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Dustin: Dustin's Q1 2025-'26 Earnings: A Mixed Bag

Dustin's Q1 report for 2025-'26 reveals a mixed financial performance, with organic growth of 18% driven by strong development within Large Corp and Public (LCP) and the effects of a weak comparison quarter. Net sales development was positive, with LCP segment sales at SEK 4.0 billion, up 24% versus last year, and organic growth of 28%. However, the gross margin fell to 13.1% compared with 14.3% last year due to strong public sector growth, a high share of PC sales, and continued price pressure in the Netherlands. Adjusted EBITA increased to SEK 83 million, driven by efficiency measures, a weak comparative quarter, and higher sales volumes. The EPS came out at 0.00221, significantly lower than estimates at 0.02.

DUST.ST

SEK 1.849

-5.66%

A-Score: 1.9/10

Publication date: January 14, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Strong LCP Growth LCP segment sales rose to SEK 4.0 billion (+24 YoY), with organic growth of 28%.
  • Adjusted EBITA Surge Adjusted EBITA jumped to SEK 83 million (margin 1.5%), up from SEK 17 million (0.4%) last year.
  • Improved Cash Flow Operating cash flow reached SEK 381 million, driven by working capital efficiency, and leverage fell to 3.1x from 5.2x.
  • SMB Segment Margin Gains Despite 5% sales decline, SMB segment margin improved to 3.6%, up from prior year.
  • Memory Shortage Risk Market uncertainty looms due to component shortages, prompting proactive customer-partner collaboration to mitigate impacts.

Segment Performance

The SMB segment saw weak sales, with sales landing at SEK 1.5 billion, 5% below last year, and an organic decline of 3%. However, the gross margin improved in most markets, thanks to continued price discipline. The segment result increased to SEK 53 million, and the segment margin ended at 3.6%. In contrast, the LCP segment performed well, with sales at SEK 4.0 billion, up 24% versus last year, and organic growth of 28%.

Cash Flow and Leverage

Cash flow from operating activities increased to SEK 381 million, primarily driven by improved net working capital. Leverage measured as net debt to EBITDA dropped to 3.1x, compared to 5.2x last year. This improvement in leverage is a positive sign, indicating that the company is on track to meet its financial obligations.

Valuation Metrics

Looking at the valuation metrics, Dustin's P/S Ratio stands at 0.13, indicating that the stock may be undervalued relative to its sales. However, the EV/EBITDA ratio is high at 26.77, suggesting that the company's enterprise value may be overvalued relative to its EBITDA. The ROE is negative at -47.26%, and the ROIC is low at 0.78%, indicating that the company's profitability is a concern.

Outlook and Guidance

The company sees continued market uncertainty in 2026, related to the shortage of memory components, which could negatively influence market development. Dustin is taking a prudent stance and is proactively working with customers and partners to mitigate the situation. The company is focusing on strengthening customer and sales work, increasing the pace of strategy execution, and driving efficiency improvements. Analysts estimate next year's revenue growth at 4.3%, which may be achievable if the company continues to execute its strategy effectively.

Dustin's A-Score