Addnode Group (ANOD) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 10% YoY to SEK 1,438m, with 3% organic growth; EBITA increased 68% to SEK 250m and margin reached 17.4% from 11.4%.

• All three divisions improved EBITA and margins; organic growth, acquisitions and efficiency initiatives supported results.

• Recurring revenue represented 63% of Q3 sales.

Financial highlights

• Net sales were SEK 1,438m versus SEK 1,311m; the bridge comprised 3% organic growth, 5% from acquisitions and 1% from FX.

• EBITA was SEK 250m versus SEK 149m; operating profit was SEK 159m versus SEK 74m, and net profit was SEK 109m versus SEK 54m.

• The Q3 2025 comparison was affected by Autodesk renewals shifted to Q2, reducing prior-year Q3 sales by ~SEK 80m and EBITA by ~SEK 70m, with no full-year sales effect.

• Q3 operating cash flow was SEK 9m versus SEK -64m; 9M operating cash flow improved to SEK 434m from SEK 105m, mainly on positive working-capital movements.

• 9M net sales rose 4% to SEK 4,419m, with -4% organic growth; EBITA was SEK 672m and included SEK 28m of restructuring costs.

Outlook and guidance

• The long-term EBITA growth target is 15% YoY; more three-year Autodesk contracts are expected to renew in 2027 than in 2026, supporting continued organic growth.

• Design Management’s completed efficiency program is expected to reduce annual costs by ~SEK 100m, with half taking effect in H2 2026 and half in H1 2027.

• Priorities include profitable organic growth, AI-driven customer value, recurring revenue, operational efficiency and value-accretive acquisitions.

• No forecast was issued; the long-term outlook assessment was unchanged amid potential financial impact from geopolitical developments in 2026.