Addnode Group-Signi cant miss across the board-07/15/2026

研报英文原文证据摘录

Addnode Group-Signi cant miss across the board-07/15/2026

Addnode Group

NEWSFLASH | 15 JUL 2026

Signi cant miss across the board

Addnode reported a weaker Q2 than expected (EBITA -27.9/25.4% vs PAS/cons.) as Design Management was negatively

impacted by a lower share of three-year contracts, the implementation of a restructuring programme (-28m), and the new

incentive system by Autodesk (-20m). Our understanding is that when adjusting for contract mix, underlying demand was

largely flat in DM as SEK -20m from the new incentive program was counteracted by +17m growth for own software and

services. Performance in PLM was stronger, bene tting from the cost savings implemented last year with EBITA +21.0/13.9%

vs PAS/cons. while PM continued to deliver stable performance. We expect to lower our OSG estimates on weaker contract

mix than previously expected as well as slightly weaker OSG in PLM, largely attributable to weakness in the automotive

sector. We have a Buy recommendation and TP SEK 98.

Highlights from the report

Signi cant miss on all line items

Sales 1.4/0.9% below PAS/cons.

OSG -11.0% vs PAS/cons. -9.3/-7.1%, of which -23% in DM, -4% PLM, +2% PM

o Adjusted for early renewals last year, OSG was -5.0%

o OSG for own software and services in DM was +7% with drag entirely attributable to a combination of early renewals last

year, fewer three-year contracts, and the new incentive program implemented by ADSK in Q1

o Of the SEK -65m in organic growth (which was not attributable to early renewals last year), 12m was related to customers

choosing one-year contracts rather than three-year contracts and SEK 50m was related to a lower share of three-year

contracts that were up for renewals compared to last year