Addnode Group AB

Latest Results (08.12.2025):

Addnode Group AB's fourth quarter 2024 results show a strong earnings improvement despite a large, technical reduction in reported net sales caused by Autodesk’s new transaction model and reclassification of certain third‑party agreements. For Q4 2024 Addnode reported net sales of SEK 1,484 m (‑29% vs Q4 2023), gross profit SEK 1,123 m (+11%), EBITA SEK 248 m (+27%) and net profit SEK 131 m (+24%); cash flow from operating activities was SEK 275 m. The company also closed the acquisition of CTC Software and the Board proposes a dividend of SEK 1.15 per share.

Headline Q4 2024 numbers

Reported net sales: SEK 1,484 m (Q4 2023: SEK 2,078 m, –29%). Gross profit: SEK 1,123 m (+11%). EBITA: SEK 248 m (+27%), EBITA margin 16.7% (9.4). Operating profit: SEK 178 m (+32%). Net profit: SEK 131 m (+24%). Earnings per share: SEK 0.98 (+23%).

Why reported sales fell but margins rose

The drop in reported net sales largely reflects Autodesk’s move to an agent model (impact ~SEK –464 m) and a SEK –396 m reclassification of certain third‑party agreements; under the previous reseller model Addnode estimates Q4 sales would have been ~SEK 2,344 m. Gross margin and EBITA improved because the reclassification reduces reported sales while gross profit and EBITA are largely unaffected.

Full‑year 2024 snapshot

Full‑year net sales: SEK 7,757 m (+5%). Full‑year EBITA: SEK 863 m (+35%) with an EBITA margin of 11.1% (8.6). Earnings per share for 2024: SEK 3.02 (vs 2.09). Operating cash flow for the year: SEK 701 m.

Divisional performance (Q4)

Design Management: net sales down (SEK 660 m) due to Autodesk model change and reclassifications, but EBITA up strongly (SEK 146 m) with a 22.1% margin. Product Lifecycle Management: stable sales (SEK 492 m), EBITA ~SEK 53 m. Process Management: stable sales (SEK 344 m) and EBITA SEK 70 m (20.3% margin).

Acquisitions and corporate actions

Closed acquisition of CTC Software (US) in Nov 2024 (proprietary Autodesk add‑ins, ~40,000 users). After the period Addnode agreed to acquire Congere AB (Sweden). The Board proposes a dividend of SEK 1.15/share. LTIP and option transactions continued and some call options were repurchased/transferred to holders.

Cash, debt and balance sheet

Cash and cash equivalents at Q4 end: SEK 674 m. Net interest‑bearing debt ~SEK 1,052 m (total interest‑bearing liabilities SEK 1,726 m). Equity SEK 2,458 m and equity/assets ratio 29%. Operating cash flow remained healthy (Q4: SEK 275 m; full year: SEK 701 m).

Management view and outlook

Management calls 2024 a “transformative year” with investments in product development and AI, improved profitability and completed acquisitions. They note continued demand in strategically important segments but underline macro and geopolitical uncertainty; no formal financial forecast was issued.