Q3: Robust organic growth with continued impact on margin from mix effects

Third quarter

• Net sales rose 83.4 per cent to SEK 5,894 million (3,213), primarily as a result of the acquisition of Centralpoint.

• Organic sales growth was 19.7 per cent (6.1), of which SMB accounted for 14.2 per cent (14.2), LCP 30.7 per cent (neg: 0.8) and B2C negative 33.6 per cent (pos: 6.5).

• Sales growth for comparable units (pro forma) was 21.6 per cent.

• The gross margin amounted to 14.3 per cent (17.3).

• Adjusted EBITA amounted to SEK 201 million (158), corresponding to an adjusted EBITA margin of 3.4 per cent (4.9).

• EBIT totalled SEK 140 million (114), including items affecting comparability of a negative SEK 19 million (neg: 21).

• Profit for the quarter was SEK 85 million (79).

• Earnings per share before and after dilution amounted to SEK 0.75 (0.87).

• Cash flow from operating activities was a negative SEK 277 million (neg: 93).

• During the third quarter, Dustin has, in light of an agenda decision from IASB Interpretation Committee and changed industry practice, changed application of accounting policies for income from some resale of software licenses. This entails that sales are recognised net instead of gross. The adjustment means comparative figures have been restated and the impact on sales for the third quarter amounted to a negative SEK 277 million (neg: 180). Gross profit, EBIT and earnings before/after tax will remain unchanged. For further information, see Note 1.

September 2021-May 2022

• Net sales rose 75.6 per cent to SEK 17,858 million (10,168), primarily as a result of the acquisition of Centralpoint.

• Organic sales growth was 13.5 per cent (7.0), of which SMB accounted for 12.2 per cent (9.3), LCP 18.3 per cent (4.8) and B2C negative 24.3 per cent (pos: 9.1).

• The gross margin amounted to 14.8 per cent (17.0).

• Adjusted EBITA amounted to SEK 777 million (530), corresponding to an adjusted EBITA margin of 4.4 per cent (5.2).

• EBIT totalled SEK 611 million (422), including items affecting comparability of a negative SEK 39 million (neg: 36).

• Profit for the period amounted to SEK 395 million (292).

• Earnings per share before and after dilution amounted to SEK 3.49 (3.20).

• Cash flow from operating activities amounted to SEK 480 million (390).

• At the end of the period, net debt in relation to adjusted EBITDA in the past 12-month period, excluding the effects of IFRS 16 Leases, was 3.7 (2.1).

“We report organic sales growth of almost 20 per cent for the third quarter, mainly driven by strong demand for hardware and, to a certain extent, price increases. Our size and our active work in purchasing has created a high degree of availability for our customers in a market that has been affected in various ways by disruption to supply chains. Adjusted EBITA increased by just over 27 per cent to SEK 201 million, while margins were negatively impacted by a changed sales mix during the quarter with a higher share of sales in LCP and a sharp rise in the share of standard hardware with a lower margin. The integration and reprofiling of our acquired operations are proceeding as planned and are strengthening our position for continued profitable growth in our markets”, says Thomas Ekman, President and CEO at Dustin.

Read the 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 July 5, 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.