Dustin Group AB (publ)

Here on my side on the call is my dad. So today we present our first quarter results for our fiscal year 2021-2022. And we kick off our financial year with really strong performance. Solid growth accompanied by solid margin development. I am, as always, very proud of everyone at Dustin for doing their utmost every day to deliver the great customer experience, but it might even be slightly more from this quarter given the circumstances. The overall turmoil in the world with markets opening and closing back and forth, which gives a challenge in supply chain and also, of course, in sourcing of products. But despite all these challenges, we managed to have a double-digit organic growth and capture the demand from our customers. The first quarter, once again, also showed that the availability and delivery capacity generated high growth. We have, as you know, worked hard during the last year to automate our purchasing, our pricing, and our logistics.

This work obviously never stops. We can always improve, but it's encouraging to see that it for sure pays off, both in growth and efficiency in margin. Let's go to slide number two, just to give you a brief on Dustin at a glance. Most of you have seen this one before. As you know, we are a hardware, software, and service company, and 280,000 hardware and software products in our assortment, primarily solo line. It is now 60-40, given the changes we have seen also when we acquired Central Point. We are across the Nordics and the Benelux. Now, the Netherlands is our biggest market, with 35% of the sales, followed by Sweden at 26%, and then Norway, Denmark, and Finland at between 10% and 15%, and Belgium at 3%. And we are primarily a B2B company, and 97% of our sales is to B2B, and 3% is on B2C, so it's a small area. And then 50-50 roughly on SMB and LGP. So that's us in a short nutshell, but let's move to slide number three and go through the financials, financial highlights. A really strong organic growth, as said, at 11%.

We have strengthened our position in the market, and our productivity and strong position in the value chain has also benefited our performance. This in combination with an incentive to cross-focus over our high economic activity in society gave us an adjustment to the data. increasing to 301 million a second. And in addition, our online business is performing strongly in the face of the high share of online retail and the great need for mobility. from the underlying strong trends. And these market trends that we build our strategy on, I mean, the online series, they grow more and more. We have to reduce the amount of work that we do, but I think also focus on security and find a way have continued during the quarter and increased in importance as well. And that makes our long-term competition even stronger. So the next stage, we're at 6.2 billion tests. Up with 69% versus last year on the reported level, and the organic growth instead was up 11%, which is a very positive 11.7%, and has a very good crowd point 9%. And B2C at a negative 17.4% as an effect of much less campaigning on Black Friday due to the overall component shortage. But overall, strong organic growth, which shows not only good underlying demand, but also our capability to make use of it and deliver. Gross profit was 80.9% performing in tech compared to last year's 577%, giving us a gross margin at 14.3%, somewhat down from last year's 15.6% because of us adding more energy to the volume from the central point. But when we compare the numbers, it's on the same level as last year's. Our adjusted EBITDA increased a lot, passing now 300 million SEK and came in at 301 million SEK versus last year's 171. And that gave us an adjusted EBITDA margin at 4.8% for the quarter versus last year's 4.6%. So very strong performance and strong earnings.