Addnode Group (ANOD) SEB Nordic Seminar presentation summary

Business model and revenue recognition

• Transitioned to a new transaction model for Autodesk, recognizing revenue as an agent, impacting reported net sales and EBITA margin since Q4 2024.

• Pro forma figures are used for historical comparison, assuming the new model was in place since 2015.

• Recurring revenue forms a solid foundation, representing 63% of net sales as of Q3 2025.

• Net sales just below 6,000 MSEK, with a decentralized structure of 20 companies across 5 continents.

Market focus and operations

• Focuses on digital solutions for design management, product lifecycle management, and process management.

• Operates in verticals with structural growth, including design, PLM, and public sector process management.

• High customer retention and switching costs due to mission-critical software.

• Largest markets are Sweden (35%), USA (22%), UK (14%), and Germany (13%).

Growth strategy and acquisitions

• Employs both organic and acquisition-led growth, with a CAGR of 14% in net sales since 2015.

• Has completed around 90 acquisitions since 2003, with 5-10 acquisitions typically every 12-18 months.

• Recent acquisitions include Solidcad (Canada), X10D Solutions (Sweden), and ACAD-Plus (USA), expanding reach and capabilities.

• Acquisitions are focused on mission-critical software, strong customer retention, and profitable business models.