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

• Market Cap: kr11.85B
• Dividend Yield: 1.2%
• Average Volume (3M): 144.86K
• Price to Earnings (P/E): 30.3
• Beta (1Y): 0.48
• 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: 0.77
• Price to Book (P/B): 5.63
• Price to Sales (P/S): 1.78
• P/FCF Ratio: 28.19
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: kr85.00 ▼(-8.70% Downside)

The overall stock score of 55 reflects a combination of mixed financial performance, bearish technical indicators, and a high valuation. The most significant factor is the financial performance, which shows strong gross margins but declining revenue growth and cash flow challenges. Technical analysis indicates a bearish trend, and the high P/E ratio suggests limited valuation upside. These factors collectively contribute to a cautious outlook for the stock.

Positive Factors

High gross margins

Sustained gross margins near 70% reflect a software-heavy cost structure and pricing power. High gross margin provides structural profitability cushion, funds R&D, support and integrations, and helps preserve operating profits even if top-line growth softens over months.

Recurring software & services mix

A mix of subscriptions, maintenance and long-term support contracts creates durable recurring revenue. Combined with services revenue and reseller partnerships, this reduces revenue volatility, supports customer retention and cross-sell, and underpins predictable medium-term cash flows.

Moderate leverage with strong ROE

A balanced capital structure and healthy ROE indicate efficient use of equity and room to fund growth. Moderate leverage supports acquisition activity without extreme financial strain, providing strategic flexibility to invest in product development and targeted M&A over the medium term.

Negative Factors

Declining revenue growth

Material and persistent revenue decline erodes scale benefits and increases pressure on margins and cross-sell dynamics. Over 2-6 months, continued negative organic growth forces reliance on M&A to sustain top-line, complicates forecasting, and risks margin and customer churn deterioration.

Weak cash conversion

Low cash conversion and declining free cash flow undermine the company’s ability to self-fund investments, acquisitions and shareholder returns. Over several months this raises financing needs, increases sensitivity to interest costs, and constrains strategic optionality if cash metrics don't improve.

Acquisition-driven growth risk

Heavy reliance on acquisitions to drive growth creates integration, execution and cultural risks. With weakening organic growth and strained cash conversion, aggressive M&A can dilute focus, increase leverage and deliver uneven returns, threatening medium-term operational stability.

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 generates revenue primarily through the sale of software licenses, subscription services, and consulting services related to its core products in the AEC and PLM sectors. The company has a diverse revenue model that includes recurring revenue from software subscriptions, one-time fees from software licenses, and project-based income from consulting and implementation services. Additionally, strategic partnerships with key players in the technology and construction sectors help enhance its offerings, drive customer acquisition, and expand its market reach, contributing significantly to its earnings.

Addnode Group AB Class B Financial Statement Overview

Summary

Addnode Group AB Class B demonstrates a mixed financial performance. The income statement shows strong gross margins but declining revenue growth and net profitability. The balance sheet is stable with moderate leverage and healthy returns on equity. However, cash flow management presents challenges with declining free cash flow growth and low cash conversion ratios. The company needs to address revenue growth and cash flow efficiency to enhance its financial health.

Income Statement

The company shows a mixed performance in its income statement. The TTM gross profit margin is strong at 69.37%, indicating efficient cost management. However, the net profit margin has decreased to 6.74% in the TTM, reflecting a decline in profitability. Revenue growth has turned negative at -8.75% in the TTM, which is a concern. EBIT and EBITDA margins have improved over the years, showing operational efficiency, but the recent decline in revenue growth is a significant weakness.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.78 in the TTM, indicating moderate leverage. The return on equity is healthy at 17.57%, showcasing effective use of equity. The equity ratio stands at 31.39%, suggesting a balanced capital structure. While the company maintains a stable leverage, the increase in debt over the years could pose potential risks if not managed properly.

Cash Flow

Cash flow analysis reveals some challenges. The free cash flow growth rate is negative at -6.67% in the TTM, indicating a decline in cash generation. The operating cash flow to net income ratio is low at 0.08, suggesting limited cash conversion efficiency. The free cash flow to net income ratio is 33.65%, reflecting moderate cash flow support for earnings. Overall, cash flow management needs improvement to support long-term sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.71B	7.76B	7.41B	6.22B	4.08B	3.81B
Gross Profit	3.45B	4.20B	511.00M	1.23B	831.00M	711.00M
EBITDA	1.13B	1.08B	724.00M	771.00M	487.00M	396.00M
Net Income	379.00M	402.00M	279.00M	382.00M	223.00M	163.00M
Balance Sheet
Total Assets	8.41B	8.58B	7.20B	6.20B	4.32B	3.82B
Cash, Cash Equivalents and Short-Term Investments	339.00M	674.00M	667.00M	600.00M	406.00M	644.00M
Total Debt	2.26B	1.73B	1.67B	1.07B	776.00M	828.00M
Total Liabilities	5.77B	6.12B	5.08B	4.19B	2.63B	2.31B
Stockholders Equity	2.64B	2.46B	2.12B	2.00B	1.69B	1.51B
Cash Flow
Free Cash Flow	98.00M	491.00M	283.00M	585.00M	329.00M	473.00M
Operating Cash Flow	380.00M	701.00M	485.00M	714.00M	437.00M	579.00M
Investing Cash Flow	-958.00M	-532.00M	-672.00M	-490.00M	-398.00M	-375.00M
Financing Cash Flow	526.00M	-211.00M	276.00M	-63.00M	-305.00M	193.00M

Addnode Group AB Class B Technical Analysis

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

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 90.43, below the 50-day MA of 94.75, and below the 200-day MA of 103.32, indicating a bearish trend. The MACD of -2.85 indicates Positive momentum. The RSI at 29.62 is Positive, neither overbought nor oversold. The STOCH value of 17.02 is Positive, 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
SOF.B	71 Outperform	kr1.12B	14.83	27.44%	6.29%	4.00%	-12.08%
PACT	67 Neutral	kr2.70B	17.15	14.35%	2.13%	-4.36%	-31.55%
EXS	64 Neutral	kr1.95B	22.75	15.90%	1.13%	10.92%	-2.56%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KNOW	56 Neutral	kr3.16B	32.37	2.38%	2.03%	-9.85%	-38.24%
ANOD.B	55 Neutral	kr11.85B	30.27	15.34%	1.20%	-31.59%	0.21%
DUST	49 Neutral	kr2.33B	-0.49	―	―	-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.

Addnode Group Expands with Acquisition of ACAD-Plus

Addnode Group has acquired ACAD-Plus Inc., a Houston-based provider of CAD-based space management and facilities optimization software. This acquisition will enhance Addnode’s Design Management division by integrating ACAD-Plus’ flagship product, FMG-Plus, which is known for its precision and reliability in managing complex facility portfolios. The move is expected to strengthen Addnode’s market position in digital lifecycle management across the built environment, from design to maintenance, and expand its footprint in the higher education and public sectors.

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.