Welcome to this report presentation for the second quarter 2026. We will guide you through the quarter.

With me I have Kristina Åström Mackintosh, CFO of Addnode Group, and myself is 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, and we will end with the Q&A where you can ask your questions to me and Kristina, and you will also find an appendix in this presentation.

We start by describing the quarter. During 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 3-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.

Process Management division continues to improve. EBITA is up 26%, and EBITA margin has now improved 8 consecutive quarters.

The Product Lifecycle Management division continues to deliver improved profitability, and EBITA was up 24%. Cash flow from operating activities improved to 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 100 million. Excluding cost for the efficiency program mentioned and early renewals in the comparative period, EBITA amounted to 176 million this period compared to 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 1,449 million in Q2 2026, and that compares to 1,457 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 80 million SEK is included in this graph.

Contribution from acquisitions amounted to 158 million SEK, and the integrations is performing well, and the acquired businesses are delivering in line with our expectations. Currency effects in this quarter amounts to -7 million SEK, and that's mainly related to US dollar, and also lies within Design 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, and 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. It's a good example of how we help customers use AI in a practical way.

The second example comes from Technia. We supported Rosnext to connecting its PLM and ERP systems with our own technology.

Rosnext 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.

Looking to our broader sharehold base, two things that I would like to highlight. One thing is that we can see that the number of shareholders has increased during the quarter.

We have moved from roughly 8,000 to 10,000. We also have had a change in our top 10 shareholders.

As we can see if you compare the graphs is that Robur is now not 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. It is the world's largest Autodesk partner and a 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 Q1 in Q2?

Net sales decreased by 11% to 560 million compared to 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, +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 a strong and rapidly 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 US with even more focus on new sales.

We are realizing operational synergies of 100 million in a cost reduction program. To make this synergy happen, we have one-off costs in the quarter of 28 million.

No additional costs related to the program are expected. The 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.

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 1- and 3-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 627 million SEK.

Now this year, Q2 amounted to 560. 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 145 million SEK for the period. However, the year-on-year comparison is significantly affected by approximately 80 million SEK 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, and 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'm now going to explain the -65 million SEK that you can see in this graph. The negative organic growth of -65 consists of two major parts.

Firstly, we have a positive organic growth for our own software and services. Secondly, we have negative organic growth from a third-party software.

The 17 million SEK positive organic growth equals the 7% organic growth quarter-by-quarter. The remaining -82 million SEK is relating to organic growth for third-party software.

That -82 consists of three main parts. Firstly, we have a margin effect on the Autodesk partner, the new incentive model, that amounts to -20.

We also have -12 million SEK coming from a product mix change where we have more 1-year contracts compared to 3-year contracts. Also, other third-party sales is included in this amount.

The additional 50 million SEK is regarding the renewal effects from a 3-year cycle. That means that contracts renewed 3 years ago can only be renewed 3 years later.

That is -50, the effect. We can also see that the big transformative acquisitions, Brazil and Canada mainly, added 86 million SEK to net sales.

Currency effects was -8 million, mainly related to US 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 products and services.

What are the key highlights in Q2? Net sales decreased by 1% to 438 million compared to 444 million last year.

Organic 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 has had to left us as part of the process.

This has affected service net sales, as planned. Strategically important customer segments, such as aerospace and defense, remain strong in demand.

We had a solid quarter for Nordics, Benelux, and US. German market is still stagnant.

EBITA increased by 24% to 41 million, and EBITA margin increased to 9.4% compared to 7.4% last year. Last year's cost savings has contributed to higher operational efficiency, 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, comprising 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 463 million compared to 394 million last year.

Organic growth increased by 2%. There is a solid demand from the public sector.

We have strong market position in the public sector, long-term experience, and solid references help us win new contracts. EBITA increased by 26% to 93 million compared to 74 million, and 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 8 consecutive quarters.

The 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 62 million SEK compared to -33 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 3 years when you signed a 3-year contract, you were paid also up front for all the 3 years. That changed in 2023.

Now, even if you sign up for a 3-year contract, we take the income or the revenue for the full 3 years still upfront, but we only get paid 1 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. 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're showing our balance sheet, the net debt and the leverage.

We can see now that as of 30th of June 2026, net debt including leasing amounted to 2,450 million, which is supported by around 700 million in cash bank. The leverage amounted to 2.5, which is a result of the acquisition activity.

The leverage remains within the group control range about 2.5 ceiling. During 2025 and into 2026, we completed 11 acquisitions, which have resulted in a temporary increased in leverage.

We are focusing on integrating these acquisitions in the business, as well as deleveraging and on our balance sheet resilience. We also expanded the facilities, and currently have around 800 million SEK in available unutilized capacity.

Also to add on to that, liabilities related to acquisitions amounted to 620 million SEK, of which contingent considerations are around 540 million SEK. I would just like to hand back to Johan now for one of the final slides.

Thank you, Kristina. Addnode Group's growth journey.

What is the strength of our business model making it possible to deliver compound 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 3-year Autodesk contracts, but it does not impact our underlying performance year-over-year. We have proved that we can double our EBITA every 5 years.

Addnode Group is well-positioned. We 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.

Hi. I have three questions.

First off, just a clarification on these 100 million in savings. When you say that half will be realized in 2026, does that mean 50 million of savings in '26, or rather that the run rate heading into '27 will be 50?

Yes. We expect about half of that, as the program now was implemented now in Q2, we expect about half of that being realized from the H2 2026.

Then the full will be from 2027. Okay.

All right, perfect. Then these 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 stated, the impact in Q2 is 20 million, and that number is affected on our ability to do new sales and also to reach certain target. I think that is the best estimation as we have today.

We don't really see it going up. It'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, etc. 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 3-year deals or number of customers, etc.? Just any thoughts would be interesting.

Very good question. Yes, we will continue to work on that, and part of that we provided you with a flowchart 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 for me.

Yes. Thank you very much.

I also had a question on the 20 million lower sales in Design. I understand the mix between 1- and 3-year contracts, the timing of renewal, and so on.

This changed incentive model, did this happen in Q2, or was this known before?

The changes is from February. Because it follows in sort of the Autodesk year, starts in February.

We had 2 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 dependent on several factors.

It's not just a percentage. It's our ability to do new sales, reaching different targets, and then you get certain kickbacks.

It's a lie model.

Yeah. I see.

Then also on Design, comps get much easier now, of course, in Q3, but do you still stick to your CMD comments from September last year that '26 will deliver low single-digit organic growth in Design in '26, or should we see that as history now?

I think we discussed this the last event as well. Yes, we still believe that we're going to have organic growth in Q4, and we're going to see that in Q3.

We're going to see that going forward. That has not changed with this 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 affecting Q4, and you will also see that in 2027 as this is sort of a low turning renewal rate. That means that 2027 will see ourselves in a better position as well.

There is a risk that '26 full year will be a slightly negative number, I guess, still?

That might be, yes, for full year. Going forward from now, you will see organic growth in Design Management.

Okay. Clear.

Then also final one on Design: customers buying more 1-year licenses same as Q1, is it because there is an Autodesk pushing them to do it, or is it because they want to do it for different reasons?

There are two reasons. One 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 3-year.

They must renew it as 1-year. So, 1/3 of the 3-year contracts cannot be renewed as 3-year, it will automatically be renewed as 1-year contracts.

That's a driving force. I think that's sort of the most predominant force that we can see who drives it.

Then you don't have any sort of incentives. Historically, you had a financial incentive for renewing as a 3-year contract, basically meaning a discount.

There are no discounts on 3-year contracts compared to 1-year contracts. The benefit that you get is that you lock the price for 3 years.

Yeah. I understand.

That's clear. Thank you very much.

Thank you.

Thank you, operator. Hi, Johan and Kristina.

Couple of questions from my side as well. Starting off a question on Design.

Have you seen any implication or on the revenues by any changes in revenue models from Autodesk going in a way, a little bit from seat-based into more value-based models, or is it too early to see anything from that? Hi, Daniel.

When we sell to our customer, we sell subscriptions and 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 in a subscription, and then they top it up with 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 is with regards to total revenues, is it down, flat, or up, or just to understand the

No, it's not down. We can see that it's been moving.

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, so that follows more that function.

Perfect. Also on the restructuring program of optimization here in Design, I guess you need to reduce some people also.

Will it also impact the sales and the R&D organization some, or it's mainly in admin, etc., etc.?

We're doing it for two reasons. It's a very good question.

One is the obvious that we have had a very rapid growth in Symetri for the last 5 years. I think we have almost tripled net sales in 5 years' period.

If you go back 3 years ago, we didn't have any operation in the US, it was time for 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 renewal-based sales to more of 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 rightly showed, a really good EBITDA CAGR of 19% last 10 years, but shares now down 75% in 12 months, and so on. What could you have done something different to mitigate this effect, and also how to improve market's 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.

We'll stay tuned. Thanks, that's all.

Thank you.

Thank you very much for taking my question. Looking at your balance sheet, you have 2,450 million SEK of net debt.

You also have 540 million SEK of contingent considerations. Combining this, we would have net debt including contingent considerations of about 3 billion SEK.

When comparing this to your rolling 12-month EBITDA of 995 million SEK, this would put net debt EBITDA including contingent considerations at around 3.0 times, which is above your financial target of 2.5 times. Could you perhaps talk a bit about what are the covenants on your bank debt, and do 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, not included in the reported net debt over EBITDA.

Concluding on that, we are in line with our covenants and also including the contingent liabilities.

Thank you.

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.

I see. Thanks.

I know you might not be willing to disclose this figure, but looking at the 3-year deals, and 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 major part, it's a big part of the sales that we are doing, but it's a portion that are decreasing over time. It's still a significant part of the business, the 3-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, 15, 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 and used in the aerospace and defense, and we've been working with customers basically since the foundation of Technia in '94.

Great. That's all for me.

Thank you very much.

Thank you.

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? The focus on new sales, first.

Thank you. New sales is going after new customers, selling them the new platform, and also to existing customers selling them new modules.

A renewal, that means basically that what we sold a year ago or 3 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 toward 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, 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 1-year and 3-year contract duration for the Design segment. Can you maybe repeat and clarify this underlying trend towards more 1-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 waterfall between the quarters, you had roughly 12 million of the negative organic growth that was related to the shift from 3- to 1-year contracts, to give you a magnitude of it. Okay.

That's this quarter. Going forward, is this the run rate that you should expect, or will it accelerate, and what is sort of the end state here when this is sort of more in balance?

What do you think?

We don't believe that the 3-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 1 point to 3-year contracts to another. It will not disappear.

We can see the shift. Right now, we can see that 1/3 of the, as I described earlier, 1/3 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 dynamic?

Yes, we will. 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.

Thank you all for listening in to our presentation and all good questions. Thank you.

Thank you.