Slides
Page 1
Addnode Group 8/01/2026SEB COPENHAGEN 1
Page 2
8/01/2026SEB COPENHAGEN 2 Net Sales In connection with the transition to Autodesk’s new transaction model, Addnode Group was considered an agent for these and some other third party agreements. As an agent, revenue is recognized in an amount corresponding to the gross profit to which Addnode Group is entitled in exchange for arranging for the third party to provide the specified products. This new revenue recognition model has been applied since the fourth quarter of 2024. Pro Forma Net Sales In today’s presentation, to make comparison possible over a longer period of time, Pro Forma Net Sales has been prepared based on the assumption that Autodesk's new transaction model and the reclassification of third-party agreements had been in effect as of January 1, 2015. Pro Forma EBITA Margin As a consequence of the new revenue recognition model, Addnode Group’s EBITA margin has increased. In today’s presentation, to make comparison possible over a longer period of time, Pro Forma EBITA margin has been prepared based on the assumption that Autodesk's new transaction model and the reclassification of third-party agreements had been in effect as of January 1, 2015. Amounts and Currency All amounts are presented in millions of Swedish Kronor (MSEK) unless indicated otherwise. Definitions in this Presentation
Page 3
8/01/2026 SEB COPENHAGEN 3 Digital Solutions for a Sustainable Future ADDNODE GROUP Design Management Product Lifecycle Management Process Management • Addnode Group Operates, Acquires and Develops Entrepreneurial Companies that Provide Digital Solutions • Mission-critical Software with High Customer Retention and Switching Costs • Net sales just below 6,000 MSEK • Decentralised organisation with 20 companies in three divisions • Organic growth and acquisitions drives growth 20 Countries Continents 5
Page 4
8/01/2026SEB COPENHAGEN 4 Focus on a Few Verticals with Structural Growth • Digitalization • AI / Automation • Smart Cities • Sustainability
Page 5
41% 24% 35% Partner Software Own Software Services 8/01/2026SEB COPENHAGEN 5 Mission-critical Solutions with High Customer Retention 2025 R12 Q3 63% Recurring Revenue 2025 R12 Q3
Page 6
8/01/2026SEB COPENHAGEN 6 Solid Foundation of Recurring Revenue Provides Predictability (pro forma1) 63% Recurring Revenue 2025 R12 Q3 1) Pro forma figure (net sales adjusted for comparison) has been adjusted to reflect a scenario in which the new transaction model for partner software and reclassification of third-party agreements (effective from 2024) had been in place since 2015. 47% 52% 55% 55% 58% 59% 59% 59% 59% 62% 63% 0 1 2 3 4 5 6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R12 Q3 Recurring Revenue Non-Recurring Revenue SEK bn
Page 7
8/01/2026 SEB COPENHAGEN 7 A Global Group 20 5 Net Sales (pro forma1) R12 Q3 2025 Countries Continents Sweden 35% USA 22% UK 14% Germany 13% Other 16% 1) Pro forma figure (net sales adjusted for comparison) has been adjusted to reflect a scenario in which the new transaction model for partner software and reclassification of third-party agreements had been in place in 2024.
Page 8
8/01/2026SEB COPENHAGEN 8 Status and Focus Net Sales by Category Design Management Net Sales (pro forma) and EBITA 0 100 200 300 400 500 600 0 500 1000 1500 2000 2500 3000 2021 2022 2023 2024 R12 Q3 2025 Net Sales (pro forma), SEKm EBITA, SEKm Own Software 27% Third Party Software 39% Services 32% Other 2% • Leaving behind a period of changes in transaction model • Global expansion of Symetri as the #1 Autodesk partner ‒ Canada ‒ Brasil ‒ US • Focus on increasing own Software portfolio
Page 9
8/01/2026SEB COPENHAGEN 9 Status and Focus Net Sales by Category Product Lifecycle Management Net Sales (pro forma) and EBITA 0 50 100 150 200 0 500 1000 1500 2000 2021 2022 2023 2024 R12 Q3 2025 Net Sales (pro forma), SEKm EBITA, SEKm Own Software 10% Third Party Software 61% Services 28% Other 1% • A year of setting the foundation for expansion as leading Dassault partner • Successful cost reduction program • Germany biggest market
Page 10
8/01/2026SEB COPENHAGEN 10 Status and focus Net Sales by Category Process Management Net Sales and EBITA 0 50 100 150 200 250 300 0 250 500 750 1000 1250 1500 2021 2022 2023 2024 R12 Q3 2025 Net Sales, SEKm EBITA, SEKm Own Software 48% Third Party Software 7% Services 44% Other 1% • Focus on GIS and Case Management • Slow market with less tenders • Margin increase (both organically and acq) • Increased pace of acquisitions
Page 11
1,742 2,046 2,306 2,569 2,785 2,856 3,124 4,339 5,020 5,556 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 8/01/2026SEB COPENHAGEN 11 Organic and Acquisition-led Growth Strategy 11 4% 14% 6% 7% 3% 8% 4% 4% -1% 4% 3% 7% 12% 26% 3% 13% 5% 6% 3 10 4 3 4 4 5 3 7 Net Sales (pro forma1), SEK bn Organic Growth, % Acquired Growth, % # of Acquisitions CAGR 14% 1.7 2 2.3 2.6 2.8 2.9 3.1 4.3 5.0 5.6 1) Pro forma figure (net sales adjusted for comparison) has been adjusted to reflect a scenario in which the new transaction model for partner software and reclassification of third-party agreements (effective from 2024) had been in place since 2015.
Page 12
Valuation EBITA multiples (asset-light businesses) Stand-alone valuations 4–10x EBITA Earnouts to bridge valuation gaps What we Look for Mission-critical software Strong customer retention and high switching costs Entrepreneurs and management teams (founders encouraged to stay on) Cultural fit Proven, profitable business models Adding Nodes Geography Consolidation and expansion in existing markets New customer segments Technology 8/01/2026SEB COPENHAGEN 12 M&A Supporting Strategy and Organic Growth Compounding Return Over Time
Page 13
Optimec Consultants Jetas Quality Systems Efficture GPS Timber Addoceo Prime Aerostructure CTC Software Unizite Excitech Netpublicator Apps Scanscot 8/01/2026SEB COPENHAGEN ~90 Acquisitions Since Inception of Addnode Group 2003 Technia Centus Ida Infront Curalia Solid Engineer Solution Provider Transcat Evitbe IT-Energy Ravalik Sikroma Strand Interconnect Arkiva Athena BSD Cadi Mapfactory Faester Sci Decernogruppen Mittbygge Tekis CDlight Geosol Kartena CAD Teknikk Spatial Technology Voice Provider Abou Basepoint Cad-expert Oy Joint Collaboration Alarmos EG Engineering Symetri 5D Systemkonsult Essvision Stamford SWG Intrinsys Infostrait Canella Forsler & Stjerna Adtollo Apricon Kompanion MCAD Inport Cadassist Landborgen SSA Simuleon IntraPhone KPASS Majenta S-Group Solutions Elpool Procad Budsoft Claytex Desys Microdesk Decisive JBL Fast2 Key Performance TeamD3 Congere Railit PCskog Genus Repro Products TPM FF Solutions SolidCAD X10D Solutions ACAD-plus CAD-Q Prosilia Transcat GmbH 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 20242005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 13
Page 14
8/01/2026SEB COPENHAGEN 14 Acquisitions Q4 2025 ACAD-Plus • A premier provider of CAD-based space management and facilities optimization software. • Based in Houston, Texas, USA. • Its flagship product, FMG-Pl us, is a powerful AutoCAD add-on that seamlessly integrates with other third-party platforms. • A strong footprint in higher education, serving over 150 public and private universities, and a growing public sector client base. • Net sales amounted to SEK 12 m in 2024. 5 employees. X10D Solutions (Sweden) • 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. • Strengthens Technia’s strategic capabilities in the Nordics. • Net sales amounted to SEK 40m in 2024. 15 employees. • Will be consolidated as part of Technia in division Product Lifecycle Management Solidcad (Canada) • An Autodesk Platinum Partner and the market leader in digital solutions for Canada’s design, construction and manufacturing industries. • Expands Symetri’s reach across the Americas, adds 6 000 customers. • For 2025, net sales expected to amount to SEK 280m and EBITA to SEK 120m. 150 employees. • Purchase price SEK 850m, additional SEK 204m contingent on future financial performance. Positive EPS impact expected from time of consolidation. • Consolidated as part of Symetri in Design Management.
Page 15
8/01/2026SEB COPENHAGEN 15 We attract Entrepreneurs Mainly unstructured Processes Initiated Investments Discussed with Addnode central M&A Team Strategic rational investment criteria Deals Prioritized by Division Heads Around 20% inbounds, 80% via network Hundreds of Investments Evaluated Avg. 12-18 months from contact to purchase 5-10 Acquisitions
Page 16
10% EBITA Margin 30-50% Dividend Policy 10% Net Sales Margin <2,5x Net Debt / EBITDA 8/01/2026SEB COPENHAGEN 16 Financial Targets 15% EBITA Growth 17% EBITA Margin 30-50% Dividend Policy
Page 17
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% LTM FCF/EBITA Average 8/01/2026SEB COPENHAGEN 17 Business Model with Strong Cash Generation Changed Payment Terms Definition of Cash Conversion: R12 FCF / EBITA 3 Year Payments 1 Year Payments 70%
Page 18
EBITA Margin Target: 17% 8/01/2026SEB COPENHAGEN 18 EBITA CAGR, 2015 – Q3’2025 R12: 18% EBITA MARGIN 17% EBITA GROWTH 15% 9.6 8.3 9.2 11.6 11.8 12.5 14.8 16.8 12.7 15.5 14.9 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0 100 200 300 400 500 600 700 800 900 1000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 R12 EBITA, MSEK EBITA Margin, %
Page 19
8/01/2026SEB COPENHAGEN 19 2025 Setting the Foundation for 2026 Organic Growth and Efficiency Acquisitions •C onstantly developing our offerings • AI is a focus • Several actions implemented to increase efficiency ‒ Cost reductions ‒ Adapted division structure • Invested approximately SEK 2 bn in acquisitions in 2025, expected to contribute with net sales of app. SEK 700 m and strengthen the EBITA margin • Increased the organisation focused on both sourcing and integration of M&A Balance Sheet / Cash flow / Financials • Change to new transaction model in Design Management completed • Cash flow expected to pick up as we reach a full 3-year cycle for the payment changes of ADSK Multi year • Better processes for cash flow • Renegotiated and increased financing .
Page 20
8/01/2026SEB COPENHAGEN 20 Why Invest in Addnode Group Offering Digital Solutions Consistent Return on Capital EmployedWith a Proven 2X Strategy • Mission-critical Software • High Customer Retention and Switching Costs • Growing End-User Markets • Balanced and Disciplined Risk Profile • Diversification and Operational Resilience • Focus on Cash Flow, Capital Allocation and a Solid Balance Sheet • Proven Business Model with Recurring Revenue • Organic Growth and M&A • Improved Margins (M&A, Investments and Internal Efficiency)
Page 21
8/01/2026SEB COPENHAGEN 21 Thank You for Today!