Kvartalsrapport Q1 2023

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===== SIDA 1 =====

JANUARY – MARCH 2023
NET SALES INCREASED BY 16.2% TO SEK 1,970.5 (1,695.3) MILLION
THE OPERATING PROFIT (EBITA) INCREASED BY 2.7% TO SEK 197.2 (192.1) MILLION. 
THE ADJUSTED OPERATING PROFIT (EBITA) INCREASED BY 2.0% TO SEK 198.1 (194.2) MILLION
 1)
THE OPERATING MARGIN (EBITA) WAS 10.0% (11.3). 
THE ADJUSTED OPERATING MARGIN (EBITA) WAS 10.1% (11.5)
 1)
RESULTS AFTER TAX INCREASED TO SEK 104.1 (121.7) MILLION
EARNINGS PER SHARE INCREASED TO SEK 3.64 (4.34)
 2)
CASH FLOW FROM OPERATING ACTIVITIES INCREASED TO SEK 106.5 (5.2) MILLION
Interim report
  Continued growth 
with good profi  tability
1) EBITA is adjusted for items that affect comparability between periods, to improve understanding of  the Group’s underlying operative activities. 
 For more information, see defi  nitions on page 25.
2)  Before and after dilution.
The information contained herein is such as shall be made public by Knowit AB (publ) in accordance with the EU Market Abuse Regulation
.
The information was made public through the agency of CEO and President Per Wallentin, at 07.30 CEST on May 3, 2023.

===== SIDA 2 =====

Knowit is starting off the year with continued net sales growth and high 
profitability . We are faced with a relatively stable demand and continue  
to develop high-quality services and solutions to our clients, while also 
striving to strengthen our position as a leading player in digital transfor-
mation. The effects of increased geopolitical uncertainty and a changed 
macroeconomic climate are felt through longer decision-making proces-
ses in new projects and challenges with longer delays in placing junior 
consultants in new assignments. 
Continued growth  
on an uncertain market
COMMENTS FROM THE CEO
DURING THE FIRST  quarter of the year , we have faced 
high demand in our four business areas, although there is 
more hesitance among our clients compared with a year 
ago, when the economic climate was still much stronger . 
I am particularly proud of a continued positive develop-
ment in the business area Connectivity , which delivers 
good growth and profitability , largely thanks to our ability 
to adapt quickly and reallocate competences based on 
our clients’ needs. The business area Experience is also 
showing stable growth during the quarter and has strengt-
hened its position further . The business areas Insight and 
Solutions are challenged by longer delays among some 
clients, and a somewhat weaker invoicing ratio compared 
with last year . We are continuing to increase our focus on 
sales-driving activities and simultaneously working con-
tinually to improve internal efficiency and productivity .
WITH JOINT FORCES FOR  
EDUCATION AND EQUALITY
Continually working to develop Knowit as an employer is 
a high priority on our strategic agenda. During the first 
quarter , we have implemented new training programs 
and platforms to strengthen both employees and clients 
on their digital journeys. A good example is “Get to Knowit,” 
a digital onboarding platform that helps new employees 
get familiar with their new employer and increase their 
understanding of how different parts of the organization  
can collaborate to create greater client benefits. We have 
also introduced courses in sustainability both aimed at 
all employees and niched to specific roles, as well as a 
course on cybersecurity . At the end of March, Knowit sig-
ned Diversity Charter Sweden’s diversity and inclusivity 
charter , which is a long-term collaboration to increase 
competence and contribute positively to societal deve-
lopment in these matters. Knowit also participated as a 
proud cocreating partner at Women in Tech in March, a 
forum aimed at increasing the attractiveness of working 
in the tech sector among women. Knowit’s commitment 
and investments when it comes to diversity and inclusion 
show how we work to strengthen both ourselves and 
society at large by creating a more inclusive and sustai-
nable future.
AN INNOVATIVE ENVIRONMENT 
WITH AN INCREASED FOCUS ON PRODUCTS
The heart of our business model is a strong consultancy 
operation where we help companies and organizations 
in the digital transformation. At the same time, we are 
proud to be able to offer a working environment characte-
rized by innovation and drive, where our employees are 
given the space to develop new product solutions that 
can create new business opportunities. Knowit already 
has a range of products and platforms that all make up 
important supplements to other services and offers. In 
the future, I envision us continuing to develop and offer 
innovative and cost-effective products and platforms 
that create value for our clients and contributing to a 
successful digitalization journey .
STRONG POSITION FOR 
CONTINUED POSITIVE DEVELOPMENT
Knowit has a strong position as a digitalization partner to
Nordic companies and I view the coming year with confi-
dence, despite the market situation being more difficult 
to assess than it was a year ago. Our ability to be agile 
and quickly adapt to changing market conditions and our 
clients’ needs will be a strength in a world that remains 
uncertain.  
PER WALLENTIN
CEO and President
 2 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

===== SIDA 3 =====

JANUARY – MARCH 2023
 
Knowit has achieved the attractive status AZURE EXPERT MANAGED SERVICES  
PROVIDER,  thereby becoming one of the few Microsoft partners in Nordic who  
has been granted this status. The program is designed to ensure that companies 
and organizations get access to the most competent Azure partners. 
 
Knowit has been appointed a GOOGLE CLOUD PREMIER PARTNER,  one step on 
the road to guiding companies and organizations along their entire cloud journey . 
Knowit has more than 50 Google Cloud Professional-certified cloud architects 
and data engineers.
 
Knowit has signed Diversity Charter Sweden’s DIVERSITY AND INCLUSIVITY 
CHARTER  in order to further strengthen and broaden its work on equality . The 
collaboration serves to increase competence within the company and exchange 
experiences with other companies in order to create a more inclusive society .
 
Knowit AB has expanded its ISO certification with a CERTIFICATE IN INFORMATION  
SECURITY  (ISO 27 001). Knowit AB already held certificates in quality management 
(ISO 9 001) and environmental management (ISO 14 001). The ISO certificates  
increase the possibilities of deals with clients that require systematic work in these  
areas, for instance in the public sector .
 
Knowit participated as a partner in this year’s WOMEN IN TECH  in Stockholm. Knowit 
was represented by around 30 female managers and consultants, with the goal of 
increasing its attractiveness as an employer and meeting new talent.
EVENTS DURING THE QUARTER
 3 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

===== SIDA 4 =====

Stable start to the year
THE PERIOD IN BRIEF
JANUARY – MARCH 2023
THE FIRST QUARTER  of the year is characterized by a continued demand for digi-
talization competence, but with increased uncertainty on the market compared with 
a year ago, resulting in longer sales cycles and more hesitance among some clients. 
Growth was 16.2 percent or 6.0 percent, when calculated as if the year’s acquisi-
tions were included one year ago. The adjusted EBITA profit was SEK 198.1 million, 
which is a weakening of the adjusted EBITA margin to 10.1 (11.5) percent.
On a weaker market, the demand for specialist knowledge in digitalization, cyber-
security , and product development remains high, which benefits Knowit, thanks to 
its strong position on the Nordic digitalization market. The proportion of subconsul-
tants in larger strategic client assignments has not increased during the quarter , 
but has an overall negative impact on the margin. 
SALES PER COUNTRY
JANUARY – MARCH 2023
Sweden 45% (49)
Norway 29% (32)
Denmark 12% (7)
Finland 10% (9)
Poland 3% (3)
Other 0% (0) 
12 45
10
29
3
NET SALES, SEK, MILLIONS
  Net sales, quarterly data  
  Rolling 12 months  
ADJUSTED EBITA PROFIT,
SEK, MILLIONS
  Adjusted EBITA profit, quarterly data  
  Rolling 12 months  
Q4
2022
95
Q3
2022
Q2
2022
Q4
2022
Q1
2021
1,521
Q2
2021
Q3
2021
Q4
2021
Q1
2022
1,695
1,576
1,645
 
1,972
Q1
2023
1,971
1,011
1,034
1,191
179
Q1
2021
Q1
2023
198
 
Q2
2021
103
Q3
2021
98
Q4
2021
105
Q1
2022
181
Q2
2022
194
Q3
2022
141
3,454
5,496
7,109
343
579
613
 4 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Financial development
The net sales for the period increased to SEK 1,970.5 (1,695.3). Profit before amor-
tization of intangible assets (EBITA) increased to SEK 197.2 (192.1) million. The 
adjusted EBITA profit was SEK 198.1 (194.2) million, adjusted for acquisition and 
integration costs of SEK 0.9 million. 
Compared with the corresponding period last year , exchange rate developments 
had a positive effect on EBITA totaling SEK 11.4 million. Cash flow from operating 
activities increased to SEK 106.5 (5.2) million. The past year was affected negati-
vely by taxes paid, including in relation to restructuring effects in Finland. The change 
in operating capital had an impact of SEK -39.6 (-104.8) million, affected mainly 
by accounts receivable.  
The below table shows financial history that includes the acquisitions of Swedspot, Miracle, Marketing Clinic, Ascend, 
and Ionic for comparable periods, to facilitate for the reader to follow the development. See more information on page 23.
THE PERIOD IN BRIEF
JANUARY – MARCH 2023
 
SEK, MILLIONS JAN-MAR 2023 JAN-MAR 2022
Sales 1,970.5 1,695.3
Sales, acquisitions – 163.8 1)
Sales, including acquisitions 1,970.5 1,859.1
Sales, change, % 6.0
of  which is exchange rate effect, % 0.6
SEK, MILLIONS JAN-MAR 2023 JAN-MAR 2022
EBITA 197.2 192.1
Adjusted EBITA profit 1) 198.1 194.2
EBITA margin, % 10.0 11.3
Adjusted EBITA margin, % 2) 10.1 11.5
Cash flow from operating activities 106.5 5.2
Intangible assets 4,585.1 3,986.2
Number of employees at the end of the period 4,377 3,871
1) EBITA is adjusted for items that impair comparability between different periods, to improve the understanding of  the Group’s underlying operations.   
 Comparison-impairing items include costs connected to acquisitions and sales and costs for restructuring and integration programs.
2)  Adjusted EBITA profit in relation to the net sales of  the period.
1) Adjustments relate to addition of  net sales in Swedspot, Miracle, Marketing Clinic, Ascend, and Ionic for the period January to March 2022.  
In the below table, EBITA is adjusted for items that impair comparability between different periods, to enable 
increased understanding for the Group’s underlying operations.
 5 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Collaboration and strong part-
nerships create possibilities
MARKET AND OPERATIONS
automation, and robotization, creates good possibilities to  
have a positive impact on society and the climate chal-
lenges. New and more easily accessible tools that use AI 
are currently being developed at a fast pace. This crea-
tes new opportunities for all of Knowit’s business areas, 
both in regard to work methods using such data, but also 
in the form of new client offers that make use of the latest 
technology .
 Knowit has its largest operations in the Nordic region, 
with a smaller organization in Germany and operations 
in Poland that support the Nordic operations with exper-
tise in programming and system development. With its 
agile work method and client-tailored solutions, Knowit 
has a strong position on the Nordic digitalization market.
A STRONG CLIENT OFFERING
Knowit’s four business areas build on the clients’ needs 
for support in various parts of their organizations. The 
business area Solutions usually collaborates with com-
panies’ operative and IT departments. Experience’s usual
client group encompasses sales and marketing depart-
ments, and Connectivity’s target group is mainly research 
and development departments. Insight mainly has corpo-
rate management and management teams as its clients.
 Knowit’s clients often have a need for services from 
several business areas. This means that projects can be 
performed with the support of multiple competencies 
from more than one business area. These are collabora-
tions that develop both Knowit’s and the clients’ businesses.
GOOD SPREAD ACROSS  
DIFFERENT CLIENT INDUSTRIES
Knowit meets clients in many different industries, where 
companies and organizations have the need for compe-
tent support to develop their operations and drive the 
change towards a digitalized society . The largest propor-
tion of net sales is in the public sector , providing 39 per-
cent of Knowit’s total net sales. Other significant client 
sectors are Retail and service companies, Industry , and 
Banking, finance, and insurance, which are behind 15, 
15, and 10 percent of net sales, respectively .
THE DIGITAL TRANSFORMATION  means that companies 
and organizations are adapting their processes and busi-
ness models to become fully or partially digitalized and 
Knowit provides support in every step of this development. 
In a digitalized society , new possibilities for a simplified 
and sustaimeans that companies and organizations are 
adapting their processes and business models to become 
fully or partially digitalized and Knowit provides support in 
every step of this development. In a digitalized society , 
new possibilities for a simplified and sustainable day-to-
day existence for both citizens and society . The solution 
to many of the main challenges in society , such as climate 
change, is dependent on mankind’s ability to use new 
and existing technology in a sustainable way . Digital solu-
tions that Knowit has developed along with clients and 
partners are found throughout all parts of society , from 
schools, healthcare services, and authorities, to e-com-
merce, transportation, security systems in vehicles, and 
new energy systems. Knowit’s competence in new techno-
logy and digital solutions, such as artificial intelligence, 
Knowit contributes to the transition toward a more digital and sustaina-
ble society by helping companies in the transformation to new business 
models and developing innovative solutions along with its clients and 
partners. Together , Knowit’s four business areas create a complete offer 
in digital transformation, covering the entire organization of each client’s 
organization. Solutions, system development and tech-associated servi- 
ces, Experience, digital communication solutions and data-driven cus- 
tomer experiences, Connectivity , development of embedded systems, 
security applications, and cloud services, and Insight, management 
consultancy and organizational development.
SALES PER BUSINESS AREA  
JANUARY – MARCH 2023  
Solutions 52% (54)
Experience 21% (23)
Connectivity 15% (14)
Insight 12% (9)
SALES PER CLIENT INDUSTRY
JANUARY – MARCH 2023
Public sector 39% (36)
Retail and service companies 15% (18)
Industry 15% (15)
Banking, finance and insurance 10% (10)
Telecommunications 9% (9)
Energy 4% (4)
Media, education and gaming 4% (4)
Other 4% (4)
52
12 
4
39
4
4
9
10
1521
15
15
 6 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

MARKET AND OPERATIONS
WITH A FOCUS ON SUSTAINABILITY
Actively contributing to the development of a sustainable 
and carbon-neutral society is a top priority at Knowit. 
Knowit has established sustainability targets to ensure that 
the company , along with clients and partners, actively 
contributes to positive environment and climate impact, 
and increased inclusivity . As of January 1, 2022, Knowit is 
a climate-positive company and has, within the framework 
of Fossil-free Sweden, committed to decreasing its carbon 
dioxide emissions by at least 50 percent by 2030. The goal 
is in line with the Science-Based Target initiative (SBTi), an 
initiative that objectively reviews the emission decrease 
targets of companies in relation to scientific best practices.
 Knowit is working in several client projects aiming to 
decrease climate impact.
A STRONG EMPLOYER BRAND
The growing demand for digital services means that Knowit 
is working intensely to attract new employees and to sus-
tain its strong employer brand among tech companies.
INCREASED FOCUS ON  
PRODUCTS AND PLATFORMS
Knowit’s deal is based on a strong consultancy operation 
with a focus on supporting companies and organizations 
to become digitalized and develop new, profitable busi-
ness models. Further , a number of products and plat-
forms, often arising out of development projects, have 
now become important complements to other services 
and offers within Knowit, both as value creators in client  
relationships and as contributions to an innovative environ-
ment for Knowit’s employees.
 Making use of the drive and knowledge found within 
Knowit’s organization is an important part of the com-
pany’s culture and there are several examples where 
innovativeness and engagement have resulted in various 
product solutions. Examples of platforms and products 
developed and offered from various parts of Knowit inclu-
de Dploy – a user-friendly platform for automating proces-
sing of loan applications, BlueGo – an application frame-
work and software for Bluetooth, and SignPort by Knowit 
– a holistic service for digital signatures.
FINANCIAL OUTCOME
The Group’s operations are organized so that the corpo-
rate management team primarily follows four business 
areas: Solutions, Experience, Connectivity , and Insight. 
 The net sales for Solutions increased to SEK 1,091.5 
(976.0) million, for Experience to SEK 447.0 (413.2) 
million, for Connectivity to SEK 304.1 (246.0) million, 
and for Insight to SEK 246.9 (169.9) million.
 Profit before amortization of intangible assets (EBITA) 
for Solutions was SEK 114.9 (126.2) million, for Expe-
rience to SEK 60.1 (59.3) million, for Connectivity to 
SEK 34.8 (29.4) million, and for Insight increased to 
SEK 26.5 (20.2) million.
 The EBITA margin for Solutions was 10.5 (12.9) 
percent, for Experience was 13.4 (14.3) percent, for 
Connectivity was 11.4 (12.0) percent, and for Insight 
was 10.7 (11.9) percent.
Solutions
JAN-MAR 2023 JAN-MAR 2022  
JAN-MAR 2022
incl. acquisition 1) 
Sales, SEK, million 1,091.5 976.0 1,064.1
EBITA, SEK, million 114.9 126.2 129.7
EBITA margin, % 10.5 12.9 12.2
Number of employees
at the end of the period 1,910 1,717 1,849
1) Pertains to the acquisition of  Miracle A/S from January to March 2022.
With a strong presence in the Nordic region and more than 
1,900 employees, the business area Solutions is well-posi-
tioned for delivering high-quality digital solutions for com-
panies and organizations and thereby supporting them 
on their digitalization journeys. By working close to its 
clients and using the latest technology and methods, Solu-
tions is an important partner for companies that want to 
future-proof their digital platforms and promote more data-
driven operations. Solutions contributes with cutting-edge 
competence in all parts of the systems development pro-
cess: from idea, architecture and project governance, to 
programming, implementation, testing, and security .
 Solutions has the single largest proportion of its clients 
in the public sector . Examples of clients are the Norwegian 
transportation group VY (formerly NSB), several larger 
companies in retail and e-commerce, and leading 
companies in the telecom industry , such as Telia and 
Telenor . Examples of interesting organizations to which 
Solutions has delivered communication solutions are the 
aid organization Sida and SOS Alarm.
COMMENTS FROM THE HEAD OF SOLUTIONS
The business area Solutions is facing continued high 
demand for digitalization services, but the margin is 
affected negatively by generally longer sales cycles and 
downsizing by individual clients. Demand for technical 
specialist competence remains high, but demand for more 
project administrative and junior roles is decreasing. 
“ On the current market, we prioritize 
sales activities to secure a high in-
voicing ratio and sound cost control. 
We are pleased to see a positive 
development in Finland, with growth 
in both the net sales and margin,” 
says Åsa Holmberg.
Experience
JAN-MAR 2023 JAN-MAR 2022  
JAN-MAR 2022
incl. acquisition  
Sales, SEK, million 447.0 413.2 413.2
EBITA, SEK, million 60.1 59.3 59.3
EBITA margin, % 13.4 14.3 14.3
Number of employees
at the end of the period 987 959 959
The business area Experience focuses on creating and 
delivering innovative digital experiences for Nordic com-
panies at the interface between technology and commu-
nication. Knowit has a unique expertise when it comes 
to integrating technology , design, and business strategy 
to create a cohesive and simple user experience.
 The business area offers a range of different services, 
including UX design, interaction design, user surveys, 
 7 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

MARKET AND OPERATIONS
information architecture, digital strategy , and development 
of web and mobile applications. Experience also has a 
strong offer in e-commerce, an area that has grown quickly 
in recent years, alongside data-driven marketing. Through 
working closely with its clients, Knowit can tailor solutions 
for their specific needs and goals. Examples of clients 
that Experience has a long-term collaboration are Danish 
Arla, Nordic OKQ8, Inera 1177.se in Sweden, and Norwe-
gian insurance company Storebrand.
COMMENTS FROM THE HEAD OF EXPERIENCE
The business area Experience is starting off the year in 
a stable way , with good growth. The intensifying sales-
driving work that began at the end of last year continues 
to show positive results on an uncertain market. In recent 
years, we have made a shift toward larger and longer 
client assignments, which is another strength on a more 
challenging market.
“ Our client experience is performing 
well even on the current market, while 
we are challenged by longer sales 
cycles among existing clients. Our 
operations in Norway and Denmark 
are developing well, which is highly 
gratifying,” says Fredrik Ekerhovd.
Connectivity
JAN-MAR 2023 JAN-MAR 2022  
JAN-MAR 2022
incl. acquisition 1)
Sales, SEK, million 304.1 246.0 258.7
EBITA, SEK, million 34.8 29.4 31.7
EBITA margin, % 11.4 12.0 12.2
Number of employees
at the end of the period 774 676 714
1) Pertains to the acquisition of  Swedspot AB from January to March 2022.
Connectivity combines technical expertise and business 
competence for innovative, secure, and sustainable solu-
tions in IT and communication technology . The business 
area is primarily active in product, system, and service 
development of embedded systems, cloud solutions, and 
security applications. The business area supports clients 
in everything from developing prototypes and proofs of 
concepts to implementing large-scale solutions for smart 
homes, industrial automation, or smart cities.
 The business area has over 750 consultants in Sweden 
and Poland and a smaller operation in Germany . Connec-
tivity is specialized in development of 5G technology , a 
platform facilitating use of artificial intelligence (AI), the 
internet of things (IoT), and extended reality IXR). Connec-
tivity is a leading supplier to clients in the telecom industry , 
the vehicle industry , the manufacturing industry , and has 
delivered services to the Swedish Armed Forces. Connec-
tivity collaborates with the development and research 
departments of clients like ABV , Assa, Ericsson, Scania, 
and Valmet.
COMMENTS FROM THE HEAD OF CONNECTIVITY
Connectivity is developing well and expanding operations 
in both Poland and Sweden. Long-term client assign-
ments and several renewed assignments regarding the 
product solutions provided by Connectivity have contri-
buted to a strong quarter .
“ We are starting off  the year well and 
can grow in all parts of  our operations 
thanks to both successful acquisition 
of  new clients and hard work with 
renegotiating and extending ongoing 
projects,” says Bo Strömqvist. 
Insight
JAN-MAR 2023 JAN-MAR 2022  
JAN-MAR 2022
incl. acquisition 1) 
Sales, SEK, million 246.9 169.9 232.9
EBITA, SEK, million 26.5 20.2 32.1
EBITA margin, % 10.7 11.9 13.8
Number of employees
at the end of the period 544 376 488
1)  Pertains to the acquisition of  Marketing Clinic Oy , Ascend AB samt Ionic AB from  
 January to March 2022.
Insight supports its clients in creating agile organizations  
and performing digital transformations, from idea to result. 
With a focus on giving clients a deeper understanding 
of their operations and supporting them in their trans -
formation efforts – from idea to result – Insight’s consul-
tants contribute to altered business models, adapted to 
the digital transformation. Using data analytics, Knowit 
Insight helps companies find possibilities, identify chal-
lenges, and make data-driven decisions to improve their 
operations.
 Insight’s around 550 employees support Nordic compa-
nies in areas like growth and profitability strategies, deve-
lopment of new business models, transformation manage-
ment, and cybersecurity . Insight’s offer in cybersecurity 
is in particular demand. Clients are found in both the 
private and the public sector . Investments in Knowit’s 
management consultancy operations during the past 
year have created a significantly broader and more 
attractive offer to Nordic clients.
COMMENTS FROM THE HEAD OF INSIGHT
The business area Insight has shown good growth during 
the quarter with continued strong demand in cybersecurity 
and law. We are seeing that companies tend to retain and 
increase investments in important implementation projects, 
while purely strategic projects have a lower priority . This 
benefits us on the current market, while some strategic 
consultancy roles are harder to sell. The Finnish opera-
tions have recovered and are showing stable and profi-
table development during the quarter .
  
“ The quarter provides a mixed picture 
of  the market situation, with several 
new assignments from both new and 
existing clients. At the same time, we 
are challenged by companies being 
more hesitant with investments. The 
collaboration across national borders 
strengthens us in several of  our client 
deliveries, which is gratifying,” says 
Carin Strindmark.  
 8 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Current projects  
that create client value
REFERENCE CASES
KNOWIT DELIVERS CLIENT projects that contribute to 
societal development and involve the human aspect, 
based on both usability and privacy . An important part 
of Knowit’s contributions is increasing the clients’ under-
standing of how digitalization can contribute to a circular 
economy and an improved society .
Knowit are digitalization consultants that create unique client values 
by offering digital solutions that help companies and organizations to 
future-proof their business models and simultaneously create a sus-
tainable society .
KNOWIT STRENGTHENS  
SWEDEN’S DEFENSE CAPABILITIES 
FMV is the supplier of military materials to the Swedish 
Armed Forces. Since 2022, Knowit has had a framework 
agreement with FMV in the marine management system 
area and deliveries consultancy services within several 
subareas. Knowit has been working in the defense area 
since 2007.
 Knowit contributes with the experience and competen-
cies requested and needed here and now. Horizon scan-
ning and the deteriorating security situation accentuate 
the need for support.
 In the defense area, Knowit delivers consultancy servi-
ces in operative development, requirements and design, 
integration, verification, and validation, and support to 
maintenance of technical systems. An important part is 
the supply of experts who understand both the needs 
of the operations, technical engineering, and how you 
develop technical systems in the defense area specifi-
cally . The extent of the allotted subareas in the framework 
agreement is up to 60,000 hours per year over the next 
three years, with an option for another three years.
INGEN
FATTIGDOM
TRANSPARENCY AND AVAILABILITY  
FOR NORWAY’S AID WORK
Norad is the Norwegian Agency for Development Coope-
ration, working to ensure that the entire world achieves 
the UN sustainable development goals, organized as part 
of the Norwegian Foreign Department. In questions related 
to Norway’s climate and forest investments, Norad is orga-
nized as part of the Climate and Environmental Depart-
ment (KLD). Through knowledge and collaboration, Norad 
ensures that Norwegian aid funds contribute to global 
development. On assignment from the Norwegian Stor-
tinget and the government, Norad manages large parts 
of Norwegian aid funds.
 Norad is working for a greener future in a world without 
poverty , where human rights are respected and no one 
is left out. Norad aims to contribute to achieving the UN 
SDGs by 2030 by being a collaboration partner for global 
development.
 Knowit has helped Norad with further development of 
norad.no, Norad’s portal for showing results and statis-
tics on the use of Norwegian aid funds.
 The portal contributes with transparency on where and 
how Norwegian aid funds are used and what results the 
aid has for poor countries and people. An important star-
ting point is describing the problems that Norway aims 
to contribute to solving. The expected results of the Nor-
wegian support are determined based on that. All part-
ners must have a system to gather information on if these 
results are actually achieved.
 Knowit’s assignment has been to develop a number of 
topic-related pages to be launched in the spring of 2023. 
Further , Knowit has worked with maintenance in the form 
of refactoring and various updates of existing sites, as 
well as the database that stores results and statistics.
 Thanks to the portal, anyone can gather data and sta-
tistics on how Norwegian aid funds are used and what 
the results have been since 2015.
 9 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

REFERENCE CASES
CLOUD APP HELPS DAIRY  
FARMERS PROTECT THEIR COWS’ WELLBEING  
DeLaval is a worldwide leader in milking, with equipment  
and solutions for dairy farmers – providing important sup-
port for sustainable dairy farming. Together with Knowit, 
they have created a unique app solution whereby cows 
are IoT-connected to the cloud. The goal is to help dairy 
farmers protect the cows’ wellbeing in real time.
 The dairy farms of today can be seen as high-tech hubs 
in companies that are active 24/7, 365 days a year – where 
animal wellbeing and efficiency are two important building 
blocks in making the farms profitable and productive.
 Farms with DeLaval equipment now have both machi-
nery and digital solutions, where cows are tagged with 
sensors that gather valuable data. Data analysis results 
in better decision support for operating the farm at maxi-
mum capacity and a strong focus on animal wellbeing.
 With the goal of offering digital services in parallel with 
creation of the machines that DeLaval provides to its cus-
tomers, a program was initiated in order to renew and 
create the next generation of information platform. DeLaval 
needed a collaboration partner that could meet require-
ments on a high pace of productivity , scalable and flexible 
work, and a guaranteed fast time to market. Knowit was 
hired and was given the assignment to create the very 
first application for the platform.
 An agile team from Knowit with competence in cloud-
based development, IoT , AWS, and Scrum developed a 
solution that aggregates all the data and compares them 
with other available data, producing data and analyses 
that are useful for the farmer in their daily work. DeLaval 
also has an in-house innovation team that builds algorithms
for predictions based on the sensor data, using machine 
learning. In the newly developed app, all cows are IoT-
connected to AWS, where the data are organized and 
machine learning is used to produce reliable information 
and predictions. 
 There is now a real-time solution in place, in the form of 
an application that helps the dairy farmer keep a strong 
focus on the cows’ wellbeing. The app informs the farmer 
if a cow is eating too much or too little, shows irregular 
behavior , or is getting sick.
THE SPANISH SUN IS TRANSFORMED INTO 
ELECTRICITY USING KNOWIT’S WEB APP
Ecodrivex is a start-up with roots in Sweden, Spain, and 
Colombia, which has identified one of many challenges 
with sustainable electricity generation. In Spain, with over 
300 days of sun each year , and thousands upon thou-
sands of rooftops not used for solar panels, there are 
several challenges to solve in order to increase the share 
of households getting electricity through solar power . 
The process of getting solar panels installed has histori-
cally been non-digital and time-consuming, with property 
owners and tenants needing to agree on timing, capital 
investments, and subconsultants, for instance. Ecodrivex’s 
initiative serves to digitalize the process of accelerating 
and simplifying solar panel installation.
 Knowit’s assignment has been to present and develop 
an application for tenants to agree digitally and asynch-
ronously . Through the web application, it is easy to gather 
information, communicate, and even vote on suggestions 
for the property . The company has thereby , with Knowit’s 
help, been able to digitalize the first step in the process: 
agreeing that a certain property shall be used for solar 
panels. The solution has created a faster process and 
shortened the time it takes to initiate the process of using 
roofs and solar panels to produce solar power .  
 10 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Continued growth
THE GROUP
 Net sales for the segment Solutions increased to SEK 
1,091.5 (976.0) million, for the segment Experience to 
SEK 447.0 (413.2) million, for the segment Connectivity 
to SEK 304.1 (246.0) million, and for the segment Insight 
to SEK 246.9 (169.9) million.
 EBITA was SEK 114.9 (126.2) million for the segment 
Solutions, increased to SEK 60.1 (59.3) million for the 
segment Experience, to SEK 34.8 (29.4) million for the 
segment Connectivity , and to SEK 26.5 (20.2) million for 
the segment Insight.
 The EBITA margin was 10.5 (12.9) percent for the 
segment Solutions, 13.4 (14.3) percent for the segment 
Experience, 11.4 (12.0) percent for the segment Con-
nectivity , and 10.7 (11.9) percent for the segment Insight.
Cash flow
JANUARY – MARCH
Cash flow from operating activities increased to SEK 
106.5 (5.2) million. The previous year was affected nega-
tively by tax paid, for instance related to restructuring 
effects in Finland. The change in working capital was 
SEK -39.6 (-104.8) million, affected mainly by accounts 
receivable.
 Cash flow from investment activities amounted to SEK 
-21.8 (-104.2) million, affected mainly by investments in 
tangible assets. 
 Cash flow from financing activities was SEK -138.7 
(-30.6) million, affected mainly by amortizations. 
 Total cash flow was SEK -54.0 (-129.6) million. 
Financial position
JANUARY – MARCH
Cash and cash equivalents were SEK 444.6 (722.8) million 
as per March 31, 2023. Goodwill and other intangible 
assets increased to SEK 4,585.1 (3,986.2) million, of 
which goodwill was SEK 3,747.1 (3,241.7) million, and 
other intangible assets were SEK 838.0 (744.5) million.
 Equity increased to SEK 4,283.7 (4,063.2) million. 
Interest-bearing liabilities totaled SEK 1,482.1 (906.8) 
million by March 31, 2023, with long-term liabilities tota-
ling SEK 1,184.7 (298.5) million and short-term liabilities 
totaling SEK 297,4 (608.3) million. Knowit has a facility 
of SEK 300 million that falls due in 2026 and a facility 
of SEK 750 million that falls due in 2027. The credit faci-
lities granted total SEK 1,050 million. As per March 31, 
2023, SEK 600.0 (455.3) million of the credit facilities 
granted were used. Leasing debts increased to SEK 629.2 
(219.0) million. Debts related to future consideration in 
subsidiaries totaled SEK 252.9 (232.6) million.
 The equity/asset ratio was 56.8 (62.3) percent as per 
March 31, 2023. 
Net sales and profit  
The group
JANUARY – MARCH
Net sales increased to SEK 1,970.5 (1,695.3) million, an 
increase by 16.2 percent as compared with the corres-
ponding period last year . The exchange rate development 
of the year has had a positive impact on net sales of SEK 
11.4 (49.6) million. 
 Net sales increased to SEK 892.4 (832.0) million in Swe-
den, to SEK 574.9 (543.8) million in Norway , to SEK 235.4 
(125.9) million in Denmark, to SEK 200.4 (143.5) million in  
Finland, and to SEK 62.1 (45.1) million in Poland. Sales 
per employee increased to KSEK 471 (465).
 The operating profit before amortization of intangible 
assets (EBITA) increased by 2.7 percent to SEK 197.2 
(192.1) million. The adjusted EBITA profit increased by 
2.0 percent to SEK 198.1 (194.2) million, adjusted for 
integration costs of SEK 0.9 (2.1) million. The exchange 
rate development has had a negative impact on EBITA of 
SEK -1.0 (4.8) million. 
 In Sweden, EBITA was SEK 113.8 (132.3) million, in 
Norway it increased to SEK 66.9 (65.4) million, in Den-
mark to SEK 19.9 (12.3) million, in Finland to SEK 16.4 
(9.9) million, and in Poland to SEK 7.5 (5.2) million. 
 The EBITA margin was 10.0 (11.3) percent. The adjus-
ted EBITA margin was 10.1 (11.5) percent.
 Amortization of intangible assets amounted to SEK -42.7 
(-31.2) million, affected by increased amortization related 
to the acquisitions of Swedspot AB, Miracle A/S, Marke-
ting Clinic Oy , Ascend AB, and Ionic AB. 
 The operating profit after financial items was SEK 133.3 
(156.6) million. The financial net was SEK -21.2 (-4.3) 
million, affected mainly by increased interest revenue of 
SEK 4.2 (0.5) million, interest costs of SEK -15.7 (-3.3) 
million, and revaluation of additional consideration tota-
ling SEK -2.6 (-3.2) million.
 The results after tax were SEK 104.1 (121.7) million.  
Tax for the period was SEK -29.2 (-34.9) million. The non-
controlling interests’ share of profit for the year increased 
to SEK 4.3 (2.7) million. Earnings per share were SEK 3.64 
(4.34).
The segments
JANUARY – MARCH
The Group’s operations are organized so that the corpo-
rate management primarily follows up on net sales, EBITA 
profit, and average number of employees for the Group’s 
segments. The Corporate Management Team does not 
follow up on balance sheet items other than intangible 
assets across the different segments. The Corporate 
Management Team primarily follows up on five segments: 
Solutions, Experience, Connectivity , Insight, and other . 
Other items include cloud services of a smaller scope, 
the Parent Company’s group-wide costs for management, 
financials, and marketing, and adjustments related to 
IFRS 16, which are not allocated to the segments.
 11 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Employees
JANUARY – MARCH
On March 31, 2023, a total of 4,377 (3,871) people were 
employed by the Group. The number of employees has 
decreased by 33 people during 2023, as compared with 
December 31, 2022.
 The average number of employees has during the period 
increased to 4,181.9 (3,645.2). The average number of 
employees in Sweden increased to 2,072.7 (1,927.7), in 
Norway to 1,011.9 (895.2), in Finland to 474.8 (399.8), in 
Poland to 311.8 (264.4), and in Denmark to 291.0 (146.7).
Seasonal variation
The Group’s revenue and operating results are subject 
to seasonal variation, which means that they vary by 
quarter . The number of working days and, by extension, 
normal working hours, affect net sales and profit.
 The quarter that includes the Easter period – the first 
or second – has lower revenue, leading to a lower profit, 
as the costs are largely unchanging, unlike the revenue. 
The revenue is affected negatively , as the activity on 
the market decreases or is non-existent on these days. 
Further , the second and third quarter of the Group’s 
financial year are affected by including parts of the sum-
mer holiday period, which impacts on the demand for 
the Group’s services. The fourth quarter is affected by 
the work days and normal working hours that are drop-
ped due to the Christmas and New Year holidays.
Transactions  
with related parties 
No significant transactions have occurred during the period. 
For more information, see Note 29 Transactions with rela-
ted parties, page 99 in the Annual Report 2022. 
THE GROUP
Results and  
financial position
PARENT COMPANY
lopment. The profit/loss after financial net was SEK 
-35.8 (-25.0) million.
 As per March 31, 2023, equity was SEK 2,946.3 (2,627.4) 
million. Untaxed reserves, mainly accrual funds, increa-
sed to SEK 159.6 (128.0) million. 
JANUARY – MARCH
The operating profit/loss before amortization of intangible 
assets (EBITA) was SEK -27.5 (-29.0) million. The finan-
cial net was SEK -7.0 (5.3) million, mainly affected by 
increased interest costs and the exchange rate deve-
 12 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

-
General Meeting 
In accordance with what was communicated in the Annual 
Report 2022, the Annual General Meeting will take place 
on Wednesday May 3, 2023, at 5 PM, at Knowit’s offices, 
Sveavägen 20, Stockholm. Notice has been published in 
Post- och Inrikes Tidningar , in Dagens Industri, and on 
Knowit’s website.  
Essential risks 
and uncertainty factors
Knowit’s general essential business risks consist of redu-
ced demand for consultancy services, problems attracting 
and retaining skilled personnel, price pressures and finan-
cial risks related to credit and exchange rates and, to a 
lesser extent, risks related to fixed price projects. 
 Russia’s invasion of Ukraine and the resulting sanctions 
are affecting our surrounding world and the development 
is unpredictable. Knowit is monitoring the situation closely . 
The direct financial effects for Knowit are currently asses-
sed to be minor . A long-term deterioration of the macro-
economic situation may affect Knowit’s possibilities to 
generate a profit and growth in line with historic values. 
For more information on risks, see the Annual Report 
2022, pages 60-63 and 83-84. 
Accounting principles
This report has been prepared in accordance with IAS 
34, Interim Financial Reporting, and the Swedish Annual 
Accounts Act. The Interim Report for the Parent Company 
has been prepared in accordance with the Chapter 9 of 
the Swedish Annual Accounts Act, Interim Reporting. 
 For the Group and the Parent Company , the same 
accounting principles and bases for calculation have been 
applied as in the latest Annual Report, excepting the alte-
red accounting principles described below. 
 Information in accordance with IAS 34.16A appears in 
the financial reports and connected notes, as well as in 
other parts of the Interim Report.
 All amounts in this report are given in million Swedish 
kronor (SEK, millions), unless otherwise stated. Rounding 
differences may occur .
Events after the  
end of the interim period
No significant events have occurred after the end of the 
interim period.
OTHER INFORMATION 
Accounting principles and  
forward-looking information
Forward-looking  
information
Forward-looking information in this report is based on the 
expectations of Knowit’s management team at the time 
of the report. While Knowit’s management team assesses
these expectations to be reasonable, there is no gua-
rantee that these expectations are or will turn out to be 
correct. Consequently , future outcomes may vary signi-
ficantly compared with what is presented in the future-
oriented information, depending for example on changed 
market conditions for the Knowit corporation’s offerings 
and more general conditions related to economy , market, 
competition, regulatory changes and other alterations in 
policy , as well as variations on exchange rates. Knowit 
does not commit to update or correct such forward-
looking information beyond what is required by law.
Financial calendar
AGM 2023
May 3, 2023, 5:00 PM
INTERIM REPORT  JANUARY – JUNE 2023
July 20, 2023, 7:30 AM
INTERIM REPORT  JANUARY – SEPTEMBER 2023
October 25, 2023, 7:30 AM
YEAR-END REPORT 2023
February 8, 2024, 7:30 AM
Certification
The Chief Executive Officer certifies that the Interim 
Report gives a fair overview of the Group’s and the  
Parent Company’s operations, position and profit, and 
describes the significant risks and uncertainty factors 
faced by the Parent Company and the companies within 
the Group.
STOCKHOLM, MAY 3, 2023
PER WALLENTIN
Chief Executive Officer
This interim report has not been reviewed  
by Knowit’s auditors.
 13 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

-
Address and  
contact information 
Knowit AB (company reg.no. 556391-0354)
Box 3383, 103 68 Stockholm
Visiting address: Sveavägen 20
Phone:+ 46 (0)8 700 66 00, Fax: +46 (0)8 700 66 10
knowit.eu 
For more information 
Per Wallentin, President and CEO, Knowit AB (publ), 
+46 (0)8 700 66 00 or
Christina Johansson, Head of Communications, Knowit 
AB (publ), +46 (0)8 700 66 00 or +46 (0)705 421 734 or
Marie Björklund, CFO, Knowit AB (publ),  
+46 (0)8 700 66 00
OTHER INFORMATION 
About Knowit 
Knowit are digitalization consultants with a vision to 
create a sustainable and humane society through digita- 
lization and innovation. Knowit supports its clients in the 
digital transformation and stands out among other consul-
tancy firms through its decentralized organization and 
agile work methods in client assignments. The operations 
are divided into four business areas – Solutions, Expe-
rience, Connectivity , and Insight – which offer services 
in bespoke system development, digital customer expe-
riences, the internet of things, cloud, cybersecurity , and 
management consultancy . Competences from several 
business areas are often combined in client projects.
 Knowit was founded in 1990 and now has around 4,400 
employees, mainly in the Nordic countries, but also in 
Poland and Germany . Knowit AB (publ) has been listed 
on the stock market since 1997 and is currently listed on 
Nasdaq OMX Stockholm Mid Cap. For more information 
on Knowit, please visit knowit.eu. 
 14 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Consolidated income  
statement in summary
FINANCIAL STATEMENTS
 
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
Net sales 1,970.5 1,695.3 6,833.8
Operating costs -1,727.5 -1,468.4 -6,088.5
Depreciation of tangible fixed assets -45.8 -34.8 -148.8
Operating result before amortization
of intangible assets (EBITA) 197.2 192.1 596.5
Amortization of intangible fixed assets -42.7 -31.2 -149.3
OPERATING RESULT (EBIT) 154.5 160.9 447.2
Financial incomes 4.2 0.5 94.9
Financial expenses -25.4 -4.8 -58.4
RESULT AFTER FINANCIAL ITEMS 133.3 156.6 483.7
Tax -29.2 -34.9 -91.5
RESULT FOR THE PERIOD 104.1 121.7 392.2
Result for the period attributable to shareholders in Parent Company 99.8 119.0 385.0
Result for the period attributable to non-controlling interests’ holdings 4.3 2.7 7.2
EARNINGS PER SHARE
Earnings per share, before dilution, SEK 3.64 4.34 14.05
Earnings per share, after dilution, SEK 3.64 4.34 14.05
Consolidated comprehensive  
income in summary
 
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
Profit for the period 104.1 121.7 392.2
Items that may later be reclassified to profit or loss
Profit/loss from hedging of exchange rate risks in foreign operations 9.9 8.8 51.4
Tax effect of hedging of exchange rate risks -2.1 -1.8 -10.6
Translation differences for the year from recalculation of foreign operations -35.9 42.7 103.8
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX -28.1 49.7 144.6
Total comprehensive income for the period 76.0 171.4 536.8
Total comprehensive income attributable to shareholders in Parent Company 72.6 169.1 529.2
Total comprehensive income attributable to non-controlling interests’ holdings 3.4 2.3 7.6
 15 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Consolidated balance  
sheet in summary
FINANCIAL STATEMENTS
 
SEK, MILLIONS 2023-03-31 2022-03-31 2022-12-31
Assets
Intangible fixed assets 4,585.1 3,986.2 4,629.7
Tangible fixed assets 717.1 252.8 723.9
Financial fixed assets 10.3 18.5 11.4
Deferred tax assets 108.1 96.0 106.5
Current assets 1,682.6 1,445.7 1,636.5
Cash equivalents 444.6 722.8 497.6
TOTAL ASSETS 7,547.8 6,522.0 7,605.6
Equity and liabilities
Share capital 27.4 27.4 27.4
Other capital provided and provisions 2,945.1 2,883.1 2,976.1
Retained earnings, including profit for the year 1,286.6 1,142.4 1,183.0
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY 4,259.1 4,052.9 4,186.5
Non-controlling interests 24.6 10.3 21.2
TOTAL EQUITY 4,283.7 4,063.2 4,207.7
Non-current provisions 269.2 235.4 276.5
Interest-bearing non-current liabilities 1,184.7 298.5 1,303.3
Interest-bearing current liabilities 297.4 608.3 291.4
Other current liabilities 1,512.8 1,316.6 1,526.7
TOTAL EQUITY AND LIABILITIES 7,547.8 6,522.0 7,605.6
 16 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Consolidated cash flow  
statement in summary
FINANCIAL STATEMENTS
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
Operating activities
Profit before taxes 133.3 156.6 483.7
Adjustment for non-cash items 63.5 96.6 245.0
Paid taxes -50.7 -143.2 -195.1
CASH FLOW BEFORE CHANGES IN OPERATING CAPITAL 146.1 110.0 533.6
Changes in operating capital -39.6 -104.8 -58.3
CASH FLOW FROM OPERATING ACTIVITIES 106.5 5.2 475.3
Investing activities
Acquisition of businesses – -97.6 -752.9
Acquisition on intangible assets -3.7 -1.5 -10.0
Acquisition of property , plant and equipment -18.1 -5.1 -63.3
Disposal of financial assets – – 75.3
CASH FLOW FROM INVESTING ACTIVITIES -21.8 -104.2 -750.9
Financing activities
Amortization of loans and leasing liabilities -138.7 -30.6 -228.7
Loans raised – – 344.7
Dividend – – -204.1
CASH FLOW FROM FINANCING ACTIVITIES -138.7 -30.6 -88.1
CASH FLOW FOR THE PERIOD -54.0 -129.6 -363.7
Cash and cash equivalents at the beginning of the period 497.6 851.4 851.4
Translation differences in cash and cash equivalents 1.0 1.0 9.9
CASH AND CASH EQUIVALENTS, MARCH 31 444.6 722.8 497.6
 17 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Consolidated statement of 
changes in equity in summary
FINANCIAL STATEMENTS
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
Opening balance 4,207.7 3,892.4 3,892.4
Profit/loss from hedging of exchange rate risks in foreign operations 9.9 8.8 51.4
Tax effect of hedging of exchange rate risks -2.1 -1.8 -10.6
Translation differences for the year from recalculation of foreign operations -35.9 42.7 103.8
Result for the period 104.1 121.7 392.2
TOTAL PROFIT FOR THE PERIOD
RECOGNIZED IN THE INCOME STATEMENT 76.0 171.4 536.8
TOTAL BEFORE TRANSACTIONS WITH SHAREHOLDERS 4,283.7 4,063.8 4,429.2
Non-controlling interests – – 6.3
Additional capital from non-controlling interest – -0.6 -28.4
Dividend paid – – -204.1
Acquisition of partially owned subsidiary
with non-controlling interests – – 4.7
CLOSING BALANCE 4,283.7 4,063.2 4,207.7
Performance measures
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
Number of employees at end of period 4,377 3,871 4,410
Average number of employees 4,181.9 3,645.2 3,877.2
Sales per average number of employees (SEK, 000s) 471 465 1,763
Result after financial items per average number
of employees (SEK, 000s) 32 43 125
Return on total capital, % 2.1 2.5 7.8
Return on equity , % 2.5 3.1 9.7
Return on capital employed, % 2.7 3.3 10.2
EBITA margin, % 10.0 11.3 8.7
Adjusted EBITA margin, % 10.1 11.5 8.9
Equity ratio, % 56.8 62.3 55.3
Net debt ratio, multiples 0.2 0.0 0.3
Data per share 
 JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
Earnings per share, SEK
Before dilution 3.64 4.34 14.05
After dilution 3.64 4.34 14.05
Equity per share, SEK
Before dilution 155.39 147.87 152.74
After dilution 155.39 147.87 152.74
Average number of shares, (000s)
Before dilution 27,409 27,409 27,409
After dilution 27,409 27,409 27,409
Number of shares on balance sheet day, (000s)
Before dilution 27,409 27,409 27,409
After dilution 27,409 27,409 27,409
 18 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Consolidated segment  
reporting in summary 
FINANCIAL STATEMENTS
The Group’s operations are organized so that the Corporate Management Team primarily follows up on net sales, EBITA profit, and average number of 
employees for the Group’s segments. The Corporate Management Team does not follow up on balance sheet items other than intangible assets across 
the different operating segments. Other items include cloud services of a smaller scope, where Knowit can, through its partnerships, offer the cloud 
supplier that is best suited for the client’s specific needs and IT structure. Other items also include the Parent Company’s group-wide costs for manage-
ment, financials, and marketing, and adjustments related to IFRS 16, which are not allocated to the segments. 
JAN-MAR 2023 SEK, MILLIONS Solutions Experience Connectivity Insight Other Total
External net sales 1,010.1 415.8 294.3 233.3 17.0 1,970.5
Net sales between segments 81.4 31.2 9.8 13.6 -136.0 –
NET SALES 1,091.5 447.0 304.1 246.9 -119.0 1,970.5
Operating result before amortization
of intangible assets (EBITA ) 114.9 60.1 34.8 26.5 -39.1 197.2
Amortization of intangible assets -17.4 -6.5 -10.6 -6.4 -1.8 -42.7
OPERATING PROFIT (EBIT) 97.5 53.6 24.2 20.1 -40.9 154.5
Result after financial items 133.3
RESULT FOR THE PERIOD 104.1
EBITA  margin, % 10.5 13.4 11.4 10.7 10.0
Average number of employees 1,855.0 937.7 723.6 524.3 141.3 4,181.9
Intangible assets 2,088.8 731.7 1,168.9 584.7 11.0 4,585.1
Tangible fixed assets 18.6 4.5 11.7 4.1 678.2 717.1
 
JAN-MAR 2022 SEK, MILLIONS Solutions Experience Connectivity Insight Other Total
External net sales 914.1 383.2 233.1 150.5 14.4 1,695.3
Net sales between segments 61.9 30.0 12.9 19.4 -124.2 –
NET SALES 976.0 413.2 246.0 169.9 -109.8 1,695.3
Operating result before amortization
of intangible assets (EBITA ) 126.2 59.3 29.4 20.2 -43.0 192.1
Amortization of intangible assets -12.0 -6.4 -9.4 -1.8 -1.6 -31.2
OPERATING PROFIT (EBIT) 114.2 52.9 20.0 18.4 -44.6 160.9
Result after financial items 156.6
RESULT FOR THE PERIOD 121.7
EBITA  margin, % 12.9 14.3 12.0 11.9 11.3
Average number of employees 1,650.8 875.4 637.6 358.3 123.1 3,645.2 
Intangible assets 1,889.1 743.6 1,097.6 238.2 17.7 3,986.2
Tangible fixed assets 13.4 5.8 7.5 0.7 225.4 252.8
 19 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Group revenue  
from client contracts 
FINANCIAL STATEMENTS
The revenue category Licensing revenue is reported under the category Other revenue, as the amount is not significant. For more information,  
see Note 1 Accounting and valuation principles, pages 77-83 in the Annual Report 2022.       
              
 
 
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
GEOGRAPHIC CATEGORIZATION  
Fee revenue
Sweden 828.6 802.9 3,047.7
Norway 561.5 529.4 2,057.0
Denmark 207.3 123.6 615.7
Finland 192.5 137.2 580.8
Poland 61.1 44.1 197.2
Other 5.2 5.1 22.7
TOTAL FEE REVENUE 1,856.2 1,642.3 6,521.1
Other revenue
Sweden 63.8 29.1 162.8
Norway 13.5 14.4 53.0
Denmark 28.2 2.2 61.1
Finland 7.9 6.3 33.3
Poland 1.0 1.0 2.5
Other 0.0 0.0 0.0
TOTAL OTHER REVENUE 114.3 53.0 312.7
TOTAL NET REVENUE 1,970.5 1,695.3 6,833.8
 
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
SEGMENT CATEGORIZATION  
Fee revenue
Solutions 1,037.7 953.5 3,769.3
Experience 426.2 396.2 1,502.6
Connectivity 265.2 231.8 951.7
Insight 241.6 166.3 716.1
Other -114.5 -105.5 -418.6
TOTAL FEE REVENUE 1,856.2 1,642.3 6,521.1
Other revenue
Solutions 53.8 22.5 155.1
Experience 20.8 17.0 82.8
Connectivity 38.9 14.2 88.6
Insight 5.3 3.6 14.8
Other -4.7 -4.3 -28.6
TOTAL OTHER REVENUE 114.3 53.0 312.7
TOTAL NET REVENUE 1,970.5 1,695.3 6,833.8
 20 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

54,
Financial assets and liabilities
at fair value and categorization
FINANCIAL STATEMENTS
1) Fair value pursuant to categorization level 2.
2) Fair value pursuant to categorization level 3.      
Reported values of Group financial assets and liabilities, distributed based on classification pursuant to IFRS 9, are summarized in the above table.
No financial assets or liabilities are reported at a value that significantly deviates from fair value. For more information, see Note 22 in the Annual 
Report for 2022.            
 
SEK, MILLIONS
Financial
assets
valued at
amortized
costs
Financial
assets valued
at fair value
in income
statement
Fair
value
Financial
assets
valued at
amortized
costs
Financial
assets valued
at fair value
in income
statement
Fair
value
Assets in balance sheet
Other long-term securities – 2.6 2.61) – 11.8 11.81)
Other long-term receivables 3.3 – 3.3 3.5 – 3.5
Accounts receivable and
other receivables 1,450.6 – 1,450.6 1,313.3 – 1,313.3
Cash equivalents 444.6 – 444.6 722.8 – 722.8
TOTAL 1,898.5 2.6 1,901.1 2,039.6 11.8 2,051.4
SEK, MILLIONS
Other
financial
liabilities
Financial
liabilities
valued at
fair value
in income
statement
Fair
value
Other
financial
liabilities
Financial
liabilities
valued at
fair value
in income
statement
Fair
value
Liabilities in balance sheet
Future additional considerations – 199.0 199.0 2) – 195.8 195.8 2)
Future consideration 53.9 – 53.9 2) 36.7 – 36.7 2)
Other interest-bearing liabilities 1,229.2 – 1,229.2 674.3 – 674.3
Accounts payable 382.4 – 382.4 320.2 – 320.2
Other liabilities 57.3 – 57.3 447.6 – 447.6
TOTAL 1,722.8 199.0 1,921.8 1,478.8 195.8 1,674.6
SEK, MILLIONS
Future 
contingent 
additional 
considerations
Future  
conside- 
rations
Fair value, 2023-01-01 196.4 54.4
Total recognized profits and losses:
Recognized in profit/loss for the year 2.6 -0.5
Recognized in equity – –
Settlement of future additional considerations, options and future consideration – –
Cost of acquisitions – –
Fair value, 2023-03-31 199.0 53.9
Fair value, 2022-01-01 177.7 12.3
Total recognized profits and losses:
Recognized in profit/loss for the year 3.2 –
Recognized in equity – –
Settlement of future additional considerations, options and future consideration – –
Cost of acquisitions 14.9 24.4
Fair value, 2022-03-31 195.8 36.7
2023-03-31 2022-03-31
The table below shows a reconciliation of the opening 
and closing balances for financial instruments valued 
at level 3.
2023-03-31 2022-03-31
 21 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

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

Income statement Parent Company
FINANCIAL STATEMENTS
Balance sheet Parent Company
 
SEK, MILLIONS 2023-03-31 2022-03-31 2022-12-31
Assets
Intangible assets 8.7 14.1 10.0
Property , plant and equipment 42.0 1.4 22.7
Financial non-current assets 5,105.6 4,893.6 5,514.0
Current assets 654.6 473.2 440.9
Cash equivalents 289.4 604.6 329.3
TOTAL ASSETS 6,100.3 5,986.9 6,316.9
Equity and liabilities
Share capital 27.4 27.4 27.4
Statutory reserve 68.0 68.0 68.0
Unrestricted share capital including result for the period 2,850.9 2,532.0 2,886.4
TOTAL EQUITY 2,946.3 2,627.4 2,981.8
Untaxed reserves 159.6 128.0 159.6
Non-current provisions 600.0 759.3 1,438.3
Provisions 86.7 133.3 84.1
Interest-bearing current liabilities – 508.4 –
Other current liabilities 2,307.7 1,830.5 1,653.1
TOTAL EQUITY AND LIABILITIES 6,100.3 5,986.9 6,316.9
 
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-DEC
2022
Net sales 197.2 186.5 730.9
Operating costs -222.9 -215.2 -863.2
Depreciation of property , plant and equipment -1.8 -0.3 -2.3
OPERATING RESULT BEFORE AMORTIZATION
OF INTANGIBLE ASSETS (EBITA) -27.5 -29.0 -134.6
Amortization of intangible assets -1.3 -1.3 -5.4
OPERATING RESULT (EBIT) -28.8 -30.3 -140.0
Financial items -7.0 5.3 724.1
RESULT AFTER FINANCIAL ITEMS -35.8 -25.0 584.1
Appropriations – – -31.6
Income tax – – -31.2
RESULT FOR THE PERIOD -35.8 -25.0 521.3
 22 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

===== SIDA 23 =====

Financial overview by business area
FINANCIAL STATEMENTS
The table shows the outcome for the quarter and interim
period, with comparative figures including acquisitions,
to facilitate analysis.
 
SEK, MILLIONS
JAN-MAR
2023
JAN-MAR
2022
JAN-MAR 2022
incl. acquisitions 1)
The Group
Net sales 1,970.5 1,695.3 1,859.1
Adjusted EBITA profit 198.1 194.2 211.8
Adjusted EBITA margin, % 10.1 11.5 11.4
Number of employees at the end of the period 4,377 3,871 4,153
Business areas
Solutions
Net sales 1,091.5 976.0 1,064.1
Adjusted EBITA profit 114.9 126.2 129.7
Adjusted EBITA margin, % 10.5 12.9 12.2
Number of employees at the end of the period 1,910 1,717 1,849
Experience
Net sales 447.0 413.2 413.2
Adjusted EBITA profit 60.1 59.3 59.3
Adjusted EBITA margin, % 13.4 14.3 14.3
Number of employees at the end of the period 987 959 959
Connectivity
Net sales 304.1 246.0 258.7
Adjusted EBITA profit 34.8 29.4 31.7
Adjusted EBITA margin, % 11.4 12.0 12.2
Number of employees at the end of the period 774 676 714
Insight
Net sales 246.9 169.9 232.9
Adjusted EBITA profit 26.5 20.2 32.1
Adjusted EBITA margin, % 10.7 11.9 13.8
Number of employeesat the end of the period 544 376 488
  
1) Adjustment pertains to the acquisitions of  Swedspot, Miracle, Marketing Clinic, Ascend and Ionic from January 1 to March 31, 2022.   
     
 23 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

===== SIDA 24 =====

Financial overview by country
FINANCIAL STATEMENTS
 
SEK, MILLIONS
JAN-MAR  
2023
JAN-MAR
2022
JAN-DEC
2022
Sweden
Net sales 892.4 832.0 3,210.4
EBITA 113.8 132.3 421.4
EBITA margin, % 12.8 15.9 13.1
Norway
Net sales 574.9 543.8 2,110.0
EBITA 66.9 65.4 204.5
EBITA margin, % 11.6 12.0 9.7
Denmark
Net sales 235.4 125.9 676.8
EBITA 19.9 12.3 44.4
EBITA margin, % 8.5 9.8 6.6
Finland
Net sales 200.4 143.5 614.1
EBITA 16.4 9.9 28.2
EBITA margin, % 8.2 6.9 4.6
Poland
Net sales 62.1 45.1 199.7
EBITA 7.5 5.2 22.3
EBITA margin, % 12.1 11.5 11.2
The table shows the profit/loss by quarter and period
where comparative figures are shown to facilitate analysis.
 24 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023

===== SIDA 25 =====

Definitions
OTHER
Alternative  
performance measures
Knowit uses alternative performance measures, as we 
believe they are relevant for following up the long-term 
financial targets and to provide a fair view of Knowit's  
profit and financial position. For instance, the Board has 
determined that the Company should grow faster than the 
market, with the goal of an annual growth rate of around  
15 percent over time, and that the EBITA margin should 
grow to 12 percent over time. Further , net liabilities relative 
to EBITDA should not exceed two multiples over time. 
We also monitor capital employed, as it is an important 
aspect of the working capital turnover . Knowit’s alter-
native performance measures are EBITDA profit, EBITA 
profit, adjusted EBITA profit, EBITA margin, adjusted 
EBITA margin, net debt, average equity , return on equity , 
capital employed, and return on capital employed.
 For more information on our long-term financial targets 
and further definitions of performance measures, see 
pages 12 and 110 in the Annual Report for 2022.  
EBITDA PROFIT Profit before depreciation and amorti-
zation of tangible and intangible non-current assets, 
respectively . (197.2 + 45.8 = 243.0)
EBITA PROFIT  Profit before amortization of intangible 
non-current assets. (197.2)
ADJUSTED EBITA PROFIT  EBITA is adjusted for items 
that impair comparability between periods, to provide 
increased understanding of the Group's underlying  
operative activities. Adjusted items include costs connec-
ted to acquisitions and disposals and costs for restruc-
turing and integration programs.
 This year's adjustments of SEK 0.9 million encompass 
expenses for legal and financial consultancy in connec-
tion with the acquisition transactions, totaling SEK – million 
encompass expenses for legal and financial consultancy 
in connection with acquisition transactions. They also 
include adjustments of SEK 0.9 million for integration  
and restructuring expenses such as financial and legal 
consultancy regarding restructuring, project manage-
ment of integrations, financing expenses, and tax expen-
ses connected to internal disposal of acquired foreign 
operations. (197.2 + 0.9 = 198.1)
EBITA MARGIN  Profit before amortization of intangible  
non-current assets (EBITA) in relation to net sales for 
the period. (197.2 / 1,970.5 = 10.0%)
ADJUSTED EBITA MARGIN  Adjusted EBITA profit in relation 
to net sales for the period. (198.1 / 1,970.5 = 10.1%)
NET DEBT  Interest-bearing liabilities less financial 
interest-bearing assets.  
(1,184.7 + 297.4 – 444.6 = 1,037.5)
NET DEBT RATIO  Used to show the Company’s indeb-
tedness. Net debt in relation to equity. 
(1,037.5 / 4,283.7 = 0.2 multiples)
AVERAGE EQUITY  The average of the period’s opening 
equity balance and the period’s closing equity balance. 
((4,207.7 + 4,283.7) / 2 = 4,245.7)
RETURN ON EQUITY Profit after full tax as a percentage 
of average equity including non-controlling interests. 
(104.1 / 4,245.7= 2.5%)
AVERAGE CAPITAL EMPLOYED  The average of the 
period’s opening and closing balances of equity plus 
interest-bearing liabilities. ((4,207.7 + 1,303.3 + 291.4 + 
4,283.7 + 1,184.7 + 297.4) / 2 = 5,784.1)
RETURN ON CAPITAL EMPLOYED Profit after financial 
items plus financial expenses expressed as a percen -
tage of average capital employed.  
((133.3 + 25.4) / 5,784.1 = 2.7%)
 25 KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023