Kvartalsrapport Q3 2023

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

Bokslutskommuniké
Strengthened margin  
and positive trend    
Interim Report for Knowit AB
 JANUARY – SEPTEMBER 2025
Net sales decreased by 9.8 percent to SEK 4,306.0 (4,773.8) million
The EBITA profit was SEK 233.1 (260.0) million, the adjusted EBITA profit was SEK 221.1 (288.4) million  1)
The EBITA margin was 5.4 (5.4) percent, the adjusted EBITA margin was 5.1 (6.0) percent  1)
Results after tax were SEK 60.4 (72.8) million
Earnings per share were SEK 2.14 (2.45)  2)
Cash flow from operating activities was SEK 39.9 (368.7) million
    JUL Y – SEPTEMBER 2025
Net sales decreased by 7 .9 percent to SEK 1,221.9 (1,326.2) million
The EBITA profit increased to SEK 77 .4 (57 .9) million, the adjusted EBITA profit increased to SEK 62.5 (57 .9) million 1)
The EBITA margin increased to 6.3 (4.4) percent, the adjusted EBITA margin increased to 5.1 (4.4) percent  1)
Results after tax increased to SEK 20.2 (3.4) million
Earnings per share increased to SEK 0.72 (0.12)  2)
Cash flow from operating activities was SEK -40.8 (170.7) million
1)	 EBIT A	is	adjusted	 for	items	that	affect	comparability 	between	periods, 	to	improve	understanding	of 	the	Group’s	underlying	operative	activities. 		
	 For 	more	information, 	see	definitions	on	page	29.
2)		 Before	and	after	dilution.
The	information	contained	herein	is	such	as	shall	be	made	public	by 	Knowit	AB	(publ)	in	accordance	 with	the	EU	Market	Abuse	Regulation. 		
The	information	 was	made	public	 through	the	agency	of	CEO	and	President	Per 	Wallentin,	at	07.30	CEST	on	October	24,	2025.
Interim Report

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 2
Our net sales for the quarter were SEK 
1,221.9 (1,326.2) million and the adjusted 
EBIT A margin was 5.1 percent, an improve-
ment compared with the same period last 
year, when the margin was 4.4 percent. The 
main factor behind the profitability improve -
ment is the continued improvement of our 
utilization.
During the quarter, we have welcomed 
new colleagues through the acquisitions of 
Insicon and Milso, which strengthen our po -
sition in key areas like defense and banking, 
finance, and insurance. At the same time, we 
have streamlined our operations through 
the disposal of our Danish company Knowit 
Consulting Services A/S, a step that clarifies 
our focus on growth and specialization.
Improved utilization  
heads up positive trend
The positive development in Solutions and 
Experience has remained during the third 
quarter. Utilization of our consultants conti -
nues to increase and we see a clear growth 
in both demand and deliveries of projects 
using AI to drive digitalization and efficiency. 
Within Experience, we have seen a growing 
interest in our ability to create comprehen -
sive experiences that unify tech, design, and 
user-friendly interfaces.
Connectivity, which has for a time been 
affected by lower demand, is also showing 
clear improvement. The actions we have 
taken, combined with increased confidence 
from existing clients, more efficient resource 
planning, and more active sales efforts, are 
yielding results. 
In the business area Insight, some challen-
ges remain, and the quarter has been 
shaped by active efforts to create a more 
stable, higher utilization of consultants. The 
third quarter is traditionally a quieter time for 
management consultancy operations,  
as many projects take time to start up after 
the summer. Slow decision-making and 
downsized projects continue to create 
uncertainty going forward. At the same time, 
demand for cybersecurity, law, and defense 
remains high, and we have had a steady 
inflow of new competence in these areas 
during the period, strengthening us ahead  
of the coming quarter.
Even if the market as a whole has yet to  
turn a corner, we are seeing a positive trend. 
With an increased pace in recruitment for 
our strongest growth areas, we are now 
taking careful steps towards a return to 
organic growth.
Focused sales efforts  
and technical innovation
Our structured work to actively change  
and improve our sales efforts means that  
we are getting new interesting assignments.  
Our consultants work close to our clients,  
to jointly develop the digital business models 
of companies and organizations. In a time of 
small budgets, dialogue has become increa-
singly important, to understand the clients’ 
actual needs and provide hands-on solutions 
that have an impact here and now.
Simultaneously, we continue to invest in are -
as where we see long-term growth, such 
as AI solutions, sustainability-driven inno-
vation, and modern digital platforms. We 
work actively to implement AI for our clients, 
where the technology is used to create new 
business values, more efficient processes, 
and better decision support. In parallel, we 
are integrating AI into our own work methods, 
to increase efficiency and free up time for 
analysis, creativity, and client dialogues.
A hesitant but stable market situation
We operate in a time when many clients  
remain cautious with new investments. 
Within the private sector, longer decision-  
making processes and clearer prioritizations 
remain noticeable, but we have seen that the 
development in the public sector is trending 
upward after a period of lower activity.  
Still, our stable position and long experience 
have meant that we are strong, and with  
the need for digitalization and streamlining 
now increasing, we are seeing a high poten-
tial for continued positive development.
As we now enter the last quarter of the year, 
we do so with stability, power, and confidence. 
We continue to develop our client offers, 
our internal efficiency, and our collaborations 
between business areas. We strive to streng-
then Knowit’s profitability, competitiveness, 
and attractiveness for both clients, employ -
ees, and shareholders – and thereby we 
create the conditions for a return to organic 
growth.
Per Wallentin
Chief Executive Officer and President
Comments from the CEO
Efficiency gains lead  
to improved profitability 
The third quarter has been shaped by many exciting client assignments and a continued strong focus on sales,  
with cost discipline as an important foundation. We are now starting to see positive effects of the goal-oriented  
efforts that have been ongoing within the Group for over two years, with higher utilization, stronger profitability,  
and a clearer focus in the organization. Although the market remains muted, we have improved both our efficiency  
and our margin during the quarter.
We work actively to implement AI for 
our clients, where the technology is used 
to create new business values, more 
efficient processes, and better decision 
support.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 3
Events during the quarter
July – September 2025  
COOP NORGE HAS  chosen Knowit and Mambu to implement a new core banking system to deal with its members’  
savings accounts. The new solution, based on Mambu’s cloud-based core banking platform, which will be integrated 
in Coop’s infrastructure by Knowit, will modernize and streamline the management of millions of Norwegian member-  
ship accounts. 
KNOWIT HAS STRENGTHENED its partnership with Databricks, reaching the Select level. The partnership is a signifi cant 
milestone and clear recognition of the expertise and experience Knowit has built around the Databricks platform.
KNOWIT HAS T AKEN an important step in the management area through a new framework agreement with Kammar-  
kollegiet regarding management services. In addition to this agreement, a new agreement in IT consultancy services 
has been signed, where Knowit is given continued confidence to provide strategic and innovative consultancy services  
in the IT field.
KNOWIT HAS LAUNCHED a brand-new management system for security protection in Sweden along with Týr Cyber  
Defense and Svensk Brand- och Säkerhetscertifiering (SBSC). The aim is to provide organizations with better support 
in protecting security-sensitive operations, thereby strengthening both Sweden and the total defense. 
KNOWIT HAS ACHIEVED a specialization in Adoption and Change Management, an award granted by Microsoft to 
partners showing deep knowledge, extensive experience, and documented success in driving use of Microsoft 365 
and making organizational changes through effective adoption and change services. 
KNOWIT OPEN WAS performed in collaboration with partners for the third time. This year, the knowledge festival was 
held in Stockholm, Gothenburg, and Malmö, gathering a total of 400 guests, with 45 speakers sharing their knowledge  
on the topic “From data to decision.”
OSLO BUSINESS FORUM attracted over 3,000 business leaders for the tenth year running, this year with the topic 
“The Big Shift.” As one of four main partners, Knowit hosted multiple agenda items, including under the heading AI 
Revolution.
KNOWIT IS A FINALIST in the Diversity Charter Sweden Awards 2025, in the category long-term perspective. 
The justification is “For sustained inclusion and equality efforts, close to the business, which enable changes to 
both the organization and the sector.”

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

The quarter in brief
July – September 2025
Net sales for the quarter were SEK 1,221.9 (1,326.2). Exchange rate developments had a negative effect on EBIT A  
totaling SEK -22.5 (-40.8) million. Profit before amortization of intangible assets (EBIT A) was SEK 77.4 (57.9) million. 
The adjusted EBIT A profit increased to SEK 62.5 (57.9) million, adjusted for acquisition and integration costs of SEK 
1.6 (–) million and SEK 0.3 (–) million, respectively, and for capital gain of SEK -16.8 (–) million related to the disposal of  
a subsidiary. Normal working hours for the quarter were 513 (513). Adjusted for exchange rates, Knowit has increased 
its prices compared with in the preceding year but has not managed to fully compensate for increased wages. The 
focus on continued cost savings and streamlining remains. Cash flow from operating activities was SEK -40.8 (170.7) 
million, where the change in operating capital contributed SEK -92.4 (99.8) million. The change as compared with the 
previous year is explained mainly by increased accounts receivable.
In	the	following	table,	the	financial	history 	including	acquisitions	and	excluding	disposals, 		
for	comparable	periods, 	to	assist	readers	in	 following	the	development.
 KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 4
Q1
25
105
Q2
25
54
Q3
23
75
Q4
23
148
Q1
24
136
Q2
24
94
Q3
24
58
Q4
24
107
Adjusted EBIT A profit, SEK, millions 
 Adjusted EBIT A profit, SEK, millions
 Rolling 12 months
Q3
25
63
Net sales, SEK, millions 
 Net sales, quarterly data
 Rolling 12 months
Q3
25
1,222
1,491
1,326
Q4
24
1,681
Q1
25
1,642
Q2
25
1,594
Q3
23
Q4
23
Q1
24
1,544
Q2
24
1,824
Q3
24
1,766
7,246
6,597
5,949
529
436
328
SEK, MILLIONS July–September 2025 July–September 2024
Sales 1,221.9 1,326.2
Sales, acquisitions  1) 16.0
Sales, disposal  2) -59.4
Sales, incl. acquisitions and disposal 1,221.9 1,282.8
Sales, change incl. acquisitions and disposal, % -4.7
of	which	is	exchange	rate	effect, 	% -1.7
1)		 Adjustments	pertain	 to	addition	of 	net	sales	in	Milso	 AB	and	Insicon	 AB	for	the	period	July–September	2024.
2)		 Adjustments	pertain	 to	subtraction	of	net	sales	in	Knowit	Consulting	Services	 A/S	for	the	period	July–September	2024.
In	the	following	table,	EBIT A	is	adjusted	 for	items	that	affect	comparability 	between	different	periods, 		
to	promote	an	understanding	of 	the	Group’s	underlying	operative	units.
SEK, MILLIONS July–September 2025 July–September 2024
EBIT A 77.4 57.9
Adjusted EBIT A result 3) 62.5 57.9
EBIT A margin, % 6.3 4.4
Adjusted EBIT A margin, % 4) 5.1 4.4
Cash flow from operating activities -40.8 170.7
Intangible assets 4,172.4 4,330.2
Number of employees at the end of the period 3,774 3,941
3)		 EBIT A 	is	adjusted	 for	items	that	affect	comparability 	between	periods, 	to	increase	the	understanding	of 	the	Group’s	underlying	operations. 	Items	that	affect	comparability 	
	 include	costs	connected	 to	acquisitions, 	capital	gains	 from	disposals,	costs	for	restructuring	and	integration	programs, 	as	well	as	significant	items	of 	a	one-time	nature.
4)		 Adjusted	EBIT A 	profit	in	relation	 to	the	net	sales	of 	the	period.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 5
Market and operations 
With the right competence, a Nordic per -
spective, and almost 3,800 specialists in 
northern Europe, we help companies and 
organizations to future-proof their digital 
transformation. 
We have teams in Sweden, Norway, Finland, 
Denmark, and Poland, where we work close 
to our clients and offer agile, client-tailored 
solutions. 
Four roads to creating value
Knowit’s operations are organized in four 
business areas, designed to meet the clients’ 
differing needs. T ogether, these business 
areas enable for clients to deliver on their 
strategic goals and deal with complex chal -
lenges in a rapidly changing world.
Solutions collaborates with purchasers within 
clients’ IT and operative departments to crea -
te systems that support new ways of running 
businesses and developing innovative and 
client-tailored digital solutions. With the sup -
port of AI, cloud-based solutions, and modern 
technical tools, we create smart, secure, and 
sustainable systems.
Experience focused on marketing and sales 
departments with solutions for customer 
experiences, digital design, and e-commerce to 
strengthen brands and customer relations. 
Connectivity works close to R&D departments 
to integrate advanced technology. Has high tech-
nical competence in embedded systems, cloud 
applications, and Io T.
Insight turns to executive teams and helps 
clients transform their strategies into action. 
We support organizations by driving strategy, 
transformation, and digitalization to create 
long-term competitiveness.
T ogether with our specialist areas in cyber-
security and law, we help our clients deliver 
on their strategic goals and manage com -
plex challenges in a quickly changing world.
Digital resilience and business power
Digital transformation is at the heart of what 
we do. We help companies and organizations 
create a more digital and sustainable future 
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.
Broad experience and strong relationships
We collaborate with clients in many different 
sectors, from the public sector and defense 
to banking and finance, retail, and industry. 
The public sector is our largest client group 
and provides a significant share of our net 
sales. Here, we contribute to the digitalization 
of welfare services, more efficient information 
flow, and safer societal functions. 
In defense and security, we work with 
projects that entail high requirements of relia -
bility, cybersecurity, and innovation. Our task 
is to apply advanced technology to solutions 
that reinforce Sweden’s digital readiness.
In the business sector, we help companies 
in retail, industry, and banking and finance 
to increase efficiency, create new business 
T ech shaping the future
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, ensure robust systems and digital resilience, and strengthen the competitiveness of the future . 
Sales per business area,
July– September 2025
 Solutions 53% (56)
 Experience 18% (18)
 Connectivity 15 % (12)
 Insight 14 % (14)
Sales per country, 
July– September 2025
 Sweden 44% (42)
 Norway 31% (28)
 Finland 11% (12)
 Denmark 9% (14)
 Poland 5% (4)
 Others 0% (0)
Sales per client industry,
July– September 2025
 Public sector 39% (35)
 Retail and service companies 17% (17)
 Industry 15% (16)
 Banking, finance, and insurance 8% (10)
 T elecommunications 5% (7)
 Media, education and gaming 5% (5)
 Defense 5% (4)
 Energy 3% (3)
 Others 3% (3)

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 6
Market and operations 
models, and build digital platforms that drive 
growth. Our solutions contribute to smarter 
processes, better customer experiences, and 
more secure data management.
Our breadth makes us a stable partner with 
the ability to see connections across sectors 
and transfer knowledge. At the same time, it 
challenges us to continuously develop our 
offers and stay at the forefront.
Sustainability as a motive force
Sustainability is a natural part of our strategy. 
We use digitalization to drive the transition to 
a more sustainable society and we strive to 
be a role model ourselves.
With technical solutions and advisory servi -
ces, we can help companies and organiza -
tions 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.
A workplace that makes a difference
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 in attracting and retaining talent. 
Through investments in further education, for 
instance in defense and digital innovation, we 
safeguard the competence of the future.
With our gaze fixed on the future
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.
Solutions
 
 
July–Sept
2025  
 
July–Sept
2024    
July–Sept  
2024
incl. acquisition    
and disposal 1)
Sales, SEK, million 647.7 749.9 700.3
EBIT A, SEK, million 64.2 60.7 58.2
EBIT A margin, % 9.9 8.1 8.3
Number of employees 1,656 1,762 1,804
1)	 Adjustments	pertain	 to	the	acquisition	of 	Insicon	AB		
	 and	 the	disposal	of 	Knowit	Consulting	Services	 A/S.
Solutions is Knowit’s largest business area, 
with operations on all of Knowit’s markets in 
the Nordic region. With around 1,660 consul -
tants, we have broad and deep competence 
throughout the entire system development 
chain, from understanding needs and setting 
up architecture to development, testing, se -
curity, and implementation. We seldom build 
readymade packages; more often these are 
tailored solutions where modern technology 
and AI are crucial ingredients in the process.
We have a particularly strong position in the 
public sector, where demand for modern, 
sustainable, and secure solutions remains 
high. For instance, we build the solutions of 
the future for citizens and authorities, with 
high security and accessibility as a natural 
foundation. Within banking and finance, we 
work with established institutions and disrup -
tors that challenge traditional structures. 
In the industry sector, we have long-term 
collaborations with medium-sized and large 
companies, where we develop advanced, 
cloud-based solutions for managing large 
data volumes. This requires both technical 
expertise and an ability to understand com -
plex operations. Our deliveries are increa -
singly provided in cross-functional and agile 
teams. This enables us to work close to the 
client’s own organization, adapt quickly and 
ensure that the solutions truly make a diffe -
rence – both in everyday situations and in the 
longer term. With a focus on quality, security, 
and usefulness, Solutions plays a key role in 
Knowit’s offer and is a reliable partner in our 
clients’ digital development. 
Comments from the Head of Solutions
The trend in Solutions remains positive and 
the quarter shows a strong result with an 
improved margin as compared with the pre -
vious year. We have taken necessary steps to 
adapt our organization and increase internal 
efficiency. We are now on much firmer ground,  
with better utilization and profitability. The 
profit development has been particularly 
strong in Norway and Finland, and the deve -
lopment in Sweden is in the right direction.
After a few years of intense work with opti -
mizing the organization, we can now start 
building for growth again. We are working 
actively to adopt new technology and AI to 
increase efficiency in both our own opera -
tions and those of our clients
Fredrik Ekerhovd  
Head of Solutions
Experience
 
 
July–Sept
2025  
 
July–Sept
2024    
July–Sept  
2024
incl. acquisition  1)
Sales, SEK, million 225,1 235,4 235,4
EBIT A, SEK, million 6,8 -1,3 -1,3
EBIT A margin, % 3,0 -0,6 -0,6
Number of employees 775 817 817
1)	 No	acquisitions	during	 the	period
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, we help 
companies and organizations achieve their 
goals, whether this involves strengthening a 
brand, increasing sales, or improving access 
to society’s services. The effects are often 
measurable, in terms of both growth and 
improved profitability. 
In our projects, we often interlace form and 
functionality. This might involve design, user 
experience, app and web development, 
data-driven marketing, or analytics – but 
always with people in focus. Whether the goal 
is to build an online store with high conver -
sion, create a digital service that simplifies 
everyday life, or strengthen the impression of 
a brand, we start from insights and build on 
them, with technology and creativity.
We work close to our clients, often in long-
term, trusting relationships that grow over 
time. Some assignments are in the form of 
strategic partnerships, whereas others are 
clearly delimited projects. However, they 
all have in common that we see our work 
as one part of something greater: creating 
digital solutions that truly make a difference. 
Experience also has a strong presence in the 
public sector, where we are often shown the 
confidence to improve digital solutions close 
to citizens, using inclusive and accessible 
design.
”

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 7
Market and operations 
Comments from the Head of Experience  
We are seeing a clear improvement in 
utilization in the quarter, driven primarily by 
a positive trend in Sweden. The investments 
we have made in sales and management 
are bearing fruit and several new deals build 
confidence. We see that profitability is affec -
ted by prices dropping at the same time as 
costs per employee have increased. Sweden 
is the market where utilization has improved 
most and we see possibilities of selective 
recruitment. The development in Finland has 
been strong this quarter and the developme -
nt on the Norwegian market remains stable.
We are pleased that the positive trend 
remains and that development is moving in 
the right direction. Our focus going forward 
is striking the right balance between price 
and utilization, to create the conditions for 
sustainable and high profitability. 
Kenneth Gvein  
Head of Experience
Connectivity
 
 
July–Sept
2025  
 
July–Sept
2024    
July–Sept  
2024
incl. acquisition  1)
Sales, SEK, million 190,8 189,3 189,3
EBIT A, SEK, million 20,7 21,3 21,3
EBIT A margin, % 10,8 11,3 11,3
Number of employees 696 709 709
1)	 No	acquisitions	during	 the	period
Connectivity combines technical expertise 
with business benefits. Here, we have around 
700 consultants in Sweden and Poland, 
and a smaller operation in Germany. Our 
work extends from embedded systems and 
advanced product development to cloud 
platforms and cybersecurity. This often 
occurs in close collaboration with clients in 
telecommunications and the vehicle industry, 
where technical development is fast and 
requirements are high.
We have a particularly strong position in 5G, 
a technology that lays the foundation for the 
next step in digitalization. Through combining 
this with AI, Io T, and VR, we create a solution 
that enables new methods for work, produc -
tion, and interaction. The technology has the 
potential not only to connect more things, but 
also to do so more efficiently, more sustaina -
bility, and better adapted to future needs.
With a focus on efficiency, security, and sus -
tainability, Connectivity is a strategic partner 
for companies that want to be at the forefront 
of technology. Our task is about building the 
intelligent, connected systems that will soon 
be a natural part of both industry and every -
day applications, while also contributed to a 
more resource-efficient society.
Comments from the Head of Connectivity
Connectivity shows positive development in 
the quarter, with higher utilization and profi-
tability. After a period of adaptation in the 
operations, we enter the fourth quarter with 
a clear plan for growth in multiple sectors. 
The market remains challenging, but the 
work to broaden our client base and inc-  
rease efficiency has had results.
We are seeing that our efforts and intense 
work to sign new deals and reorganize 
have had effect, and create the potential 
for further improvement and growth. Utili -
zation is now at a stable level, with the po -
tential for further improvement. Recruiting 
the right competence and continuing to 
develop client relations that make us more 
resilient on a tough market are our main 
challenges in the coming quarter.
Lennart Waldenström  
Head of Connectivity
Insight
 
 
July–Sept
2025  
 
July–Sept
2024    
July–Sept  
2024
incl. acquisition  1)
Sales, SEK, million 166.6 159.1 165.4
EBIT A, SEK, million -10.8 -10.3 -9.6
EBIT A margin, % -6.5 -6.5 -5.8
Number of employees 556 565 584
1)	 Adjustments	pertain	 to	the	acquisition	of 	Milso	AB
Insight is Knowit’s management consultancy 
operation. We help companies and organi -
zations navigate in complex transformation 
journeys, from strategy to final result. With a 
holistic perspective on operations, tech, and 
human beings, we guide our clients from 
strategy to hands-on results to create sustai-
nable, data-driven, and flexible business 
models. 
Our consultants combine deep, industry-
specific knowledge with a strategic pers-
pective, starting from each client’s unique 
circumstances. This might involve building 
a future-proof organization, sharpening the 
business strategy, ensuring access to the 
right competence, or developing new digital 
work methods
With around 560 employees, Insight is an 
established Nordic player in management 
consulting. We have a particularly strong offer 
in digital transformation, organizational de -
velopment, e-health, sourcing, cybersecurity, 
and data-driven growth.
The need for robust and secure systems 
increases quickly, especially in the public 
sector and the defense. Here, we play an 
important role, not least by unifying strategic 
insights and technical competence. In a time 
when the pace of change is increasing and 
risks are becoming more complex, Insight 
helps clients stay on course and take the 
next step, with a sense of security and clarity.
Comments from the Head of Insight
Insight is reporting a weak quarter, where 
several factors have interacted to yield a 
poorer result. Continued restructuring costs 
and delayed projects have impacted the 
outcome, while the market remains challen-
ging. However, in multiple companies, an 
improvement in utilization has been seen.
We have had a rough period, where 
deals have been postponed and some 
client relationships have changed and 
decreased  in volume after the summer. 
At the same time, our efforts are showing 
an effect and parts of the operations have 
had a positive development, such as cyber-
security, defense, and law. We are focused 
on building long-term stability through 
more proactive sales and strengthened 
competence in our core areas.
Carin Strindmark  
Head of Insight
”
”
”

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 8
Follow-up of the cybersecurity  
level in the public and private sectors
The Swedish Civil Contingencies Agency is 
tasked with raising the level of cybersecurity 
in Sweden. One of the tools is Cybersäker -
hetskollen [The Cybersecurity Check-up], 
which provides the Agency with a national 
status update and helps individual organi-
zations review their own security efforts.
The tool is based on questionnaires covering 
multiple areas, like information security, IT 
security, operational technology (OT) security, 
and supply chain security. The challenge 
has been creating sets of questions that are 
comprehensive enough to provide a good 
overview of current status but are still simple 
and limited enough to be perceived as mana -
geable by respondents.
In the ongoing development of Cybersäker-
hetskollen, Knowit has had a central role 
in developing the OT security review, 
focusing on security in control and opera -
tions systems. OT security is a broad field, 
spanning from energy companies and the 
manufacturing industry to the transportation 
sector. Knowit has contributed expertise in 
creating questions based on the standard 
Reference cases
IEC 62443, with a focus on striking a balance 
of questions that are representative of the 
area and that can apply to many different 
kinds of operations, without bloat.
In addition to developing questions, Knowit 
has also contributed to the work of testing 
and implementation, to ensure that Cyber -
säkerhetskollen is a tool that is perceived as 
clear, relevant, and applicable in practice.
With Knowit’s support, Cybersäkerhetskollen 
has become more comprehensive and now 
also includes OT security, a dimension that 
was not formerly followed up on systema -
tically. The tool is now well-known across 
Swedish operations and provides the Civil 
Contingencies Agency with better data for 
assessing the national cybersecurity level.  
At the same time, it helps individual organiza -
tions to develop and follow up on their own 
security efforts in a way that is manageable in 
day-to-day work.
Hogia Signit secures  
the advanced e-signatures of the future 
Hogia wanted to further develop its e-signa -
ture service Hogia Signit and ensure that it 
would meet the demands of the future. As 
Innovative assignments  
that create long-term value
the service is used to sign legally binding 
documents, such as minutes from board 
meetings, annual reports, and contracts, it 
was crucial that the underlying technology 
lived up to the requirements in both Swedish 
law and the EU eIDAS regulation. The requi -
rements on advanced electronic signatures 
(AES) meant that Hogia needed a partner 
that could guarantee security, legal comp-
liance, and future adaptations.
After evaluating several suppliers, Hogia cho -
se Knowit’s own e-signature solution Sign -
port. The service is developed in Sweden, 
based on DIGG’s framework, and delivered 
with an API that enables flexible integration 
with Hogia Signit. Signport ensures that each 
signature is personal and advanced, in ac -
cordance with eIDAS and Swedish law, while 
the technology is also continuously updated 
in step with new regulatory requirements – 
such as the future eIDAS 2.0.
With Signport as a foundation, Hogia has 
future-proofed Hogia Signit. The service 
delivers nearly 100% uptime and is used 
by tens of thousands of users every year for 
secure signatures. The combination of high 
availability, legal compliance, and continuous 
development means that Hogia can offer 
its clients a safe and scalable e-signature 
service even in a quickly changing digital 
environment.
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 9 =====

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 9
Reference cases
Hogia Signit secures  
the advanced e-signatures of the future
Hogia wanted to further develop its e-signa -
ture service Hogia Signit and ensure that  
it would meet the demands of the future.  
As the service is used to sign legally binding 
documents, such as minutes from board 
meetings, annual reports, and contracts, it 
was crucial that the underlying technology 
lived up to the requirements in both Swedish 
law and the EU eIDAS regulation. The requi -
rements on advanced electronic signatures 
(AES) meant that Hogia needed a partner 
that could guarantee security, legal compli -
ance, and future adaptations.
After evaluating several suppliers, Hogia  
chose Knowit’s own e-signature solution 
Signport. The service is developed in 
Sweden, based on DIGG’s framework, and 
delivered with an API that enables flexible in -
tegration with Hogia Signit. Signport ensures 
that each signature is personal and advan -
ced, in accordance with eIDAS and Swedish 
law, while the technology is also continuously 
updated in step with new regulatory require -
ments – such as the future eIDAS 2.0.
With Signport as a foundation, Hogia has 
future-proofed Hogia Signit. The service 
delivers nearly 100% uptime and is used 
by tens of thousands of users every year for 
secure signatures. The combination of high 
availability, legal compliance, and continuous 
development means that Hogia can offer its
clients a safe and scalable e-signature 
service even in a quickly changing digital 
environment.
New e-commerce  
and integration hub for Heidenreich 
Heidenreich is one of Norway’s leading 
suppliers in HVAC, delivering products and 
solutions to plumbers across the country. 
T o meet new requirements from the market 
and facilitate their customers’ everyday life, 
the company – in close partnership with 
Knowit – has developed a new e-commerce 
platform and integration hub.
The existing solution was rich in functionality, 
but hard to use and lacked an efficient way 
of gathering large amounts of product data. 
Knowit’s task was to build a modern, flexible 
platform that could deal with over 45,000 
products, including many variants, thousands 
of customers with their own unique price 
files, and complex integrations with business 
systems.
The work started from the plumbers’ needs. 
Through interviews, observations, and tests, 
Knowit gained insight into how orders were 
actually made and which problems could 
arise. This shaped both the information 
infrastructure and the new search function. 
The AI search engine Algolia was chosen as 
an engine and trained using domain-specific 
knowledge and user data, to ensure more 
accurate hits.
T o ensure high data quality and smooth 
dataflows between systems, we created an 
integration hub connecting the e-commerce 
system to ERP and other operations-critical 
systems.
Since the launch, over 6,500 orders have 
been made in the system, and net sales have 
already exceeded those in the old system. 
Evaluations show that nine of ten customers 
prefer the new solution, which offers a faster, 
more reliable purchasing experience with 
fewer erroneous orders.
Heidenreich is now better equipped for the 
future, with a platform that combines user in -
sight, technical precision, and digital visibility 
– developed together with Knowit.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 10
The Group
The Group
Net sales and results
January – September
Net sales were SEK 4,306.0 (4,773.8) million, 
a decrease of 9.8 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 
-86.6 (-39.7) million. Net sales per employee 
(based on the average number) were KSEK 
1,215 (1,252).
Net sales were SEK 1,844.0 (2,018.7) million 
in Sweden, SEK 1,290.4 (1,340.7) million in 
Norway, SEK 503.6 (674.8) million in Den -
mark, SEK 477.3 (554.8) million in Finland, 
and SEK 163.8 (168.3) million in Poland.  
The operating profit before amortization of 
intangible assets (EBIT A) was SEK 233.1 
(288.4) million. The adjusted EBIT A profit 
decreased by 23.3 percent to SEK 221.1 
(288.4) million, adjusted for acquisition and 
integration costs of SEK 4.5 (–) million and  
0.3 (–) million, respectively, and the capital 
gain of SEK -16.8 (–) million from the disposal 
of a subsidiary. In the previous year, adjust -
ments were made for provisions related 
to the Swedish Agency for Economic and 
Regional Growth’s decision on repayment 
of support, totaling SEK 28.4 million. The ex -
change rate development during the period 
has had a negative impact on EBIT A of SEK 
-5.8 (-3.8) million. 
In Sweden, EBIT A was SEK 89.1 (112.8) mil-
lion, in Norway, it was SEK 117.3 (136.0) million, 
in Denmark, it was SEK 21.6 (25.2) million, in 
Finland, it was SEK 35.7 (48.6) million, and in 
Poland, it was SEK 15.0 (16.2) million. 
The EBIT A margin was 5.4 (5.4) percent. The 
adjusted EBIT A margin was 5.1 (6.0) percent.
Amortization and write-downs of intangible 
assets amounted to SEK -122.0 (-124.9) million.
The operating profit after financial items was 
SEK 82.3 (99.1) million. The financial net was 
SEK -28.8 (-36.0) million, affected mainly 
by interest revenue of SEK 6.1 (8.8) million, 
interest costs of SEK -31.8 (-41.5) million, and 
exchange rate changes.
The results after taxes were SEK 60.4 (72.8) 
million. T ax for the period was SEK -21.9 
(-26.3) million. The non-controlling interests’ 
share of profit for the year was SEK 2.0 (5.7) 
million. Earnings per share were SEK 2.14 
(2.45).
July – September
Net sales were SEK 1,221.9 (1,326.2) million, 
a decrease of 7.9 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 -22.5 
(-40.8) million. Sales per employee (based on 
the average number) were KSEK 345 (360).
Net sales were SEK 529.8 (547.9) million in 
Sweden, SEK 370.9 (373.8) million in Nor -
way, SEK 111.8 (185.7) million in Denmark, 
SEK 138.8 (156.7) million in Finland, and  
SEK 56.1 (56.3) in Poland. 
The operating profit before amortization of 
intangible assets (EBIT A) increased to SEK 
77.4 (57.9) million. The adjusted EBIT A profit 
increased by 7.9 percent to SEK 62.5 (57.9) 
million, adjusted for acquisition and integra -
tion costs of SEK 1.6 (–) million and 0.3 (–) 
million, respectively, and the capital gain of 
SEK -16.8 (–) million from the disposal of a 
subsidiary. The exchange rate development 
during the period has had a negative impact 
on EBIT A of SEK -1.5 (-3.1) million. 
In Sweden, EBIT A increased to SEK 16.1 (9.6) 
million, in Norway, it was SEK 31.8 (35.3) mil -
lion, in Denmark, it increased to SEK 3.1 (-1.2) 
million, in Finland, it was SEK 16.0 (18.4) 
million, and in Poland, it increased to SEK 7.4 
(6.2) million. 
The EBIT A margin increased to 6.3 (4.4) per-
cent. The adjusted EBIT A margin increased to 
5.1 (4.4) percent. 
Amortization and write-downs of intangible 
assets amounted to SEK -41.4 (-41.6) million.
The operating profit after financial items 
increased to SEK 27.0 (5.1) million. The 
financial net was SEK -9.0 (-11.2) million, af -
fected mainly by interest revenue of SEK 1.4 
(2.8) million, interest costs of SEK -9.3 (-13.4) 
million, and exchange rate changes. 
The results after taxes increased to SEK 20.2 
(3.4) million. T ax for the period was SEK -6.8 
(-1.7) million. The non-controlling interests’ 
share of profit for the year was SEK 0.6 (0.2) 
million. Earnings per share were SEK 0.72 
(0.12).
Segments
January – September
Net sales for the segment Solutions were  
SEK 2,330.8 (2,672.0) million, for the segment  
Experience were SEK 778.6 (891.0) million, 
for the segment Connectivity, were SEK 600.1  
(615.4) million, and were SEK 623.5 (626.5) 
million for the segment Insight.
EBIT A was SEK 198.8 (211.3) million for the 
segment Solutions, SEK 30.8 (46.0) million 
for the segment Experience, SEK 51.5 (66.4) 
million for the segment Connectivity, and SEK 
11.2 (24.7) million for the segment Insight.
The EBIT A margin increased to 8.5 (7.9) 
percent for the segment Solutions. It was 4.0 
(5.2) percent for the segment Experience, 8.6 
(10.8) percent for the segment Connectivity, 
and 1.8 (3.9) percent for the segment Insight.
July – September
Net sales for the segment Solutions were  
SEK 647.7 (749.9) million, for the segment 
Experience were SEK 225.1 (235.4) million, 
for the segment Connectivity increased to 
SEK 190.8 (189.3) million, and for the seg -
ment Insight increased to SEK 166.6 (159.1) 
million.
EBIT A increased to SEK 64.2 (60.7) million 
for the segment Solutions, to SEK 6.8 (-1.3) 
million for the segment Experience, was SEK 
20.7 (21.3) million for the segment Connecti -
vity, and was SEK -10.8 (-10.3) million for the 
segment Insight.
The EBIT A margin increased to 9.9 (8.1)  
percent for the segment Solutions, to 3.0 
(-0.6) percent for the segment Experience, 
was 10.8 (11.3) percent for the segment 
Connectivity, and was -6.5 (-6.5) percent  
for the segment Insight.
Cash flow
January – September
Cash flow from operating activities was  
SEK 39.9 (368.7) million. Cash flow from the 
change in working capital was SEK -153.7 
(145.4) million, affected mainly by increased 
operating receivables and decreased opera -
ting liabilities.
Improved margin in the business area Solutions

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 11
The Group
Cash flow from investment activities increa-
sed to SEK 57.4 (-36.1) million, affected by 
acquisitions and disposals of subsidiaries, 
and investments in non-current assets. 
Cash flow from financing activities was SEK 
-252.3 (-100.8) million, affected by amorti -
zations, dividends paid, and acquisitions of 
non-controlling interests. 
T otal cash flow was SEK -155.0 (231.8) 
million.
July – September
Cash flow from operating activities was SEK 
-40.8 (170.7) million. Cash flow from the 
change in working capital was SEK -92.4 
(99.8) million, affected mainly by decreased 
operating liabilities.
Cash flow from investment activities incre -
ased to SEK 63.9 (-7.0) million, affected by 
acquisitions and disposals of subsidiaries, 
and investments in non-current assets. 
Cash flow from financing activities was SEK 
-35.6 (55.5) million, affected by amortiza -
tions. 
T otal cash flow was SEK -12.4 (219.2) million.
Financial position 
January – September
Cash and cash equivalents were SEK 211.5 
(358.4) million as per September 30, 2025. 
Goodwill and other intangible assets amoun -
ted to SEK 4,172.4 (4,330.2) million. 
Equity was SEK 4,017.6 (4,079.0) million. 
Interest-bearing liabilities totaled SEK 819.7 
(1,124.4) million on September 30, 2025, 
with non-current liabilities totaling SEK 
663.8 (975.2) million and current liabilities 
totaling SEK 155.9 (149.2) million. Knowit 
has a credit facility of SEK 550 million that 
falls due in 2029 and a credit facility of SEK 
500 million that falls due in 2030. The credit 
facilities granted total SEK 1,050 million. As 
per September 30, 2025, SEK 400.0 (600.0) 
million of the credit facilities granted were 
used. Lease liabilities were SEK 411.4 (508.7) 
million. Liabilities related to future considera -
tion for subsidiaries totaled SEK 98.7 (25.8) 
million.
The equity/asset ratio increased to 62.5 
(59.4) percent as per September 30, 2025.
Employees
January – September
On September 30, 2025, a total of 3,774 
(3,941) people were employed by the Group. 
During 2025, the number of employees has 
decreased by 86 people compared with 
December 31, 2024. 
During the period, the average number of 
employees has decreased to 3,545 (3,814). 
The average number of employees decreased
to 1,665 (1,838) in Sweden, decreased to 
904 (960) in Norway, decreased to 405 (450)  
in Finland, increased to 285 (278) in Poland, 
and decreased to 256 (274) in Denmark.
Acquisition of operations
On July 1, 2025, Knowit AB acquired 100 
percent of the shares in Milso AB, a company 
that offers services in technology, manage -
ment, and IT, with a focus on clients in the 
defense area. The company is an important 
addition to Knowit’s business area Insight. 
Milso has around 20 employees.
On July 1, 2025, Knowit AB acquired 100
percent of the shares in Insicon AB, a company 
that offers an extensive business system for 
the insurance sector, combined with consul -
tancy services to the European market. The 
company will be an important addition to 
Knowit’s business area Solutions. Insicon has 
around 50 employees, with a smaller mana -
gement and marketing function in Sweden 
and a larger development and support unit 
in Serbia. 
Both acquisition analyses are preliminary.  
For more information, see page 24.
Disposal of operation
On July 1, 2025, Knowit AB disposed of 
the Danish subsidiary Knowit Consulting 
Services A/S to Right People Group A/S. 
Knowit Consulting Services A/S was wholly 
owned by the Knowit Group and had around 
ten employees and a significant number of 
freelance consultants invoiced via Knowit. 
Consultant brokering operations are not in 
line with Knowit’s strategy, for which reason 
we see that the subsidiary’s continued deve-
lopment will have better conditions with a 
new owner. The disposal was performed 
at an enterprise value of DKK 96 million. 
The transaction pertains to a non-strategic 
operation and is therefore assessed as not 
having any significant impact on the Group. 
The disposal generated a positive result of 
SEK 16.8 million, attributable to reclassified 
accumulated translation differences, among 
other things.
Other
In June 2024, the Swedish Agency for 
Economic and Regional Growth decided 
to request 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 
pandemic. Knowit did not share the views 
of the Swedish Agency for Economic and 
Regional Growth and appealed the decision 
to the Administrative Court in Stockholm. 
On June 19, 2025, the Administrative Court 
ruled in favor of the appeals for two subsi -
diaries but rejected the appeals in all other 
cases. All judgments have been appealed to 
the Administrative Court of Appeals. The total 
amount in question was SEK 28.4 million; this 
affected the results in 2024.
As one step in achieving our ambition of inte-
grating sustainability into our core operations, 
we are actively preparing for the CSRD requi -
rements, with a focus on ensuring transpa -
rency, quality, and traceability in the reporting.
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 quarters 
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 workdays and normal working 
hours that are dropped due to the Christmas 
and New Year holidays.
For the financial year 2025, normal working 
hours total 1,942 (1,949), of which 485 (486) 
hours in the first quarter, 461 (469) hours in 
the second quarter, 513 (513) hours in the 
third quarter, and 483 (481) hours in the 
fourth quarter.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 12
The Group
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 asses-
ses these expectations to be reasonable, 
there is no guarantee that these expectations 
are or will turn out to be correct. Consequ -
ently, 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 in exchange rates. Knowit does 
not commit to updating or correcting 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 ope -
rations, 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, October 24, 2025
Per Wallentin
Chief Executive Officer
Financial calendar
Year-End Report 2025
February 6, 2026, 7.30 AM
Interim Report January – March 2026   
April 29, 2026, 7.30 AM
AGM 2026  
April 29, 2026, 1 PM
Interim Report January – June 2026   
July 17, 2026, 7.30 AM
Interim Report January – September 2026  
October 23, 2026, 7.30 AM
Year-End Report 2026
February 5, 2027, 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 
business areas are often combined in client 
projects.
Knowit was founded in 1990 and now has 
around 3,800 employees, mainly in the 
Nordic countries, but also in operations in  
Poland, Serbia 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 informa -
tion on Knowit, please visit knowit.eu.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 13
The Group
Review report
T o the Board of Directors of Knowit AB (publ)  
corp. id. 556391-0354
Introduction
We have reviewed the condensed interim  
financial information (Interim Report) of 
Knowit AB (publ) as of September 30, 2025, 
and the nine-month period then ended. 
The Board of Directors and the Managing 
Director are responsible for the preparation 
and presentation of this Interim Report in 
accordance with IAS 34 and the Annual 
Accounts Act. Our responsibility is to express 
a conclusion on this Interim Report based  
on our review.
Focus and scope of summary review
We conducted our summary review in 
accordance with International Standard on 
Review Engagements ISRE 2410 Review 
of Interim Financial Information Performed 
by the Independent Auditor of the Entity. A 
summary review of interim financial informa -
tion consists of making inquiries, primarily 
of persons responsible for financial and 
accounting matters, and applying analytical 
and other summary review procedures. A 
summary review is substantially less in scope 
than an audit conducted in accordance with 
the International Standards on Auditing and 
other generally accepted auditing practices. 
The review actions taken in a summary 
review do not enable us to obtain such cer -
tainty that we would become aware of all the 
significant matters that might be identified 
in an audit. The statement given based on a 
summary review therefore does not have the 
certainty that a statement given based on an 
audit would have.
Conclusion
Based on our summary review, nothing 
has come to our attention that causes us 
to believe that the Interim Report is not pre -
pared, in all material respects, for the Group 
in accordance with IAS 34 and the Annual 
Accounts Act, and for the Parent Company in 
accordance with the Annual Accounts Act.
Stockholm October 24, 2025
KPMG AB
Jonas Eriksson
Authorized Public Accountant

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 14
Financial statements
Financial statements
Comprehensive income in summary
SEK, MILLIONS
 
 
 
 
Note    
 July–
September 
2025    
 July–
September 
2024    
 January –
September 
2025    
 January–
September 
2024    
 January–
December
 2024    
    October 
2024– 
September 
2025
PROFIT FOR THE PERIOD 20.2 3.4 60.4 72.8 110.6 98.2
Items that may later be reclassified to profit or loss:
translation differences reclassified to profit or loss -19.9 – -19.9 – – -19.9
result of hedging of interest risks 2.2 -2.8 2.9 1.6 3.1 4.4
tax effect of hedging of interest risks -0.5 0.6 -0.6 -0.3 -0.6 -0.9
translation differences in foreign operations -11.1 -46.4 -76.2 0.4 41.9 -34.7
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF T AX -29.3 48.6 -93.8 1.7 44.4 -51.1
TOT AL COMPREHENSIVE INCOME FOR THE PERIOD -9.1 -45.2 -33.4 74.5 155.0 47.1
T otal comprehensive income attributable
to shareholders in Parent Company -9.7 -45.1 -35.5 68.5 150.0 44.5
T otal comprehensive income attributable
to non-controlling interests’ holdings 0.6 -0.1 2.1 6.0 5.0 2.6
Income statement in summary
SEK, MILLIONS
 
 
 
 
Note    
 July–
September 
2025    
 July–
September 
2024    
 January –
September 
2025    
 January–
September 
2024    
 January–
December
 2024    
    October 
2024– 
September 
2025
Net sales 3, 4 1,221.9 1,326.2 4,306.0 4,773.8 6,415.7 5,947.9
Other operating income 16.9 – 16.9 – – 16.9
TOT AL OPERA TING INCOME 1,238.8 1,326.2 4,322.9 4,773.8 6,415.7 5,964.8
Operating costs -1,119.0 -1,224.8 -3,961.7 -4,382.6 -5,875.1 -5,454.2
Depreciation and write-downs of property, plant and equipment -42.4 -43.5 -128.1 -131.2 -174.0 -170.9
OPERA TING RESUL T BEFORE AMORTIZA TION
OF IN T ANGIBLE ASSETS (EBIT A) 77.4 57.9 233.1 260.0 366.6 339.7
Amortization and write-downs of intangible assets -41.4 -41.6 -122.0 -124.9 -166.7 -163.8
OPERA TING RESUL T (EBIT) 36.0 16.3 111.1 135.1 199.9 175.9
Result from financial items
Financial incomes 1.4 2.8 6.1 8.8 12.6 9.9
Financial expenses -10.4 -14.0 -34.9 -44.8 -59.3 -49.4
RESUL T AFTER FINANCIAL ITEMS 27.0 5.1 82.3 99.1 153.2 136.4
Ta x -6.8 -1.7 -21.9 -26.3 -42.6 -38.2
RESUL T FOR THE PERIOD 20.2 3.4 60.4 72.8 110.6 98.2
Result for the period attributable  
to shareholders in Parent Company 19.6 3.2 58.4 67.1 106.1 97.4
Result for the period attributable
to non-controlling interests’ holdings 0.6 0.2 2.0 5.7 4.5 0.8
Earnings per share
Earnings per share, before dilution, SEK 0.72 0.12 2.14 2.45 3.88 3.57
Earnings per share, after dilution, SEK 0.72 0.12 2.14 2.45 3.88 3.57
(Åsa, ny rad, ta bort fet rad ovan)
 (ny)

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 15
Financial statements
Balance sheet in summary
SEK, MILLIONS Note     
 September 30  
                          2025 
    September 30 
                           2024 
D e c e m b e r  3 1                       
2024
ASSETS
Non-current assets
Intangible assets 4,172.4 4,330.2 4,313.1
Property, plant, and equipment 458.5 578.1 546.6
Financial non-current assets 6.9 3.7 7.0
Deferred tax asset 106.2 111.8 111.2
TOT AL NON-CURRENT ASSETS 4,744.0 5,023.8 4,977.9
Current assets
Current receivables 1,472.4 1,488.0 1,433.6
Cash and cash equivalents 211.5 358.4 397.8
TOT AL CURRENT ASSETS 1,683.9 1,846.4 1,831.4
TOTAL ASSETS 6,427.9 6,870.2 6,809.3
EQUITY AND LIABILITIES
Equity
Share capital 8 27.4 27.4 27.4
Other capital contributions and reserves 2,885.8 2,922.9 2,962.2
Profit brought forward, incl. total result 1,108.2 1,122.8 1,149.0
EQUITY A TTRIBUABLE TO SHAREHOLDERS OF THE PARENT COMPANY 4,021.4 4,073.1 4,138.6
Non-controlling interests -3.8 5.9 -0.9
TOT AL EQUITY 4,017.6 4,079.0 4,137.7
Non-current liabilities
Non-current provisions 193.7 218.9 203.8
Interest-bearing non-current liabilities 663.8 975.2 844.6
Other non-current liabilities 97.1 18.2 18.5
TOT AL NON-CURRENT LIABILITIES 954.6 1,212.3 1,066.9
Current liabilities
Interest-bearing current liabilities 155.9 149.2 151.3
Other current liabilities 1,299.8 1,429.7 1,453.4
TOT AL CURRENT LIABILITIES 1,455.7 1,578.9 1,604.7
TOT AL EQUITY AND LIABILITIES 6,427.9 6,870.2 6,809.3
Borttagen rad
Borttagen rad

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 16
Financial statements
Cash flow statement in summary
SEK, MILLIONS
 
 
       Note    
 July–
September
2025    
 July–
September
2024    
 January–
September 
2025    
 January–
September
2024    
 January – 
December 
 2024   
Operating activities
Result after financial items 27.0 5.2 82.3 99.1 153.2
Adjustment for non-cash items 55.9 105.1 268.8 291.6 386.9
Net interest received/paid -7.8 -10.6 -25.8 -32.7 -42.9
Paid taxes -23.5 -28.8 -131.7 -134.7 -132.7
Changes in working capital -92.4 99.8 -153.7 145.4 261.6
CASH FLOW FROM OPERA TING ACTIVITIES -40.8 170.7 39.9 368.7 626.1
Investing activities
Acquisition of businesses 7 -73.6 – -73.6 -14.7 -14.7
Disposal of businesses 140.0 – 140.0 – –
Acquisition of intangible assets -0.7 -2.9 -3.2 -4.7 -6.2
Acquisition of property, plant, and equipment -1.8 -4.1 -5.8 -16.7 -19.3
CASH FLOW FROM INVESTING ACTIVITIES 63.9 -7.0 57.4 -36.1 -40.2
Financing activities
Amortization of loans -35.6 -36.3 -207.3 -110.0 -245.4
Loans raised – 100.0 – 100.0 100.0
Dividends – – -37.5 -82.6 -153.7
Acquisition of non-controlling interest shares – -8.2 -7.5 -8.2 -22.8
Repurchasing of own shares – – – – -6.1
CASH FLOW FROM FINANCING ACTIVITIES -35.6 55.5 -252.3 -100.8 -328.0
CASH FLOW FOR THE PERIOD -12.4 219.2 -155.0 231.8 258.0
Cash and cash equivalents at the beginning of the period 240.9 139.1 397.8 127.6 127.6
T ranslation differences in cash and cash equivalents -17.0 0.2 -31.3 -1.0 12.2
CASH AND CASH EQUIVALENTS A T THE END OF THE PERIOD 211.5 358.4  211.5 358.4 397.8
Statement of changes in equity in summary
SEK, MILLIONS
 July–
September
2025    
 July–
September
2024    
 January–
September 
2025    
 January–
September
2024    
 January – 
December 
 2024   
Opening balance 4,022.4 4,131.1 4,137.7 4,165.7 4,165.7
PROFIT FOR THE YEAR 20.2 3.4 60.4 72.8 110.6
Other comprehensive income
T ranslation differences reclassified to profit or loss -19.9 – -19.9 – –
Result of hedging of interest rate risk 2.2 -2.8 2.9 1.6 3.1
T ax effect of hedging of interest rate risk -0.5 0.6 -0.6 -0.3 -0.6
T ranslation differences -11.1 -46.4 -76.2 0.4 41.9
TOT AL OTHER COMPREHENSIVE INCOME -9.1 -45.2 -33.4 74.5 155.0
TOT AL COMPREHENSIVE INCOME 4,013.3 4,085.9 4,104.3 4,240.2 4,320.7
T ransactions with shareholders
Dividend paid – – -69.0 -153.6 -153.6
Repurchase of own shares – – – – -6.1
Share-based payments 1.9 1.3 4.2 1.8 1.4
Change in liabilities, acquisition of non-controlling interest  1 ) 2.4 -0.6 -21.9 -1.8 -2.0
Disposal of non-controlling interest holdings in partially owned subsidiary – -7.6 – -7.6 -22.8
TOT AL TRANSACTIONS WITH SHAREHOLDERS 4.3 -6.9 -86.7 -161.2 -183.1
EQUITY 4,017.6 4,079.0 4,017.6 4,079.0 4,137.7
1)  Pertains to altered assessment regarding agreed future consideration.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 17
The Parent Company
The Parent Company
Income statement in summary
SEK, MILLIONS
 July–
September
2025    
 July–
September
2024    
 January–
September 
2025    
 January–
September
2024    
 January – 
December 
 2024   
Net sales 106.1 106.9 357.3 369.7 500.5
TOT AL OPERA TING INCOME 106.1 106.9 357.3 369.7 500.5
Operating expenses -127.9 -118.9 -429.1 -425.0 -575.3
Depreciation of property, plant and equipment -2.4 -2.2 -7.0 -6.6 -8.9
OPERA TING RESUL T BEFORE AMORTIZA TION OF INT ANGIBLE ASSETS (EBIT A) -24.2 -14.2 -78.8 -61.9 -83.7
Amortization of intangible assets -0.2 -0.7 -1.6 -2.1 -2.8
OPERA TING RESUL T (EBIT) -24.4 -14.9 -80.4 -64.0 -86.5
Financial items 39.8 89.6 250.0 194.0 517.1
RESUL T AFTER FINANCIAL ITEMS 15.4 74.7 169.8 130.0 430.6
Appropriations – – – – 1.3
Income tax 0.1 0.8 0.9 0.8 -12.3
RESUL T 15.5 75.5 170.7 130.8 419.6
Balance sheet in summary
SEK, MILLIONS
 September 30
2025    
 September 30
2024    
  
December 31 
 2024   
ASSETS
Non-current assets
Intangible assets 0.8 3.2 2.5
Property, plant, and equipment 20.7 27.1 26.1
Financial non-current assets 4,448.0 4,393.8 4,378.6
TOT AL NON-CURRENT ASSETS 4,469.5 4,424.1 4,407.2
Current assets
Current receivables 552.5 246.0 496.0
TOT AL CURRENT ASSETS 552.5 246.0 496.0
TOTAL ASSETS 5,022.1 4,670.1 4,903.2
EQUITY AND LIABILITIES
Equity
Restricted equity 95.4 95.4 95.4
Non-restricted equity 3,111.6 2,717.2 2,999.6
TOT AL EQUITY 3,207.0 2,812.6 3,095.0
Untaxed reserves 168.4 169.7 168.4
Interest-bearing non-current liabilities 1,500.0 1,500.0 1,500.0
Non-current provisions 27.3 22.2 22.7
Current liabilities 119.4 165.6 117.0
TOT AL EQUITY AND LIABILITIES 5,022.1 4,670.1 4,903.2
January – September
The operating profit before amortization of 
intangible assets (EBIT A) was SEK -78.8 (-61.9) 
million. The financial net increased to SEK 
250.0 (194.0) million, affected mainly by
dividends from subsidiaries. The result after 
financial net increased to SEK 169.8 (130.0) 
million. 
Equity had increased to SEK 3,207.0 (2,812.6) 
million on September 30, 2025. Untaxed 
reserves, primarily tax allocation reserves,
totaled SEK 168.4 (169.7) million.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 18
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
p rov i s i o n s  i n  t h e  A n n u a l  Ac c o u n t s  Ac t .                           
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 Re -
port were used, in addition to the aforemen -
tioned 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 combi -
ned with high interest rates has significantly 
increased the risk levels and shaped the 
market with large negative effects.
With a decreased demand for the Compa -
ny’s services comes short-term challenges 
with decreased utilization, where the busi -
ness 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 Company’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 19 =====

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 19
Supplementary information and notes
NOTE 3 : The Group revenue from client contracts
SEK, MILLIONS
 July–
September
2025    
 July–
September
2024    
 January–
September 
2025    
 January–
September
2024    
 January – 
December 
 2024   
GEOGRAPHIC CA TEGORIZA TION
Fee revenue
Sweden 499.2 513.8 1,753.8 1,924.3 2,595.9
Norway 361.5 364.2 1,253.6 1,302.8 1,739.1
Denmark 99.4 158.3 442.7 547.1 716.5
Finland 133.5 154.2 459.7 546.7 727.0
Poland 55.0 55.5 160.1 163.0 218.1
Other 14.5 5.8 26.9 16.4 22.0
TOT AL FEE REVENUE 1,163.1 1,252.0 4,096.8 4,500.3 6,018.5
Other revenue 1 )
Sweden 30.5 34.1 90.1 94.4 123.8
Norway 9.4 9.5 36.8 37.9 52.5
Denmark 12.4 27.4 60.9 127.7 202.4
Finland 5.3 2.4 17.6 8.1 12.0
Poland 1.2 0.8 3.8 5.4 6.5
Other 0.0 0.0 0.0 0.0 0.0
TOT AL OTHER REVENUE 58.8 74.2 209.2 273.5 397.2
TOT AL NET SALES 1,221.9 1,326.2 4,306.0 4,773.8 6,415.7
SEK, MILLIONS
 July–
September
2025    
 July–
September
2024    
 January–
September 
2025    
 January–
September
2024    
 January – 
December 
 2024   
SEGMENT CA TEGORIZA TION
Fee revenue
Solutions 617.5 704.1 2,215.5 2,491.4 3,317.7
Experience 216.7 221.2 747.9 843.0 1,114.8
Connectivity 168.7 176.4 535.8 576.9 774.4
Insight 162.7 153.1 604.8 601.8 826.5
Other -2.4 -2.8 -7.2 -12.8 -14.9
TOT AL FEE REVENUE 1,163.1 1,252.0 4,096.8 4,500.3 6,018.5
Other revenue  1 )
Solutions 30.2 45.8 115.3 180.6 269.5
Experience 8.4 14.2 30.8 48.0 66.1
Connectivity 22.1 12.9 64.3 38.5 52.6
Insight 3.9 6.0 18.7 24.7 33.4
Other -5.8 -4.8 -19.9 -18.3 -24.4
TOT AL OTHER REVENUE 58.8 74.2 209.2 273.5 397.2
TOT AL NET SALES 1,221.9 1,326.2 4,306.0 4,773.8 6,415.7
1) The revenue category License fees is reported in the category Other revenue as the amounts are not significant.
 For more information, see Note 1 Accounting and valuation principles in the Annual Report 2024.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 20
Supplementary information and notes
NOTE 4 : Consolidated segment reporting  
SEK, MILLIONS
July – September 2025
   
     Solutions    
   
 Experience    
   
 Connectivity    
   
 Insight    
   
 Other    To t a l
External net sales 629.6 229.6 194.4 167.9 0.3 1,221.9
Net sales between segments 35.8 12.9 0.8 5.3 -54.7 –
Internal direct costs between segments -17.7 -17.4 -4.4 -6.6 46.2 –
NET SALES 647.7 225.1 190.8 166.6 -8.3 1,221.9
Earnings before amortization of intangible assets (EBIT A) 64.2 6.8 20.7 -10.8 -3.5 77.4
Amortization of intangible assets -17.4 -6.1 -11.0 -6.6 -0.3 -41.4
OPERA TING PROFIT (EBIT) 46.8 0.7 9.7 -17.4 -3.8 36.0
Result after financial items 27.0
RESUL T FOR THE PERIOD 20.2
EBIT A margin, % 9.9 3.0 10.8 -6.5 6.3
Average number of employees 1,560 737 647 512 81 3,537
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.
SEK, MILLIONS
July– September 2024
   
     Solutions    
   
 Experience    
   
 Connectivity    
   
 Insight    
   
 Other   To t a l
External net sales 742.8 235.5 181.7 163.0 3.1 1,326.2
Net sales between segments 40.8 18.5 12.6 6.0 -77.8 –
Internal direct costs between segments -33.7 -18.5 -5.0 -9.8 67.0 –
NET SALES 749.9 235.4 189.3 159.1 -7.6 1,326.2
Earnings before amortization of intangible assets (EBIT A) 60.7 -1.3 21.3 -10.3 -12.5 57.9
Amortization of intangible assets -19.1 -4.9 -10.8 -6.0 -0.8 -41.6
OPERA TING PROFIT (EBIT) 41.6 -6.2 10.5 -16.3 -13.3 16.3
Result after financial items 5.1
RESUL T FOR THE PERIOD 3.4
EBIT A margin, % 8.1 -0.6 11.3 -6.5 4.4
Average number of employees 1,668 763 659 520 79 3,689

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 21
Supplementary information and notes
NOTE 4 : continued
SEK, MILLIONS  
January – September 2025
   
     Solutions    
   
 Experience    
   
 Connectivity    
   
 Insight    
   
 Other   To t a l
External net sales 2,273.1 802.6 599.9 628.6 1.8 4,306.0
Net sales between segments 135.3 45.8 17.0 23.9 -222.0 –
Internal direct costs between segments -77.6 -69.8 -16.8 -28.9 193.1 –
NET SALES 2,330.8 778.6 600.1 623.5 -27.1 4,306.0
Earnings before amortization of intangible assets (EBIT A) 198.8 30.8 51.5 11.2 -59.2 233.1
Amortization of intangible assets -50.1 -18.3 -33.1 -18.6 -1.9 -122.0
OPERA TING PROFIT (EBIT) 148.7 12.5 18.4 -7.4 -61.1 111.1
Result after financial items 82.3
RESUL T FOR THE PERIOD 60.4
EBIT A margin, % 8.5 4.0 8.6 1.8 5.4
Average number of employees 1,578 712 655 519 81 3,545
Intangible assets 1,946.0 666.8 1,056.8 501.5 1.3 4,172.4
Property, plant, and equipment 11.5 3.3 5.1 0.6 438.0 458.5
SEK, MILLIONS  
January– September 2024
   
     Solutions    
   
 Experience    
   
 Connectivity    
   
 Insight    
   
 Other    To t a l
External net sales 2,617.0 905.9 609.8 631.8 9.2 4,773.8
Net sales between segments 161.5 59.5 24.0 28.6 273.7 –
Internal direct costs between segments -106.5 -74.5 -18.4 -33.9 233.3 –
NET SALES 2,672.0 891.0 615.4 626.5 -31.2 4,773.8
Earnings before amortization of intangible assets (EBIT A) 211.3 46.0 66.4 24.7 -88.4 260.0
Amortization of intangible assets -57.3 -14.8 -32.4 -18.1 -2.3 -124.9
OPERA TING PROFIT (EBIT) 154.0 31.2 34.0 6.6 -90.7 135.1
Result after financial items 99.1
RESUL T FOR THE PERIOD 72.8
EBIT A margin, % 7.9 5.2 10.8 3.9 5.4
Average number of employees 1,737 793 671 534 78 3,814
Intangible assets 2,049.6 668.7 1,107.4 503.4 1.1 4,330.2
Property, plant, and equipment 15.1 3.8 7.3 1.8 550.1 578.1

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 22
Supplementary information and notes
NOTE 5 : Long-term incentive program (L TIP)
At the Annual General Meetings 2023, 
2024, and 2025, decisions were made in 
accordance with the Board’s suggestion on 
share-based incentive programs (L TIPs). The 
incentive 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 in -
vestment shares up to a total corresponding 
to at most 10 percent of their fixed annual sa -
lary before taxes. Each share acquired for this 
purpose 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 entit-
les the holder to four share rights, for cate -
gory 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.
L TIP 2025 
The maximum number of shares that can be 
allocated to participants within the frame-
work of L TIP 2025 shall be set at 181,000, 
corresponding to around 0.66 percent of 
all shares and votes in the Company. The 
maximum value that a participant can gain 
per share right is limited to SEK 580, corres -
ponding to around 450 percent of the price 
of the Company's share. As of September 
30, 2025, a total of 142,064 share rights 
have been allocated to 34 employees. The 
weighted fair value of the share rights on the 
allocation day (SEK 128.41) was calculated 
using Monte Carlo simulation. In the valuation, 
account has been taken of the value-based 
limitations in the program.
For information on earlier long-term incentive 
programs, please see Note 7 in the Annual 
Report for 2024.
NOTE 6 : The Group’s financial assets and debts
 September 30, 2025     September 30, 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 non-current securities  1 ) – 3.6 – 3.6 – 3.7 – 3.7
Othernon-current receivables 3.3 – – 3.3 3.3 – – 3.3
Accounts receivable and other receivables 1,142.6 – – 1,142.6 1,195.4 – – 1,195.4
Cash and cash equivalents 211.5 – – 211.5 358.4 – – 358.4
TOTAL 1,357.4 3.6 – 1,361.0 1,557.1 3.7 – 1,560.8
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 23 =====

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 23
Supplementary information and notes
NOTE 6 : continued
SEK, MILLIONS
Contingent
additional
        consideration  1 )   
Future
consideration 2)
FAIR VALUE, JANUARY 1, 2025 – 26.1
T otal recognized profits and losses:
recognized in profit/loss for the year – –
recognized in equity – 19.5
Settlement of future additional considerations, options and future consideration – -7.5
Cost of acquisitions 59.0 –
FAIR VALUE, SEPTEMBER 30, 2025 59.0 38.1
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 -14.7 –
Cost of acquisitions – –
FAIR VALUE, SEPTEMBER 30, 2024 – 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.
 September 30, 2025     September 30, 2024
SEK, MILLIONS
Other
financial  
liabilities
valued at
           accrued cost    
 Financial
assets valued
fair value
in income
          statement    
 Fair value
 hedging
             instruments    
 Fair
   value    
 Other
financial  
liabilities
valued at
           accrued cost    
 Financial
assets valued
fair value
in income
          statement    
 Fair value
 hedging
             instruments    
 Fair
   value    
Assets in balance sheet
Contingent additional
considerations  1) – 59.0 – 59.0 – – – –
Future consideration 38.1 – – 38.1 25.8 – – 25.8
Debt to sellers 1.5 – – 1.5 – – – –
Other interest-bearing liabilities 552.9 – – 552.9 1,108.7 – – 1,108.7
Accounts payable 328.8 – – 328.8 357.3 – – 357.3
Interest swaps for hedging  2) – – 8.2 8.2 – – 15.7 15.7
Other liabilities 132.4 – – 132.4 176.4 – – 176.4
TOTAL 1,053.8 59.0 8.2 1,121.0 1,668.2 – 15.7 1,683.9
1) Fair value pursuant to categorization level 3.
2)  Fair value pursuant to categorization level 2.

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

KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 24
Supplementary information and notes
NOTE 7: Acquisitions
Milso AB
On July 1, 2025, Knowit AB acquired 100 
percent of the shares in Milso AB, a company 
that offers services in technology, manage -
ment, and IT, with a focus on clients in the 
defense area. The company is an important 
addition to Knowit’s business area Insight. 
   
Insicon AB 
On July 1, 2025, Knowit AB acquired 100 
percent of the shares in Insicon AB, a com-
pany that offers an extensive business 
system for the insurance sector, combined 
with consultancy services to the European 
market. The company will be an important 
addition to Knowit’s business area Solutions.
Both acquisition analyses are preliminary.
SEK, MILLIONS   To t a l
Consideration paid
Cash and cash equivalents 90.1
Debts to sellers 1.5
Contingent additional consideration  1) 59.0
TOT AL CONSIDERA TION PAID TO SELLERS 150.6
1) Contingent consideration to Milso AB to be paid out based on certain commercial terms, to Insicon AB based on the companies’ profits for 2025 and 2026;  
 these are reported as forecast outcomes and discounted.
The reported amounts are preliminary fair value of i
dentifiable acquired assets and assumed liabilities:
SEK, MILLIONS   To t a l
Intangible assets 75.1
Property, plant and equipment 1.0
Current assets 13.0
Intangible assets 16.5
Non-current liabilities -21.9
Current liabilities -8.8
Share of net assets attributable to non-controlling interest holdings –
IDENTIFIABLE ACQUIRED NET ASSETS 74.7
Goodwill 75.9
ACQUIRED NET ASSETS 150.6
The goodwill arising from the acquisitions is 
related to the companies’ profitability and the
synergy effects expected through the mer -
gers of the companies’ and Knowit’s opera -
tions. During July to September 2025, Milso 
and Insicon have contributed revenue of SEK 
18.9 million and EBIT A of SEK 3.2 million. 
SEK, MILLIONS   To t a l
Cash flow to acquire subsidiaries, less acquired cash and cash equivalents
Cash consideration -90.1
Acquired cash and cash equivalents 16.5
IMPACT ON THE GROUP’S CASH AND CASH EQUIVALENTS -73.6
In total, acquisition-related costs of SEK 4.5 
million have been included in EBIT A and ope-
rating activities in the cash flow analysis. 
If the acquisitions had been performed on 
January 1, 2025, the group would, proforma 
for net sales and EBIT A, have reached SEK 
4.349.1 million and SEK 239.9 million for the 
year.

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KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 25
Supplementary information and notes
NOTE 9 : T ransactions with related parties
NOTE 8 : Data per share
SEK, MILLIONS
 July–
September
2025    
 July–
September
2024    
 January–
September 
2025    
 January–
September
2024    
 January – 
December 
 2024   
PROFIT FOR THE YEAR A TTRIBUT ABLE TO   
THE PARENT COMPANY'S SHAREHOLDERS, SEK, MILLIONS 19.6 3.2 58.4 67.1 106.1
Average number of outstanding shares, 000s:
before and after dilution 27,307 27,349 27,307 27,349 27,351
Earnings per share, SEK:
before and after dilution 0.72 0.12 2.14 2.45 3.88
Equity per share, SEK:
before and after dilution 147.27 148.93 147.27 148.93 151.55
Number of shares on balance sheet day, 000s:
before and after dilution 27,307 27,349 27,307 27,349 27,307
NOTE 10 : Events after the end of the interim period
On October 20, 2025, Knowit appealed the 
Administrative Court of Appeals’ judgment of 
September 29, 2025, to the Supreme Admi -
nistrative Court, after the Administrative
Court of Appeals approved the Swedish 
Agency for Economic and Regional Growth’s 
appeal and denied Knowit review permits in 
other cases. 
No other 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 April 29, 2025, 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). Repur-
chasing of a maximum of 223,200 shares 
can occur on one or more occasions before
the Annual General Meeting 2026. As of 
September 30, 2025, Knowit held 102,000 
(60,000) of its own shares.

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KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 26
Financial position
Financial position
Performance measures
 July–
September
2025    
 July–
September
2024    
 January–
September 
2025    
 January–
September
2024    
 January – 
December 
 2024   
Number of employees at end of period 3,774 3,941 3,774 3,941 3,860
Average number of employees 3,537 3,689 3,545 3,814 3,772
Normal working time, hours 513 513 1,459 1,468 1,949
Net sales per average number of employees, SEK, 000s 345 360 1,215 1,252 1,701
Result after financial items per average number of employees, SEK, 000s 8 1 23 26 41
EBIT A, MSEK 77.4 57.9 233.1 260.0 366.6
Adjusted EBIT A, SEK, millions 62.5 57.9 221.1 288.4 395.0
EBIT A margin, % 6.3 4.4 5.4 5.4 5.7
Adjusted EBIT A margin, % 5.1 4.4 5.1 6.0 6.2
Return on total capital, % 0.6 0.3 1.8 2.1 3.1
Return on equity, % 0.5 0.1 1.5 1.8 2.7
Return on capital employed, % 0.8 0.4 2.3 2.7 4.1
Equity ratio, % 62.5 59.4 62.5 59.4 60.8
Net debt ratio, multiples 0.2 0.2 0.2 0.2 0.2

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KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 27
Financial position
Overview per business area
SEK, MILLIONS
 July –
September
2025    
 July –
September 
2024    
July –
September 
2024
incl. acquisitions
and disposal  1) 
January –
September 
2025      
January –
September 
2024   
January–
September 
2024 
incl. acquisitions
   and disposal  2)
   October 2024– 
September 2025 
incl. acquisitions
and disposal  3)   
THE GROUP
Net sales 1,221.9 1,326.2 1,282.8 4,306.0 4,773.8 4,730.4 5,822.4
Adjusted EBIT A profit 62.5 57.9 56.2 221.1 288.4 286.7 324.0
Adjusted EBIT A margin, % 5.1 4.4 4.4 5.1 6.0 6.1 5.6
Number of employees at the end of the period 3,774 3,941 4,002 3,774 3,941 4,002 3,774
BUSINESS AREA  
Solutions
Net sales 647.7 749.9 700.3 2,330.8 2,672.0 2,622.4 3,092.0
EBIT A profit 64.2 60.7 58.2 198.8 211.3 208.8 274.3
EBIT A margin, % 9.9 8.1 8.3 8.5 7.9 8.0 8.9
Number of employees at the end of the period 1,656 1,762 1,804 1,656 1,762 1,804 1,656
Experience
Net sales 225.1 235.4 235.4 778.6 891.0 891.0 1,068.6
EBIT A profit 6.8 -1.3 -1.3 30.8 46.0 46.0 38.9
EBIT A margin, % 3.0 -0.6 -0.6 4.0 5.2 5.2 3.6
Number of employees at the end of the period 775 817 817 775 817 817 775
Connectivity
Net sales 190.8 189.3 189.3 600.1 615.4 615.4 811.7
EBIT A profit 20.7 21.3 21.3 51.5 66.4 66.4 74.0
EBIT A margin, % 10.8 11.3 11.3 8.6 10.8 10.8 9.1
Number of employees at the end of the period 696 709 709 696 709 709 696
Insight
Net sales 166.6 159.1 165.4 623.5 626.5 632.8 885.2
EBIT A profit -10.8 -10.3 -9.6 11.2 24.7 25.4 29.2
EBIT A margin, % -6.5 -6.5 -5.8 1.8 3.9 4.0 3.3
Number of employees at the end of the period 556 565 584 556 565 584 556
1)  Adjustment pertains to the acquisitions of Milso AB and Insicon AB for the period July to September 2024 and the disposal of Knowit Consulting Services A/S for the period July to September 2024.
2)  Adjustment pertains to the acquisitions of Milso AB and Insicon AB for the period July to September 2024 and the disposal of Knowit Consulting Services A/S for the period July to September 2024.
3)  Adjustment pertains to the acquisitions of Milso AB and Insicon AB for the period October 2024 to June 2025 and the disposal of Knowit Consulting Services A/S for the period October 2024 to June 2025.   
The table shows the outcome per quarter
and period, with comparison figures presen -
ted to facilitate analysis.

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KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 28
Financial position
Overview per country
The table shows the outcome per quarter and 
period, with comparison figures presented to 
facilitate analysis.
SEK, MILLIONS
 July–
September 
2025    
 July–
September 
2024    
 January –
September 
2025    
 January–
September 
2024    
 January–
December
 2024    
    October 
2024– 
September 
2025
Sweden
Net sales 529.8 547.9 1,844.0 2,018.7 2,719.6 2,544.9
EBIT A 16.1 9.6 89.1 112.8 157.0 133.2
EBIT A margin, % 3.0 1.8 4.8 5.6 5.8 5.2
Norway
Net sales 370.9 373.8 1,290.4 1,340.7 1,791.6 1,741.2
EBIT A 31.8 35.3 117.3 136.0 169.9 151.2
EBIT A margin, % 8.6 9.4 9.1 10.1 9.5 8.7
Denmark
Net sales 111.8 185.7 503.6 674.8 919.0 783.2
EBIT A 3.1 -1.2 21.6 25.2 41.6 38.0
EBIT A margin, % 2.7 -0.6 4.3 3.7 4.5 4.9
Finland
Net sales 138.8 156.7 477.3 554.8 739.0 625.7
EBIT A 16.0 18.4 35.7 48.6 69.8 56.9
EBIT A margin, % 11.5 11.8 7.5 8.8 9.4 9.1
Poland
Net sales 56.1 56.3 163.8 168.3 224.6 220.1
EBIT A 7.4 6.2 15.0 16.2 25.7 24.5
EBIT A margin, % 13.3 11.1 9.2 9.6 11.4 11.1

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KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2025 29
Definitions
Alternative performance measures
Knowit uses alternative performance mea -
sures, as we believe they are relevant for fol -
lowing 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 an -
nual 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 segment, and sales growth.
The calculations of alternative performance 
measures on this page pertain to the period 
January to September 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. (221.1 / 4,306.0 = 5.1%)
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 one-time nature.  
(233.1 + 4.5 + 0.3 – 16.8 = 221.1)
Average capital employed 
The average of the period’s opening and 
closing balances of equity plus interest-bea -
ring liabilities. 
((4,137.7 + 863.1 + 158.9 + 4,017.6 + 663.8 
+ 155.9) / 2 = 4,998.5)
Average equity 
The average of the period’s opening equity 
balance and the period’s closing equity ba -
lance. ((4,137.7 + 4,017.6) / 2 = 4,077.7)
EBIT A margin  
Profit before amortization of intangible assets 
(EBIT A) in relation to net sales for the period. 
(233.1 / 4,306.0 = 5.4%)
EBIT A profit
Profit before amortization and write-downs of 
intangible assets. (233.1)
EBITDA profit
Profit before depreciation and amortization of 
property, plant and equipment and intangible 
assets, respectively. (233.1 + 128.1 = 361.2)
Net debt 
Interest-bearing liabilities less financial 
interest-bearing assets less cash and cash 
equivalents.  
(663.8 + 155.9 – 211.5 = 608.2)
Net debt ratio
Used to show the Company’s indebtedness. 
Net debt in relation to equity.
(608.2 / 4,017.6 = 0.2 multiples) 
Net sales per segment
T o promote collaboration between segments, 
the Corporate Management T eam has 
decided 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 
expenses expressed as a percentage of 
average capital employed.
((82.3 + 34.9) / 4,998.5 = 2.3%)
Return on equity 
Profit after full tax as a percentage of average 
equity including non-controlling interests. 
(60.4 / 4,077.7 = 1.5%)
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 prece-
ding period. 
((4,306.0 – 4,773.8) / 4,773.8) = -9.8%)
Definitions