FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2023
===== 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.
===== SIDA 25 =====
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.
===== SIDA 26 =====
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.
===== SIDA 28 =====
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
===== SIDA 29 =====
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