Addnode Group (ANOD) Q4 2025 earnings summary

Executive summary

• 2025 saw foundational expansion with 10 acquisitions adding SEK 700 million in net sales, record EBITA and margin improvements, and entry into new markets supported by AI investments and product development.

• Net sales grew 4% year-over-year to SEK 5.8 billion, with EBITA up 15% to SEK 903 million and a margin of 15.6%.

• Q4 net sales rose 5% to SEK 1,564 million, EBITA up 20% to SEK 298 million, and margin at 19.1%.

• AI-driven solutions and digitalization investments enhanced offerings for key industries and public sector clients.

• Debt was refinanced on improved terms, supporting further expansion.

Financial highlights

• Net sales increased by 4% year-over-year, with Q4 net sales up 5% and currency-adjusted organic growth at -4%.

• EBITA grew 15% for the year and 20% in Q4, reaching SEK 903 million and SEK 298 million respectively, with Q4 margin at 19.1%.

• Adjusted EPS rose 45% in Q4, with full-year EPS at SEK 2.87.

• Cash flow from operating activities in Q4 improved to SEK 324 million, but full-year cash flow was impacted by payment term changes.

• Recurring revenue accounted for 63% of total sales in 2025, supporting predictability.

Outlook and guidance

• Focus on organic and acquisition-led growth, margin improvement, and cash flow generation, with long-term targets of 15% EBITA growth and 17% margin.

• Free cash flow to EBITDA ratio expected to trend upward in H2 2026, but not fully recover to historical 70% average until after 2026.

• No specific forecast issued; diversified business model and leading market positions support confidence in future performance.

• Dividend policy maintained at 30-50% of EPS, with SEK 1.15 per share proposed for 2025.