Dustin Group AB (publ)

Welcome to the Dustin Q4 presentation for 2025-2026. During the questions and answers session, the participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the CEO Samuel Skott and CFO Julia Lagerqvist. Please begin your meeting.

Good morning everyone. Welcome to Dustin's As you heard, I'm joined today by our CFO, Julia Lagerqvist, and together we will take you through the highlights of the quarter before opening up for questions. I'm pleased to report improved profitability in the fourth quarter, where we saw the full effect of the efficiency measures implemented earlier in the year, while we continued to sharpen our commercial focus. Net sales declined in the quarter with organic growth of minus 5%. The development mainly reflects orders brought forward earlier in the year in the second and third quarters, particularly within the public sector. On the other hand, we first noticed in very many quarters saw growth in the SMB segment. In total, the organic growth adjusted for the discontinued consumer business was minus 3%. The gross margin increased to 13.2% compared to 12.7% last year. And this higher margin is mainly explained by higher price levels, continued efforts to improve profitability in our customer contract portfolio, and a more disciplined approach to new businesses. Adjusted EBITDA increased to 110 million compared to 83 million a year ago. The improvement was mainly driven by the stronger growth margin and the lower cost base following the efficiency measures implemented. The adjusted EBITDA margin increased to 2.3% compared to 1.6% last year. Cash flow from operating activities amounted to minus 204 million SEK compared to minus 73 million SEK last year. The leverage measured as net debt to EBITDA, it came in at 2.8 times compared to 4.81 times last year and continues to stay within our target range. Also, the board proposes no dividend to be paid for the financial year on. If we then go to the next slide, talking about the incident we had early in Q1. As we communicated already early in September, we then identified not right access to certain internal items. We acted immediately and proactively shut down systems to protect our IT environment and minimize the impact on our customers. External cybersecurity experts were engaged and the relevant authorities were known. We were able to restore the order flow within a few days, followed by our websites and customer portals for order handling just a few days after that. And since the 10th of September, our operations have been fully restored. The forensic investigation and data analysis are now largely completed. Some remaining work is still ongoing, but a significantly lower level of activity than during the initial phase of the incident. The findings from the incident will be taken into account in our ongoing work to even further strengthen our security and resilience. And by this, I hand over to Julia to give you some more details on our financials.

Thank you, Samuel. If we then move to page 4, we will look more closely at the LCP segment of large corporate and public customers. The sales in LCP was 0.7 billion second a quarter, or minus 4.5% versus last year. The organic growth was minus 3.7%, so basically 0.4% this quarter. The decline was, as Samuel said, mainly driven by lower effects in the public sector, where orders had been brought forward for Q2 and Q3, driven by the impact of the importance and customers wanting to secure volumes and prices. And we did not see that same effect in this quarter. The opposite for our corporate customers, we saw more stability. They've also made some choices to prioritize margin over volume, especially when pricing has been so volatile. This has resulted in lower sales inputs. We also saw growing demand within our lifecycle services. As said before, we can see large volatility in sales between quarters in ACP due to the large order surges. On the positive side, it was margin improvements in the previous year which helped offset the volume decline. The margin benefited from a more mature contract portfolio as well as higher market prices. A slightly more selective approach to the new business also benefited from margin developments. And this, together with the implemented efficiency measures, helped improve the bottom line versus last year, leading to a segment result of 87 million SEG versus 80 million SEG last year. And the segment margin ended at 2.4% versus 2.1% last year. Then we moved to the SMB segment of H5, where sales landed at 1.1 billion SEG, or 5.7% below last year. And organic growth was minus 6.1%, so very little voice at the end as well. Adjusted for the basic energy, however, the organic growth was plus 3.4%, so encouraging to see growth in the B2B in late August in this segment again. And we see some signs of stabilization in the market, mainly in the Nordics, where the hardware and software business continue to develop positively and remain the key focus area going forward. The growth is, of course, important. And the gross modeling continued at the similar solid levels as in Q3, supported by the higher market prices and continued strength prices this week. And the ongoing pace of the non-standard services, which we discussed last quarter, which then burned accountability, is starting to deliver costly effects for the bottom line. Efficiency Measures. And all in all, this led to an improved segment result, which landed at 47 million sex versus 34 million last year. This corresponded to a segment margin of 4.2% versus 2.9 last year, so a clear improvement. The cash flow for the period was minus 291 million versus minus 1.2 billion last year. And then last year was impacted by the repayment of debt with the right issue. The cash flow for competitiveness before net earning capital changes was plus 168 million. A clear improvement as of last year, given by the operational result. On the opposite, the effect from net-to-hear capital was clearly negative, minus 370. This was driven by two main effects. First, the normal seasonality that we see in Q4, and also that Q3 was initially low. I will talk more about net-to-hear capital on the next slide. and many related to development of different IT platforms. And the cash from financing was at normal levels and mainly leasing, while last year was then impacted by the repayment of the information. So even though the cash was negative this quarter, it was positive for the full year, and this year the reason for this is that it landed at 2.8. A clear improvement versus last year. It was higher than Q3 due to the increase in capital. It was expected and is the normal trend for past the given scenario for capital. But still in line with the target range between Q3 and Q3X for the third consecutive quarter. A network capital landed at 167 million SEK, and improvements last year were at a high of 177 million SEK. Inventory dropped to just above 1 billion SEK, which was lower than last year's Q3, and now close to the target level of 1 billion SEK. Thank you very much. And we always have some timing effects between individual quarters, but our long-term target remains to be around minus 100 years. And with that, I hand back the word to Samuel.