Meeting with the CEO and product deep-dives

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Meeting with the CEO and product deep-dives

Equity Research - 18 May 2026 08:51 CEST

Fast commentAddnode Group

Meeting with the CEO and product deep-dives BUY

• Company visit last week, focusing on AI in PLM and PM + group CEO IT

• AI use cases starting to become visible, mainly shortening R&D time ANOD.B-SE/ANODB SS and lower cost

• Q2e faces tough comps, earnings to decline, but valuation too Share price (SEK) 15/5/2026 45.85 Target price 90.00 depressed: BUY

Focus on AI use cases in PLM and PM MCap (SEKm) 6,261

Last week, we organised a trip for investors to visit Addnode's headquarter MCap (EURm) 571

in Stockholm. We met with Johan Andersson (CEO), Kristina Elfström No. of shares (m) 132.6

Mackintosh (CFO), Andreas Wikholm (President of Process Management),

Free float (%) 97.4

and Mattias Hedström (Application Architect of Product Lifecycle

Av. daily volume (k) 55Management). The main focus of the presentation was to showcase

examples of AI use cases within the two divisions. Mr. Hedström

demonstrated that AI significantly assists in virtual twin design within Next event AGM 7 May 2026

Dassault Systemes' software platform, SolidWorks, by streamlining the

process of creating requirement specifications and reducing the time and Analyst(s):

cost of product design. He also explained that pricing will likely transition daniel.thorsson@abgsc.se, +46 8 566 286 82

from subscription-based to consumption-based models as more AI use simon.granath@abgsc.se, +46 8 566 286 32

cases emerge, reducing the need for employees, which holds significant

value for customers. However, adoption remains limited as customers are

generally older and less AI-native, so far. Nevertheless, the race is on,

and the path is inevitable. As a value-added reseller, Addnode can benefit