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Addtech AB Interim / Quarterly Report 2026
7327_10-k_2026-05-20_30527d41-7dcc-4a04-b132-20c5326cc8de.pdf
Interim / Quarterly Report
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ADDTECH
YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
FOURTH QUARTER (1 JANUARY - 31 MARCH 2026)
- Net sales increased by 2 percent and amounted to SEK 5,858 million (5,750).
- Operating profit before amortisation of intangible non-current assets (EBITA) increased by 15 percent and amounted to SEK 1,011 million (880) corresponding to an EBITA margin of 17.3 percent (15.3).
- Operating profit increased by 16 percent and amounted to SEK 862 million (743) corresponding to an operating margin of 14.7 percent (12.9).
- Profit after tax increased by 13 percent and amounted to SEK 615 million (543) and earnings per share before/after dilution amounted to SEK 2.25 (1.95).
FULL YEAR (1 APRIL 2025 - 31 MARCH 2026)
- Net sales increased by 4 percent and amounted to SEK 22,703 million (21,796).
- Operating profit before amortisation of intangible non-current assets (EBITA) increased by 12 percent and amounted to SEK 3,641 million (3,265) corresponding to an EBITA margin of 16.0 percent (15.0).
- Operating profit increased by 12 percent and amounted to SEK 3,085 million (2,757) corresponding to an operating margin of 13.6 percent (12.6).
- Profit after tax increased by 14 percent and amounted to SEK 2,206 million (1,940) and earnings per share before/after dilution amounted to SEK 7.95 (7.00).
- Return on working capital (P/WC) amounted to 81 percent (76).
- Return on equity amounted to 29 percent (29) and the equity ratio amounted to 39 percent (38).
- Cash flow from operating activities amounted to SEK 2,996 million (2,709). Cash flow per share from operating activities amounted to SEK 11.10 (10.05).
- Since the start of the financial year nine acquisitions have been completed with combined annual sales of approximately SEK 1,595 million. After the period, two acquisitions were completed with annual sales of about SEK 230 million.
- The Board of Directors proposes a dividend of SEK 3.60 (3.20) per share.
| Group Summary SEKm | 3 months | Rolling 12 months | ||||
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 31 Mar 2025 | Δ | 31 Mar 2026 | 31 Mar 2025 | Δ | |
| Net sales | 5,858 | 5,750 | 2% | 22,703 | 21,796 | 4% |
| EBITA | 1,011 | 880 | 15% | 3,641 | 3,265 | 12% |
| EBITA-margin % | 17.3 | 15.3 | 16.0 | 15.0 | ||
| Profit after financial items | 806 | 704 | 15% | 2,878 | 2,515 | 14% |
| Profit for the period | 615 | 543 | 13% | 2,206 | 1,940 | 14% |
| Earnings per share before dilution, SEK | 2.25 | 1.95 | 7.95 | 7.00 | ||
| Earnings per share after dilution, SEK | 2.25 | 1.95 | 7.95 | 7.00 | ||
| Cash flow from operating activities per share, SEK | - | - | 11.10 | 10.05 | ||
| Return on equity, % | 29 | 29 | 29 | 29 | ||
| Equity ratio, % | 39 | 38 | 39 | 38 |
Comparisons in parentheses refer to the corresponding period of the previous year, unless stated otherwise.
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
CEO'S COMMENTS
With a strong end, we summarise a financial year that has been characterised by an overall high level of customer activity, albeit with distinct variations between different segments. Our well-diversified business with its strong positions in attractive niches, combined with great commitment and good performance in our various companies, have resulted in a total sales increase of 4 percent, of which 2 percent was organic. Furthermore, EBITA grew by 12 percent, which corresponds to a record margin of 16.0 (15.0) present, as well as increased earnings per share by 14 percent. Our cash flow was strengthened, we have a net debt that is historically low and, during the year, we welcomed a total of nine well-positioned and high-performing companies to the Group. Our business model, based on dual growth engines, a long term approach and a clear focus on entrepreneurship, is yet again demonstrating its strength.
FOURTH QUARTER
The financial year finished with a positive market situation, although the variations between different customer segments persisted. Total sales increased by 2 percent with solid contributions from, above all, the Automation, Electrification and Process business areas. Exchange rate changes had a negative effect on sales growth by 4 percent and organically net sales were in line with last year. EBITA increased by 15 percent with a strong margin of 17.3 (15.3) percent, primarily driven by a strengthened product mix and acquisitions, but also by positive effects of restructuring measures previously executed, as well as revaluations of contingent purchase considerations.
FULL YEAR
With overall high activity during the year and positive contributions from five out of six business areas, total sales grew by 4 percent. This was despite the global turbulence and customers continuing to postpone major investment decisions, which affected parts of the business. Our clear focus on strengthening our product mix, active pricing and acquiring companies with own products and higher profitability than the group average, continued to result in strong profit growth and increased our margins in a very satisfactory way. We also strengthened our gross margin in all six business areas and achieved organic profit growth in four out of six business areas.
All in all, the business situation has been strong for infrastructure products for national and regional grids, even though sales decreased against very tough comparisons in the fourth quarter. The positive development within special vehicles continued to strengthen sequentially during the year. The market situation for products and solutions for the defence industry was strong, while it was stable overall in the medical technology, electronics and engineering industry segments. We experienced continued slow activity within investment projects, primarily in the forestry and process industries. Data centers excluded, the data and telecommunications segment had a challenging year, along with building and installation. Other niche segments, such as traffic safety, marine and subsea, developed in a positive way during the year.
From a geographic perspective, we saw relatively large variations depending on each of our company's niche segment. The business situation was overall stable in Norway, weak in Sweden and Finland, and strong in Denmark. In our largest markets outside the Nordics, which are Germany and the UK, the business situation for our companies was very good overall, and it was favourable in most other markets where our companies operate. Our sales outside the Nordics have continued to increase and amount to 42 percent of our total net sales.
Cash flow from operating activities strengthened from already high levels and amounted to SEK 2,996 million (2,709) for the full year, driven by continued earnings growth, a stronger operating margin and focus on efficient working capital, and the outcome for our long-term financial target P/W increased to 81 percent (76).
ACQUISITIONS
Six companies were completed during the fourth quarter. The two most recent were German Ramme Electric Machines, a leading manufacturer of electric motors and generators for maritime electrification, and Dutch Kapp Nederland that develops and supplies customised industrial heat exchange solutions.
With gradually accelerating pace during the year, we completed a total of nine acquisitions, altogether adding SEK 1,595 million to our revenue, and we welcomed 410 new employees to the Group. After the end of the period, two additional acquisitions were completed: Dutch Staka Holding, which designs, manufactures and sells customised outdoor enclosures, and Nijhuis Engineering, a Dutch supplier of patented system solutions for road and rail construction machinery.
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026
In line with our strategy, we are continuing our international expansion and the main part of the total revenue that we acquired during the year stems from outside the Nordics. Our business model and strong culture, based on decentralised responsibility, combined with networking continues to attract many privately held companies to becoming part of Addtech, no matter their geographical location. With an increasing footprint and a growing awareness in our strategically selected markets, an attractive pipeline, as well as a strong balance sheet, gives us maneuverability and we are seeing favourable conditions for a continued high acquisition pace.
OUTLOOK
We are entering the new financial year with continued high customer activity and strong positions in well-defined niches with good long-term demand, supported by structural growth trends. Addtech's diversified operations and decentralised business model, with a strong focus on entrepreneurship and agile leadership within each company, make us resilient and are crucial for our proven ability to both capture business opportunities and handle challenges in a changing external environment. That is why I feel confident that Addtech will keep delivering long-term and sustainable value creation, albeit with a certain humility in the face of the current, uncertain global situation and its impact on future market conditions.
In conclusion, I would like to direct my heartfelt thanks to all of our skilled and committed employees.
Niklas Stenberg
President and CEO
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026
GROUP DEVELOPMENT
Sales development
Net sales in the Addtech Group increased in the fourth quarter by 2 percent to SEK 5,858 million (5,750). The organic growth amounted to 0 percent and acquired growth amounted to 6 percent. Exchange rate changes affect net sales negatively with 4 percent, corresponding to SEK 236 million.
Net sales in the Addtech Group during the financial year increased by 4 percent to SEK 22,703 million (21,796). The organic growth amounted to 2 percent and acquired growth amounted to 6 percent. Exchange rate changes affected net sales negatively with 4 percent, corresponding to SEK 704 million.
Profit development
EBITA in the fourth quarter amounted to SEK 1,011 million (880), representing an increase of 15 percent. Operating profit increased during the quarter by 16 percent to SEK 862 million (743) and the operating margin amounted to 14.7 percent (12.9). Net financial items amounted to SEK -56 million (-39) and profit after financial items increased by 15 percent to SEK 806 million (704).
Profit after tax in the fourth quarter increased by 13 percent and amounted to SEK 615 million (543) corresponding to earnings per share before/after dilution of SEK 2.25 (1.95).
EBITA for the financial year amounted to SEK 3,641 million (3,265), representing an increase of 12 percent. Operating profit increased during the financial year by 12 percent to SEK 3,085 million (2,757) and the operating margin amounted to 13.6 percent (12.6). Net financial items were SEK -207 million (-242) and profit after financial items increased by 14 percent to SEK 2,878 million (2,515).
Profit after tax for the financial year increased by 14 percent to SEK 2,206 million (1,940) and the effective tax rate amounted to 23 percent (23). Earnings per share before/after dilution for the financial year amounted to SEK 7.95 (7.00).
Net sales and EBITA margin, rolling 12 months
Sales per customer segment
Sales per geographic market
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
DEVELOPMENT IN THE BUSINESS AREAS
AUTOMATION
Net sales in Automation increased in the fourth quarter by 4 percent to SEK 967 million (930) and EBITA increased by 27 percent to SEK 135 million (106). Net sales during the financial year amounted to SEK 3,486 million (3,597) and EBITA amounted to SEK 404 million (428).
Market
The market situation was favourable for the Automation business area in the fourth quarter. Demand was strong for companies providing products and solutions for the defence industry as well as the process industry. Furthermore, the market situation was good in the engineering industry and remained stable in medical technology. The business situation improved over the quarter, resulting in increased sales for the business area as a whole, with good leverage on profit and operating margin. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 3 million.
Sales per customer segment
Sales per geographic market
ELECTRIFICATION
Net sales in Electrification increased in the fourth quarter by 12 percent to SEK 993 million (888) and EBITA increased by 31 percent to SEK 166 million (127). Net sales during the financial year increased by 5 percent to SEK 3,525 million (3,349) and EBITA increased by 17 percent to SEK 516 million (441).
Market
All in all, the market situation for the Electrification business area was highly favourable in the fourth quarter and demand was good in all the major segments in the business area. Sales increased compared to the same quarter last year, with the most positive developments seen in energy, medical technology and special vehicles, while sales remained stable in electronics and the engineering industry. A favourable product mix and strong contributions from acquired companies had a strong impact on profit and operating margin. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 2 million.
Sales per customer segment
Sales per geographic market
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
ENERGY
Net sales in Energy amounted in the fourth quarter to SEK 937 million (1,008) and EBITA amounted to SEK 170 million (172). Net sales during the financial year increased by 5 percent to SEK 4,053 million (3,860) and EBITA increased by 28 percent to SEK 777 million (605).
Market
The fourth quarter signified a somewhat weakened market situation for the Energy business area. All in all, underlying demand is good with significant investment needs in the renovation and expansion of national and regional grids. Approval processes, appeals and capacity constraints for grid owners are, however, impacting order intake and the rolling out of projects. Sales declined against very tough comparisons and as an effect of a weaker order intake earlier in the year. Demand declined in transmission, while it remained stable in distribution, power generation and the engineering industry, as well as in the transport segment.
Sales per customer segment
Sales per geographic market
INDUSTRY
Net sales in Industry amounted in the fourth quarter to SEK 1,112 million (1,144) and EBITA increased by 12 percent and amounted to SEK 250 million (222). Net sales during the financial year increased by 11 percent to SEK 4,610 million (4,168) and EBITA increased by 15 percent to SEK 962 million (836).
Market
For the Industry business area, demand increased in the fourth quarter thanks to a positive market situation in special vehicles, data and telecommunications, as well as within the marine segment. In the sawmill industry, the willingness to invest remained weak and, over the quarter, demand was also weak for companies operating within subsea. Furthermore, the market situation was stable in electronics production as well as the engineering industry. The development of sales varied but, all in all, sales declined somewhat compared to last year, mainly due to companies operating within the sawmill industry. The operating margin remained at high levels thanks to a favourable product mix. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 27 million.
Sales per customer segment
Sales per geographic market
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
PROCESS
Net sales in Process increased in the fourth quarter by 10 percent to SEK 1,088 million (991) and EBITA increased by 17 percent to SEK 182 million (155). Net sales during the financial year increased by 4 percent to SEK 4,009 million (3,837) and EBITA increased by 6 percent to SEK 587 million (555).
Market
Overall, the market situation for the Process business area was stable in the fourth quarter. Demand was good in the marine segment as well as in special vehicles, while remaining stable in the engineering industry and medical technology but weak in energy as well as in the forest and process industries. Customer activity was at a high level, but customers are still postponing investment decisions as well as projects. The business situation was favourable and sales increased, most of all in the marine segment and the process industry, and thanks to a favourable mix of products and projects, the operating margin increased to a record level. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 13 million.
Sales per customer segment
Sales per geographic market
SAFETY
Net sales in Safety amounted in the fourth quarter to SEK 771 million (799) and EBITA increased by 12 percent to SEK 120 million (108). Net sales during the financial year increased by 1 percent to SEK 3,054 million (3,022) and EBITA increased by 3 percent to SEK 442 million (428).
Market
All in all, the Safety business area had a weak market situation in the fourth quarter. Companies operating within building and installation continued to experience low demand, and the market situation in the quarter was also weak in medical technology and the engineering industry, while remaining stable in electronics and the energy segment. Demand increased in defence as well as regarding products and solutions for data centers, following a period when the investment rate slowed down. Furthermore, the market situation remained good for companies operating within traffic safety. Net sales remained stable, adjusted for currency effects, and the operating margin was good thanks to an improved product mix, as well as to the effects of savings and restructuring measures previously executed within a couple of units.
Sales per customer segment
Sales per geographic market
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
OTHER FINANCIAL INFORMATION
Profitability, financial position and cash flow
The return on equity at the end of the financial year was 29 percent (29) and return on capital employed was 22 percent (22). Return on working capital P/WC (EBITA in relation to working capital) amounted to 81 percent (76).
At the end of the financial year the equity ratio amounted to 39 percent (38). Equity per share, excluding non-controlling interest, totalled SEK 28.90 (24.55). The Group's net debt at the end of the financial year amounted to SEK 5,658 million (5,018), excluding pension liabilities of SEK 241 million (262). The net debt/equity ratio, calculated on the basis of net debt excluding provisions for pensions amounted to 0.7 (0.7).
Cash and cash equivalents consisting of cash and bank equivalents and approved but non-utilised credit facilities amounted to SEK 3,950 million (2,472) at 31 March 2026.
During the fourth quarter of the 2025/2026 financial year, the financing structure was strengthened through the refinancing of existing long-term credit agreements. Addtech AB refinanced a term loan of SEK 2,000 million and a revolving credit facility of SEK 3,500 million, of which SEK 1,500 million was unutilized as of 31 March 2026.
Cash flow from operating activities amounted to SEK 2,996 million (2,709) during the financial year. Company acquisitions and disposals including settlement of contingent consideration regarding acquisitions implemented in previous years amounted to SEK 1,581 million (1,602). Investments in non-current assets totalled SEK 182 million (232) and disposal of non-current assets amounted to SEK 7 million (36). Repurchase of call options amounted to SEK 85 million (80). Exercised and issued call options totalled SEK 56 million (46). Dividend paid to the shareholders of the Parent Company totalled SEK 864 million (755), corresponding to SEK 3.20 (2.80) per share. The dividend was paid out in the second quarter.
Employees
At the end of the financial year, the number of employees was 4,861 compared to 4,470 at the beginning of the financial year. During the financial year, completed acquisitions resulted in an increase of the number of employees by 410. The average number of employees in the latest twelve month period was 4,631.
Ownership structure
At the end of the period the share capital amounted to SEK 51.1 million.
| Class of shares | Number of shares | Number of votes | Percentage of capital | Percentage of votes |
|---|---|---|---|---|
| Class A shares, 10 votes per share | 12,864,384 | 128,643,840 | 4.7% | 33.1% |
| Class B shares, 1 vote per share | 259,929,600 | 259,929,600 | 95.3% | 66.9% |
| Total number of shares before repurchases | 272,793,984 | 388,573,440 | 100.0% | 100.0% |
| Repurchased class B shares | -2,833,542 | 1.0% | 0.7% | |
| Total number of shares after repurchases | 269,960,442 |
Addtech has four outstanding call option programmes for a total of 2,257,530 shares. Call options issued on repurchased shares entail a dilution effect of about 0.1 percent during the latest twelve month period. Addtech's own shareholdings fully meet the needs of the outstanding call option programmes.
| Outstanding programme | Number of options | Corresponding number of shares | Proportion of total shares | Exercise price | Expiration period |
|---|---|---|---|---|---|
| 2025/2029 | 761,575 | 761,575 | 0.3% | 392.70 | 5 Sep 2028 - 8 Jun 2029 |
| 2024/2028 | 639,925 | 639,925 | 0.2% | 388.80 | 6 Sep 2027 - 9 Jun 2028 |
| 2023/2027 | 674,500 | 674,500 | 0.2% | 221.00 | 7 Sep 2026 - 9 Jun 2027 |
| 2022/2026 | 181,530 | 181,530 | 0.1% | 180.10 | 8 Sep 2025 - 10 Jun 2026 |
| Total | 2,257,530 | 2,257,530 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
Acquisitions and disposal
During the period, 1 April to 31 December 2025 the following acquisitions were completed; AMP Power Protection Ltd., Great Britain, and innovatek OS GmbH, Germany, were acquired to become part of the Electrification business area. Novatech Analytical Solutions Inc., Canada, and Purenviro AS, Norway, were acquired to become part of the Process business area. BCK Holland B.V. and Kramer & Duyvis B.V., Netherlands, and Cubro Acronet GesmbH, Austria, were acquired to become part of the Automation business area. Axion AG, Germany, was acquired to become part of the Industry business area.
On 11 February, 90 percent of the shares in Kapp Nederland B.V., Netherlands, were acquired to become part of the Process business area. Kapp develops and supplies customised industrial heat exchange solutions for enhanced energy efficiency in the process industry. The company has 15 employees and sales of around EUR 14 million.
On 10 March, RAMME Electric Machines GmbH, Germany, was acquired to become part of the Electrification business area. RAMME is a leading manufacturer of electric motors and generators for maritime electrification, focusing on propulsion, dynamic positioning, and hybrid operation for medium-sized specialized vessels. The company has 156 employees and sales of around EUR 38 million.
The purchase price allocation calculations for the acquisitions completed during the period 1 April 2024 - 31 March 2025 have now been finalised. No significant adjustments have been made to the calculations. Acquisitions completed as of the 2024/2025 financial year are distributed among the Group's business areas as follows:
| Acquisitions 2024/2025 | Closing | Acquired share, % | Net sales, SEKm* | Number of employees* | Business Area |
|---|---|---|---|---|---|
| Novomotec GmbH, Germany | April, 2024 | 100 | 80 | 9 | Electrification |
| Cell Pack Solutions Ltd., Great Britain | April, 2024 | 90 | 75 | 30 | Electrification |
| GoDrive AS, Norway | April, 2024 | 100 | 75 | 5 | Industry |
| Nuova Elettromeccanica Sud S.p.A., Italy | June, 2024 | 100 | 160 | 32 | Energy |
| C. Gunnarssons Verkstads AB, Sweden | July, 2024 | 89 | 200 | 45 | Industry |
| Analytical Solutions and Products B.V., Netherlands | July, 2024 | 100 | 140 | 20 | Process |
| Romani Components S.r.l., Italy | July, 2024 | 80 | 125 | 23 | Automation |
| PGS Tec GmbH, Germany | October, 2024 | 85 | 80 | 15 | Process |
| Unilite A/S, Denmark | November, 2024 | 100 | 325 | 78 | Safety |
| Nanosystec GmbH, Germany | November, 2024 | 100 | 90 | 20 | Industry |
| Coel Motori S.r.l., Italy | January, 2025 | 100 | 90 | 24 | Industry |
| ROSHO Automotive Solutions GmbH, Germany | February, 2025 | 80 | 150 | 24 | Industry |
| Acquisitions 2025/2026 | Closing | Acquired share, % | Net sales, SEKm* | Number of employees* | Business Area |
| --- | --- | --- | --- | --- | --- |
| AMP Power Protection Ltd., Great Britain | April, 2025 | 100 | 70 | 20 | Electrification |
| Novatech Analytical Solutions Inc., Canada | April, 2025 | 90 | 260 | 60 | Process |
| innovatek OS GmbH, Germany | September, 2025 | 100 | 135 | 52 | Electrification |
| Axion AG, Germany | January, 2026 | 80 | 255 | 28 | Industry |
| Cubro Acronet GesmbH, Austria | January, 2026 | 80 | 165 | 37 | Automation |
| BCK Holland B.V. and Kramer & Duyvis B.V., Netherlands | January, 2026 | 100 | 90 | 35 | Automation |
| Purenviro AS, Norway | January, 2026 | 100 | 50 | 7 | Process |
| Kapp Nederland B.V., Netherlands | February, 2026 | 90 | 155 | 15 | Process |
| RAMME Electric Machines GmbH, Germany | March, 2026 | 100 | 415 | 156 | Electrification |
| Acquisitions 2026/2027 | Closing | Acquired share, % | Net sales, SEKm* | Number of employees* | Business Area |
| --- | --- | --- | --- | --- | --- |
| Staka Holding B.V., Netherlands | April, 2026 | 100 | 165 | 60 | Safety |
| Nijhuis Engineering B.V., Netherlands | May, 2026 | 100 | 65 | 23 | Electrification |
- Refers to assessed condition at the time of acquisition on a full-year basis.
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
If all acquisitions which have taken effect during the financial year had been completed on 1 April 2025, their impact would have been an estimated SEK 1,575 million on Group net sales, about SEK 220 million on operating profit and about SEK 140 million on profit after tax for the period.
Addtech normally employs an acquisition structure comprising basic purchase consideration and contingent consideration. The outcome of contingent purchase considerations is determined by the future earnings reached by the companies and is subject to a fixed maximum level. Of considerations not yet paid for acquisitions during the financial year, the discounted value amounts to SEK 404 million. The contingent purchase considerations fall due for payment within three years and the outcome is subject to a maximum of SEK 468 million.
Transaction costs for acquisitions that resulted in an ownership transfer during the financial year amounted to SEK 19 million (24) and are reported under Selling expenses.
Revaluation of contingent consideration had a positive net effect of SEK 79 million (11) during the financial year. The impact on profits is reported under Other operating income and Other operating expenses, respectively.
According to the preliminary acquisitions analyses, the assets and liabilities included in the acquisitions were as follows, during the financial year:
| Fair value | ||
|---|---|---|
| SEKm | 31 Mar 2026 | 31 Mar 2025 |
| Intangible non-current assets 1) | 1,055 | 985 |
| Other non-current assets | 64 | 98 |
| Inventories | 170 | 335 |
| Other current assets | 512 | 616 |
| Deferred tax liability/tax asset | -277 | -267 |
| Other liabilities | -355 | -532 |
| Acquired net assets | 1,169 | 1,235 |
| Goodwill 2) | 1,046 | 989 |
| Non-controlling interests 3) | -159 | -163 |
| Consideration 4) | 2,056 | 2,061 |
| Less: cash and cash equivalents in acquired businesses | -261 | -343 |
| Less: consideration not yet paid | -387 | -247 |
| Effect on the Group’s cash and cash equivalents | 1,408 | 1,471 |
1) Intangible assets refer to goodwill related to acquired customer and supplier relationships.
2) Goodwill is justified by expected future sales trend and profitability as well as the personnel included in the acquired companies.
3) Non-controlling interests have been measured at fair value, which entails that goodwill is also reported for non-controlling interests.
4) The consideration is stated excluding transaction costs for the acquisitions.
Parent Company
Parent Company's net sales during the financial year amounted to SEK 115 million (112) and profit after financial items was SEK 879 million (806). Net investments in non-current assets were SEK 0 million (0). The Parent Company's financial net assets was SEK 772 million (648) at the end of the financial year.
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026
OTHER DISCLOSURES
Accounting policies
The interim report has been prepared in accordance with IFRS as adopted by the EU, with IAS 34 Interim Financial Reporting being applied. Apart from in the financial statements and their accompanying notes, disclosures in accordance with IAS 34.16A also appear in other parts of the interim report. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Securities Market Act, which is in accordance with the provisions of RFR 2 Accounting for Legal Entities.
In the interim report, the same accounting principles and bases of calculation have been applied as in the most recent annual report. There are no new IFRS or IFRIC pronouncements endorsed by the EU that are applicable for Addtech or that have a significant impact on the Group's result of operations and position in 2025/2026.
Alternative performance measures
The Company presents certain financial measures in the interim report that are not defined according to IFRS. The Company believes that these measures provide valuable supplemental information to investors and the Company's management as they allow for evaluation of trends and the Company's performance. Since all companies do not calculate financial measures in the same way, they are not always comparable to measures used by other companies. These financial measures should therefore not be considered to be a replacement for measurements as defined under IFRS. For definitions of the performance measures that Addtech uses, please see page 21-23. Reconciliation tables for alternative performance measures are available on the website www.addtech.com.
Risks and factors of uncertainty
Addtech's profit and financial position, as well as its strategic position, are affected by a number of internal factors under Addtech's control and by a number of external factors over which Addtech has limited influence. The risk factors of greatest significance to Addtech are the economic situation, or other events affecting the economy, such as the geopolitical situation, in combination with structural changes and the competitive situation.
Please see section Risks and risk management (page 33-35) in the annual report for 2024/2025 for further details.
The Parent Company is indirectly affected by the above risks and uncertainty factors due to its role in the organisation.
Transactions with related parties
No transactions between Addtech and related parties that have significantly affected the Group's or the parent company's position and its earnings have taken place during the period.
Seasonal effects
Addtech's sales of high-tech products and solutions in the manufacturing industry and infrastructure are not subject to major seasonal variations. The number of production days and customers' demand and willingness to invest can vary over the quarters.
Annual Report 2025/2026
The annual report for 2025/2026 will be published on Addtech's website www.addtech.com during week 27 in July 2026. A printed version will be distributed to the shareholders who request this.
Annual General Meeting 2026
The Annual General Meeting (AGM) of Addtech AB will take place at 3.30 P.M on Wednesday 26 August 2026. A notice of the AGM will be published in July 2026 and will also be available on www.addtech.com.
The Board of Directors proposes dividend of SEK 3.60 (3.20) per share, which corresponds to a dividend payment of about SEK 972 million (864), which is in line with Addtech's dividend policy with the objective of a dividend that exceeds 30 percent of average Group profit after tax over a business cycle.
11
Events after the end of the period
On 1 April, Staka Holding B.V., Netherlands, was acquired to become part of the Safety business area. Staka designs, manufactures, and sells customized outdoor enclosures primarily to European installation and OEM customers across sectors such as energy, infrastructure and water management. The company has 60 employees and sales of around EUR 15 million.
On 19 May, Nijhuis Engineering B.V., Netherlands, was acquired to become part of the Electrification business area. Nijhuis develops and supplies patented system solutions for road and rail construction machinery. The company has 23 employees and sales of around EUR 6 million.
Preliminary purchase price allocations have not yet been completed.
Stockholm May 20, 2026
Niklas Stenberg
President and CEO
This report has not been subject to review by the company's auditor.
FURTHER INFORMATION
Publication
This information is information that Addtech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 8.15 a.m. CET on 20 May 2026.
Future information
2026-07-14 Interim report 1 April - 30 June 2026
2026-08-26 Annual General Meeting 2026 will be held at IVA, Grev Turegatan 16, Stockholm at 3.30 p.m.
2026-10-22 Interim report 1 April - 30 September 2026
2027-02-02 Interim report 1 April - 31 December 2026
The Group's annual report for 2025/2026 will be published on Addtech's website during week 27 in July 2026.
For further information, please contact:
Niklas Stenberg, President and CEO, +46 8 470 49 00
Malin Enarson, CFO, +46 705 979 473
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
BUSINESS AREA
| Net sales by business area Quarterly data, SEKm | 2025/2026 | 2024/2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Automation | 967 | 863 | 801 | 855 | 930 | 920 | 837 | 910 |
| Electrification | 993 | 847 | 822 | 863 | 888 | 796 | 803 | 862 |
| Energy | 937 | 960 | 972 | 1,184 | 1,008 | 988 | 946 | 918 |
| Industry | 1,112 | 1,130 | 1,163 | 1,205 | 1,144 | 1,063 | 927 | 1,034 |
| Process | 1,088 | 1,007 | 936 | 978 | 991 | 930 | 929 | 987 |
| Safety | 771 | 758 | 763 | 762 | 799 | 793 | 696 | 734 |
| Group items | -10 | -9 | -7 | -8 | -10 | -9 | -11 | -7 |
| Addtech Group | 5,858 | 5,556 | 5,450 | 5,839 | 5,750 | 5,481 | 5,127 | 5,438 |
| EBITA by business area Quarterly data, SEKm | 2025/2026 | 2024/2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Automation | 135 | 95 | 87 | 87 | 106 | 105 | 100 | 117 |
| Electrification | 166 | 106 | 120 | 124 | 127 | 99 | 104 | 111 |
| Energy | 170 | 200 | 180 | 227 | 172 | 158 | 145 | 130 |
| Industry | 250 | 232 | 224 | 256 | 222 | 203 | 184 | 227 |
| Process | 182 | 124 | 136 | 145 | 155 | 122 | 135 | 143 |
| Safety | 120 | 118 | 109 | 95 | 108 | 109 | 101 | 110 |
| Group items | -12 | -11 | -12 | -12 | -10 | -6 | -5 | -7 |
| EBITA | 1,011 | 864 | 844 | 922 | 880 | 790 | 764 | 831 |
| Depr. of intangible non-current assets | -149 | -134 | -137 | -136 | -137 | -129 | -124 | -118 |
| - of which acquisitions | -139 | -126 | -129 | -128 | -127 | -121 | -116 | -111 |
| Operating profit | 862 | 730 | 707 | 786 | 743 | 661 | 640 | 713 |
| Net sales SEKm | 3 months | Rolling 12 months | ||||||
| --- | --- | --- | --- | --- | ||||
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2026 | 31 Mar 2025 | |||||
| Automation | 967 | 930 | 3,486 | 3,597 | ||||
| Electrification | 993 | 888 | 3,525 | 3,349 | ||||
| Energy | 937 | 1,008 | 4,053 | 3,860 | ||||
| Industry | 1,112 | 1,144 | 4,610 | 4,168 | ||||
| Process | 1,088 | 991 | 4,009 | 3,837 | ||||
| Safety | 771 | 799 | 3,054 | 3,022 | ||||
| Group items | -10 | -10 | -34 | -37 | ||||
| Addtech Group | 5,858 | 5,750 | 22,703 | 21,796 | ||||
| EBITA and EBITA-margin | 3 months | Rolling 12 months | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2026 | 31 Mar 2025 | |||||
| SEKm | % | SEKm | % | SEKm | % | SEKm | % | |
| Automation | 135 | 13.9 | 106 | 11.4 | 404 | 11.6 | 428 | 11.9 |
| Electrification | 166 | 16.7 | 127 | 14.3 | 516 | 14.6 | 441 | 13.2 |
| Energy | 170 | 18.2 | 172 | 17.1 | 777 | 19.2 | 605 | 15.7 |
| Industry | 250 | 22.5 | 222 | 19.4 | 962 | 20.9 | 836 | 20.1 |
| Process | 182 | 16.7 | 155 | 15.7 | 587 | 14.6 | 555 | 14.5 |
| Safety | 120 | 15.5 | 108 | 13.4 | 442 | 14.5 | 428 | 14.2 |
| Group items | -12 | -10 | -47 | -28 | ||||
| EBITA | 1,011 | 17.3 | 880 | 15.3 | 3,641 | 16.0 | 3,265 | 15.0 |
| Depr. of intangible non-current assets | -149 | -137 | -556 | -508 | ||||
| - of which acquisitions | -139 | -127 | -522 | -475 | ||||
| Operating profit | 862 | 14.7 | 743 | 12.9 | 3,085 | 13.6 | 2,757 | 12.6 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
DISAGGREGATION OF REVENUE
| Net sales by the customer's geographical location | 3 months | |||||||
|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | ||||||||
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
| Sweden | 257 | 243 | 238 | 395 | 158 | 202 | - | 1,493 |
| Denmark | 164 | 70 | 231 | 19 | 168 | 61 | - | 713 |
| Finland | 135 | 51 | 30 | 133 | 93 | 118 | 0 | 560 |
| Norway | 83 | 56 | 142 | 69 | 153 | 103 | - | 606 |
| Germany | 58 | 263 | 30 | 49 | 74 | 9 | - | 483 |
| Great Britain | 4 | 62 | 21 | 62 | 71 | 132 | - | 352 |
| Other Europe | 230 | 181 | 141 | 172 | 175 | 109 | - | 1,008 |
| Other countries | 34 | 64 | 104 | 212 | 195 | 34 | - | 643 |
| Group items | 2 | 3 | 0 | 1 | 1 | 3 | -10 | - |
| Total | 967 | 993 | 937 | 1,112 | 1,088 | 771 | -10 | 5,858 |
| Net sales by the customer's geographical location | 12 months | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 31 Mar 2026 | ||||||||
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
| Sweden | 926 | 862 | 1,027 | 1,640 | 582 | 800 | - | 5,837 |
| Denmark | 593 | 249 | 1,001 | 77 | 618 | 241 | - | 2,779 |
| Finland | 485 | 181 | 131 | 551 | 343 | 469 | 0 | 2,160 |
| Norway | 300 | 200 | 614 | 284 | 566 | 407 | - | 2,371 |
| Germany | 209 | 934 | 131 | 204 | 271 | 37 | - | 1,786 |
| Great Britain | 15 | 222 | 88 | 257 | 262 | 525 | - | 1,369 |
| Other Europe | 827 | 643 | 611 | 713 | 646 | 433 | - | 3,873 |
| Other countries | 123 | 226 | 448 | 880 | 717 | 134 | - | 2,528 |
| Group items | 8 | 8 | 2 | 4 | 4 | 8 | -34 | - |
| Total | 3,486 | 3,525 | 4,053 | 4,610 | 4,009 | 3,054 | -34 | 22,703 |
| Net sales by the customer's geographical location | 3 months | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 31 Mar 2025 | ||||||||
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
| Sweden | 266 | 231 | 241 | 405 | 163 | 218 | - | 1,524 |
| Denmark | 157 | 76 | 247 | 24 | 174 | 41 | - | 719 |
| Finland | 137 | 41 | 41 | 198 | 87 | 118 | 0 | 622 |
| Norway | 68 | 50 | 174 | 86 | 147 | 113 | - | 638 |
| Germany | 52 | 249 | 38 | 23 | 62 | 23 | - | 447 |
| Great Britain | 4 | 43 | 28 | 71 | 58 | 129 | - | 333 |
| Other Europe | 214 | 146 | 126 | 159 | 180 | 123 | - | 948 |
| Other countries | 31 | 50 | 112 | 175 | 119 | 32 | - | 519 |
| Group items | 1 | 2 | 1 | 3 | 1 | 2 | -10 | - |
| Total | 930 | 888 | 1,008 | 1,144 | 991 | 799 | -10 | 5,750 |
| Net sales by the customer's geographical location | 12 months | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 31 Mar 2025 | ||||||||
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
| Sweden | 1,027 | 873 | 926 | 1,481 | 633 | 823 | - | 5,763 |
| Denmark | 607 | 284 | 943 | 83 | 674 | 152 | - | 2,743 |
| Finland | 532 | 160 | 157 | 722 | 336 | 446 | 0 | 2,353 |
| Norway | 262 | 183 | 667 | 312 | 570 | 423 | - | 2,417 |
| Germany | 203 | 940 | 146 | 85 | 240 | 88 | - | 1,702 |
| Great Britain | 14 | 163 | 107 | 258 | 221 | 491 | - | 1,254 |
| Other Europe | 825 | 550 | 482 | 581 | 694 | 470 | - | 3,602 |
| Other countries | 121 | 191 | 428 | 640 | 460 | 122 | - | 1,962 |
| Group items | 6 | 5 | 4 | 6 | 9 | 7 | -37 | - |
| Total | 3,597 | 3,349 | 3,860 | 4,168 | 3,837 | 3,022 | -37 | 21,796 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
Net sales per customer's segment
3 months
31 Mar 2026
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
|---|---|---|---|---|---|---|---|---|
| Building & Installation | 41 | 95 | 29 | 20 | 16 | 283 | - | 484 |
| Data & Telecommunications | 32 | 37 | 51 | 29 | 1 | 72 | - | 222 |
| Electronics | 51 | 200 | 5 | 46 | 4 | 75 | - | 381 |
| Energy | 62 | 152 | 654 | 9 | 187 | 103 | - | 1,167 |
| Vehicles | 61 | 150 | 8 | 347 | 44 | 16 | - | 626 |
| Medical technology | 119 | 126 | 4 | 6 | 91 | 31 | - | 377 |
| Mechanical industry | 275 | 93 | 74 | 89 | 79 | 32 | - | 642 |
| Forestry & Process | 116 | 10 | 25 | 353 | 481 | 4 | - | 989 |
| Transport | 42 | 30 | 82 | 118 | 146 | 16 | - | 434 |
| Other | 166 | 97 | 5 | 94 | 38 | 136 | 0 | 536 |
| Group items | 2 | 3 | 0 | 1 | 1 | 3 | -10 | - |
| Total | 967 | 993 | 937 | 1,112 | 1,088 | 771 | -10 | 5,858 |
12 months
Net sales per customer's segment
31 Mar 2026
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
|---|---|---|---|---|---|---|---|---|
| Building & Installation | 150 | 339 | 124 | 81 | 59 | 1,123 | - | 1,876 |
| Data & Telecommunications | 115 | 132 | 220 | 122 | 5 | 285 | - | 879 |
| Electronics | 184 | 711 | 21 | 192 | 15 | 298 | - | 1,421 |
| Energy | 223 | 540 | 2,830 | 36 | 690 | 409 | - | 4,728 |
| Vehicles | 220 | 533 | 32 | 1,438 | 163 | 62 | - | 2,448 |
| Medical technology | 427 | 447 | 17 | 25 | 336 | 122 | - | 1,374 |
| Mechanical industry | 991 | 329 | 321 | 367 | 289 | 128 | - | 2,425 |
| Forestry & Process | 417 | 35 | 110 | 1,465 | 1,774 | 18 | - | 3,819 |
| Transport | 152 | 106 | 356 | 489 | 536 | 62 | - | 1,701 |
| Other | 599 | 345 | 20 | 391 | 138 | 539 | 0 | 2,032 |
| Group items | 8 | 8 | 2 | 4 | 4 | 8 | -34 | - |
| Total | 3,486 | 3,525 | 4,053 | 4,610 | 4,009 | 3,054 | -34 | 22,703 |
3 months
Net sales per customer's segment
31 Mar 2025
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
|---|---|---|---|---|---|---|---|---|
| Building & Installation | 46 | 85 | 36 | 20 | 15 | 252 | - | 454 |
| Data & Telecommunications | 20 | 26 | 70 | 10 | 0 | 79 | - | 205 |
| Electronics | 46 | 197 | 5 | 54 | 4 | 78 | - | 384 |
| Energy | 59 | 127 | 698 | 29 | 175 | 96 | - | 1,184 |
| Vehicles | 59 | 136 | 7 | 361 | 36 | 15 | - | 614 |
| Medical technology | 121 | 107 | 5 | 5 | 89 | 66 | - | 393 |
| Mechanical industry | 258 | 89 | 68 | 138 | 80 | 51 | - | 684 |
| Forestry & Process | 111 | 8 | 32 | 336 | 395 | 5 | - | 887 |
| Transport | 38 | 21 | 81 | 85 | 157 | 16 | - | 398 |
| Other | 171 | 90 | 5 | 103 | 39 | 139 | 0 | 547 |
| Group items | 1 | 2 | 1 | 3 | 1 | 2 | -10 | - |
| Total | 930 | 888 | 1,008 | 1,144 | 991 | 799 | -10 | 5,750 |
12 months
Net sales per customer's segment
31 Mar 2025
| SEKm | Automation | Electrification | Energy | Industry | Process | Safety | Group items | Addtech Group |
|---|---|---|---|---|---|---|---|---|
| Building & Installation | 177 | 321 | 137 | 72 | 57 | 951 | - | 1,715 |
| Data & Telecommunications | 77 | 99 | 270 | 35 | 1 | 299 | - | 781 |
| Electronics | 178 | 745 | 18 | 199 | 16 | 294 | - | 1,450 |
| Energy | 229 | 479 | 2,671 | 106 | 677 | 364 | - | 4,526 |
| Vehicles | 223 | 514 | 26 | 1,317 | 139 | 59 | - | 2,278 |
| Medical technology | 469 | 403 | 19 | 17 | 345 | 248 | - | 1,501 |
| Mechanical industry | 1,000 | 335 | 262 | 502 | 310 | 195 | - | 2,604 |
| Forestry & Process | 430 | 29 | 122 | 1,226 | 1,525 | 18 | - | 3,350 |
| Transport | 148 | 79 | 312 | 311 | 608 | 61 | - | 1,519 |
| Other | 660 | 340 | 19 | 377 | 150 | 526 | 0 | 2,072 |
| Group items | 6 | 5 | 4 | 6 | 9 | 7 | -37 | - |
| Total | 3,597 | 3,349 | 3,860 | 4,168 | 3,837 | 3,022 | -37 | 21,796 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
CONSOLIDATED INCOME STATEMENT, CONDENSED
| SEKm | 3 months | Rolling 12 months | ||
|---|---|---|---|---|
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2026 | 31 Mar 2025 | |
| Net sales | 5,858 | 5,750 | 22,703 | 21,796 |
| Cost of sales | -3,836 | -3,892 | -15,143 | -14,804 |
| Gross profit | 2,022 | 1,858 | 7,560 | 6,992 |
| Selling expenses | -905 | -834 | -3,385 | -3,196 |
| Administrative expenses | -318 | -295 | -1,184 | -1,090 |
| Other operating income and expenses | 63 | 14 | 94 | 51 |
| Operating profit | 862 | 743 | 3,085 | 2,757 |
| - as % of net sales | 14.7 | 12.9 | 13.6 | 12.6 |
| Financial income and expenses | -56 | -39 | -207 | -242 |
| Profit after financial items | 806 | 704 | 2,878 | 2,515 |
| - as % of net sales | 13.8 | 12.2 | 12.7 | 11.5 |
| Income tax expense | -191 | -161 | -672 | -575 |
| Profit for the period | 615 | 543 | 2,206 | 1,940 |
| Profit for the period attributable to: | ||||
| Equity holders of the Parent Company | 603 | 530 | 2,147 | 1,892 |
| Non-controlling interests | 12 | 13 | 59 | 48 |
| Earnings per share after tax before dilution, SEK | 2.25 | 1.95 | 7.95 | 7.00 |
| Earnings per share after tax after dilution, SEK | 2.25 | 1.95 | 7.95 | 7.00 |
| Average number of shares after repurchases, '000s | 269,958 | 269,861 | 269,907 | 269,829 |
| Number of shares at end of the period, '000s | 269,960 | 269,862 | 269,960 | 269,862 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED
| SEKm | 3 months | Rolling 12 months | ||
|---|---|---|---|---|
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2026 | 31 Mar 2025 | |
| Profit for the period | 615 | 543 | 2,206 | 1,940 |
| Items that may later be reversed in the income statement | ||||
| The period's translation differences when translating foreign operations | 226 | -484 | 79 | -476 |
| Items that may not be reversed in the income statement | ||||
| Revaluations of defined-benefit pension plans | 20 | -4 | 20 | -19 |
| Other comprehensive income | 246 | -488 | 99 | -495 |
| Comprehensive income for the period | 861 | 55 | 2,305 | 1,445 |
| Total comprehensive income attributable to: | ||||
| Equity holders of the Parent Company | 843 | 58 | 2,246 | 1,414 |
| Non-controlling interests | 18 | -3 | 59 | 31 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
CONSOLIDATED BALANCE SHEET, CONDENSED
| SEKm | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Goodwill | 6,608 | 5,527 |
| Other intangible non-current assets | 3,758 | 3,182 |
| Property, plant and equipment | 1,685 | 1,447 |
| Other non-current assets | 79 | 79 |
| Total non-current assets | 12,130 | 10,235 |
| Current assets | ||
| Inventories | 3,468 | 3,260 |
| Current receivables | 4,222 | 3,850 |
| Cash and cash equivalents | 1,490 | 1,168 |
| Total current assets | 9,180 | 8,278 |
| Total assets | 21,310 | 18,513 |
| Equity and liabilities | ||
| Equity | ||
| Equity attributable to Parent Company shareholders | 7,807 | 6,627 |
| Non-controlling interests | 556 | 436 |
| Total equity | 8,363 | 7,063 |
| Liabilities | ||
| Non-current liabilities | ||
| Non-current interest-bearing liabilities | 5,487 | 4,902 |
| Provisions for pensions | 241 | 262 |
| Deferred tax liabilities | 1,067 | 924 |
| Non-current non-interest-bearing liabilities | 9 | 37 |
| Total non-current liabilities | 6,804 | 6,125 |
| Current liabilities | ||
| Current interest-bearing liabilities | 1,661 | 1,284 |
| Current non-interest-bearing liabilities | 4,262 | 3,871 |
| Provisions | 220 | 170 |
| Total current liabilities | 6,143 | 5,325 |
| Total liabilities | 12,947 | 11,450 |
| Total equity and liabilities | 21,310 | 18,513 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED
| SEKm | 1 Apr 2025 - 31 Mar 2026 | 1 Apr 2024 - 31 Mar 2025 | ||||
|---|---|---|---|---|---|---|
| Parent Company shareholders | Non-controlling interests | Total equity | Parent Company shareholders | Non-controlling interests | Total equity | |
| Opening balance | 6,627 | 436 | 7,063 | 5,974 | 504 | 6,478 |
| Exercised, issued and repurchased options | -29 | - | -29 | -34 | - | -34 |
| Dividend, ordinary | -864 | -38 | -902 | -755 | -33 | -788 |
| Change, non-controlling interests | 38 | 99 | 137 | 229 | -66 | 163 |
| Option debt, acquisition | -211 | - | -211 | -201 | - | -201 |
| Total comprehensive income | 2,246 | 59 | 2,305 | 1,414 | 31 | 1,445 |
| Closing balance | 7,807 | 556 | 8,363 | 6,627 | 436 | 7,063 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
CONSOLIDATED CASH FLOW STATEMENT, CONDENSED
| SEKm | 3 months | Rolling 12 months | ||
|---|---|---|---|---|
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2026 | 31 Mar 2025 | |
| Operating activities | ||||
| Profit after financial items | 806 | 704 | 2,878 | 2,515 |
| Adjustment for items not included in cash flow | 274 | 246 | 985 | 960 |
| Income tax paid | -198 | -236 | -755 | -702 |
| Cash flow from operating activities before changes in working capital | 882 | 714 | 3,108 | 2,773 |
| Changes in working capital | -20 | 147 | -112 | -64 |
| Cash flow from operating activities | 862 | 861 | 2,996 | 2,709 |
| Investing activities | ||||
| Net investments in non-current assets | -51 | -47 | -175 | -196 |
| Acquisitions and disposals | -1,089 | -386 | -1,581 | -1,602 |
| Cash flow from investing activities | -1,140 | -433 | -1,756 | -1,798 |
| Financing activities | ||||
| Dividend paid to Parent Company shareholders | - | - | -864 | -755 |
| Repurchase of own shares/change of options | -12 | -11 | -29 | -34 |
| Other financing activities | 523 | -254 | -45 | 315 |
| Cash flow from financing activities | 511 | -265 | -938 | -474 |
| Cash flow for the period | 233 | 163 | 302 | 437 |
| Cash and cash equivalents at beginning of period | 1,217 | 1,075 | 1,168 | 798 |
| Exchange differences in cash and cash equivalents | 40 | -70 | 20 | -67 |
| Cash and cash equivalents at end of period | 1,490 | 1,168 | 1,490 | 1,168 |
FAIR VALUES ON FINANCIAL INSTRUMENTS
| SEKm | 31 Mar 2026 | 31 Mar 2025 | ||||
|---|---|---|---|---|---|---|
| Carrying amount | Level 2 | Level 3 | Carrying amount | Level 2 | Level 3 | |
| Derivatives - fair value through profit | 5 | 5 | - | 10 | 10 | - |
| Total financial assets at fair value per level | 5 | 5 | - | 10 | 10 | - |
| Derivatives - fair value through profit | 7 | 7 | - | 14 | 14 | - |
| Contingent considerations - fair value through profit | 620 | - | 620 | 451 | - | 451 |
| Total financial liabilities at fair value per level | 627 | 7 | 620 | 465 | 14 | 451 |
The fair value and carrying amount are recognised in the balance sheet as shown in the table above.
For quoted securities, the fair value is determined on the basis of the asset's quoted price in an active market, level 1.
As of the reporting date the Group had no items in this category.
For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2.
For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3.
For the Group's other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.
| Contingent considerations | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Opening balance | 451 | 360 |
| Acquisitions during the year | 393 | 231 |
| Adjustments through profit or loss | -79 | -11 |
| Consideration paid | -162 | -129 |
| Interest expenses | 13 | 19 |
| Exchange differences | 4 | -19 |
| Closing balance | 620 | 451 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
KEY FINANCIAL INDICATORS
| 12 months ending | ||||
|---|---|---|---|---|
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 | |
| Net sales, SEKm | 22,703 | 21,796 | 20,019 | 18,714 |
| EBITDA, SEKm | 4,100 | 3,692 | 3,245 | 2,872 |
| EBITA, SEKm | 3,641 | 3,265 | 2,860 | 2,540 |
| EBITA-margin, % | 16.0 | 15.0 | 14.3 | 13.6 |
| Operating profit, SEKm | 3,085 | 2,757 | 2,426 | 2,167 |
| Operating margin, % | 13.6 | 12.6 | 12.1 | 11.6 |
| Profit after financial items, SEKm | 2,878 | 2,515 | 2,183 | 2,005 |
| Profit for the period, SEKm | 2,206 | 1,940 | 1,691 | 1,554 |
| Working capital | 4,507 | 4,312 | 4,219 | 3,855 |
| Return on working capital (P/WC), % | 81 | 76 | 68 | 66 |
| Return on equity, % | 29 | 29 | 28 | 32 |
| Return on capital employed, % | 22 | 22 | 22 | 22 |
| Equity ratio, % | 39 | 38 | 39 | 36 |
| Financial debt, SEKm | 5,899 | 5,280 | 4,668 | 4,325 |
| Debt / equity ratio, multiple | 0.7 | 0.7 | 0.7 | 0.8 |
| Financial debt / EBITDA, multiple | 1.4 | 1.4 | 1.4 | 1.5 |
| Net debt excl. pensions, SEKm | 5,658 | 5,018 | 4,427 | 4,107 |
| Net debt, excl. pensions / equity ratio, multiple | 0.7 | 0.7 | 0.7 | 0.7 |
| Interest coverage ratio, multiple | 14.0 | 9.6 | 8.7 | 13.7 |
| Average number of employees | 4,631 | 4,341 | 4,109 | 3,781 |
| Number of employees at end of the period | 4,861 | 4,470 | 4,175 | 3,911 |
KEY FINANCIAL INDICATORS PER SHARE
| SEK | 12 months ending | |||
|---|---|---|---|---|
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 | |
| Earnings per share before dilution | 7.95 | 7.00 | 6.05 | 5.55 |
| Earnings per share after dilution | 7.95 | 7.00 | 6.05 | 5.55 |
| Cash flow from operating activities per share | 11.10 | 10.05 | 9.55 | 7.10 |
| Shareholders' equity per share | 28.90 | 24.55 | 22.15 | 19.25 |
| Share price at the end of the period | 317.60 | 292.80 | 243.80 | 192.30 |
| Average number of shares after repurchases, '000s | 269,907 | 269,829 | 269,634 | 269,557 |
| Average number of shares after repurchases adjusted for dilution, '000s | 270,195 | 270,332 | 269,761 | 269,723 |
| Number of shares outstanding at end of the period, '000s | 269,960 | 269,862 | 269,779 | 269,565 |
For definitions of key financial indicators, see page 21-23
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
PARENT COMPANY INCOME STATEMENT, CONDENSED
| SEKm | 3 months | Rolling 12 months | ||
|---|---|---|---|---|
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2026 | 31 Mar 2025 | |
| Net sales | 30 | 29 | 115 | 112 |
| Administrative expenses | -43 | -36 | -163 | -140 |
| Operating profit/loss | -13 | -7 | -48 | -28 |
| Profit from participations in Group companies | 900 | 800 | 900 | 800 |
| Interest income and expenses and similar items | 8 | -16 | 27 | 34 |
| Profit after financial items | 895 | 777 | 879 | 806 |
| Appropriations | 458 | 230 | 458 | 230 |
| Profit before taxes | 1,353 | 1,007 | 1,337 | 1,036 |
| Income tax expense | -96 | -38 | -95 | -46 |
| Profit for the period | 1,257 | 969 | 1,242 | 990 |
| Total comprehensive income | 1,257 | 969 | 1,242 | 990 |
PARENT COMPANY BALANCE SHEET, CONDENSED
| SEKm | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Intangible assets | 0 | 0 |
| Property, plant and equipment | 0 | 0 |
| Financial non-current assets | 8,974 | 8,095 |
| Total non-current assets | 8,974 | 8,095 |
| Current assets | ||
| Current receivables | 1,572 | 1,448 |
| Cash and bank balances | 6 | 11 |
| Total current assets | 1,578 | 1,459 |
| Total assets | 10,552 | 9,554 |
| Equity and liabilities | ||
| Equity | ||
| Restricted equity | 69 | 69 |
| Unrestricted equity | 1,792 | 1,443 |
| Total equity | 1,861 | 1,512 |
| Untaxed reserves | 480 | 350 |
| Provisions | ||
| Provisions for pensions and similar obligations | 13 | 13 |
| Liabilities | ||
| Non-current liabilities | 4,607 | 4,287 |
| Current liabilities | 3,591 | 3,392 |
| Total equity and liabilities | 10,552 | 9,554 |
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 - 31 MARCH 2026
DEFINITIONS
Return on equity¹²
Earnings after tax divided by equity. The components are calculated as the average of the last 12 months.
Return on equity measures the return generated on owners' invested capital.
Return on working capital (P/WC)¹
EBITA divided by working capital.
P/WC is used to analyse profitability and is a measure that encourages high EBITA and low working capital requirements.
Return on capital employed¹
Profit after financial items plus financial expenses as a percentage of capital employed. The components are calculated as the average of the last 12 months.
Return on capital employed shows the Group's profitability in relation to externally financed capital and equity.
EBITA¹
Operating profit before amortisation of intangible assets.
EBITA is used to analyse the profitability generated by operating activities.
EBITA-margin¹
EBITA as a percentage of net sales.
EBITA-margin is used to show the degree of profitability in operating activities.
EBITDA¹
Operating profit before depreciation and amortisation.
EBITDA is used to analyse the profitability generated by operating activities.
Equity per share, excluding non-controlling interest¹
Equity excluding non-controlling interest divided by number of shares outstanding at the reporting period's end.
This measures how much equity is attributable to each share and is published to make it easier for investors to conduct analyses and make decisions.
Financial net debt¹
The net of interest-bearing debt and provisions minus cash and cash equivalents.
Net debt is used to monitor changes in debt, analyse the Group indebtedness and its ability to repay its debts using liquid funds generated from the Group's operating activities if all debt fell due for repayment today and any necessary refinancing.
Financial net debt/EBITDA¹
Net financial debt divided by EBITDA.
Net financial debt compared with EBITDA provides a performance measure for net debt in relation to cash-generating earnings in the business, i.e. it gives an indication of the business' ability to repay its debts. This measure is generally used by financial institutions to measure creditworthiness.
Financial items¹
Financial income minus financial costs.
Used to describe changes in the Group's financial activities.
Acquired growth¹
Changes in net sales attributable to business acquisitions compared with the same period last year.
Acquired growth is used as a component to describe the change in consolidated net sales in which acquired growth is distinguished from organic growth, divestments and exchange rate effects.
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026
Cash flow from operating activities per share¹
Cash flow from operating activities, divided by the average number of outstanding shares after repurchase.
This measure is used so investors can easily analyse the size of the surplus generated per share from operating activities.
Net investments in non-current assets¹
Investments in non-current assets minus sales of non-current assets.
This measure is used to analyse the Group's investments in renewing and developing property, plant and equipment.
Net debt excluding pensions¹
The net of interest-bearing debt and provisions excluding pensions minus cash and cash equivalents.
A measure used to analyse financial risk.
Net debt excluding pensions/ equity ratio¹²
Net debt excluding pensions divided by shareholders' equity.
A measure used to analyse financial risk.
Organic growth¹
Changes in net sales excluding currency effects, acquisitions and divestments compared with the same period last year.
Organic growth is used to analyse underlying sales growth driven by change in volumes, product range and price for similar products between different periods.
Profit after financial items¹
Profit/loss for the period before tax.
Used to analyse the business' profitability including financial activities.
Earnings per share (EPS)
Shareholders' share of profit for the period after tax, divided by the weighted average number of shares during the period.
Earnings per share (EPS), diluted
Shareholders' share of profit for the period after tax, divided by the weighted average number of shares during the period, adjusted for the additional number of shares in the event of outstanding options being used.
Interest coverage ratio¹
Earnings after net financial items plus interest expenses and bank charges divided by interest expenses and bank charges.
This performance indicator measures the Group's capacity through its business operations and financial income to generate a sufficiently large surplus to cover its financial costs.
Working capital¹
Working capital (WC) is measured through an annual average defined as inventories plus accounts receivable less accounts payable.
Working capital is used to analyse how much working capital is tied up in the business.
Operating margin¹
Operating profit as a percentage of net sales.
This measure is used to specify the percentage of sales that is left to cover interest and tax, and to provide a profit, after the company's costs have been paid.
Operating profit¹
Operating income minus operating expenses.
Used to describe the Group's earnings before interest and tax.
Debt/equity ratio¹²
Financial net liabilities divided by equity.
A measure used to analyse financial risk.
Equity ratio¹²
Equity as a percentage of total assets.
The equity/assets ratio is used to analyse financial risk and show the percentage of assets that are funded with equity.
Capital employed¹
Total assets minus non-interest-bearing liabilities and provisions.
Capital employed shows the size of the company's assets that have been lent out by the company's owners or that have been lent out by lenders.
Outstanding shares
Total number of shares less treasury shares repurchased by the Company.
Profit margin¹
Profit after financial items as a percentage of net sales.
The profit margin illustrates how much profit the company generates on each SEK in sales after all costs including financial expenses have been paid.
¹The performance measure is an alternative performance measure according to ESMA's guidelines.
²Minority interest is included in equity when the performance measures are calculated.
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026
This is Addtech
Addtech is a Swedish, listed technical solutions group that combines the flexibility and speed of a small company with the resources of a large company. We acquire, own and develop independent subsidiaries that sell various high-tech products and solutions to customers, primarily within the manufacturing industry and infrastructure. With in-depth expertise in a number of different niches, our subsidiaries generate added technical, financial and sustainable value for customers and suppliers alike, thus helping increase the efficiency and competitiveness of all involved. We currently own more than 150 companies in about 20 countries, and have a long history of sustainable, profitable growth.
Our vision
We are to be the leader in value-creating technical solutions for a sustainable tomorrow, perceived as the most skilled and long-term partner of our customers, suppliers and employees.
Business concept in brief
Addtech offers high-tech products and solutions for companies in the manufacturing and infrastructure sectors. Addtech contributes with added technical and financial value by being a skilled and professional partner for customers and manufacturers.
We build shareholder value through:
- our 150 subsidiaries and their capacity to generate earnings growth
- corporate governance that ensures the companies achieve even better results and development
- acquisitions that bring in new employees, customers and suppliers
ADDTECH AB (PUBL.) Org.nr: 556302-9726, Box 5112, 102 43 Stockholm, Visiting address: Birger Jarlsgatan 43 Tel: +46 8 470 49 00, [email protected]
ADDTECH
ADDTECH AB (PUBL.) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026