Kvartalsrapport Q1 2024

Automatiskt nyckeltalsindex

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

Stable trend  
kicks off the year     
Interim report for Knowit AB
 JANUARY – MARCH 2024
Net sales decreased by 10.4 percent to SEK 1,766.3 (1,970.5) million
The EBITA profit was SEK 136.3 (197 .2) million
The EBITA margin was 7 .7 (10.0) percent
Results after tax were SEK 64.0 (104.1) million
Earnings per share were SEK 2.23 (3.64) 1)
Cash flow from operating activities was SEK 101.6 (106.5) million
1)	 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,	2024.
Interim report

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

2   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Comments from the CEO
In the business area Solutions, Knowit’s 
largest business area, we are now seeing 
improvements in parts of the opera -
tions, whereas our digitalization agency 
Experience remains challenged by a weak 
demand, in particular in Sweden. Our ma -
nagement consultancy operations Insight 
are developing relatively well, although 
the margin is not yet back at the level we 
expect in the future.
An innovative digitalization  
partner in the Nordic region
We are proud to be a strong partner to 
Nordic companies and authorities, and our 
clients are requesting more of our compe -
tence in AI. For instance, during the quarter, 
we have delivered a solution to the Danish 
unemployment insurance fund, where we 
have developed a bespoke legal assistant 
based on ChatGPT 4.0.
At the start of the year, we have also signed 
new framework agreements with several 
Swedish authorities, including the Swedish 
Medical Products Agency and the Swedish 
Food Agency, which further strengthen our 
position in the public sector. In the current 
economic climate, demand from the public 
sector has weakened in general, which im -
pacts our entire industry. Through several 
new agreements, and increased deliveries 
to the defense industry, we are retaining a 
strong foothold in this important sector.
Even if we are now seeing that the negative 
development in utilization is leveling out, it 
is too early to sound the all-clear. The mar -
Utilization levels out  
on hesitant market
Just like at the end of last year, significant 
differences can be seen between Knowit’s 
different geographic markets. We are 
benefited by our very solid position in 
Norway, with multiple strategic agreements 
with large companies that are driving their 
digital development with the help of Knowit. 
In Sweden, we are facing weaker demand 
and greater hesitance among our clients. 
However, we can seeing some positive 
signals from clients in southern Sweden 
and in parts of the public sector. 
In total, net sales decreased by 10 percent 
during the first quarter of the year, and the 
EBIT A margin was 7.7 percent, driven by 
weaker demand and a negative calendar 
effect compared with the previous year. In 
relation to the last quarter of 2023, when 
the market situation was more comparable, 
both net sales and EBIT A have leveled out. 
Structural changes show results
Our work to create a more effective and 
adapted organization has led to the 
stabilization in utilization that we are now 
seeing. We are generally succeeding well 
with reallocating resources to segments or 
clients where demand is high, and our in -
tense sales efforts are showing results. This 
is seen in particular in the business area 
Connectivity, which once again delivers a 
strong quarter with improved margins.
ket situation remains uncertain and 
we must continually work hard to optimize 
operations and minimize costs. This be -
comes even more important in the areas 
where we continue to see a downward 
trend. 
While economies in the Nordic region have 
weakened over the last year, there is still a 
large need among companies and organi -
zations to make use of the fast technology 
development and shift to more sustainable 
business models. Our employees continue 
to have a close dialogue with clients and 
we have a strong platform to work from 
when the market situation improves again.
PER WALLENTIN
Chief Executive Officer and President
Knowit has started the year on a market that is significantly more challenging compared with that  
in the first quarter last year. After an intense fall with a strong focus on structural changes to create  
a more effective and adapted organization, we are now seeing a stabilization in utilization – a show  
of strength given the current market conditions. Being a significant player in the fast technology  
development happening here and now remains our top priority, while the work to increase our  
competitiveness and strengthen our profitability is important to secure an even stronger position 
when the market turns around.

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

3   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Events during the quarter
January – March 2024 
Knowit is one of four selected suppliers of consultancy services in a framework agreement with a 
total value of SEK 610 million. The agreement encompasses  THE SWEDISH MEDICAL PRODUCTS  
AGENCY, THE GEOLOGICAL SURVEY OF SWEDEN, THE SWEDISH VETERINARY AGENCY, AND THE  
SWEDISH FOOD AGENCY.
FREDRIK EKERHOVD ,  formerly Head of Knowit Experience, has been appointed as new Head of 
Knowit Solutions, succeeding the former Head of the business area, ÅSA HOLMBERG,  who has 
chosen to leave Knowit. At the same time, KENNETH GVEIN was appointed as new Head of Knowit 
Experience.
Knowit has met the requirements to become a MICROSOFT SOLUTIONS PARTNER  for business 
applications. Thus, Knowit is a partner in all areas, which together result in the status of MICRO -
SOFT CLOUD PARTNER.
TELENOR GROUP ,  a global brand with 160 million users in eight geographic markets, has chosen 
Knowit as its exclusive partner for branding strategy and identity. The agreement is for three years, 
with an option for another two years.

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

4   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
The quarter in brief
January – March 2024 
The first quarter of the year has been characterized by a continued uncertainty on the market. Net  
sales for the quarter were SEK 1,766.3 (1,970.5) million. Profit before amortization of intangible assets 
(EBIT A) was SEK 136.3 (197.2) million. Exchange rate developments had a negative effect on net 
sales totaling SEK -9.1 (11.4) million. As of the first quarter 2024, normal working hours are reported; 
for the period, they totaled 486 (499).
Cash flow from operating activities was SEK 101.6 (106.5) million, where operating capital increased 
to SEK 24.0 (-39.6) million, affected mainly by increased short-term liabilities.
The work to optimize the organization and reduce costs has continued during the first quarter.  
Compared with the last quarter in 2023, costs for travel, conferences, and other costs have decreased  
by around SEK 19 million. Restructuring costs for phase-out of employees has, during the quarter, 
totaled around SEK 13 million. In total, around 70 employees have been asked to leave during the  
first quarter, to adapt capacity to demand.
 SEK, MILLIONS
January
– March 2024
January
– March 2023
Sales 1,766.3 1,970.5
Sales, change, % -10.4 6.0
of	which	is	exchange	rate	effect, 	% -0.5 0.6
EBIT A 136.3 192.1
EBIT A margin, % 7.7 10.0
Cash flow from operating activities 101.6 106.5
Intangible assets 4,443.1 4,585.1
Number of employees at the end of the period 4,109 4,377
Normal working hours 486 499
Net sales, SEK, millions 
 Net sales, quarterly data
 Rolling 12 months
Q1
22
1,695
Q2
22
1,645
Q3
22
1,521
Q4
22
1,972
Q1
23
1,971
Q2
23
1,759
Q3
23
1,544
Q4
23
1,824
5,496
7,109
6,893
Q1
24
1,766
Adjusted EBIT A profit, SEK, millions 
 Adjusted EBIT A profit, SEK, millions
 Rolling 12 months
Q1
22
194
Q2
22
141
Q3
22
95
Q4
22
179
Q1
23
198
Q2
23
77
Q3
23
75
Q4
23
148
Q1
24
136
579
613
436

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

5   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
 
Market and operations
 5   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2023
Through our four business areas, Knowit 
develops long-term sustainable and inno -
vative solutions with high value for clients 
and society. The four business areas build 
on the clients’ needs for support in different 
parts of their organizations. The business 
area Solutions usually collaborates with 
companies’ operative and IT departments. 
Experience’s usual client group encom -
passes sales and marketing departments, 
and Connectivity’s target group is mainly 
research and development departments. 
Insight mainly has corporate management 
and management teams as its clients.
Our society is characterized by the fast 
developments in AI and the need to con -
nect innovation and sustainability through 
digitalization. Further, cyberthreats are 
expected to increase at the same time as 
geopolitical factors in our surroundings are 
causing large changes. Even in a time of 
inflation, rising interest rates, and decrea -
sed consumption, Nordic companies are 
asking for specialist competence in digitali -
zation, albeit with more caution in a weaker 
economic climate. 
At Knowit, we support companies, autho-
rities, and organizations in the digital 
transformation. Our arena is the projects 
we perform along with our clients, where 
we can make a difference both today 
and in the future. During the latest year, 
generative AI has made broad inroads into 
society, leading to developments in both 
work methods and deliveries along with 
clients and partners. At Knowit, we help 
companies future-proof their operations 
through our expertise in tech, digitalization, 
leadership, design, and security. We work 
from a Nordic perspective, through specia -
lized teams that make things happen along 
with our clients.
Good spread across  
different client industries
Knowit meets clients in many different 
industries, where companies and organi-
zations have the need for competent 
support to develop their operations and 
drive the change towards a digitalized 
society. The largest proportion of net sales 
is in the public sector, providing 38 percent 
of Knowit’s total net sales. Other signifi -
cant client sectors are Industry and Retail 
and service companies, contributing 16 
percent each, and Banking and finance, 
contributing 11 percent. 
Megatrends driving  
the need for digitalization
Knowit’s mission is creating a sustainable future along with our clients by using our strategic, creative, 
and technical competence. With a unique combination of competence in tech, design, communications, 
and strategy, we develop innovative and sustainable solutions that contribute to a high business value 
for our clients. Knowit’s agile work methods and client-tailored solutions have contributed to creating 
a strong position on the Nordic consultancy market with a presence in Sweden, Norway, Finland, 
Denmark, Poland, and a smaller operation in Germany.
Sales per business area, 
January – March 2024
Solutions 56% (53)
Experience 19% (21)
Insight 13% (12)
Connectivity 12% (14)
56
 19
 13
 12
Sales per client industry ,
January – March 2024
Public sector 38% (39)
Retail and service companies 16% (15)
Industry 16% (15)
Banking, finance and insurance 11% (10)
T elecommunications 7% (9)
Media, education and gaming 5% (4)
Energy 4% (4)
Other 3% (4)
34
5
7
11
16
16
38
Sales per country, 
January – March 2024
Sweden 43 % (46)
Norway 28% (29)
Denmark 14 % (12)
Finland 12 % (10)
Poland 3 %  (3)
Other 0 %  (0)
28
43
3
12
14

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

6   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Market and operations
Aiming for a sustainable future 
An important part of the ongoing digita -
lization is about having companies and 
organizations accelerating the shift to a 
sustainable society. Being a contributing 
factor in this shift is high up on Knowit’s 
strategic agenda.
Digitalization creates both possibilities 
and risks for the climate and for society. 
Knowit’s role, as a leading consultancy 
company in the digitalization sector, is 
therefore even more important from a 
sustainability perspective. Aside from 
identifying and managing our impact on 
society and the environment, Knowit needs 
to understand how society is changing 
to better capture opportunities, manage 
risks, and continue to develop our business 
operations. Sustainable business means 
creating long-term value for shareholders, 
clients, and employees, as well as other 
stakeholders.
A strong employer brand  
regardless of market conditions
Knowit is a value-driven workplace that en -
courages employees to take a large portion 
of the responsibility for their own and the 
company’s development. The promise to 
both clients, employees, and society at lar -
ge is to be “Makers of a sustainable future,” 
creating commitment and the drive to take 
on challenges and seize new opportunities.
Knowit’s ability to attract and engage 
through a strong employer brand has 
been recognized in several ways in recent 
years. We are ranked highly among Nordic 
workplaces and in 2023 we were one of 
Sweden’s 100 most popular employers 
among technology majors.
Financial outcome
The Group’s operations are organized so 
that the corporate management team 
primarily follows four business areas: 
Solutions, Experience, Connectivity, and 
Insight. T o promote collaboration between 
segments, the Corporate Management 
T eam decided in 2024 that the net sales 
per segment shall include deductions for 
internal direct costs. The margin for the 
business areas is thus altered and the 
comparison figures for 2023 have been 
adjusted accordingly. No effect arises for 
the Group’s margin. See page 22.
Net sales for the quarter for Solutions were 
SEK 988.9 (1,062.9) million, for Experience 
they were SEK 335.2 (412.2) million, for
 
Comments from the Head of Solutions
The actions taken during the fall have 
had effect and we perceive the utilization 
has stabilized somewhat during the first 
quarter as well. We are working hard to 
optimize our organization and allocate 
resources to areas where demand is high. 
Our efforts are having an effect, although 
we have yet to see the first signs of a bro -
ad market recovery.
“Much	like	at	the	end	of	last	year,	we	
are	seeing	large	geographic	differen-
ces,	where	our	challenges	are	largest 	
on	the	Swedish	market	and, 	to	some	
extent,	the	Danish	market. 	The	market	
situation	in	Norway 	and	Finland	is 	
more	stable,	which	benefits	our 	margin	
development.”
Fredrik Ekerhovd, Head of Solutions
Experience
 
 January
 – March 2024 
January
– March 2023
Sales, SEK, million 335.2 412.2
EBIT A, SEK, million 28.0 60.1
EBIT A margin, % 8.4 14.6
Number of employees 889 987
The business area Experience is one of 
the leading digital agencies in the Nordic 
region, with around 900 specialists at 
the interface between technology and 
communication, who take responsibility 
for the entire digital customer experience. 
In the client projects, which are staffed 
with various specialist competences in 
web and mobile technology, design, data 
analysis, and marketing, Experience helps 
companies and organizations achieve their 
business-critical goals in marketing and sa -
les, which ultimately also drives improved 
profitability for the clients.
Experience’s relationships to its clients 
are typically a combination of short-term 
project assignments and long-term part -
nerships. This might involve, for instance, 
an increased need for a faster shift of sales 
to e-commerce solutions, with a focus on 
data-driven customer experiences and 
increased sales. Experience has more 
clients in the public sector, where they in 
various ways contribute to creating better 
and more accessible societal services for 
individual citizens.
Connectivity they were SEK 219.4 (269.1) 
million, and for Insight they were SEK 234.8 
(233.4) million.
Profit before amortization of intangible 
assets (EBIT A) for Solutions was SEK 82.7 
(113.3) million, for Experience was SEK 
28.0 (60.1) million, for Connectivity was 
SEK 28.5 (34.8) million, and for Insight was 
SEK 19.8 (26.6) million.
The EBIT A margin for Solutions was 8.4 
(10.7) percent, for Experience was 8.4 
(14.6) percent, for Connectivity was 13.0 
(12.9) percent, and for Insight was 8.4 
(11.4) percent.
Solutions
 
 January
 – March 2024 
January
– March 2023
Sales, SEK, million 988.9 1,062.9
EBIT A, SEK, million 82.7 113.3
EBIT A margin, % 8.4 10.7
Number of employees 1,856 1,978
Solutions is Knowit’s largest business area, 
with operations on all of Knowit’s markets 
in the Nordic region and with smaller 
operations in Germany. Around 1,900 
consultants offer cutting-edge competen -
ce in all parts of the system development 
process: from idea, architecture and 
project governance, to programming, 
implementation, testing, and security. 
Innovation and bespoke system solutions 
creates increased possibilities to ensure 
that clients’ operations develop in step 
with the latest technology and changing 
business needs.
In the Nordic region, the business area 
Solutions has the single largest share of 
its clients in the public sector. Solutions 
also supports larger companies in retail 
and e-commerce with payment solutions 
and AI solutions. In the telecom industry, 
the business area Solutions has several 
larger clients, with long-term relationships, 
where they develop new system solu -
tions and are in charge of DevOps. Here, 
deliveries are increasingly made through 
agile teams. In banking and finance, 
some clients are found among the more 
niche players, challenging older business 
models.

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

7   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
 
Market and operations
Comments from the Head of Experience
After having implemented several actions 
to improve utilization at the end of last year, 
we are now seeing some stabilization, but 
have yet to achieve an acceptable level. 
The improvements we saw in Finland 
toward the end of year remain, with a 
positive result development, but we must 
continue our work to achieve satisfactory 
profitability in Sweden.
“Compared	with	the	first	quarter	one	
year	ago,	the	market	conditions	have 	
changed	significantly, 	which	affects	us 		
on	all	markets.	We	are	pleased	that	our	
actions	to	optimize	the	organization 	
and	increase	sales	pressures	are 	
showing	results, 	but	a	lot	of 	work	
remains	to	ensure	long-term	growth 	
and	high	profitability.”
Kenneth Gvein, Head of Experience
Connectivity
 
 January
 – March 2024 
January
– March 2023
Sales, SEK, million 219.4 269.1
EBIT A, SEK, million 28.5 34.8
EBIT A margin, % 13.0 12.9
Number of employees 717 774
Connectivity combines technical expertise 
and business competence for innovative, 
secure, and sustainable solutions 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, with its around 700 
consultants in Sweden and Poland, is a 
leading supplier to clients in the telecom 
industry, the vehicle industry, the manu -
facturing industry, and to research and 
development departments.
Connectivity is specialized in development 
of 5G technology, at the absolute cutting 
edge of digitalization. The platform enab-
les usage of artificial intelligence (AI), the 
internet of things (Io T), and extended rea-
lity (XR). Thus, it has potential to decrease 
costs, energy usage, emissions and waste, 
and to mitigate climate change.
Comments from the Head of Connectivity
Connectivity continues to develop well. 
We are seeing increased mobility on the 
Polish labor market, which lowers our 
margin in Poland, whereas the margin in 
Sweden has improved slightly. Our chal -
lenge lies in maneuvering a strong delive -
ry with a remaining uncertainty regarding 
market developments. Our net sales are 
decreasing as a result of a weaker market, 
where we are now choosing to focus on 
utilization rather than new recruitment.
“We	deliver	yet	another	strong	result
in	the	quarter,	which	is	of	course	very	
gratifying.	At	the	same	time,	uncerta-
inty	remains	in	the	market	with	low	
visibility,	which	makes	it	difficult	 to	
assess	the	future.	We	continue	our	
strong	focus	on	sales	and	 we	have	
so	far	been	successful	in	compen -
sating	completed	projects	 with	new	
assignments.”
Lennart Waldenström, Head of Connectivity
Insight
 
 January
 – March 2024 
January
– March 2023
Sales, SEK, million 234.8 233.4
EBIT A, SEK, million 19.8 26.6
EBIT A margin, % 8.4 11.4
Number of employees
at the end of the period 565 533
Specialists at Insight support their clients in 
creating agile organizations and perfor -
ming digital transformations, from idea to 
result. In close collaboration with the client, 
they create methods and model based on 
the client’s challenges and unique market 
circumstances.
In recent years, the business area has 
grown and now has more than 550 
employees. Thus, Insight is an establis -
hed player on the Nordic management 
consulting market. Primary offers include 
data-driven growth, organization and stra -
tegy development, digital transformation, 
security, e-health, and sourcing. Demand 
for services in cybersecurity and defense 
has been particularly high this year, driven 
by increased global uncertainty.
Comments from the Head of Insight
On a competitive market, Insight is deliv -
ering a stable result, where our efforts to 
decrease costs and increase efficiency 
have shown results.
“The	stabilization	 we	saw	towards	the	
end	of	last	year	has	continued	into	 the	
first	quarter	of	this	year,	in	particular 	
in	Sweden,	where	we	are	facing	high	
demand	–	in	particular 	in	defense	and 	
cybersecurity,	but	now	also	in	more	
general	management	consultancy. 	
During	the	quarter,	we	have	taken	
actions	to	ensure	a	higher 	utilization	in 	
Finland,	which	has	affected	 the	results	
negatively,	but	is	expected	 to	have	a	
positive	impact	going	 forward.”
Carin Strindmark, Head of Insight

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

8   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Reference cases
current trends. Through an intuitive interfa-
ce, differentiation between input from Arla’s 
editors and the output generated by the AI 
robot is streamlined, improving Arla’s con-
tent strategy and production significantly. 
Thanks to the implementation of AI, Arla 
will be at the top of Google searches, and 
a consumer searching for the best pizza 
recipes should always get recipe sugges-
tions from Arla. With the new technology 
in place, possibilities also increase for Arla 
to help consumers choose ingredients by 
season, encouraging more sustainable 
meal choices.
Effective errand  
management with ChatGPT 
   
ChatGPT was the answer when  
 Magistrenes A-kasse (MA), the  
 Danish unemployment insurance 
fund, explored how they could achieve 
faster processes, improve response time to 
members, ascertain that advice was high 
quality, and reduce the risk of oversight by 
caseworkers. With a tailored and secure 
solution, the unemployment insurance 
fund can now spend more time on other 
member-focused activities.
Innovative assignments  
that create long-term value
Arla Sverige has created an AI  
solution that writes articles instantly
  
T ogether with Knowit,  
 the dairy company Arla  
 Sverige has built an AI-ba-
sed solution helping Arla to effectively adapt 
its content strategy to quick shifts in food 
trends and consumers’ search habits, which 
are often based on broader topics than spe-
cific recipes. The new AI solution is entirely 
trained on Arla’s own recipes and articles. 
In Arla’s database, there are more than 
6,000 original recipes and by implementing 
Microsoft Azure OpenAI, Arla could create a 
varied recipe bank, react faster to new food 
trends, and expand the existing contents. 
This also opened for possibilities to generate 
more traffic by developing target-oriented 
landing pages that maximize usage of the 
recipe database. 
T ogether with Arla, Knowit has built a 
tailored solution, with a unique interface 
that is adapted to Arla’s tonality. The solution 
manages new recipes in Azure and uses 
machine learning to suggest the most 
relevant recipes based on the season and 
Knowit and MA initially developed a proto -
type of a legal assistant based on ChatGPT 
4.0, where users could log in and where it 
was possible to update and supplement 
legal materials, register responses, etc. The 
prototype was developed further into a mi -
nimum viable product (MVP) – a 1.0 version 
of the solution – which contained several 
important key functions and which could 
be used by caseworkers.
Development of the legal assistant required 
equal parts system development and im -
plementation. The solution is tailored for MA, 
the assistant is built to respond correctly 
and only to questions in the unemployment 
insurance area, with a tonality suited for the 
purpose. T o ensure a high level of security, 
the solution has been exposed to a number 
of experts in the rule of law and legislation.
The legal assistant has been reviewed by 
MA’s head of legal, to quality assure the re -
sults. The next step is to give MA’s members 
the possibility to use the solution when they 
are logged in to MA’s member portal.
Together with our clients, we create the digital solutions of the future,  
for higher client value, and a sustainable societal development. Learn  
about some of our clients’ challenges, solutions, and results.

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

9   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Reference cases
The municipality of Sollentuna takes the 
step towards a more modern digital future  
 Around 76,000 people live in the  
 municipality of Sollentuna. The  
 municipality’s vision is to become 
the most attractive municipality in Sweden, 
where everyone feels safe. T o achieve this 
vision, the municipality wanted to invest in 
the service Säker digital kommunikation 
([SDK], Secure digital communication).
The municipality needed to get an overview 
of the preparatory work that was needed 
to joining SDK and find a clear way forward 
in its efforts. There was also interest in 
expertise for evaluating digital services, 
such as secure video meetings and secure 
messaging. The municipality wanted a de -
tailed analysis of its conditions, needs, and 
technical solutions – and wanted to get an 
idea of the suppliers on the market.
Knowit has performed a thorough feasibi -
lity study and in-depth analysis of the muni -
cipality’s needs and technical conditions, 
where the best possibilities for a successful 
implementation of SDK were identified, 
including an evaluation of digital services. 
Knowit’s SDK experts assisted in explai -
ning and getting support for SDK among 
the municipal executives, and in relevant 
operations. In close collaboration with 
the client, interviews were performed in 
multiple parts of the organization, to ensure 
that all aspects were taken into account. 
Suppliers were invited to present their 
solutions and a pilot project along with the 
Swedish Police was initiated.
Knowit delivered an extensive analysis 
of the current status and a clear and 
well-supported plan for implementation of 
SDK. Our consultants also gave recom -
mendations for continued collaboration 
with suppliers and other municipalities. 
Through this project, the municipality of 
Sollentuna has equipped itself for a more 
efficient and secure digital future, where 
the needs of citizens are in focus. Joining 
SDK means more secure processing of 
personal data and sensitive information, 
which both benefits society in general and 
contributes to improvements in the munici -
pality’s social sustainability.
The tenants’ app  
simplifies everyday life for tenants 
   
 Svenska  
   Bostäder  
   currently 
has more than 28,000 apartments for rent, 
with more than 50,000 tenants. In deve -
loping an app, Svenska Bostäder wanted 
to simplify everyday life for its tenants and 
increase the availability of the company’s 
digital services. The app supplements 
Svenska Bostäder’s existing website, but 
also glows with “T enocracy,” a portmanteau 
of the words T enant and Democracy, des-
cribing an initiative for increased influence 
among tenants.
In the first version of the app, tenants can 
book the laundry room, follow the news 
flow, report issues, contact Svenska Bostä -
der with questions, and get push notifica -
tions. The app is built for Android and iOS 
with React Native as its framework and 
integrates several operative systems. Other 
important criteria that the project has taken 
into account are clear and high information 
security requirements and that the app 
has high accessibility, in accordance with 
WCAG 2.1.
The project was performed in collabora -
tion with Knowit, where a dedicated team 
worked close to Svenska Bostäder to 
realize the vision of a tenants’ app. The de -
velopment used a clear agile development 
method, with all the fora and processes 
that the method includes – such as iterati -
ve design and development cycles, demos, 
and a hands-on Scrum methodology. 
This was adapted to Svenska Bostäder’s 
circumstances in accordance with the 
relevant requirements, and the result was 
a work method that helped the project 
through many difficult forks in the road.
An important component for the pro -
ject was a tight and close collaboration 
between Knowit’s agile development team 
and the team at Svenska Bostäder, which 
decreased lead times and increased 
transparency in both directions. The deve -
lopment was adapted continually, to meet 
the high expectations of Svenska Bostäder. 
At the end of the project, Knowit’s team se -
amlessly moved on to further development 
and operations of the service.
The introduction of the app creates further 
freedom of choice and accessibility for 
Svenska Bostäder’s tenants in how they 
choose to get important information and 
how they choose to contact Svenska Bo -
städer. Through the app, Svenska Bostäder 
can create better accessibility and service, 
and thereby provide more equality in the 
possibilities to have an impact on one’s 
housing and housing situation. Develop -
ment of the app is also a way to promote 
innovation and digitalization, and a facili -
tator in creating more sustainable towns 
and societies using new offers and better 
streamlining.

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

10   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
The Group
The Group
Stable start to the year
Net sales and profit
JANUARY – MARCH
Net sales were SEK 1,766.3 (1,970.5) 
million, a decrease by 10.4 percent as 
compared with the corresponding period 
last year. The exchange rate development 
of the year has had a negative impact on 
net sales of SEK -9.1 (11.4) million. 
Net sales were SEK 758.6 (892.4) million 
in Sweden and SEK 488.8 (574.9) million 
in Norway, increased to SEK 252.1 (235.4) 
million in Denmark, to SEK 204.2 (200.4) 
million in Finland, and were SEK 57.4 (62.1) 
in Poland. 
Sales per employee (based on the average 
number) was KSEK 449 (471).
The operating profit before amortization 
of intangible assets (EBIT A) decreased by 
30.9 percent to SEK 136.3 (197.2) million. 
The exchange rate development had a 
negative impact on EBIT A of SEK -1.4 (-1.0) 
million. 
In Sweden, EBIT A was SEK 73.9 (113.8) 
million, in Norway it was SEK 51.4 (66.9) 
million, in Denmark it was SEK 11.8 (19.9) 
million, in Finland it was SEK 14.4 (16.4) 
million, and in Poland it was SEK 5.0 (7.5) 
million. The EBIT A margin was 7.7 (10.0) 
percent. 
Amortization and write-downs of intangible 
assets amounted to SEK -41.4 (-42.7) 
million.
The operating profit after financial items 
was SEK 82.2 (133.3) million. The financial 
net was SEK -12.7 (-21.2) million, affected 
mainly by interest revenue of SEK 3.1 (4.2) 
million, interest costs of SEK -13.5 (-15.7) 
million, and exchange rate changes.
The results after taxes were SEK 64.0 
(104.1) million. T ax for the period was SEK 
-18.2 (-29.2) million. Previous year's taxes 
were affected by a correction for the pre -
vious year’s taxes of SEK -5.8 million. The 
non-controlling interests’ share of profit for 
the year was SEK 3.0 (4.3) million. Earnings 
per share were SEK 2.23 (3.64).
Segments
JANUARY – MARCH
Net sales for the segment Solutions 
were SEK 988.9 (1,062.9) million, for the 
segment Experience they were SEK 335.2 
(412.2) million, for the segment Connectivi -
ty they were SEK 219.4 (269.1) million, and 
for the segment Insight they increased to 
SEK 234.8 (233.4) million.
EBIT A was SEK 82.7 (113.3) million for the 
segment Solutions, SEK 28.0 (60.1) million 
for the segment Experience, SEK 28.5 
(34.8) million for the segment Connec -
tivity, and SEK 19.8 (26.6) million for the 
segment Insight.
The EBIT A margin was 8.4 (10.7) percent 
for the segment Solutions, 8.4 (14.6) per -
cent for the segment Experience, increa -
sed to 13.0 (12.9) percent for the segment 
Connectivity, and was 8.4 (11.4) percent 
for the segment Insight.
The definitions for follow-up of segments 
have changed. For more information, see 
Note 4 on page 18.
Cash flow
JANUARY – MARCH
Cash flow from operating activities was 
SEK 101.6 (106.5) million. The change 
in working capital was SEK 24.0 (-39.6) 
million, affected mainly by increased short-
term liabilities.
Cash flow from investment activities 
amounted to SEK -4.2 (-21.8) million, affec -
ted by investments in fixed assets. 
Cash flow from financing activities was SEK 
-36.9 (-138.7) million, affected by amorti -
zations. 
T otal cash flow was SEK -60.5 (-54.0) 
million.
Financial position
JANUARY – MARCH
Cash and cash equivalents were SEK 
193.4 (444.6) million as per March 31, 
2024. Goodwill and other intangible were 
SEK 4,443.1 (4,585.1) million, of which 
goodwill was SEK 3,773.0 (3,747.1) million, 
and other intangible assets were SEK 
670.1 (838.0) million.
Equity increased to SEK 4,290.8 (4,283.7) 
million. Interest-bearing liabilities totaled 
SEK 1,077.5 (1,482.1) million on March 
31, 2024, with long-term liabilities totaling 
SEK 916.8 (1,184.7) million and short-term 
liabilities totaling SEK 160.7 (297.4) 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 
facilities granted total SEK 1,050 million. 
As per March 31, 2024, SEK 500.0 (600.0) 
million of the credit facilities granted were 
used. Leasing liabilities were SEK 528.7 
(629.2) million. Liabilities related to future 
consideration in subsidiaries totaled SEK 
40.5 (252.9) million.
The equity/asset ratio increased to 59.6 
(56.8) percent as per March 31, 2024.
Employees
JANUARY – MARCH
On March 31, 2024, a total of 4,109 
(4,377) people were employed by the 
Group. During 2024, the number of 
employees has decreased by 156 people 
compared with December 31, 2023. 
The average number of employees has 
during the period decreased to 3,935 
(4,182). The average number of employees 
in Sweden decreased to 1,908 (2,073), 
in Norway decreased to 977 (1,012), in 
Finland increased to 477 (475), in Poland 
decreased to 284 (312), and in Denmark 
decreased to 278 (291).

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

11   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
The Group
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 negative -
ly, 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 summer 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 dropped due to the Christmas and 
New Year holidays.
During the period, normal working hours 
totaled 486 (499) hours.
Forward-looking  
information
The forward-looking information in this 
report is based on the expectations of 
Knowit’s management team at the time of 
the report. Although Knowit’s management 
team assesses these expectations to be 
reasonable, there is no guarantee that 
these expectations are or will turn out to be 
correct. Consequently, future outcomes  
may vary significantly compared with 
what is presented in the forward-looking 
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.
Certification
The Chief Executive Officer certifies that 
the Interim Report provides a true and fair 
view of the Group’s and Parent Company’s 
operations, financial position and results, 
and describes significant risks and uncer -
tainty factors that the Parent Company and 
the companies within the Group are faced 
with.
STOCKHOLM MA Y 3, 2024
PER WALLENTIN
Chief Executive Officer
This interim report has not been reviewed
by Knowit’s auditors.
Annual General Meeting
The Company’s Annual General Meeting 
will take place on Friday May 3, 2024, at 
1 PM, in Knowit’s facilities at Sveavägen 
20, Stockholm. Notice will be made public 
through a press release in Post och Inrikes 
Tidningar and Svenska Dagbladet, and 
published on Knowit’s website.
Financial calendar
AGM 2024
May 3, 2024, 1.00 PM
INTERIM REPORT   
JANUARY – JUNE 2024
July 19, 2024, 7.30 AM
INTERIM REPORT   
JANUARY – SEPTEMBER 2024
October 25, 2024, 7.30 AM
YEAR-END REPORT 2024
February 7, 2025, 7.30 AM
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 INFORMA TION
Per Wallentin, President and CEO, Knowit 
AB (publ), +46 (0)8 700 66 00 or
Christina Johansson, Head of Communica -
tions, 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
About Knowit
Knowit are digitalization consultants 
with a vision to create a sustainable and 
humane society through digitalization and 
innovation. Knowit supports its clients in 
the digital transformation and stands out 
among other consultancy firms through 
its decentralized organization and agile 
work methods in client assignments. The 
operations are divided into four business 
areas – Solutions, Experience, Connectivity, 
and Insight – which offer services in bespo -
ke system development, digital customer 
experiences, the internet of things, cloud, 
cybersecurity, and management consul -
tancy. Competences from several business 
areas are often combined in client projects.
Knowit was founded in 1990 and now has 
around 4,100 employees, mainly in the 
Nordic countries, but also in operations 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.

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

12   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
The Group
Financial statements
Income statement in summary
SEK, MILLIONS Note
January 
– March 2024
January 
– March 2023
January
– December 
2023
April 2023  
– March 2024
Net sales 3, 4 1,766.3 1,970.5 7,097.4 6,893.2
Other operating income – – 16.4 16.4
TOT AL OPERA TING INCOME 1,766.3 1,970.5 7,113.8 6,909.6
Operating costs -1,586.2 -1,727.5 -6,439.4 -6,298.0
Depreciation and write-downs of tangible fixed assets -43.9 -45.8 -178.1 -176.2
OPERA TING RESUL T BEFORE AMORTIZA TION
OF INT ANGIBLE ASSETS (EBIT A) 136.3 197.2 496.3 435.4
Amortization and write-downs of intangible fixed assets -41.4 -42.7 -186.5 -185.2
OPERA TING RESUL T (EBIT) 94.8 154.5 309.8 250.1
Result from financial items
Financial incomes 3.6 4.2 76.1 75.5
Financial expenses -16.3 -25.4 -81.8 -72.7
RESUL T AFTER FINANCIAL ITEMS 82.2 133.3 304.1 253.0
Ta x -18.2 -29.2 -62.3 -51.3
RESUL T FOR THE PERIOD 64.0 104.1 241.8 201.7
Result for the period attributable to shareholders in Parent Company 61.0 99.8 239.6 200.8
Result for the period attributable to non-controlling interests’ holdings 3.0 4.3 2.2 0.9
Earnings per share
Earnings per share, before dilution, SEK 2.23 3.64 8.74 8.46
Earnings per share, after dilution, SEK 2.23 3.64 8.74 8.46
Comprehensive income in summary
 SEK, MILLIONS Note
January 
– March 2024
January 
– March 2023
January
– December 
2023
April 2023  
– March 2024
Profit for the period 64.0 104.1 241.8 201.7
Items that may later be reclassified to profit or loss:
result of hedging of interest risks 5.7 – -14.1 -8.4
tax effect of hedging of interest risks -1.2 – 2.9 1.7
translation differences in foreign operations 56.9 -28.1  ¹ ) -46.8 38.2
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF T AX 61.4 -28.1 -58.0 31.5
TOT AL COMPREHENSIVE INCOME FOR THE PERIOD 125.4 76.0 183.8 233.2
T otal comprehensive income attributable to shareholders in Parent Company 122.5 72.6 181.9 231.8
T otal comprehensive income attributable to non-controlling interests’ holdings 2.9 3.4 1.9 1.4
1) Reclassification has been performed of extended net investments, which have been moved to T ranslation differences in foreign operations.  
 Comparison figures have been adjusted.

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

13   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
The Group
Balance sheet in summary
 SEK, MILLIONS Note
March 31 
2024
 March 31
2023
December 31
2023
ASSETS
Non-current assets
Intangible fixed assets 4,443.1 4,585.1 4,438.0
T angible fixed assets 605.2 717.1 619.1
Financial fixed assets 3.8 10.3 7.2
Deferred tax asset 101.7 108.1 99.8
TOT AL NON-CURRENT ASSETS 5,153.8 5,420.6 5,164.1
Current assets
Current receivables 1,847.1 1,682.6 1,734.4
Cash and cash equivalents 193.4 444.6 127.6
TOT AL CURRENT ASSETS  2,040.5 2,127.2 1,862.0
TOTAL ASSETS 7,194.3 7,547.8 7,026.1
EQUITY AND LIABILITIES
Equity
Share capital 6 27.4 27.4 27.4
Other capital contributions and reserves 2,981.1 2,945.1 2,918.3
Profit brought forward, incl. total result 1,264.5 1,286.6 1,205.3
EQUITY A TTRIBUT ABLE TO SHAREHOLDERS OF THE PARENT COMPANY 4,273.0 4,259.1 4,151.0
Non-controlling interests 17.8 24.6 14.7
TOT AL EQUITY 4,290.8 4,283.7 4,165.7
Non-current liabilities
Non-current provisions 235.9 269.2 238.8
Interest-bearing non-current liabilities 916.8 1,184.7 936.1
TOT AL NON-CURRENT LIABILITIES 1,152.7 1,453.9 1,174.9
Current liabilities
Interest-bearing current liabilities 160.7 297.4 159.6
Other short-term liabilities 1,590.1 1,512.8 1,525.9
TOT AL CURRENT LIABILITIES 1,750.8 1,810.2 1,685.5
TOT AL EQUITY AND LIABILITIES 7,194.3 7,547.8 7,026.1

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

14   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
The Group
Cash flow statement in summary
 SEK, MILLIONS Note
January 
– March 2024
January 
– March 2023
January
–  December 
2023
Operating activities
Profit before taxes 82.2 133.3 304.1
Adjustment for non-cash items 64.1 63.5 274.8
Paid taxes -68.7 -50.7 -65.1
CASH FLOW BEFORE CHANGES IN WORKING CAPIT AL 77.6 146.1 513.8
Changes in working capital 24.0 -39.6 -114.0
CASH FLOW FROM OPERA TING ACTIVITIES 101.6 106.5 399.8
Investing activities
Acquisition of businesses – – -157.9
Disposals of businesses – – -2.2
Acquisition on intangible assets -0.9 -3.7 -12.6
Acquisition of property, plant and equipment -3.3 -18.1 -34.8
CASH FLOW FROM INVESTING ACTIVITIES -4.2 -21.8 -207.5
Financing activities
Amortization of loans and leasing liabilities -36.9 -138.7 -449.1
Loans raised – – 100.0
Dividend – – -217.8
Repurchasing of own shares – – -8.8
CASH FLOW FROM FINANCING ACTIVITIES -36.9 -138.7 -575.7
CASH FLOW FOR THE PERIOD 60.5 -54.0 -383.4
Cash and cash equivalents at the beginning of the period 127.6 497.7 497.7
T ranslation differences in cash and cash equivalents 5.3 0.9 13.3
CASH AND CASH EQUIVALENTS A T THE END OF THE PERIOD 193.4 444.6 127.6
Statement of changes in equity in summary
 SEK, MILLIONS Note
 
March 31 
2024
 
March 31
2023
 December 31
 2023
Opening balance 4,165.7 4,207.7 4,207.7
PROFIT FOR THE YEAR RECOGNIZED IN THE INCOME ST A TEMENT 64.0 104.1 241.8
Other comprehensive income
Result of hedging of interest rate risk 5.7 – -14.1
T ax effect of hedging of interest rate risk -1.2 – 2.9
T ranslation differences 56.9 -28.1  1) -46.8
TOT AL OTHER COMPREHENSIVE INCOME 125.4 76.0 183.8
TOT AL COMPREHENSIVE INCOME 4,291.1 4,283.7 4,391.5
T ransactions with shareholders
Dividend paid – – -217.8
Repurchase of own shares – – -8.8
Share-based payments 0.9 – 1.4
Change in liabilities, acquisition of non-controlling interest  2 ) -1.2 – -4.6
New share issue, company acquisition – – 4.0
TOT AL TRANSACTIONS WITH SHAREHOLDERS -0.3 – -225.8
EQUITY, DECEMBER 31, 2023 4,290.8 4,283.7 4,165.7
1)  Reclassification has been made of extended net investments which have been moved to T ranslation differences in foreign operations.
 The comparison figures have been adjusted.
2) Pertains to changed assessment of agreed future dividends.

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

15   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
The Parent Company
The Parent Company
January – March
The operating profit before amortization 
of intangible assets (EBIT A) was SEK -23.3 
(-27.5) million. The financial net was SEK 
-24.8 (-7.0) million. The result after financial 
net was SEK -48.8 (-35.8) million. Equity 
was SEK 2,774.3 (2,946.3) million on Mar -
ch 31, 2024. Untaxed reserves, primarily 
tax allocation reserves, increased to SEK 
169.7 (159.6) million.   
Income statement in summary
 SEK, MILLIONS
January 
– March 2024
January 
– March 2023
January
– December 
2023
Net sales 137.6 197.2 670.1
TOT AL OPERA TING INCOME 137.6 197.2 670.1
Operating expenses -158.8 -222.9 -763.2
Depreciation of property, plant and equipment -2.1 -1.8 -7.9
OPERA TING RESUL T BEFORE AMORTIZA TION
OF INT ANGIBLE ASSETS (EBIT A) -23.3 -27.5 -101.0
Amortization of intangible assets -0.7 -1.3 -4.7
OPERA TING RESUL T (EBIT) -24.0 -28.8 -105.7
Financial items -24.8 -7.0 188.7
RESUL T AFTER FINANCIAL ITEMS -48.8 -35.8 83.0
Appropriations – – -10.1
Income tax – – -19.6
RESUL T FOR THE PERIOD -48.8 -35.8 53.3
Balance sheet in summary
 SEK, MILLIONS
January 
– March 2024
January 
– March 2023
January
– December 
2023
ASSETS
Non-current assets
Intangible assets 4.6 8.7 5.3
Property, plant, and equipment 30.8 42.0 32.6
Financial non-current assets 4,402.9 5,105.6 4,402.4
TOT AL NON-CURRENT ASSETS 4,483.3 5,156.3 4,440.3
Current assets
Current receivables 414.2 654.6 437.4
Cash and cash equivalents – 289.4 –
TOT AL CURRENT ASSETS 414.2 944.0 437.4
TOTAL ASSETS 4,852.5 6,100.3 4,877.7
EQUITY AND LIABILITIES
Equity
Restricted equity 95.4 95.4 95.4
Non-restricted equity 2,678.9 2,850.9 2,726.8
TOT AL EQUITY 2,774.3 2,946.3 2,822.2
Untaxed reserves 169.7 159.6 169.7
Interest-bearing long-term liabilities – 600.0 –
Non-current provisions 18.4 86.7 18.4
Current liabilities 1,890.1 2,307.7 1,867.4
TOT AL EQUITY AND LIABILITIES 4,852.5 6,100.3 4,877.7

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

16   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Supplementary information and notes
Supplementary
information and notes
NOTE 1 : Accounting principles
This consolidated Interim Report for the 
Group has been prepared in accordance 
with IAS 34 Interim Reporting and appli-  
cable provisions in the Annual Accounts 
Act. The Interim Report for the Parent Com -
pany has been prepared in accordance 
with Chapter 9 of the Annual Accounts Act 
on interim reporting.
For the Group and the Parent Compa -
ny, the same accounting principles and 
grounds for assessments used in the latest 
Annual Report were used, in addition to 
the aforementioned accounting principles. 
Information in accordance with IAS 34.16A 
is presented through the financial reports 
and associated notes, see pages 16–20, as 
well as in other parts of the Interim Report.
All amounts in this report are given in SEK 
millions, unless otherwise stated. Rounding 
differences may occur.
NOTE 2 : Critical valuation and risk factors
Knowit’s general essential business risks 
consist of reduced demand for consul -
tancy services, problems attracting and 
retaining skilled personnel, price pressures 
and financial risks related to credit and 
exchange rates and, to a lesser extent, 
risks related to fixed price projects. Knowit 
is affected by general political, financial, 
and economic circumstances. The current 
situation with a war in our vicinity and high 
inflation combined with high interest rates 
has significantly increased the risk levels 
and shaped the market with large negative 
effects. With a decreased demand for the 
Company’s services comes short-term 
challenges with decreased invoicing pace, 
where the business model creates a lead 
time in adjusting capacity to reach the high 
levels of the past. Further, the decentralized 
steering model creates a need for each 
subsidiary to quickly realize short-term  
measures for sales efforts and cost savings. 
This can in the short term affect the Com -
pany’s possibilities to generate a profit and 
growth in line with historic values and the 
financial targets. For more information on 
risks, see the Annual Report 2023, pages 
54–57 and 75–76.

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

17   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Supplementary information and notes
NOTE 3 : The Group revenue from client contracts
 SEK, MILLIONS
January 
– March 2024
January 
– March 2023
January
–  December 
2023
GEOGRAPHIC CA TEGORIZA TION
Fee revenue
Sweden 727.0 828.6 2,929.1
Norway 476.8 561.5 1,946.5
Denmark 188.1 207.3 758.0
Finland 201.9 192.5 744.7
Poland 54.0 61.1 238.0
Other 5.3 5.2 19.0
TOT AL FEE REVENUE 1,653.1 1,856.2 6,635.4
Other revenue  1 )
Sweden 31.6 63.8 232.8
Norway 12.0 13.5 57.9
Denmark 64.0 28.2 132.7
Finland 2.3 7.9 34.2
Poland 3.4 1.0 4.5
Other 0.0 0.0 0.0
TOT AL OTHER REVENUE 113.2 114.3 462.0
TOT AL NET SALES 1,766.3 1,970.5 7,097.4
 SEK, MILLIONS
January 
– March 2024
January 
– March 2023
January
–  December 
2023
SEGMENT CA TEGORIZA TION  2 )
Fee revenue
Solutions 907.4 1,008.1 3,622.3
Experience 319.2 391.4 1,354.3
Connectivity 206.5 230.2 838.2
Insight 225.9 227.9 834.3
Other -5.9 -1.5 -13.7
TOT AL FEE REVENUE 1,653.1 1,856.2 6,635.4
Other revenue  1 )
Solutions 81.6 54.8 241.7
Experience 16.0 20.8 85.3
Connectivity 12.8 38.9 136.9
Insight 8.9 5.6 24.6
Other -6.1 -5.8 -26.5
TOT AL OTHER REVENUE 113.2 114.3 462.0
TOT AL NET SALES 1,766.3 1,970.5 7,097.4
1) The revenue category License revenue is reported in the category Other revenue, as the sums are not significant. For more information, see Note 1 Accounting and valuation 
 principles on page 71–74 in the Annual Report 2023.
2) Knowit has performed two smaller organizational changes, which means that on October 1, 2023, an operation previously included in the segment Insight has moved to the segment Solutions,  
 and on January 1, 2024, an operation that was formerly included in the segment Other was moved to the segment Solutions. The comparison periods have been altered  
 to reflect the new segmentation.

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

18   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Supplementary information and notes
NOTE 4 : Consolidated segment reporting 
 January – March 2024 SEK, MILLIONS Solutions Experience Connectivity Insight Other To t a l
External net sales 962.0 345.8 221.2 234.8 2.6 1,766.3
Net sales between segments 63.3 19.8 5.3 12.1 -100.4 –
Internal direct costs between segments -36.3 -30.3 -7.1 -12.1 85.8 –
NET SALES 988.9 335.2 219.4 234.8 -12.0 1,766.3
Earnings before amortization of intangible assets (EBIT A) 82.7 28.0 28.5 19.8 -22.7 136.3
Amortization of intangible assets -19.0 -4.9 -10.8 -6.0 -0.7 -41.4
OPERA TING PROFIT (EBIT) 63.7 23.1 17.7 13.8 -23.5 94.8
Result after financial items 82.2
RESUL T FOR THE PERIOD 64.0
EBIT A margin, % 8.4 8.4 13.0 8.4 7.7
Average number of employees 1,796 831 682 548 78 3,935
Intangible assets 2,071.2 712.3 1,134.7 519.4 5.5 4,443.1
T angible fixed assets 16.7 3.6 8.7 2.5 573.7 605.2
 January – March 2023 SEK, MILLIONS Solutions 1 ) Experience Connectivity Insight 1 ) Other 1 ) To t a l
External net sales 1,039.1 417.5 267.5 229.6 16.9 1,970.5
Net sales between segments 60.5 29.5 9.8 13.0 -112.9 –
Internal direct costs between segments -36.7 -34.8 -8.2 -9.2 88.8 –
NET SALES 1,062.9 412.2 269.1 233.4 -7.2 1,970.5
Earnings before amortization of intangible assets (EBIT A) 113.3 60.1 34.8 26.6 -37.6 197.2
Amortization of intangible assets -17.8 -6.5 -10.6 -6.0 -1.8 -42.7
OPERA TING PROFIT (EBIT) 95.5 53.6 24.2 20.6 -39.4 154.5
Result after financial items 133.3
RESUL T FOR THE PERIOD 104.1
EBIT A margin, % 10.7 14.6 12.9 11.4 10.0
Average number of employees 1,914 938 724 512 94 4,182
Intangible assets 2,135.5 731.7 1,168.9 538.0 11.0 4,585.1
T angible fixed assets 19.4 4.5 11.7 4.1 677.5 717.1
1) Knowit has performed two smaller organizational changes, which means that on October 1, 2023, an operation previously included in the segment Insight has moved to the segment Solutions,  
 and on January 1, 2024, an operation that was formerly included in the segment Other was moved to the segment Solutions. The comparison periods have been altered to reflect the new segmentation.
The Group’s operations are organized so 
that the corporate management mainly 
follows up net sales, EBIT A result, EBIT A 
margin, intangible assets, and average 
number of employees in the Group’s 
five segments. T o promote collaboration 
between segments, the Corporate Mana -
gement T eam decided in 2024 that the net 
sales per segment shall include deductions 
for internal direct costs. The margin for 
the business areas is thus altered and the 
comparison figures for 2023 have been 
adjusted accordingly. There is no effect on 
the Group’s margin.
The segment Other includes, among other 
things, small-scale cloud services, where 
Knowit through partnerships can offer 
the cloud supplier that best fits the client’s 
specific needs and IT structure. Further, it 
includes the parent companies' group-wi -
de costs regarding management, finance, 
and marketing and adjustments pertaining 
to IFRS 16 that are not allocated to the 
segments.

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

19   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Supplementary information and notes
NOT 5 : The Group’s financial assets and liabilities
March 31, 2024 March 31, 2023
 SEK, MILLIONS
Financial 
assets valued 
at amortized 
cost
Financial 
assets valued 
at fair value 
in income 
statement
Fair value 
hedging 
instruments
Fair
value
Financial 
assets valued 
at amortized 
cost
Financial 
assets valued 
at fair value 
in income 
statement
Fair value 
hedging 
instruments
Fair
value
Assets in balance sheet
Other long-term securities  1 ) – 3.8 – 3.8 – 2.6 – 2.6 
Other long-term receivables 0.1 – – 0.1 3.3 – – 3.3
Accounts receivable  
and other receivables 1,618.2 – – 1,618.2 1,450.6 – – 1,450.6
Cash and cash equivalents 193.4 – – 193.4 444.6 – – 444.6
TOTAL 1,811.8 3.8 – 1,815.6 1,898.5 2.6 – 1,901.1
March 31, 2024 March 31, 2023
 SEK, MILLIONS
Other
financial
liabilities
Financial 
liabilities valued 
at fair value in 
income
statement
Fair value 
hedging 
instruments
Fair
value
Other
financial
liabilities
Financial 
liabilities valued 
at fair value in 
income
statement
Fair value 
hedging 
instruments
Fair
value
Liabilities in balance sheet
Future additional considerations  2 ) – 14.7 – 14.7 – 199.0 – 199.0  
Future consideration 25.8 – – 25.8 53.9 – – 53.9  
Other interest-bearing liabilities 1,028.7 – – 1,028.7 1,229.2 – – 1,229.2
Accounts payable 492.5 – – 492.5 382.4 – – 382.4
Interest swaps for hedging  1 ) – – 8.4 8.4 – – – –
Other liabilities 62.5 – – 62.5 57.3 – – 57.3
TOTAL 1,609.5 14.7 8.4 1,632.6 1,722.8 199.0 – 1,921.8
1)  Fair value pursuant to categorization level 2.
2)  Fair value pursuant to categorization level 3.
 SEK, MILLIONS
Future
contingent
additional
considerations  1 )
Future
considerations  2 )
Fair value, January 1, 2024 14.7 24.7
T otal recognized profits and losses:
recognized in profit/loss for the year – –
recognized in equity – 1.1
Settlement of future additional considerations, options and future consideration – –
Cost of acquisitions – –
FAIR VALUE, MARCH 31, 2024 14.7 25.8
Fair value, January 1, 2023 196.4 54.4
T otal 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, MARCH 31, 2023 199.0 53.9
1) Fair value pursuant to categorization level 3.
2)  Valued at amortized cost.
The table below summarizes the reported 
value of the Group’s financial assets and 
liabilities, divided in accordance with the 
valuation categories in IFRS 9. No financial 
assets or liabilities are reported at a value 
that significantly deviates from fair value. 
For more information, see Note 21 in the 
Annual Report 2023.
In the table below, a check of the opening 
and closing balances is presented.

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

20   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Supplementary information and notes
NOTE 7 : T ransactions with related parties
No significant transactions have occurred 
during the period. For more information, 
see Note 28 T ransactions with related par-
ties, page 99 in the Annual Report 2023.
NOTE 6 : Data per share
 SEK, MILLIONS
January
– March 2024
January
– March 2023
January
– December 
2023
Profit for the year attributable to the Parent Company's shareholders, SEK, millions 61.0 99.8 239.6
Average number of outstanding shares, 000s:
before dilution 27,349 27,409 27,402
after dilution 27,349 27,409 27,402
Earnings per share, SEK:
before dilution 2.23 3.64 8.74
after dilution 2.23 3.64 8.74
Equity per share, SEK:
before dilution 156.24 155.39 151.78
after dilution 156.24 155.39 151.78
Number of shares on balance sheet day, 000s:
before dilution 27,349 27,409 27,349
after dilution 27,349 27,409 27,349
On May 3, 2023, the Annual General 
Meeting authorized the Board to deci -
de on a repurchasing program for own 
shares, to cover its undertakings within 
the framework of the long-term incentive 
program (L TIP) 2023. Repurchasing of a 
maximum of 137,423 shares can occur on 
one or more occasions before the Annual 
General Meeting 2024. During the fourth 
quarter 2023, 60,000 own shares were 
repurchased.
NOTE 8 : Events after the end of the financial period
Knowit has gained information that the 
Swedish Agency for Economic and Re -
gional Growth is considering requesting 
repayment of a large part of the support 
for short-time work that the Group and its 
acquired units were granted during 2020, 
in connection with the COVID-19 pande -
mic. The estimated amount in question is 
around SEK 28 million. Knowit does not 
share the views of the Swedish Agency for 
Economic and Regional Growth and in -
tends to deny their request. Final judgment 
has not been made at the time of presen -
ting this report.

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

21   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Financial position
Financial position
Performance measures
 SEK, MILLIONS
January 
– March 2024
January 
– March 2023
January
–  December 
2023
Number of employees at end of period 4,109 4,377 4,265
Average number of employees 3,935 4,182 4,115
Normal working time, hours 486 499 1,940
Sales per average number of employees, SEK, 000s 449 471 1,725
Result after financial items per average number of employees, SEK, 000s 21 32 74
EBIT A margin, % 7.7 10.0 7.0
Adjusted EBIT A margin, % 7.7 10.1 7.0
Return on total capital, % 1.4 2.1 5.3
Return on equity, % 1.5 2.5 5.8
Return on capital employed, % 1.9 2.7 7.0
Equity ratio, % 59.6 56.8 59.3
Net debt ratio, multiples 0.2 0.2 0.2

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

22   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Financial position
Overview per business area
The table shows the outcome per quarter 
and period, with comparison figures pre -
sented to facilitate analysis.  
T o promote collaboration between seg-
ments, the Corporate Management T eam 
decided in 2024 that the net sales per seg -
ment shall include deductions for internal 
direct costs. 
The margin for the business areas is thus 
altered and the comparison figures for 
2023 have been adjusted accordingly. 
    
 SEK, MILLIONS
January 
– March 2024
January 
– March 2023
April
–June 2023
July 
– September 
2023
October
–  December
2023
January
–   December 
2023
April 2023
– March 2024
THE GROUP
Net sales 1,766.3 1,970.5 1,758.8 1,544.1 1,824.0 7,097.4 6,876.8
EBIT A profit 136.3 197.2 76.6 74.8 147.7 496.3 435.4
EBIT A margin, % 7.7 10.0 4.4 4.9 8.1 7.0 6.3
Number of employees at the end of the period 4,109 4,377 4,347 4,383 4,265 4,265 4,109
BUSINESS AREAS  1 )
Solutions
Net sales 988.9 1,062.9 936.3 861.5 1,003.2 3,864.0 3,789.9
EBIT A profit 82.7 113.3 46.5 63.2 91.9 314.9 284.3
EBIT A margin, % 8.4 10.7 5.0 7.3 9.2 8.2 7.5
Number of employees at the end of the period 1,856 1,978 1,961 1,953 1,923 1,923 1,856
Experience
Net sales 335.2 412.2 366.4 306.3 354.8 1,439.6 1,362.7
EBIT A profit 28.0 60.1 20.1 7.4 29.0 116.6 84.5
EBIT A margin, % 8.4 14.6 5.5 2.4 8.2 8.1 6.2
Number of employees at the end of the period 889 987 975 979 937 937 889
Connectivity
Net sales 219.4 269.1 236.2 225.8 244.0 975.1 925.4
EBIT A profit 28.5 34.8 19.3 26.2 31.0 111.2 105.0
EBIT A margin, % 13.0 12.9 8.2 11.6 12.7 11.4 11.3
Number of employees at the end of the period 717 774 764 763 739 739 717
Insight
Net sales 234.8 233.4 226.1 162.2 237.1 858.7 860.2
EBIT A profit 19.8 26.6 19.0 -10.4 22.2 57.4 50.6
EBIT A margin, % 8.4 11.4 8.4 -6.4 9.4 6.7 5.9
Number of employees at the end of the period 565 533 542 594 578 578 565
1) On October 1, 2023, Knowit performed a small organizational change, which means that an operation previously included in the segment Insight has moved to the segment Solutions, and on  
 January 1, 2024, an operation that was formerly included in the segment Other was moved to the segment Solutions. The comparison periods have been altered to reflect the new segmentation.

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

23   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Financial position
Overview per country
The table shows the outcome per quarter 
and period, with comparison figures pre -
sented to facilitate analysis.
 SEK, MILLIONS
January 
– March 2024
January 
– March 2023
January
– December 
2023
April 2023
– March 2024
Sweden
Net sales 758.6 892.4 3,161.9 3,028.1
EBIT A 73.9 113.8 270.0 230.1
EBIT A margin, % 9.7 12.8 8.5 7.6
Norway
Net sales 488.8 574.9 2,004.4 1,918.1
EBIT A 51.4 66.9 164.9 149.3
EBIT A margin, % 10.5 11.6 8.2 7.8
Denmark
Net sales 252.1 235.4 890.7 907.3
EBIT A 11.8 19.9 59.2 51.1
EBIT A margin, % 4.8 8.5 6.6 5.6
Finland
Net sales 204.2 200.4 778.9 782.7
EBIT A 14.4 16.4 56.7 54.7
EBIT A margin, % 7.1 8.2 7.3 7.0
Poland
Net sales 57.4 62.1 242.5 237.7
EBIT A 5.0 7.5 28.7 26.2
EBIT A margin, % 8.7 12.1 11.8 11.0

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

24   KNOWIT AB INTERIM REPORT JANUARY – MARCH 2024
Definitions
Definitions
Alternative performance measures
Knowit uses alternative performance me -
asures, 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 EBIT A 
margin should grow to 12 percent over 
time. Further, net liabilities relative to EBIT -
DA 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 alternative perfor -
mance measures are adjusted EBIT A mar-
gin, adjusted EBIT A profit, average capital 
employed and equity, EBIT A margin, EBIT A 
profit, EBITDA profit, net debt ratio, net sales 
per segment, return on equity, and return 
on capital employed. 
The calculations of alternative performan -
ce measures on this page pertain to the 
period January to March 2024. 
For more information on our long-term 
financial targets and further definitions of 
performance measures, see page 110 in 
the Annual Report for 2023.
Adjusted EBIT A margin 
Adjusted EBIT A profit in relation to net sales 
for the period. (136.3 / 1,766.3 = 7.7%)
Adjusted EBIT A profit
EBIT A is adjusted for items that impair 
comparability between periods, to provide 
increased understanding of the Group's 
underlying operative activities. Adjusted 
items include costs connected to acquisi -
tions and such as and costs for restruc-
turing and integration programs. For 2024, 
no adjustments have been made.
Average capital employed 
The average of the period’s opening and 
closing balances of equity plus interest-be -
aring liabilities. ((4,165.7 + 936.1 + 159.6 + 
4,290.8 + 916.8 + 160.7) / 2 = 5,314.9)
Average equity 
The average of the period’s opening equity 
balance and the period’s closing equity 
balance. ((4,165.7 + 4,290.8) / 2 = 4,228.3)
EBIT A margin 
Profit before amortization of intangible 
non-current assets (EBIT A) in relation to net 
sales for the period.  
(136.3 / 1,766.3 = 7.7%)
EBIT A profit 
Profit before amortization of intangible 
non-current assets. (136.3)
EBITDA profit 
Profit before depreciation and amortization 
of tangible and intangible non-current as -
sets, respectively. (136.3 + 43.9 = 180.2)
Net debt 
Interest-bearing liabilities less financial 
interest-bearing assets less cash and cash 
equivalents. 
(916.8 + 160.7 – 193.4 = 884.1)
Net debt ratio
Used to show the Company’s indebted -
ness. Net debt in relation to equity.  
(884.1 / 4,290.8 = 0.2 multiples)
Net sales per segment
T o promote collaboration between 
segments, the Corporate Management 
T eam decided in 2024 that net sales for 
segments would include deductions for 
internal direct costs.
Normal working hours
The number of hours an employee  
working full-time is expected to work. Nor-
mal working hours are weighted, meaning 
that account is taken of the fact that diffe-
rences may occur between countries, legal 
entities, contracts, etc.
Return on capital employed 
Profit after financial items plus financial 
expenses expressed as a percentage of 
average capital employed. ((82.2 + 16.3)  
/ 5,314.9 = 1.9%)
Return on equity 
Profit after full tax as a percentage of 
average equity including non-controlling 
interests. (64.0 / 4,228.3 = 1.5%)