Addnode Group AB Class B (ANOD.B) AI Stock Analysis

• Market Cap: kr9.20B
• Dividend Yield: 1.2%
• Average Volume (3M): 144.86K
• Price to Earnings (P/E): 33.8
• Beta (1Y): 0.41
• Revenue Growth: -31.59%
• EPS Growth: 0.21%
• Country: SE
• Employees: 2,710
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 1.01
• Shares Outstanding: 132,603,970
• 10 Day Avg. Volume: 104,838
• 30 Day Avg. Volume: 144,859
• PEG Ratio: -6.80
• Price to Book (P/B): 4.75
• Price to Sales (P/S): 2.24
• P/FCF Ratio: 84.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.02
• Revenue Forecast (FY): kr6.21B

• Rating: 55 Neutral
• Price Target: kr69.00 ▼(-25.89% Downside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is driven primarily by mixed financial performance: strong multi-year expansion and decent margins are offset by higher leverage and materially weaker recent cash conversion. Technicals are a meaningful headwind with a clear downtrend despite oversold readings. Valuation is moderately negative due to a high P/E and modest dividend yield.

Positive Factors

Recurring, diversified revenue mix

A blended model of software subscriptions, maintenance/renewals, reseller contracts and professional services creates durable recurring cash flows and high customer stickiness. This mix supports predictable revenues, steady service demand and cross-sell opportunities over multiple years.

Acquisition-driven portfolio expansion

A deliberate M&A strategy broadens product and geographies, increasing cross-selling potential and scale benefits. When integration succeeds this builds a deeper addressable market and diversified revenue streams, supporting growth resilience beyond organic cycles.

Historically resilient margins and ROE

Improving operating and EBITDA margins alongside low-to-mid teens ROE indicate efficient service delivery and capital use. Sustained margin improvement suggests structural cost discipline and pricing power that can underpin profitability across business cycles.

Negative Factors

Material recent revenue decline

A ~25% revenue drop in 2025 is a structural red flag: reduced scale undermines operating leverage, weakens cross-sell momentum and can erode long-term customer relationships. If sustained, this contraction endangers margin sustainability and future cash generation.

Rising leverage

A significant step-up in leverage reduces financial flexibility and raises interest and refinancing risk. With higher debt the firm is more sensitive to earnings or cash flow setbacks, which constrains capital for M&A, R&D or buffering cyclical downturns over the medium term.

Weakened and volatile cash conversion

A marked drop in cash conversion and volatile FCF undermine the company’s ability to fund debt, acquisitions and reinvestment internally. Persistently weak cash conversion would force reliance on external financing or reduce strategic optionality over the coming months.

Addnode Group AB Class B Business Overview & Revenue Model

Company Description

Addnode Group AB (publ) provides software and services for the design, construction, and product data information. It operates through Design Management, Product Lifecycle Management (PLM), and Process Management divisions. The Design Management division provides software and services for 3D design, building information modelling, and simulation to engineers and architects in construction and real estate sectors, as well as manufacturing and marine industries. This division also develops project collaboration, property management, and workplace management software. The PLM division offers software and system for developing and managing consumer and industrial products during their entire lifecycles. It serves customers in telecom, manufacturing, automotive, construction, civil engineering, pharmaceuticals, life sciences, retail, and energy production. The Process Management division provides software and services for document and case management; business planning and decision support; e-archives; digitalized citizen services; and geographic information systems to the public sector and private customers, as well as mobile services for healthcare and nursing staffs. The company was founded in 2003 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Addnode Group makes money primarily by selling software and related services through its operating divisions. A major revenue stream comes from software: (1) distributing and reselling third-party software licenses (notably in design/engineering and related workflows), and (2) selling subscriptions/licenses for its own software products in areas such as document, case, and process management. In addition to software, the company generates significant services revenue by implementing, integrating, customizing, and supporting these solutions for customers (consulting, deployment projects, training, maintenance, and support agreements). Recurring revenue is typically driven by software subscriptions, maintenance/renewal contracts, and long-term support arrangements, while non-recurring revenue is driven by upfront license sales and professional services tied to implementations and customer projects. The company’s earnings are also supported by partnerships with major software vendors where it acts as a channel partner/reseller, and by its acquisition-driven strategy, which expands its portfolio of software offerings and service capabilities and can increase cross-selling opportunities across its customer base.

Addnode Group AB Class B Financial Statement Overview

Summary

Solid longer-run growth and generally resilient profitability, but recent results show a sharp revenue decline, higher leverage (debt-to-equity ~1.22), and weaker cash conversion with free cash flow covering only about one-third of net income in 2025.

Income Statement

Revenue expanded strongly over the longer run (up materially since 2020), but growth slowed sharply in 2024 and shows an unusually large decline in 2025. Profitability is generally solid for an IT services model, with operating and EBITDA margins improving versus earlier years, though the gross margin and margin mix appear volatile year-to-year. Net margin remains mid-single digits, indicating decent—but not exceptional—earnings efficiency given the revenue base.

Balance Sheet

The balance sheet shows moderate financial risk: debt levels rose significantly in 2025, pushing debt-to-equity to ~1.22 from ~0.70 in 2024. Equity has grown over time and returns on equity have been consistently healthy (low-to-mid teens), but the recent step-up in leverage reduces flexibility and increases sensitivity to any earnings or cash flow slowdown.

Cash Flow

Cash generation is mixed. Operating cash flow and free cash flow were strong in 2024, but both stepped down in 2025, and free cash flow covered only about one-third of net income in 2025 (versus ~70% in 2024). Free cash flow growth is volatile across years, and cash conversion weakened recently, which is a key watch item given the higher leverage.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.79B	7.76B	7.41B	6.22B	4.08B
Gross Profit	607.00M	4.20B	511.00M	1.23B	831.00M
EBITDA	1.12B	1.08B	724.00M	771.00M	487.00M
Net Income	384.00M	402.00M	279.00M	382.00M	223.00M
Balance Sheet
Total Assets	9.80B	8.58B	7.20B	6.20B	4.32B
Cash, Cash Equivalents and Short-Term Investments	625.00M	674.00M	667.00M	600.00M	406.00M
Total Debt	3.32B	1.73B	1.67B	1.07B	776.00M
Total Liabilities	7.07B	6.12B	5.08B	4.19B	2.63B
Stockholders Equity	2.73B	2.46B	2.12B	2.00B	1.69B
Cash Flow
Free Cash Flow	153.00M	491.00M	283.00M	585.00M	329.00M
Operating Cash Flow	430.00M	701.00M	485.00M	714.00M	437.00M
Investing Cash Flow	-1.69B	-532.00M	-672.00M	-490.00M	-398.00M
Financing Cash Flow	1.29B	-211.00M	276.00M	-63.00M	-305.00M

Addnode Group AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 93.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ANOD.B, the sentiment is Negative. The current price of 93.1 is above the 20-day moving average (MA) of 68.15, above the 50-day MA of 79.12, and below the 200-day MA of 100.34, indicating a bearish trend. The MACD of -3.08 indicates Negative momentum. The RSI at 36.51 is Neutral, neither overbought nor oversold. The STOCH value of 43.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ANOD.B.

Addnode Group AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EXS	65 Neutral	kr1.49B	20.39	15.90%	1.13%	10.92%	-2.56%
PACT	62 Neutral	kr2.69B	24.25	14.35%	2.13%	-4.36%	-31.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SOF.B	59 Neutral	kr1.10B	17.36	23.47%	6.29%	4.00%	-12.08%
KNOW	58 Neutral	kr3.04B	-2.35	2.38%	2.03%	-9.85%	-38.24%
ANOD.B	55 Neutral	kr9.20B	33.80	15.03%	1.20%	-31.59%	0.21%
DUST	50 Neutral	kr1.92B	-22.97	―	―	-5.00%	-1757.14%

Addnode Group AB Class B Corporate Events

Addnode Group Ends 2025 With Record Quarterly Earnings and Acquisition-Driven Expansion

Addnode Group closed 2025 with modest top-line growth but stronger profitability, supported by acquisitions and cost-efficiency measures. Full-year net sales rose to SEK 5,793 million with a slightly higher EBITA margin of 15.6 percent, while fourth-quarter EBITA jumped 20 percent to SEK 298 million and the margin climbed to 19.1 percent despite a 4 percent decline in currency-adjusted organic sales. The Process Management division continued to expand margins on steady public-sector demand, Product Lifecycle Management held earnings flat in a weak German market thanks to cost savings, and Design Management lifted EBITA through margin-enhancing acquisitions and stable demand in infrastructure and manufacturing. The group executed ten acquisitions during the year, including SolidCAD in Canada, ACAD-Plus in the US and X10D Solutions in Sweden, along with a German customer base purchase after year-end, collectively strengthening its North American footprint, Nordic manufacturing and defense exposure, and building lifecycle offering. Continued investment in AI-enabled solutions and an AI-focused internal innovation program underline Addnode’s push to deepen customer value and operational efficiency, while extended credit facilities on better terms and an unchanged dividend proposal signal management’s confidence in the company’s financial position and long-term expansion strategy.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK88.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Schedules Year-End 2025 Results Presentation for February 3

Addnode Group has invited investors, analysts and media to a presentation of its year-end report for January–December 2025, to be held on 3 February 2026 at 09:30 CET, with President and CEO Johan Andersson and CFO Kristina Elfström Mackintosh leading the session and taking questions via audiocast and teleconference. The interim report will be published earlier the same morning, and the company will provide the full report, presentation materials and access links on its website, underscoring its emphasis on transparency and ongoing engagement with the capital markets as it reports on the performance of its global digitalization-focused operations.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK101.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode’s Technia Unit Expands German PLM Footprint with encad Customer Deal

Addnode Group’s Product Lifecycle Management division, through its subsidiary Technia, has acquired encad consulting’s Dassault Systèmes customer agreements in Germany, adding an estimated SEK 18 million in 2025 net sales and around 80 customers, primarily in the aerospace & defence, industrial equipment, and transport & mobility sectors. The deal, effective from January 2026, strengthens Technia’s foothold in the German market and neighbouring countries by expanding its Dassault Systèmes software consultancy and services footprint, bolstering the company’s global customer base to more than 6,000 and reinforcing Addnode’s positioning as a consolidator in the PLM and digitalization space.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK102.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Announces Leadership Change and Division Realignment

Addnode Group AB has announced the appointment of Jens Kollserud as the new President of the Design Management Division, effective January 1, 2026, in line with its strategy for growth and better governance. The reorganization also includes transferring the company Tribia to the Process Management Division, which is expected to enhance operational efficiency and create stronger growth platforms for the group.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK102.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.