Dustin Group

Quarterly Report • Apr 10, 2024

Interim report

December 1, 2023 – February 29, 2024

dustingroup.com

1

Interim report, December 2023 – February 2024

"Improved margins in a continued weak market"

Second quarter

• Net sales amounted to SEK 5,246 million (6,272).
• Organic sales growth was -16.4 per cent (-2.4), of which SMB accounted for -12.2 per cent (-10.0) and LCP -18.1 per cent (1.1).
• The gross margin amounted to 16.3 per cent (14.6).
• Adjusted EBITA amounted to SEK 201 million (212), corresponding to an adjusted EBITA margin of 3.8 per cent (3.4).

September 2023–February 2024

• Net sales declined 14.5 per cent to SEK 11,040 million (12,908).
• Organic sales growth was -16.7 per cent (3.0), of which SMB accounted for -10.9 per cent (-8.9) and LCP -18.9 per cent (8.7).
• The gross margin amounted to 15.8 per cent (14.0).
• Adjusted EBITA amounted to SEK 393 million (412), corresponding to an adjusted EBITA margin of 3.6 per cent (3.2).
• EBIT totalled SEK 271 million (294), including items affecting comparability of SEK -33 million (-28).
• EBIT totalled SEK 142 million (157), including items affecting comparability of SEK -16 million (-9).
• Profit for the quarter was SEK 76 million (81).
• Earnings per share before dilution totalled SEK 0.18 (0.72), based on an average of 411,454,009 shares (113,118,776).
• Cash flow from operating activities amounted to SEK -202 million (250).
• Profit for the period amounted to SEK 109 million (148).
• Earnings per share before dilution totalled SEK 0.41 (1.30), based on an average of 262,286,393 shares (113,118,776).
• Cash flow from operating activities amounted to SEK 49 million (165).
• At the end of the period, net debt in relation to adjusted EBITDA over the past 12-month period was 3.1 (4.4).

	Q2	Q2	Q1-Q2	Q1-Q2	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	5,246.3	6,271.6	11,039.5	12,907.5	21,709.4	23,577.4
Organic sales growth (%)	-16.4	-2.4	-16.7	3.0	-14.7	-5.0
Gross margin (%)	16.3	14.6	15.8	14.0	15.4	14.5
Adjusted EBITA	201.3	211.9	393.3	412.5	704.8	723.9
Adjusted EBITA margin (%)	3.8	3.4	3.6	3.2	3.2	3.1
EBIT	141.8	156.9	271.1	294.4	443.3	466.6
Profit for the period	76.0	81.2	108.8	147.5	135.3	173.9
Items affecting comparability	-15.8	-9.1	-32.6	-27.9	-77.8	-73.2
Earnings per share before dilution (SEK)	0.18	0.72	0.41	1.30	0.72	1.54
Cash flow from operating activities	-201.6	249.8	48.6	165.1	502.7	619.2
Net debt/adjusted EBITDA (multiple)*	-	-	-	-	3.1	5.0
Return on equity (%)	-	-	-	-	1.9	3.2
Average number of shares (million)	411.5	113.1	262.3	113.1	187.3	113.1

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

Financial key ratios

Improved margins in a continued weak market

The market trend remained weak, which had a clear negative impact on sales volumes. It was satisfying to see continued improvements in the margin during the second quarter through effective cost control, price discipline and changes in the mix. Adjusted EBITA amounted to SEK 201 million (212) and the adjusted EBITA margin increased to 3.8 per cent (3.4). We are focusing on delivering on our strategic plan by continuing to invest selectively in operations to drive growth and increase profitability over time.

Weak market with positive outlook

The market trend in the second quarter continued to be dominated by tentativeness and caution due to uncertainty about economic developments, which primarily affected computer sales volumes. In their most recent forecasts, the analyst firms Canalys and Gartner expect a recovery and some growth for the global computer market in 2024. Based on this, and market commentary from leading manufacturers, we believe that the market will improve gradually in the coming quarter.

Continued weak demand hampers sales

Net sales decreased 16.3 per cent to SEK 5,246 million (6,272), of which approximately 5 percentage points was attributable to an increased share of sales reported net. Organic growth was -16.4 per cent, of which SMB accounted for -12.2 per cent and LCP for -18.1 per cent.

The performance of the Public Sector customer group was restrained compared with the strong year-on-year quarter, impacted by volatility in order placements between quarters. The sales trend in the Large Corporate customer group was stable and in line with the preceding year, adjusted for the effects of an increased share of recognition on a net basis. In the SMB segment, the sales trend stabilised, but remained cautious as a result of the uncertain economic development.

Mix changes and cost control drove margin improvements

The gross margin improved to 16.3 per cent (14.6) in the second quarter. The improvement was attributable to a more favourable mix with a lower share of computers with low margins, good price discipline and an increased share of sales that were reported net. Adjusted EBITA amounted to SEK 201 million (212), while the adjusted EBITA margin increased to 3.8 per cent (3.4). The improved margin was primarily attributable to a strengthened gross margin in combination with realised synergy effects and cost savings. Our efforts to realise synergies and adapt the cost base to the prevailing market conditions continues. EBIT totalled SEK 142 million (157), including items affecting comparability of SEK -16 million (-9), primarily related to completing the integration of previously acquired units.

Seasonally higher net working capital

Net working capital decreased compared to the corresponding period last year, mainly as a result of a lower inventory. Compared to the first quarter of the year, net working capital increased. The change is mainly explained by lower accounts payable, due to lower business volumes. Accounts receivable have increased, despite maintained payment discipline, as a result of a

changed customer mix and the distribution of sales within the quarter. Inventory decreased somewhat sequentially and is now at the desired level regarding the balance between tied-up capital and delivery capacity. We expect a long-term normalisation of SEK -100 million in net working capital.

Reduced debt and lower financing costs

Net debt on the balance-sheet date decreased to SEK 2,968 million, compared with SEK 4,607 million one year ago. The change was entirely attributable to issue proceeds and a subsequent repayment of debt at the end of December 2023. Net debt in relation to adjusted EBITDA decreased to 3.1x (4.4).

In addition to an increased focus on current operations, lower debt had a positive impact on financing costs for the quarter. We estimate that these will amount to approximately SEK 170 million annually going forward, at an unchanged interest rate.

Selective investments in growth and increased profitability

We are continuing to invest selectively in operations to promote growth and long-term increased profitability through additional roll-out of the online platform in Benelux, and through expanding the offering and increasing sales of managed services in both our regions to substantially increase volumes and thereby improve the gross margin.

Investments in take-back operations contribute to our sustainability targets and help increase interest from our customers. We have significantly increased volumes and generated positive operating margins in recent quarters. We continue to see great potential for profitable growth in this area.

Summary and outlook

Market developments in recent quarters have been challenging and clearly dominated by general economic uncertainty. Given updated forecasts from analyst firms and leading manufacturers with an expected growth for the global computer market in 2024, we share the expectation of a gradual market improvement in coming quarters.

It is satisfying to see that our cost focus and realised synergy effects from the largely completed integration work improved our margins during the quarter. In parallel with this, we continue to optimise the organisation to create a stronger Dustin for the future.

Dustin now has a platform for increased focus on our strategic plan, to automate through AI, 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 am confident that we are well positioned when the market turns.

Nacka, April 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 second quarter of 2023/24, three factory audits (two) 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 revenue share through both services and take-back. We have worked intensively to broaden our standardised service offering. We have increased our take-back volumes by nearly 50 per cent at our Nordic facility in Växjö and by over 20 per cent at our facility in the Netherlands in the first half of the year.

Total take-back for the period

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 December 2023 – February 2024.

Second quarter Net sales

Net sales during the quarter amounted to SEK 5,246 million (6,272). Organic growth was -16.4 per cent (-2.4), of which SMB accounted for -12.2 per cent (-10.0) and LCP for -18.1 per cent (1.1). Exchange-rate differences accounted for -0.1 percentage points (- 4.6). For more information, see source of alternative performance measures.

Gross profit

During the quarter, gross profit decreased to SEK 856 million (914). The gross margin increased to 16.3 per cent (14.6), mainly as a result of a more favourable sales mix with a lower share of computers with lower margins, good price discipline and an increased share of sales that were reported net.

Adjusted EBITA

Adjusted EBITA amounted to SEK 201 million (212), corresponding to an adjusted EBITA margin of 3.8 per cent (3.4). The margin improvement was primarily attributable to a strengthened gross margin, realised synergy effects and cost savings. Adjusted EBITA excluded items affecting comparability of SEK -16 million (-9), primarily pertained to integration costs related to previous acquisitions. 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 142 million (157). EBIT included items affecting comparability of SEK -16 million (-9).

Financial items

Financial expenses amounted to SEK -49 million (-53). External financing expenses decreased to SEK -47 million (-51), where the change is attributable to lower interest expenses. At the end of the December, SEK 1,647 million was repaid on debt, which was financed with the issue proceeds. Interest expenses related to leases amounted to SEK -4 million (-4). Financial income amounted to SEK 1 million (4).

Tax

The tax expense for the quarter was SEK -18 million (-26), corresponding to an effective tax rate of 18.8 per cent (24.2). The lower effective tax rate is partly explained by the geographical mix effect in profit generation, but above all by deductible issue costs.

Profit for the quarter

Profit for the quarter was SEK 76 million (81). Earnings

per share amounted to SEK 0.18 (0.72), based on an average of 411,454,009 shares (113,118,776).

Cash flow

Cash flow before changes in working capital was SEK 165 million (122). Changes in working capital amounted to SEK -367 million (128), which were primarily attributable to a reduction of SEK -281 million (-433) in current liabilities mainly related to lower accounts payable. An increase in current receivables yielded a negative cash flow effect of SEK -122 million (159), which was largely attributable to increased accounts receivable. Reduced inventory had a positive effect of SEK 37 million (401) as a result of lower customerspecific inventory. Cash flow from operating activities, after changes in working capital, therefore totalled SEK -202 million (250).

Cash flow from investing activities amounted to SEK -58 million (-64) and pertained to investments in tangible and intangible assets. Investments in the IT platform amounted to SEK -51 million (-53) as part of the ongoing work on a shared IT platform. The remaining SEK -8 million (-11) 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 14 million (-205). The preceding period was impacted by a change in short term financing of SEK -152 million while the quarter was impacted by a repayment on the loan of SEK 1,647 million and a new share issue of SEK 1,730 million, net after issue costs. The period was also impacted by the repayment of lease liabilities of SEK - 49 million (-45).

Cash flow for the quarter was SEK -245 million (-19).

Employees

The average number of full-time employees was 2,285, compared with 2,422 in corresponding quarter in the previous year.

Significant events during the second quarter Rights issue

A rights issue of ordinary shares that was approved by an extraordinary general meeting on November 10, 2023, was carried out on December 29, 2023. The number of shares and votes in Dustin Group AB increased by 339,356,328.

Issue and buy-back of shares

The Annual General Meeting on December 12, 2023 resolved to adopt the long-term performance programme PSP 2024 for Group Management and other key individuals at Dustin as proposed by the Board. Based on the Annual General Meeting's authorisation, the Board decided on February 8, 2024 to implement a directed issue of new shares and an immediate buy-back of 4,000,000 Class C shares. The aim of the issue and the buy-back is to ensure the

future supply of ordinary shares to the participants in PSP 2024.

As of February 29, 2024, the total number of shares and votes in Dustin Group AB amounts to 457,300,104, of which 452,475,104 are ordinary shares with one vote each and 4,825,000 Class C shares with one vote each held by Dustin Group in treasury.

September 1, 2023 – February 29, 2024 Net sales

Net sales declined 14.5 per cent to SEK 11,040 million (12,908). Organic sales growth was -16.7 per cent (3.0), of which SMB accounted for -10.9 per cent (-8.9) and LCP for -18.9 per cent (8.7), where exchange-rate differences had an impact of -2.2 percentage points (-4.9).

Gross profit

Gross profit for the period amounted to SEK 1,744 million (1,807). The gross margin increased to 15.8 per cent (14.0), 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.

Adjusted EBITA

Adjusted EBITA amounted to SEK 393 million (412), corresponding to an adjusted EBITA margin of 3.6 per cent (3.2). The margin improvement was primarily attributable to a strengthened gross margin, realised synergy effects and cost savings. Adjusted EBITA excluded items affecting comparability of SEK -33 million (-28), 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 271 million (294). EBIT included items affecting comparability of SEK -33 million (-28).

Financial items

Financial expenses amounted to SEK -130 million (- 102). The increase was attributable to higher interest expenses due to a rise in interest rates. External financing expenses amounted to SEK -123 million (-93). Financial expenses were also impacted by interest expenses related to leases of SEK -8 million (-8). Financial income amounted to SEK 2 million (4), mainly pertaining to the deposit rate of interest.

Tax

The tax expense for the period was SEK -34 million (- 49), corresponding to an effective tax rate of 23.7 per cent (24.9). The lower effective tax rate is partly explained by the geographical mix effect in profit generation, but above all by deductible issue costs.

Profit for the period

Profit for the period amounted to SEK 109 million (148). Earnings per share amounted to SEK 0.41 (1.30), based on an average of 262,286,393 shares (113,118,776).

Cash flow

Cash flow for the period was SEK -116 million (199).

Cash flow from operating activities amounted to SEK 49 million (165). Cash flow before changes in working capital was SEK 273 million (272) and changes in working capital amounted to SEK -225 million (-107). The change compared with the preceding period pertains mainly to the increased level of accounts payable and decreased level of other liabilities combined with increased accounts receivable, which was offset by reduced inventory. For further information regarding working capital, refer to the Net working capital section.

Cash flow from investing activities amounted to SEK -128 million (-115) and is attributable to investments in tangible and intangible assets. Investments in the IT platform amounted to SEK -106 million (-92) and the remaining SEK -23 million (-23) comprised the investments in rented property, IT equipment for internal use, investments in business systems and investments in the facility in Växjö. Of the period's total investments, project-related investments amounted to SEK -59 million (-47). For more information, refer to Note 4 Investments.

Cash flow from financing activities amounted to SEK - 37 million (148). The period was mainly attributable to repayments of loans of SEK 1,647 million and a new share issue of SEK 1,729 million, net after issue costs (4). The preceding period was impacted by a change in short term financing of SEK 248 million. The period was also impacted by the repayment of lease liabilities of SEK -99 million (-92).

Net working capital

Net working capital amounted to SEK 90 million (229) at the end of the period. Inventory decreased SEK 325 million, mainly due to lower levels of customerspecific inventory. Of total inventory of SEK 895 million (1,220), customer-specific inventory comprised SEK 432 million (681). Accounts receivable decreased somewhat, mainly due to lower business volumes and a lower share of sales in the latter part of the period compared with last year. Accounts receivable in the quarter are at a slightly higher level than normal, affected by the current customer mix with longer agreed payment periods. Accounts payable decreased due to lower business volumes and reduced inventory, which was offset to a certain extent by better payment periods.

SEK million	Feb 29, 2024	Feb 28, 2023	Aug 31, 2023
Inventories	895.0	1,219.9	987.0
Accounts receivable	2,976.8	3,077.7	2,690.0
Tax assets and other current receivables Accounts payable	625.7 -3,307.7	662.0 -3,428.0	630.6 -3,072.3
Tax liabilities and other current liabilities	-1,100.3	-1,303.0	-1,271.2
Net working capital	89.6	228.5	-35.8

Net debt and cash and cash equivalents

At the end of the period, net debt amounted to SEK 2,968 million (4,607). The change was mainly attributable to repayments of loans of SEK 1,647 million. 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 3.1 (4.4).

SEK million	Feb 29, 2024	Feb 28, 2023	Aug 31, 2023
Liabilities to credit institutions	3,501.1	5,079.9	5,401.9
Lease liabilities and other financial liabilities
	518.2	477.2	500.2
Cash and cash equivalents	-1,030.4	-950.5	-1,108.0
Interest-bearing
receivables	-21.2	-	-
Net debt	2,967.7	4,606.6	4,794.1

Annual General Meeting

The Annual General Meeting (AGM) on December 12, 2023, re-elected Board members Stina Andersson, Mia Brunell Livfors, Gunnel Duveblad, Thomas Ekman, Johan Fant, Tomas Franzén and Morten Strand for the period until the next AGM. The AGM elected Thomas Ekman as new Chairman of the Board. Dolph Westerbos declined re-election. The AGM resolved to re-elect the registered accounting firm Ernst & Young AB as the company's auditor for the period until the end of the 2023/24 AGM. Åsa Lundvall will continue as Auditor-in-Charge. The AGM also resolved to adopt the Board of Directors' remuneration report and approved the fees to the Board of Directors and the auditor.

The AGM resolved to adopt a long-term performancebased share plan for 2024 that better ensures longterm commitment to value growth in Dustin and further aligns the participants' interests with those of the shareholders. The plan encompasses Group Management and other key individuals in Dustin and comprises a maximum of 4,000,000 ordinary shares. For further information, see Note 1.

The AGM adopted the Annual Report for 2022/23, resolved that no dividend be paid and that the entire amount available be carried forward.

Events after the balance-sheet date No significant events to report.

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 227 million (258). The change was mainly due to the net currency position that amounted to SEK 247 million (-71) and intra-Group interest income of SEK 150 million (109). External financing expenses amounted to SEK -117 million (-91), 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 to a certain extent due to greater economic uncertainty, such as in the form of a protracted recession with lower demand and higher costs.

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 February 29, 2024, the price was SEK 11.30 per share (35.52), representing a total market capitalisation of SEK 5,167 million (3,933). On February 29, 2024, the company had a total of 14,001 shareholders (14,435). The Company's three largest shareholders were Axel Johnson Gruppen with 45.2 per cent, AMF Tjänstepension & Fonder with 7.2 per cent and DNB Asset Management with 5.0 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

	Q2	Q2	Change	Q1-Q2	Q1-Q2	Change	Rolling	Full year	Change
SEK million	23/24	22/23	%	23/24	22/23	%	12 months	22/23	%
Net sales	1,574.2	1,821.5	-13.6	3,285.0	3,730.8	-11.9	6,398.1	6,843.9	-6.5
Segment results	66.3	80.3	-17.4	127.4	184.6	-31.0	255.5	312.8	-18.3
Segment margin (%)	4.2	4.4	-	3.9	4.9	-	4.0	4.6	-

* All sales in segment reporting relates to external sales.

Net sales

Net sales for the quarter decreased 13.6 per cent to SEK 1,574 million (1,822). Organic growth was -12.2 per cent (-10.0). Acquisition-related growth, which related in its entirety to customer transfers between segments, accounted for -1.1 percentage points. Exchange-rate differences accounted for -0.2 percentage points.

The market continued to be dominated by tentativeness and caution due to uncertainty about economic developments. The sales trend was primarily attributable to a generally weak but stabilised demand. The trend was similar in all customer groups. Geographically, sales developed better in the Benelux markets, driven primarily by the continued roll-out of the online platform in the region.

Software and services as a percentage of sales grew to 13.6 per cent (10.9) in the second 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 strengthened during the quarter, both compared with the preceding quarter and with the year-earlier quarter and was positively affected by the product mix with a lower share of computers with low margins and good price discipline. Profit for the segment declined 17.4 per cent to SEK 66 million (80)

and the margin declined to 4.2 per cent (4.4), primarily as a result of lower volumes as well as continued investments in the online platform and managed services.

Summary of the quarter

• general economic uncertainty and a cautious purchasing trend had a negative impact on sales volumes
• a price-conscious market with a shift to more basic alternatives had a negative impact on sales
• lower volumes and a cost base that is too high in relation to sales had a negative impact on the segment margin
• price discipline and an improved product mix have had a positive impact on the gross margin

LCP - Large Corporate and Public sector

	Q2	Q2	Change	Q1-Q2	Q1-Q2	Change	Rolling	Full-year	Change
SEK million	23/24	22/23	%	23/24	22/23	%	12 months	22/23	%
Net sales	3,672.1	4,450.0	-17.5	7,754.5	9,176.6	-15.5	15,311.3	16,733.5	-8.5
Segment results	163.8	172.5	-5.0	326.3	314.4	3.8	571.3	559.5	2.1
Segment margin (%)	4.5	3.9	-	4.2	3.4	-	3.7	3.3	-

* All sales in segment reporting relates to external sales.

Net sales

Net sales declined 17.5 per cent to SEK 3,672 million (4,450) for the quarter. Organic growth was -18.1 per cent (1.1). Growth related to customer transfers between segments accounted for 0.4 percentage points. Exchange-rate differences accounted for 0.2 percentage points.

The overall macro-climate had an impact on the underlying demand in the segment. The performance of the Public Sector customer group was restrained compared with the strong year-on-year quarter, impacted by volatility in order placements in existing customer contracts between quarters. Adjusted for the effects of an increased share of sales reported net, performance in the Large Corporate customer group was stable and on the same level as the previous year. Geographically, sales developed better in the Norwegian and Swedish markets.

Segment results

The gross margin was strengthened compared with both the second quarter of the preceding year and with the first quarter of this year. The improvement was attributable to a more favourable mix with a lower share of computers with low margins, good price discipline and an increased share of sales that were reported net. The segment result decreased 5.0 per cent to SEK 164 million (173), while the segment margin increased to 4.5 per cent (3.9)

as a result of an improved gross margin and continued effective cost control.

Summary of the quarter

• a changed macro-climate impacted demand within existing customer contracts, which had a negative impact on volumes
• an increased share of sales that were reported net had a positive impact on the gross margin
• a favourable product mix with a lower share of standard hardware had a positive margin impact
• an increase in take-back had a positive margin impact

Corporate functions

	Q2	Q2	Change	Q1-Q2	Q1-Q2	Change	Rolling	Full-year	Change
SEK million	23/24	22/23	%	23/24	22/23	%	12 months	22/23	%
Cost for corporate functions Costs for corporate functions in relation to	-28.7	-40.8	-29.6	-60.3	-86.6	-30.4	-122.1	-148.3	-17.7
net sales (%)	-0.5	-0.7	-	-0.5	-0.7	-	-0.6	-0.6	-

Corporate functions

In the second quarter, costs for corporate functions amounted to 0.5 per cent (0.7) in relation to sales. Costs for corporate functions amounted to SEK 29 million (41), with the decrease mainly related to nonrecurring effects in the comparative quarter. For additional financial data on the segments, refer to Note 2 Net sales and segment reporting on pages 18-19, and to Segment information by quarter on page 25.

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, April 10, 2024

Thomas Ekman, Chairman of the board

Stina Andersson Gunnel Duveblad

Johan Fant Tomas Franzén

Morten Strand Mia Brunell Livfors

Johan Karlsson, President and CEO

This report has not been reviewed by the company's auditors.

Consolidated income statement

		Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
SEK million	Note	23/24	22/23	23/24	22/23	12 months	22/23
Net sales	2	5,246.3	6,271.6	11,039.5	12,907.5	21,709.4	23,577.4
Cost of goods and services sold		-4,390.2	-5,357.7	-9,295.5	-11,100.9	-18,363.5	-20,168.8
Gross profit		856.1	913.9	1,744.0	1,806.6	3,346.0	3,408.6
Selling and administrative expenses		-695.8	-745.5	-1,433.3	-1,483.0	-2,815.5	-2,865.3
Items affecting comparability	3	-15.8	-9.1	-32.6	-27.9	-77.8	-73.2
Other operating income		5.6	9.8	10.4	24.8	32.2	46.5
Other operating expenses		-8.4	-12.3	-17.5	-26.0	-41.6	-50.1
EBIT	2	141.8	156.9	271.1	294.4	443.3	466.6
Financial income and other similar income statement items		1.0	3.5	1.9	3.9	7.2	9.3
Financial expenses and other similar income statement items		-49.2	-53.3	-130.3	-102.0	-267.1	-238.7
Profit after financial items		93.6	107.1	142.6	196.3	183.4	237.2
Tax		-17.6	-25.9	-33.8	-48.9	-48.1	-63.2
Profit for the period, attributable in its entirety to Parent Company shareholders		76.0	81.2	108.8	147.5	135.3	173.9
Earnings per share before dilution (SEK)		0.18	0.72	0.41	1.30	0.72	1.54
Earnings per share after dilution (SEK)		0.18	0.72	0.41	1.30	0.72	1.54

Consolidated statement of comprehensive income

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
SEK million	23/24	22/23	23/24	22/23	12 months	22/23
Profit for the period	76.0	81.2	108.8	147.5	135.3	173.9
Other comprehensive income:
Items that may be transferred to the income statement
The result of the remeasurement of derivatives recognised in equity Result from hedge of net investments in foreign operations	54.4 75.6	61.4 -45.4	152.1 200.6	56.8 -132.6	-31.8 -139.8	-127.0 -473.0
Translation reserve	-123.0	25.2	-379.4	149.7	81.7	610.7
Tax attributable to components in other comprehensive income	-26.8	-3.3	-72.6	15.6	35.3	123.6
Other comprehensive income after tax	-19.7	37.9	-99.4	89.5	-54.6	134.3
Comprehensive income for the period is attributable in its entirety to Parent Company shareholders	56.2	119.1	9.5	237.0	80.7	308.2

Condensed consolidated balance sheet

SEK million	Note	Feb 29, 2024	Feb 28, 2023	Aug 31, 2023
ASSETS
Non-current assets
Goodwill		8,358.5	8,256.3	8,746.3
Intangible assets attributable to acquisitions		543.0	636.0	607.5
Other intangible assets	4	484.3	355.4	434.0
Tangible assets	4	112.2	116.4	119.6
Right-of-use assets	4	502.4	462.0	483.6
Deferred tax assets		109.9	15.6	96.7
Derivative instruments	5	156.6	253.3	223.8
Other non-current assets		11.1	10.2	5.6
Total non-current assets		10,278.0	10,105.3	10,717.1
Current assets
Inventories		895.0	1,219.9	987.0
Accounts receivable		2,976.8	3,077.7	2,690.0
Interest-bearing receivables		21.2	-	-
Derivative instruments	5	28.3	0.1	0.3
Tax assets		52.5	26.3	76.9
Other receivables		573.2	635.7	553.7
Cash and cash equivalents		1,030.4	950.5	1,108.0
Total current assets		5,577.5	5,910.2	5,416.0
TOTAL ASSETS		15,855.4	16,015.4	16,133.1
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders		7,115.9	5,322.1	5,394.3
Total equity		7,115.9	5,322.1	5,394.3
Non-current liabilities
Deferred tax and other long-term provisions		178.8	235.6	169.4
Liabilities to credit institutions		3,476.7	4,824.2	5,146.8
Non-current lease liabilities		346.3	319.4	332.4
Derivative instruments	5	7.0	115.6	213.3
Total non-current liabilities		4,008.8	5,494.7	5,861.8
Current liabilities
Liabilities to credit institutions		24.3	255.7	255.2
Other provisions		0.6	0.8	0.6
Current lease liabilities		172.0	157.9	167.9
Accounts payable		3,307.7	3,428.0	3,072.3
Tax liabilities		196.2	83.3	207.3
Derivative instruments	5	129.7	58.0	114.8
Other current liabilities		900.3	1,215.0	1,059.1
Total current liabilities		4,730.7	5,198.6	4,877.0
TOTAL EQUITY AND LIABILITIES		15,855.4	16,015.4	16,133.1

Condensed consolidated statement of changes in equity

SEK million	Feb 29, 2024	Feb 28, 2023	Aug 31, 2023
Balance as at September 1	5,394.3	5,085.0	5,085.0
Profit for the period	108.8	147.5	173.9
Other comprehensive income
Translation difference	-379.4	149.7	610.7
The result of the remeasurement of derivatives recognised in equity	152.1	-	-127.0
Result from hedge of net investments in foreign operations	200.6	-75.8	-473.0
Tax attributable to components in other comprehensive income	-72.6	15.6	123.6
Total other comprehensive income	-99.4	89.5	134.3
Total comprehensive income	9.5	237.0	308.2
New share issue	1,767.7	3.9	4.1
Issue costs	-38.5	-	-0.2
Share-based incentive programme	2.9	0.3	1.2
Repurchase of own shares	-20.0	-4.1	-4.1
Total transactions with shareholders	1,712.1	0.1	1.0
Closing equity as per the balance sheet date, attributable to Parent Company shareholders in its entirety	7,115.9	5,322.1	5,394.3

Consolidated statement of cash flow

		Q2	Q2	Q1-Q2	Q1-Q2	Full-year
SEK million	Note	23/24	22/23	23/24	22/23	22/23
Operating activities
EBIT		141.8	156.9	271.1	294.4	466.6
Adjustment for non-cash items		102.0	73.4	205.1	172.4	421.0
Interest received		1.0	3.5	1.9	3.9	9.3
Interest paid		-45.3	-51.8	-122.4	-99.4	-230.4
Income tax paid		-34.4	-59.9	-82.3	-98.9	-88.0
Cash flow from operating activities before changes in working capital		165.1	122.1	273.3	272.4	578.4
Decrease (+)/increase (-) in inventories		36.8	401.2	67.5	150.5	425.1
Decrease (+)/increase (-) in receivables		-122.4	159.1	-515.1	147.5	725.1
Decrease (-)/increase (+) in current liabilities		-281.0	-432.6	222.9	-405.2	-1,109.4
Cash flow from changes in working capital		-366.7	127.7	-224.7	-107.3	40.8
Cash flow from operating activities		-201.6	249.8	48.6	165.1	619.2
Investing activities Acquisition of intangible assets	4	-50.1	-55.9	-106.4	-99.8	-204.9
Acquisition of tangible assets	4	-8.0	-7.8	-21.9	-14.8	-35.2
Cash flow from investing activities		-58.1	-63.7	-128.3	-114.6	-240.1
Financing activities
New share issue		1,730.2	3.9	1,729.2	3.9	3.9
Repurchase of own shares		-20.0	-4.1	-20.0	-4.1	-4.1
New loans raised		-	150.0	-	550.0	550.0
Repayment of loans		-1,646.8	-301.9	-1,646.8	-301.9	-303.8
Paid borrowing expenses		0.0	-8.0	-0.1	-8.0	-28.3
Repayment of lease liabilities		-49.1	-44.9	-98.9	-91.9	-191.0
Cash flow from financing activities		14.3	-205.1	-36.6	148.0	26.7
Cash flow for the period		-245.3	-19.1	-116.4	198.6	405.8
Cash and cash equivalents at beginning of period		1,264.9	972.0	1,108.0	766.8	766.8
Cash flow for the period		-245.3	-19.1	-116.4	198.6	405.8
Exchange rate differences in cash and cash equivalents		10.8	-2.4	38.7	-14.8	-64.5
Cash and cash equivalents at end of period		1,030.4	950.6	1,030.4	950.6	1,108.0

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
SEK million	23/24	22/23	23/24	22/23	12 months	22/23
Net sales	4.2	3.7	4.2	3.7	14.8	14.3
Cost of goods and services sold	-3.1	-2.6	-3.1	-2.6	-10.1	-9.5
Gross profit	1.0	1.1	1.0	1.1	4.7	4.8
Selling and administrative expenses	-2.5	-2.0	-4.8	-3.8	-10.2	-9.1
Other operating expenses	0.0	-	0.0	-	0.0	-
EBIT	-1.4	-0.9	-3.8	-2.6	-5.5	-4.3
Financial income and other similar income statement items	152.7	359.6	396.7	411.2	542.7	557.2
Financial expenses and other similar income statement items	-43.5	-52.4	-117.1	-161.9	-527.2	-572.0
Profit/loss after financial items	107.8	306.3	275.9	246.7	10.0	-19.2
Appropriations	-	-	-	-	58.8	58.8
Tax	-14.5	-1.4	-48.9	10.9	6.2	66.0
Profit for the period	93.3	304.9	227.0	257.6	75.0	105.6

Condensed Parent Company income statement

Parent Company statement of comprehensive income

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
SEK million	23/24	22/23	23/24	22/23	12 months	22/23
Profit for the period	93.3	304.9	227.0	257.6	75.0	105.6
Comprehensive income for the period	93.3	304.9	227.0	257.6	75.0	105.6

Condensed Parent Company balance sheet

SEK million	Feb 29, 2024	Feb 28, 2023	Aug 31, 2023
ASSETS
Non-current assets	1,211.6	1,211.6	1,211.6
Current assets	7,977.9	7,855.9	7,986.6
TOTAL ASSETS	9,189.4	9,067.4	9,198.2
EQUITY AND LIABILITIES
Restricted equity
Share capital	2,262.4	569.7	565.6
Total restricted equity	2,262.4	569.7	565.6
Non-restricted equity
Share premium reserve	3,035.8	3,023.6	3,023.4
Retained earnings	17.9	-92.0	-87.6
Profit for the period	227.0	257.6	105.6
Total non-restricted equity	3,280.7	3,189.2	3,041.3
Total equity	5,543.1	3,758.9	3,606.9
Untaxed reserves	134.1	192.9	134.1
Non-current liabilities	3,476.7	4,823.2	5,146.8
Current liabilities	35.5	292.4	310.4
TOTAL EQUITY AND LIABILITIES	9,189.4	9,067.4	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 takes place in the current quarter of the financial year. 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

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
All amounts in SEK million,
unless otherwise indicated Note	23/24	22/23	23/24	22/23	12 months	22/23
Net sales
LCP of which, hardware	3,672.1 2,863.9	4,450.0 3,412.1	7,754.5 6,013.9	9,176.6 7,230.6	15,311.3 12,046.5	16,733.5 13,263.3
of which, software and
services	808.1	1,037.9	1,740.6	1,946.0	3,264.8	3,470.2
of which, Nordic	1,653.5	1,900.7	3,511.3	3,954.5	6,823.6	7,266.9
of which, Benelux	2,018.5	2,549.3	4,243.2	5,222.1	8,487.8	9,466.6
SMB	1,574.2	1,821.5	3,285.0	3,730.8	6,398.1	6,843.9
of which, hardware	1,359.4	1,622.1	2,862.1	3,310.9	5,588.9	6,037.7
of which, software and	214.8	199.4	423.0	420.0	809.2	806.2
services of which, Nordic	1,304.8	1,550.1	2,739.1	3,175.2	5,326.6	5,762.6
of which, Benelux	269.5	271.4	545.9	555.7	1,071.5	1,081.3
Total	5,246.3	6,271.6	11,039.5	12,907.5	21,709.4	23,577.4
of which, hardware	4,223.4	5,034.2	8,876.0	10,541.5	17,635.4	19,300.9
of which, software and
services	1,022.9	1,237.4	2,163.6	2,366.0	4,074.0	4,276.4
of which, Nordic	2,958.3	3,450.8	6,250.4	7,129.7	12,150.2	13,029.5
of which, Benelux	2,288.0	2,820.7	4,789.1	5,777.8	9,559.2	10,547.9
Segment results
LCP	163.8	172.5	326.3	314.4	571.3	559.5
SMB	66.3	80.3	127.4	184.6	255.5	312.8
Total	230.1	252.7	453.6	499.0	826.8	872.2
Corporate functions	-28.7	-40.8	-60.3	-86.6	-122.1	-148.3
of which, effects related to
IFRS 16	3.8	3.5	7.5	6.9	14.4	13.8
Adjusted EBITA	201.3	211.9	393.3	412.5	704.8	723.9
Segment margin
LCP, segment margin (%)	4.5	3.9	4.2	3.4	3.7	3.3
SMB, segment margin (%)	4.2	4.4	3.9	4.9	4.0	4.6
Segment margin	4.4	4.0	4.1	3.9	3.8	3.7
Costs for corporate functions, excluding items
affecting comparability in
relation to net sales (%)	-0.5	-0.7	-0.5	-0.7	-0.6	-0.6
Reconciliation with profit
after financial items Items affecting
comparability 3	-15.8	-9.1	-32.6	-27.9	-77.8	-73.2
Amortisation and
impairment of intangible
assets	-43.9	-45.9	-89.8	-90.2	-183.7	-184.1
EBIT, Group	141.8	156.9	271.1	294.4	443.3	466.6
Financial income and other
similar income statement items	1.0	3.5	1.9	3.9	7.2	9.3
Financial expenses and
other similar income
statement items	-49.2	-53.3	-130.3	-102.0	-267.1	-238.7
Profit after financial items, Group	93.6	107.1	142.6	196.3	183.4	237.2

* All sales in segment reporting relates to external sales.

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
By geographic area	23/24	22/23	23/24	22/23	12 months	22/23
Sweden	1,362.5	1,488.1	2,816.9	3,036.2	5,245.9	5,465.2
Finland	426.3	625.3	1,050.3	1,171.3	2,235.6	2,356.7
Denmark	472.1	579.1	968.4	1,343.5	1,862.7	2,237.7
Netherlands	2,072.4	2,592.2	4,363.2	5,342.6	8,705.8	9,685.1
Norway	697.5	758.4	1,414.8	1,578.7	2,806.0	2,969.9
Belgium	215.6	228.5	425.9	435.2	853.5	862.7
Total	5,246.3	6,271.6	11,039.5	12,907.5	21,709.4	23,577.4

Note 2 Net sales and segment reporting - cont'd

Note 3 Items affecting comparability

Items affecting comparability amounted to SEK -16 million (-9) 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. Recruitment costs related to senior executives does not affect this quarter but amounted to SEK -3 million in the preceding year.

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
SEK million	23/24	22/23	23/24	22/23	12 months	22/23
Integration costs	-15.8	-6.5	-31.9	-25.4	-76.0	-69.5
Recruitment costs of senior executives	-	-2.6	-0.7	-2.6	-1.8	-3.7
Total	-15.8	-9.1	-32.6	-27.9	-77.8	-73.2

Note 4 Investments

	Q2	Q2	Q1-Q2	Q1-Q2	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)	50.5	52.6	105.6	92.1	204.0	190.5
of which, affecting cash flow	50.5	52.6	105.6	92.1	204.0	190.5
of which, project-related investments	24.5	34.1	59.3	46.9	115.4	103.0
Investments in tangible and intangible assets	52.6	14.6	92.9	31.4	181.5	120.0
of which, affecting cash flow	7.6	10.4	22.8	21.4	49.6	48.2
of which, project-related investments	-	-	-	0.1	22.9	23.0
of which, leased assets	45.0	4.2	70.2	10.0	131.9	71.8
Investments in assets related to service provision	28.7	11.6	52.5	18.3	76.6	42.4
of which, affecting cash flow	-	0.7	-	1.1	0.3	1.3
of which, leased assets	28.7	10.9	52.5	17.2	76.4	41.1
Total investments	131.8	78.8	251.0	141.7	462.2	352.9
of which, affecting cash flow	58.1	63.7	128.3	114.6	253.9	240.1
of which, project-related investments	24.5	34.1	59.3	47.0	138.3	126.0
of which, leased assets	73.7	15.0	122.6	27.2	208.3	112.9

Dustin's right-of-use assets mainly relate to buildings and IT equipment. During the quarter, right-of-use assets totalling SEK 74 million (18) were added, mainly attributable to IT equipment for service provision, such as servers and network solutions as well as buildings.

SEK million	Feb 29, 2024	Feb 28, 2023	Aug 31, 2023
Buildings	261.8	235.6	247.5
Vehicles	93.5	79.0	96.1
IT equipment for internal use	29.9	50.0	39.0
IT equipment related to service provision	115.4	96.4	100.2
Other items	1.8	1.1	0.9
Right-of-use assets	502.4	462.0	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. At February 29, 2024, the fair value of derivative instruments amounted to SEK 48 million (80). 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,	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
unless otherwise indicated	23/24	22/23	23/24	22/23	12 months	22/23
Income statement
Organic sales growth (%)	-16.4	-2.4	-16.7	3.0	-14.7	-5.0
Gross margin (%)	16.3	14.6	15.8	14.0	15.4	14.5
EBIT	141.8	156.9	271.1	294.4	443.3	466.6
Adjusted EBITDA	261.0	268.6	517.3	527.3	948.4	958.4
Adjusted EBITA	201.3	211.9	393.3	412.5	704.8	723.9
Adjusted EBITA margin (%)	3.8	3.4	3.6	3.2	3.2	3.1
Return on equity (%)	-	-	-	-	1.9	3.2
Balance sheet
Net working capital	89.6	228.5	89.6	228.5	89.6	-35.8
Capital employed	1,466.1	1,441.6	1,466.1	1,441.6	1,466.1	1,327.5
Net debt	2,967.7	4,606.6	2,967.7	4,606.6	2,967.7	4,794.1
Net debt/adjusted EBITDA (multiple)	-	-	-	-	3.1	5.0
Maintenance investments	-58.1	-63.7	-128.3	-114.6	-253.9	-240.1
Equity/assets ratio (%)	-	-	-	-	44.9	33.4
Cash flow
Operating cash flow	-163.8	332.5	164.3	305.4	617.9	759.1
Cash flow from operating activities	-201.6	249.8	48.6	165.1	502.7	619.2
Data per share
Earnings per share before dilution (SEK)	0.18	0.72	0.41	1.30	0.72	1.54
Earnings per share after dilution (SEK)	0.18	0.72	0.41	1.30	0.72	1.54
Equity per share before dilution (SEK)	15.73	47.05	15.73	47.05	15.73	47.69
Cash flow from operating activities per
share before dilution (SEK) Cash flow from operating activities per	-0.49	2.21	0.19	1.46	2.68	5.47
share after dilution (SEK)	-0.49	2.21	0.19	1.46	2.68	5.47
Average number of shares*	411,454,009	113,118,776	262,286,393	113,118,776	187,295,023	113,118,776
Average number of shares
after dilution* Number of shares issued at end of	411,454,009	113,118,776	262,286,393	113,118,776	187,295,023	113,118,776
period	457,300,104	113,943,776	457,300,104	113,943,776	457,300,104	113,943,776

* 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 26 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.

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
Total	23/24	22/23	23/24	22/23	12 months	22/23
Organic growth
Sales growth (%)	-16.3	2.2	-14.5	7.9	-11.6	-0.1
Acquired growth (%)	-	-	-	-	-	-
Currency effects in sales growth (%)	-0.1	-4.6	-2.2	-4.9	-3.2	-4.9
Organic sales growth (%)	-16.4	-2.4	-16.7	3.0	-14.7	-5.0
	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
SMB	23/24	22/23	23/24	22/23	12 months	22/23
Organic growth
Sales growth (%)	-13.6	-8.7	-11.9	-6.4	-12.9	-9.9
Acquired growth (%)	1.1	1.9	2.1	1.0	1.8	1.2
Currency effects in sales growth (%)	0.2	-3.2	-1.1	-3.5	-1.9	-1.8
Organic sales growth (%)	-12.2	-10.0	-10.9	-8.9	-13.0	-10.5
	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
LCP	23/24	22/23	23/24	22/23	12 months	22/23
Organic growth
Sales growth (%)	-17.5	7.4	-15.5	15.1	-11.0	4.6
Acquired growth (%)	-0.4	-1.1	-0.8	-0.6	-0.8	-0.7
Currency effects in sales growth (%)	-0.2	-5.2	-2.6	-5.7	-3.7	-6.5
Organic sales growth (%)	-18.1	1.1	-18.9	8.7	-15.4	-2.6

Source of alternative performance measures - cont'd

	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
Adjusted EBITA	23/24	22/23	23/24	22/23	12 months	22/23
EBIT	141.8	156.9	271.1	294.4	443.3	466.6
Amortisation and impairment of
intangible assets	43.9	45.9	89.8	90.2	183.7	184.1
Items affecting comparability	15.8	9.1	32.6	27.9	77.8	73.2
Adjusted EBITA	201.3	211.9	393.3	412.5	704.8	723.9
	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
Adjusted EBITDA (excl. IFRS 16)	23/24	22/23	23/24	22/23	12 months	22/23
EBIT (excl. IFRS 16)	138.0	153.4	263.6	287.5	428.9	452.7
Depreciation and impairment of tangible assets (excl. IFRS 16)	6.9	11.6	71.3	69.4	48.8	46.9
Amortisation and impairment of intangible assets	43.9	45.9	89.8	90.2	183.7	184.1
Items affecting comparability	15.8	9.1	32.6	27.9	77.8	73.2
Adjusted EBITDA (excl. IFRS 16)	204.6	220.0	457.2	475.0	739.2	757.0
	Q2	Q2	Q1-Q2	Q1-Q2	Rolling	Full-year
Adjusted EBITDA	23/24	22/23	23/24	22/23	12 months	22/23
EBIT	141.8	156.9	271.1	294.4	443.3	466.6
Depreciation and impairment of tangible assets	11.2	11.3	22.9	69.4	0.4	46.9
Amortisation and impairment of right of-use assets	48.4	45.4	101.0	45.4	243.1	187.6
Amortisation and impairment of intangible assets	43.9	45.9	89.8	90.2	183.7	184.1
Items affecting comparability	15.8	9.1	32.6	27.9	77.8	73.2
Adjusted EBITDA	261.0	268.6	517.3	527.3	948.4	958.4

Segment information by quarter

All amounts in SEK million,	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
unless otherwise indicated	23/24	23/24	22/23	22/23	22/23	22/23	21/22	21/22	21/22
Net sales	5,246.3	5,793.2	5,087.9	5,582.0	6,271.6	6,635.9	5,743.4	5,894.2	6,137.2
Organic sales growth (%)	-16.4	-16.2	-16.9	-9.4	-2.4	8.5	15.0	19.7	10.6
Gross margin (%)	16.3	15.3	14.6	15.3	14.6	13.5	14.2	14.3	14.7
Adjusted EBITA	201.3	192.0	142.2	169.2	211.9	200.6	201.6	201.4	275.2
Adjusted EBITA margin (%)	3.8	3.3	2.8	3.0	3.4	3.0	3.5	3.4	4.5
Net sales per segment:
LCP	3,672.1	4,082.5	3,628.6	3,928.2	4,450.0	4,726.6	4,104.7	3,920.7	4,141.6
SMB	1,574.2	1,710.8	1,459.3	1,653.8	1,821.5	1,909.3	1,638.7	1,973.6	1,995.6
Segment results:
LCP	163.8	162.5	104.4	140.6	172.5	142.0	147.9	119.3	172.3
SMB	66.3	61.1	63.5	64.6	80.3	104.4	76.6	108.8	134.7
Segment margin (%):
LCP	4.5	4.0	2.9	3.6	3.9	3.0	3.6	3.0	4.2
SMB	4.2	3.6	4.4	3.9	4.4	5.5	4.7	5.5	6.7
Corporate functions
Corporate functions	-28.7	-31.6	-25.8	-36.0	-40.8	-45.7	-22.9	-26.6	-31.7
Percentage of net sales	-0.5	-0.5	-0.5	-0.6	-0.7	-0.7	-0.4	-0.5	-0.5

Definitions

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

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

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.

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.
PSP	Long-term performance-based share plan for 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. Implementation of IFRS 15 requires a classification of whether Dustin acts as principal or agent, where the latter must report on a net basis.
SMB	Pertains to all sales to small and medium-sized businesses. Former segment B2C has been incorporated into the segment.

Financial calendar

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

October 9, 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

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 8:00 a.m. CEST on April 10, 2024.