Addnode Group (ANOD) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw strong earnings and EBITDA/EBITA improvement, driven by early contract renewals, cost reduction initiatives, and stable demand in the Nordics, UK, and US, while Germany remained weak.

• Multiple strategic acquisitions were completed or announced, including Genus (Norway), TPM, Repro Products (USA), and Pcskog (Sweden), expanding Process and Design Management divisions.

• Recurring revenue remains a significant portion of total sales, supporting business stability, though the share declined to 65% due to business model changes.

• The transition to a new Autodesk reseller/agent model and reclassification of third-party agreements continued to impact reported figures, but underlying growth remained robust.

• Net profit nearly doubled to SEK 104m, with EPS up to SEK 0.78 from SEK 0.41 year-over-year.

Financial highlights

• Q2 2025 net sales: SEK 1,457m, down 27% year-over-year due to model changes and currency effects.

• Gross profit increased 12% to SEK 1,127m; gross margin rose to 77.4% from 50.0% year-over-year.

• EBITDA/EBITA rose to SEK 238m from SEK 162m last year, with margin up to 16.3% from 8.1%; SEK 70m of this was due to early Autodesk contract renewals.

• Adjusted for FX and early renewals, EBITDA/EBITA was SEK 184m, up 14% year-over-year.

• Cash flow from operating activities was SEK -33m, down from SEK 178m, mainly due to changes in payment terms for Autodesk contracts.

Outlook and guidance

• Q3 2025 EBITDA/EBITA will be impacted by SEK 70m due to early renewals recognized in Q2, but not full-year earnings.

• Cost reduction program in PLM division progressing as planned, with expected annual savings.

• The company maintains a long-term growth strategy focused on organic and acquisition-led growth, expecting normalization of working capital by Q1 2026.