Kvartalsrapport Q1 2025

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

Bokslutskommuniké
Continued recovery  
creates confidence    
Interim report for Knowit AB
 JANUARY – MARCH 2025
Net sales decreased by 9.8 percent to SEK 1,593.6 (1,766.3) million
The EBITA profit was SEK 104.5 (136.3) million
The EBITA margin was 6.6 (7 .7) percent
Results after tax were SEK 39.5 (64.0) million
Earnings per share were SEK 1.40 (2.23)  1)
Cash flow from operating activities was SEK 36.1 (101.6) 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 April 29, 2025.
Interim report

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 2
Comments from the CEO
Stable delivery on a market  
that remains challenging
During the first quarter, net sales decreased 
by 9.8 percent to SEK 1,594 million, and the 
EBIT A margin was 6.6 percent. The decrease 
in net sales is on par with the decrease in 
the number of employees compared with 
last year. Our ability to act in a professional 
manner, efficiently and close to our clients, is 
particularly crucial in a time of general mar -
ket uncertainty. We can see that our efforts to 
streamline and optimize operations have had 
an effect. Our strong focus on clients, increa -
sed sales efforts, and further development of 
our offer will be prioritized in the future, with 
cost reductions, until we see a significant 
change in the current market situation. 
Being client-centered
Knowit’s strength lies in a well-positioned and 
relevant client offer, combining cutting-edge 
technical expertise with business acumen 
and strategic consultancy. During the first 
quarter, we have welcomed new clients, 
deepened our collaborations with long-term 
partners, and broadened our presence in se -
veral areas crucial to society, such as digital 
infrastructure, electrification, and AI-based 
customer experiences. For example, we 
were named the strategic 
cloud partner for Norwegian 
public transportation, through 
an agreement with TET Digital AS, 
signed a deal with Svenska Kraftnät 
for development of load balancing 
solutions in the Nordic power grid, and 
signed a new framework agreement with the 
Swedish Armed Forces on development and 
maintenance of digital channels. 
Differentiated market  
development in the Nordic region
The market conditions in the Nordic region 
have remained demanding during the first 
quarter, with differing demand in different 
regions and industries. In Sweden, we have 
continued to see slow market recovery, while 
our internal efforts, with optimization of the 
cost base and intensified sales, are having 
effects. T aken together, this contributes to a 
positive development, in particular in some 
regions – including southern Sweden. In Nor -
way, we continue to develop in a stable man -
ner, largely thanks to a strong offer toward the 
Norwegian public sector. In both Denmark 
and Finland, we have remaining challenges 
regarding both growth and profitability. 
Our largest business area, Solutions, shows 
continued positive development, with impro -
ved utilization during the first quarter as well. 
This is primarily the result of a focused and 
proactive sales and optimization effort, rather 
than a broad increase in market demand. 
We can see that the efforts we have made to 
streamline our delivery capacity and improve 
client interactions continue to show results. 
Overall, we deliver a stable first quarter 
in a challenging situation. Our employees’ 
commitment, the clients’ trust, and our 
clear position on the market means that 
we can look to the rest of the year with 
confidence.
”
The development in the first quarter 2025 confirms the trend we saw at the end of last year. Utilization  
is gradually improving and we are seeing some positive signals in the form of increased stability, combined  
with more active demand in certain segments, such as defense and e-commerce. The business area Solutions,  
which provides more than half of our net sales, has shown a steady and positive utilization trend since the  
second quarter last year, leading the positive development for the entire Group. The development in  
Experience has now also stabilized, though at a lower level than desirable. The global geopolitical situation,  
caused by the US trade policy, among other things, has increased uncertainty  
amon our clients and is contributing to a market development 
that remains hard to assess.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 3
Comments from the CEO
Connectivity is still facing large challenges 
in the telecommunications sector, which 
has affected the results for the quarter. 
Through fast adaptations and the ability to 
successfully reallocate resources to other 
clients and segments, we have managed to 
keep both utilization and profitability at good 
levels despite this. This showcases our high 
adaptability and operative flexibility.
Within our business areas Experience and 
Insight, challenges remain related to unsatis -
factory utilization and a continued imbalance 
between revenue levels and cost structure. 
Some units are showing signs of recovery 
or continued stable development, whereas 
others remain negatively affected by weak 
demand or structural challenges. Our strong 
position in segments like defense and cyber -
security are an important exception and are 
clear examples of areas where we see good 
growth, high relevance, and strong demand. 
Continued restructuring, in order to create 
clearer offers, and cost savings, will remain 
recurrent themes during the year.
A long-term digitalization partner
Overall, we deliver a stable first quarter in 
a challenging situation. Our employees’ 
commitment, the clients’ trust, and our clear 
position on the market mean that we can 
look to the rest of the year with confidence. 
Our strategy of being a long-term partner in 
the digital transition and helping our clients 
develop their operations remains, even in 
tougher times.
Per Wallentin
Chief Executive Officer and President

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 4
Events during the quarter
January – March 2025 
THE NOMINA TION COMMITTEE has suggested to the AGM that Per Sjöstrand become the new Chairman of the 
Board as the current Chairman Jon Risfelt has announced that he will not be available for releection.
KNOWIT WAS NAMED  the strategic cloud partner in Norwegian public transportation over the coming four years by 
TET Digital AS. Through the agreement, Knowit will assist TET with adaptation, implementation, and management of 
cloud services, as well as development and consultancy for further development of a modern and scalable technology  
platform.
KNOWIT HAS WON  a procurement with Svenska Kraftnät, with the assignment to develop a new method for efficient 
load balancing of the Nordic power grid. The new framework agreement encompasses both technical development 
and maintenance of IT systems.
KNOWIT HAS SIGNED  a new framework agreement whereby the business area Experience will become an exclusive  
partner to the Swedish Armed Forces regarding a total solution for maintenance and technical development of the 
Armed Forces’ websites, applications, and other digital media.
KNOWIT AND CONTENTSQUARE,  a global leader in digital experience analysis, have entered into a partnership to 
improve digital experiences. The collaboration combines Knowit’s deep expertise in digital strategy and customer 
experiences with Contentsquare’s powerful, AI-driven analytics platform.
KNOWIT HAS INITIA TED  a collaboration with the mobility innovators STILRIDE and Vidde to support startups in 
electric mobility through the innovative software platform RapidRide. The new platform is offered to EV startups 
throughout Europe, along with the necessary hardware and consultancy.
KNOWIT HAS ENTERED  into a new partnership with Backbase to transform digital banking operations in the Nordic 
region. Through the collaboration, financial institutions throughout the Nordic region are given the chance to accele-
rate their digital transformation.
KNOWIT’S PRESIDENT PER WALLENTIN  has been named Male Equality Spokesman of the Year at the WiB Gala,  
an annual gala honoring people and initiatives that drive change and create better conditions for women in business.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 5
The quarter in brief
January – March 2025
Net sales for the quarter were SEK 1,593.6 (1,766.3). Exchange rate developments had a negative effect on EBIT A 
totaling SEK -13.6 (-9.1) million. Profit before amortization of intangible assets (EBIT A) was SEK 104.5 (136.3) million. 
Normal working hours for the quarter totaled 485 (486). We have increased price levels in all business areas compa -
red with in the preceding year, but have not managed to fully compensate for salary increases. A focus on continuous 
cost savings and streamlining has remained during the quarter.
Cash flow from operating activities was SEK 36.1 (101.6) million, where the change in operating capital was SEK 
-55.9 (24.0) million, affected mainly by increased short-term liabilities.
SEK, MILLIONS
January –
March 2025
January–
March 2024
Sales 1,593.6 1,766.3
Sales, change, % -9.8 -10.4
of which is exchange rate effect, % -0.8 -0.5
EBIT A 104.5 136.3
EBIT A margin, % 6.6 7.7
Cash flow from operating activities 36.1 101.6
Intangible assets 4,201.1 4,443.1
Number of employees at the end of the period 3,772 4,109
Normal working hours 485 486
7,109 6,893
6,243 612
Adjusted EBIT A profit, SEK, millions 
 Adjusted EBIT A profit, SEK, millions
 R olling 12 months
Q4
24
105
Q1
25
198
Q1
23
77
Q2
23
75
Q3
23
148
Q4
23
136
Q1
24
94
Q2
24
58
Q3
24
107
Net sales, SEK, millions 
 Net sales, quarterly data
 R olling 12 months
1,326
Q3
24
1,681
Q4
24
1,642
Q1
23
Q1
25
1,594
Q2
23
1,971
Q3
23
1,759
Q4
23
1,544
Q1
24
1,824
Q2
24
1,766
436
363

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 6
Market and operations
Four business areas – a common goal
Knowit’s operations are organized in four 
business areas, each focused on meeting 
specific needs for certain parts of our clients’ 
organizations.
Solutions: Collaborates with IT and operative 
departments to develop and implement sys -
tem solutions that support the business mo -
dels of the future. With the latest technology, 
like AI and the cloud, we facilitate data-driven 
insights and long-term development.
Experience: Is focused on marketing and sales  
departments with solutions for customerexpe-
riences, digital design, and e-commerce to 
strengthen brands and customer relations. 
Connectivity:  Works close to R&D departments  
to integrate advanced technology. Has high 
technical competence in embedded sys -
tems, cloud applications, and Io T.
Insight: Aimed at executive teams and gives 
support in strategy, organization, cybersecu -
rity, and legal matters.
This structure means that we can offer holis -
tic solutions and take on complex challenges 
together with our clients, regardless of their 
sector or function.
A key player in digital transformation
Digital transformation is at the heart of what 
we do. Our work is about creating a more 
digitalized and sustainable future for compa -
nies and organizations in a rapidly changing 
world. By integrating new technology, such as 
generative AI, into the solutions we develop, 
we are strengthening our clients’ competiti -
veness. Through a close collaboration with 
our clients and a Nordic approach, we can 
deliver tailored solutions that make a diffe -
rence, both today and in the future.
Versatility and strong client relationships
Knowit works with clients in many different 
sectors, from the public sector – including 
defense – to banking and finance, retail, and 
industry. Our largest client group is in the 
public sector, which provides a significant 
share of our net sales. Here, we contribute by 
streamlining and digitalizing functions crucial 
to society. Other important sectors include 
retail, industry, and finance, where our solu -
tions contribute to increased efficiency and 
new business opportunities. This broad client 
base gives us a strong platform to stand one, 
while also challenging us to continually deve -
lop our offers to meet various needs.
A focus on technology and sustainability 
Sustainability is an integrated part of Knowit’s 
strategy. We see digitalization as a key to 
speeding up the transition to a sustainable 
society. We strive to be a role model in sustai -
nable business by creating long-term value 
for our clients, employees, and society. With 
technical solutions and advisory services, 
we can help companies and organizations 
decrease their environmental impact and 
strengthen their social accountability. Our 
goal is not just to adapt to a changing world, 
but to actively take part in shaping it.
With eyes fixed on future tech
At Knowit, we see new and innovative tech as our most important tool for contributing to a more sustainable future. 
By combining expertise in tech, design, communication, and strategy, we create solutions that meet the needs of 
today and strengthen competitiveness in the future. With teams in Sweden, Norway, Finland, Denmark, and Poland, 
we work close to our clients and offer client-tailored, agile solutions. This has given us a strong position in the Nordic 
region and an opportunity to broadly contribute to societal development.
Sales per business area,
January–  March 2025
 Solutions 55% (56)
 Experience 18% (19)
 Insight 14 % (13)
 Connectivity 13 % (12)
Sales per client industry,
January–  March 2025
 Public sector 38 % (38)
 Retail and service companies 18% (16)
 Industry 17% (16)
 Banking, finance and insurance 9 % (10)
 Media, education and gaming 6% (6)
 T elecommunications 5% (7)
 Energy 3% (4)
 Other 4% (3)
Sales per country,
January–  March 2025
 Sweden 42 % (43)
 Norway 31% (28)
 Denmark 13% (14)
 Finland 11% (12)
 Poland 3% (3)
 Other 0% (0)

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 7
Market and operations
An attractive employer
We are a value-driven organization, where 
commitment and meaning are at the center. 
Our promise, “Makers of a sustainable future,” 
gives our employees a clear direction. Knowit 
is often listed among the most attractive 
employers in the Nordic region, an important 
factor to attract and retain talents. Through 
investments in further education, for instance 
in defense and digital innovation, we safegu -
ard the competence of the future.
A future full of possibilities
Knowit is well-equipped to meet the chal -
lenges and possibilities of the future. By 
continuously developing our competence, 
strengthening our client relationships, and 
focusing on innovation and sustainability, we 
are ready to continue to be a leading player 
in the digital transformation. Our journey 
towards a more sustainable and innovative 
future continues – and we look forward to 
continuing it together with our clients and 
partners, to create long-term value for both 
business and society.
Moving forward – together
Knowit is well-positioned for the future. By 
continuously developing our competence, 
strengthening our client relationships, and 
focusing on innovation and sustainability, 
we are ready to continue our journey as a 
leading player in the digital transformation  
– with the goal of creating long-term value  
for both business and society.
Solutions
 
 January –
 March 2025 
 January –
 March 2024
Sales, SEK, million 880.2 988.9
EBIT A, SEK, million 80.3 82.7
EBIT A margin, % 9.1 8.4
Number of employees 1,671 1,856
Solutions is Knowit’s largest business area, 
with operations on all of Knowit’s markets in 
the Nordic region and with smaller opera -
tions in Germany. Around 1,700 consultants 
offer broad and cutting-edge competence in 
all parts of the system development process: 
from idea, architecture and project governan -
ce, 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.
The business area has a strong position in 
the public sector, where demand for modern, 
sustainable, and secure solutions remains 
high. Within banking and finance, Solutions 
collaborates with both established entities 
and agile niche companies that challenge 
traditional structures. In retail and e-commer -
ce, solutions for payment flows, warehousing, 
and personalization are developed, often 
supported by AI and machine learning. The 
telecom sector is another area where Knowit 
has several long-term client relations, where 
complex system solutions are developed in 
close collaboration with the client’s opera -
tions.
Deliveries are increasingly provided in cross-
functional and agile teams, often close to the 
client’s own organization. This creates high 
adaptability and makes it possible to quickly 
respond to changed requirements and 
possibilities. Through a clear focus on value 
creation, security, and technical excellence, 
Solutions plays a key role in Knowit’s offer 
and the clients’ digital transformations. 
Comments from the Head of Solutions
The trend of improvements in utilization and 
margin continue during the start of the year. 
In light of the fact that we are significantly 
fewer employees this year compared with a 
year ago, delivery is strong and I am proud of 
what we are achieving.
We continue to perceive the market as 
uncertain in all geographies, but the work 
of optimize and restructuring our orga-
nization has shown positive results. In 
Sweden, we continue to see slow market 
recovery, which is promising ahead of 
future quarters.
Fredrik Ekerhovd  
Head of Solutions
Experience
 
 January –
 March 2025 
 January –
 March 2024
Sales, SEK, million 286.1 335.2
EBIT A, SEK, million 17.7 28.0
EBIT A margin, % 6.2 8.4
Number of employees 775 889
The business area Experience is one of the 
leading digital agencies in the Nordic region, 
with 775 specialists at the interface between 
technology, communication, and business. 
By taking responsibility for the entire digital 
customer experience, the business area 
helps companies and organizations reach 
their market, communication, and sales goals, 
with measurable effect on both growth and 
profitability. 
In the client projects, cutting-edge compe -
tence in design, UX, web and app develop -
ment, data-driven marketing, and analytics 
is combined. Experience works close to the 
client’s operations in teams that shape user 
experiences based on insights, technology, 
and creativity, whether the goal is to drive 
e-commerce, create a stronger brand, or 
improve accessibility of societal services.
The business area is characterized by 
long and trusting client relations, often in a 
combination of strategic partnerships and 
project-based assignments. Demand for 
digital solutions with high user benefits is 
increasing, in particular in e-commerce and 
digital self-service. Experience also has a 
strong presence in the public sector, where 
assignments are often about improving ser -
vices close to citizens through inclusive and 
accessible design.
With a clear focus on client benefits, data-dri -
ven decisions, and sustainable digital solu -
tions, Experience continues to be a driving 
force in Knowit’s offer – and the clients’ digital 
transformations.
Comments from the Head of Experience
Experience has started the year in a relatively 
stable fashion. The past negative trend in uti -
lization has plateaued, which is an important 
step in the right direction. Even if we still have 
a way to go before we achieve growth again 
and a margin on par with our expectations, 
we are seeing clear signs that our intense 
sales efforts are starting to show results. 
In particular, we can see that the trend in 
Sweden is positive, and that the margin there 
has improved slightly.
There is now a greater calm and focus in  
the organization, which creates better condi -
tions for long-term work. We are not entirely 
satisfied with the results at the start of this 
year, but we have a clear plan for the future 
and every possibility to continue improving 
both utilization and profit during the year.
Kenneth Gvein  
Head of Experience
”
”

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 8
Market and operations
Connectivity
 
 January –
 March 2025 
 January –
 March 2024
Sales, SEK, million 208.4 219.4
EBIT A, SEK, million 17.3 28.5
EBIT A margin, % 8.3 13.0
Number of employees 698 717
The business area Connectivity combines 
deep technical expertise and business 
acumen to develop innovative, secure, and 
sustainable solutions in IT and communica -
tion technology. The focus is on advanced 
system development, from products and 
embedded systems to cloud platforms and 
cybersecurity applications.
With its around 700 consultants in Sweden 
and Poland, and a smaller operation in 
Germany, Connectivity is a strategic partner 
in research and development for leading 
players in telecommunications and the 
vehicle industry. The business area has a 
particularly strong position in development of 
5G technology – facilitating the next step of 
digitalization.
By connecting 5G with technologies like AI, 
Internet of Things (Io T), and Virtual Reality 
(VR), new possibilities of streamlining, auto -
mation, and sustainable innovation are crea -
ted. The technology contributes to lowering 
energy usage, decreasing emissions and 
waste, and increasing resource efficiency – 
important factors in the transition to a more 
sustainable society.
Connectivity delivers solutions with high 
technical complexity and strong business 
benefits. It is a key player in the development 
of the connected and intelligent systems of 
the future.
 Comments from the Head of Connectivity
For Connectivity, the first quarter of the year 
has been challenging, mainly as a result of 
weaker demand in the telecom industry. 
Despite this, we have delivered a stable re -
sult, given the current circumstances. During 
the previous year, we took several actions 
to reduce costs and increase efficiency. 
We have invested in initiatives that gives us 
increased sales power with a strong focus on 
coming back to organic growth.
We are seeing results of increased sales  
efforts towards several of our larger indust-
rial clients. This creates good conditions 
for building a strong pipeline ahead of the 
next quarter, and opportunities to increase 
recruitment in areas where we see positive 
signals going forward.
Lennart Waldenström  
Head of Connectivity
Insight
 
 January –
 March 2025 
 January –
 March 2024
Sales, SEK, million 227.9 234.8
EBIT A, SEK, million 13.4 19.8
EBIT A margin, % 5.9 8.4
Number of employees 538 565
The business area Insight helps clients 
navigate in complex transformation journeys, 
from strategy to final result. With a holistic 
perspective on operations, tech, and human 
beings, the specialists from Insight support 
companies and organizations in creating 
data-driven, agile, and sustainable business 
models. With deep, industry-specific know -
ledge and value-creating strategies, the 
management consultants in the business 
area can support its clients in navigating and 
driving long-term growth. The work takes pla -
ce in close collaboration with clients, where 
methods and models are adapted based on 
specific needs and market conditions.
With around 540 employees, Insight is an 
established Nordic player in management 
consulting. The business area has a strong 
offer in digital transformation, strategy and 
organizational development, data-driven 
growth, e-health, sourcing, and cybersecurity.
Demand in cybersecurity and defense is 
growing, a result of increased geopolitical 
uncertainty and heightened demands for ro -
bust and resilient systems in both the public 
and the private sector. In e-health, a growing 
need for digital solutions that increase quality, 
accessibility, and efficiency can also be seen. 
By combining strategic competence with 
deep technical knowledge, Insight contribu -
tes to future-proofing client organizations in 
a time characterized by fast transformations 
and increased security demands.
Comments from the Head of Insight
Insight is starting the year with a mixed 
market situation. Some offers – like defense, 
cybersecurity, and business systems – are 
showing continued growth, whereas de -
mand in other areas is decreasing.
Our largest challenge is balancing growth 
in strong segments with cost control where 
the market is weaker. During the quarter, 
demand for traditional management consul-
tancy services in some industry segments 
has weakened. Going forward, we need to 
improve the balance between our different 
offers without losing important compe -
tences, as we want to retain our position 
both geographically and within our service 
range.
Carin Strindmark  
Head of Insight
”
”

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 9
Significant improvements  
through implementation of Microsoft Fabric
 
Wise Group is a company in HR and leader-
ship that offers recruitment support, staffing, 
consultancy services, and digital services 
through specialist companies. The compa -
ny had a complex system landscape with 
outdated core systems and limited support 
for business processes, and lacked a clear 
strategy for integration.
Knowit was tasked with focusing on central 
business processes to clarify how the organi -
zation’s systems and data support business 
capacity and value streams. In this work, 
time was invested in defining the problem 
alongside the client, which became a crucial 
success factor. By focusing on each specific 
process, it was possible to define what is 
done, by whom, and with which data. This 
lead to us being able to map systems and 
data in a structured manner.
The methodology gave the corporate mana-
gement team valuable insights into how it 
can approach the system landscape and lay 
the foundation for starting to process data as 
a strategic asset. 
Reference cases
Through a cross-functional team with a mix 
of competences and an iterative and flexible 
work method, efficiency and adaptability was 
ensured in the project. Knowit also delive -
red significant value to the client through 
production of process flow charts, business 
glossaries, and identification of potential 
improvements. Furthermore, an integration 
platform was realized and implemented, 
where data were gathered in a OneLake in 
Microsoft Fabric and dashboards were deve -
loped in Power BI.
As a result of the efforts, over 60 improve -
ment suggestions for both short- and long-
term actions were idenfitied, along with 40 
risks with associated delimitation sugges -
tions. Key initiatives were defined and a clear 
roadmap for future efforts was developed. 
Involvement from the operations increased, 
which promoted collaboration and effective 
implementation of improvements. A finance 
function with adequate infrastructure was 
also created, decreasing the dependence on 
external expertise and supporting conti -
nuous change and transformation.
Innovative assignments
that create long-term value
Molslinjen makes the booking flow  
a personalized and smooth experience
Molslinjen A/S is the largest ferry line for 
domestic trips in Denmark. T o meet new 
strategic goals and give its 8 million annual 
travelers a better digital experience, Molslin -
jen has improved the user experience on 
all platforms. T ogether with Knowit, a digital 
journey was designed, where the purchasing 
process became more detailed, but also 
simpler and more accessible for users. 
Starting from the many different ways in 
which passengers buy tickets, Molslinjen 
could perform a complete upgrade of the 
booking flow, so that it now offers a smooth 
and personalized experience across all 
devices. The new booking flow encompas -
ses hundreds of different user journeys and 
introduces adaptation options like type of 
ticket, meal and seating choices, and priori -
tized preferences. The new user experience 
is fully compliant with the European WCAG 
standards for the transportation industry, en -
suring an accessible and smooth experience 
for everyone – without any needless com -
plexity. Molslinjen also got a visual upgrade 
with a modern and cohesive digital identity. 
T ogether 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 10 =====

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 10
Reference cases
The royal blue color was highlighted, to 
strengthen the brand’s identity and increase 
usability. The new design system is scalable 
and ensures a uniform experience across 
all contact points, that Molslinjen can easily 
expand and create cohesion across all bus 
and ferry lines throughout Denmark. 
Commercial excellence program  
for sustainable growth, teamwork,  
and value creation
Wallenius Wilhelmsen is the world’s largest lo -
gistics company for the vehicle industry, and 
a global pioneer in ocean- and land-based 
transportation, supporting its clients throug -
hout the logistics chain – from factory to retai -
ler and end customer. T ogether with Knowit, 
Wallenius Wilhelmsen operates a commer -
cial excellence program to strengthen its 
commercial capacity, drive innovation, and 
improve the client experience. With a high 
ambition of leading development in global 
vehicle logistics, Wallenius Wilhemsen strives 
to be its clients’ primary logistics partner, and 
offer secure, connected, data-driven, and 
fossil-free solutions for the transportation of 
the future.
Knowit’s assignment consisted of established 
a transformation program to identify and rea -
lize possibilities for growth. The program also 
served to establish the abilities that the global 
sales organization needed to fully deliver on 
the group’s overall strategy.
Once Knowit and the client had performed 
a maturity analysis of several commercial 
abilities, a number of important improvement 
areas could be identified, jointly serving to 
establish the foundation of a goal for 2027. 
T o deliver on the improvement initiatives, the 
change program Commercial Excellence was 
created. Consultants from Knowit worked 
with senior executives at Wallenius Wilhem -
sen to mobilize, plan, and deliver important 
improvements like a clarified commercial 
strategy, an updated global sales pipeline, 
and new and modern tools for the sales 
organization.
After a year of hard work, the program resul -
ted in a cohesive global sales organization 
with a common language, more uniform work 
methods, and clearer interfaces between 
the sales organization and other parts of the 
company. A global sales process has been 
established and an updated method for 
account management with new client plans 
has been implemented.
 
T echnology and user experience from Knowit 
increased applications for car loans
T ogether with the Norwegian car financing 
provider Brage Finans, Knowit has developed 
a technical solution that makes it easier to 
apply for car loans – and returns responses 
more quickly.
The goal of the new loan process has been 
to make it as easy to apply for a loan as it is 
to find the dream car. Using Dploy by Knowit, 
data on income, employment type, and tax 
returns are gathered automatically, elimina -
ting needless processing of paperwork and 
significantly abbreviating the processing time.
For Brage Finans, this means a more efficient 
workflow, faster decisions, and a strengthe -
ned digital profile. For customers, the appli -
cation process is clearer and more straight -
forward, with only relevant steps included, 
and fewer questions to answer. They get 
responses faster, and more of them expe -
rience getting a loan application approved 
automatically, without unnecessary delay.
The new design concept also contributes to 
a modern, user-friendly experience that ma -
kes the entire process smoother and more 
intuitive – and that instils confidence. The re -
sult is more applications, shorter processing 
times, and a more efficient workflow. During 
the first three months after deployment in 
mid-September, the number of applications 
increased by almost 50 percent, the manual 
processing time was significantly shortened, 
and employees experienced large time 
savings. The solution combines functionality, 
style, and efficiency – benefiting both custo -
mers and Brage Finans.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 11
The Group
The Group
Net sales and profit
January – March
Net sales were SEK 1,593.6 (1,766.3) million, 
a decrease by 9.8 percent as compared with 
the corresponding period last year. The ex -
change rate development of the year has had 
a negative impact on net sales of SEK -13.6 
(-9.1) million. Sales per employee (based on 
the average number) was KSEK 446 (449).
Net sales were SEK 666.4 (758.6) million in 
Sweden, SEK 483.7 (488.8) million in Norway, 
SEK 208.8 (252.1) million in Denmark, SEK 
173.2 (204.2) million in Finland, and SEK 
55.4 (57.4) million in Poland. 
The operating profit before amortization of 
intangible assets (EBIT A) was SEK 104.5 
(136.3) million. The exchange rate develop -
ment has had a negative impact on EBIT A of 
SEK -1.3 (-1.4) million. 
In Sweden, EBIT A was SEK 44.9 (73.9) mil-
lion, in Norway it was SEK 50.5 (51.4) million, 
in Denmark it was SEK 13.8 (11.8) million, in 
Finland it was SEK 12.3 (14.4) million, and in 
Poland it was SEK 4.1 (5.0) million. The EBIT A 
margin was 6.6 (7.7) million percent. 
Amortization and write-downs of intangible 
assets amounted to SEK -40.5 (-41.4) million.
The operating profit after financial items was 
SEK 51.6 (82.2) million. The financial net was 
SEK -12.4 (-12.7) million, affected mainly 
by interest revenue of SEK 2.5 (3.1) million, 
interest costs of SEK -11.4 (-13.5) million, and 
exchange rate changes.
The results after taxes were SEK 39.5 (64.0) 
million. T ax for the period was SEK -12.1 
(-18.2) million. The non-controlling interests’ 
share of profit for the year was SEK 1.2 (3.0) 
million. Earnings per share were SEK 1.40 
(2.23).
   
Segments
January – March
Net sales for the segment Solutions were SEK 
880.2 (988.9) million, for the segment Expe -
rience they were SEK 286.1 (335.2) million, 
for the segment Connectivity they were SEK 
208.4 (219.4) million, and for the segment 
Insight they were SEK 227.9 (234.8) million.
EBIT A was SEK 80.3 (82.7) million for the 
segment Solutions, SEK 17.7 (28.0) million 
for the segment Experience, SEK 17.3 (28.5) 
million for the segment Connectivity, and SEK 
13.4 (19.8) million for the segment Insight.
The EBIT A margin increased to 9.1 (8.4) 
percent for the segment Solutions, was 6.2 
(8.4) percent for the segment Experience, 8.3 
(13.0) percent for the segment Connectivity, 
and 5.9 (8.4) percent for the segment Insight.
Cash flow
January – March
Cash flow from operating activities was SEK 
36.1 (101.6) million. The change in working 
capital was SEK -55.9 (24.0) million, affected 
mainly by increased short-term liabilities.
Cash flow from investment activities amoun -
ted to SEK -2.8 (-4.2) million, affected by 
investments in tangible assets. 
Cash flow from financing activities was SEK 
-39.2 (-36.9) million, affected by amortiza -
tions and acquisitions of non-controlling 
interest holdings. 
T otal cash flow was SEK -5.9 (-60.5) million.
Financial position 
January – March
Cash and cash equivalents increased to 
SEK 362.7 (193.4) million as per March 31, 
2025. Goodwill and other intangible assets 
were SEK 4,201.1 (4,443.1) million, of which 
goodwill was SEK 3,704.4 (3,773.0) million, 
and other intangible assets were SEK 496.7 
(670.1) million.
Equity was SEK 4,084.8 (4,290.8) million. 
Interest-bearing liabilities totaled SEK 988.2 
(1,077.5) million on March 31, 2025, with 
long-term liabilities totaling SEK 835.2 
(916.8) million and short-term liabilities tota -
ling SEK 153.0 (160.7) million. Knowit has a 
credit facility of SEK 300 million that falls due 
in 2026 and a credit facility of SEK 750 mil -
lion that falls due in 2027. The credit facilities 
granted total SEK 1,050 million. As per March 
31, 2025, SEK 500.0 (500.0) million of the 
credit facilities granted were used. Leasing 
debts were SEK 461.0 (528.7) million. Debts 
related to future consideration in subsidiaries 
totaled SEK 18.2 (40.5) million.
The equity/asset ratio increased to 60.8 
(59.6) percent as per March 31, 2025.
Employees
January – March
On March 31, 2025, a total of 3,772 (4,109) 
people were employed by the Group. During 
2025, the number of employees has decrea -
sed by 88 people compared with December 
31, 2024. 
The average number of employees has 
decreased to 3,575 (3,935) during the 
period. The average number of employees 
in Sweden decreased to 1,675 (1,908), in 
Norway to 922 (977), in Finland to 413 (477), 
in Poland increased to 287 (284), and in 
Denmark decreased to 262 (278).
Others
In June 2024, the Swedish Agency for Econo -
mic and Regional Growth decided to request 
repayment of a large part of the support for 
short-time work that the Group and its acqui -
red subsidiaries were granted during 2020, 
in connection with the COVID-19 pande -
mic. Knowit does not share the views of the 
Swedish Agency for Economic and Regional 
Growth and has appealed the decision to 
the Administrative Court in Stockholm. The 
amount in question totals SEK 28.4 million 
and has affected the results in 2024, repor -
ted as a provision.
A focus on utilization has an impact on a tough market

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 12
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 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 summer holiday 
period, which impacts on the demand for the 
Group’s services. The fourth quarter is affec -
ted by the work days and normal working 
hours that are dropped due to the Christmas 
and New Year holidays.
During the financial year 2025, normal 
working hours total 1,941 (1,949) hours, 
with 485 (486) hours in the first quarter, 461 
(469) in the second, 513 (513) in the third, 
and 483 (481) in the fourth.
Forward-looking  
information
The forward-looking information in this report 
is based on the expectations of Knowit’s ma -
nagement team at the time of the report. Alt -
hough 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, futu -
re 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 infor -
mation 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 uncertainty 
factors that the Parent Company and the 
companies within the Group are faced with.
Stockholm April 29, 2025
Per Wallentin
Chief Executive Officer
This interim report has not been reviewed
by Knowit’s auditors.
Financial calendar
AGM 2025
April 29, 2025, 1.00 PM
Interim report January – June 2025
July 18, 2025, 7.30 AM
Interim report January – September 2025
October 24, 2025, 7.30 AM
Year-end report 2025
February 6, 2026, 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 information
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 innova -
tion. 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 servi -
ces in bespoke system development, digital 
customer experiences, the internet of things, 
cloud, cybersecurity, and management 
consultancy. Competences from several 
businessareas are often combined in client 
projects.
Knowit was founded in 1990 and now has
around 3,770 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 13 =====

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 13
Financial statements
Financial statements
Comprehensive income in summary
SEK, MILLIONS
   
 Note   
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
    April 2024– 
March 2025
PROFIT FOR THE PERIOD 39.5 64.0 110.6 86.2
Items that may later be reclassified to profit or loss:
result of hedging of interest risks 2.1 5.7 3.1 -0.5
tax effect of hedging of interest risks -0.4 -1.2 -0.6 0.2
translation differences in foreign operations -95.7 56.9 41.9 -110.7
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF T AX -94.0 61.4 44.4 -111.0
TOT AL COMPREHENSIVE INCOME FOR THE PERIOD -54.5 125.4 155.0 -24.8
T otal comprehensive income attributable to shareholders in Parent Company -55.7 122.5 150.0 -28.1
T otal comprehensive income attributable to non-controlling interests’ holdings 1.2 2.9 5.0 3.3
Income statement in summary
SEK, MILLIONS
   
 Note   
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
    April 2024– 
March 2025
Net sales 3, 4 1,593.6 1,766.3 6,415.7 6,243.0
TOT AL OPERA TING INCOME 1,593.6 1,766.3 6,415.7 6,243.0
Operating costs -1,446.0 -1,586.2 -5,875.1 -5,734.9
Depreciation and write-downs of tangible fixed assets -43.1 -43.9 -174.0 -173.2
OPERA TING RESUL T BEFORE AMORTIZA TION
OF INT ANGIBLE ASSETS (EBIT A) 104.5 136.3 366.6 334.9
Amortization and write-downs of intangible fixed assets -40.5 -41.4 166.7 -165.8
OPERA TING RESUL T (EBIT) 64.0 94.8 199.9 169.1
Result from financial items
Financial incomes 2.5 3.6 12.6 12.1
Financial expenses -14.9 -16.3 -59.3 -58.5
RESUL T AFTER FINANCIAL ITEMS 51.6 82.2 153.2 122.7
Ta x -12.1 -18.2 -42.6 -36.5
RESUL T FOR THE PERIOD 39.5 64.0 110.6 86.2
Result for the period attributable to shareholders in Parent Company 38.3 61.0 106.1 83.5
Result for the period attributable to non-controlling interests’ holdings 1.2 3.0 4.5 2.7
Earnings per share
Earnings per share, before dilution, SEK 1.40 2.23 3.88 3.06
Earnings per share, after dilution, SEK 1.40 2.23 3.88 3.06

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 14
Financial statements
Balance sheet in summary
SEK, MILLIONS Note     
 March 31  
                          2025 
  March 31 
                           2024 
 D e c e m b e r   3 1                      
2024
ASSETS
Non-current assets
Intangible assets 4,201.1 4,443.1 4,313.1
Property, plant, and equipment 515.4 601.8 546.6
Financial non-current assets 6.9 7.2 7.0
Deferred tax asset 111.0 101.7 111.2
TOT AL NON-CURRENT ASSETS 4,834.4 5,153.8 4,977.9
Current assets
Current receivables 1,521.1 1,847.1 1,433.6
Cash and cash equivalents 362.7 193.4 397.8
TOT AL CURRENT ASSETS 1,883.8 2,040.5 1,831.4
TOTAL ASSETS 6,718.2 7,194.3 6,809.3
EQUITY AND LIABILITIES
Equity
Share capital 7 27.4 27.4 27.4
Other capital contributions and reserves 2,870.9 2,981.1 2,962.2
Profit brought forward, incl. total result 1,186.1 1,264.5 1,149.0
EQUITY A TTRIBUABLE TO SHAREHOLDERS OF THE PARENT COMPANY 4,084.4 4,273.0 4,138.6
Non-controlling interests 0.4 17.8 -0.9
TOT AL EQUITY 4,084.8 4,290.8 4,137.7
Non-current liabilities
Non-current provisions 193.3 235.9 203.8
Interest-bearing non-current liabilities 835.2 916.8 863.1
TOT AL NON-CURRENT LIABILITIES 1,028.5 1,152.7 1,066.9
Current liabilities
Interest-bearing current liabilities 153.0 160.7 158.9
Other current liabilities 1,451.9 1,590.1 1,445.8
TOT AL CURRENT LIABILITIES 1,604.9 1,750.8 1,604.7
TOT AL EQUITY AND LIABILITIES 6,718.2 7,194.3 6,809.3

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 15
Financial statements
Cash flow statement in summary
SEK, MILLIONS
   
 
   
 Note   
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
Operating activities
Result after financial items 51.6 82.2 153.2
Adjustment for non-cash items 136.7 74.5 -386.9
Net interest received/paid -8.9 -10.4 -42.9
Paid taxes -87.4 -68.7 -132.7
Changes in working capital -55.9 24.0 261.6
CASH FLOW FROM OPERA TING ACTIVITIES 36.1 101.6 626.1
Investing activities
Acquisition of businesses – – -14.7
Acquisition on intangible assets -1.1 -0.9 -6.2
Acquisition on intangible assets -1.7 -3.3 -19.3
CASHFLOW FROM INVESTING ACTIVITIES -2.8 -4.2 -40.2
Financing activities
Amortization of loans -31.7 -36.9 -245.4
Loans raised – – 100.0
Dividends – – -153.7
Acquisition of non-controlling interest shares -7.5 – -22.8
Repurchasing of own shares – – -6.1
CASHFLOW FROM FINANCING ACTIVITIES -39.2 -36.9 -328.0
CASHFLOW FOR THE PERIOD -5.9 60.5 258.0
Cash and cash equivalents at the beginning of the period 397.8 127.6 127.6
T ranslation differences in cash and cash equivalents -29.3 5.3 12.2
CASH AND CASH EQUIVALENTS A T THE END OF THE PERIOD 362.7 193.4 397.8
 Statement of changes in equity in summary
SEK, MILLIONS
   
 
   
 Note   
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
Opening balance 4,137.6 4,165.7 4,165.7
PROFIT FOR THE YEAR 39.5 64.0 110.6
Other comprehensive income
Result of hedging of interest rate risk 2.1 5.7 3.1
T ax effect of hedging of interest rate risk -0.4 -1.2 -0.6
T ranslation differences -95.7 56.9 41.9
TOT AL OTHER COMPREHENSIVE INCOME -54.5 125.4 154.9
TOT AL COMPREHENSIVE INCOME 4,083.1 4,291.1 4,320.6
T ransactions with shareholders
Dividend paid – – -153.7
Repurchase of own shares – – -6.1
Share-based payments 1.7 0.9 1.5
Change in liabilities, acquisition of non-controlling interest  1 ) – -1.2 -1.9
Disposal of non-controlling interest holdings in partially owned subsidiary – – -22.9
TOT AL TRANSACTIONS WITH SHAREHOLDERS 1.7 -0.3 -183.0
EQUITY 4,084.8 4,290.8 4,137.7
1)  Pertains to altered assessment regarding agreed future consideration.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 16
The Parent Company
The Parent Company
Income statement in summary
SEK, MILLIONS
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
Net sales 125.5 137.6 500.5
TOT AL OPERA TING INCOME 125.5 137.6 500.5
Operating expenses -150.6 -158.8 -575.3
Depreciation of property, plant and equipment -2.3 -2.1 -8.9
OPERA TING RESUL T BEFORE AMORTIZA TION OF INT ANGIBLE ASSETS (EBIT A) -27.4 -23.3 -83.7
Amortization of intangible assets -0.7 -0.7 -2.8
OPERA TING RESUL T (EBIT) -28.1 -24.0 -86.5
Financial items -15.2 -24.8 517.1
RESUL T AFTER FINANCIAL ITEMS -43.3 -48.8 430.6
Appropriations – – 1.3
Income tax 0.1 – -12.3
RESUL T -43.2 -48.8 419.6
Balance sheet in summary
SEK, MILLIONS
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
ASSETS
Non-current assets
Intangible assets 1.8 4.6 2.5
Property, plant, and equipment 23.8 30.8 26.1
Financial non-current assets 4,381.1 4,402.9 4,378.6
TOT AL NON-CURRENT ASSETS 4,406.7 4,483.3 4,407.2
Current assets
Current receivables 475.5 414.2 496.0
Cash and cash equivalents – – –
TOT AL CURRENT ASSETS 475.5 414.2 496.0
TOTAL ASSETS 4,882.2 4,852.5 4,903.2
EQUITY AND LIABILITIES
Equity
Restricted equity 95.4 95.4 95.4
Non-restricted equity 2,960.1 2,678.9 2,999.6
TOT AL EQUITY 3,055.5 2,774.3 3,095.0
Untaxed reserves 168.4 169.7 168.4
Interest-bearing non-current liabilities 1,500.0 – 1,500.0
Non-current provisions 22.9 18.4 22.7
Current liabilities 135.4 1,890.1 117.0
TOT AL EQUITY AND LIABILITIES 4,882.2 4,852.5 4,903.2
January – March
The operating profit before amortization of in -
tangible assets (EBIT A) was SEK -27.4 (-23.3) 
million. The financial net was SEK -15.2 (-24.8)  
million. 
The result after financial net was SEK -43.3 
(-48.8) million. Equity was SEK 3,055.5 
(2,774.3) million on March 31, 2025. Untax -
ed reserves, primarily accrual funds, totaled 
SEK 168.4 (169.7) million.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 17
Supplementary information and notes
Supplementary information and notes
NOTE 1 : Accounting principles
NOTE 2 : Critical valuation and risk factors
This consolidated Interim Report for the
Group has been prepared in accordance
with IAS 34 Interim Reporting and applicable
provisions in the Annual Accounts Act. The
Interim Report for the Parent Company has
been prepared in accordance with Chapter
9 of the Annual Accounts Act on interim
reporting.
For the Group and the Parent Company,
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 17–23, 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.
Knowit’s general essential business risks
consist of reduced demand for consultancy
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 Compa -
ny’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 2024, pages 85–88 and 102–103.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 18
Supplementary information and notes
NOTE 3 : The Group revenue from client contracts
SEK, MILLIONS
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
GEOGRAPHIC CA TEGORIZA TION
Fee revenue
Sweden 636.5 727.0 2,595.9
Norway 472.7 476.8 1,739.1
Denmark 174.9 188.1 716.5
Finland 172.8 201.9 727.0
Poland 54.6 54.0 218.1
Other 6.2 5.3 22.0
TOT AL FEE REVENUE 1,517.6 1,653.1 6,018.5
Other revenue  1 )
Sweden 29.9 31.6 123.8
Norway 11.0 12.0 52.5
Denmark 33.9 64.0 202.4
Finland 0.5 2.3 12.0
Poland 0.8 3.4 6.5
Other 0.0 0.0 0.0
TOT AL OTHER REVENUE 76.0 113.2 397.2
TOT AL NET SALES 1,593.6 1,766.3 6,415.7
SEK, MILLIONS   
 January –
March 2025    
 January –
March 2024    
 January –
December 
2024    
SEGMENT CA TEGORIZA TION  
Fee revenue
Solutions 833.1 907.4 3,317.7
Experience 273.6 319.2 1,114.8
Connectivity 192.9 206.5 774.4
Insight 220.5 225.9 826.5
Other -2.4 -5.9 -14.9
TOT AL FEE REVENUE 1,517.6 1,653.1 6,018.5
Other revenue  1 )
Solutions 47.1 81.6 269.5
Experience 12.6 16.0 66.1
Connectivity 15.5 12.8 52.6
Insight 7.4 8.9 33.4
Other -6.6 -6.1 -24.4
TOT AL OTHER REVENUE 76.0 113.2 397.2
TOT AL NET SALES 1,593.6 1,766.3 6,415.7
1) The revenue category License fees is reported in the category Other revenu as the sums are not significant. For more information, see Note 1 Accounting and valuation principles in the Annual Report 2024.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 19
Supplementary information and notes
NOTE 4 : Consolidated segment reporting  
SEK, MILLIONS  
January – March 2025
   
     Solutions    
   
 Experience    
   
 Connectivity    
   
 Insight    
   
 Other    To t a l
External net sales 834.9 292.1 204.8 229.2 32.6 1,593.6
Net sales between segments 78.5 22.2 9.5 10.5 -120.7 –
Internal direct costs between segments -33.2 -28.2 -5.9 -11.9 79.1 –
NET SALES 880.2 286.1 208.4 227.9 -9.0 1,593.6
Earnings before amortization of intangible assets (EBIT A) 80.3 17.7 17.3 13.4 -24.2 104.5
Amortization of intangible assets -16.5 -6.2 -11.1 -6.0 -0.7 -40.5
OPERA TING PROFIT (EBIT) 63.8 11.5 6.2 7.4 -24.9 64.0
Result after financial items 51.6
RESUL T FOR THE PERIOD 39.5
EBIT A margin, % 9.1 6.2 8.3 5.9 6.6
Average number of employees 1,597 716 656 525 81 3,575
Intangible assets 1,989.6 676.2 1,073.8 459.2 2.3 4,201.1
Property, plant, and equipment 12.3 3.1 6.1 1.1 492.8 515.4
SEK, MILLIONS  
January – March 2024
   
     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 and write-down 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
Property, plant, and equipment 16.7 3.6 8.7 2.5 570.3 601.8
 
 
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. 
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 speci -
fic needs and IT structure. Further, it includes
the parent companies' group-wide costs re -
garding management, finance, and marketing 
and adjustments pertaining to IFRS 16 that 
are not allocated to the segments.

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KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 20
Supplementary information and notes
NOTE 5 : Long-term incentive program (L TIP)
At the Annual General Meetings 2023 and 
2024, decisions were made in accordance 
with the Board’s suggestion on long-term 
share-based incentive programs. The incenti -
ve programs are aimed at members of the 
Corporate Management T eam and other key 
personnel within the Knowit Group, in total 
around 40 people. T o participate in an L TIP, 
the participant must make an investment of 
their own in company shares, in accordance 
with the terms of the program, and these 
shares must be allocated to the program. 
Each participant may invest in investment 
shares up to a total corresponding to at most 
10 percent of their fixed annual salary before
 taxes. Each share acquired for this purpo -
se is an “investment share.” Depending on 
the participant category that a participant 
belongs to, the participant is allocated a cer -
tain number of share rights per investment 
shares acquired. 
For category 1, each investment share 
entitles the holder to four share rights, for ca -
tegory 2, each investment share entitles the 
holder to three share rights, and for category 
3, each investment share entitles the holder 
to two share rights. Following the selected 
vesting period of three years, the participants 
will be allotted shares in the company, free of 
cost, if certain conditions are met. These con -
ditions are, with some exceptions, continued 
employment in the Group during the vesting 
period, that the holders’ shareholdings in the 
Company have been unchanged during that 
period, and that certain performance goals 
have been reached. 
The performance goals are earnings per 
share, EBIT A margin, and an ESG target. Final 
allocation of share rights shall be based to 45 
percent on earnings per share, 45 percent 
on the EBIT A margin, and 10 percent on the 
ESG target. The performance goals include 
both a minimum level that must be reached 
in order for any allocation at all to be made, 
and a maximum level above which no further 
allocation will be made.
NOTE 6 : The Group’s financial assets and debts
 March 31, 2025     March 31, 2024
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 ) – 3.7 – 3.7 – 3.8 – 3.8
Other long-term receivables 3.2 – – 3.2 0.1 – – 0.1
Accounts receivable and other receivables 1,251.1 – – 1,251.1 1,618.2 – – 1,618.2
Cash and cash equivalents 362.7 – – 362.7 193.4 – – 193.4
TOTAL 1,617.0 3.7 – 1,620.7 1,811.8 3.8 – 1,815.6
1) Fair value pursuant to categorization Level 3.
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 14 in the 
Annual Report 2024.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 21
Supplementary information and notes
NOTE 6 : continued
SEK, MILLIONS
 Future
contingent
additional
considerations  1 )   
Future
considerations  2)
FAIR VALUE, JANUARY 1, 2025 – 26.1
T otal recognized profits and losses:
recognized in profit/loss for the year – –
recognized in equity – -0.4
Settlement of future additional considerations, options and future consideration – -7.5
Cost of acquisitions – –
FAIR VALUE, MARCH 31, 2025 – 18.2
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
1)  Fair value pursuant to categorization level 3.
2)  Valued at amortized cost.
In the table below, a check of the opening
and closing balances is presented.
 March 31, 2025     March 31, 2024
SEK, MILLIONS
 Other
financial
liabilities,
valued at
accrued cost    
 Financial
assets valued
at fair value
in income
statement    
 Fair value
hedging
instruments    
 Fair
value    
 Other
financial
liabilities,
valued at
accrued cost    
 Financial
assets valued
at fair value
in income
statement    
 Fair value
hedging
instruments    
 Fair
value    
Liabilities in balance sheet
Future additional considerations   1) – – – – – 14.7 – 14.7
Future consideration 18.2 – – 18.2 25.8 – – 25.8
Other interest-bearing liabilities 961.0 – – 961.0 1,028.7 – – 1,028.7
Accounts payable 425.8 – – 425.8 492.5 – – 492.5
Interest swaps for hedging  2) – – 9.0 9.0 – – 8.4 8.4
Other liabilities 107.4 – – 107.4 62.5 – – 62.5
TOTAL 1,512.4 – 9.0 1,521.4 1,609.5 17.7 8.4 1,632.6
1)  Fair value pursuant to categorization level 3.
2)  Fair value pursuant to categorization level 2.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 22
Supplementary information and notes
NOTE 8 : T ransactions with related parties
NOTE 7 : Data per share
SEK, MILLIONS
 January–
March 2025    
 January–
March 2024    
 January – 
December 
 2024   
PROFIT FOR THE YEAR A TTRIBUT ABLE TO THE PARENT COMPANY'S SHAREHOLDERS, SEK, MILLIONS 38.3 61.0 106.1
Average number of outstanding shares, 000s:
before and after dilution 27,307 27,349 27,351
Earnings per share, SEK:
before and after dilution 1.40 2.23 3.88
Equity per share, SEK:
before and after dilution 149.58 156.24 151.55
Number of shares on balance sheet day, 000s:
before and after dilution 27,307 27,349 27,307
NOTE 9 : Events after the end of the interim period
No significant events have occurred after
the end of the interim period.
No significant transactions have occurred
during the period. For more information, see 
Note 28 T ransactions with related parties in 
the Annual Report 2024.
On May 3, 2024, the Annual General Meeting 
authorized the Board to decide on a repur -
chasing program for own shares, to cover 
its undertakings within the framework of the 
long-term incentive program (L TIP).
Repurchasing of a maximum of 195,300 
shares can occur on one or more occasions 
before the Annual General Meeting 2025. 
As of March 31, 2025, Knowit held 102,000 
(60,000) of its own shares.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 23
Financial position
Financial position
Performance measures
 January–
March 2025    
 January–
March 2024    
 January– 
December 
 2024   
Number of employees at end of period 3,772 4,109 3,860
Average number of employees 3,575 3,935 3,772
Normal working time, hours 485 486 1,949
Sales per average number of employees, SEK, 000s 446 449 1,701
Result after financial items per average number of employees, SEK, 000s 14 21 41
EBIT A, MSEK  104.5 136.3 366.6
Adjusted EBIT A, SEK, millions 104.5 136.3 395.0
EBIT A margin, % 6.6 7.7 5.7
Adjusted EBIT A margin, % 6.6 7.7 6.2
Return on total capital, % 1.0 1.4 3.1
Return on equity, % 1.0 1.5 2.7
Return on capital employed, % 1.3 1.9 4.1
Equity ratio, % 60.8 59.6 60.8
Net debt ratio, multiples 0.2 0.2 0.2

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 24
Financial position
Overview per business area
SEK, MILLIONS
 January –
March 2025    
 January –
March 2024    
 January–
December 2024    
April  2024–
            March 2025
THE GROUP
Net sales 1,593.6 1,766.3 6,415.7 6,243.0
Adjusted EBIT A profit 104.5 136.3 395.0 363.3
Adjusted EBIT A margin, % 6.6 7.7 6.2 5.8
Number of employees at the end of the period 3,772 4,109 3,860 3,772
BUSINESS AREAS  
Solutions
Net sales 880.2 988.9 3,587.2 3,478.5
EBIT A profit 80.3 82.7 296.1 293.8
EBIT A margin, % 9.1 8.4 8.3 8.4
Number of employees at the end of the period 1,671 1,856 1,715 1,671
Experience
Net sales 286.1 335.2 1,181.0 1,131.8
EBIT A profit 17.7 28.0 54.1 43.7
EBIT A margin, % 6.2 8.4 4.6 3.9
Number of employees at the end of the period 775 889 805 775
Connectivity
Net sales 208.4 219.4 827.0 816.0
EBIT A profit 17.3 28.5 89.0 77.8
EBIT A margin, % 8.3 13.0 10.8 9.5
Number of employees at the end of the period 698 717 697 698
Insight
Net sales 227.9 234.8 859.9 853.0
EBIT A profit 13.4 19.8 37.0 30.6
EBIT A margin, % 5.9 8.4 4.3 3.6
Number of employees at the end of the period 538 565 554 538
The table shows the outcome per quarter
and period, with comparison figures presen -
ted to facilitate analysis.

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

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025 25
Financial position
Overview per country
The table shows the outcome per quarter
and period, with comparison figures presen -
ted to facilitate analysis.
SEK. MILLIONS
 January–
March 2025    
 January–
March 2024    
 Januay –
December 
2024    
    April 2024– 
March 2025
Sweden
Net sales 666.4 758.6 2,719.6 2,627.4
EBIT A 44.9 73.9 157.0 127.8
EBIT A margin, % 6.7 9.7 5.8 4.9
Norway
Net sales 483.7 488.8 1,791.6 1,786.5
EBIT A 50.5 51.4 169.9 169.1
EBIT A margin, % 10.4 10.5 9.5 9.5
Denmark
Net sales 208.8 252.1 919.0 875.7
EBIT A 13.8 11.8 41.6 43.5
EBIT A margin, % 6.6 4.8 4.5 5.0
Finland
Net sales 173.2 204.2 739.0 708.0
EBIT A 12.3 14.4 69.8 67.7
EBIT A margin, % 7.1 7.1 9.4 9.6
Poland
Net sales 55.4 57.4 224.6 222.6
EBIT A 4.1 5.0 25.7 24.8
EBIT A margin, % 7.3 8.7 11.4 11.1

===== SIDA 26 =====

KNOWIT AB INTERIM REPORT JANUARY – MARCH 2025  26
Definitions
Alternative performance measures
Knowit uses alternative performance mea-
sures, 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 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 alternative performance 
measures are return on equity, return on 
capital employed, EBIT A margin, EBIT A profit, 
EBITDA profit, average capital employed 
and equity, adjusted EBIT A margin, adjusted 
EBIT A profit, net debt ratio, net sales per seg-
ment, and sales growth.
T
he calculations of alternative performance 
measures on this page pertain to the period 
January to March 2025. 
For more information on our long-term 
financial targets and further definitions of 
performance measures, see pages 21 and 
134 in the Annual Report for 2024.
Adjusted EBIT A margin
Adjusted EBIT A profit in relation to net sales
for the period. (104.5 / 1,593.6 = 6.6%)
Adjusted EBIT A profit
EBIT A is adjusted for items affected compa-
rability between different periods, to ease 
understanding of the Group's underlying 
operations. Adjusted items include costs 
related to acquisitions and disposals, such as 
costs for financial consulting, restructuring, 
and integration programs, as well as signifi -
cant costs of a a one-time nature. 
Average capital employed
The average of the period’s opening and
closing balances of equity plus interestbea -
ring liabilities. ((4,137.7 + 863.1 + 158.9 + 
4,084.8 + 835.2 + 153.0) 
/ 2 = 5,116.3)
Average equity
The average of the period’s opening equity
balance and the period’s closing equity
balance. ((4,137.7 + 4,084.8) / 2 = 4,111.3)
EBIT A margin
Profit before amortization of intangible non-
current assets (EBIT A) in relation to net
sales for the period. (104.5 / 1,593.6 = 6.6%)
EBIT A profit
Profit before amortization and write-downs
of intangible non-current assets. (104.5)
EBITDA profit
Profit before depreciation and amortization
of tangible and intangible non-current assets,
respectively. (104.5 + 43.1 = 147.6)
Net debt
Interest-bearing liabilities less financial
interest-bearing assets less cash and cash
equivalents. (835.2 + 153.0 – 362.7 = 625.5)
Net debt ratio
Used to show the Company’s indebtedness.
Net debt in relation to equity.
(625.5 / 4,084.8 = 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. Normal working
hours are weighted, meaning that account is 
taken of the fact that differences may occur 
between countries, legal entities, contracts, etc.
Return on capital employed
Profit after financial items plus financial expen -
ses expressed as a percentage of average 
capital employed.
((51.6 + 14.9) / 5,116.3 = 1.3%)
Return on equity
Profit after full tax as a percentage of
average equity including non-controlling
interests. (39.5 / 4,111.3 = 1.0%)
Sales growth
Shows how much a company’s sales have 
changed over a certain period. The period’s 
net sales less the net sales of the preceding 
period, in relation to the net sales of the pre -
ceding period. ((1,593.6 - 1,766.3) / 1,766.3 
= -9.8%)
Definitions