Addnode Group AB

Latest Results (20.01.2026):

Addnode Group AB — Fourth quarter 2024: Reported Q4 net sales fell to SEK 1,484 m, but profitability improved sharply: EBITA rose to SEK 248 m (EBITA margin 16.7%) and net profit increased to SEK 131 m (EPS SEK 0.98). The quarter was materially affected by Autodesk’s new transaction model and reclassifications of third‑party agreements.

Q4 headline results

Net sales Q4 2024: SEK 1,484 m (‑29% vs Q4 2023). EBITA Q4 2024: SEK 248 m (+27%); EBITA margin 16.7% (9.4). Operating profit SEK 178 m (+32%); operating margin 12.0% (6.5). Net profit SEK 131 m (+24%); EPS SEK 0.98 (+23%).

Impact of Autodesk transaction model and reclassifications

The quarter’s reported net sales were reduced by the move to Autodesk’s agent model (SEK ‑464 m) and by reclassification of certain third‑party agreements (SEK ‑396 m). Under the previous reseller model and before reclassifications, Group Q4 net sales would have been ~SEK 2,344 m and currency‑adjusted organic growth would have been about +11%.

Revenue mix and margins

Gross profit Q4: SEK 1,123 m (+11%) and gross margin 75.7% (48.6), reflecting the Autodesk model change and reclassification (gross profit and EBITA are unchanged by the reclassification). Recurring revenue share in Q4 was 62% (70).

Organic growth

Reported organic net‑sales growth Q4 was ‑30% (currency‑adjusted organic growth also ‑30%). The Design Management division showed the largest reported decline due to the Autodesk change and reclassifications; adjusted organic growth would have been positive.

Cash flow and financial position

Cash flow from operating activities Q4: SEK 275 m (228). Cash and cash equivalents at 31 Dec 2024: SEK 674 m. Net interest‑bearing debt was reported (total interest‑bearing liabilities SEK 1,726 m) and equity SEK 2,458 m (equity/assets ratio 29%).

Acquisitions

During Q4 Addnode acquired CTC Software Inc. (USA) — proprietary add‑ins for Autodesk with ~40,000 users; after period end (Jan 2025) the Group signed to acquire Congere AB (Sweden). Several other 2024 M&A deals were closed earlier in the year and the Board signals continued acquisition strategy.

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). Net profit for 2024: SEK 402 m; EPS 3.02 (2.09). Operating cash flow for the year: SEK 701 m.

Dividend and governance

The Board proposes a dividend of SEK 1.15 per share for the 2024 financial year (prior year SEK 1.00). Long‑term incentive programs remain in place (LTIP 2024 introduced by the 2024 AGM).

Management view and outlook

Management calls 2024 “transformative” with improved earnings and continued investment in product development and AI. The Group notes continued end‑customer demand for digitalization but warns of economic and geopolitical uncertainty (Germany expected to be challenging in 2025). Addnode retains a growth strategy combining organic initiatives and M&A.