Welcome to the Addnode Group Q2 presentation d uring the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the CEO, Johan Andersson, and CFO, Kristina Mackintosh. Please go ahead. Welcome to this report presentation for the second quarter, 2026. With me, I have Kristina Mackintosh, CFO of Addnode Group, and myself as the CEO of Addnode Group, Johan Andersson. The agenda for today is that we will talk about Addnode Group, our divisions, the cash flow and balance sheet. We will end with a Q&A where you can ask your questions to me and Kristina. You will also find an appendix in this presentation. We start by describing the quarter d uring the quarter, our business continued to develop steadily, and we have executed cost savings. What are the key highlights in Q2 2026? Adjusted organic growth was -5%. Reported growth and earnings of Design Management were affected by the renewal cycle of three-year Autodesk contracts. As expected, this affects comparability between periods but does not impact the underlying stable development of the business. The underlying organic growth for Design Management was flat in the quarter, as Kristina will explain later more in detail. Acquisitions made in 2025 in Brazil, Canada, and Norway continue to perform well. The Process Management division continues to improve EBITA is up 26%, and EBITA margin has now improved eight consecutive quarters. The Product Lifecycle Management division continues to deliver improved profitability, and EBITA was up 24%. Cash flow from operating activities improved to SEK 62 million, primarily driven by positive development in Design Management. To increase focus on new sales and fully realize synergies from our expansion, we have done an efficiency program that is expected to reduce annual cost by approximately SEK 100 million. Excluding cost for the efficiency program mentioned and early renewals in the comparative period, EBITA amounted to SEK 176 million this period, compared to SEK 168 million last period. I will come back to more details on the performance of each division, and Kristina will give you more details on cash flow and balance sheet. Thank you, Johan. I'm going to take you through the net sales development from Q2 last year to Q2 this year. Net sales amounted to SEK 1,449 million in Q2 2026, and that compares to SEK 1,457 million last year. The organic growth, as you just heard from Johan, amounted to -11%, and the decrease was mainly related to division Design Management. I will come back into more details regarding the organic growth in Design Management. Also important to see here on the graph is that early renewals of SEK 80 million is included in this graph. Contribution from acquisitions amounted to SEK 158 million and the integrations are performing well, and the acquired businesses are delivering in line with our expectations. Currency effects in this quarter amount to -SEK 7 million, and that's mainly related to US dollar, and also it lies within the Design Management division where the majority of the USD-denominated business resides. I will now hand back to Johan for net sales by category. Why do I believe that Addnode Group has a solid business and a strong position to grow. Addnode Group provides mission-critical digital solutions with high customer retention. We are positioned in a market where digitalization, AI, and increasing demands for efficiency are driving demand among our 40,000 customers. We have long-standing customer relationships, deep domain expertise, and a high level of trust from our customers. Let me remind you that the majority of our net sales is own software and services, representing the value we bring to our customers. 62% of our net sales last 12 months was from recurring revenue. We have significant opportunities to deepen our engagement with existing customers and gradually increase the share of recurring revenue. We are already seeing how AI creates value both internally and in the solutions we deliver. Our partners are also investing substantially in AI capabilities. I would like to highlight two customer examples. They illustrate how we support customers in their digital and AI transformations. The first example comes from Symetri and how they support the Hospital of the University of Pennsylvania. The hospital was looking for better ways to handle compliance and ensure quicker patient call response times. How did we do that? We did that by upgrading the system IBM Maximo and developing an AI-driven portal with a customized chatbot. This made operational information more accessible and actionable, and it's a good example of how we help customers use AI in a practical way. The second example comes from Technia w e supported Rosenxt to connecting its PLM and ERP systems with our own technology. Rosenxt is a developer of robotics, sensors, and physical AI. The integration improved data sharing and standardized product structures. It also created a scalable platform for future growth, enabling cloud-based upgrades. Both of these examples reflect a broader trend across our businesses. Customers continue to invest in solutions that improve efficiency, increase transparency, and support long-term growth. Addnode's strong customer relationships, our deep domain expertise, and the data embedded in our solutions position us well to develop and deliver new AI-enabled services. Obviously, look into our broader shareholder base t wo things that I would like to highlight. One thing is that we can see that the number of shareholders has increased during the quarter w e have moved from roughly 8,000 to 10,000. We also have a change in our top 10 shareholders a s we can see, if you compare the graphs, is that Robur is now no longer part of our top 10 shareholders as they have sold the majority of their shares during the period. Going through our three divisions: Design Management, Product Lifecycle Management, and Process Management. As you can see in this graph, our three divisions is that the biggest contributor this quarter is Process Management. Division Design Management. Symetri is the biggest company in the division i t is the world's largest Autodesk partner and the leading global provider of design and asset management solutions. We are serving more than 30,000 customers across Europe, Latin America, and North America. What are the key highlights in Q2, net sales decreased by 11% to SEK 560 million compared to SEK 627 million. Sales of partner software were affected by the timing of Autodesk contract renewals and also by the new incentive model. Our own software and services continued to generate positive organic growth, plus 7% in the quarter. The big acquisition of Autodesk partners in Brazil and Canada continued to perform well. What are we focusing on now, Symetri has had strong and rapid growth since 2021. It is now time to set the foundation for the next step in our growth journey. We are deploying a new organization in Europe and the U.S. with even more focus on new sales. We are realizing operational synergies of SEK 100 million in a cost reduction program. To make these synergies happen, we have one-off costs in the quarter of SEK 28 million. No additional costs related to the program are expected t he cost savings will have effect from Q3 2026, and we will have a full run rate effect in 2027. I would now like to hand over to our CFO, Kristina. Thank you, Johan. I'm going to take you through the Design Management, the movements of the net sales from Q2 2025 to Q2 2026. I will also explain a little bit of why the underlying business remains stable in Design division while the reported net sales is substantially impacted by the renewal patterns of multi-year Autodesk contracts. That pattern includes the timing of the renewals and also the mix between one and three year agreements. This slide describes how the reported net sales has evolved comparing to Q2 2025 to Q2 2026. In Q2 2025, net sales amounted to SEK 627 million n ow this year, Q2 amounted to SEK 560 million. I will describe the four parts, the organic and the adjusted early renewals, also the acquisitions and the currency effect. In summary, organic growth was negative by approximately SEK 145 million for the period. However, the year-on-year comparison is significantly affected by approximately SEK 80 million of early Autodesk contract renewals. A number of contracts that was originally scheduled for renewal in Q3 last year were renewed earlier, already in Q2 last year. That creates a favorable comparison base in the prior year period. Excluding this timing effect, the underlying business development was more stable than the reported growth figure suggests. I am now going to explain the -SEK 65 million that you can see in this graph. The negative organic growth of -SEK 65 million consists of two major parts. Firstly, we have a positive organic growth for our own software and services, and secondly, we have negative organic growth from a third-party software. The SEK 17 million positive organic growth equals the 7% organic growth quarter-by-quarter. The remaining -SEK 82 million, it is relating to organic growth for third-party software, that -SEK 82 million consists of three main parts. Firstly, we have a margin effect on the Autodesk partner, the new incentive model that amounts to -SEK 20 million. We also have -SEK 12 million, coming from a product mix change where we have more one-year contracts compared to three-year contracts. Also, other third-party sales are included in this amount t he additional SEK 50 million is regarding the renewal effects from a three-year cycle. That means that contracts renewed three years ago can only be renewed three years later. That is minus 50, the effect. We can also see that the big transformative acquisitions, Brazil and Canada mainly, added SEK 86 million to net sales. Currency effects were -SEK 8 million, mainly related to U.S. dollar. To summarize, our assessment is that underlying performance of Design Management remains stable with flat organic growth, looking into our own software and services, and considering the timing effect excluded from that. I will now hand back to Johan to talk more about the PLM division. Thank you, Kristina. Division Product Lifecycle Management. Technia, the company in the PLM division, is one of Europe's largest providers of design and PLM platforms to the engineering community, and North America is also a growing market. The portfolio consists of our partner, Dassault Systèmes, market-leading platform, and our own unique product and services. What are the key highlights in Q2. Net sales decreased by 1% to SEK 438 million compared to SEK 444 million last year o rganic growth decreased by 4%. We have had a clear focus in the division the last 12 months to improve margins. This has been successful, and we have improved EBITA. Sadly, 8% of the people in the organization have had to leave us as part of the process. This has affected service net sales as planned s trategically important customer segments such as aerospace and defense remain strong in demand. We had a solid quarter for Nordics, Benelux, and U.S. German market is still stagnant. EBITA increased by 24% to SEK 41 million, and EBITA margin increased to 9.4% compared to 7.4% last year. Last year's cost savings has contributed to a higher operational efficiency and leaner cost structure. Looking forward, the aerospace and defense industry is emerging as an increasingly important growth market where Technia's deep domain expertise, comprehensive offering, and global service capabilities position us strongly to capture expanding opportunities. Process Management, Process Management compromising 16 subsidiaries, is a leading provider of digital solutions to the public sector in Sweden and Norway, holding strong market positions in urban planning and development, case management, and geographic information systems. Key highlights in Q2. Net sales increased by 18% to SEK 463 million, compared to SEK 394 million last year. Organic growth increased by 2% t here is a solid demand from the public sector. We have strong market position in the public sector l ong-term experience and solid references help us win new contracts. EBITA increased by 26% to SEK 93 million, compared to SEK 74 million. EBITA margin increased to 20.1%, compared to 18.1% last year. Acquisitions and improved operational efficiency contributed to the improved margin. The EBITA margin has improved for eight consecutive quarters t he strength of the division is a highly efficient business model, driven by recurring revenue and resilient demand from the public sector. With that, I would like to hand over to our CFO, Kristina. Thank you, Johan. I'm going to take you through this graph about the cash flow and the operating activities. What you can see in Q2 now, 2026, cash flow from operating activities improved to SEK 62 million, compared to minus SEK 33 million last year. This increase was mainly attributable to changes in working capital, and also mainly from Design Division. This graph illustrates, you've seen it before, it illustrates the cash conversion over the past decade, which is calculated as free cash flow in relation to EBITA. The pink trend lines show the average cash conversion around 70% up to 2023, when we know that Autodesk changed the payment terms. Before that time, all the three years, when you signed a three-year contract, you were paid also upfront for all the three years. That changed in 2023. Now even if you sign up for a three-year contract, we take the income or the revenue for the full three years still upfront, but we only get paid one year at a time. After that temporary headwind caused by the shift in the payment terms, we are now seeing a clear upward trend in cash conversion, in line with what we have previously communicated. I would also like to remind you, it's typical for our business that working capital movements and cash conversion fluctuates between quarters, and we expect this seasonal pattern to continue, with Q2 and Q1 typically generating the strongest operating cash flow, and where Q2 and Q3 are historically been the weaker quarters. Let's have a look at the balance sheet. In this graph we are showing our balance sheet, the net debt, and the leverage. We can see now as of 30th of June 2026, net debt, including leasing, amounted to SEK 2,450 million, which is supported by around SEK 700 million in cash bank. The leverage amounted to 2.5, which is a result of the acquisition activity, and the leverage remains within the group controlled range, about 2.5 ceiling. During 2025 and into 2026, we completed 11 acquisitions, which have resulted in a temporary increase in leverage. We are focusing on integrating these acquisitions in the business, as well as de-leveraging and on our balance sheet resilience. We also expanded the facilities and currently have around SEK 800 million in available unutilized capacity. Also to add on to that, liabilities related to acquisitions amounted to SEK 620 million, of which contingent considerations are around SEK 540 million. I would just like to hand back to Johan now for one of the final slides. Thank you, Kristina. Addnode Group's growth journey w hat is the strength of our business model, making it possible to deliver a compounded annual growth rate of 19% over a 10-year period. Addnode Group's business model is based on a strong combination of recurring revenue, organic growth, and strategic acquisitions. We work constantly to boost efficiency and the profitability of our companies. Our financial target is to improve EBITA with 15% yearly over time. Comparability between periods is affected by the renewal cycle of three-year Autodesk contracts, but it does not impact our underlying performance year-over-year. We have proved that we can double our EBITA every five years. Addnode Group is well-positioned w e have a solid foundation for continued growth and long-term value creation, supporting our 40,000 customers. With that presentation of Q2, we would like to open up for Q&A If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Erik Larsson from SEB. Please go ahead. Hi. I have three questions. First off, just a clarification on these SEK 100 million in savings. When you say that half will be realized in 2026, does that mean SEK 50 million of savings in 2026, or rather that the run rate heading into 2027 will be SEK 50 million? Yes. We expect about half of that as the program now was implemented in Q2, we expect about half of that being realized from the H2 2026. The full. Okay Effect will be from 2027. All right, perfect. These SEK 20 million in negative impact on net sales from the changed compensation from Autodesk. Is it fair to assume a similar number roughly in the coming quarters? I understand you want to close the gap, of course, but can we roughly expect a similar number? As I stated, the impact in Q2 is SEK 20 million, and that number is affecting our ability to do new sales and also to reach certain target. I think that is the best estimation as we have today w e don't really see it going up i t's the best estimation that we have today. Okay. Then just a final general question. I appreciate the color you give here in the presentation, and you write in the report that Design has a stable underlying business with a growing customer base, et cetera, but obviously it's very difficult for the market to digest that when just seeing top line and earnings. How are your discussions in terms of increasing transparency here even more, like sharing the share of three-year deals or number of customers, et cetera? Just any thoughts would be interesting. Very good question. Yes, we will continue to work on that. Part of that, we provided you with a flow chart today to see what the components were to make it available that we have a flat development in the comparison here. We will definitely work with that going forward. Okay. Thank you very much. That's all from me. The next question comes from Daniel Thorsson from ABG Sundal Collier. Please go ahead. Yes. Thank you very much. I also had a question on the SEK 20 million lower sales in Design. I understand the mix between one and three-year contracts, the timing of renewal and so on, but this changed incentive model, did this happen in Q2, or was this known before? The changes is from February i t follows the sort of the Autodesk year, so starts in February. We had two months in the first quarter, but as that was a new model, we needed another quarter to see the full effect of the program. Now we are in a position to provide you with a fair number. Okay. The practical effect is what? Is it a lower kickback for you or what is the practical effect? Yes. It's a lower kickback. Okay. It's dependent on several factors i t's not just a percentage i t's our ability to do new sales, reaching different targets, and then you get certain kickbacks i t's a line model. Yeah. Okay. I see. Also on Design, comps get much easier now, of course, in Q3. Do you still stick to your CMD comments from September last year that 2026 will deliver low single-digit organic growth in Design in 2026, or should we see that as history now? Yes, I think we discussed this, [Thorsson] as well. We still believe that we're going to have organic growth in Q4, and we're going to see that in Q3, and we're going to see that going forward. That has not changed with these changes in margin. We still believe that we are in a low point with regards to renewal cycles, meaning that from now it should become better, and you will see that in Q3, and you will see effect in Q4, and you will also see that in 2027, as this is sort of a low turning renewal rate. That means 2027 we'll see ourselves in a better position as well. Okay. There is a risk that 2026 full year will be a slightly negative number, I guess then? That might be, yes, for a full year g oing forward from now, you will see organic growth in this dimension. Okay. Clear. Also the final one on Design, customers buying more one-year licenses, same as Q1. Is it because there is an Autodesk push, pushing them to do it, or is it because they want to do it for different reasons? There are two reasons o ne is that if you remember the discussion about the early renewals, that was driven by that the customer can't renew certain contracts as a three-year. They must renew it as one year. One-third of the three-year contracts cannot be renewed as three-year, it will be automatically be renewed as one-year contracts. That's a driving force. I think that's sort of the most predominant force that we can see who drives it. You don't have any sort of incentives. Historically, you have the financial incentive for renewing as a three year contract, basically meaning a discount. There are no discounts on three year contracts compared to one year contracts t he benefit that you get is that you lock the price for three years Okay, I understand. That's clear. Thank you very much. Thank you. The next question comes from Daniel Djurberg from Handelsbanken. Please go ahead. Thank you, operator. Hi Johan and Kristina. Hi Daniel. A couple of questions from my side as well. Starting off, a question on design. Have you seen any implication on the revenues by any changes in revenue model from Autodesk going away a little bit from seat-based into more value-based models, or is it too early to see anything from that? When we sell to our customer, we sell subscriptions, we sell consumption-based tokens. We already have that mix in our net sales. Percentage-wise, we can see a higher growth in the consumption-based token model. That means that basically a normal customer buys a certain amount on a subscription, then they top it up with the tokens, basically the consumption-based for the less users of the systems to get a good mix for them. Okay, would you say that the net effect there year-over-year with regards to total revenues, is it down, flat or up, just to understand the? No, it's not down. We can see that it's been moving away, we can't see the negative effect of that from the model. Sometimes a customer can go up and down depending on how many users they have, that follows more that function. Yeah. Perfect. Also on the restructuring program of optimization here in design. I guess you will need to reduce some people also. It will also impact the sales and the R&D organization some, or it's mainly in admin, et cetera? We're doing it for two reasons i t's a very good question. One is the obvious that we have had a very rapid growth in Symetri for the last five years. I think we are almost triple net sales in five years period. If you go back three years ago, we didn't have any operation in the U.S., it was time for it to realize these synergies. Those synergies, you will find mostly in sales, administration, delivery, not so much in R&D because that's a focus area going forward necessarily to drive organic growth. In that sense, the second part that we're doing is that we are transforming some of the sales operation, moving from more of a renewable-based sales to more of an offensive new sales. It's a mix of realizing the synergies from the rapid growth and also shifting some of the sales efforts, for example, to new sales efforts and making sure that we can also get our new products and services to the market. Perfect. My last question would be a little bit on communication, governance, and so on. We have, as you rightfully showed, a really good EBITA CAGR, 90% last 10 years, but shares now down like 75% in 12 months and so on. What could you have done something different to mitigate this effect some, and also how to improve market trust in your operations going forward? Thank you, Daniel. It's a very good question. We can definitely do more of the communication and provide more data and more confidence for the future. It's an ongoing discussion. Yeah, we'll stay tuned. Thanks. That's all. Thank you. The next question comes from Thomas Nilsson from Nordea. Please go ahead. Thank you very much for taking my question. Looking at your balance sheet, you have SEK 2,450 million of net debt. You also have SEK 542 million of contingent considerations. Combining this, we would have net debt, including contingent considerations of about SEK 3 billion. When comparing this to your rolling 12 month EBITDA of SEK 995 million, this would put net debt EBITDA, including contingent considerations at around 3.0x, which is above your financial target of 2.5x. Could you perhaps talk a bit about what are the covenants on your bank debt, and did you see any scenario where you would perhaps need to raise more capital given the balance sheet and how it's structured? Yes, I'm taking that question. We have regular covenants in our banking facilities that we are aligned with, so that is not a problem. Also these contingent liabilities are to the previous sellers of the companies. They are not interest-bearing in that sense, so not included in the reported net debt of EBITA. Concluding on that, we are in line with our covenants and also including the contingent liabilities. Okay. Thank you. The next question comes from Fredrik Nilsson from Redeye. Please go ahead. Thank you. Hi, Johan and Kristina. I wonder about your own software in Symetri. How closely connected is the sales process of your own software to the sale of an Autodesk license? Thank you, Fredrik. Yes, it is connected because that also what brings value to the customers. The customers see that we are able to use our knowledge to invest in software that provides value on top of the Autodesk platform that we are selling. Yes, it's very much connected. Having said that, we are also selling software separately as well to different customers. It's connected, it's part of the offering, and it's usually bundled to our customers in the sales process. Okay, I see. Thanks. I know you might not be willing to disclose this figure, but looking at the three-year deals, there's no major benefits of it left, basically. Is it approaching a very, very low share of sales? Could you perhaps give some flavor on that? No. The short answer is no, it's not a low percentage. It's still a big part of the sales that we are doing, but it's a portion that are decreasing over time, but it's still a significant part of the business, the three-year deals. I see. That's clear. Last question from me. Aerospace and defense in PLM continues to grow well. How large is it as a share of PLM today, and what's the growth rate, approximately? If you add aerospace together with defense, then you have to add what we're doing for the civilian part as well. It's almost 15% of the PLM division, one five, and it's a growing part. We are providing both the platform and services, and it's also the base of Dassault Systèmes, our partner. They actually started as the CAD department in Dassault Aviation some 30 years ago and has developed from that. It's a platform that is broadly adopted in use in the aerospace and defense, and we've been working with customers basically since the foundation of Technia in 1994. Great. That's all for me. Thank you very much. Thank you. The next question comes from Mikael Laséen from DNB Carnegie. Please go ahead. Hi, thanks for taking my question. I have a couple of questions. The first one is if you can explain the difference between renewal-based sales and new sales. What changes do you need to implement to optimize that organization and the focus on renewals, or, sorry, on new sales, of course? Thank you. New sales is going after new customers, new selling them the new platform, and also to existing customers selling them new modules. Renewal, that means basically that what we sold a year ago or three years ago, we would like the customer to renew that. That means that we are striving all the time to automate as much as possible of the renewal sales, both in how we go to the customers and how we do the administration of that. It's a constant effort to automate that. If we automate, then we have the resources that we can invest in the organization to drive new sales. That's basically the move that we are going for. Okay. How long does it take for you to be aligned with this new incentive structure? Most of the parts we are up and running, so we will see effect of this in the second half of this year. Okay. All right. I have a follow-up on this mix shift between one-year and three-year contract duration for the Design segment. Can you maybe repeat and clarify this underlying trend towards more one-year contracts, how fast this could develop and the magnitude, and if you can grow organically despite going towards more short-term contracts? I think just to add to what Kristina described earlier, you can see in the water flow between the quarters, you had roughly SEK 12 million of the negative organic growth that was related to the shift from three to one-year contracts, to give you a magnitude of it. That's this quarter, going forward, is this the run rate that we should expect, or will it accelerate, and what is sort of the end state here when this is more in balance? What do you think? We don't believe that the three-year contracts in the near term will cease to exist and not be part of the offering. We still believe that it's going to be part of our offering. What we can see is that there's a shift from going from one point of three-year contracts to another i t will not disappear. We can see the shift, and right now we can see that one third of the contracts as I described earlier, one third of the contracts will probably move away as they cannot be renewed. We will see a shift on that going forward. Okay. This is sort of baked into your plan to grow EBITA over time, and so you will manage this despite this. Yes. We will dynamics. Yep, we truly believe that. We have shown over the year that we have a really adaptive organization who can handle these things that we have done the last 30 years. We truly believe that. Okay. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you all for listening to our presentation and all good questions. Thank you. Thank you.