AI assistant
Addnode Group Interim / Quarterly Report 2026
3001_10-q_2026-04-28_2c096690-a508-47ff-b6e5-09d5d39477be.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
> ADDNODE GROUP
Interim Report January 1–March 31, 2026
This is a translation of the Swedish original of Addnode Group's Interim Report for the period January 1–March 31, 2026. In the event of inconsistency between the two, the original condition version shall apply.
First quarter January–March 2026
- Net sales increased by 5 percent to SEK 1,531 m (1,461). Net sales were impacted by currency effects of SEK -61 m (12). Currency-adjusted organic net sales decreased by 6 percent.
- EBITA increased by 26 percent to SEK 274 m (217). Currency effects had an impact of SEK -3 m (5) on EBITA. The EBITA margin was 17.9 percent (14.9). Restructuring costs had an impact of SEK 24 m on earnings in the preceding year. Before restructuring costs, EBITA for January–March 2025 amounted to SEK 241 m, and the EBITA margin was 16.5 percent.
- Operating profit increased to SEK 186 m (149), and the operating margin increased to 12.1 percent (10.2).
-
Net profit for the period increased to SEK 113 m (90).
-
Earnings per share before and after dilution increased to SEK 0.83 (0.67).
- Cash flow from operating activities improved to SEK 363 m (203).
- The subsidiary Tribia was transferred from the Design Management division to the Process Management division as of January 1, 2026. Comparative figures for 2025 have been restated.
- Acquisition of customer contracts in Germany.
Events after the end of the reporting period
- No significant events.
14.6%
Return on capital employed Q1 2026 (annualized)
26%
EBITA growth Q1 2026 compared with Q1 2025
17.9%
EBITA margin Q1 2026
Key figures
| Key figures | First quarter | Rolling 12 mos | Full year | |
|---|---|---|---|---|
| 2026 Jan–Mar | 2025 Jan–Mar | Apr 2025 –Mar 2026 | 2025 | |
| Net sales, SEK m | 1,531 | 1,461 | 5,863 | 5,793 |
| Gross profit, SEK m | 1,202 | 1,122 | 4,523 | 4,443 |
| Gross margin, % | 78.5 | 76.8 | 77.1 | 76.7 |
| EBITA, SEK m^{1} | 274 | 217 | 960 | 903 |
| EBITA margin, % | 17.9 | 14.9 | 16.4 | 15.6 |
| Operating profit (EBIT), SEK m^{1} | 186 | 149 | 644 | 607 |
| Operating margin, % | 12.1 | 10.2 | 11.0 | 10.5 |
| Net profit for the period, SEK m^{1} | 113 | 90 | 407 | 384 |
| Earnings per share, SEK | 0.83 | 0.67 | 3.01 | 2.87 |
| Cash flow from operating activities, SEK m | 363 | 203 | 590 | 430 |
| Return on capital employed, %^{2} | 14.6 | 17.3 | 14.6 | 14.1 |
| Return on equity, %^{2} | 15.0 | 15.7 | 15.0 | 14.8 |
| Equity/assets ratio, % | 30 | 31 | 30 | 28 |
| Debt/equity ratio, % | 76 | 38 | 76 | 90 |
1) The January–March 2025 period was impacted by restructuring costs of SEK 24 m.
2) Key figures have been adjusted to reflect annualized return.
All amounts are presented in millions of Swedish kronor (SEK m) unless indicated otherwise. Rounding differences of SEK +/-1 m may occur in totals. In cases where an underlying figure is SEK 0 m when rounded, it is presented as 0.
ADDNODE GROUP
INTERIM REPORT JANUARY 1-MARCH 31, 2026
Improved earnings and stronger cash flow
"Addnode Group delivered solid earnings growth and stronger cash flow in the first quarter of 2026. The companies acquired in 2025 performed well and, combined with cost savings, contributed to our favorable earnings performance. At the same time, we have laid the foundation for future earnings growth by continuing to implement AI, developing new offerings and optimizing the organization."
First quarter 2026
Net sales increased by 5 percent to SEK 1.531 m, of which -6 percent was currency-adjusted organic sales. EBITA increased by 26 percent to SEK 274 m, and the EBITA margin increased to 17.9 percent (14.9). Earnings per share increased by 24 percent. Cash flow from operating activities increased to SEK 363 m (203).
The Process Management division continued to deliver a positive performance, with EBITA up 27 percent to SEK 104 m. This marked the seventh consecutive quarter in which the EBITA margin improved year-on-year. Along with good efficiency and effective cost control, margin-enhancing acquisitions such as Genus in Norway have contributed to this earnings improvement. The market climate for the division remained unchanged, with stable demand for case management and geographic information systems for the public sector.
EBITA in the Product Lifecycle Management division increased significantly from SEK 4 m to SEK 33 m. The cost savings implemented have had an effect and, adjusted for the previous year's restructuring costs, EBITA increased by 18 percent.
The Design Management division's EBITA increased by 7 percent to SEK 158 m. Symetri's acquisitions in Brazil and Canada in 2025 have progressed according to plan. Net sales in Europe and the USA were negatively impacted by a lower total volume of agreements up for renewal and more customers choosing to renew their agreements for one year rather than three. Our assessment is that the current geopolitical situation has affected customers' choice of agreement term.
Acquisitions
In 2025, Addnode Group completed ten acquisitions that added approximately SEK 700 m in net sales and strengthened the Group in several strategic areas. These acquisitions have enabled Symetri to establish a position as a leading global Autodesk partner, with a presence in Europe as well as North and Latin America. Process Management's Nordic footprint was strengthened by the acquisition of Genus in Norway.
To date in 2026, one customer base acquisition has been completed. The acquisition climate in the early part of the year has been characterized by greater uncertainty in valuation discussions, mainly driven by AI concerns and a more complex macroeconomic and geopolitical environment.
Innovation built on domain knowledge, data and AI
Addnode Group delivers business-critical digital solutions that are deeply embedded in customer operations, generating a large share of recurring revenue. Strong customer relationships, in-depth domain knowledge and the data generated and managed in our solutions provide us with a solid platform for developing and delivering new AI-based services.
In this quarterly report, we present two solutions where we have integrated AI into existing digital solutions, thereby creating greater value for our customers. With the Inuse Connect IoT platform, machine manufacturer ALPMA was able to increase its production efficiency, cut costs and reduce its service calls. The software Vinga and ATOM are being used to automate and create an end-to-end digital workflow that enables Swedish municipalities to fulfil their statutory responsibility for mandatory ventilation inspections. This has resulted in shorter leadtimes, lower energy consumption and improved public health.
Future outlook
With a presence in various regions and in industries where our digital solutions are mission-critical, we have built a robust business that remains strong, even in a challenging economic climate dominated by geopolitical turmoil.
Earnings growth will continue to originate from the development of new offerings, the implementation of AI and acquisitions as well as the optimization of the organization to adapt to the prevailing market conditions and economy. Addnode Group has the creativity, perseverance and commitment needed to generate value for both its customers and its shareholders. Together, we are contributing to a more digital and sustainable society.
Johan Andersson
President and CEO
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Significant events
In the first quarter of 2026
New Division President of Design Management
To support the Group's long-term strategy and enable continued growth, Jens Kollserud, CEO of Symetri, was appointed as the new Division President of Design Management as of January 1, 2026.
Tribia transferred to Process Management division
As of January 1, 2026, the subsidiary Tribia was transferred from the Design Management division to the Process Management division. Tribia is a software company with operations in Sweden and Norway that develops digital platforms for project management, document management, and information flows in the construction, civil engineering and properties sectors, with a significant share of public sector customers. For full-year 2025, Tribia's net sales amounted to SEK 165 m and EBITA to SEK 35 m. The change was implemented to strengthen the Group's long-term strategy and create further growth opportunities through increased collaboration in the Process Management division. Unless otherwise indicated, comparative figures for 2025 have been restated to reflect a scenario in which Tribia had been part of the Process Management division in 2025.
Acquisition of customer contracts in PLM division
Technia, part of the Product Lifecycle Management division, has acquired Encad Consulting's Dassault Systèmes customer contracts in Germany. The acquired customer contracts generated net sales of about SEK 18 m in 2025 and added approximately 80 new customers, mainly in aerospace and defense, industrial equipment, and transport and mobility. The asset acquisition strengthens Technia's presence in Germany and was consolidated as of January 2026.
Dividend proposal
The Board of Directors proposes that the 2026 Annual General Meeting (AGM) resolves on a dividend of SEK 1.15 (1.15) per share for the 2025 financial year.
After the end of the reporting period
No significant events have occurred since the end of the period.
FINANCIAL CALENDAR
May 7, 2026
Annual General Meeting
October 23, 2026
Interim Report for
the third quarter of 2026
July 15, 2026
Interim Report for
the second quarter of 2026
February 9, 2027
Year-end Report for 2026
AddNODE GROUP
INTERIM REPORT JANUARY 1-MARCH 31,2026
About Addnode Group
Strategy
Addnode Group acquires, operates and develops cutting-edge businesses that digitalize society. We create sustainable value growth over time by continuously acquiring new businesses and actively supporting our subsidiaries to drive organic earnings growth. The digital solutions we develop in close partnership with our customers help create a more sustainable society.
TREND IN EBITA 2015–2025, SEK m
Addnode Group generates sustainable value growth by continuously acquiring new operations, then managing them with a focus on organic growth, profitability and cash flows. In 2015–2025, average annual EBITA growth amounted to 18 percent.
Operations and market position
Addnode Group consists of approximately 20 companies, active in 20 countries across five continents. The companies are organized in three divisions, and a decentralized governance model ensures that business-critical decisions are made close to customers and markets. The employee headcount is approximately 3,000.
Our solutions are used for sustainable and resource-efficient design and product lifecycle management, simulations that benefit the environment and health, and better engagement and dialogue with citizens.
The Group has a market-leading position in Europe and the USA as a provider of software and services for design, construction and manufacturing. In Europe, the Group also has a strong market position in digital solutions for product data, project collaboration and facility management. In Swedish public administration, Addnode Group is a leading provider of document and case management systems.
Financial targets
- Average annual EBITA growth (operating profit before the amortization and impairment of intangible assets) shall amount to at least 15 percent, which corresponds to a doubling of EBITA over five years.
- The EBITA margin shall amount to at least 17 percent.
- Net debt should not exceed 2.5x EBITDA.
- 30–50 percent of the Group's profit after tax shall be distributed to the shareholders, providing its net cash position is sufficient to operate and develop its business.
ORGANIC AND ACQUIRED GROWTH, 2015–2025
To enable a comparison over a longer period of time, net sales have been prepared adjusted for comparison based on the assumption that Autodesk's new transaction model and the reclassification of third-party agreements had been in effect since January 1, 2015.
BUSINESS MODEL WITH OWN AND PARTNER-OWNED SOFTWARE
Addnode Group's business model generates a high share of recurring revenue. Recurring revenue consists of revenue from support and maintenance agreements, revenue from software licenses/subscriptions and revenue from SaaS solutions.
DECENTRALIZED GOVERNANCE AND MANAGEMENT MODEL
Our governance and management model is based on decentralization, with responsibility and authority delegated to the subsidiaries. Operational decisions should be taken as close to customers and end-users as possible, which requires skilled, expert leaders who take responsibility for developing their business in their markets in good times and bad.
ADDNODE GROUP
INTERIM REPORT JANUARY 1-MARCH 31, 2026
Digitalization for a Better Society
PLM and ERP integration enhances workflow efficiency for company offering AI-powered industrial maintenance solutions
Technia, part of the Product Lifecycle Management division, develops and delivers solutions that simplify processes, support responsible innovation, and shorten the time to market in product development. Technia offers a combination of partner solutions, its own complementary software, services, training and support for the entire Dassault Systèmes product portfolio.
Technia has used its own cloud service and real-time solution ERP Connec-tor to help USA-based customer Tractian improve the integration between their ERP and PLM systems. Tractian is a technology company that develops and offers AI-powered industrial maintenance technology and machine condition monitoring.
The product development team at Tractian had previously been using its PLM platform in the cloud without integrating it with the company's ERP system. Tractian's internal workflow relied partly on manual processes, with employees saving PLM data in the ERP system and forwarding the material to colleagues by e-mail or file transfer. This created bottlenecks in the company's processes and increased the risk of errors. Technia's solution enabled the systems to be seamlessly integrated, automating data entry and document sharing from PLM to ERP, reducing manual work and supporting both one-way and two-way information exchange.
AI-assisted production monitoring
Inuse, a French company that Addnode Group has invested in and partnered with since 2019, develops customized solutions for industry and smart buildings. The technology is optimized with AI functionality.
Alpenland Maschinenbau GmbH (ALPMA) is a global market leader in mechanical engineering for the dairy industry. ALPMA has launched the Inuse platform ALPMA Connect as its digital IoT platform to gain a real-time overview of its ALPMA machines. The platform includes smart digital tools, such as AI-based troubleshooting, production optimization, on-site cleaning analyses, and more efficient cheese cutting. Analyzing data from the machines enables preventive maintenance to be carried out and production processes to be optimized. Featuring a support and video assistance system and easy ordering of spare parts, the platform improves production efficiency and reduces downtime, which in turn eases the workload of the company's service teams.
Since the launch, calls to service centers have been reduced by 30 percent, and customers' water consumption is estimated to have decreased by 20 percent. These quality enhancements and cost savings have been achieved while also maintaining high production quality.
AI simplifies and streamlines ventilation inspections
Sokigo develops digital solutions for municipalities and the public sector, including Vinga, an AI-based software that quickly and automatically interprets and structures incoming records from mandatory ventilation inspections into digital, quality-assured data. Vinga is used by Västra Gästrikland's Urban Development Department, a collaboration between Hofors, Ockelbo and Sandviken Municipalities.
Swedish municipalities have a statutory responsibility to ensure that mandatory ventilation inspections are carried out, as regulated by planning and building legislation. These inspections aim to ensure a healthy and safe indoor climate in all buildings occupied by people, with the exception of detached and semi-detached houses. Thousands of protocols need to be reviewed and followed up every year, a demanding task that has a direct impact on public health, energy consumption and the safety of homes and communities.
Vinga is now used alongside Sokigo's Atom solution, which monitors inspection intervals, sends reminders, and initiates supervisory cases. This automates the entire process for municipalities, creating a fully digital, end-to-end workflow that enables the municipalities to meet their statutory obligations more efficiently. AI ensures consistent, error-free data processing, while automation guarantees regulatory compliance and strengthens the rule of law. A digital, paper-free workflow with shorter lead-times and less travel results in ventilation shortcomings being addressed more quickly, a reduction in energy use and improved public health.
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026 | 6
Consolidated net sales, earnings and cash flow
First quarter, January–March 2026
Net sales for the first quarter of 2026 increased by 5 percent to SEK 1.531 m (1,461). Currency effects, mainly a weaker USD, had an impact of approximately SEK -61 m (12) on net sales. Currency-adjusted organic growth was -6 percent.
The divisions are continuing to invest in new products and solutions, including the development of AI-based features, and in enhancing existing customer offerings.
The Design Management division's net sales increased by 7 percent, and organic growth, adjusted for currency effects, was -12 percent. The weaker USD had a negative impact on net sales. EBITA increased by 7 percent to SEK 158 m (147). The acquisitions contributed to earnings according to plan.
The Product Lifecycle Management division's net sales decreased by 6 percent, and organic growth, adjusted for currency effects, was -4 percent. EBITA increased to SEK 33 m (4). The comparative figures for the previous year were impacted by restructuring costs of SEK 24 m in the first quarter.
The Process Management division's net sales increased by 15 percent, and organic growth, adjusted for currency effects, was 1 percent. EBITA increased by 27 percent to SEK 104 m (82). The acquisitions contributed to earnings according to plan.
License revenue (perpetual right of use) increased to SEK 33 m (28), and recurring revenue increased to SEK 959 m (920). Service revenue increased to SEK 524 m (487), while other revenue amounted to SEK 15 m (26). The recurring revenue share was 63 percent (63).
Gross profit increased by 7 percent to SEK 1,202 m (1,122), and the gross margin increased to 78.5 percent (76.8).
EBITA increased by 26 percent to SEK 274 m (217), and the EBITA margin increased to 17.9 percent (14.9).
Net financial items amounted to SEK -34 m (-29) and were impacted by revaluations of contingent considerations of SEK 1 m (-), higher loan volumes and currency effects.
Net profit for the period increased by 26 percent to SEK 113 m (90). Earnings per share increased by 24 percent to SEK 0.83 (0.67).
Cash flow from operating activities improved to SEK 363 m (203), mainly due to a positive working capital movement.
NET SALES BY REVENUE STREAM, Q1 2026
- Licenses (perpetual right of use) 2%
- Recurring revenue 63%
- Services 34%
- Other 1%
NET SALES BY GEOGRAPHIC AREA, Q1 2026
(Geography based on subsidiary domicile)
- Sweden 34%
- USA 20%
- UK 10%
- Germany 10%
- Other 26%
AddNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Performance by division
Net sales, gross profit and EBITA, January–March 2026
Comparative figures for 2025 have been restated to reflect a scenario in which Tribia had been part of the Process Management division in 2025.
| SEK m | Net sales | Gross profit | EBITA | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2026 Jan-Mar | 2025 Jan-Mar | Change % | 2026 Jan-Mar | 2025 Jan-Mar | Change % | 2026 Jan-Mar | 2025 Jan-Mar | Change % | |
| Design Management | 659 | 618 | 7 | 602 | 570 | 6 | 158 | 147 | 7 |
| Product Lifecycle Management | 420 | 448 | -6 | 216 | 229 | -6 | 33 | 4^{1} | 725^{1} |
| Process Management | 466 | 404 | 15 | 390 | 329 | 19 | 104 | 82 | 27 |
| Eliminations/central costs | -14 | -9 | -6 | -6 | -21 | -16 | |||
| Addnode Group | 1,531 | 1,461 | 5 | 1,202 | 1,122 | 7 | 274 | 217 | 26 |
1) Earnings in the preceding year were impacted by restructuring costs of SEK 24 m. Adjusted for restructuring costs, EBITA amounted to SEK 28 m and EBITA growth to 18 percent.
NET SALES1 Q1 2026
- Design Management 43%
- Product Lifecycle Management 27%
- Process Management 30%
1) Before eliminations
GROSS PROFIT1 Q1 2026
- Design Management 50%
- Product Lifecycle Management 18%
- Process Management 32%
2) Before eliminations/central costs
EBITA1 Q1 2026
- Design Management 54%
- Product Lifecycle Management 11%
- Process Management 35%
3) Before eliminations/central costs
Addnode Innovations enables AI-driven intrapreneurship
Through Addnode Innovations, Addnode Group promotes innovation, intrapreneurship and long-term growth throughout the Group. In 2026, over 100 employees participated in the program, spread across 60 teams. This year, the focus was on AI. The program included workshops in AI-based idea development, prototyping and pitch training, supported by experts in each field. The winning team will be given dedicated resources, support and time to further develop and commercialize their idea.
The jury for Addnode Innovations reflects Addnode Group's global presence, with approximately 3,000 employees worldwide. From left to right: Jonas Gejer, Board member; Saurabh Gupta, Managing Director, Addnode India; Kitty Colbjørnsen Aarseth, CPO, Tribia; Andreas Wikholm, Division President, Process Management; Marilia Frazillio, CEO, FF Solutions (participated via link).
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Design Management division
Design Management is a leading global provider of digital solutions and services for design, BIM, product data and facility management for architects and engineers in the manufacturing and construction industries and for private and public sector property owners.
+7 %
Net sales growth Q1 2026 compared with Q1 2025
+6 %
Gross profit growth Q1 2026 compared with Q1 2025
+7 %
EBITA growth Q1 2026 compared with Q1 2025
Progress in the quarter
Net sales increased by 7 percent to SEK 659 m (618). Adjusted for currency effects, organic growth was -12 percent. The weaker USD had a negative impact since a large share of the division's revenue is in USD. Currency effects had an impact of SEK -33 m (11) on net sales.
Net sales in Europe and the USA were negatively impacted by a lower total volume of Autodesk agreements up for renewal and more customers choosing to renew their agreements for one year rather than three.
The acquisitions in Canada and Brazil developed according to plan and contributed to improved net sales and earnings. In Brazil, growth was driven by continued investment in infrastructure, and in Canada, customers showed renewed confidence.
Service Works Global (SWG), which provides digital solutions for facility management, delivered a stable earnings performance compared with the preceding year.
EBITA increased by 7 percent to SEK 158 m (147), and the EBITA margin increased to 24.0 percent (23.8).
Tribia transferred to Process Management division
As of January 1, 2026, the subsidiary Tribia was transferred from the Design Management division to the Process Management division. Comparative figures for 2025 have been restated to reflect a scenario in which Tribia had already been transferred in 2025.
Acquisitions
No acquisitions were carried out during or after the period.
Market
Operations in the division are conducted by the companies Symetri, SWG and Acad-Plus. These companies offer digital solutions and services for design, BIM (Building Information Modeling) and product data for architects and engineers in the manufacturing and construction industries. The division also has a strong digital offering for facility management in the Nordic countries and the UK. Customers' willingness to invest in digital solutions is driven by urbanization and the need to build and manage efficiently and sustainably. Regulatory authorities are also demanding digital solutions based on BIM.
TREND IN EBITA 2021–2026, SEK M
EBITA in the chart has been adjusted for comparability as if Tribia had been part of Process Management since 2021.
KEY FIGURES
| SEK m | 2026 Jan-Mar | 2025 Jan-Mar | Change % | R12 Apr 2025 -Mar 2026 |
|---|---|---|---|---|
| Net sales | 659 | 618 | 7 | 2,435 |
| Gross profit | 602 | 570 | 6 | 2,221 |
| Gross margin, % | 91.4 | 92.2 | 91.2 | |
| EBITA | 158 | 147 | 7 | 521 |
| EBITA margin, % | 24.0 | 23.8 | 21.4 | |
| Operating profit | 116 | 119 | -3 | 384 |
| Operating margin, % | 17.6 | 19.2 | 15.8 | |
| Average number of employees | 1,306 | 1,045 | 25 | 1,187 |
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Product Lifecycle Management division
Product Lifecycle Management is a global provider of solutions for digitalizing a product's or facility's complete lifecycle – from idea, design, simulation and construction through production to sale, aftermarket and recycling. For our customers, this means shorter lead-times, more innovation, increased efficiency, and traceability.
Net sales growth Q1 2026 compared with Q1 2025
Gross profit growth Q1 2026 compared with Q1 2025
EBITA growth Q1 2026 compared with Q1 2025 (adjusted for restructuring costs)
Progress in the quarter
Net sales decreased by 6 percent to SEK 420 m (448) in the first quarter of 2026. Adjusted for currency effects, organic growth was -4 percent.
Demand for PLM systems, design and simulation software, and related services from strategically important segments such as aerospace and defense remained strong, and we expanded several customer engagements, particularly in the Nordic countries. The market situation in Germany remains challenging, and investment decisions regarding major projects are still being approached with caution. At the same time, the current trend of customers increasingly choosing subscription solutions over perpetual licenses has strengthened.
EBITA increased to SEK 33 m (4), and the EBITA margin was 7.9 percent (0.9). Adjusted for restructuring costs, EBITA in the comparative quarter last year amounted to SEK 28 m and the EBITA margin to 6.3 percent. The measures taken to adapt the organization and cost structure have been implemented as planned. Adjusted for restructuring costs, EBITA growth amounted to 18 percent.
Acquisitions
In January 2026, Technia acquired Encad Consulting's customer contracts pertaining to Dassault Systèmes software. The acquisition added some 80 new customers to Technia's global customer base of just over 6,000 customers. At the time of the acquisition, net sales for the acquired customer contracts were estimated at approximately SEK 18 m.
Market
The operations of the Product Lifecycle Management division are conducted by the subsidiary Technia, whose solutions help to streamline and quality-assure complete lifecycles, from idea, design, simulation and construction through production to sales, aftermarket and recycling. For our customers, this means shorter lead-times, more innovation, increased efficiency, and traceability. Customers' willingness to invest is driven by the need to develop and design products, to maintain product information throughout complete lifecycles and to comply with regulatory standards.
TREND IN EBITA 2021–2026, SEK M
KEY FIGURES
| SEK m | 2026 Jan-Mar | 2025 Jan-Mar¹⁾ | Change % | R12 Apr 2025 -Mar 2026 |
|---|---|---|---|---|
| Net sales | 420 | 448 | -6 | 1,745 |
| Gross profit | 216 | 229 | -6 | 883 |
| Gross margin, % | 51.4 | 51.1 | 50.6 | |
| EBITA | 33 | 4 | 725¹⁾ | 156 |
| EBITA margin, % | 7.9 | 0.9 | 8.9 | |
| Operating profit | 16 | -14 | - | 85 |
| Operating margin, % | 3.8 | -3.1 | 4.9 | |
| Average number of employees | 689 | 725 | -5 | 705 |
¹⁾ The figures for the first quarter of 2025 include restructuring costs of SEK 24 m. Adjusted for restructuring costs, EBITA amounted to SEK 28 m, the EBITA margin was 6.3 percent, and EBITA growth amounted to 18 percent. Operating profit amounted to SEK 10 m, with an operating margin of 2 percent.
ADDNODE GROUP
INTERIM REPORT JANUARY 1-MARCH 31, 2026
Process Management division
Process Management is a leading provider of digital solutions to the public sector in Sweden and Norway, with strong positions in solutions for urban development, case management, project collaboration and geographic information systems (GIS).
+15 %
Net sales growth Q1 2026 compared with Q1 2025
+19 %
Gross profit growth Q1 2026 compared with Q1 2025
+27 %
EBITA growth Q1 2026 compared with Q1 2025
Progress in the quarter
Net sales increased by 15 percent to SEK 466 m (404) in the first quarter of 2026. Adjusted for currency effects, organic growth was 1 percent. Sales to the public sector remained stable. Investment decisions regarding major projects by larger authorities are still being approached with some caution.
EBITA increased by 27 percent to SEK 104 m (82), and the EBITA margin increased to 22.3 percent (20.3). Earnings for the quarter increased due to improved operational efficiency and contributions from acquisitions. Its businesses are well positioned in public sector tenders owing to their attractive digital solutions, in-depth experience and strong references.
Tribia, new company in the division
As of this quarter, the subsidiary Tribia was transferred from the Design Management division to the Process Management division. Comparative figures for 2025 have been restated to reflect a scenario in which Tribia had already been transferred in 2025. This change is in line with the Group's strategy and aims to strengthen collaboration between companies focusing on the public sector and digital case management, creating conditions for further growth and efficiency improvements.
TREND IN EBITA 2021-2026, SEK M
EBITA in the chart has been adjusted for comparability as if Tribia had been part of Process Management since 2021.
Acquisitions
No acquisitions were carried out during or after the period.
Market
Process Management, whose operations are conducted through 15 subsidiaries, is a leading provider of digital solutions to the public sector in Sweden and Norway, with strong positions in urban development, case management and GIS solutions. The division's data-driven digital solutions help authorities and municipalities to streamline processes, simplify administration and ensure high quality and compliance with applicable regulations throughout their operations. The division also has a strong digital offering for project collaboration in the construction and infrastructure sector.
Customers' willingness to invest is being driven by automation, simplified administration and more efficient management and planning as well as increased requirements for smart information solutions for urban and community planning and sustainable community development. A growing number of authorities and municipalities are looking for long-term partnerships to create innovative solutions that make public services more efficient and future-proof.
KEY FIGURES
| SEK m | 2026 Jan-Mar | 2025 Jan-Mar | Change % | R12 Apr 2025 -Mar 2026 |
|---|---|---|---|---|
| Net sales | 466 | 404 | 15 | 1,722 |
| Gross profit | 390 | 329 | 19 | 1,440 |
| Gross margin, % | 83.7 | 81.4 | 83.6 | |
| EBITA | 104 | 82 | 27 | 369 |
| EBITA margin, % | 22.3 | 20.3 | 21.4 | |
| Operating profit | 75 | 60 | 25 | 261 |
| Operating margin, % | 16.1 | 14.9 | 15.2 | |
| Average number of employees | 922 | 827 | 11 | 892 |
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Consolidated balance sheet and cash flow
Liquidity and financial position
| Net debt, SEK m | 2026
Mar 31 | 2025
Dec 31 |
| --- | --- | --- |
| Granted credit facility | 2,000 | 2,000 |
| of which unutilized | 811 | 861 |
| of which utilized | -1,189 | -1,139 |
| Term loan | -1,692 | -1,669 |
| Liabilities related to acquisitions | -53 | -49 |
| Finance leases | -220 | -233 |
| Total interest-bearing liabilities | -3,153 | -3,090 |
| Cash and cash equivalents | 922 | 625 |
| Net debt | -2,231 | -2,465 |
| Equity/assets ratio (%) | 30 | 28 |
| Liabilities related to completed acquisitions | 655 | 624 |
| of which contingent considerations | 577 | 542 |
| | 2026
Jan-Mar | 2025
Jan-Dec |
| Contingent considerations, SEK m | | |
| Opening | | |
| book value | 542 | 474 |
| Acquisitions for the year | - | 308 |
| Paid | - | -163 |
| Revaluations | 8 | -36 |
| Discount rate | 8 | 36 |
| Exchange rate differences | 19 | -77 |
| Closing | | |
| book value | 577 | 542 |
Cash flow
Cash flow from operating activities amounted to SEK 363 m (203) for the January–March 2026 period, equivalent to a year-on-year increase of SEK 160 m. The increase was mainly attributable to stronger earnings and changes in working capital.
Cash flow from investing activities include payments for own software of SEK -56 m (-43). Investments in subsidiaries and operations amounted to SEK -9 m (-72).
Cash flow from financing activities include borrowings of SEK 14 m and repayments of lease liabilities of SEK -22 m (-25).
Investments and divestments
Investments of SEK 74 m (82) were made in intangible assets and property, plant and equipment, including leases, of which SEK 56 m (43) related to own software.
Goodwill and other intangible assets
The carrying amount of the Group's goodwill was SEK 4,305 m (3,186) on March 31, 2026. Other intangible assets amounted to SEK 1,618 m (1,002), and mainly comprised customer relationships, trademarks and software.
Deferred tax assets
As of March 31, 2026, deferred tax assets amounted to SEK 69 m (53).
Equity
Equity as of March 31, 2026 was SEK 2,952 m (2,464), equivalent to SEK 21.78 (18.46) per share outstanding.
Share capital and incentive programs
Share capital was SEK 410 m at the end of the period. The quotient value per share was SEK 3.00. The division by share class as of March 31, 2026 was as follows:
| Share class | No. of shares outstanding |
|---|---|
| Class A shares | 3,948,696 |
| Class B shares | 132,603,978 |
| Class B treasury shares | -997,262 |
| Total | 135,555,412 |
As of March 31, 2026, there were two call option programs and two share rights programs outstanding, as follows:
| Incentive program | No. of options/share rights outstanding | Corresponds to no. of shares | Exercise price |
|---|---|---|---|
| Stock option program | |||
| LTIP 2022¹) | 56,950 | 227,800 | 115.80 |
| LTIP 2023 | 201,000 | 201,000 | 157.50 |
| Total stock option program | 257,950 | 428,800 | |
| Share rights program | |||
| LTIP 2024 | 121,003 | 121,003 | – |
| LTIP 2025 | 128,250 | 128,250 | – |
| Total | 507,203 | 678,053 | – |
¹) Each option carries entitlement to purchase four class B shares.
For more information on the incentive programs, see note 4 on pages 111–112 of the Annual Report for 2025.
3
ADDNODE GROUP
INTERIM REPORT JANUARY 1-MARCH 31,2026
Other disclosures
Employees
The average number of employees of the Group increased to 2,936 (2,612). Essentially, this increase was from acquired operations. As of March 31, 2026, there were 3,044 employees (3,064 as of December 31, 2025).
Related party transactions
For the January-March 2026 period, Chairman of the Board Staffan Hanstorp invoiced the Parent Company SEK 0.7 m (0.5) in fees for consulting services related to acquisition opportunities, financing matters and other strategic issues via a company. Board member Jonas Gejer invoiced SEK 0 m (0.2) via his own company for business development activities during the January-March period.
Parent Company
Net sales for the January-March 2026 period amounted to SEK 10 m (7), and mainly comprised invoicing to subsidiaries for premises rent and services rendered. The Parent Company posted a loss after financial items of SEK -16 m (-40). Cash and cash equivalents were SEK 512 m (502) as of March 31, 2026. Investments in shares in subsidiaries amounted to SEK 0 m (32) for the period. There were no significant investments in intangible assets or property, plant and equipment.
Disclosures on acquisitions
No business combinations were carried out in the first quarter of 2026. One customer base acquisition was completed. Eight business combinations and two asset acquisitions were completed in full-year 2025. Information on these acquisitions is available in the Annual Report for 2025.
In the case of Railit, a minor adjustment was made to the acquisition analysis in the first quarter of 2026, affecting the contingent consideration liability and goodwill. The acquisition analyses for acquisitions in the first quarter of 2025 (Railit and Congere) are thus finalized. The acquisition analysis for X10D Solutions, acquired in the fourth quarter of 2025, was also adjusted in the first quarter of 2026, affecting the contingent consideration liability and goodwill. The acquisition analyses for acquisitions in the second, third and fourth quarters of 2025 (Pcskog, Genus, FF Solutions, Solidcad, X10D Solutions and Acad-Plus) are still preliminary.
Accounting policies
General
This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated accounts have been prepared in accordance with IFRS Accounting Standards, as endorsed by the EU, and the Swedish Annual Accounts Act. In this document, the term "IFRS" includes the application of IASs and IFRSs as well as interpretations of these recommendations published by the IASB Standards Interpretation Committee (SIC) and the IFRS Interpretations Committee (IFRIC). The Parent Company's accounts have been prepared in accordance with the Annual Accounts Act, and RFR 2 Accounting for Legal Entities. Amendments and interpretations of existing standards first effective in 2026 had no impact on the Group's financial position or financial statements. The accounting policies and calculation methods are unchanged since the Annual Report for 2025. The Group has not applied IFRS 18 Presentation and Disclosure of Financial Statements, which will come into effect on January 1, 2027.
Disclosures on financial instruments
Estimated contingent considerations for acquisitions were measured at fair value. Measurement of financial assets and liabilities shows no significant difference between carrying amounts and fair value. The Group had no forward exchange contracts outstanding on March 31, 2026.
Significant risks and uncertainties
Addnode Group's significant risks and uncertainties are stated on pages 30–32 and 40 of the Annual Report for 2025, under "Risks and uncertainties" on pages 87–88, as well as notes 36 and 37 on pages 130–134. These risks and uncertainties are unchanged.
The Group's operations are diversified over offerings, customer segments and geography, which implies risk diversification. This is a proven strength in challenging times.
Future outlook
The Board of Directors has not altered its assessment of Addnode Group's long-term outlook since the previous quarters. In the fourth quarter Interim Report for 2025, the Board of Directors stated the following outlook:
In the long-term, Addnode Group regards the segments where it is active to have strong underlying potential. Addnode Group's growth strategy is to grow organically and by acquiring new businesses in the aim of adding new, complementary offerings and additional expertise.
Addnode Group manages geopolitical risks arising in connection with war, social unrest and trade policy action in and by countries in our business environment through continuous business intelligence and robust risk management strategies to minimize the impact on our business and ensure long-term stability.
The Board notes that, given the geopolitical situation, there is a risk that Addnode Group may be financially impacted in 2026. Addnode Group is retaining its decision not to issue a forecast.
Dividend proposal
The Board of Directors proposes that the AGM resolves on a dividend of SEK 115 (115) per share for the 2025 financial year, corresponding to a total dividend of SEK 156 m (153). The Board's opinion is that after the proposed dividend, the company will have sufficient funds to be able to achieve its financial targets. The proposed record date for dividends is May 11, 2026. If the AGM approves this proposal, dividends will be scheduled for disbursement on May 15, 2026.
2026 Annual General Meeting
The ordinary AGM will be held on May 7, 2026.
Stockholm, April 28, 2026
Johan Andersson
President and CEO
This Interim Report has not been reviewed by the company's auditors.
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Condensed consolidated financial statements
Consolidated Income Statement
| SEK m | 2026
Jan–Mar | 2025
Jan–Mar | Rolling
12 mos
Apr 2025
–Mar 2026 | Full year
2025 |
| --- | --- | --- | --- | --- |
| Net sales | 1,531 | 1,461 | 5,863 | 5,793 |
| Purchases of goods and services | -329 | -339 | -1,340 | -1,350 |
| Gross profit | 1,202 | 1,122 | 4,523 | 4,443 |
| Capitalized work performed by the company for its own use | 56 | 43 | 197 | 185 |
| Other external costs | -142 | -134 | -585 | -578 |
| Personnel costs | -811 | -784 | -3,052 | -3,025 |
| Depreciation/amortization and impairment of
– property, plant and equipment | -31 | -30 | -123 | -122 |
| – intangible non-current assets | -88 | -68 | -316 | -296 |
| Operating profit | 186 | 149 | 644 | 607 |
| Financial income | 19 | 18 | 64 | 62 |
| Financial expenses | -54 | -47 | -197 | -191 |
| Revaluation of contingent considerations | 1 | 0 | 36 | 36 |
| Profit before tax | 152 | 120 | 547 | 514 |
| Current tax | -34 | -38 | -153 | -157 |
| Deferred tax | -5 | 8 | 13 | 27 |
| Net profit for the period | 113 | 90 | 407 | 384 |
| Attributable to: | | | | |
| Owners of the Parent Company | 113 | 90 | 407 | 384 |
| Share data | | | | |
| Earnings per share before and after dilution, SEK | 0.83 | 0.67 | 3.01 | 2.87 |
| Average number of shares outstanding: | | | | |
| Before dilution | 135,555,412 | 133,457,743 | 135,041,678 | 133,925,460 |
| After dilution | 135,555,412 | 133,464,886 | 135,143,605 | 133,995,200 |
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Consolidated Statement of Comprehensive Income
| SEK m | 2026
Jan-Mar | 2025
Jan-Mar | Rolling
12 mos
Apr 2025
-Mar 2026 | Full year
2025 |
| --- | --- | --- | --- | --- |
| Net profit for the period | 113 | 90 | 407 | 384 |
| Other comprehensive income, items that will not be reclassified to profit or loss: | | | | |
| Actuarial gains and losses on pension obligations | 0 | 0 | -2 | -2 |
| Other comprehensive income, items that may be reclassified to profit or loss: | | | | |
| Exchange rate difference on translation of foreign operations | 125 | -125 | 12 | -238 |
| Hedge of net investments in foreign operations | -30 | 34 | -10 | 54 |
| Tax attributable to items that may be reclassified | 9 | -2 | 0 | -11 |
| Total other comprehensive income after tax for the period | 104 | -93 | 0 | -197 |
| Comprehensive income for the period | 217 | -3 | 407 | 187 |
| Attributable to: | | | | |
| Owners of the Parent Company | 217 | -3 | 407 | 187 |
AddnODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026 | 15
Consolidated Balance Sheet
| SEK m | 2026
Mar 31 | 2025
Mar 31 | 2025
Dec 31 |
| --- | --- | --- | --- |
| Assets | | | |
| Goodwill | 4,305 | 3,186 | 4,196 |
| Other intangible non-current assets | 1,618 | 1,002 | 1,601 |
| Property, plant and equipment | 264 | 283 | 279 |
| Non-current receivables | 235 | 479 | 277 |
| Other non-current assets | 113 | 84 | 92 |
| Total non-current assets | 6,535 | 5,034 | 6,445 |
| Inventories | 1 | 0 | 1 |
| Trade receivables | 1,088 | 803 | 1,212 |
| Other current assets | 1,359 | 1,504 | 1,517 |
| Cash and cash equivalents | 922 | 680 | 625 |
| Total current assets | 3,370 | 2,987 | 3,355 |
| Total assets | 9,905 | 8,021 | 9,800 |
| Equity and liabilities | | | |
| Equity | 2,952 | 2,464 | 2,733 |
| Non-current interest-bearing liabilities | 3,001 | 1,525 | 2,974 |
| Other non-current liabilities | 533 | 793 | 518 |
| Current interest-bearing liabilities | 152 | 91 | 116 |
| Other current liabilities | 3,267 | 3,148 | 3,459 |
| Total equity and liabilities | 9,905 | 8,021 | 9,800 |
| Interest-bearing receivables amount to | - | - | - |
| Interest-bearing liabilities amount to | 3,153 | 1,616 | 3,090 |
| Pledged assets | 10 | 17 | 11 |
| Contingent liabilities | 114 | 43 | 116 |
Equity and number of shares
| Specification of changes in equity, SEK m | 2026
Mar 31 | 2025
Mar 31 | 2025
Dec 31 |
| --- | --- | --- | --- |
| Equity, opening balance | 2,733 | 2,458 | 2,458 |
| Dividend | - | - | -154 |
| New share issue | - | - | 224 |
| Call options exercised | - | 8 | 11 |
| Incentive program | 2 | 1 | 7 |
| Comprehensive income for the period | 217 | -3 | 187 |
| Equity, closing balance | 2,952 | 2,464 | 2,733 |
| Equity attributable to: | | | |
| Owners of the Parent Company | 2,952 | 2,464 | 2,733 |
| Number of shares outstanding, opening balance | 135,555,412 | 133,411,650 | 133,411,650 |
| New share issue | - | - | 2,024,442 |
| Transfer of the company's shares | - | 81,200 | 119,320 |
| Number of shares outstanding, closing balance | 135,555,412 | 133,492,850 | 135,555,412 |
Addnode Group held 997,262 (1,035,382) class B treasury shares on March 31, 2026.
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Consolidated Statement of Cash Flows
| SEK m | 2026
Jan–Mar | 2025
Jan–Mar | Rolling
12 mos
Apr 2025
–Mar 2026 | Full year
2025 |
| --- | --- | --- | --- | --- |
| Operating activities | | | | |
| Operating profit | 186 | 149 | 644 | 607 |
| Adjustment for non-cash items | 117 | 114 | 435 | 433 |
| Total | 303 | 263 | 1,079 | 1,040 |
| Net financial items | 2 | -10 | -62 | -74 |
| Tax paid | -54 | -27 | -194 | -167 |
| Cash flow from operating activities before changes in working capital | 251 | 226 | 823 | 799 |
| Change in working capital | 112 | -23 | -233 | -369 |
| Cash flow from operating activities | 363 | 203 | 590 | 430 |
| Investing activities | | | | |
| Purchases and sales of intangible assets and property, plant and equipment | -66 | -50 | -293 | -277 |
| Acquisitions of financial assets | - | - | -11 | -11 |
| Acquisitions of subsidiaries and operations | -9 | -78 | -1,412 | -1,481 |
| Cash and cash equivalents in acquired subsidiaries | - | 6 | 69 | 75 |
| Cash flow from investing activities | -75 | -122 | -1,648 | -1,694 |
| Financing activities | | | | |
| Dividend paid | - | - | -154 | -154 |
| Proceeds received, incentive program | - | 8 | 4 | 11 |
| Borrowings | 14 | - | 3,622 | 3,608 |
| Repayment of loans | -22 | -25 | -2,173 | -2,175 |
| Cash flow from financing activities | -8 | -17 | 1,299 | 1,290 |
| Cash flow for the period | 280 | 64 | 240 | 25 |
| Cash and cash equivalents at start of period | 625 | 674 | 680 | 674 |
| Exchange rate difference in cash and cash equivalents | 17 | -58 | 2 | -74 |
| Cash and cash equivalents at end of period | 922 | 680 | 922 | 625 |
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Parent Company financial statements
Parent Company Income Statement
| SEK m | 2026 Jan-Mar | 2025 Jan-Mar | Rolling 12 mos Apr 2025 -Mar 2026 | Full year 2025 |
|---|---|---|---|---|
| Net sales | 10 | 7 | 48 | 45 |
| Operating expenses | -31 | -32 | -112 | -113 |
| Operating loss | -20 | -25 | -63 | -68 |
| Profit from participations in Group companies | - | - | 282 | 282 |
| Other financial income | 25 | 7 | 54 | 36 |
| Financial expenses | -21 | -22 | -121 | -122 |
| Profit/loss after financial items | -16 | -40 | 152 | 128 |
| Change in tax allocation reserve | - | - | - | 0 |
| Profit/loss before tax | -16 | -40 | 152 | 128 |
| Tax | 5 | 8 | -26 | -23 |
| Net profit/loss for the period | -12 | -32 | 125 | 105 |
The Parent Company's profit also comprises its comprehensive income.
Parent Company Balance Sheet
| SEK m | 2026 Mar 31 | 2025 Mar 31 | 2025 Dec 31 |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment | 6 | 8 | 6 |
| Financial assets | 4,505 | 2,910 | 4,476 |
| Current receivables | 82 | 115 | 104 |
| Cash and cash equivalents | 512 | 502 | 340 |
| Total assets | 5,105 | 3,535 | 4,926 |
| Equity and liabilities | |||
| Equity | 1,694 | 1,493 | 1,705 |
| Untaxed reserves | 163 | 163 | 163 |
| Non-current liabilities | 2,013 | 572 | 1,981 |
| Current liabilities | 1,235 | 1,307 | 1,077 |
| Total equity and liabilities | 5,105 | 3,535 | 4,926 |
9
ADDNODE GROUP
INTERIM REPORT JANUARY 1-MARCH 31,2026
Revenue, gross profit and profit, January–March 2026
| SEK m | Design | PLM | Process | Central | Eliminations | Addnode Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Revenue | ||||||||||||
| External sales | 658 | 621 | 414 | 441 | 459 | 398 | - | 0 | - | 0 | 1,531 | 1,461 |
| Transactions between segments | 1 | -3 | 6 | 7 | 7 | 6 | 7 | 7 | -20 | -16 | - | - |
| Total revenue | 659 | 618 | 420 | 448 | 466 | 404 | 7 | 7 | -20 | -16 | 1,531 | 1,461 |
| Gross profit | 602 | 570 | 216 | 229 | 390 | 329 | 7 | 7 | -12 | -13 | 1,202 | 1,122 |
| Gross margin, % | 91.4 | 92.2 | 51.4 | 51.1 | 83.7 | 81.4 | - | - | - | - | 78.5 | 76.8 |
| EBITA | 158 | 147 | 33 | 4 | 104 | 82 | -21 | -15 | - | - | 274 | 217 |
| EBITA margin, % | 24.0 | 23.8 | 7.9 | 0.9 | 22.3 | 20.3 | - | - | - | - | 17.9 | 14.9 |
| Depreciation of property, plant and equipment | -11 | -13 | -6 | -6 | -10 | -8 | -4 | -4 | - | - | -31 | -30 |
| Amortization of intangible non-current assets | -42 | -28 | -17 | -18 | -29 | -22 | - | - | - | - | -88 | -68 |
| - of which acquired intangible assets | -29 | -15 | -7 | -8 | -14 | -12 | - | - | - | - | -50 | -35 |
| - of which other intangible assets | -13 | -13 | -10 | -10 | -15 | -10 | - | - | - | - | -38 | -33 |
| Operating profit/loss | 116 | 119 | 16 | -14 | 75 | 60 | -21 | -15 | - | - | 186 | 149 |
| Operating margin, % | 17.6 | 19.2 | 3.8 | -3.1 | 16.1 | 14.9 | - | - | - | - | 12.1 | 10.2 |
| Investments in intangible non-current assets and property, plant and equipment | 21 | 31 | 20 | 11 | 33 | 40 | - | - | - | - | 74 | 82 |
| of which leases | 4 | 12 | 2 | 3 | 1 | 18 | - | - | - | - | 8 | 33 |
| Total net operating assets | 3,678 | 2,631 | 698 | 711 | 1,636 | 1,024 | 132 | 86 | -100 | -14 | 6,042 | 4,438 |
| Average number of employees | 1,306 | 1,045 | 689 | 725 | 922 | 827 | 17 | 15 | - | - | 2,936 | 2,612 |
Revenue breakdown, January–March 2026
| SEK m | Design | PLM | Process | Central | Eliminations | Addnode Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Licenses | 4 | 5 | 13 | 14 | 16 | 9 | - | - | - | - | 33 | 29 |
| - of which own software | 2 | 3 | 4 | 4 | 14 | 7 | - | - | - | - | 20 | 14 |
| - of which third-party software | 2 | 2 | 9 | 11 | 2 | 2 | - | - | - | - | 13 | 15 |
| Recurring revenue | 451 | 410 | 282 | 301 | 230 | 208 | - | - | -5 | - | 959 | 920 |
| - of which own software | 109 | 97 | 36 | 39 | 204 | 183 | - | - | -5 | - | 345 | 319 |
| - of which third-party software | 342 | 313 | 246 | 263 | 26 | 25 | - | - | - | - | 614 | 601 |
| Services | 200 | 197 | 118 | 122 | 210 | 172 | - | - | -3 | -3 | 524 | 487 |
| Other | 4 | 6 | 7 | 10 | 10 | 15 | 7 | 7 | -12 | -13 | 15 | 25 |
| Total revenue | 659 | 618 | 420 | 448 | 466 | 404 | 7 | 7 | -20 | -16 | 1,531 | 1,461 |
Addnode Group operates through three divisions: Design Management, Product Lifecycle Management and Process Management. The Group's decentralized governance model means mission-critical decisions are taken close to the customer and market. Companies develop their businesses in accordance with strategies, guidelines and Group-wide values. The divisions are the operating segments that Addnode Group uses to monitor the performance and development of its business. There has been no change to the operating segments since the most recent Annual Report.
The difference between the total of the segments' operating profit and consolidated profit before tax consists of financial income of SEK 19 m (18), financial expenses of SEK -54 m (-47), and revaluation of contingent considerations of SEK 1 m (-).
The transfer of Tribia from the Design Management division to the Process Management division resulted in only a limited change in net operating assets compared with the disclosures in the Annual Report for 2025. Net operating assets are defined as the total of goodwill and other intangible non-current assets, property, plant and equipment, financial assets, trade receivables and other operating assets, less trade payables and other operating liabilities.
9
ADDNODE GROUP
INTERIM REPORT JANUARY 1-MARCH 31, 2026
Key figures (annual)
| Jan-Mar | Rolling 12 mos | Full year(1) | |||||
|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Apr 2025-Mar 2026 | 2025 | 2024 | 2023 | 2022 | |
| Net sales, SEK m | 1,531 | 1,461 | 5,863 | 5,793 | 7,757 | 7,412 | 6,225 |
| Design Management | 659 | 618 | 2,435 | 2,396 | 4,609 | 4,292 | 3,494 |
| Product Lifecycle Management | 420 | 448 | 1,745 | 1,773 | 1,883 | 1,884 | 1,580 |
| Process Management | 466 | 404 | 1,722 | 1,659 | 1,310 | 1,281 | 1,182 |
| Gross profit, SEK m | 1,202 | 1,122 | 4,523 | 4,443 | 4,198 | 3,703 | 3,234 |
| Design Management | 602 | 570 | 2,221 | 2,188 | 2,227 | 1,821 | 1,517 |
| Product Lifecycle Management | 216 | 229 | 883 | 897 | 930 | 883 | 788 |
| Process Management | 390 | 329 | 1,440 | 1,380 | 1,066 | 1,021 | 942 |
| Gross margin, % | 78.5 | 76.8 | 77.1 | 76.7 | 54.1 | 50.0 | 52.0 |
| Design Management | 91.4 | 92.2 | 91.2 | 91.3 | 48.3 | 42.4 | 43.4 |
| Product Lifecycle Management | 51.4 | 51.2 | 50.6 | 50.6 | 49.4 | 46.9 | 49.9 |
| Process Management | 83.7 | 81.4 | 83.6 | 83.2 | 81.4 | 79.7 | 79.7 |
| EBITA, SEK m | 274 | 217(1) | 960 | 903(1) | 863 | 640(2) | 728(2) |
| Design Management | 158 | 147 | 521 | 511 | 518 | 334 | 398 |
| Product Lifecycle Management | 33 | 4(1) | 156 | 127(1) | 170 | 143(2) | 158 |
| Process Management | 104 | 82 | 369 | 345 | 252 | 244 | 226 |
| EBITA margin, % | 17.9 | 14.9(1) | 16.4 | 15.6(1) | 11.1 | 8.6(2) | 11.7(2) |
| Design Management | 24.0 | 23.8 | 21.4 | 21.3 | 11.2 | 7.8 | 11.4 |
| Product Lifecycle Management | 7.9 | 0.9(1) | 8.9 | 7.2(1) | 9.0 | 7.6(2) | 10.0 |
| Process Management | 22.3 | 20.3 | 21.4 | 20.8 | 19.2 | 19.0 | 19.1 |
| Average number of employees | 2,936 | 2,612 | 2,797 | 2,728 | 2,586 | 2,455 | 2,137 |
| Design Management | 1,306 | 1,045 | 1,187 | 1,122 | 1,104 | 1,016 | 793 |
| Product Lifecycle Management | 689 | 725 | 705 | 714 | 730 | 740 | 687 |
| Process Management | 922 | 827 | 892 | 877 | 738 | 686 | 648 |
1) EBITA for 2025 was charged with restructuring costs of SEK 24 m. Addnode Group's EBITA adjusted for restructuring costs was SEK 927 m, and the adjusted EBITA margin amounted to 16.0 percent.
2) EBITA for 2023 was charged with restructuring costs of SEK 20 m. Addnode Group's EBITA adjusted for restructuring costs was SEK 660 m, and the adjusted EBITA margin amounted to 8.9 percent.
3) In the results for 2022, there was a capital gain of SEK 24 m from the disposal of an office property in the UK.
4) As of 2026, Tribia is recognized in the Process Management division (previously Design Management). Comparative figures for 2025 have been restated, but the 2022-2024 periods have not been restated, which affects comparability between periods.
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Key figures, cont.
| Jan–Mar | Rolling 12 mos | Full year | |||||
|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Apr 2025–Mar 2026 | 2025 | 2024 | 2023 | 2022 | |
| Cash flow from operating activities, SEK m | 363 | 203 | 590 | 430 | 701 | 485 | 714 |
| Change in net sales, % 1) | 5 | -39 | -14 | -25 | 5 | 19 | 53 |
| Operating margin, % | 12.1 | 10.2 | 11.0 | 10.5 | 7.7 | 5.5 | 8.5 |
| Return on capital employed, % | 14.6 | 17.3 | 14.6 | 14.1 | 18.6 | 13.8 | 19.6 |
| Return on equity, % | 15.0 | 15.7 | 15.0 | 14.8 | 17.6 | 13.5 | 20.7 |
| Equity/assets ratio, % | 30 | 31 | 30 | 28 | 29 | 29 | 32 |
| Equity, SEK m | 2,952 | 2,464 | 2,952 | 2,733 | 2,458 | 2,116 | 2,005 |
| Net debt, SEK m | 2,231 | 936 | 2,231 | 2,465 | 1,052 | 999 | 463 |
| Debt/equity ratio, % | 76 | 38 | 76 | 90 | 43 | 47 | 23 |
1) The transition to Autodesk's new transaction model affects the comparison between 2025 and previous years (2022–2024).
| Share data | Jan–Mar | Rolling 12 mos | Full year | ||||
|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Apr 2025–Mar 2026 | 2025 | 2024 | 2023 | 2022 | |
| Average number of shares outstanding before dilution, million | 135.6 | 133.5 | 135.0 | 133.9 | 133.3 | 133.4 | 133.6 |
| Average number of shares outstanding after dilution, million | 135.6 | 133.5 | 135.1 | 134.0 | 133.4 | 133.4 | 133.6 |
| Total number of shares outstanding, million | 135.6 | 133.5 | 135.6 | 135.6 | 133.4 | 133.3 | 133.5 |
| Earnings per share before and after dilution, SEK | 0.83 | 0.67 | 3.01 | 2.87 | 3.02 | 2.09 | 2.86 |
| Cash flow from operating activities per share, SEK | 2.68 | 1.52 | 4.35 | 3.17 | 5.26 | 3.63 | 5.34 |
| Equity per share, SEK | 21.78 | 18.46 | 21.78 | 20.16 | 18.42 | 15.87 | 15.02 |
| Share price at end of period, SEK | 66.20 | 98.80 | 66.20 | 96.90 | 103.80 | 85.30 | 98.40 |
| Share price/equity per share | 3.04 | 5.35 | 3.04 | 4.81 | 5.63 | 5.37 | 6.55 |
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Key figures (quarterly)
| 2026 | 2025(1) | 2024(1) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Net sales, SEK m³) | 1,531 | 1,564 | 1,311 | 1,457 | 1,461 | 1,484 | 1,859 | 2,005 | 2,409 |
| Design Management | 659 | 659 | 490 | 627 | 618 | 660 | 1,111(1) | 1,214(1) | 1,624(1) |
| Product Lifecycle Management | 420 | 446 | 435 | 444 | 448 | 492 | 469 | 468 | 454 |
| Process Management | 466 | 467 | 395 | 394 | 404 | 344 | 289 | 335 | 342 |
| Gross profit, SEK m | 1,202 | 1,215 | 978 | 1,127 | 1,122 | 1,123 | 971 | 1,003 | 1,101 |
| Design Management | 602 | 601 | 437 | 581 | 570 | 594 | 517 | 507 | 609 |
| Product Lifecycle Management | 216 | 229 | 214 | 224 | 229 | 255 | 221 | 230 | 224 |
| Process Management | 390 | 390 | 333 | 327 | 329 | 283 | 237 | 272 | 274 |
| Gross margin, % | 78.5 | 77.7 | 74.6 | 77.4 | 76.8 | 75.7 | 52.2(1) | 50.0(1) | 45.7(1) |
| Design Management | 91.4 | 91.1 | 89.2 | 92.6 | 92.2 | 90.0 | 46.5 | 41.8 | 37.5 |
| Product Lifecycle Management | 51.4 | 51.4 | 49.2 | 50.5 | 51.2 | 51.8 | 47.1 | 49.1 | 49.3 |
| Process Management | 83.7 | 83.5 | 84.3 | 83.0 | 81.4 | 82.3 | 82.0 | 81.2 | 80.1 |
| EBITA, SEK m | 274 | 298 | 149 | 238 | 217(2) | 248 | 200 | 162 | 253 |
| Design Management | 158 | 158 | 43 | 162 | 147 | 146 | 118 | 86 | 168 |
| Product Lifecycle Management | 33 | 48 | 42 | 33 | 4(2) | 53 | 39 | 37 | 41 |
| Process Management | 104 | 105 | 86 | 74 | 82 | 70 | 58 | 59 | 65 |
| EBITA margin, %(1) | 17.9 | 19.1 | 11.4 | 16.3 | 14.9(2) | 16.7 | 10.8(1) | 8.1(1) | 10.5(1) |
| Design Management | 24.0 | 24.0 | 8.8 | 25.8 | 23.8 | 22.1 | 10.6 | 7.1 | 10.3 |
| Product Lifecycle Management | 7.9 | 10.7 | 9.6 | 7.5 | 0.9(2) | 10.8 | 8.3 | 7.9 | 9.0 |
| Process Management | 22.3 | 22.5 | 21.8 | 18.8 | 20.3 | 20.3 | 20.1 | 17.6 | 19.0 |
| Average number of employees | 2,936 | 2,916 | 2,718 | 2,617 | 2,612 | 2,610 | 2,587 | 2,566 | 2,549 |
| Design Management | 1,306 | 1,267 | 1,127 | 1,049 | 1,045 | 1,117 | 1,110 | 1,096 | 1,091 |
| Product Lifecycle Management | 689 | 702 | 708 | 721 | 725 | 731 | 722 | 725 | 724 |
| Process Management | 922 | 932 | 879 | 833 | 827 | 748 | 740 | 731 | 720 |
1) The transition to Autodesk's new transaction model and the reclassification of other third-party agreements had an impact on the comparison with previous periods. The new transaction model and the reclassification of third-party agreements were implemented in the fourth quarter of 2024, which means that the fourth quarter of 2025 is comparable with the fourth quarter of 2024.
2) EBITA in the PLM division for the first quarter of 2025 was charged with restructuring costs of SEK 24 m. Addnode Group's EBITA adjusted for restructuring costs was SEK 241 m, and the adjusted EBITA margin amounted to 16.5 percent.
3) As of 2026, Tribia is recognized in the Process Management division (previously Design Management). Comparative figures for 2025 have been restated, but 2024 has not been restated, which affects comparability between periods.
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026
Key figures, cont.
| 2026 | 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Cash flow from operating activities, SEK m | 363 | 324 | -64 | -33 | 203 | 275 | -133 | 178 | 381 |
| Change in net sales, % | 5 | 5 | -29 | -27 | -39 | -29 | 20 | 2 | 22 |
| Operating margin, % | 12.1 | 13.7 | 5.6 | 11.7 | 10.2 | 12.0 | 7.4 | 4.8 | 7.8 |
| Return on capital employed, %1 | 14.6 | 14.1 | 16.6 | 19.1 | 17.3 | 18.6 | 17.6 | 15.3 | 14.3 |
| Return on equity, %1 | 15.0 | 14.8 | 15.4 | 18.3 | 15.7 | 17.6 | 17.4 | 14.8 | 13.5 |
| Equity/assets ratio, % | 30 | 28 | 31 | 30 | 31 | 29 | 29 | 27 | 28 |
| Equity, SEK m | 2,952 | 2,733 | 2,639 | 2,411 | 2,464 | 2,458 | 2,276 | 2,198 | 2,284 |
| Net debt, SEK m | 2,231 | 2,465 | 1,918 | 1,147 | 936 | 1,052 | 1,102 | 826 | 816 |
| Debt/equity ratio, % | 76 | 90 | 73 | 48 | 38 | 43 | 48 | 38 | 36 |
1) Key figures have been adjusted to reflect annualized return.
Share data
| 2026 | 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Average number of shares outstanding before dilution, million | 135.6 | 135.6 | 135.5 | 133.5 | 133.5 | 133.4 | 133.3 | 133.3 | 133.3 |
| Average number of shares outstanding after dilution, million | 135.6 | 135.7 | 135.7 | 133.5 | 133.5 | 133.4 | 133.6 | 133.5 | 133.4 |
| Total number of shares outstanding, million | 135.6 | 135.6 | 135.6 | 133.5 | 133.5 | 133.4 | 133.3 | 133.3 | 133.3 |
| Earnings per share before and after dilution, SEK | 0.83 | 1.01 | 1.85 | 1.45 | 0.67 | 0.98 | 0.73 | 0.41 | 0.90 |
| Cash flow from operating activities per share, SEK | 2.68 | 2.39 | -0.47 | -0.25 | 1.52 | 2.06 | -1.00 | 1.34 | 2.87 |
| Equity per share, SEK | 21.78 | 20.16 | 19.47 | 18.06 | 18.46 | 18.42 | 17.07 | 16.49 | 17.13 |
| Share price at end of period, SEK | 66.20 | 96.90 | 105.00 | 110.80 | 98.80 | 103.80 | 110.90 | 121.90 | 114.40 |
| Share price/equity per share | 3.04 | 4.81 | 5.39 | 6.14 | 5.35 | 5.63 | 6.50 | 7.39 | 6.68 |
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026 | 23
Alternative performance measures, use and reconciliation
The European Securities and Markets Authority (ESMA) has issued guidelines for disclosures on Alternative Performance Measures (APMs) for companies with securities listed on a regulated market in the EU, which apply to Alternative Performance Measures in published mandatory information. Alternative Performance Measures are financial metrics on historical or future performance of earnings, financial position, financial results or cash flows that are not defined or stated in the applicable rules for financial reporting. Certain performance metrics are used in this Interim Report that are not defined in IFRS, with the intention of offering investors, financial analysts and other stakeholders clear and relevant information on the company's operations and performance. The use of these performance metrics and reconciliation with the financial statements are presented below.
EBITA
EBITA is a metric the Group considers relevant to investors, financial analysts and other stakeholders to understand earnings generation before investments in intangible non-current assets. This measure is an expression of operating profit before the amortization and impairment of intangible non-current assets.
Net debt
The Group considers this key figure useful to the readers of financial statements as a complement in evaluating dividend potential, making strategic investments and assessing the Group's potential to satisfy financial obligations. This key figure is an expression of the level of financial borrowing in absolute terms after deducting cash and cash equivalents.
Reconciliation of EBITA
| SEK m | 2026
Jan-Mar | 2025
Jan-Mar | Rolling 12 mos
Apr 2025
-Mar 2026 | Full year
2025 |
| --- | --- | --- | --- | --- |
| Operating profit | 186 | 149 | 644 | 607 |
| Amortization and impairment of intangible non-current assets | 88 | 68 | 316 | 296 |
| EBITA | 274 | 217 | 960 | 903 |
| EBITA margin (EBITA in relation to net sales), % | 17.9 | 14.9 | 16.4 | 15.6 |
Reconciliation of net debt
| SEK m | 2026
Mar 31 | 2025
Mar 31 | 2025
Dec 31 |
| --- | --- | --- | --- |
| Non-current liabilities | 3,534 | 2,318 | 3,492 |
| Current liabilities | 3,419 | 3,239 | 3,575 |
| Non-interest-bearing non-current and current liabilities | -3,800 | -3,941 | -3,977 |
| Total interest-bearing liabilities | 3,153 | 1,616 | 3,090 |
| Cash and cash equivalents | -922 | -680 | -625 |
| Net debt (+)/receivable (-) | 2,231 | 936 | 2,465 |
ADDNODE GROUP
INTERIM REPORT JANUARY 1–MARCH 31, 2026 | 24
Definitions
Return on equity
Profit after tax as a percentage of average equity. Based on profit for the last 12 months and the average of the opening and closing balances of equity.
Return on capital employed
Profit before tax plus financial expenses as a percentage of average capital employed. It is based on profit for the last 12 months and the average of the opening and closing balance of capital employed.
Share price/equity
Share price in relation to equity per share.
Gross profit
Net sales less purchases of goods and services.
Gross margin
Gross profit as a percentage of net sales.
CAGR (compound annual growth rate)
Average annual growth over a specified period, expressed as an annual percentage change. CAGR shows the steady growth rate that would be required to move from an initial value to a final value over the period, provided that growth occurs at the same percentage each year.
EBITA
Earnings before amortization and impairment of intangible assets.
EBITA margin
EBITA as a percentage of net sales.
Equity
Reported equity plus untaxed reserves less deferred tax at the current tax rate.
Equity per share
Equity divided by the total number of shares outstanding.
Cash flow per share
Cash flow from operating activities divided by the average number of shares outstanding.
Licenses
Comprises software subscriptions (perpetual licenses).
Average number of employees
Average number of employees in the period (full-time equivalents).
Net debt
Interest-bearing liabilities less cash and cash equivalents and other interest-bearing receivables. According to this definition, negative net debt means that cash and cash equivalents and other interest-bearing financial assets exceed interest-bearing liabilities.
Net sales per employee
Net sales divided by the average number of employees (full-time equivalents).
Organic growth
Change in net sales excluding acquired entities in the most recent 12-month period.
Earnings per share
Profit after tax divided by the average number of shares outstanding.
Operating margin
Operating profit as a percentage of net sales.
Debt/equity ratio
Net debt in relation to equity (including equity attributable to non-controlling interests).
Equity/assets ratio
Equity (including equity attributable to non-controlling interests) as a percentage of total assets.
Capital employed
Total assets less non-interest-bearing liabilities and non-interest-bearing provisions including deferred tax liabilities.
Currency-adjusted organic growth
Change in net sales, restated using the preceding year's exchange rates, excluding acquired entities in the most recent 12-month period.
Recurring revenue
Consists of software subscriptions (fixed-term licenses where Addnode acts as the principal), revenue from agreements where Addnode is the agent (agent model), support and maintenance services, and SaaS services.
This information is mandatory for Addnode Group AB (publ) to publish pursuant to the EU Market Abuse Regulation. This Report has been prepared in Swedish and English versions. In the case of inconsistency between the two, the Swedish version shall apply. This information was submitted for publication at 7:30 a.m. CEST on April 28, 2026.
>
ADDNODE
GROUP
Design Management division
ACAD-PLUS
PART OF ADDNODE GROUP
SERVICE WORKS GLOBAL
PART OF ADDNODE GROUP
SYMETRI
PART OF ADDNODE GROUP
Process Management division
ADTOLLO
PART OF ADDNODE GROUP
CANELLA
PART OF ADDNODE GROUP
DECERNO
PART OF ADDNODE GROUP
DECISIVE
PART OF ADDNODE GROUP
FORSLER STJERNA
PART OF ADDNODE GROUP
GENUS
PART OF ADDNODE GROUP
IDA INFRONT
PART OF ADDNODE GROUP
ICEBOUND
PART OF ADDNODE GROUP
Product Lifecycle Management division
TECHNIA
PART OF ADDNODE GROUP
INTRAPHONE
PART OF ADDNODE GROUP
JETAS
PART OF ADDNODE GROUP
NETPUBLICATOR
PART OF ADDNODE GROUP
RAILIT
PART OF ADDNODE GROUP
SOKIGO
PART OF ADDNODE GROUP
STAMFORD
PART OF ADDNODE GROUP
TRIBIA
PART OF ADDNODE GROUP
VOICE PROVIDER
PART OF ADDNODE GROUP
ADDNODE GROUP AB (publ)
Norra Stationsgatan 93A,
SE-113 64 Stockholm
Corporate identity number: 556291-3185
+46 (0)8 630 70 70
[email protected]
addnodegroup.com
For more information, please contact:
Johan Andersson, President and CEO,
[email protected]
+46 (0)70 420 58 31
Kristina Elfström Mackintosh, CFO,
[email protected]
+46 (0)70 633 89 90