AddtechADDT B
Addtech is a group of more than a hundred small technology companies that sell and adapt components and systems for industry: automation, electrification, energy, safety and industrial processes. The group grows by buying new companies every year.
Addtech had revenue of SEK 22.7bn in 2025/26. That is 13% more a year since 2021/22.
Each company makes its living by solving one specific technical problem for the customer, often in small volumes, which gives a higher margin than ordinary distribution. Every subsidiary is run on its own, and the profit is used to buy more companies of the same kind.
Latest report: April–September 2026, first half of the 2026/27 financial year
| Now | Year before | |
|---|---|---|
| Net sales | SEK 12,079m | SEK 11,289m |
| EBITA | SEK 2,013m, 16.7% | SEK 1,766m, 15.6% |
| Profit for the period | SEK 1,212m | SEK 1,061m |
| Earnings per share | SEK 4.40 | SEK 3.80 |
| Cash flow from operating activities | SEK 1,332m | SEK 1,336m |
| Return on equity | 29% | 29% |
Source: Addtech, Interim report 1 April – 30 September 2026, p. 1. Interim reports are not filed in ESEF, so these figures are read by hand from the report.
Revenue from the group income statement in the annual report (ESEF). Growth is the average annual change.
Of every 100 in sales, 14 became operating profit in 2025/26. Over the period it has ranged from 11 to 14.
| Year | Revenue | Operating profit | Margin | Net profit | Operating cash flow | Cash conversion |
|---|---|---|---|---|---|---|
| 2021/22 | SEK 14.0bn | SEK 1.5bn | 10.7% | SEK 1.1bn | SEK 1.1bn | 104% |
| 2022/23 | SEK 18.7bn | SEK 2.2bn | 11.6% | SEK 1.5bn | SEK 1.9bn | 128% |
| 2023/24 | SEK 20.0bn | SEK 2.4bn | 12.1% | SEK 1.6bn | SEK 2.6bn | 158% |
| 2024/25 | SEK 21.8bn | SEK 2.8bn | 12.6% | SEK 1.9bn | SEK 2.7bn | 143% |
| 2025/26 | SEK 22.7bn | SEK 3.1bn | 13.6% | SEK 2.1bn | SEK 3.0bn | 140% |
On average, 135% of profit arrived as cash over the period.
Operating margin = operating profit divided by revenue. Cash conversion = cash flow from operations divided by net profit.
Earnings per share went from SEK 4.00 in 2021/22 to SEK 7.95 in 2025/26. Dividends took 33% of owner earnings over the last 4 years.
| Year | Owner earnings | Dividends | EPS | DPS | Shares |
|---|---|---|---|---|---|
| 2021/22 | SEK 792m | SEK 323m | SEK 4.00 | SEK 1.20 | 268m |
| 2022/23 | SEK 1.5bn | SEK 485m | SEK 5.55 | SEK 1.80 | 269m |
| 2023/24 | SEK 2.1bn | SEK 674m | SEK 6.05 | SEK 2.50 | 270m |
| 2024/25 | SEK 2.2bn | SEK 755m | SEK 7.00 | SEK 2.79 | 270m |
| 2025/26 | SEK 2.5bn | SEK 864m | SEK 7.95 | SEK 3.20 | 270m |
The share count has risen 0.1% a year, so each share owns a little less of the company every year.
Owner earnings = cash flow from operations, minus investment in tangible and intangible assets, minus lease repayments. Share count is derived as net profit divided by earnings per share.
Return on capital employed was 18% after tax in 2025/26. Net debt is SEK 5.7bn.
Return on capital employed has ranged from 16% to 19% after tax over the period.
Competitive advantages, our assessment
Return on capital employed = operating profit after 20.6% Swedish tax, divided by equity plus net debt at year end.
Today's price needs owner earnings to grow 14% a year for ten years. Revenue has grown 13% a year.
| Required return | Growth needed |
|---|---|
| 8% | 12% |
| 9% | 14% |
| 10% | 16% |
Market value SEK 81bn, enterprise value SEK 87bn. Base: owner earnings of SEK 2.3bn a year on average over the last three years, an owner earnings yield of 2.6%.
Reverse discounted cash flow. Enterprise value = market value plus net debt. The base is average owner earnings over the last three years. Required return 9%, 10 years, then 2.5% growth.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Revenue | SEK 22.7bn | 2026-03-31 | Annual report 2026 (ESEF)ifrs-full:Revenue |
| Operating profit | SEK 3.1bn | 2026-03-31 | Annual report 2026 (ESEF)ifrs-full:ProfitLossFromOperatingActivities |
| Net profit, owners | SEK 2.1bn | 2026-03-31 | Annual report 2026 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Cash flow from operations | SEK 3.0bn | 2026-03-31 | Annual report 2026 (ESEF)ifrs-full:CashFlowsFromUsedInOperatingActivities |
| Equity | SEK 7.8bn | 2026-03-31 | Annual report 2026 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Cash | SEK 1.5bn | 2026-03-31 | Annual report 2026 (ESEF)ifrs-full:CashAndCashEquivalents |
| Financial year | 1 April to 31 March | Interim report 1 April – 30 September 2026, p. 1 |
The figures come from the company's annual reports in the machine-readable ESEF format, via filings.xbrl.org and the Swedish financial regulator. The latest filing wins, so restated comparatives replace the originals. Anything not tagged in ESEF is given with its source and page.
General analysis and educational material, not personal investment advice and not a recommendation to buy or sell. The figures are mechanical and can be rebuilt from the company's public reports; the text is the author's judgement. Author's position in Addtech: not disclosed. Data to 2026-03-31, price as of 2026-10-23.