the past 12-month period, including the 12-month earnings effect of Centralpoint, but excluding the effects of IFRS 16 Leases, was 3.3.

“We report organic sales growth of just over 12 per cent for the second quarter, despite an uncertain market situation impacted by significant spread of corona and Russia's invasion of Ukraine, resulting in disruption to supply chains. With our size and our active work in purchasing, combined with large inbound deliveries of hardware, we have been able to address continued strong demand among our customers. Adjusted EBITA increased by nearly 37 per cent, while the margins were impacted by a changed sales mix with a higher share of sales in LCP and a temporarily larger share of software and computer hardware with a low margin. If we look ahead, we foresee favourable conditions for long-term profitable growth in both the Nordic region and Benelux, as well as further expansion in Europe, despite a market trend that is difficult to forecast from a short-term perspective”, says Thomas Ekman, President and CEO at Dustin.

Read the full report here

For additional information, please contact:

Fredrik Sätterström, Head of Investor Relations

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

Contact person:

Eva Ernfors, Head of Information

eva.ernfors@dustin.se, +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 April 6, 2022.

About Dustin

Dustin is a leading online based IT partner in the Nordics and the 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 2020/21 amounted to approximately SEK 15.9 billion and more than 90 per cent of the revenues came from the corporate market.

Dustin has approximately 2,400 employees and has been listed on Nasdaq Stockholm since 2015 with headquarters in Nacka Strand just outside central Stockholm.