Slide 1: Slide 1
Slide 2: Interim Report January – September 2025
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Interim Report January – September 2025 2
Slide 3: Presentation of Addnode Group's Interim Report January – September 2025
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Presentation of Addnode Group’s Interim Report January – September 2025 Johan Kristina Andersson Elfström Mackintosh President and Chief Executive Officer Chief Financial Officer johan.andersson@addnodegroup.com kristina.mackintosh@addnodegroup.com
Slide 4: Agenda
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Agenda 1. Addnode Group 2. Q3 2025 3. Divisions 4. Financials 5. Q&A 6. Appendix 1. Equity Story 2. 5yr Key Figures 3. Acquisitions 2022 – 2025 4. Shareholders, June 30, 2025 5. Share performance, 1 year 4
Slide 5: Addnode Group Operates, Acquires and Develops Entrepreneurial Companies
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 OUR MISSION Addnode Group Operates, Acquires and Develops Entrepreneurial Companies that Provide Digital Solutions 5
Slide 6: Stable Market, High Rate of Acquisition Activity and Improved Efficiency
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Stable Market, High Rate of Acquisition Activity and Improved Efficiency • EBITA, adjusted for early contract renewals, increased to SEK 219 m (200) • New financial targets confirm Addnode Group’s existing strategy and set more ambitious aims in ter
Slide 7: Addnode Group
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Addnode Group Key Financials Net Sales by Category Net Sales (pro forma) and EBITA Pro forma1) R12 Q3 Q3 Change Q3 Net Sales (pro forma), SEKm 2025 2024 % 2025 EBITA, SEKm Net sales, Other 6000 900 SEK m 1,311 1,316 0% 5,714 1% Own Gross profit, Sof
Slide 8: New Financial Targets
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 New Financial Targets 15 EBITA Growth % 17 % EBITA Margin 30-50 % Dividend Policy < 2,5 x Net Debt / EBITDA 10% 10% 30-50% Net Sales Margin EBITA Margin Dividend Policy 8
Slide 9: Acquisitions Q3 2025 (1/2)
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions Q3 2025 1 (2) Genus (Norway) X10D Solutions (Sweden) • As a partner to Dassault Systèmes, X10D Solutions We have announced nine • No Code -platform for business-critical solutions for customers within banking, insurance, and public offe
Slide 10: Acquisitions Q3 2025 (2/2)
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions Q3 2025 2 (2) FF Solutions (Brazil) Solidcad (Canada) TPM + Repro Products (USA) • One of Brazil’s largest Autodesk partners with a • An Autodesk Platinum Partner and the market leader • Two asset deals where Symetri US has acquired com
Slide 11: Extended Credit Facility
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Extended Credit Facility • The term loans have been extended to SEK 1,700 m from SEK 1,000 m • The revolving overdraft facility has been extended to SEK 2,000 m from SEK 1,600 m • The refinancing has been carried out on more favourable interest term
Slide 12: Divisions
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 12
Slide 13: Three Divisions
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Three Divisions Share of Net Sales* Q3 2025 Share of Gross Profit* Q3 2025 Share of EBITA* Q3 2025 Design Design Management Process Process Management 30% Management, Management 47% 27% 31% Process Management 46% Design Management, 40% Product Lifec
Slide 14: Design Management
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Design Management Key Financials Net Sales by Category Net Sales (pro forma) and EBITA Pro forma1) R12 Q3 Q3 Change Q3 Net Sales (pro forma), SEKm 2025 2024 % 2025 EBITA, SEKm Net sales, Other 3000 600 SEK m 528 585 -10 2,520 2% Own Gross profit, So
Slide 15: Product Lifecycle Management
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Product Lifecycle Management Key Financials Net Sales by Category Net Sales (pro forma) and EBITA Pro forma1) R12 Q3 Q3 Change Q3 Net Sales (pro forma), SEKm 2025 2024 % 2025 EBITA, SEKm Net sales, Other Own 2000 200 SEK m 435 452 -4 1,819 1% Softwa
Slide 16: Process Management
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Process Management Key Financials Net Sales by Category Net Sales and EBITA R12 Q3 Q3 Change Q3 Net Sales, SEKm 2025 2024 % 2025 EBITA, SEKm Net sales, Other 1500 300 SEK m 357 289 24 1,413 1% Gross profit, 1250 250 SEKm 304 237 28 1,182 Own 1000 20
Slide 17: Consolidated Cash Flow
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Consolidated Cash Flow Jul-Sep Jul-Sep Jan-Sep Jan-Sep SEKm 2025 2024 Change 2025 2024 Change Operating profit 74 137 -63 393 420 -27 Adjustments for other non-cash items 121 90 31 326 267 59 Changes in working capital -213 -314 101 -432 -81 -351 Ca
Slide 18: Consolidated Financial Position
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Consolidated Financial Position 30 Sept 30 Sept 31 Dec SEKm 2025 2024 Change 2024 Change Intangible Non-current Assets 4,972 4,107 865 4,339 633 Other Non-current Assets 396 382 14 386 10 Net Working Capital -117 -478 361 -524 407 Total Assets 5,251
Slide 19: Business Model with Strong Cash Generation
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Business Model with Strong Cash Generation 180% 160% 140% Changed Payment Terms 120% 3 Year 1 Year 100% Payments Payments 80% 70% 60% 40% 20% 0% LTM FCF/EBITA Average Definition of Cash Conversion: R12 FCF / EBITA 19
Slide 20: EBITA CAGR, 2015 – Q3'2025 R12: 18%
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 EBITA CAGR, 2015 – Q3’2025 R12: 18% 1000 20.0 900 16.8 15.5 14.9 18.0 EBITA Margin Target: 17% 800 EBITA GROWTH 14.8 16.0 15% 700 12.7 14.0 12.5 11.6 11.8 600 12.0 9.6 9.2 500 10.0 8.3 400 8.0 300 6.0 EBITA MARGIN 17% 200 4.0 100 2.0 0 0.0 2015 2016
Slide 21: Questions & Answers
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Questions & Answers 21
Slide 22: Slide 22
Slide 23: Appendix
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Appendix 23
Slide 24: Why Invest in Addnode Group?
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Why Invest in Addnode Group? Mission-critical Software High Customer Retention and Offering Switching Costs Digital Solutions Growing End-User Markets Consistent Balanced and Disciplined Risk Profile Return on Diversification and Operational Re
Slide 25: A Global Group
2025-10-24 INTERIM REPORT JANUARY - SEPTEMBER 2025 A Global Group Net Sales (pro forma1) R12 Q3 2025 Sweden 35% USA 22% UK 14% Countries Continents 20 5 Germany 13% Other 16% 25 1) Pro forma figure (net sales adjusted for comparison) has been adjusted to reflect a scenario in which the new transacti
Slide 26: One Group – Three Divisions
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 One Group – Three Divisions Design Management 2.5 SEK bn Addnode Group Product Lifecycle Management 1.8 SEK bn 5.6 SEK bn Process Management 1.3 SEK bn 1) Pro forma figure (net sales adjusted for comparison) has been adjusted to reflect a scenario i
Slide 27: INTERIM REPORT JANUARY - SEPTEMBER 2025
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 27
Slide 28: Mission-critical Solutions with High Customer Retention
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Mission-critical Solutions with High Customer Retention SEK bn 6 5 4 35% 41% 3 2025 R12 Q3 2 1 24% 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R12 Q3 Partner Software Own Software Services Partner Software Own Software Services 1) Pro f
Slide 29: Solid Foundation of Recurring Revenue Provides Predictability
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Solid Foundation of Recurring Revenue Provides Predictability (pro forma1) SEK bn 6 5 4 63% 3 2 62% 63% 59% Recurring Revenue 59% 2025 R12 Q3 1 59% 58% 59% 55% 55% 52% 47% 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R12 Q3 Recurring Rev
Slide 30: Organic and Acquisition-led Growth Strategy
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Organic and Acquisition-led Growth Strategy CAGR 6% 5.6 5,556 Net Sales (pro forma1), SEK bn Acquired Growth, % 14% 5% Organic Growth, % # of Acquisitions 13% 5,020 5.0 4,339 4.3 3% 26% 12% 7% 3,124 3.1 2,785 2.8 4% 2,856 2.9 3% 4% 8% 2,569 2.6 4% 2
Slide 31: Organic and Acquisition-led 2X Growth Strategy
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 10/24/2025 Organic and Acquisition-led 2X Growth Strategy EBITA GROWTH Bolt-on acquisitions Bigger Acquisitions New geographies 15% EBITA MARGIN 17% Internal efficiency New niches with Investments Price market growth in own IP increases 31
Slide 32: Global Trends Driving Structural Growth
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Global Trends Driving Structural Growth Digitalization AI Smart Cities Sustainability 32
Slide 33: ~90 Acquisitions Since Inception of Addnode Group 2003
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 ~90 Acquisitions Since Inception of Addnode Group 2003 Unizite Excitech Netpublicator Apps Optimec Consultants 5D Systemkonsult Jetas Quality Scanscot Essvision Systems Arkiva CAD Teknikk Stamford Efficture Athena Spatial Technology S-Group GPS Timb
Slide 34: Financial Targets
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Financial Targets 15 EBITA Growth % 17 % EBITA Margin 30-50 % Dividend Policy < 2,5 x Net Debt / EBITDA 10% 10% 30-50% Net Sales Margin EBITA Margin Dividend Policy 34
Slide 35: Addnode Group's Growth Journey
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Addnode Group’s Growth Journey 1 000 CAGR 900 18% 863 854 800 728 EBITA GROWTH 15% 700 640 600 500 461 400 356 327 298 300 212 200 168 171 100 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R12 Q3 EBITA, MSEK 35
Slide 36: EBITA Margin (pro forma) Improved From 9.6% To 14.9%
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 EBITA Margin (pro forma) Improved From 9.6% To 14.9% 1 200 20% EBITA Margin Target: 17% 16.8% 1 000 15.4% 14.8% 14.9% 15% EBITA MARGIN 17% 800 12.5% 12.7% 11.6% 11.8% 9.6% 600 9.2% 10% 8.3% 400 5% 200 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 37: Resilient Balance Sheet <2.5 x
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Resilient Balance Sheet 4.0x 2 000 3.5x 3.0x NET DEBT / EBITDA <2.5x 1 500 2.5x 2.0 2.0 2.0x 1 000 1.5x 1.3 1.1 1.0x 0.8 0.7 500 0.5 0.6 0.5x 0.4 0.4 0.1 0.0x 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 R12 Q3 2025 Net Debt, MSEK Net debt/EB
Slide 38: EPS Growth 2015 – 2024: 280%
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 EPS Growth 2015 – 2024: 280% 3.5 3 DIVIDEND POLICY 30-50% 2.5 38% 35% 2 48% 1.5 45% 1 53% 52% 0.5 70% 76% 82% 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividend per share (as % of EPS) Earnings per share, SEK 38
Slide 39: True Compounder with Consistent Return on Capital Employed
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 True Compounder with Consistent Return on Capital Employed 20% 19.6% 18.6% 18% 16.6% 16% 13.5% 13.8% 14% 13.0% 12.3% 12% 10.7% 10.6% 10.0% 10.0% 10% 8% 6% 4% 2% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R12 Q3 Return on Capital Emplo
Slide 40: Key Financials
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Key Financials R12 Q3 2020 2021 2022 2023 2024 2025 Net Sales (pro forma1), SEK bn 2.9 3.1 4.3 5.0 5.6 5.7 Net Sales growth (pro forma1), % 3 9 39 16 11 2 EBITA, SEK bn 0.4 0.5 0.7 0.6 0.9 0.9 EBITA (pro forma1), % 12.5 14.8 16.8 12.7 15.4 14.9 EBT,
Slide 41: Acquisitions 2025 YTD, Cont
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions 2025 YTD, Cont Congere Railit pcSKOG Genus Develops, innovates and improves Railit has extensive experience in the Genus develops, delivers, and systems and applications for the railway industry and offers innovative A market leading Sa
Slide 42: Acquisitions 2025 YTD, cont.
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions 2025 YTD, cont. TPM Inc Repro Products Inc FF Solutions SolidCAD The part of TPM that was acquired by The part of TPMReprothat Products was acquired that wasby Founded in 1995 and based in São Founded in 1996 and headquartered in Symetr
Slide 43: X10D Solutions
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 X10D Solutions As a partner to Dassault Systèmes, X10D Solutions offers a broad range of software products that enhance product development processes, complemented by own developed software extensions. Serves customers across diverse industries, inc
Slide 44: Acquisitions 2024
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions 2024 Efficture Jetas Quality Systems Optimec GPS Timber Efficture develops and offers proprietary Jetas develops and offers proprietary Optimec delivers turnkey solutions Software for timberyard logistics and software for forest and tim
Slide 45: Acquisitions 2024, cont.
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions 2024, cont. Addoceo Prime Aerostructures CTC Software Addoceo is a supplier of case A leading Dassault Systèmes Partner CTC Software addresses the growing management systems for transportation based in Vienna, Austria. Specialized in de
Slide 46: Acquisitions 2023
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions 2023 Fast2 Key Performance Team D3 Leading Swedish supplier of business Partner to Dassault Systèmes, operating One of the largest Autodesk partners in systems for real estate companies. Its in North America and Europe. Focused the US,
Slide 47: Acquisitions 2022
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions 2022 Claytex Desys Microdesk Decisive Claytex specializes in advanced DESYS service offering is based Microdesk is a Platinum partner Rule-based decision management simulation and virtual testing, on Dassault Systèmes’ platform, to Auto
Slide 48: Acquisitions 2022, cont.
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Acquisitions 2022, cont. JBL JBL’s service offering is based on Dassault Systèmes’ platform, the team adds resources and competence within oil and gas, infrastructure and renewable energy. Division Product Lifecycle Management New employees 2 Annual
Slide 49: Shareholders
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 Shareholders Managements shareholdings • Johan Andersson, CEO: 407,016 shares, 25,000 call Owner Shares class A Shares class B Share capital, % Voting rights, % options for 40,000 B-shares, 18,000 share rights for Staffan Hanstorp & Jonas Gejer 2 50
Slide 50: The Share
INTERIM REPORT JANUARY - SEPTEMBER 2025 2025-10-24 The Share 140 2000 1800 120 1600 • The number of shares and votes in Addnode Group AB (publ) has increased as a result of a new issue 100 1400 of B shares carried out in connection with Addnode Group’s acquisition of Genus AS. The number of B 1200 V
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