Addnode earnings rose sharply in the third quarter of 2026, with EBITA increasing 68% to SEK 250 million as sales growth and efficiency gains supported profitability. The results, released on October 23, also benefited from a depressed year-earlier comparison caused by Autodesk contract renewals moving between quarters.
Key Takeaways
- Net sales rose 10% to SEK 1.438 billion, including 3% organic growth.
- The EBITA margin reached 17.4%, but renewal timing had reduced the prior-year quarter’s earnings.
- Management completed its efficiency program and secured a ten-year Stockholm software contract worth approximately SEK 100 million.
Table of Contents
- Addnode earnings improve against a weaker comparison
- Cost savings support margins despite uneven demand
- Stockholm contract adds long-term recurring revenue
- Renewal timing remains important for the outlook
- Conclusion
Addnode earnings improve against a weaker comparison
Addnode’s third-quarter 2026 interim results showed EBITA rising from SEK 149 million to SEK 250 million, with the margin increasing from 11.4% to 17.4%. The company identifies this earnings measure as EBITA, rather than EBITDA.
The comparison requires care. Autodesk agreement renewals brought forward into the second quarter of 2025 reduced third-quarter 2025 net sales by approximately SEK 80 million and EBITA by approximately SEK 70 million. That weaker base amplified the reported year-over-year improvement in 2026.
Chief Executive Johan Andersson attributed the earnings improvement to organic growth, acquisitions and greater efficiency. Currency movements added SEK 17 million to sales and SEK 3 million to EBITA in the latest quarter.
The improvement also reached the bottom line: net profit increased to SEK 109 million from SEK 54 million. However, nine-month net profit remained below the prior year, at SEK 242 million versus SEK 247 million.
| Item | Details |
|---|---|
| Operating profit | Q3 2026: SEK 159 million; Q3 2025: SEK 74 million. |
| Operating margin | Q3 2026: 11.1%; Q3 2025: 5.6%. |
| Earnings per share | Q3 2026: SEK 0.80; Q3 2025: SEK 0.40, before and after dilution. |
| Nine-month net sales | January–September 2026: SEK 4.419 billion; prior-year period: SEK 4.229 billion. |
Cost savings support margins despite uneven demand
Management said the efficiency program launched in the second quarter was complete and would reduce the annual cost base by approximately SEK 100 million. It expects half of the savings in the second half of 2026 and the remainder in the first half of 2027. Restructuring costs were recognized in the second quarter rather than the third.
Andersson said Design Management benefited from both operational performance and cost savings, with growth and strong server sales supporting the quarter. Process Management achieved a 24% margin, helped by acquisitions, good utilization and execution, although he cautioned against expecting continued quarterly expansion of one percentage point.
Demand was not uniformly strong. Product Lifecycle Management recorded a 3% organic sales decline, while Andersson described the German market, particularly automotive, as stable at a low level rather than deteriorating further.
Stockholm contract adds long-term recurring revenue
Addnode signed its largest contract to date for its own software: a ten-year agreement with the City of Stockholm worth approximately SEK 100 million.
Andersson said the contract would bring roughly SEK 10 million in annual recurring revenue, with a small implementation-services component at the outset. He stressed that the agreement did not explain Process Management’s strong third-quarter margin.
Recurring revenue represented 62% of group net sales. Operating cash flow also improved, reaching SEK 9 million compared with an outflow of SEK 64 million a year earlier. Management noted that the third quarter is normally the weakest cash-flow period because maintenance agreements are invoiced in the fourth and first quarters.
Renewal timing remains important for the outlook
Management expects the Autodesk three-year renewal cycle to weigh on reported net sales in 2026, while more three-year agreements are expected to renew in 2027 and support organic growth. That is an expectation based on the existing contract base and historical renewal patterns, not a completed sales outcome.
For the fourth quarter of 2026, Andersson expects Design Management’s organic performance to be roughly in line with the strong year-earlier quarter. The near-term outlook therefore combines further cost-program benefits with limited expected organic growth in that division.
Conclusion
The next test for Addnode earnings is fourth-quarter delivery: management expects Design Management to broadly match its strong prior-year organic performance while cost savings continue to take effect. The anticipated increase in Autodesk renewals remains a 2027 expectation.
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