Addtech AB-Strong profitability supported by mix and accretive acquisitions-05/20/2026

Research evidence excerpt

Addtech AB-Strong profitability supported by mix and accretive acquisitions-05/20/2026

Addtech AB

NEWSFLASH | 20 MAY 2026

Strong profitability supported by mix and accretive acquisitions

0% OSG against difficult comparatives was expected while a 1pp greater FX headwind resulted in sales 1.4/1.3% below

PAS/cons. Positive mix, margin accretive acquisitions, and revaluations of earnouts resulted in EBITA that was 7.7/9.4%

above PAS/cons. When adjusted for earnouts however, the beat was more limited at 2.9/4.5% above PAS/cons. Mgmt. noted

continued solid demand within electrical infrastructure, special vehicle and defence while construction was weaker. Largely

reflecting similar comments by LAGR yesterday. Expect shares to trade slightly above mkt on stronger profitability across

several BAs after adj for earnouts. We have a Buy rating and TP SEK 380.

Highlights from the report

OSG in line with expectations at 0%, 1pp stronger currency headwind resulted in 1.4/1.3% sales miss vs PAS/cons.

Strong profitability however, supported by favourable mix and acquisitions

EBITA adj. for revaluations of contingent considerations beat of 2.9/4.5% vs PAS/cons.

Revaluations of contingent considerations elevated EBITA by SEK 45m

Mgmt. notes continued strong demand within electrical infrastructure, special vehicles and defence

o See favourable conditions for a continued high acquisition pace

o Note high customer activity and strong long-term demand

Conclusions for the share

We currently have a Buy rating and TP SEK 380

We expect shares to trade slightly above mkt.

Will likely leave sales intact and raise margins slightly on stronger profitability across several BAs adj. for earnouts

Conference call at 10:00 - LINK

Deviation table:

Addtech - deviation table