Addnode Group (ANOD) Q1 2026 earnings summary

Executive summary

• EBITA increased 26% year-over-year to SEK 274 million, with margin rising to 17.9% from 14.9%.

• Net sales rose 5% to SEK 1,531 million, driven by acquisitions and cost savings, despite negative organic growth and currency headwinds.

• Earnings per share increased by 24% year-over-year, reaching SEK 0.83.

• Cash flow from operating activities improved significantly to SEK 363 million, up from SEK 203 million.

• Acquisitions in 2025 and 2026, notably in Germany, contributed to improved performance and earnings growth.

Financial highlights

• Gross profit increased 7% to SEK 1,202 million, with a gross margin of 78.5%.

• Currency-adjusted organic growth was -6%, with negative growth in Design and PLM divisions.

• Recurring revenue accounted for 63% of total revenue.

• Return on capital employed was 14.6%, temporarily diluted by recent acquisitions.

• Cash conversion rate and cash flow per share showed strong improvement.

Outlook and guidance

• No organic growth expected at group level for 2026; focus remains on protecting margins and earnings.

• Q2 is expected to be the slowest quarter, with Q3 moderate and Q4 stronger, following historical seasonality.

• Acquisition pace likely to slow in 2026 due to prior activity and market uncertainty, with potential pickup by year-end.

• Future earnings growth expected from new offerings, AI implementation, acquisitions, and organizational optimization.

• No forecast issued due to ongoing geopolitical risks.