FULLTEXT DEL 1 AV 1

Kvartalsrapport Q1 2023

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Q1
For more information, please contact:
Johan Andersson, President and CEO, johan.andersson@addnodegroup.com +46 (0)70 420 5831
Lotta Jarleryd, CFO, lotta.jarleryd@addnodegroup.com +46 (0)72 247 9201
All amounts are presented in millions of Swedish kronor (SEK m) unless indicated otherwise. Rounding differences of SEK +/– 1 m may occur in
totals. In cases where an underlying figure is SEK 0 m when rounded, it is presented as 0.
49% 10.2% 7 2%
Net sales growth Q1 2023
compared with Q1 2022
EBITA margin
Q1 2023
Share of recurring
revenue Q1 2023
KEY FIGURES First quarter Rolling 12 m Full year
2023
Jan–Mar
2022
Jan–Mar
April 2022 –
Mar 2023

2022
Net sales, SEK m 1,972 1,326 6,871 6,225
EBITA, SEK m 202 1801 750 7281
EBITA margin, % 10.2 13.61 10.9 11.71
Operating profit, SEK m 149 1341 542 5271
Operating margin, % 7.6 10.11 7.9 8.51
Profit for the period, SEK m 104 1061 380 3821
Earnings per share2, SEK 0.78 0.791 2.84 2.861
Cash flow from operating activities, SEK m 269 242 741 714
Return on capital employed3, % 18.0 13.9 18.0 19.6
Return on shareholders’ equity3, % 19.4 16.1 19.4 20.7
Equity/assets ratio, % 35 34 35 32
Debt/equity ratio, % 18 27 18 23

1 Earnings in 2022 included a SEK 24 m capital gain relating to the sale of an office property.
2 Due to the 4:1 share split executed in May 2022, historical key financial ratios based on the number of shares have been restated.
3 Key financial ratios have been adjusted to reflect annualised returns.
FIRST QUARTER SUMMARY, JANUARY–MARCH 2023
• Net sales increased by 49 per cent to SEK 1,972 m (1,326), of which 22 per cent was organic.
Currency-adjusted organic growth was 19 per cent.
• EBITA increased to SEK 202 m (180), and the EBITA margin was 10.2 per cent (13.6). In the previous year, EBITA included
a capital gain of SEK 24 m from a property sale. Excluding this property sale, EBITA would have been SEK 156 m, with an
adjusted EBITA margin of 11.8 per cent.
• Operating profit rose to SEK 149 m (134), and the operating margin was 7.6 per cent (10.1).1
• Profit for the period amounted to SEK 104 m (106).1
• Earnings per share amounted to SEK 0.78 (0.792).1
• Cash flow from operating activities increased to SEK 269 m (242).
• Acquisition of FAST2 Affärssystem in Sweden, with net sales of approximately SEK 80 m.
• Acquisition of Key Performance, with net sales of approximately SEK 25 m, and operations in the USA and Sweden.
• Addnode Group advances to the Large Cap segment of Nasdaq Stockholm.
• The Board of Directors decided to amend the dividend policy to 30-50 per cent of the Group’s profit after tax.
SUMMARY OF SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
• Addnode Group’s CFO has reported that she will be leaving her position at the latest by October 2023. The recruit-
ment of a successor is ongoing.
This is a translation of the Swedish original of Addnode Group’s Interim Report for the period 1 January–31 March 2023.
In the event of inconsistency between the two, the original Swedish version shall apply.
INTERIM REPORT
1 JANUARY – 31 MARCH 2023

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“Addnode Group started 2023 strongly, with robust growth
and improved EBITA. Demand is good on most of our mar-
kets. Net sales were up by 49 per cent to SEK 1,972 m, and
currency-adjusted organic growth amounted to 19 per cent.”
ROBUST GROWTH AND IMPROVED EBITA
FIRST QUARTER 2023
Addnode Group started 2023 strongly, with robust growth
and improved EBITA. Net sales were up by 49 per cent to
SEK 1,972 m, and currency-adjusted organic growth
amounted to 19 per cent. The organic growth is still driven
by good demand for our digital solutions from architects,
technical consultants and within manufacturing, construc-
tion and property management industry as well as the pub-
lic sector. Demand is good in most of our geographical
markets.
EBITA, adjusted for capital gains from a property sale
last year, increased by 29 per cent to SEK 202 m. EBITA
margin was lower than previous year primarily due to sales
from third-party solutions which showed stronger growth
than other revenue types.
Net sales growth in our Design Management division
was 72 per cent, and currency-adjusted organic growth
was 25 per cent. In this division, Symetri and Microdesk
were the growth drivers of net sales and earnings thanks
to continued strong demand for Autodesk products
backed by our proprietary software and services in both
Europe and the USA.
The Product Lifecycle Management division reported
currency-adjusted organic growth of 13 per cent. Demand,
and thus growth, was especially positive in the UK and
USA. In Germany, the demand situation remained stable.
In the Nordics, we have faced challenges in the capacity
utilisation of our consulting organisation, which had a neg-
ative impact on our earnings. Work on increasing organi -
sational efficiency is ongoing within the division.
Once again, our Process Management division is report-
ing good organic growth, at 10 per cent. Demand in the
division’s offerings in case management and GIS for
Sweden’s public sector remains strong.
A GROWTH PLATFORM FOR ENTREPRENEURS
Addnode Group acquires and supports entrepreneur-led
companies with strategic competence, financial resources
and M&A expertise. Together, we create profitable and
sustainable growth.
We’ve made two complementary acquisition so far this
year. FAST2 develops ERP systems for municipal housing
corporations, and is a supplementary acquisition for
Service Works Global. Key Performance consolidates
TECHNIA’s offering in model-based design.
Our pipeline of acquisition candidates in Europe and
the USA is still well filled. Addnode Group’s relation -
ship-based acquisition process, combined with our finan -
cial strength, means we can keep growing through care -
fully selected acquisitions.
STRATEGY AND POSITIONING FOR CONTINUED VALUE
CREATION
The general economic situation is uncertain, and we are
paying attention to how this might affect us. Our strong
positioning in segments with underlying structural growth,
a diversified business in terms of geographies and cus -
tomer base, plus a business model with a high share of
recurring revenues means we have good potential for con-
tinued value creation. I’m very confident that Addnode
Group will continue to deliver profitable, sustainable
growth.
Johan Andersson
President and CEO
02ADDNODE GROUP INTERIM REPORT 1 JANUARY — 31 MARCH 2023 02

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ADDNODE GROUP 03INTERIM REPORT 1 JANUARY — 31 MARCH 2023 03
ABOUT ADDNODE GROUP
STRATEGY
Addnode Group acquires, operates and develops cutting
edge enterprises that digitalise society. We create sustain-
able value growth over time by continuously acquiring
new enterprises and actively supporting our subsidiaries
to drive organic earnings growth.
THREE DIVISIONS
Addnode Group’s subsidiaries are organised into three
divisions: Design Management, Product Lifecycle
Management and Process Management. A decentralised
business model means that business-critical decisions are
made close to customers and markets.
FINANCIAL TARGETS
• Annual net sales growth of at least 10 per cent.
• Operating margin before amortisation and impairment
of intangible assets (EBITA margin) shall be at least 10
per cent.
• 30-50 per cent of the Group’s profit after tax to be dis-
tributed to shareholders, providing liquidity and the net
cash position are sufficient to operate and develop the
business. See also page 5.
MARKET POSITION
Addnode Group consists of approximately 20 companies,
active in 19 countries across four continents. The
employee headcount is approximately 2,500.
The Group is one of Europe’s market-leading providers
of software and services for design and construction,
product data information, project collaboration and facil -
ity management. The Group is also a leading provider of
digital solutions for design and construction in the USA.
Addnode Group is also a leading provider of document
and case management systems for Sweden’s public
authorities.
SUSTAINABILITY AGENDA
The digital solutions we develop in close partnership with
our customers help create a more sustainable society. Our
solutions are used for sustainable and resource-efficient
design and product lifecycle management, simulations
that benefit the environment and health, and better
engagement and dialogue with the public.
Addnode Group’s Sustainability Agenda defines five
focus areas that are the foundation of the Group’s collec -
tive commitment to sustainability. We have defined key
indicators for each focus area that we monitor and report
each year in Addnode Group’s Annual Report.
UN SUSTAINABLE DEVELOPMENT GOALS (SDGS)
WITH THE CLEAREST CONNECTION TO ADDNODE
GROUP’S SUSTAINABILITY AGENDA:
Total revenue, SEK m Organic growth, %
Acquired growth, % Acquired companies, no.
/two.tab/zero.tab/two.tab/two.tab/two.tab/zero.tab/two.tab/one.tab/two.tab/zero.tab/two.tab/zero.tab/two.tab/zero.tab/one.tab/nine.tab/two.tab/zero.tab/one.tab/eight.tab/two.tab/zero.tab/one.tab/seven.tab
/four.tab/space.tab/zero.tab/seven.tab/seven.tab
/two.tab/comma.tab/five.tab/two.tab/zero.tab
/one.tab/three.tab/percent.tab
/four.tab/percent.tab
/eight.tab/percent.tab
/two.tab/comma.tab/nine.tab/four.tab/two.tab
/three.tab/comma.tab/four.tab/three.tab/four.tab
/nine.tab/percent.tab
–/six.tab/percent.tab
/one.tab/seven.tab/percent.tab/two.tab/percent.tab
/three.tab/comma.tab/eight.tab/zero.tab/seven.tab
/four.tab/comma.tab/zero.tab/seven.tab/seven.tab
/five.tab/percent.tab
/six.tab/comma.tab/two.tab/two.tab/five.tab
/three.tab/six.tab/percent.tab
/one.tab/seven.tab/percent.tab
/plus.tab/five.tab /plus.tab/five.tab/plus.tab/three.tab/plus.tab/four.tab/plus.tab/four.tab
ORGANIC AND ACQUIRED GROWTH, 2017–2022
SUSTAINABILITY AGENDA WITH FIVE FOCUS AREAS
1 2 3 4
Digital solutions
that contribute
to sustainable
development
Care for people
and the planet
in our own
operations
The way we
work with our
partners and
suppliers
Long-term
financial
viability
5
Sustainability management
and governance
STRATEGY FOR PROFITABLE AND SUSTAINABLE
GROWTH
Sustainable growth in value
Acquisitions
Complementary
businesses or markets
Values-based
leadership
Attractive valuation
Organic development
Decentralised responsi-
bility and authority
Strategic support
Synergies and
collaborations

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ADDNODE GROUP 04INTERIM REPORT 1 JANUARY — 31 MARCH 2023 04
DIGITAL SOLUTIONS THAT CONTRIBUTE TO
SUSTAINABLE DEVELOPMENT
FIRE SAFETY PLANNING WITH DIGITAL BIM PROCESSES
Brandskyddslaget is Sweden’s leading fire safety consult -
ants, and the company is now investing in digitalising fire
safety and project planning work using BIM processes.
Addnode Group’s subsidiary Symetri, in its Design Man -
agement division, is supporting Brandskyddslaget on
implementing Bimfire Tools, a fire safety planning applica-
tion developed in-house. Bimfire Tools associates informa-
tion with items in a digital design model, reducing the
number of planning errors. Some design components are
not visible on 2D representations, such as mezzanines and
roof spaces, which often means they are not discovered
before site inspections, causing delays and extra cost. The
3D modelling technology of the BIM process enables these
design components to be identified and rectified in real
time, generating significant time and cost savings for pro-
jects. This also means fewer errors during the design
MORE EFFICIENT PRODUCT DEVELOPMENT WITH
FEWER FAULTS AND SUPERIOR QUALITY
Addnode Group’s subsidiary TECHNIA, in its Product Life-
cycle Management division, is supporting Helix on imple -
menting Dassault Systemès’ 3DEXPERIENCE platform.
For over 20 years, Helix has been developing some of
the most powerful and efficient power trains in motor -
sport. As the vehicle industry electrifies, the company has
taken its skills forward, and is now a leading manufacturer
of electrical power trains for electric and hybrid vehicles.
Helix’s leading position means that they have a need to
constantly improve quality and continuously develop its
products and processes. To streamline its working meth -
ods and improve the management of change processes,
Helix has been collaborating with TECHNIA to implement,
upgrade and maintain its software platform,
3DEXPERIENCE.
By deploying advanced simulation earlier in the design
DIGITAL DOSAGE DELIVERY SYSTEMS FOR BETTER
HEALTH AND ENVIRONMENT
Addnode Group’s subsidiary Canella, in its Process Man -
agement division, has developed the digital delivery sys -
tem, Candos, for dosage dispensation of pharmaceuticals.
The system is used by Apoteket, Sweden’s nationwide
pharmacy chain, plus many other pharmacies and hospi -
tals across Sweden. Canella integrates Candos with other
client systems, such as financial, warehousing and POS
systems. Dose dispensation means medicines are distrib -
uted in sachets labelled with consumption dates and tim -
ings. This distribution method eliminates the need for drug
packaging and portioning tablets manually.
Sachets is a vital tool for increasing patient safety. Dos-
age pouches labelled with clear instructions reduce the
risk of human error by patients and the healthcare sector.
Medicines administered at the wrong time, or in incorrect
doses, can be hazardous for the patient and compromise
treatment outcomes.
More efficient consumption of resources and environ -
phase, less waste from the construction phase, and less
risk of fire hazards throughout the building’s lifecycle.
process, Helix has also been able to deliver still more opti-
mal design solutions, ensuring it can also satisfy sustaina-
ble manufacturing and performance
standards.
Finally, the imple -
mentation of
3DEXPERIENCE has
also helped simplify
and streamline inter-
nal collaborative pro-
cesses within Helix,
so it can satisfy cus -
tomer needs for
component materi -
als, weight and
power, for example.
mental gains are other benefits realised by dose dispensa-
tion. Doses are dispensed at the precise volume the
patient needs, meaning fewer drug
packages are opened but not fully
consumed, offering
an environmental
gain because the risk
of inappropriate dis -
posal of unwanted
pharmaceuticals
reduces. The Swed -
ish Medical Products
Agency estimates
that 1,500 tons of
pharmaceuticals are
disposed of in Swe -
den every year, with
250 tons of this total
flushed down toilets
or discarded in waste bins.

===== SIDA 5 =====

ADDNODE GROUP 05INTERIM REPORT 1 JANUARY — 31 MARCH 2023 05
FINANCIAL CALENDAR
SIGNIFICANT EVENTS
IN THE FIRST QUARTER OF 2023

Acquisition of FAST2 Affärsystem
In January 2023, Addnode Group acquired all the shares
of FAST2 Affärsystem AB (FAST2), with net sales of
approximately SEK 80 m. This company is Sweden’s lead-
ing provider of ERP systems for technical and financial
management for real estate companies. The company’s
systems are used by customers including Sweden’s largest
public housing corporations. FAST2 is now part of
Service Works Global, and was consolidated into the
Design Management division effective January 2023.
Acquisition of Key Performance
In March, Addnode Group acquired Key Performance, with
net sales of approximately SEK 25 m, and operations in the
USA and Sweden. The company is a Dassault Systèmes
Partner specialising in model-based design (MBD). Key
Performance was consolidated effective March 2023 in the
Product Lifecycle Management division.
Addnode Group moves up to Large Cap
On 2 January 2023, Addnode Group transferred to the
Large Cap segment of Nasdaq Stockholm. Large Cap con-
stituent companies have market capitalisation of over
EUR 1 billion.
Amended dividend policy and proposed dividend
Addnode Group’s Board of Directors decided to amend its
current dividend policy, from a dividend to shareholders
of at least 50 per cent of the Group’s profit after tax to
30-50 per cent of the Group’s profit after tax, providing
that liquidity and the financial position are sufficient to
operate and develop the business. The purpose of this
amendment is to safeguard flexibility and financial scope
for continued growth, consistent with the current strategy.
The Board is proposing that the Annual General Meeting
2023 increases the dividend by SEK 0.25 per share to
SEK 1.00 per share for the financial year 2022.
AFTER THE END OF THE REPORTING PERIOD
Addnode Group’s CFO leaving her position
On 3 April 2023, Addnode Group’s CFO Lotta Jarleryd
reported that she will be leaving her position as CFO and a
member of the Group Management. She will remain in her
role until a successor has joined the company, or until
October 2023 at the latest. The recruitment of a successor
is ongoing.
No other significant events have occurred since the end of
the period.
14 July 2023
Interim Report for the
second quarter of 2023
4 May 2023
Annual General
Meeting
27 October 2023
Interim Report for the third
quarter of 2023
2 February 2024
Year-end Report for
2023

===== SIDA 6 =====

ADDNODE GROUP 06INTERIM REPORT 1 JANUARY — 31 MARCH 2023 06
CONSOLIDATED
NET SALES, EARNINGS AND CASH FLOW
Licences
Recurring revenue
Services
Other
REVENUE BREAKDOWN, Q1 2023REVENUE BREAKDOWN, Q1 2019–2023, SEK m
FIRST QUARTER, JANUARY–MARCH 2023
Addnode Group started 2023 with strong growth of net
sales and earnings.
Net sales increased to SEK 1,972 m (1,326), growth of
49 per cent. Organic growth was 22 per cent, while cur -
rency-adjusted organic growth was 19 per cent.
The demand for Design Management’s digital solu -
tions remained high. Customers demonstrated good will -
ingness to invest, especially in the UK and USA. Product
Lifecycle Management continued to experience good
demand for PLM systems and related services in the UK
and Germany. However, the Nordic business was nega -
tively impacted by low capacity utilisation in its consulting
organisation. Process Management’s organic growth
remained positive, corroborating the leadership status of
the division’s offering to Sweden’s public sector.
Licence revenue increased to SEK 80 m (69), recurring
revenue increased to SEK 1,428 m (910), service revenue
increased to SEK 433 m (327), and other revenue
increased to SEK 31 m (20). The share of recurring reve -
nue increased to 72 per cent (69).
EBITA increased to SEK 202 m (180), while the EBITA
margin narrowed to 10.2 per cent (13.6). In the previous
year, EBITA included a SEK 24 m capital gain from the sale
of a property. Excluding the property sale, EBITA would
have been SEK 156 m, and the adjusted EBITA margin
would have been 11.8 per cent. Accordingly, EBITA for the
first quarter of 2023 increased by 29 per cent on the
adjusted EBITA for the previous year. The lower EBITA
margin in the first quarter of 2023 was mainly due to a
lower gross profit margin.
Net financial items were SEK -13 m (-1), mainly related
to increased interest rate levels. Profit for the period was
SEK 104 m (106). Earnings per share were SEK 0.78 (0.79).
Cash flow from operating activities increased to SEK
269 m (242).
Licences, 4%
Recurring revenue, 72%
Services, 22%
Other, 2%
Sweden, 30%
USA, 21%
UK, 23%
Germany, 10%
Other, 16%
(Geography is based on the companies domicile)
2018 2019 2020 2021 2022
Övriga 9 17 16 19 31
Tjänster 254 273 250 328 433
Återkommande 544 884 711 910 1 427
Licenser 51 60 58 70 81
Totalt 858 1 234 1 035 1 326 1 972
Licenser 81
Återkommande 1 427
Tjänster 433
Övriga 31
Nettoomsättningens geografiska fördelning
Q3 2022
Sweden 545
Denmark 10
Norway 124
Finland 58
Germany 219
United Kingdom 322
USA 426
Netherlands 20
Other Country 61
1 786
Sweden 545
USA 426
United Kingdom 322
Germany 219
INTÄKTSFÖRDELNING Q1 Other Country 274
858
1 234
1 035
1 326
1 972
2018 2019 2020 2021 2022
2019 2020 2021 2022 2023
Övriga 9 17 16 19 31
Tjänster 254 273 250 328 433
Återkommande 544 884 711 910 1 427
Licenser 51 60 58 70 81
Totalt 858 1 234 1 035 1 326 1 972
Licenser 81
Återkommande 1 427
Tjänster 433
Övriga 31
Nettoomsättningens geografiska fördelning
Q3 2022
Sweden 590
Denmark 16
Norway 119
Finland 85
Germany 192
United Kingdom 453
USA 422
Netherlands 19
Other Country 76
1 972
Sweden 590
USA 422
United Kingdom 453
Germany 192
INTÄKTSFÖRDELNING Q1 Other Country 316
858
1 234
1 035
1 326
1 972
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023
Övriga 9 17 16 19 31
Tjänster 254 273 250 328 433
Återkommande 544 884 711 910 1 427
Licenser 51 60 58 70 81
Totalt 858 1 234 1 035 1 326 1 972
Licenser 81
Återkommande 1 427
Tjänster 433
Övriga 31
Nettoomsättningens geografiska fördelning
Q3 2022
Sweden 590
Denmark 16
Norway 119
Finland 85
Germany 192
United Kingdom 453
USA 422
Netherlands 19
Other Country 76
1 972
Sweden 590
USA 422
United Kingdom 453
Germany 192
INTÄKTSFÖRDELNING Q1 Other Country 316
858
1 234
1 035
1 326
1 972
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023

===== SIDA 7 =====

PERFORMANCE BY DIVISION
NET SALES AND EBITA, Q1
Net sales EBITA
SEK m
2023
Q1
2022
Q1
Change
%
2023
Q1
2022
Q1
Change
%
Design Management 1,213 707 72 131 89 47
Product Lifecycle Management 433 338 28 26 34 -24
Process Management 335 288 16 64 60 7
Eliminations/central costs -9 -7 -19 -31
Addnode Group 1,972 1,326 49 202 1802 12
NET SALES1 Q1 2023
Design Management 61%
Product Lifecycle Management 22%
Process Management 17%
EBITA1 Q1 2023
Design Management 59%
Product Lifecycle Management 12%
Process Management 29%
1 Before eliminations 1 Before eliminations/central costs
1 Includes a SEK 24 m capital gain from the sale of an office property in the UK, and acquisition costs of SEK -12 m.
2 EBITA adjusted for a SEK 24 m capital gain from the sale of an office property was SEK 156 m, corresponding to an adjusted EBITA margin of 11.8
per cent.
1 972 1 972
07ADDNODE GROUP INTERIM REPORT 1 JANUARY — 31 MARCH 2023 07

===== SIDA 8 =====

ADDNODE GROUP 08INTERIM REPORT 1 JANUARY — 31 MARCH 2023 08
PROGRESS IN THE QUARTER
Net sales increased to SEK 1,213 m (707) in the first quar-
ter of 2023, growth of 72 per cent. Organic growth was 28
per cent, and 25 per cent currency adjusted. Demand for
the division’s digital solutions and services remained high,
as reflected in significant organic growth of net sales and
earnings.
Symetri’s operation in the USA, Microdesk, acquired on
1 March 2022, continued to perform well due to positive
demand in the AEC segment. Demand for
Symetri’s offering in Europe remained good, especially on
the UK market. Some signs of a slowdown were apparent
on the Nordic AEC market, while demand from manufac -
turing remained positive.
Tribia, providing collaborative portals for construction
and civil engineering, and SWG, providing digital solutions
for facility management, made good progress.
EBITA was up by 47 per cent to SEK 131 m (89). The
EBITA margin reduced to 10.8 per cent (12.6) mainly
because Symetri and Microdesk continued to win market
shares, and the revenue mix changed, with a higher reve -
nue share from third-party solutions.
At the end of March 2023, Symetri’s and Microdesk’s
partner Autodesk altered its invoicing and payment terms
for software contracts lasting over more than one year.
Payments, both from customers and to Autodesk, are now
annual even if customer sign three-year agreements. This
will have an initial effect on cashflow. As currently, revenue
and costs for the entire contract value will continue to be
recognised when the contract commences.
NET SALES GROWTH Q1 2023
COMPARED TO Q1 2022
+ 72%
EBITA Q1 2023
COMPARED TO Q1 2022
+ 47%
DIVISION
DESIGN MANAGEMENT
Design Management is a leading global provider of digital solutions and services for design,
BIM and product data for architects and engineers in the construction and manufacturing
industries. The division also has a strong digital offering for project collaboration and
facility management in the Nordic countries and the UK.
ACQUISITIONS
In January 2023, FAST2 Affärssystem, one of Sweden’s
leading providers of ERP systems for the technical and
financial management of real estate companies, was
acquired and added to Service Works Global’s operations.
The company’s systems have users including Sweden’s
largest public housing corporations.
MARKET
Operations in the division are conducted through the
companies Symetri (including Microdesk), Service Works
Global and Tribia. Customers’ willingness to invest in digi-
tal solutions is driven by urbanisation and the need to
build and manage efficiently and sustainably. Regulatory
authorities are demanding adoption of digital working
methods based on BIM.
NET SALES Q1 2023, BY REVENUE TYPE KEY FIGURES
SEK m
Q1
2023
Q1
2022
Change
%
Net sales 1,213 707 72
EBITA 131 89 47
EBITA margin, % 10.8 12.6
Operating profit 107 73 47
Operating margin, % 8.8 10.3
Average no. employees 916 646 42
Licences, 2%
Recurring revenue, 84%
Services, 13%
Other, 1%
Intäktsfördelning till delårsrapport

===== SIDA 9 =====

ADDNODE GROUP 09INTERIM REPORT 1 JANUARY — 31 MARCH 2023 09
NET SALES Q1 2023, BY REVENUE TYPE KEY FIGURES
SEK m
Q1
2023
Q1
2022
Change
%
Net sales 433 338 28
EBITA 26 34 -24
EBITA margin, % 6.0 10.1
Operating profit 11 19 -42
Operating margin, % 2.5 5.6
Average no. employees 736 646 14
DIVISION
PRODUCT LIFECYCLE MANAGEMENT
Product Lifecycle Management is a global provider of solutions for digitalising a product’s
or facility’s complete lifecycle—from idea, design, simulation and construction to sale, after-
market and recycling. For our customers this means shorter lead-times, more innovation,
increased efficiency, and traceability.
PROGRESS IN THE QUARTER
Net sales increased to SEK 433 m (338) in the first quarter
of 2023, growth of 28 per cent. Organic growth was 18 per
cent, and 13 per cent currency adjusted. The UK and US
businesses experienced continued positive demand, as
reflected in significant organic growth of net sales and
earnings. In Germany, demand was stable, while the mar -
ket in the Nordics was somewhat weaker. The trend of
customers increasingly demanding time-finite leasing of
licenses instead of the previous license purchases with
perpetual right of use continued.
The Nordic consulting operation was negatively
impacted by low capacity utilisation. Work on improving
the organisation’s efficiency is ongoing. A few of the oper-
ations acquired over the past year also have lower profita-
bility than the division’s other businesses. Integration work
is continuing according to plan, with the aim of lifting
profitability.
EBITA reduced to SEK 26 m (34), and the EBITA margin
decreased to 6.0 per cent (10.1).
ACQUISITIONS
The division added the acquisition of Key Performance,
with operations in the USA and Sweden, to its digital twin
offering in the first quarter of the year. This company has
sales of SEK 25 m, and specialises in consulting services,
software and training in MBD for the public and private
sectors.
MARKET
The division’s operations are conducted through the com-
pany TECHNIA, which is one of Europe’s leading providers
of PLM software and related consulting services. Custom-
ers’ willingness to invest is driven by the need to develop
and design products, maintain product information through
complete lifecycles and comply with regulatory standards.
NET SALES GROWTH Q1 2023
COMPARED TO Q1 2022
+28%
EBITA Q1 2023
COMPARED TO Q1 2022
-24%
Licences, 11%
Recurring revenue, 61%
Services, 26%
Other, 2%
Intäktsfördelning till delårsrapport

===== SIDA 10 =====

ADDNODE GROUP 10INTERIM REPORT 1 JANUARY — 31 MARCH 2023 10
NET SALES Q1 2023, BY REVENUE TYPE KEY FIGURES
SEK m
Q1
2023
Q1
2022
Change
%
Net sales 335 288 16
EBITA 64 60 7
EBITA margin, % 19.1 20.8
Operating profit 50 46 9
Operating margin, % 14.9 16.0
Average no. employees 671 628 7
DIVISION
PROCESS MANAGEMENT
Process Management is a leading provider of digital solutions to the public sector in Sweden.
Its solutions streamline case management, simplify administration and quality-assure pro-
cesses in contacts between the authorities and the public.
PROGRESS IN THE QUARTER
Net sales increased to SEK 335 m (288) in the first quarter
of 2023, growth of 16 per cent. Organic growth remained
good at 10 per cent. This is despite municipalities and
public authorities showing some restraint in terms of
investment. The division’s positive and established rela -
tionships with a large public sector customer base, fre -
quently present opportunities for recurring sales, or the
expansion of current assignments. Additionally, the divi -
sion’s businesses are well positioned in public sector ten -
ders owing to their attractive digital solutions, in-depth
experience and good references. The division is continu -
ing to invest in enhancing its customer offerings. Decisive,
acquired in June 2022, and a leading provider of rule-
based digital decision management systems for the Nor -
wegian public sector, experienced continued positive
demand.
EBITA increased to SEK 64 m (60), and the EBITA mar -
gin was 19.1 per cent (20.8).
MARKET
The division is a leading provider of software and digital
solutions for the public sector. The division has operations
in Sweden and Norway. Customers’ willingness to invest is
driven by automation, simplified administration and more
effective communication with the public. A growing base
of public authorities and municipalities are seeking to
partner for the long term in their efforts to develop inno -
vative operations compliant with regulatory requirements.
NET SALES GROWTH Q1 2023
COMPARED TO Q1 2022
+ 16%
EBITA Q1 2023
COMPARED TO Q1 2022
+ 7%
Licences, 4%
Recurring revenue, 42%
Services, 49%
Other, 5%
Intäktsfördelning till delårsrapport

===== SIDA 11 =====

ADDNODE GROUP 11INTERIM REPORT 1 JANUARY — 31 MARCH 2023
DISCLOSURES ON ACQUISITIONS
ACQUISITIONS COMPLETED IN 2023
In the first quarter of 2023, Addnode Group acquired all the
shares of two operations; FAST2 Affärsystem AB (FAST2)
and Key Performance LLC. In the first quarter 2023, these
acquisitions contributed to net sales of SEK 20 m, while
their impact on EBITA was marginal. If the acquisitions
were effective 1 January 2023, the Group’s net sales would
have been approx. SEK 1,977 m and EBITA approx. SEK
203 m. SEK -1 m (-12) of expenses for completing the
acquisitions are included in the Group’s other external
costs. In the previous year, transaction expenses related
mainly to the acquisition of Microdesk.
FAST2, acquired in January 2023, is one of Sweden’s
leading providers of ERP systems for technical and finan -
cial management for real estate companies. The compa -
ny’s systems are used by customers including
Sweden’s largest public housing corporations. The com -
pany has approx. 50 employees, and net sales of approx.
SEK 80 m. FAST2 is part of Service Works Global, and was
consolidated into the Design Management division effec -
tive January 2023.
Key Performance, acquired in March 2023, is a Dassault
Systèmes Partner specialising in model-based design
(MBD). Key Performance has operations in the USA and
Sweden, and net sales of approx. SEK 25 m. This operation
was consolidated effective March 2023 as part of
TECHNIA in the Product Lifecycle Management division.
ACQUISITION ANALYSES (SEK M)
The following acquisition analyses were prepared for the
acquisitions. The calculations are preliminary and include
the companies FAST2 Affärssystem AB and Key
Performance LLC.
Acquired
companies’ net
assets at
acquisition date
Carrying
amount in
companies
Fair value
adjustment
Fair value,
Group
Intangible
non-current
assets 9 30 39
Other non-
current assets 2 2
Current assets 43 43
Cash and cash
equivalents 5 5
Other liabilities -42 -6 -48
Net identifiable
assets/liabilities1 17 24 41
Goodwill 35
Calculated
purchase price1 76
1 Non-current contingent considerations of a maximum of SEK 25 m may
be payable for the acquisition of FAST2, of which SEK 15 m has been
entered as a liability. The acquisition of Key Performance includes a cur-
rent non-interest-bearing liability of USD 0.15 m, which has been
entered as a liability.

===== SIDA 12 =====

ADDNODE GROUP 12INTERIM REPORT 1 JANUARY — 31 MARCH 2023
CONSOLIDATED BALANCE SHEET AND CASH FLOW
LIQUIDITY AND FINANCIAL POSITION
Cash and cash equivalents held by the Group amounted
to SEK 746 m (668) as of 31 March 2023.
Addnode Group’s SEK 1,600 m credit facility arranged
in June 2021 has a three-year term with 1+1 year exten -
sion. In June 2022, Addnode Group exercised its option to
extend the credit facility by one year to June 2025, with
other terms & conditions unchanged.
SEK 943 m (965) of the credit facility had been utilised
as of 31 March 2023, which meant available credit of SEK
657 m (635). The used portion of the credit facility has
been classified under non-current liabilities.
SEK 187 m (183) of the interest-bearing liabilities, in
addition to the utilised portion of the credit facility of SEK
943 m (965), related to leases. There were no inter -
est-bearing liabilities related to completed acquisitions.
Consequently, the Group’s total interest-bearing liabilities
were SEK 1,130 m (1,149), and the Group’s net debt was
SEK 381 m (481). The equity/assets ratio was 35 per cent
(34).
Non-interest-bearing liabilities related to completed
acquisitions were SEK 11 m (81), and estimated contin -
gent considerations for completed acquisitions were SEK
375 m (237). A total of SEK 370 m of provisions and liabil-
ities for acquisitions completed in 2022 or earlier are
included in the Consolidated Balance Sheet.

CASH FLOW
Cash flow from operating activities for the first quarter of
2023 increased to SEK 269 m (242). The increase related
mainly to improved operating profit. Cash flow from
investing activities includes payments for proprietary
software of SEK 34 m (27). In the previous year, cash flow
from investing activities included the proceeds from the
sale of a property in the UK. Investments in subsidiaries
and operations meant a negative cash flow of SEK 113 m
(296), of which SEK 46 m was settlement of a promissory
note to the sellers of the shares of Microdesk. Financing
activities were negatively impacted by SEK 26 m (20) of
amortisation of a lease liability. Bank loans of SEK 64 m
(304) were arranged in tandem with settling debt for
acquisitions. SEK 8 m (-) of bank loans were repaid in the
first quarter of 2023.
INVESTMENTS AND DIVESTMENTS
SEK 59 m (55) of investments were made in intangible
assets and property, plant and equipment, of which SEK
34 m (27) related to proprietary software.
In January 2022, Addnode Group sold the office prop -
erty in Enfield, UK, which was included in the acquisition
of Excitech in 2020 and intended for sale at the time of
acquisition. Addnode Group’s capital gain was SEK 24 m.
GOODWILL AND OTHER INTANGIBLE ASSETS
The Group’s carrying amount of goodwill was SEK 2,716
m (2,468) on 31 March 2023. Other intangible assets
amounted to SEK 749 m (684), mainly customer con -
tracts, trademarks and software.
DEFERRED TAX ASSETS
Deferred tax assets were SEK 19 m (65) as of 31 March
2023, of which SEK 6 m (11) were tax-loss carry-forwards.
As of 31 March 2023, the Group’s total loss carry-forwards
were approximately SEK 65 m (95).
SHAREHOLDERS’ EQUITY
Equity as of 31 March 2023 was SEK 2,099 m (1,812),
equivalent to SEK 15.72 (13.55) per outstanding share.
SHARE CAPITAL AND INCENTIVE PROGRAMMES
Share capital was SEK 404 m at the end of the period. The
quotient value per share was SEK 3.00.
The company executed a 4:1 share split in May 2022. The
division by share class as of 31 March 2023 was as follows:
Share class No. of outstanding shares
Class A shares 3,948,696
Class B shares 130,579,536
Repurchased class B
shares -1,030,000
Total 133,498,232
Addnode Group AB’s holdings of treasury shares as of 31
March 2023 were 1,030,000 class B shares, corresponding
to 0.8 per cent of the number of shares, and 0.6 per cent
of the number of votes.
At the end of the period, there were two outstanding call
option programmes, as follows:
Option programme
No. of outstanding
options Exercise price
LTIP 2021 195,8001 93.73
LTIP 2022 56,9501 115.80
Total 252,750
1 Each option carries entitlement to purchase four Class B-shares. For
more information on the Group’s stock option programmes, see note 4 on
page 92 of the Annual Report for 2022.

===== SIDA 13 =====

ADDNODE GROUP 13INTERIM REPORT 1 JANUARY — 31 MARCH 2023
OTHER DISCLOSURES
EMPLOYEES
The average number of employees of the Group increased
to 2,334 (1,929). As of 31 March 2023, there were 2,467
employees (2,370 as of 31 December 2022). Essentially,
this increase was from acquired operations.
RELATED PARTY TRANSACTIONS
In the first quarter of 2023, Chairman Staffan Hanstorp
invoiced the Parent Company SEK 0.7 m (0.7) in fees for
consulting services related to acquisitions, financing mat-
ters and other strategic issues via a company.
SEASONALITY
Historically, the fourth quarter has the highest revenue and
EBITA, but as the recurring revenue share increases, sea -
sonality is reducing.
PARENT COMPANY
Net sales were SEK 3 m (3) in the first quarter of 2023,
mainly invoicing to subsidiaries for premises rent and ser-
vices rendered. Profit after financial items was SEK -35 m
(-21) including SEK - m (44) of dividends from subsidiar -
ies, and SEK - m (-45) of impairment of shares in subsidi -
aries. Cash and cash equivalents were SEK 543 m (471) as
of 31 March 2023. Investments in shares in subsidiaries
were SEK 63 m (72). There were no significant invest -
ments in intangible assets or property, plant and equip -
ment.
ACCOUNTING POLICIES
General
This Interim Report has been prepared in accordance with
IAS 34 Interim Financial Reporting. The consolidated
accounts have been prepared in accordance with IFRS as
endorsed by the EU, and the Swedish Annual Accounts
Act. The Parent Company’s accounts have been prepared
in accordance with the Annual Accounts Act, and RFR 2
Accounting for Legal Entities. Amendments and interpre-
tations of existing standards first effective in 2023 had no
impact on the Group’s financial position or financial state-
ments. The accounting policies and calculation methods
are unchanged since the Annual Report for 2022.
Deferred tax assets
Deferred tax assets attributable to tax loss carry-forwards
are reported as assets to the extent it is likely that they
can be offset against surpluses in future taxation.
Disclosures on financial instruments
Estimated contingent considerations on the acquisition of
Microdesk have been discounted. Measurement of finan -
cial assets and liabilities shows no significant difference
between carrying amounts and fair value. The Group had
no outstanding currency forward contracts on 31 March
2023.
Stock option programme
The Group’s incentive programme enables senior execu -
tives to acquire Class B shares by investing in call options.
Call option premiums received, measured at market value
at the acquisition date, are recognised in equity as trans -
actions with owners.
SIGNIFICANT RISKS AND UNCERTAINTIES
Addnode Group’s significant risks and uncertainties are
stated on pp. 28-30 and 35 of the Annual Report for 2022,
under “Risks and uncertainties” on p. 69-70, as well as
notes 36 and 37 on pp. 109–112.
The Group’s operations are diversified over offerings,
customer segments and geography, which implies risk
diversification. This is a proven strength in challenging
times like the Covid-19 pandemic.
FUTURE OUTLOOK
The Board of Directors has not altered its assessment of
Addnode Group’s long-term outlook since the preceding
quarter. In the Year-end Report for 2022, the Board of
Directors stated the following outlook: In the long-term,
Addnode Group regards the segments where it is active to
have strong underlying potential. Addnode Group’s
growth strategy is to grow organically and by acquiring
new businesses in the aim of adding new, complementary
offerings and additional expertise.
The Russian invasion of Ukraine has had impacts on the
global economy including increased oil and energy prices,
supply chain delays and turmoil on global stock markets.
Addnode Group has no operations in Russia, Belarus or
the Ukraine. The Group has only a small number of cus -
tomers in the region, so its exposure is very limited.
Because it is not possible to predict the duration or scope
of the conflict and its impact on the global economy and
general security, the Board of Directors notes a significant
risk that Addnode Group may be impacted financially in
2023.
Addnode Group is retaining its decision not to issue a
forecast.
PROPOSAL ON DIVIDEND
The Board of Directors proposes that the Annual General
Meeting approves a dividend of SEK 1.00 per share (0.75)
for the financial year 2022, corresponding to a total divi -
dend of SEK 133 m (100). Its opinion is that after payment
of the proposed dividend, the company will have sufficient
funds to be able to achieve its financial targets. Monday 8
May 2023 has been proposed as the record date for pay -
ment of dividends. If the Annual General Meeting approves
this proposal, dividends are expected to be disbursed on
Thursday 11 May 2023.
ANNUAL GENERAL MEETING 2023
The Annual General Meeting (AGM) will be held on 4 May
2023.
Stockholm, Sweden, 28 April 2023
The Board of Directors
This Interim Report has not been subject to auditor review.

===== SIDA 14 =====

ADDNODE GROUP 14INTERIM REPORT 1 JANUARY — 31 MARCH 2023
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
SEK m
2023
Jan–Mar
2022
Jan–Mar
2022
Full year
Net sales 1,972 1,326 6,225
Purchases of goods and services -1,031 - 613 -2,991
Other external costs -126 - 93 -416
Personnel costs -618 - 469 -2,114
Capitalised work performed by
the company for its own use 34 27 106
Depreciation/amortisation and impairment of
– tangible non-current assets -29 - 22 -106
– intangible non-current assets -53 - 46 -201
Profit/loss on sale of property/business - 24 24
Operating profit 149 134 527
Financial income 4 6 11
Financial expenses -17 - 7 -48
Revaluation of contingent considerations - - 5
Profit before tax 136 133 495
Current tax -37 - 32 -116
Deferred tax 5 5 3
Net profit for the period 104 106 382
Attributable to:
Owners of the Parent Company 104 106 382
Share data
Earnings per share before and after dilution, SEK1 0,78 0,79 2.86
Average number of shares outstanding:
Before dilution1 133,498,232 133,728,232 133,633,040
After dilution1 133,639,250 133,731,512 133,644,956
1 Due to the 4:1 share split executed in May 2022, historical key financial ratios based on the number of shares, and the number of shares, have been
recalculated.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SEK m
2023
Jan–Mar
2022
Jan–Mar
2022
Full year
Net profit for the period 104 106 382
Other comprehensive income, items that
will not be reclassified to profit or loss:
Actuarial gains and losses on pension obligations – – 4
Other comprehensive income, items that may
be reclassified to profit or loss:
Exchange rate difference on translation of foreign operations 0 17 83
Hedge of net investments in foreign operations -10 - 4 -37
Total other comprehensive income
after tax for the period -10 13 50
Comprehensive income for the period 94 119 432
Attributable to:
Owners of the Parent Company 94 119 432

===== SIDA 15 =====

ADDNODE GROUP 15INTERIM REPORT 1 JANUARY — 31 MARCH 2023
CONSOLIDATED BALANCE SHEET
SEK m
2023
31 Mar
2022
31 Mar
2022
31 Dec
Assets
Goodwill 2,716 2,468 2,681
Other intangible non-current assets 749 684 728
Property, plant and equipment 228 219 229
Financial assets 50 98 53
Total non-current assets 3,743 3,469 3,691
Inventories 1 0 2
Current receivables 1,527 1,251 1,906
Cash and cash equivalents 746 668 600
Total current assets 2,274 1,919 2,508
Total assets 6,017 5,388 6,199
Shareholders’ equity and liabilities
Shareholders’ equity 2,099 1,812 2,005
Non-current liabilities 1,478 1,474 1,398
Current liabilities 2,440 2,102 2,796
Total shareholders’ equity and liabilities 6,017 5,388 6,199
Interest-bearing receivables amount to 3 – 6
Interest-bearing liabilities amount to 1,130 1,149 1,069
Pledged assets 11 11 15
Contingent liabilities 23 25 23
SHAREHOLDERS’ EQUITY AND NUMBER OF SHARES
Specification of changes in shareholders’ equity, SEK m
2023
Jan–Mar
2022
Jan–Mar
2022
Full year
Shareholders’ equity, opening balance 2,005 1,693 1,693
Dividend - – -100
Call options issued - – 3
Repurchase of treasury shares - – -23
Comprehensive income for the period 94 119 432
Shareholders’ equity, closing balance 2,099 1,812 2,005
Shareholders’ equity attributable to:
Owners of the Parent Company 2,099 1,812 2,005
Number of shares outstanding, opening balance 133,498,232 133,728,232 133,728,232
Repurchase of treasury shares - - -230,000
Number of shares outstanding, closing balance 133,498,232 133,728,232 133,498,232
Addnode Group held 1,030,000 (800,000) class B treasury shares on 31 March 2023.
Due to the 4:1 share split executed in May 2022, the historical number of shares has been recalculated.

===== SIDA 16 =====

ADDNODE GROUP 16INTERIM REPORT 1 JANUARY — 31 MARCH 2023
CONSOLIDATED STATEMENT OF CASH FLOWS
SEK m
2023
Jan–Mar
2022
Jan–Mar
2022
Full year
Operating activities
Operating profit 149 134 527
Adjustment for non-cash items 80 45 294
Total 229 179 821
Net financial items -13 - 2 -27
Tax paid -25 - 28 -117
Cash flow from operating activities
before changes in working capital
191 149 677
Total change in working capital 78 93 37
Cash flow from operating activities 269 242 714
Investing activities
Purchases and sales of intangible assets and property, plant and equipment -42 33 -64
Acquisitions of financial assets - - 5 -5
Acquisitions of subsidiaries and operations -118 - 365 -513
Cash and cash equivalents in acquired companies 5 69 92
Cash flow from investing activities -155 - 268 -490
Financing activities
Dividend paid - – -100
Issued call options - – 3
Repurchase of treasury shares - – -23
Borrowings 64 304 304
Repayment of loans -34 - 20 -247
Cash flow from financing activities 30 284 -63
Change in cash and cash equivalents 144 258 161
Cash and cash equivalents at start of period 600 406 406
Exchange rate difference in cash and cash equivalents 2 4 33
Cash and cash equivalents at end of period 746 668 600

===== SIDA 17 =====

ADDNODE GROUP 17INTERIM REPORT 1 JANUARY — 31 MARCH 2023
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY INCOME STATEMENT
SEK m
2023
Jan–Mar
2022
Jan–Mar
2022
Full year
Net sales 3 3 26
Operating expenses -26 - 22 -86
Operating profit -23 - 19 -60
Profit/loss from participations in Group companies – - 1 372
Other financial income 5 4 10
Financial expenses -17 - 5 -40
Profit after financial items -35 - 21 282
Change in tax allocation reserve - – -38
Profit before tax -35 - 21 244
Tax - – -29
Net profit for the period -35 - 21 215
PARENT COMPANY BALANCE SHEET
SEK m
2023
31 Mar
2022
31 Mar
2022
31 Dec
Assets
Intangible non-current assets - 0 -
Financial assets 2,994 2,812 2,942
Current receivables 52 46 38
Cash and cash equivalents 543 471 350
Total assets 3,589 3,329 3,330
Shareholders’ equity and liabilities
Shareholders' equity 1,397 1,318 1,432
Untaxed reserves 163 126 163
Provisions 105 84 90
Non-current liabilities 639 718 646
Current liabilities 1,285 1,083 999
Total shareholders’ equity and liabilities 3,589 3,329 3,330

===== SIDA 18 =====

ADDNODE GROUP 18INTERIM REPORT 1 JANUARY — 31 MARCH 2023
Addnode Group operates through three divisions: Design
Management, Product Lifecycle Management and Process
Management. The Group’s decentralised business model
means mission-critical decisions are taken close to the
customer and market. Companies develop their busi -
nesses in accordance with strategies, guidelines and
Group-wide values. The divisions are the operating seg -
ments that Addnode Group uses to monitor the perfor -
mance and development of its business. There has been
no change to the operating segments since the most
recent Annual Report.
The difference between the total of the segments’ oper-
ating profit and consolidated profit before tax consists of
financial income of SEK 4 m (6) and financial expenses of
SEK -17 m (-7).
Acquisitions completed in the first quarter of 2023
meant that net operating assets in segments increased to
only a limited extent compared to the disclosures in the
Annual Report for 2022: Design Management by SEK 61 m
and PLM by SEK 12 m. Net operating assets are defined as
the total of goodwill and other intangible non-current
assets, property, plant and equipment, financial assets,
trade receivables and other operating assets, less trade
payables and other operating liabilities.
REVENUE AND PROFIT
Design PLM Process Central Eliminations Addnode Group
SEK m 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Revenue
External sales 1,212 706 428 335 332 285 0 0 - – 1,972 1,326
Transactions between
segments 1 1 5 3 3 3 4 3 -13 - 10 0 0
Total revenue 1,213 707 433 338 335 288 4 3 -13 -10 1.972 1,326
EBITA 131 89 26 34 64 60 -19 - 3 202 180
EBITA margin, % 10.8 12.6 6.0 10.1 19.1 20.8 10.2 13.6
Operating profit 107 73 11 19 50 46 -19 - 4 149 134
Operating margin, % 8.8 10.3 2.5 5.6 14.9 16.0 7.6 10.1
Total net operating
assets 1,490 1,315 671 658 894 861 13 -2 3,068 2,832
Average number of
employees 916 646 736 646 671 628 11 9 2,334 1,929
OPERATING SEGMENTS
The following figures are for the first quarter of each year.
REVENUE BREAKDOWN
Design PLM Process Central Eliminations Addnode Group
SEK m 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Licences 19 25 49 35 12 9 – – – – 80 69
Recurring revenue 1,023 587 264 195 141 128 – – – – 1,428 910
Services 159 86 114 103 165 142 – – -5 - 4 433 327
Other 12 9 6 5 17 9 4 3 -8 - 6 31 20
Total revenue 1,213 707 433 338 335 288 4 3 -13 -10 1,972 1,326

===== SIDA 19 =====

ADDNODE GROUP 19INTERIM REPORT 1 JANUARY — 31 MARCH 2023
KEY FIGURES – QUARTERLY
2023 2022 2021
SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Net sales, SEK m 1,972 1,786 1,624 1,489 1,326 1,114 925 1,002
Design Management 1,213 1,004 977 806 707 471 409 439
Product Lifecycle Management 433 455 393 394 338 352 293 299
Process Management 335 335 262 297 288 297 230 268
EBITA, SEK m 202 200 194 154 1801 148 108 98
Design Management 131 111 118 80 89 59 44 40
Product Lifecycle Management 26 44 45 35 34 44 28 27
Process Management 64 60 50 56 60 59 49 48
EBITA margin, % 10.2 11.2 11.9 10.3 13.61 13.3 11.7 9.8
Design Management 10.8 11.1 12.1 9.9 12.6 12.5 10.8 9.1
Product Lifecycle Management 6.0 9.7 11.5 8.9 10.1 12.5 9.6 9.0
Process Management 19.1 17.9 19.1 18.9 20.8 19.9 21.3 17.9
Average number of employees 2,334 2,252 2,201 2,167 1,929 1,793 1,797 1,794
Design Management 916 857 840 837 646 548 563 562
Product Lifecycle Management 736 712 691 685 646 617 616 612
Process Management 671 673 661 637 628 619 610 612
Cash flow from operating activities, SEK m 269 261 89 122 242 257 -21 51
Change in net sales, % 49 60 75 49 28 21 15 18
Operating margin, % 7.6 8.3 8.8 6.8 10.11 9.5 7.2 5.9
Return on capital employed, %2 18.0 19.6 18.1 15.4 13.9 13.0 11.7 11.1
Return on equity, %2 19.4 20.7 20.2 17.9 16.1 13.9 12.6 12.2
Equity/assets ratio, % 35 32 34 32 34 39 43 39
Equity, SEK m 2,099 2,005 1,890 1,793 1,812 1,693 1,660 1,607
Net debt, SEK m 381 463 659 601 481 368 484 396
Debt/equity ratio, % 18 23 35 34 27 22 29 25
Investments in equipment, SEK m 7 8 5 6 7 3 4 5
1 The profit included a capital gain of SEK 24 m from the sale of an office property in the UK. EBITA adjusted for this capital gain was SEK 156 m,
corresponding to an adjusted EBITA margin of 11.8 per cent.
2 Key financial ratios have been adjusted to reflect annualised return.
SHARE DATA 1
2023 2022 2021
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Average number of shares outstanding
before and after dilution, m 133.5 133.5 133.6 133.7 133.7 133.7 134.5 134.5
Total number of shares outstanding, m 133.5 133.5 133.5 133.7 133.7 133.7 134.5 134.5
Earnings per share before and after
dilution, SEK 0.78 0.77 0.77 0.52 0.791 0.60 0.36 0.30
Cash flow from operating activities
per share, SEK 2.02 1.96 0.67 0.91 1.81 1.92 -0.16 0.38
Shareholders’ equity per share, SEK 15.72 15.02 14.16 13.41 13.55 12.66 12.34 11.95
Share price at end of period, SEK 124.70 98.40 77.45 83.40 96.38 107.25 86.88 78.75
Share price/shareholders’ equity 7.93 6.55 5.47 6.22 7.11 8.47 7.04 6.59
1 Due to the 4:1 share split executed in May 2022, historical key financial ratios based on the number of shares have been recalculated.
2 The profit included a capital gain of SEK 24 m from the sale of an office property in the UK.

===== SIDA 20 =====

ADDNODE GROUP 20INTERIM REPORT 1 JANUARY — 31 MARCH 2023
The European Securities and Markets Authority (ESMA)
has issued guidelines for disclosures on Alternative Perfor-
mance Measures (APMs) for companies with securities
listed on a regulated market in the EU, which apply to
Alternative Performance Measures in published manda -
tory information. Alternative Performance Measures are
financial metrics on historical or future performance of
earnings, financial position, financial results or cash flows
that are not defined or stated in the applicable rules for
financial reporting. Certain performance metrics are used
in this Interim Report that are not defined in IFRS, with the
intention of offering investors, financial analysts and other
stakeholders clear and relevant information on the compa-
ny’s operations and performance. The use of these perfor-
mance metrics and reconciliation with the financial state -
ments are presented below.
EBITA
EBITA is a metric the Group considers relevant to investors,
financial analysts and other stakeholders to understand earn-
ings generation before investments in intangible non-current
assets. This measure is an expression of operating profit
before the amortisation and impairment of intangible
non-current assets.
NET DEBT
The Group considers this key ratio useful to the readers of
financial statements as a complement in evaluating dividend
potential, making strategic investments and assessing the
Group’s potential to satisfy financial obligations. This key ratio
is an expression of the level of financial borrowing in absolute
terms after deducting cash and cash equivalents.
ALTERNATIVE PERFORMANCE MEASURES
USE AND RECONCILIATION
RECONCILIATION OF EBITA
2023
Jan–Mar
2022
Jan–Mar
2022
Full year
Operating profit 149 134 527
Amortisation and impairment of
intangible non-current assets 53 46 201
EBITA 202 180 728
RECONCILIATION OF NET DEBT
2023
31 Mar
2022
31 Mar
2022
31 Dec
Non-current liabilities 1,478 1,474 1,398
Current liabilities 2,440 2,102 2,796
Non interest-bearing non-current and current liabilities -2,788 - 2,427 -3,125
Total interest-bearing liabilities 1,130 1,149 1,069
Cash and cash equivalents -746 - 668 -600
Other interest-bearing receivables -3 – -6
Net debt (+)/receivable (–) 381 481 463
Definitions on page 21.

===== SIDA 21 =====

ADDNODE GROUP 21INTERIM REPORT 1 JANUARY — 31 MARCH 2023
Average number of employees
Average number of employees in the
period (full-time equivalents).
Capital employed
Total assets less non-interest-bearing
liabilities and non-interest-bearing
provisions including deferred tax
liabilities.
Cash flow per share
Cash flow from operating activities
divided by the average number of
shares outstanding.
Currency-adjusted organic growth
Change in net sales, restated using
the preceding year’s exchange rates,
excluding acquired entities in the
most recent 12-month period.
Debt/equity ratio
Net debt in relation to shareholders’
equity (including equity attributable
to non-controlling interests).
Earnings per share
Net profit for the period divided by
the average number of shares
outstanding.
EBITA
Earnings before amortisation and
impairment of intangible non-current
assets.
EBITA margin
EBITA as a percentage of net sales.
Equity/assets ratio
Shareholders’ equity (including
shareholders’ equity attributable
to non-controlling interests) as a
percentage of total assets.
Net debt
Interest-bearing liabilities less cash
and cash equivalents and other
interest-bearing receivables.
According to this definition, negative
net debt means that cash and cash
equivalents and other interest-
bearing financial assets exceed
interest-bearing liabilities.
Net sales per employee
Net sales divided by the average
number of employees (full-time
equivalents).
Operating margin
Operating profit as a percentage of
net sales.
Organic growth
Change in net sales excluding
acquired entities in the most recent
12-month period.
Recurring revenue
Revenue of an annually recurring
character such as revenue from
support and maintenance contracts
and revenue from subscription
agreements, rental contracts and
SaaS solutions.
Return on capital employed
Profit before tax plus financial
expenses as a percentage of average
capital employed. It is based on
profit for the last 12 months and the
average of the opening and closing
balance of capital employed.
Return on equity
Net profit for the period as a
percentage of average shareholders’
equity. Based on profit for the last 12
months and the average of the
opening and closing balances of
shareholders’ equity.
Share price/shareholders’ equity
Share price in relation to
shareholders’ equity per share.
Shareholders’ equity
Reported shareholders’ equity plus
untaxed reserves less deferred tax at
the current tax rate.
Shareholders’ equity per share
Shareholders’ equity divided by the
total number of shares outstanding.
DEFINITIONS
This information is mandatory for Addnode Group AB (publ) to publish pursuant to the EU Market Abuse Regulation.
This Report has been prepared in Swedish and English versions. In the case of inconsistency between the two, the
Swedish version shall apply. This information was submitted for publication at 8:30 a.m. CET on 28 April 2023.

===== SIDA 22 =====

ADDNODE GROUP AB (publ)
Hudiksvallsgatan 4B, SE-113 30 Stockholm

Corporate identity number: 556291-3185
+46 (0)8 630 7070
info@addnodegroup.com
www.addnodegroup.com
DIVISION DESIGN MANAGEMENT DIVISION PRODUCT LIFECYCLE MANAGEMENT
DIVISION PROCESS MANAGEMENT