Addnode Group (OM:ANOD B) Stock Faces Q2 EPS Slump That Tests Profit Stability Narrative

Addnode Group (OM:ANOD B) has posted its Q2 2026 numbers with revenue at SEK 1,449 million and basic EPS of SEK 0.15, while trailing 12 month revenue sits at SEK 5,856 million against EPS of SEK 2.39. Over the past few quarters, revenue has moved from SEK 1,457 million in Q2 2025 to SEK 1,564 million in Q4 2025 and SEK 1,531 million in Q1 2026, alongside quarterly EPS prints of SEK 0.78, SEK 1.01, SEK 0.83 and now SEK 0.15. With trailing net margins at 5.5% versus 6.7% last year and earnings growth forecasts still pointing higher, this set of results puts profitability trends and margin resilience firmly in focus for investors.

See our full analysis for Addnode Group.

With the latest quarter on the table, the next step is to set these numbers against the most widely held narratives around Addnode Group to see which stories hold up and which start to look stretched.

See what the community is saying about Addnode Group

EPS swings highlight earnings volatility

• Net income moved from SEK 113 million in Q1 2026 and SEK 137 million in Q4 2025 to SEK 20 million in Q2 2026, with basic EPS shifting from around SEK 0.83 and SEK 1.01 in those earlier quarters to SEK 0.15 now, showing how Addnode Group’s profit per share can move around from quarter to quarter even when revenue stays close to SEK 1.4 to 1.6 billion.
• Consensus narrative sees cost measures and a tilt toward higher margin software as supportive for profit stability, yet the current 5.5% trailing net margin versus 6.7% a year ago shows profit quality is still being tested.
  • The consensus view highlights recurring digital solution revenue and cost savings of about SEK 45 million a year in PLM as support for earnings, while the recent pattern of quarterly net income between SEK 20 million and SEK 137 million underlines how that stability is not fully visible in the reported numbers yet.
  • Investors weighing this narrative can compare the 9.6% average annual earnings growth over five years and the 16.5% earnings growth forecast with the latest low EPS print to judge how temporary these swings might be.

Margins and debt sit at the center of the bearish case

• Trailing 12 month net profit is SEK 323 million on SEK 5,856 million of revenue, giving a 5.5% margin compared with 6.7% the prior year, while leverage is described as elevated with net debt including leases at SEK 2.2 billion and earnings from recent acquisitions still bedding in.
• Bears point to cash flow pressure and leverage as key weak spots, and the reported figures give them concrete talking points.
  • The bearish narrative flags weaker conditions in Germany, restructuring in PLM and a shift in Autodesk payment terms, which ties back to the relatively modest net income of SEK 323 million over the last year compared with the group’s multi billion revenue base.
  • With share price volatility, higher debt and an unstable dividend record all listed as risk factors, the combination of a thinner 5.5% margin and Q2 net income of SEK 20 million gives critics data to question how easily Addnode Group can absorb further shocks.

For a deeper look at how recent results stack up against the more cautious view, including cash flow pressures and leverage concerns, check out how skeptics frame the story in 🐻 Addnode Group Bear Case.

Valuation gap vs growth forecasts at SEK 36.25

• At a share price of SEK 36.25, Addnode Group trades on a P/E of 15.2x, below both the European IT industry at 18.3x and a peer average of 16.8x, while the DCF fair value of SEK 67.80 and an allowed analyst target reference of SEK 74.60 both sit well above the current price.
• Bullish investors argue that forecast earnings growth of about 16.5% a year and revenue growth of roughly 4% a year justify that valuation gap, and the current data gives them several anchors.
  • The trailing EPS of SEK 2.39 and five year earnings growth of 9.6% a year are used by bulls as evidence that the business has already produced steady profit expansion that could support higher valuation multiples over time.
  • Supporters also point to the stock trading around 46.5% below the DCF fair value of SEK 67.80 and below the SEK 74.60 target reference as signs that, despite recent margin pressure, the current P/E discount may already factor in many of the identified risks.

If you want to see how optimistic investors connect these growth forecasts and valuation gaps into a full story for Addnode Group, take a look at the detailed bull case in 🐂 Addnode Group Bull Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Addnode Group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mixed signals around Addnode Group leave you unsure, take a moment now to review the details yourself and weigh both the downside and upside. To balance the concerns and potential rewards side by side, start with the 4 key rewards and 3 important warning signs.

See What Else Is Out There Beyond Addnode Group

Between thinner 5.5% margins, earnings volatility and elevated net debt of SEK 2.2b, Addnode Group’s recent results highlight pressure on profitability and balance sheet strength.

If those debt levels and margin strains make you cautious, it is worth urgently scanning companies with stronger finances using the solid balance sheet and fundamentals stocks screener (417 results) to compare alternatives more confidently.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com