Dustin Group

Quarterly Report • Jul 2, 2024

Interim report

March 1, 2024 – May 31, 2024

dustingroup.com

1

Interim report, March 2024 – May 2024

"Strong cash flow in a continued weak market"

Third quarter

• Net sales amounted to SEK 5,455 million (5,582).
• Organic sales growth was -3.5 per cent (-9.4), of which SMB -10.2 per cent (-17.4) and LCP -0.8 per cent (-5.5).
• The gross margin amounted to 15.0 per cent (15.3).
• Adjusted EBITA amounted to SEK 130 million (169), corresponding to an adjusted EBITA margin of 2.4 per cent (3.0).

September 2023 – May 2024

• Net sales declined 10.8 per cent to SEK 16,494 million (18,489).
• Organic sales growth was -12.7 per cent (-1.1), of which SMB accounted for -10.7 per cent (-11.7) and LCP -13.5 per cent (4.0).
• The gross margin amounted to 15.5 per cent (14.4).
• Adjusted EBITA amounted to SEK 523 million (582), corresponding to an adjusted EBITA margin of 3.2 per cent (3.1).
• EBIT totalled SEK 357 million (391), including items affecting comparability of SEK -33 million (-53).
• EBIT totalled SEK 86 million (97), including items affecting comparability of SEK -1 million (-25).
• Profit for the quarter was SEK 27 million (23).
• Earnings per share before dilution totalled SEK 0.06 (0.11).
• Cash flow from operating activities amounted to SEK 454 million (431).
• Profit for the period amounted to SEK 136 million (171).
• Earnings per share before dilution totalled SEK 0.37 (0.79).
• Cash flow from operating activities amounted to SEK 502 million (596).
• At the end of the period, net debt in relation to adjusted EBITDA over the past 12-month period was 3.0 (4.5).

Financial key ratios

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
All amounts in SEK million, unless otherwise indicated	23/24	22/23	23/24	22/23	12 months	22/23
Net sales	5,454.7	5,582.0	16,494.3	18,489.4	21,582.2	23,577.4
Organic sales growth (%)	-3.5	-9.4	-12.7	-1.1	-13.6	-5.0
Gross margin (%)	15.0	15.3	15.5	14.4	15.3	14.5
Adjusted EBITA	129.8	169.2	523.2	581.7	665.4	723.9
Adjusted EBITA margin (%)	2.4	3.0	3.2	3.1	3.1	3.1
EBIT	86.3	96.9	357.4	391.3	432.7	466.6
Profit for the period	27.4	23.4	136.3	170.9	139.3	173.9
Items affecting comparability	-0.5	-25.3	-33.0	-53.3	-52.9	-73.2
Earnings per share before dilution (SEK)*	0.06	0.11	0.37	0.79	0.43	0.81
Cash flow from operating activities	453.8	431.1	502.3	596.2	0.5	619.2
Net debt/adjusted EBITDA (multiple)**	-	-	-	-	3.0	5.0
Return on equity (%)	-	-	-	-	1.9	3.2

* Earnings per share have been recalculated in comparison period to consider the rights issue.

** Refer to the section on alternative performance measures for the source of the calculation.

"Strong cash flow in a continued weak market"

The sales trend remained negative in the third quarter. However, it is gratifying to see increased sales compared with the second quarter, which is typically a stronger quarter. While the trend remains cautious among smaller and medium-sized businesses, we are standing firm by our assessment of a gradual improvement in the market during 2024. Profitability declined in the quarter as a direct result of weak volume performance and thereby a relatively high cost base in the SMB segment as well as several new framework agreements with initially lower margins within the LCP segment. The quarter's cash flow was strong, primarily driven by a positive trend in net working capital.

Cautious market with positive outlook

The market trend in the third quarter continued to be dominated by tentativeness and caution due to a continued weak economy, which had a clear impact on sales volumes, primarily within hardware. In their most recent analyses, the analyst firms Canalys, Gartner and IDC expect a recovery during the calendar year and positive growth for the global computer market in 2024.

The trend is expected to be driven by an exchange of large numbers of computers delivered during the pandemic, the launch of AI compatible computers and the need for more powerful computers due to the coming upgrade to Windows 11. Given this and positive forecasts from leading manufacturers, we maintain our expectations in a gradual improvement in the market for the coming quarters of 2024.

Weak SMB demand hampers the sales trend

Net sales for the quarter decreased 2.3 per cent to SEK 5,455 million (5,582) mainly due to continued weak demand among small and medium-sized businesses. Organic growth was -3.5 per cent, of which SMB accounted for -10.2 per cent and LCP for -0.8 per cent.

The Public Sector customer group posted a positive trend compared with the year-earlier quarter as well as growing quarter-on-quarter, primarily as a result of several new framework agreements. The sales trend in the Large Corporate customer group was somewhat cautious compared with the year-earlier quarter but increased quarter-on-quarter. In the SMB segment, the sales trend remained cautious as a result of the uncertain economic development, which primarily impacted sales to smaller businesses in the segment.

Lower volumes and new agreements hinder margin development

The gross margin declined to 15.0 per cent (15.3) in the third quarter. The change was largely due to several new framework agreements with initially lower margins as well as clearance sales of supplier inventories ahead of the launch of AI-adapted computers, which were somewhat counteracted by an increased share of sales reported net. Adjusted EBITA amounted to SEK 130 million (169), while the adjusted EBITA margin declined to 2.4 per cent (3.0). The lower margin was primarily due to a somewhat lower gross margin in combination with continued low volumes within SMB and therefore negative economies of scale. Salary increases and cost inflation had a negative effect on the margin. Our efforts to realise synergies and adapt the cost base to the prevailing market conditions continues, as do our selective investments in operations to prepare for improved market conditions.

EBIT totalled SEK 86 million (97), including items affecting comparability of SEK -1 million (-25).

Improved net working capital strengthens the cash flow

Cash flow from operating activities amounted to SEK 454 million (431) for the quarter, primarily due to a positive development of net working capital, which improved by almost SEK 200 million compared to a year ago. Inventory decreased compared with the comparative quarter last year and is now at the desired level regarding the balance between tied-up capital and delivery capacity.

Lower debt/equity ratio

Net debt on the balance-sheet date decreased to SEK 2,736 million, compared with SEK 4,613 million one year ago. The change was attributable to our previous new share issue proceeds and a repayment of debt at the end of December 2023 as well as an improved net working capital. Net debt in relation to adjusted EBITDA decreased somewhat during the quarter to 3.0x (4.5).

Summary and outlook

Market developments in the past two years have been challenging and clearly dominated by general economic uncertainty. Given the positive forecasts from market analysis firms, we maintain our expectation of a gradual improvement in our markets during the coming quarters of 2024.

The internal work to optimise the organisation, adapt the cost base and carry out selected investments continues in order to strengthen our margins and create a stronger Dustin for the future.

We are now focusing on our strategic plan, to accelerate synergy effects and automate through new technology, enable investments and – in the longer-term perspective – to continue to expand in Europe. I am proud of the collective contribution from all of our employees and look forward to the future with confidence. I know that we are well positioned for strong underlying market trends.

Nacka, July 2024

Johan Karlsson, President and CEO

Dustin at a glance

With our focus on strong growth under a single brand, we are in a position to become one of Europe's leading IT partners. The foundation for continued growth is our extensive experience and successful Nordic operating model combined with our strength as a supplier to major customers in the private and public sector.

We support our customers in their everyday situations, regardless of whether it involves finding the right product, IT solution or a combination of the two. We draw energy from our strong sense of community, our colleagues' expertise, the size of the company and our efficient work processes. Together, we strive for sustainable growth and a sustainable industry.

Focus on business customers

Operations comprise two business segments: SMB (Small and Medium-sized Businesses) with a sales share of about 29 per cent in 2022/23 and LCP (Large, Corporate and Public Sector) with a sales share of about 71 per cent. Our sales are mainly made online and are complemented by consultative selling.

Growing service sales

The demand for standardised and managed services is increasing as companies' needs for mobility and

accessibility grow. We are broadening our already extensive product offering with services to help our customers with a large share of their IT needs.

Leading online position

The share of products and services purchased online is growing. We have been online since 1995 and have built a strong position, making us the Nordic region's largest e-retailer for the B2B segment.

Focus on sustainability

The future is circular. Responsible business is a prerequisite for modern, sound and successful operations. For us, this entails that we assume responsibility across the value chain. This involves everything from how we compose our offering to how we make it possible for our customers to make more sustainable choices and move toward more circular business models.

Dustin Group AB is a Swedish public limited company with its head office in Nacka Strand. The share was listed on Nasdaq Stockholm's Mid Cap Index in 2015.

Vision

Our vision is to help our customers to be at the forefront. We achieve this by providing the right IT solution to the right customer and user. At the right time and the right price. That's why our promise to our customers is – "We keep things moving."

Operational targets

Dustin's Board of Directors has established the following long-term financial targets, which were updated on February 20, 2023.

Earnings per share

Growth of earnings per share of at least 10 per cent (three-year average annual rate of growth).

Supporting targets regarding earnings per share: Organic annual growth in net sales for SMB of 8 per cent and for LCP of 5 per cent (annual average over a three-year period).

Achieve a segment margin of at least 6.5 per cent for SMB and at least 4.5 per cent for LCP within the next three-year period.

Our sustainability efforts

Sustainability is an integrated part of our strategy and our operations, enabling us to facilitate sustainable business and to help our customers make sustainable choices. For us, sustainable business encompasses the entire Group's impact on society and our environment.

Our sustainability targets

The sustainability strategy focuses on three areas: climate, circularity and social equality. Our sustainability targets entail that by 2030 we will:

• be climate neutral throughout the value chain
• be 100 per cent circular
• have taken 100 actions to promote social equality throughout our value chain

Code of Conduct and audits

Our ambition is to work and collaborate systematically with our suppliers and our suppliers' suppliers based on our model for a responsible value chain. Through close cooperation with the world's largest hardware manufacturers and global distributors, we believe that we can make a difference together. Our Supplier Code of Conduct provides a basis in this work.

The way in which our products are manufactured is another key aspect, with factory audits playing a significant role in our work in this regard. During the third quarter of 2023/24, three factory audits (four) were conducted.

Social equality

For us, social equality entails taking responsibility in such areas as labour, occupational health and safety, anti-corruption and human rights. We have an opportunity to work actively with our partners to promote social equality throughout the value chain. It is

Capital structure

Dustin's capital structure should enable a high degree of financial flexibility and provide scope for acquisitions. The company's target is net debt of 2.0– 3.0 times adjusted EBITDA for the last 12-month period.

CO2 emissions

25-per cent reduction of CO2e/MSEK net sales in the coming three-year period, contributing towards the unchanged 2030 commitment of being fully climate neutral.

Dividend policy

To distribute more than 70 per cent of the year's profit, with the company's financial status taken into consideration.

a challenge that is present in all areas, including raw materials supply, production, delivery, take-back and recovery.

We also want to have an open and inclusive work environment. By 2030, we aim to conduct 100 activities to promote increased social equality in our value chain.

Circular key ratios

We work to further develop our circular economy framework in order to adapt to development in the electronics industry towards circular business models, research and new regulations, such as the EU Taxonomy and the future Corporate Sustainability Reporting Directive (CSRD).

Dustin endeavours to increase the circular share through both services and take-back. We have worked intensively to broaden our standardised service offering. We have sharply increased our take-back volumes at our facility in the Netherlands and our Nordic facility in Växjö.

Total take-back for the first three quarters

Financial overview

Income statement items and cash flows are compared with the year-earlier periods. Balance-sheet items pertain to the position at the end of the period and are compared with the corresponding year-earlier date. The quarter refers to March – May 2024.

Third quarter

Net sales

Net sales during the quarter amounted to SEK 5,455 million (5,582). Organic growth was -3.5 per cent (-9.4), of which SMB accounted for -10.2 per cent (-17.4) and LCP for -0.8 per cent (-5.5). Exchange-rate differences accounted for -1.3 percentage points (-4.1). For more information, see source of alternative performance measures.

Gross profit

During the quarter, gross profit decreased to SEK 821 million (857). The gross margin declined to 15.0 per cent (15.3). The change was largely due to several new framework agreements in the LCP segment with lower margins, which were somewhat offset by an increased share of sales reported net according to IFRS 15. An increased share of sales in LCP and large volumes of campaign goods and clearance sales of supplier inventory ahead of the launch of AI-adapted computers, primarily within the SMB segment, had a negative impact on the margin.

Adjusted EBITA

Adjusted EBITA amounted to SEK 130 million (169), corresponding to an adjusted EBITA margin of 2.4 per cent (3.0). The weaker margin is primarily due to a somewhat lower gross margin in combination with low volumes within SMB and therefore a high relative cost base, salary increases and cost inflation. Adjusted EBITA excluded items affecting comparability of SEK -1 million (-25). For more information, refer to Note 3 Items affecting comparability. For a comparison of adjusted EBITA and EBIT, see Note 2 Net sales and segment reporting.

EBIT

EBIT amounted to SEK 86 million (97). EBIT included items affecting comparability of SEK -1 million (-25). For more information, refer to Note 3 Items affecting comparability.

Financial items

Financial expenses amounted to SEK -42 million (-62). External financing expenses amounted to SEK -37 million (-58), which was due to lower interest expenses as a result of a previous new share issue and repayment of loans. Interest expenses related to leases amounted to SEK -4 million (-4). Financial income amounted to SEK 1 million (1).

Tax

The tax expense for the quarter was SEK -18 million (- 12), corresponding to an effective tax rate of 39.5 per cent (33.9). The higher effective tax is mainly attributable to a geographic mix effect in profit generation.

Profit for the quarter

Profit for the quarter was SEK 27 million (23). Earnings per share amounted to SEK 0.06 (0.11) before and after dilution.

Cash flow

Cash flow before changes in working capital was SEK 81 million (142). Changes in working capital amounted to SEK 373 million (289), which had a positive impact on cash flow. Change was primarily due to an increase of SEK 724 million (11) in accounts payable, which was higher than normal and impacted by deliveries pertaining to larger, individual customer agreements. An increase in accounts receivable yielded a negative cash flow effect of SEK -332 million (57). Increased inventories of SEK -19 million (222) had a negative impact on cash flow. Cash flow from operating activities thereby amounted to SEK 454 million (431).

Cash flow from investing activities amounted to SEK -65 million (-58) and pertained to investments in tangible and intangible assets. Investments in the IT platform amounted to SEK -45 million (-45). The remaining SEK -20 million (-13) pertained primarily to improvements in rented property and IT equipment for internal use. For more information, refer to Note 4 Investments.

Cash flow from financing activities amounted to SEK - 49 million (-50). The period was primarily impacted by the repayment of lease liabilities of SEK -48 million (- 48).

Cash flow for the quarter was SEK 340 million (323).

Employees

The average number of full-time employees was 2,271, compared with 2,391 in the year-earlier quarter.

September 1, 2023 – May 31, 2024 Net sales

Net sales declined 10.8 per cent to SEK 16,494 million (18,489). Organic sales growth was - 12.7 per cent (-1.1), of which SMB accounted for -10.7 per cent (-11.7) and LCP -13.5 per cent (4.0), where exchange-rate differences had an impact of -1.9 percentage points (-4.7).

Gross profit

Gross profit for the period amounted to SEK 2,565 million (2,663). The gross margin increased to 15.5 per cent (14.4), mainly as a result of a more favourable sales mix with a lower share of computers with low margins, good price discipline and an increased share of sales that were reported net according to IFRS 15.

Adjusted EBITA

Adjusted EBITA amounted to SEK 523 million (582), corresponding to an adjusted EBITA margin of 3.2 per cent (3.1). The margin decline was primarily attributable to a low volumes in SMB and a subsequently higher cost base as well as a generally higher, inflation-driven cost level. Adjusted EBITA excluded items affecting comparability of SEK -33 million (-53), primarily related to integration costs. For more information, refer to Note 3 Items affecting comparability. For a comparison of adjusted EBITA and EBIT, see Note 2 Net sales and segment reporting.

EBIT

EBIT amounted to SEK 357 million (391). EBIT included items affecting comparability of SEK -33 million (-53). For more information, refer to Note 3 Items affecting comparability.

Financial items

Financial expenses amounted to SEK -172 million (- 164). The increase was attributable to higher interest expenses due to a rise in interest rates. External financing expenses amounted to SEK -160 million (- 151). Financial expenses were also impacted by interest expenses related to leases of SEK -12 million (-12). Financial income amounted to SEK 3 million (5), mainly pertaining to the deposit rate of interest.

Tax

The tax expense for the period was SEK -52 million (- 61), corresponding to an effective tax rate of 27.5 per cent (26.3). The higher effective tax was attributable to non-deductible issue costs through equity and geographic mix effects in profit generation.

Profit for the period

Profit for the period amounted to SEK 136 million (171). Earnings per share amounted to SEK 0.37 (0.79) before and after dilution.

Cash flow

Cash flow from operating activities amounted to SEK 502 million (596). Cash flow before changes in working capital was SEK 354 million (414) and changes in working capital amounted to SEK 148 million (182). For further information regarding working capital, refer to the Net working capital section.

Cash flow from investing activities amounted to SEK - 193 million (-172). Cash flow from investments in tangible and intangible assets amounted to SEK -193 million (-172). Investments in the IT platform amounted to SEK -151 million (-137) and the remaining SEK -42 million (-36) comprised the investments in rented property, IT equipment for internal use, investments in business systems and investments in the take-back facility in Växjö. Of the period's total investments, project-related investments amounted to SEK -81 million (-68). For more information, refer to Note 4 Investments.

Cash flow from financing activities amounted to SEK -85 million (98). The period was mainly affected by repayments of loans of SEK 1,647 million (304) and a new share issue of SEK 1,729 million (4). The preceding period was impacted by new loans raised of SEK 550 million. The period was also impacted by the repayment of lease liabilities of SEK -147 million (-140).

Cash flow for the period was SEK 224 million (522).

Net working capital

Net working capital amounted to SEK -205 million (-22) at the end of the period. Inventory decreased SEK 106 million, mainly due to lower levels of customerspecific inventory. Of total inventory of SEK 925 million (1,031), customer-specific inventory comprised SEK 432 million (533). Accounts receivable have primarily increased compared with last year as a result of changes to the product mix and large, individual contracts. Accounts payable increased, which is line with an increased cost base compared with last year. The long-term target level for net working capital is approximately SEK -100 million.

SEK million	May 31, 2024	May 31, 2023	Aug 31, 2023
Inventories	925.3	1,031.1	987.0
Accounts receivable	3,421.3	3,186.9	2,690.0
Tax assets and other current receivables	580.7	612.6	630.6
Accounts payable	-4,028.0	-3,504.4	-3,072.3
Tax liabilities and other current liabilities	-1,104.4	-1,348.2	-1,271.2
Net working capital	-205.0	-22.0	-35.8

Net debt and cash and cash equivalents

At the end of the period, net debt amounted to SEK 2,736 million (4,613). The change was mainly attributable to loan repayments of SEK 1,647 million in previous quarter. At the end of the period, there was an unutilised overdraft facility of SEK 100 million (100). At the end of the period, net debt in relation to adjusted EBITDA over the past 12-month period was 3.0 (4.5).

SEK million	May 31, 2024	May 31, 2023	Aug 31, 2023
Liabilities to credit institutions	3,568.1	5,325.1	5,401.9
Lease liabilities and other financial liabilities	550.1	516.5	500.2
Cash and cash equivalents	-1,361.1	-1,228.9	-1,108.0
Interest-bearing receivables	-20.7	-	-
Net debt	2,736.4	4,612.7	4,794.1

2023/2024 Nomination Committee

In accordance with the Nomination Committee instructions adopted by the Annual General Meeting, the following individuals were appointed as members of the Nomination Committee based on the ownership structure as of March 31, 2024.

• Marie Ehrling, Axel Johnson AB, Chairman of the Nomination Committee
• Sophie Larsén, AMF Pension & Fonder
• Jens Browaldh, Altor
• Thomas Ekman, Chairman of Dustin's Board of Directors (co-opted)

Shareholders wishing to submit proposals to the Nomination Committee can do so by mail at the following address: Dustin Group AB, Att. Oliver Kronberg, PO Box 1194, SE-131 27 Nacka Strand, Sweden, or by e-mail to: oliver.kronberg@dustin.com.

2023/2024 Annual General Meeting

Dustin's Annual General Meeting (AGM) will be held in Stockholm on December 12, 2024. Shareholders who wish to have matters considered should submit a written request to the Board by October 24, 2024 to ensure that the matter is included in the notice convening the AGM. Requests should be addressed to Dustin Group AB, Att: Charlotte Törnberg, Box 1194, SE-131 27 Nacka Strand or by e-mail to: charlotte.tornberg@dustin.com.

Events after the balance-sheet date

Dustin has extended its existing sustainability-linked long-term credit facility by one year. The new agreement runs until October 2026.

Dustin joins Science Based Targets initiative (SBTi), an international framework for companies that adopt science-based climate targets to limit global warming.

Parent Company

Dustin Group AB (Corp. Reg. No. 556703-3062), which is domiciled in Nacka, Sweden, only conducts holding operations. Furthermore, external financing is gathered in the Parent Company.

Profit for the period amounted to SEK 246 million (94). The change was mainly due to the net currency position that amounted to SEK 194 million (-275) and intra-Group interest income of SEK 260 million (167). External financing expenses amounted to SEK -151 million (-148), attributable to higher interest expenses due to higher interest rates. No dividends received from Group companies this period (299).

Risks and uncertainties

Dustin's risks and uncertainties have increased due to greater economic uncertainty, such as in the form of a protracted recession with lower demand and higher costs. This intensified uncertainty is due to Russia's war of aggression against Ukraine, the armed conflict in the Middle East, disruption to logistics chains, increased volatility in the energy and finance markets, and high inflationary pressure.

Dustin has a structured and Group-wide process to identify, classify, manage and monitor a number of strategic, operative and external risks.

• The strategic risks are normally identified in conjunction with risk discussions linked to a strategic initiative. These risks include acquisition and integration projects and the preparation of profitable and attractive customer offerings.
• Operational risks arise in the business and are identified mainly through process reviews. These risks include the ability to attract and retain customers.
• External risks consist of risks that are outside the direct control of the Group. These risks include regulatory changes or changed market conditions.

For a detailed description of the risks that are expected to be particularly significant for the future development of the Group, refer to pages 63-68 of Dustin's 2022/23 Annual and Sustainability Report.

The share

The Parent Company's share has been listed on Nasdaq Stockholm since February 13, 2015, and is included in the Mid Cap index. On May 31, 2024, the price was SEK 14.52 per share (28.12), representing a total market capitalisation of SEK 6,640 million (3,204). On May 31, 2024, the company had a total of 14,611 shareholders (14,800). The Company's three largest shareholders were Axel Johnson Gruppen with 50.1 per cent, AMF Tjänstepension & Fonder with 6.7 per cent and Avanza Pension with 3.1 per cent.

Review of business segments

Dustin operates through two business segments: SMB (Small and Medium-sized Businesses) and LCP (Large Corporate and Public sector). SMB includes companies with up to 500 employees in addition to consumers, while LCP includes larger companies with more than 500 employees as well as the public sector.

SMB – Small and Medium-sized Businesses

	Q3	Q3	Change	Q1-Q3	Q1-Q3	Change	Rolling	Full-year	Change
SEK million	23/24	22/23	%	23/24	22/23	%	12 months	22/23	%
Net sales	1,474.1	1,653.8	-10.9	4,759.1	5,384.6	-11.6	6,218.4	6,843.9	-9.1
Segment results	36.7	64.6	-43.2	164.1	249.2	-34.2	227.6	312.8	-27.2
Segment margin (%)	2.5	3.9	-	3.4	4.6	-	3.7	4.6	-

* All sales in segment reporting relates to external sales.

Net sales

Net sales for the quarter decreased 10.9 per cent to SEK 1,474 million (1,654). Organic growth was -10.2 per cent (-17.4). Acquisition-related growth, which related in its entirety to customer transfers, accounted for 1.4 percentage points. Exchange-rate differences accounted for -0.7 percentage points.

The market continued to be dominated by tentativeness and caution due to uncertainty about economic developments. The sales trend stabilised for the medium-sized and large businesses in the segment, while it remained weak for small businesses.

Software and services as a percentage of sales grew to 12.3 per cent (11.6) in the third quarter (see Note 2 Net sales and segment reporting), as a result of a healthy trend for contracted recurring services in the Nordic region combined with lower hardware sales.

Segment results

The gross margin was somewhat lower during the quarter, both quarter-on-quarter and year-on-year, as a result of large volumes of campaign goods and clearance sales of supplier inventory ahead of the launch of AI-adapted computers.

Profit for the segment declined 43.2 per cent to SEK 37 million (65) and the margin declined to 2.5 per cent (3.9), as a direct result of lower volumes and a relatively high cost base.

Summary of the quarter

• general economic uncertainty and a cautious purchasing trend had a negative impact on sales volumes
• lower volumes and negative economies of scale combined with a generally higher, inflation-driven cost level had a negative impact on the segment margin
• clearance sales of supplier inventory ahead of the launch of AI computers, large volumes of campaign goods and a shift to more basic alternatives with lower margins had a negative impact on margins
• positive product mix with a lower share of computers with low margins and good price discipline had a positive impact on the margins

LCP - Large Corporate and Public sector

	Q3	Q3	Change	Q1-Q3	Q1-Q3	Change	Rolling	Full-year	Change
SEK million	23/24	22/23	%	23/24	22/23	%	12 months	22/23	%
Net sales	3,980.7	3,928.2	1.3	11,735.2	13,104.8	-10.5	15,363.8	16,733.5	-8.2
Segment results	129.5	140.6	-7.9	455.8	455.0	0.2	560.2	559.5	0.1
Segment margin (%)	3.3	3.6	-	3.9	3.5	-	3.6	3.3	-

* All sales in segment reporting relates to external sales.

Net sales

Net sales for the quarter rose 1.3 per cent to SEK 3,981 million (3,928). Organic growth was -0.8 per cent (-5.5). Acquisition-related growth, which related in its entirety to customer transfers, accounted for -0.6 percentage points. Exchange-rate differences accounted for -1.5 percentage points.

The overall cautious purchasing trend had a negative impact on underlying demand within the segment, including increased volatility in order placements. The Public Sector customer group posted a slightly positive trend year-on-year as well as quarter-on-quarter. The sales trend in the Large Corporate customer group was somewhat more cautious and therefore weaker than the third quarter of last year. The strongest geographic performance was noted in Denmark and Norway.

Segment results

The gross margin was somewhat lower compared with the year-earlier quarter, and declined compared with the second quarter of this year due to a higher share of sales within new framework agreements with initially lower margins. This was partially offset by an increased share of sales that were reported net according to IFRS 15. Profit for the segment decreased 7.9 per cent to SEK 130 million (141), while the margin declined to 3.3 per cent (3.6).

Summary of the quarter

• an increased share of sales within new framework agreements with an initially lower margin had a negative impact on the gross margin
• geographic changes in the sales mix had a negative impact on the gross margin
• a generally higher inflation-driven cost level had a negative effect on the segment margin
• an increase in take-back had a positive margin impact
• an increased share of sales that were reported net according to IFRS 15 had a positive impact on the gross margin

Corporate functions

	Q3	Q3	Change	Q1-Q3	Q1-Q3	Change	Rolling	Full year	Change
SEK million	23/24	22/23	%	23/24	22/23	%	12 months	22/23	%
Cost for corporate functions	-36.4	-36.0	1.1	-96.6	-122.6	-21.1	-122.4	-148.3	-17.5
Costs for corporate functions in relation to net sales (%)	-0.7	-0.6	-	-0.6	-0.7	-	-0.6	-0.6	-

Corporate functions

In the third quarter, costs for corporate functions amounted to 0.7 per cent (0.6) in relation to sales. Costs for corporate functions remained unchanged at SEK 36 million (36). A positive earnings effect from IFRS 16, which arises when operating expenses are replaced by amortisation/depreciation, of SEK 4 million (3) is

included in the costs for corporate functions for the quarter. For additional financial data on the segments, refer to Note 2 Net sales and segment reporting on pages 19-20, and to Segment information by quarter on page 26.

The undersigned certify that this interim report gives a true and fair presentation of the Parent Company's and the Group's operations, financial position and profits and describes the material risks and uncertainties facing the Parent Company and the companies in the Group.

Nacka, July 2, 2024

Johan Karlsson, President and CEO In accordance with authorisation by the Board of Directors

Review report

Dustin Group AB, corporate identity number 556703-3062

Introduction

We have reviewed the condensed interim report for Dustin Group AB as of May 31, 2024 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.

Stockholm the day of our electronical signature

Ernst & Young AB

Åsa Lundvall Authorized Public Accountant

Consolidated income statement

		Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
SEK million	Note	23/24	22/23	23/24	22/23	12 months	22/23
Net sales	2	5,454.7	5,582.0	16,494.3	18,489.4	21,582.2	23,577.4
Cost of goods and services sold		-4,634.1	-4,725.1	-13,929.7	-15,826.0	-18,272.5	-20,168.8
Gross profit		820.6	856.8	2,564.6	2,663.4	3,309.8	3,408.6
Selling and administrative expenses		-725.5	-726.8	-2,158.7	-2,209.8	-2,814.2	-2,865.3
Items affecting comparability	3	-0.5	-25.3	-33.0	-53.3	-52.9	-73.2
Other operating income		5.2	6.6	15.6	31.4	30.8	46.5
Other operating expenses		-13.5	-14.4	-31.1	-40.5	-40.7	-50.1
EBIT	2	86.3	96.9	357.4	391.3	432.7	466.6
Financial income and other similar income statement items		0.8	0.6	2.7	4.5	7.5	9.3
Financial expenses and other similar income statement items		-41.8	-62.1	-172.2	-164.0	-246.8	-238.7
Profit after financial items		45.3	35.4	187.9	231.8	193.3	237.2
Tax		-17.9	-12.0	-51.6	-60.9	-54.0	-63.2
Profit for the period, attributable in its entirety to Parent Company shareholders		27.4	23.4	136.3	170.9	139.3	173.9
Earnings per share before dilution (SEK)*		0.06	0.11	0.37	0.79	0.43	0.81
Earnings per share after dilution (SEK)*		0.06	0.11	0.37	0.79	0.43	0.81

* Earnings per share have been recalculated in comparison period to consider the rights issue.

Consolidated statement of comprehensive income

SEK million	Q3 23/24	Q3 22/23	Q1-Q3 23/24	Q1-Q3 22/23	Rolling 12 months	Full-year 22/23
Profit for the period	27.4	23.4	136.3	170.9	139.3	173.9
Other comprehensive income:
Items that may be transferred to the income statement
The result of the remeasurement of derivatives recognised in equity	-56.3	-148.3	95.8	-91.5	60.2	-127.0
Result from hedge of net investments in foreign operations	-51.3	-236.6	149.3	-369.2	45.5	-473.0
Translation reserve	128.5	342.8	-250.9	492.5	-132.7	610.7
Tax attributable to components in other comprehensive income	22.2	79.3	-50.5	94.9	-21.8	123.6
Other comprehensive income after tax	43.1	37.2	-56.3	126.7	-48.7	134.3
Comprehensive income for the period is attributable in its entirety to Parent Company shareholders	70.5	60.6	80.0	297.6	90.6	308.2

Condensed consolidated balance sheet

SEK million		May 31,
ASSETS	Note	2024	May 31, 2023	Aug 31, 2023
Non-current assets
Goodwill		8,489.6	8,623.0	8,746.3
Intangible assets attributable to acquisitions		523.7	628.8	607.5
Other intangible assets	4	518.5	395.0	434.0
Tangible assets	4	118.6	117.6	119.6
Right-of-use assets	4	533.1	500.2	483.6
Deferred tax assets		110.5	6.5	96.7
Derivative instruments	5	158.6	216.0	223.8
Other non-current assets		8.1	11.6	5.6
Total non-current assets		10,460.8	10,498.8	10,717.1
Current assets
Inventories		925.3	1,031.1	987.0
Accounts receivable		3,421.3	3,186.9	2,690.0
Interest-bearing receivables		20.7	-	-
Derivative instruments	5	-	-	0.3
Tax assets		65.2	45.3	76.9
Other receivables		515.5	567.3	553.7
Cash and cash equivalents		1,361.1	1,228.9	1,108.0
Total current assets		6,309.3	6,059.4	5,416.0
TOTAL ASSETS		16,770.1	16,558.1	16,133.1
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders		7,186.5	5,383.7	5,394.3
Total equity		7,186.5	5,383.7	5,394.3
Non-current liabilities
Deferred tax and other long-term provisions Liabilities to credit institutions		165.2 3,544.6	200.1 -	169.4 5,146.8
Non-current lease liabilities Derivative instruments	5	361.5 2.4	347.0 203.2	332.4 213.3
Total non-current liabilities		4,073.7	750.2	5,861.8
Current liabilities
Liabilities to credit institutions		23.6	5,325.1	255.2
Other provisions		5.7	0.7	0.6
Current lease liabilities		188.6	169.5	167.9
Accounts payable		4,028.0	3,504.4	3,072.3
Tax liabilities		147.8	60.0	207.3
Derivative instruments	5	164.3	81.3	114.8
Other current liabilities		951.9	1,283.2	1,059.1
Total current liabilities		5,509.9	10,424.2	4,877.0
TOTAL EQUITY AND LIABILITIES		16,770.1	16,558.1	16,133.1

Condensed consolidated statement of changes in equity

SEK million	May 31, 2024	May 31, 2023	Aug 31, 2023
Balance as at September 1	5,394.3	5,085.0	5,085.0
Profit for the period	136.3	170.9	173.9
Other comprehensive income
Translation difference	-250.9	492.5	610.7
The result of the remeasurement of derivatives recognised in equity	95.8	-	-127.0
Result from hedge of net investments in foreign operations	149.3	-460.7	-473.0
Tax attributable to components in other comprehensive income	-50.5	94.9	123.6
Total other comprehensive income	-56.3	126.7	134.3
Total comprehensive income	80.0	297.6	308.2
New share issue	1,767.7	3.9	4.1
Issue costs	-38.7	-	-0.2
Share-based incentive programme	3.2	1.2	1.2
Repurchase of own shares	-20.0	-4.1	-4.1
Total transactions with shareholders	1,712.3	1.0	1.0
Closing equity as per the balance sheet date, attributable to Parent Company shareholders in its entirety	7,186.5	5,383.7	5,394.3

Consolidated statement of cash flow

SEK million		Q3	Q3	Q1-Q3	Q1-Q3	Full-year
	Note	23/24	22/23	23/24	22/23	22/23
Operating activities
EBIT		86.3	96.9	357.4	391.3	466.6
Adjustment for non-cash items		107.6	115.9	312.7	288.4	421.0
Interest received		0.8	0.6	2.7	4.5	9.3
Interest paid		-37.9	-60.3	-160.3	-159.7	-230.4
Income tax paid		-75.8	-11.4	-158.1	-110.4	-88.0
Cash flow from operating activities before changes
in working capital		81.1	141.7	354.4	414.1	578.4
Decrease (+)/increase (-) in inventories		-19.1	221.7	48.4	372.1	425.1
Decrease (+)/increase (-) in receivables		-332.4	57.2	-847.6	204.7	725.1
Decrease (-)/increase (+) in current liabilities		724.2	10.6	947.1	-394.7	-1,109.4
Cash flow from changes in working capital		372.7	289.4	148.0	182.1	40.8
Cash flow from operating activities		453.8	431.1	502.3	596.2	619.2
Investing activities
Acquisition of intangible assets	4	-47.7	-49.2	-154.1	-149.0	-204.9
Acquisition of tangible assets	4	-17.2	-8.4	-39.2	-23.2	-35.2
Cash flow from investing activities		-64.9	-57.6	-193.3	-172.2	-240.1
Financing activities
New share issue		-0.2	-	1,729.0	3.9	3.9
Repurchase of own shares		-	-	-20.0	-4.1	-4.1
New loans raised		-	-	-	550.0	550.0
Repayment of loans		-0.4	-1.9	-1,647.2	-303.8	-303.8
Paid borrowing expenses		-	-	-0.1	-8.0	-28.3
Repayment of lease liabilities		-48.0	-48.1	-146.8	-140.0	-191.0
Cash flow from financing activities		-48.5	-50.0	-85.1	98.0	26.7
Cash flow for the period		340.3	323.4	224.0	522.0	405.8
Cash and cash equivalents at beginning of period		1,030.4	950.6	1,108.0	766.8	766.8
Cash flow for the period		340.3	323.4	224.0	522.0	405.8
Exchange rate differences in cash and cash equivalents		-9.5	-45.1	29.1	-59.9	-64.5
Cash and cash equivalents at end of period		1,361.1	1,228.9	1,361.1	1,228.9	1,108.0

Condensed Parent Company income statement

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling 12	Full-year
SEK million	23/24	22/23	23/24	22/23	months	22/23
Net sales	3.7	3.7	7.8	7.4	14.7	14.3
Cost of goods and services sold	-2.5	-2.6	-5.6	-5.2	-10.0	-9.5
Gross profit	1.2	1.1	2.2	2.3	4.7	4.8
Selling and administrative expenses	-1.4	-2.6	-6.2	-6.4	-9.0	-9.1
Other operating expenses	-	-	-	-	-	-
EBIT	-0.3	-1.5	-4.1	-4.1	-4.3	-4.3
Financial income and other similar income statement items	57.9	57.1	454.6	468.3	543.5	557.2
Financial expenses and other similar income statement items	-34.2	-261.5	-151.3	-423.4	-299.9	-572.0
Profit/loss after financial items	23.4	-205.9	299.2	40.8	239.3	-19.2
Appropriations	-	-	-	-	58.8	58.8
Tax	-4.8	42.4	-53.7	53.3	-41.0	66.0
Profit/loss for the period	18.6	-163.5	245.6	94.1	257.1	105.6

Parent Company statement of comprehensive income

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling 12	Full-year
SEK million	23/24	22/23	23/24	22/23	months	22/23
Profit/loss for the period	18.6	-163.5	245.6	94.1	257.1	105.6
Other comprehensive income	-	-	-	-	-	-
Comprehensive income for the period	18.6	-163.5	245.6	94.1	257.1	105.6

Condensed Parent Company balance sheet

SEK million	May 31, 2024	May 31, 2023	Aug 31, 2023
ASSETS
Non-current assets	1,211.6	1,211.6	1,211.6
Current assets	8,070.2	7,951.3	7,986.6
TOTAL ASSETS	9,281.8	9,162.9	9,198.2
EQUITY AND LIABILITIES
Restricted equity
Share capital	2,282.4	569.7	565.6
Total restricted equity	2,282.4	569.7	565.6
Non-restricted equity
Share premium reserve	3,035.6	3,023.4	3,023.4
Retained earnings	-2.1	-91.8	-87.6
Profit/loss for the period	245.6	94.1	105.6
Total non-restricted equity	3,279.1	3,025.7	3,041.3
Total equity	5,561.5	3,595.5	3,606.9
Untaxed reserves	134.1	192.9	134.1
Non-current liabilities	3,544.6	5,070.0	5,146.8
Current liabilities	41.6	304.5	310.4
TOTAL EQUITY AND LIABILITIES	9,281.8	9,162.9	9,198.2

Note 1 Accounting policies

Dustin applies International Financial Reporting Standards (IFRS) as adopted by the EU. This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The accounting policies are consistent with those presented in the Group's Annual Report for the 2022/23 financial year, unless otherwise stated. The Parent Company applies the Swedish Annual Accounts Act, and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.

This report has been prepared in SEK million, unless otherwise stated. Rounding-off differences may occur in this report.

Share-based remuneration

Since the second quarter of the 2022/2023 financial year, the long-term share-based programme, PSP 2023, has been recognised in accordance with IFRS 2. Recognition of the new PSP 2024 programme has taken place since the second quarter of 2023/24. Personnel costs for shares relating to the programme are calculated on each accounting date based on an assessment of the probability of the performance targets being achieved. The costs are calculated based on the number of shares that Dustin expects to need to settle at the end of the vesting period. When shares are allotted, social security contributions must be paid in some countries to the value of the employee's benefit. This value is based on fair value on each accounting date and recognised as a provision for social security contributions.

Note 2 Net sales and segment reporting

						Full
	Q3	Q3	Q1-Q3	Q1-Q3	Rolling 12	year
All amounts in SEK million, unless otherwise indicated Note	23/24	22/23	23/24	22/23	months	22/23
Net sales
LCP	3,980.7	3,928.2	11,735.2	13,104.8	15,363.8	16,733.5
of which, Nordic	1,727.1	1,668.4	5,238.4	5,622.9	6,882.3	7,266.9
of which, Benelux	2,253.5	2,259.8	6,496.8	7,481.9	8,481.5	9,466.6
of which, hardware	3,187.5	3,111.0	9,201.4	10,341.7	12,123.0	13,263.3
of which, software and services	793.2	817.2	2,533.8	2,763.2	3,240.8	3,470.2
SMB	1,474.1	1,653.8	4,759.1	5,384.6	6,218.4	6,843.9
of which, Nordic	1,228.1	1,387.9	3,967.2	4,563.0	5,166.9	5,762.6
of which, Benelux	246.0	265.9	791.8	821.6	1,051.5	1,081.3
of which, hardware	1,293.5	1,461.2	4,155.6	4,772.1	5,421.2	6,037.7
of which, software and services	180.6	192.6	603.5	612.5	797.2	806.2
Total	5,454.7	5,582.0	16,494.3	18,489.4	21,582.2	23,577.4
of which, Nordic	2,955.2	3,056.2	9,205.6	10,185.9	12,049.2	13,029.5
of which, Benelux	2,499.5	2,525.7	7,288.6	8,303.5	9,533.0	10,547.9
of which, hardware	4,481.0	4,572.2	13,357.0	15,113.7	17,544.2	19,300.9
of which, software and services	973.8	1,009.7	3,137.3	3,375.7	4,038.0	4,276.4
Segment results
LCP	129.5	140.6	455.8	455.0	560.2	559.5
SMB	36.7	64.6	164.1	249.2	227.6	312.8
Total	166.2	205.2	619.9	704.3	787.8	872.2
Corporate functions	-36.4	-36.0	-96.6	-122.6	-122.4	-148.3
of which, effects related to IFRS 16	3.9	3.1	11.4	10.0	15.2	13.8
Adjusted EBITA	129.8	169.2	523.2	581.7	665.4	723.9
Segment margin
LCP, segment margin (%)	3.3	3.6	3.9	3.5	3.6	3.3
SMB, segment margin (%)	2.5	3.9	3.4	4.6	3.7	4.6
Segment margin	3.0	3.7	3.8	3.8	3.7	3.7
Costs for corporate functions, excluding items
affecting comparability in relation to net sales (%)	-0.7	-0.6	-0.6	-0.7	-0.6	-0.6
Reconciliation with profit after financial items
Items affecting comparability 3	-0.5	-25.3	-33.0	-53.3	-52.9	-73.2
Amortisation and impairment of intangible assets	-43.0	-47.0	-132.8	-137.1	-179.8	-184.1
EBIT, Group	86.3	96.9	357.4	391.3	432.7	466.6
Financial income and other similar income statement items	0.8	0.6	2.7	4.5	7.5	9.3
Financial expenses and other similar income
statement items	-41.8	-62.1	-172.2	-164.0	-246.8	-238.7
Profit after financial items, Group	45.3	35.4	187.9	231.8	193.3	237.2

* All sales in segment reporting relates to external sales.

Note 2 Net sales and segment reporting - cont'd

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
By geographic area	23/24	22/23	23/24	22/23	12 months	22/23
Sweden	1,290.3	1,337.3	4,107.2	4,373.5	5,198.8	5,465.2
Finland	419.3	580.0	1,469.7	1,751.4	2,075.0	2,356.7
Denmark	504.8	475.9	1,473.3	1,819.4	1,891.6	2,237.7
Netherlands	2,301.5	2,304.5	6,664.7	7,647.1	8,702.8	9,685.1
Norway	740.8	663.0	2,155.6	2,241.7	2,883.8	2,969.9
Belgium	198.0	221.2	623.9	656.4	830.2	862.7
Total	5,454.7	5,582.0	16,494.3	18,489.4	21,582.2	23,577.4

Note 3 Items affecting comparability

Items affecting comparability amounted to SEK -1 million (-25.3) for the quarter which mainly refers to legal costs for integration in the Netherlands. The

Netherlands comprises several units and to achieve the desired level of synergies, the units must be integrated with Dustin.

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling 12	Full year
SEK million	23/24	22/23	23/24	22/23	months	22/23
Integration costs	-0.5	-24.19	-32.39	-49.56	-52.29	-69.47
Recruitment costs of senior executives	-	-1.15	-0.68	-3.70	-0.68	-3.70
Total	-0.5	-25.3	-33.1	-53.3	-53.0	-73.2

Note 4 Investments

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
SEK million	23/24	22/23	23/24	22/23	12 months	22/23
Capitalised expenditure for IT development (integrated IT platform and other long-term strategic IT systems)	45.1	44.5	150.7	136.6	204.6	190.5
of which, affecting cash flow	45.1	44.5	150.7	136.6	204.6	190.5
of which, project-related investments	21.9	21.4	81.2	68.3	115.8	103.0
Investments in tangible and intangible assets	78.0	52.4	170.9	83.8	197.3	120.0
of which, affecting cash flow	19.9	12.9	42.7	34.3	56.6	48.2
of which, project-related investments	-	16.3	-	16.4	6.6	23.0
of which, leased assets	58.1	49.3	128.3	59.3	140.7	71.8
Investments in assets related to service provision	17.8	23.3	70.3	41.6	80.9	42.4
of which, affecting cash flow	-	0.3	-	1.3	-	1.3
of which, leased assets	17.8	13.3	70.3	30.5	80.9	41.1
Total investments	140.9	120.2	391.9	262.0	482.8	352.9
of which, affecting cash flow	65.0	57.6	193.3	172.2	261.2	240.1
of which, project-related investments	21.9	37.7	81.2	84.7	122.4	126.0
of which, leased assets	75.9	62.6	198.5	89.8	221.6	112.9

Dustin's right-of-use assets mainly relate to buildings and IT equipment. During the quarter, right-of-use assets totalling SEK 76 million (63) were added, mainly attributable to IT equipment for service provision, such as servers and network solutions as well as buildings.

SEK million	May 31, 2024	May 31, 2023	Aug 31, 2023
Buildings	280.7	251.8	247.5
Vehicles	100.5	102.6	96.1
IT equipment for internal use	26.7	44.7	39.0
IT equipment related to service provision	123.5	100.1	100.2
Other items	1.8	1.0	0.9
Right-of-use assets	533.1	500.2	483.6

Note 5 Financial instruments

Financial instruments measured at fair value consist of derivative instruments and acquisition and divestmentrelated assets and liabilities. As regards other financial items, these essentially match fair value and book value.

Derivative instruments

Derivative instruments measured at fair value consist of interest-rate derivatives and currency futures. Derivative instruments have been structured as hedges for variable interest on external bank loans. Currency

futures pertain to hedging for USD purchases from China and hedging investment of foreign subsidiaries. The Group applies hedge accounting for derivatives and currency futures, and the fair value measurement is Level 2, according to the definition in IFRS 13. The measurement level remains unchanged compared with August 31, 2023. As of May 31, 2024, the fair value of derivative instruments amounted to SEK -8 million (- 68). The change was mainly related to currency movements.

Note 6 Seasonal variations

Dustin is impacted by seasonal variations. Each quarter is comparable between years. Sales volumes are normally higher in November and December, and lower during the summer months when sales and marketing activities are less intense. Similar seasonal variations occur in all geographical markets.

Note 7 Related-party transactions

There were no significant related-party transactions during the current period or comparative period and any minor transactions were conducted on market terms.

Key ratios

All amounts in SEK million,	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
unless otherwise indicated	23/24	22/23	23/24	22/23	12 months	22/23
Income statement
Organic sales growth (%)	-3.5	-9.4	-12.7	-1.1	-13.6	-5.0
Gross margin (%)	15.0	15.3	15.5	14.4	15.3	14.5
EBIT	86.3	96.9	357.4	391.3	432.7	466.6
Adjusted EBITDA	190.5	228.4	707.9	755.6	910.6	958.4
Adjusted EBITA	129.8	169.2	523.2	581.7	665.4	723.9
Adjusted EBITA margin (%)	2.4	3.0	3.2	3.1	3.1	3.1
Return on equity (%)	-	-	-	-	1.9	3.2
Balance sheet
Net working capital	-205.0	-22.0	-205.0	-22.0	-205.0	-35.8
Capital employed	1,242.5	1,224.9	1,242.5	1,224.9	1,242.5	1,327.5
Net debt	2,736.4	4,612.7	2,736.4	4,612.7	2,736.4	4,794.1
Net debt/adjusted EBITDA (multiple)	-	-	-	-	3.0	5.0
Maintenance investments	-64.9	-57.6	-193.3	-172.2	-261.1	-240.1
Equity/assets ratio (%)	-	-	-	-	42.9	33.4
Cash flow
Operating cash flow	498.3	460.1	662.6	765.6	656.1	759.1
Cash flow from operating activities	453.8	431.1	502.3	596.2	525.3	619.2
Data per share
Earnings per share before dilution (SEK)*	0.06	0.11	0.37	0.79	0.43	0.81
Earnings per share after dilution (SEK)*	0.06	0.11	0.37	0.79	0.43	0.81
Equity per share before dilution (SEK)	15.88	47.59	15.88	47.59	15.88	47.69
Cash flow from operating activities per share before dilution (SEK)	1.01	3.81	1.54	5.27	2.17	5.47
Cash flow from operating activities per share after dilution (SEK)	1.01	3.81	1.54	5.27	2.17	5.47
Average number of shares**	452,475,104	113,118,776	326,145,376	113,118,776	241,969,302	113,118,776
Average number of shares after dilution**	452,475,104	113,118,776	326,145,376	113,118,776	241,969,302	113,118,776
Number of shares issued at end of period	457,300,104	113,943,776	457,300,104	113,943,776	457,300,104	113,943,776

* Earnings per share have been recalculated in comparison period to consider the rights issue. ** The average number of shares is the weighted number of shares outstanding during the period after

repurchase of own shares.

Source of alternative performance measures

Dustin applies financial measures that are not defined under IFRS. Dustin believes that these financial measures provide the reader of the report with valuable information and constitute a complement when assessing Dustin's performance. The performance measures that Dustin has chosen to present are relevant in relation to its operations and the Company's financial targets for growth, margins and capital structure and in terms of Dustin's dividend policy.

The alternative performance measures are not always comparable with those applied by other companies since these may have calculated in a different way. Definitions on page 27 present how Dustin defines its performance measures and the purpose of each key ratio. The data presented below are supplementary information from which all alternative performance measures can be derived.

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
Total	23/24	22/23	23/24	22/23	12 months	22/23
Organic growth
Sales growth (%)	-2.3	-5.3	-10.8	3.5	-10.9	-0.1
Acquired growth (%)	-	-	-	-	-	-
Currency effects in sales growth (%)	-1.3	-4.1	-1.9	-4.7	-2.6	-4.9
Organic sales growth (%)	-3.5	-9.4	-12.7	-1.1	-13.6	-5.0
	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
SMB	23/24	22/23	23/24	22/23	12 months	22/23
Organic growth
Sales growth (%)	-10.9	-16.2	-11.6	-9.7	-11.5	-9.9
Acquired growth (%)	1.4	1.4	1.9	1.2	1.8	1.2
Currency effects in sales growth (%)	-0.7	-2.6	-1.0	-3.2	-1.6	-1.8
Organic sales growth (%)	-10.2	-17.4	-10.7	-11.7	-11.2	-10.5
	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
LCP	23/24	22/23	23/24	22/23	12 months	22/23
Organic growth
Sales growth (%)	1.3	0.2	-10.5	10.2	-10.7	4.6
Acquired growth (%)	-0.6	-0.8	-0.8	-0.7	-0.7	-0.7
Currency effects in sales growth (%)	-1.5	-4.8	-2.3	-5.4	-3.1	-6.5
Organic sales growth (%)	-0.8	-5.5	-13.5	4.0	-14.5	-2.6

Source of alternative performance measures - cont'd

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
Adjusted EBITA	23/24	22/23	23/24	22/23	12 months	22/23
EBIT	86.3	96.9	357.4	391.3	432.7	466.6
Amortisation and impairment of
intangible assets	43.0	47.0	132.8	137.1	179.8	184.1
Items affecting comparability	0.5	25.3	33.0	53.3	52.9	73.2
Adjusted EBITA	129.8	169.2	523.2	581.7	665.4	723.9

	Q3	Q3	Q1-Q3	Q1-Q3	Rolling	Full-year
Adjusted EBITDA	23/24	22/23	23/24	22/23	12 months	22/23
EBIT	86.3	96.9	357.4	391.3	432.7	466.6
Depreciation and impairment of tangible assets Amortisation and impairment of right of-use assets	24.4 36.3	22.8 36.3	74.7 109.9	69.3 104.6	52.3 192.8	46.9 187.6
Amortisation and impairment of intangible assets Items affecting comparability	43.0 0.5	47.0 25.3	132.8 33.0	137.1 53.3	179.8 52.9	184.1 73.2
Adjusted EBITDA	190.5	228.4	707.9	755.6	910.6	958.4

Segment information by quarter

All amounts in SEK million, unless	Q3	Q2	Q1	Q4	Q3	Q2	Q1
otherwise indicated	23/24	23/24	23/24	22/23	22/23	22/23	22/23
Net sales	5,454.7	5,246.3	5,793.2	5,087.9	5,582.0	6,271.6	6,635.9
Organic sales growth (%)	-3.5	-16.4	-16.2	-16.9	-9.4	-2.4	8.5
Gross margin (%)	15.0	16.3	15.3	14.6	15.3	14.6	13.5
Adjusted EBITA	129.8	201.3	192.0	142.2	169.2	211.9	200.6
Adjusted EBITA margin (%)	2.4	3.8	3.3	2.8	3.0	3.4	3.0
Net sales per segment:
LCP	3,980.7	3,672.1	4,082.5	3,628.6	3,928.2	4,450.0	4,726.6
SMB	1,474.1	1,574.2	1,710.8	1,459.3	1,653.8	1,821.5	1,909.3
Segment results:
LCP	129.5	163.8	162.5	104.4	140.6	172.5	142.0
SMB	36.7	66.3	61.1	63.5	64.6	80.3	104.4
Segment margin (%):
LCP	3.3	4.5	4.0	2.9	3.6	3.9	3.0
SMB	2.5	4.2	3.6	4.4	3.9	4.4	5.5
Corporate functions
Corporate functions	-36.4	-28.7	-31.6	-25.8	-36.0	-40.8	-45.7
Percentage of net sales	-0.7	-0.5	-0.5	-0.5	-0.6	-0.7	-0.7

Definitions

IFRS measures:	Definition/Calculation
Earnings per share	Net profit/loss in SEK in relation to average number of shares, according to calculation for IAS 33.

Alternative performance
measures:	Definition/Calculation	Usage
Return on equity	Net profit for the year in relation to equity at the end of the period.	Dustin believes that this performance measure shows how profitable the Company is for its shareholders.
Gross margin	Gross profit in relation to net sales.	Used to measure product and service profitability.
Circularity	Circular share of net sales, where actual sales for software and services together with an estimated sales equivalent for returned hardware (average prices for relevant categories multiplied by the number of returns to arrive at the value of the corresponding new sales), are set in relation to net sales for the period.	Shows Dustin's circularity in relation to net sales.
Equity per share	Equity at the end of the period in relation to the number of shares at the end of the period. Shows Dustin's equity per share.
Acquired growth	Net sales for the relevant period attributable to acquired and divested companies as well as internal customer transfers in conjunction with integration, in relation to net sales for the comparative period.	Acquired growth is eliminated in the calculation of organic growth in order to facilitate a comparison of net sales over time.
Adjusted EBITA	EBIT according to the income statement before items affecting comparability and amortisation and impairment of intangible assets.	Dustin believes that this performance measure shows the underlying earnings capacity and facilitates comparisons between quarters.
Adjusted EBITDA	EBIT according to the income statement before items affecting comparability and amortisation/depreciation and impairment of intangible and tangible assets.	Dustin believes that this performance measure shows the underlying earnings capacity and facilitates comparisons between periods.
Adjusted EBITA margin	Adjusted EBITA in relation to net sales.	This performance measure is used to measure the profitability level of the operations.
Items affecting comparability	Items affecting comparability relate to material income and expense items recognised separately due to the significance of their nature and amounts.	Dustin believes that separate recognition of items affecting comparability increases comparability of EBIT over time.
Cash flow from operating activities	Cash flow from operating activities, after changes in working capital.	Used to show the amount of cash flow generated from operating activities.

Cash flow from operating activities per share	Cash flow from operating activities as a percentage of the average number of shares outstanding.	Used to show the amount of cash flow generated from operating activities per share.
Net working capital	Total current assets less cash and cash equivalents and current non-interest-bearing liabilities at the end of the period.	This performance measure shows Dustin's efficiency and capital tied up.
Net debt1	Non-current and current interest-bearing liabilities, lease liabilities and other financial liabilities (including liabilities to financing companies), excluding acquisition-related liabilities, less cash and cash equivalents at the end of the period and less non-current and current interest-bearing assets (including interest-bearing receivables).	This performance measure shows Dustin's total interest bearing liabilities less cash and cash equivalents and non current and current interest bearing receivables.
Net debt/EBITDA	Net debt in relation to adjusted EBITDA, rolling 12 months.	This performance measure shows the Company's ability to pay its debt.
Organic growth	Growth in net sales for the relevant period adjusted for acquired and divested growth, customer transfers between segments, and currency effects.	Provides a measure of the growth achieved by Dustin in its own right.
Sales growth	Net sales for the relevant period in relation to net sales for the comparative period.	Used to show the development of net sales.
Operating cash flow	Adjusted EBITDA less maintenance investments plus cash flow from changes in working capital.	Used to show the amount of cash flow generated from operating activities and available for payments in connection with dividends, interest and tax.
Project-related investments	Investments in cloud-based business development systems and major changes to lease commitments.	To facilitate comparisons and the development of investments.
EBIT	EBIT is a measurement of the company's earnings before income tax and financial items.	This measure shows Dustin's profitability from operations.
Equity/assets ratio	Equity at the end of the period in relation to total assets at the end of the period.	Dustin believes that this measure provides an accurate view of the company's long-term solvency.
Segment results	The segment's operating profit excluding amortisation/depreciation and items affecting comparability.	Dustin believes that this performance measure shows the earnings capacity of the segment.
Capital employed	Working capital plus total assets, excluding goodwill and other intangible assets attributable to acquisitions, and interest bearing receivables pertaining to finance leasing, at the end of the period.	Capital employed measures utilisation of capital and efficiency.

Maintenance	Investments required to maintain current	Used to calculate operating cash
investments	operations excluding financial leases.	flow.
Currency effects	The difference between net sales in SEK for the comparative period and net sales in local currencies for the comparative period converted to SEK using the average exchange rate for the relevant period.	Currency effects are eliminated in the calculation of organic growth.

1 The definition of net debt has been updated to reflect the new type of customer financing entered into as of Q1 2023/24.

Glossary

Word/Term	Definition/Calculation
B2B	Pertains to all sales to companies and organisations, divided into the LCP and SMB segments according to the definition below.
Corporate functions	Costs for corporate functions comprise shared costs for accounting, HR, legal and management, including depreciation/amortisation, and excluding items affecting comparability.
Integration costs	Integration costs comprise costs for integrating acquired companies into the Dustin platform. The Dustin platform is defined as integration of e-commerce into the IT platform combined with organisational integration.
Clients	Umbrella term for the product categories computers, mobile phones and tablets.
Contractual recurring revenues	Recurring sales of services, such as subscriptions, that are likely to have a duration of several years.
LCP	Pertains to all sales to large corporate and public sector. As a general rule, this segment is defined as companies and organisations with more than 500 employees or public sector operations.
LTI	Long-term incentive programme that encompasses Group Management and other key individuals at Dustin.
Recognition on a net basis	Recognition on a net basis means that only the difference between income and costs is reported net, i.e. they are offset against each other and reported as income.
SMB	Pertains to all sales to small and medium-sized businesses. Former segment B2C has been incorporated into the segment.

Financial calendar

October 16, 2024 Year-end report September 1, 2023 – August 31, 2024

November 18, 2024 2023/24 Annual Report

December 12, 2024 2023/24 Annual General Meeting

January 8, 2025 Interim report for the first quarter September 1, 2024 – November 30, 2024

April 2, 2025 Interim report for the second quarter September 1, 2024 – February 28, 2025

July 2, 2025 Interim report for the third quarter September 1, 2024 – May 31, 2025

October 8, 2025 Year-end report September 1, 2024 – August 31, 2025

November 18, 2025 2024/25 Annual Report

December 11, 2025 2024/25 Annual General Meeting

For more information, please contact:

Julia Lagerqvist, CFO julia.lagerqvist@dustin.com +46 (0)765 29 65 96

Fredrik Sätterström, Head of Investor Relations fredrik.satterstrom@dustin.com +46 (0)705 10 10 22

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 at 08:00 a.m. CEST on July 2, 2024.