Kvartalsrapport Q3 2024

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

Slow recovery    
Interim report for Knowit AB
 JANUARY – SEPTEMBER 2024
Net sales decreased by 9.5 percent to SEK 4,773.8 (5,273.4) million
The EBITA profit was SEK 260.0 (348.6) million, the adjusted EBITA profit was SEK 288.4 (349.8) million 1)
The EBITA margin was 5.4 (6.6) percent, the adjusted EBITA margin was 6.0 (6.6) percent 1)
Results after tax were 72.8 (150.3) million
Earnings per share were SEK 2.45 (5.43) 2)
Cash flow from operating activities increased to SEK 368.7 (128.5) million
JUL Y – SEPTEMBER 2024
Net sales decreased by 14.1 percent to SEK 1,326.2 (1,544.1) million
The EBITA profit was SEK 57 .9 (7 4.8) million, the adjusted EBITA profit was SEK 57 .9 (7 4.9) million 1)
The EBITA margin was 4.4 (4.8) percent, the adjusted EBITA margin was 4.4 (4.9) percent 1)
Results after tax were SEK 3.4 (26.3) million
Earnings per share were SEK 0.12 (1.08) 2)
Cash flow from operating activities increased to SEK 170.7 (-99.9) million
1)	 EBIT A	is	adjusted	 for	items	that	affect	comparability 	between	periods, 	to	improve	understanding	of 	the	Group’s	underlying	operative	activities. 	The	period	January–September	is	adjusted		
	 for 	provisions	related	 to	the	Swedish	Agency	for	Economic	and	Regional	Growth’s	decision	on	repayment	of 	support	for	short-term	work,	totaling	SEK	28.4	million. 	Knowit	does	not	share	 the	Swedish		
	 Agency 	for	Economic	and	Regional	Growth’s	 views	and	has	appealed	 the	decision	 to	the	Stockholm	Administrative	Court. 	For	more	information, 	see	definitions	on	page	27.
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	25,	2024.
Interim report

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

2   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Comments from the CEO
In the business area Connectivity, we have 
a continued positive development with a 
good margin, in line with last year. Our abi -
lity to quickly adapt the organization when 
demand changes protects the margin, but 
also means that we are fewer employees 
today compared with a year ago.
Our two remaining business areas have 
had a rough quarter development. The 
digital agency operations Experience con -
tinues to be greatly affected by the weaker 
economic climate, without any clear signs 
of recovery. The work with optimizing our 
resources continues while the active sales 
work and client dialogues have high priori -
ty. This is showing results, but in the short-
term perspective, the margin is affected. 
The management consultancy operations 
Insight have had yet another weak quarter, 
in part because start-up after the summer 
was slow, with several clients waiting to  
initiate new projects. We continue to see a 
high need for competence within defense 
and cybersecurity and we have recruited 
in this area during the quarter, which has 
had a short-term negative impact on the 
margin.
Proactivity and cost awareness
Proactivity in client dialogues, combined 
with a focus on constant improvements 
to our internal efficiency, continues to be a 
guiding star in the organization. Companies 
and authorities have a large need to conti -
nue their digital transformation in a weaker 
Strong position  
in a challenging quarter
After more than a year of recession, Knowit 
is now a slightly smaller company compa-
red with a year ago. As a result of this, net 
sales have decreased by 14.1 percent to 
SEK 1,326.2 million and the number of 
employees at the end of the quarter is 
3,941 (4,383). Despite this, we have 
managed to retain a relatively stable EBIT A 
margin, thanks to the intensive work done 
in the past year to adapt our organization 
to the current market conditions. We retain 
a strong focus on meeting the demands of 
our clients, although internal efficiency also 
has high priority.
Mixed bag across business  
areas and geographic areas
It is still too early to say that we are seeing a 
general recovery or that we have reached 
the bottom of the recession. Demand varies  
across segments and geographic areas, 
which it has throughout the past year. In 
our largest business area, Solutions, we 
are seeing that the early signs of recovery 
which we noted already during the second 
quarter have continued throughout the 
third quarter. For the second quarter 
running, we have seen a positive trend as 
regards utilization. 
economy too. During the quarter, we have 
signed new framework agreements with 
the Norwegian Labour and Welfare Ad -
ministration (NAV), where Knowit will help 
the authority in its continued digitalization 
efforts.
The significance of innovation and new 
technology is increasing in society, even 
during a recession. As one of the leading 
suppliers in the Nordic region, Knowit is 
well-positioned to start growing again and 
gaining market shares when the market 
does pivot. Through the actions taken 
during the year, we are well-equipped 
to face a higher demand on a stronger 
market.
PER WALLENTIN
Chief Executive Officer and President
The third quarter of the year was characterized by varied demand across different segments and 
geographic areas, where Knowit is facing its greatest challenges in the Swedish market. After over  
a year of intensive work to optimize and strengthen the organization, we are seeing that the negative 
development has partially stopped and that utilization is slowly improving. This applies primarily to 
our largest business area Solutions. At the same time, we and our entire sector continue to be chal -
lenged by weak demand and a relatively unpredictable market. Our strong position as a digitalization 
partner to Nordic companies and authorities means that we manage to navigate on a market where 
maneuvering is sometimes hard.

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

3   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Events during the quarter
July – September 2024 
Knowit has won THE PROCUREMENT OF NEW FRAMEWORK AGREEMENTS WITH NAV  (the Norwegian   
Labour and Welfare Administration). The new agreements mean that Knowit will continue the work 
with digitalizing NAV in the coming four years. The agreement has an estimated value of NOK 3.5 billion  
and delivery will be made in close collaboration with a few main partners. 
Knowit has, in collaboration with Microsoft Sweden, published an EXTENSIVE GUIDE FOR DECISION-  
MAKERS DEVELOPING, IMPLEMENTING, OR USING TOOLS BASED ON ARTIFICIAL INTELLIGENCE (AI).  
The guide has been drafted in collaboration with lawyers, business psychologists, and cybersecurity 
experts to ensure solid support for organizations to simplify decisions on reliable AI taking ethical, legal, 
and cybersecurity-related aspects into consideration. 
Knowit Experience won the Norwegian design aware RED DOT AWARDS FOR STOREBRAND’S NEW  
VISUAL IDENTITY.  Knowit has collaborated with Storebrand regarding brand, content strategy, and 
digital communication since 2013.
Knowit has organized a series of well-attended seminars on the topic BRAVE LEADERSHIP DURING  
THE ARENDAL WEEK  in August. The panel debate with participants from the private and public sector  
discussed challenges in an uncertain world, where the fast technology development requires leader-  
ship that dares to challenge thinking and learn new things.
Knowit has organized TESTIT, A CONFERENCE FOR TESTERS BY TESTERS,  which has been held 
since 2015. The conference gathers competence in the testing area for a day, to share knowledge, 
ideas, and inspiration. This year’s conference was held in Malmö and gathered more than 200 parti-  
cipants.
Knowit Open was held in Stockholm and gathered around 100 senior executives from companies 
and organizations. KNOWIT OPEN IS A KNOWLEDGE FESTIVAL  with a data-driven theme covering 
everything from sustainability and Generative AI to security, cloud technology, and leadership.

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

4   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
The quarter in brief
July – September 2024
Net sales for the quarter were SEK 1,326.2 (1,544.1). Exchange rate developments had a negative 
effect on net sales, totaling SEK -40.8 (41.4) million. Profit before amortization of intangible assets 
(EBIT A) was SEK 57.9 (74.8) million. The adjusted EBIT A profit was SEK 57.9 (74.9) million, adjusted 
for integration costs of SEK – (0.1) million. The work to optimize the organization and reduce costs 
has continued during the third quarter, a result of market demand weakening as compared with the 
same quarter in the previous year. Normal working hours for the quarter totaled 513 (505).
Cash flow from operating activities increased to SEK 170.7 (-99.9) million, where the change in operating 
capital contributed with SEK 99.8 (-223.8) million, affected mainly by decreased operating receivables.
 SEK, MILLIONS
July –
September 
2024
July –
September 
2023
Sales 1,326.2 1,544.1
Sales, change, % -14.1 -0.3
of	which	is	exchange	rate	effect, 	% -2.6 2.7
EBIT A 57.9 74.8
Adjusted EBIT A profit 1) 57.9 74.9
EBIT A margin, % 4.4 4.8
Adjusted EBIT A margin, % 2) 4.4 4.9
Cash flow from operating activities 170.7 -99.9
Intangible assets 4,330.2 4,528.6
Number of employees at the end of the period 3,941 4,383
Normal working hours 513 505
1)	 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	and	disposals, 	and	costs	for	restructuring	and	integration	programs, 	as	well	as	significant	items	of 	a	one-time	nature.
2)	 Adjusted	EBIT A	profit	in	relation	 to	the	net	sales	of 	the	period.
Adjusted EBIT A profit, SEK, millions 
 Adjusted EBIT A profit, quarterly data
 Rolling 12 months
Q3
24
95
Q3
22
179
Q4
22
198
Q1
23
77
Q2
23
75
Q3
23
148
Q4
23
136
Q1
24
94
Q2
24
58
Net sales, SEK, millions 
 Net sales, quarterly data
 Rolling 12 months
Q3
22
1,326
Q3
24
1,681
Q4
22
1,521
Q1
23
1,972
Q2
23
1,971
Q3
23
1,759
Q4
23
1,544
Q1
24
1,824
Q2
24
1,766
 6,437
7,246
6,597
529
610
436

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

5   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Market and operations 
Through four business areas, Knowit deve -
lops long-term sustainable and innovative 
solutions with high value for clients and 
society. The four business areas build on 
the clients’ needs for support in different 
parts of their organizations. The business 
area Solutions usually collaborates with 
companies’ operative and IT departments. 
Experience’s usual client group encom -
passes sales and marketing departments, 
and Connectivity’s target group is mainly 
research and development departments. 
Insight mainly has corporate management 
and management teams as its clients.
In the last year, generative AI has made bro -
ad inroads into society, leading to develop -
ments in both work methods and deliveries 
along with clients and partners. 
At Knowit, we help companies future-proof 
their operations through our expertise in 
tech, digitalization, leadership, design, and 
security. We work from a Nordic perspec -
tive, through specialized teams that make 
things happen along with our clients.
Good spread across  
different client segments
Knowit meets clients in many different indu -
stries, where companies and organizations 
have the need for competent support to de -
velop their operations and drive the change 
towards a digitalized society. The largest 
proportion of net sales is in the public se -
ctor, providing 37 percent of Knowit’s total 
net sales. Other significant client sectors 
are Industry, 17 percent of net sales, Retail 
and service companies, 17 percent, and 
Banking and finance, 10 percent.
Aiming for a sustainable future 
An important part of the ongoing digita -
lization is about having companies and 
organizations accelerating the shift to a 
sustainable society. Being a contributing 
factor in this shift is high up on Knowit’s 
strategic agenda. Digitalization creates 
both possibilities and risks for the climate 
and for society. Knowit’s role, as a leading 
consultancy company in the digitalization 
sector, is therefore even more important 
from a sustainability perspective. Aside 
from identifying and managing our impact 
on society and the environment, Knowit 
needs to understand how society is chang -
ing to better capture opportunities, manage 
risks, and continue to develop our business 
operations. Sustainable business means 
creating long-term value for shareholders, 
clients, and employees, as well as other 
stakeholders.
An important employer in the tech sector
Knowit is a value-driven workplace that 
encourages employees to take a large 
portion of the responsibility for their own 
and the company’s development. The 
Client offer driving  
the digital transformation
Knowit’s vision is to lead companies and organizations toward a sustainable future. With a unique 
combination of cutting-edge technology, design, communications, and strategy, we develop innova -
tive and sustainable solutions that contribute to a high business value for our clients. Knowit’s agile 
work methods and client-tailored solutions have contributed to creating a strong position on the 
Nordic consultancy market with a presence in Sweden, Norway, Finland, Denmark, and Poland.
Sales per business area,
July – September 2024
Solutions 56% (54)
Experience 18% (20)
Insight 14 % (15)
Connectivity 12 % (11)
56
18
14
12
Sales per client industry,
July – September 2024
Public sector 37 % (39)
Retail and service companies 17% (15)
Industry 17% (15)
Banking, finance and insurance 10 % (10)
T elecommunications 7 % (8)
Media, education and gaming 5% (6)
Energy 3% (4)
Other 4% (3)
Sales per country, 
July – September 2024
Sweden 42 % (43)
Norway 28% (29)
Denmark 14% (13)
Finland 12% (11)
Poland 4% (4)
Other 0% (0)
28
42
4
12
14
43
5
7
10
17
17
37

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

6   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Market and operations 
promise to both clients, employees, and 
society at large is to be “Makers of a sus -
tainable future,” creating commitment and 
the drive to take on challenges and seize 
new opportunities. Knowit’s ability to attract 
and engage through a strong employer 
brand has been recognized in several 
ways in recent years. During the quarter, 
Knowit was once again ranked highly as an 
employer by Nordic students in the survey 
Most Attractive Employers in Nordics 2024, 
which is important for our ability to attract 
new talent.
On the weaker market, we have prioritized 
work with further education of our employ -
ees and ensuring that we strengthen our 
competence in areas where demand 
remains high. One good example is the 
defense industry, where our clients request 
our support to develop and digitalize the 
defense sector. During the quarter, we have 
introduced a training program designed to 
combine participants’ current knowledge 
with specialized defense-related education, 
focusing in particular on digitalization and 
innovation.
Financial outcome
The Group’s operations are organized so 
that the corporate management team 
primarily follows four business areas: 
Solutions, Experience, Connectivity, and 
Insight. T o promote collaboration between 
segments, the Corporate Management 
T eam decided in 2024 that the net sales 
per segment shall include deductions for 
internal direct costs. The margin for the 
business areas is thus altered and the 
comparison figures for 2023 have been 
adjusted accordingly. No effect arises for 
the Group’s margin. See pages 19 and 20.
Net sales for the quarter for Solutions were 
SEK 749.9 (861.5) million, for Experience 
they were SEK 235.4 (306.3) million, for 
Connectivity they were SEK 189.3 (225.8) 
million, and for Insight they were SEK 159.1 
(162.2) million.
Profit before amortization of intangible 
assets (EBIT A) for Solutions was SEK 60.7 
(63.2) million, for Experience was SEK -1.3 
(7.4) million, for Connectivity was SEK 21.3 
(26.2) million, and for Insight was SEK -10.3 
(-10.4) million.
The EBIT A margin for Solutions increased 
to 8.1 (7.3) percent. For Experience, it was 
-0.6 (2.4) percent, for Connectivity, it was 
11.3 (11.6) percent and, for Insight, it was 
-6.5 (-6.4) percent.
 
Solutions
 
 July –
 September 
 2024 
 July –
 September  
 2023
Sales, SEK, million 749.9 861.5
EBIT A, SEK, million 60.7 63.2
EBIT A margin, % 8.1 7.3
Number of employees 1,762 1,953
Solutions is Knowit’s largest business area, 
with operations on all of Knowit’s markets 
in the Nordic region. Around 1,800 consul -
tants offer cutting-edge competence in all 
parts of the system development process: 
from idea, architecture, and project gover -
nance, to programming, implementation, 
testing, and security. Innovation and bespo -
ke system solutions create increased pos -
sibilities to ensure that clients’ operations 
develop in step with the latest technology 
and changing business needs.
In the Nordic region, the business area 
Solutions has the single largest share of its 
clients in the public sector. Solutions also 
supports larger companies in retail and 
e-commerce with payment solutions and 
AI solutions. In the telecom industry, the 
business area Solutions has several larger 
clients, with long-term relationships, where 
they develop new system solutions and 
are in charge of DevOps. Here, deliveries 
are increasingly made through agile teams. 
In banking and finance, some clients are 
found among the more niche players, chal -
lenging older business models. 
Comments from the Head of Solutions
The positive trend in utilization has conti -
nued into the third quarter, but at a cautio -
us level as yet. We must continue to work 
hard to drive our business forward and a 
lot of work remains before we are back at 
past profitability levels.
“	For	the	second	quarter 	running,	we		
are	strengthening	our 	margin	compared 	
with	the	same	period	last	 year,	which		
is	naturally	very	gratifying.	We	are	per-
forming	well	in	Norway	and	Finland	in 	
particular,	where	our	efforts	to	optimize	
the	organizations	are	now 	showing	full	
effect.	We	have	not	yet	seen	any	broad	
market	recovery,	but	feel	firm	ground		
under	our	feet,	which	bodes	 well	for	
coming	quarters.”
Fredrik Ekerhovd,  
Head of Solutions
Experience
 
 July –
 September 
 2024 
 July –
 September  
 2023
Sales, SEK, million 235.4 306.3
EBIT A, SEK, million -1.3 7.4
EBIT A margin, % -0.6 2.4
Number of employees 817 979
The business area Experience is one of the 
leading digital agencies in the Nordic region, 
with around 800 specialists at the interface 
between technology and communication, 
who take responsibility for the entire digital 
customer experience. In the client projects, 
which are staffed with various specialist 
competences in web and mobile techno -
logy, design, data analysis, and marketing, 
Experience helps companies and organiza -
tions achieve their business-critical goals in 
marketing and sales, which ultimately also 
drives improved profitability for clients.
Experience’s relationships to its clients are 
typically a combination of short-term project 
assignments and long-term partnerships. 
This might involve, for instance, an increased 
need for a faster shift of sales to e-commerce 
solutions, with a focus on data-driven 
customer experiences and increased sales. 
Experience has more clients in the public 
sector, where they in various ways contri-
bute to creating better and more accessible 
societal services for individual citizens.
Comments from the Head of  Experience
The positive indications we saw in the ope-
rations during the spring have faded and the 
third quarter has been weaker than expected. 
The start of several new client projects after 
the summer has been postponed or scaled 
down. We are working hard to increase sales 
activities and further sharpen our efforts in 
areas like e-commerce and accessibility. At 
the same time, we have a continued focus on 
implementation of the streamlining measu -
res initiated earlier during the year.
“After	a	quarter	with	significantly 	
	weaker	development	than	expected,		
our	margins	have	decreased	markedly		
compared	with	a	year	ago..	We	are	
challenged	mainly 	in	Sweden	and 	
Denmark,	where	a	lot	of	work	remains	
to	be	done	before	we	have	a	solid	foun-
dation	to	stand	on.	We	are	working	
intensively	on	all	markets,	with	a	gro-
wing	pipeline	of	new	business	possi-
bilities,	though	competition	is	 fierce.”
Kenneth Gvein,  
Head of Experience

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

7   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Market and operations
Connectivity
 
 July –
 September 
 2024 
 July –
 September  
 2023
Sales, SEK, million 189.3 225.8
EBIT A, SEK, million 21.3 26.2
EBIT A margin, % 11.3 11.6
Number of employees 709 763
Connectivity combines technical expertise 
and business competence for innovative, 
secure, and sustainable solutions in IT and 
communication technology. The business 
area is primarily active in product, system, 
and service development of embedded 
systems, cloud solutions, and security 
applications.
The business area, with around 700 
consultants in Sweden and Poland, and a 
smaller operation in Germany, is a leading 
supplier to clients in the telecom industry, 
the vehicle industry, the manufacturing 
industry, and to research and develop-
ment departments.
Connectivity is specialized in the deve -
lopment of 5G technology, at the absolute 
forefront of digitalization. The platform en -
ables usage of artificial intelligence (AI), the 
internet of things (Io T), and extended rea-
lity (XR). Thus, it has potential to decrease 
costs, energy usage, emissions, and waste, 
and to mitigate climate change.
Comments from the Head of Connectivity
The results of the quarter speak of a mar -
ket that is still highly competitive, where 
Connectivity’s strong position in relation  
to industry clients is a strength. We are 
working hard to both adapt the organi-
zation and be proactive in our client dia -
logues, which has shown results.
“	Thanks	to	our	ability	to	transform	
and	adapt	the	operations	 to	lower	net	
sales,	combined	with	a	strong	deve -
lopment	in	our 	product	operations, 	
we	have	managed	to	maintain	our	
margins	despite	an	uncertain	market. 	
A	generally	more	positive	developme -
nt	in	our	operations	during	 the	quarter	
creates	possibilities	 to	continue	with	
some	recruitment	during	 the	fall.	We	
have	a	high	sales	 focus	throughout	
the	organization	and	have	increased 	
our	sales	capacity.”
Lennart Waldenström,  
Head of Connectivity
Insight
 
 July –
 September 
 2024 
 July –
 September  
 2023
Sales, SEK, million 159.1 162.2
EBIT A, SEK, million -10.3 -10.4
EBIT A margin, % -6.5 -6.4
Number of employees 565 594
Specialists at Insight support their clients  
in creating agile organizations and perfor -
ming digital transformations, from idea to 
result. In close collaboration with the client, 
they adapt methods and models based on 
the client’s challenges and unique market 
circumstances.
The business area currently has around 
550 employees and is thus an establis -
hed player on the Nordic management 
consulting market. Primary offers include 
data-driven growth, organization and stra -
tegy development, digital transformation, 
security, e-health, and sourcing. Demand 
for services in cybersecurity and defense 
has been particularly high this year, driven 
by increased global uncertainty.
Comments from the Head of Insight
Insight has had a rough start to the fall 
with a general hesitance and slow start-
up of projects after the summer months. 
Combined with a more competitive 
market, this has had a negative impact on 
both utilization and results. Our position 
in cybersecurity and law remains strong 
and we have reinforced it during the 
quarter with new employees in our trainee 
program.
“	We	are	focusing	on	developing	our 	
offer	towards	 the	defense	sector 	
and	strengthening	our 	position	in 	
this	important	segment, 	including 	
by	introducing	education	efforts	 to	
broaden	our 	competence	base. 	We	
are	also	maintaining	our 	efforts	 to	
streamline	our 	deliveries	in	order 	to	
increase	our 	utilization	and	profitabi -
lity	going	 forward.”
Carin Strindmark,  
Head of Insight

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

8   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Reference cases
The new website is more than just an 
online presence – it is a digital home, where 
COWI’s values, mission, and results are 
presented in an elegant and clear manner. 
The advanced platform is designed to be 
intuitive and engaging. The users are at its 
heart and it has become easier to navigate 
and find relevant information. At the same 
time, the websites digital carbon footprint 
has decreased by 59 percent.
The visual and functional update of COWI’s 
website makes it possible for the compa -
ny to communicate more efficiently and 
supports its position in the consultancy 
industry. It reflects COWI’s ability to combi -
ne esthetics with functionality, creating a 
unique and inspiring user experience.
 
Innovative assignments
that create long-term value
COWI’s new website combines esthetics 
and functionality with a decreased carbon 
footprint
  
The global engineering and  
 consultancy company COWI 
 needed a technical update of 
its editor interface, a more user-friendly 
platform, and an updated digital presence 
that reflected its brand. With a new visual 
identity and the need for a new technical 
setup, it was crucial to think about strategy, 
creativity, and technology from the start. 
Knowit worked in an intense process for 
six weeks, where both the company and 
its clients were involved in workshops and 
meetings. With a focus on simplicity in both 
communication and solution, a concept 
was developed centered around the user. 
The platform Umbraco was chosen as the 
technical solution, as it fully met COWI’s 
needs and offers a highly user-friendly 
interface. The solution is cloud-based and 
prepared for future scalability, so that COWI 
can continue its growth and digital innova -
tion without issues.
Norskt Stål chooses  
Knowit as its digitalization partner
   
Norskt Stål AS is a nation-wide  
 distribution organization in steel  
 and metal. The company markets 
and distributes its products and associated 
services to the private sector, including the 
tooling, energy, shipping, construction, and 
industrial sectors. The company has ten 
branches across Norway, with headquar -
ters in Oslo.
Norskt Stål chose Knowit as its digitaliza -
tion partner following a thorough selection 
process. The agreement initially encom -
passes analysis of a new business system 
based on Microsoft Dynamics 365, a 
reporting solution, and a platform adapted 
for future growth and further digitalization.
The purpose behind the procurement 
process for Norskt Stål was to identify a 
comprehensive and long-term digitalization 
partner. Knowit’s high quality in the dialogue 
has created confidence and a founda -
tion for sound future collaboration. The 
partnership strengthens Knowit’s position 
on the market as a digitalization partner 
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 =====

9   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Reference cases
with competence to deliver total solutions 
and provide clients with expertise, change, 
and value. The methods used for analysis, 
implementation, and continuous improve -
ment were important to Norskt Stål in the 
procurement procedure.
Knowit delivers  
digital solutions to Kunstsilo  
 In 2024, Northern Europe’s pos-  
 sibly most innovative center for  
 art and culture experiences – 
Kunstsilo – opened in Kristiansand in 
Norway. With over 100,000 visitors during 
the first three months, the art museum has 
been a great success. The museum is hou -
sed in a former grain silo in the harbor and 
will contain the largest collection of Nordic 
art from the 1900s to the present day.
The process of going from the art museum 
of Sørlandet to becoming Kunstsilo requi -
red a changed organizational structure 
and quick growth. Knowit has been by the 
client’s side to develop, structure, and pro -
cure this complex and critical project.
The project encompassed developme -
nt and project management of the new 
websites, new info screen solution, and 
implementation of a new sales system. 
The website is a modern and user-friendly 
platform for communicating about the con -
tents and operations of the museum. The 
new system makes it easier for visitors to 
order and pay for tickets and memberships 
in advance.
Knowit has also implemented a digital 
workplace, giving employees access to 
effective tools for collaboration, commu -
nication, and document management. 
The digital workplace is adapted to the 
museum’s internal processes, graphical 
profile, and new organization, contributing 
to creating a healthy working culture and 
increased productivity.
Further, Knowit has helped the client to de -
velop a system for statistics on visitor num -
bers, real-time capacity monitoring, and 
data access, to make it a more data-driven 
company with new technology.
Through the new website, digital infor -
mation screens, and an integrated ticket 
system, Kunstsilo has created a more mo -
dern and user-friendly experience for the 
public. The new statistics system means 
that the art museum can more easily make 
data-driven decisions regarding capacity 
usage and visitor numbers, while also get -
ting valuable insights into visiting patterns. 
Through digital systems for internal work 
processes, the employees have gained 
access to tools for collaboration and com -
munication, improving the working culture 
and productivity.
Strategic change paves  
the way for digital independence
   
The municipality of Kinda initiated  
 a large change by leaving its   
 municipal association, to inde -
pendently manage its IT operations. The 
decision arose from a need for greater 
possibilities to adapt its IT operations in 
order to invest more in development, raise 
quality, and decrease costs. With the help 
of Knowit, as advisor and project manager, 
a smooth transition to a new IT supplier 
was ensured. This strategic change now 
enables the municipality to independently 
decide on its digital development and 
promote further innovation.
In order for the transition to be smooth 
and have minimal impact on the munici -
pality’s operations, there was a need for a 
partner with expertise in organizational and 
operative development. The choice fell on 
Knowit, acting as both advisor and project 
manager for the transition to the new supp -
lier and for the creation of the new IT and 
digitalization organization.
Knowit supported the municipality of Kinda 
throughout the processes, from navigating 
the dissociation with the existing supplier 
to joining the new one and building an in -
ternal IT organization. Knowit’s consultants 
identified and managed risks, ensured 
quality and economy in the transition, and 
strengthened the municipality’s ability to 
independently manage its IT operations. 
This included providing specific expertise 
in GDPR, IT security, and sourcing strategy.
The transition to an IT environment under 
its own control decreased the costs for the 
municipality and improved the quality of 
the IT services. The change meant that the 
municipality has control over its digita -
lization journey and can make strategic 
decisions based on its own needs and 
conditions. With the help of Knowit, the mu -
nicipality of Kinda has improved its ability 
to have sustainable and cost-effective ope -
rations, which in the long term contributes 
to a sustainable society through improved 
resource usage and decreased environ -
mental impact.

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

10   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
The Group
The Group
Net sales and profit
JANUARY – SEPTEMBER
Net sales were SEK 4,773.8 (5,273.4) 
million, a decrease by 9.5 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 -39.7 (64.9) million. Net 
sales per employee (based on the average 
number) were KSEK 1,252 (1,276).
Net sales were SEK 2,018.7 (2,354.6) mil -
lion in Sweden and SEK 1,340.7 (1,503.2) 
million in Norway, increased to SEK 674.8 
(648.3) million in Denmark, and were SEK 
554.8 (570.3) million in Finland and SEK 
168.3 (182.6) million in Poland. 
The operating profit before amortizations 
and write-downs of intangible assets 
(EBIT A) was SEK 260.0 (348.6) million. The 
adjusted EBIT A profit decreased by 17.5 
percent to SEK 288.4 (349.8) million, adju -
sted for provisions related to the Swedish 
Agency for Economic and Regional 
Growth’s decision on repayment of support, 
reported in the second quarter, totaling SEK 
28.4 (–) million, and integration costs of SEK 
– (1.2) million. The exchange rate develop -
ment has had a negative impact on EBIT A 
of SEK -3.8 (-0.3) million. 
In Sweden, EBIT A was SEK 112.8 (187.9) 
million, whereas in Norway, it increased to 
SEK 136.0 (120.3) million. In Denmark, it 
was SEK 25.2 (42.0) million, whereas in Fin -
land, it increased to SEK 48.6 (39.2) million. 
In Poland, it was SEK 16.2 (21.2) million. 
The EBIT A margin was 5.4 (6.6) percent. 
The adjusted EBIT A margin was 6.0 (6.6) 
percent.
Amortizations and write-downs of intan -
gible assets amounted to SEK -124.9 
(-144.7) million. The previous year was af -
fected by a write-down of SEK -15.4 million.
The operating profit after financial items 
was SEK 99.1 (205.1) million. The financial 
net was SEK -36.0 (1.2) million, affected 
mainly by interest revenue of SEK 8.8 (9.9) 
million, interest costs of SEK -41.5 (-48.0) 
million, and exchange rate changes. The 
previous year was positively impacted by 
revaluation of additional consideration, 
totaling SEK 46.4 million.
The results after taxes were SEK 72.8 
(150.3) million. T ax for the period was SEK 
-26.3 (-54.8) million. T axes for the previous 
year were affected by a correction for the 
preceding year’s taxes of SEK -5.8 million. 
The non-controlling interests’ share of 
profit for the year increased to SEK 5.7 (1.5) 
million. Earnings per share were SEK 2.45 
(5.43).   
JUL Y – SEPTEMBER
Net sales were SEK 1,326.2 (1,544.1) 
million, a decrease of 14.1 percent as com -
pared with the corresponding period last 
year. The exchange rate development of 
the year has had a negative impact on net 
sales of SEK -40.8 (41.4) million. Sales per 
employee (based on the average number) 
were KSEK 360 (378).
Net sales were SEK 547.9 (660.3) million in 
Sweden, SEK 373.8 (441.8) million in Nor -
way, SEK 185.7 (204.1) million in Denmark, 
SEK 156.7 (170.6) million in Finland, and 
SEK 56.3 (62.7) in Poland. 
The operating profit before amortizations 
and write-downs of intangible assets 
(EBIT A) was SEK 57.9 (74.8) million. The 
adjusted EBIT A profit decreased by 22.7 
percent to SEK 57.9 (74.9) million. The 
exchange rate development has had a 
negative impact on EBIT A of SEK -3.1 (1.3) 
million. In the previous year, EBIT A was 
slightly positively affected through the sale 
of the subsidiary Zizr AS.
In Sweden, EBIT A was SEK 9.6 (19.8) 
million; in Norway, it increased to SEK 35.3 
(29.9) million, in Denmark, it was SEK -1.2 
(17.8) million, in Finland, it increased to SEK 
18.4 (11.1) million, and in Poland, it was 
SEK 6.2 (9.5) million. 
The EBIT A margin was 4.4 (4.8) percent. 
The adjusted EBIT A margin decreased to 
4.4 (4.9) percent. 
Amortizations and write-downs of intan -
gible assets amounted to SEK -41.6 (-58.9) 
million. The previous year was affected by a 
write-downs of SEK -15.4 million.
The operating profit after financial items 
was SEK 5.1 (38.7) million. The financial 
net was SEK -11.2 (22.8) million, affected 
mainly by interest revenue of SEK 2.8 (3.4) 
million, interest costs of SEK -13.4 (-16.7) 
million, and exchange rate changes. The 
figure for the previous year was positively 
impacted by revaluation of additional 
consideration totaling SEK 30.9 million.
The results after taxes were SEK 3.4 (26.3) 
million. T ax for the period was SEK -1.7 
(-12.4) million. The previous year’s taxes 
were affected by a correction for the pre -
ceding year’s taxes of SEK -5.8 million. The 
non-controlling interests’ share of profit for 
the year increased to SEK 0.2 (-3.2) million. 
Earnings per share were SEK 0.12 (1.08).
The segments
JANUARY – SEPTEMBER
Net sales for the segment Solutions were 
SEK 2,672.0 (2,860.7) million, for the 
segment Experience they were SEK 891.0 
(1,084.9) million, and for the segment 
Connectivity they were SEK 615.4 (731.1) 
million. For the segment Insight they increa -
sed to SEK 626.5 (621.8) million.
EBIT A was SEK 211.3 (223.1) million for 
the segment Solutions, SEK 46.0 (87.6) 
million for the segment Experience, SEK 
66.4 (80.2) million for the segment Con -
nectivity, and SEK 24.7 (35.2) million for the 
segment Insight.
The EBIT A margin increased to 7.9 (7.8) 
percent for the segment Solutions and was 
5.2 (8.1) percent for the segment Expe -
rience, 10.8 (11.0) percent for the segment 
Connectivity, and 3.9 (5.7) percent for the 
segment Insight.
JUL Y – SEPTEMBER  
Net sales for the segment Solutions were 
SEK 749.9 (861.5) million, for the segment 
Experience they were SEK 235.4 (306.3) 
million, for the segment Connectivity they 
were SEK 189.3 (225.8) million, and for 
the segment Insight they were SEK 159.1 
(162.2) million.
EBIT A was SEK 60.7 (63.2) million for the 
segment Solutions. It was SEK -1.3 (7.4) 
million for the segment Experience, SEK 
Continued challenging market

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

11   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
The Group
21.3 (26.2) million for the segment Con -
nectivity, and SEK -10.3 (-10.4) million for 
the segment Insight.
The EBIT A margin increased to 8.1 (7.3) 
percent for the segment Solutions, was -0.6 
(2.4) percent for the segment Experience; 
was 11.3 (11.6) percent for the segment 
Connectivity, and -6.5 (-6.4) percent for the 
segment Insight.
The definitions for follow-up of segments 
have been altered. For more information, 
see Note 4 on page 19.
Cash flow
JANUARY – SEPTEMBER
Cash flow from operating activities incre -
ased to SEK 368.7 (128.5) million. The 
change in working capital increased to SEK 
145.4 (-200.7) million, affected mainly by 
decreased operating receivables
Cash flow from investment activities 
amounted to SEK -36.1 (-190.3) million, 
affected by payment of additional conside -
ration and investments in tangible assets. 
Cash flow from financing activities was 
SEK -100.8 (-328.2) million, affected by 
amortizations, loans taken, dividends, and 
acquisitions of non-controlling interests. 
T otal cash flow increased to SEK 231.8 
(-390.0) million.
JUL Y – SEPTEMBER
Cash flow from operating activities in -
creased to SEK 170.7 (-99.9) million. The 
change in working capital increased to SEK 
99.8 (-223.8) million, affected mainly by 
decreased operating receivables.
Cash flow from investment activities 
amounted to SEK -7.0 (-9.3) million, affec -
ted by investments in tangible assets.
Cash flow from financing activities increa -
sed to SEK 55.5 (-136.5) million, affected 
mainly by loans taken, amortizations, and 
acquisitions of non-controlling interests.
T otal cash flow increased to SEK 219.2 
(-245.7) million.
Financial position
JANUARY – SEPTEMBER
Cash and cash equivalents increased to 
SEK 358.4 (101.9) million as per Septem -
ber 30, 2024. Goodwill and other intangible 
assets amounted to SEK 4,330.2 (4,528.6) 
million, of which SEK 3,745.5 (3,778.5) mil -
lion was goodwill and SEK 584.7 (750.1) 
million was other intangible assets.
Equity was SEK 4,079.0 (4,164.1) million. 
Interest-bearing liabilities totaled SEK 
1,150.2 (1,233.4) million on September 
30, 2024, with long-term liabilities totaling 
SEK 993.4 (1,049.6) million and short-
term liabilities totaling SEK 156.8 (183.8) 
million. Knowit has a facility of SEK 300 
million that falls due in 2026 and a facility 
of SEK 750 million that falls due in 2027. 
The credit facilities granted total SEK 1,050 
million. As per September 30, 2024, SEK 
600.0 (600.0) million of the credit facilities 
granted were used. Leasing debts were 
SEK 508.7 (571.1) million. Debts related 
to future consideration for subsidiaries 
totaled SEK 25.8 (62.4) million.
The equity/asset ratio increased to 59.4 
(57.5) percent as per September 30, 2024.
Employees
JANUARY – SEPTEMBER
On September 30, 2024, a total of 3,941 
(4,383) people were employed by the 
Group. During 2024, the number of 
employees has decreased by 324 people 
compared with December 31, 2023. 
The average number of employees has 
during the period decreased to 3,814 
(4,134). The average number of employees 
in Sweden decreased to 1,838 (2,043), in 
Norway to 960 (1,020), in Finland to 450 
(471), in Poland to 278 (305), and in Den -
mark to 274 (284).
Other
In June, 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 subsidiaries were granted during 
2020, in connection with the COVID-19 
pandemic. Knowit does not share the views 
of the Swedish Agency for Economic and 
Regional Growth and has appealed the de -
cision to the Administrative Court in Stock -
holm. The amount in question amounts to 
SEK 28.4 million, which affected the results 
of the second quarter and is reported 
under provisions.
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 re -
venue. 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 affected by 
the workdays and normal working hours 
that are dropped due to the Christmas and 
New Year holidays.
During the period January–September, 
normal working hours totaled 1,468 
(1,463) hours.
Forward-looking information
The forward-looking information in this 
report is based on the expectations of 
Knowit’s management team at the time of 
the report. Although Knowit’s management 
team assesses these expectations to be 
reasonable, there is no guarantee that 
these expectations are or will turn out to 
be correct. Consequently, future outco -
mes may vary significantly compared with 
what is presented in the forward-looking 
information, depending for example on 
changed market conditions for the Knowit 
corporation’s offerings and more general 
conditions related to economy, market, 
competition, regulatory changes and other 
alterations in policy, as well as variations on 
exchange rates. Knowit does not commit 
to update or correct such forward-looking 
information beyond what is required by law.
Certification
The Board and the CEO certify that the 
Interim Report gives a fair overview of the 
Group’s and the Parent Company’s ope -
rations, position, and profit/loss, and descri -
bes the significant risks and uncertainty 
factors faced by the Parent Company and 
the companies within the Group.
STOCKHOLM OCTOBER 25, 2024
PER WALLETIN
Chief Executive Officer

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

12   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
The Group
Financial calendar
YEAR-END REPORT 2024
February 7, 2025, 7.30 AM
INTERIM REPORT   
JANUARY – MARCH 2025
April 29, 2025, 7.30 AM
AGM 2025
April 29, 2025, 1 PM
INTERIM REPORT   
JANUARY – JUNE 2025
July 18, 2025, 7.30 AM
INTERIM REPORT   
JANUARY – SEPTEMBER 2025
October 24, 2025, 7.30 AM
YEAR-END REPORT 2025
February 6, 2026, 7.30 AM
Address and
contact information
Knowit AB (company reg.no. 556391-0354)
Box 3383, 103 68 Stockholm
Visiting address: Sveavägen 20
Phone:+ 46 (0)8 700 66 00,
Fax: +46 (0)8 700 66 10
knowit.eu
For more information
Per Wallentin, President and CEO,
Knowit AB (publ), +46 (0)8 700 66 00 or
Christina Johansson, Head of Communica -
tions, Knowit AB (publ), +46 (0)8 700 66 00
or +46 (0)705 421 734 or
Marie Björklund, CFO, Knowit AB (publ),
+46 (0)8 700 66 00
Nomination Committee
Pursuant to the instruction to the Nomi-  
nation Committee of Knowit AB, the No -
mination Committee shall consist of one 
representative for each of the three largest 
registered shareholders that wish to parti -
cipate in the work, along with the Chairman 
of the Board. 
The new Nomination Committee for the 
AGM 2025 consists of: 
• Jonas Backman, appointed by Protector  
 Forsikring ASA
• Niklas Flyborg, appointed by JCR Group AB
• T eresa Enander, appointed by Formica  
 Capital AB
• Jon Risfelt, Chairman of the Board
T eresa Enander has been named Chair-
man of the Nomination Committee. The 
Nomination Committee represents just 
above 25 percent of the ownership in the 
Company. Shareholders wishing to submit 
proposals to the Nomination Committee 
may do so at ir@knowit.se.
Annual General Meeting
The Company’s Annual General Meeting 
will take place on T uesday April 29, 2025, 
at 1 PM, in Knowit’s facilities at Sveavägen 
20, Stockholm. Notice will be made public 
through a press release in Post och Inrikes 
Tidningar and Dagens Nyheter, and publis -
hed on Knowit’s website.
Review report
T o the Board of Directors of Knowit AB (publ) 556391-0354
Introduction
We have reviewed the condensed interim 
financial information (Interim Report) of 
Knowit AB (publ) as of September 30, 2024 
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 Annu -
al Accounts Act. Our responsibility is to 
express a conclusion on this interim report 
based on our review.
Focus and scope of review
We have conducted our review in accordan -
ce with International Standard on Review 
Engagements ISRE 2410 Review of Interim 
Financial Information Performed by the 
Independent Auditor of the Entity. A review 
of interim financial information consists 
of making inquiries, primarily of persons 
responsible for financial and accounting 
matters, and applying analytical and other 
review procedures. A review has a different 
focus and is substantially less in scope than 
an audit conducted in accordance with 
International Standards on Auditing and 
other generally accepted auditing practi -
ces. Consequently, it does not enable us to 
obtain assurance that we would become 
aware of all significant matters that might be 
identified in an audit. Accordingly, the opini -
on expressed based on a review therefore 
does not have the level of certainty that an 
opinion based on an audit does.
Conclusion
Based on our review, nothing has come to 
our attention that causes us to believe that 
the Interim Report is not prepared, in all ma -
terial 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 25, 2024
KPMG AB
JONAS ERIKSSON
Authorized Public Accountant 
About Knowit
Knowit are digitalization consultants
with a vision to create a sustainable and
humane society through digitalization and
innovation. Knowit supports its clients in
the digital transformation and stands out
among other consultancy firms through
its decentralized organization and agile
work methods in client assignments. The
operations are divided into four business
areas – Solutions, Experience, Connectivity,
and Insight – which offer services in be-
spoke system development, digital custo -
mer 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 3,950 employees, mainly in the
Nordic countries, but also in operations in
Poland and Germany. Knowit AB (publ) has
been listed on the stock market since 1997
and is currently listed on Nasdaq OMX
Stockholm Mid Cap. For more information
on Knowit, please visit knowit.eu.

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

13   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Financial statements
Financial statements
Comprehensive income in summary
 SEK, MILLIONS
   
 Note  
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
October  
2023 – 
September 
2024
Result 3.4 26.3 72.8 150.3 241.8 164.4
Items that may later be reclassified to profit or loss:
result of hedging of interest risks -2.8 – 1.6 – -14.1 -12.5
tax effect of hedging of interest risks 0.6 – -0.3 – 2.9 2.6
translation differences in foreign operations  1) -46.4 -49.7 0.4 22.7 -46.8 -69.1
OTHER COMPREHENSIVE INCOME, NET OF T AX -48.6 -49.7 1.7 22.7 -58.0 -79.0
TOT AL COMPREHENSIVE INCOME -45.2 -23.4 74.5 173.0 183.8 85.4
T otal comprehensive income attributable
to shareholders in Parent Company -45.1 -20.0 68.5 171.6 181.9 78.9
T otal comprehensive income attributable
to non-controlling interests’ holdings -0.1 -3.4 6.0 1.4 1.9 6.5
1) Reclassification has been performed of extended net investments, which have been moved to T ranslation differences in foreign operations.
 Comparison figures have been adjusted.
  
Income statement in summary
 SEK, MILLIONS
   
 Note  
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
October  
2023 – 
September 
2024
Net sales 3, 4 1,326.2 1,544.1 4,773.8 5,273.4 7,097.4 6,597.8
Other operating income – 16.4 – 16.4 16.4 –
TOT AL OPERA TING INCOME 1,326.2 1,560.5 4,773.8 5,289.8 7,113.8 6,597.8
Operating costs 5 -1,224.8 -1,441.8 -4,382.6 -4,806.4 -6,439.4 -6,015.5
Depreciation and write-downs
of tangible fixed assets -43.5 -43.9 -131.2 -134.8 -178.1 -174.5
OPERA TING RESUL T BEFORE
AMORTIZA TION OF IN T ANGIBLE
ASSETS (EBIT A) 57.9 74.8 260.0 348.6 496.3 407.8
Amortization and write-downs
of intangible fixed assets -41.6 -58.9 -124.9 -144.7 -186.5 -166.7
OPERA TING RESUL T (EBIT) 16.3 15.9 135.1 203.9 309.8 241.1
Result from financial items
Financial incomes 2.8 34.3 8.8 61.7 76.1 23.2
Financial expenses -14.0 -11.5 -44.8 -60.5 -81.8 -66.1
RESUL T AFTER FINANCIAL ITEMS 5.1 38.7 99.1 205.1 304.1 198.2
Ta x -1.7 -12.4 -26.3 -54.8 -62.3 -33.8
RESUL T 3.4 26.3 72.8 150.3 241.8 164.4
Result attributable to shareholders in Parent Company 3.2 29.5 67.1 148.8 239.6 158.0
Result attributable to non-controlling interests' holdings 0.2 -3.2 5.7 1.5 2.2 6.4
Earnings per share
Earnings per share, before dilution, SEK 0.12 1.08 2.45 5.43 8.74 5.78
Earnings per share, after dilution, SEK 0.12 1.08 2.45 5.43 8.74 5.78

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

14   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Financial statements
Balance sheet in summary
 SEK, MILLIONS
   
 Note  
 September   
 30, 2024 
 September  
 30, 2023 
 December   
 31, 2023 
ASSETS
Non-current assets
Intangible assets 4,330.2 4,528.6 4,438.0
Property, plant, and equipment 578.1 652.6 619.1
Financial non-current assets 6 3.7 9.3 7.2
Deferred tax asset 111.8 100.6 99.8
TOT AL NON-CURRENT ASSETS 5,023.8 5,291.1 5,164.1
Current assets
Current receivables 1,488.0 1,853.4 1,734.4
Cash and cash equivalents 358.4 101.9 127.6
TOT AL CURRENT ASSETS 1,846.4 1,955.3 1,862.0
TOTAL ASSETS 6,870.2 7,246.4 7,026.1
EQUITY AND LIABILITIES
Equity
Share capital 7 27.4 27.4 27.4
Other capital contributions and reserves 2,922.9 2,998.1 2,918.3
Profit brought forward, incl. total result 1,122.8 1,124.1 1,205.3
EQUITY A TTRIBUT ABLE TO SHAREHOLDERS OF THE PARENT COMPANY 4,073.1 4,149.6 4,151.0
Non-controlling interests 5.9 14.5 14.7
TOT AL EQUITY 4,079.0 4,164.1 4,165.7
Non-current liabilities
Non-current provisions 218.9 254.7 238.8
Interest-bearing non-current liabilities 993.4 1,049.6 936.1
TOT AL NON-CURRENT LIABILITIES 6 1,212.3 1,304.3 1,174.9
Current liabilities
Interest-bearing current liabilities 156.8 183.8 159.6
Other current liabilities 1,422.1 1,594.2 1,525.9
TOT AL CURRENT LIABILITIES 1,578.9 1,778.0 1,685.5
TOT AL EQUITY AND LIABILITIES 6,870.2 7,246.4 7,026.1

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

15   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Financial statements
Cash flow statement in summary
 SEK, MILLIONS
   
 Note  
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
Operating activities
Result after financial items 5.2 38.7 99.1 205.1 304.1
Adjustment for non-cash items 94.6 88.9 258.9 194.8 274.8
Paid taxes -28.8 -3.7 -134.7 -70.7 -65.1
CASH FLOW BEFORE CHANGES IN WORKING CAPIT AL 71.0 123.9 223.3 329.2 513.8
Changes in working capital 99.8 -223.8 145.4 -200.7 -114.0
CASH FLOW FROM OPERA TING ACTIVITIES 170.7 -99.9 368.7 128.5 399.8
Investing activities
Acquisition of businesses – – -14.7 -146.9 -157.9
Disposals of businesses – -2.2 – -2.2 -2.2
Acquisition on intangible assets -2.9 -4.1 -4.7 -10.8 -12.6
Acquisition of property, plant and equipment -4.1 -3.0 -16.7 -30.4 -34.8
CASH FLOW FROM INVESTING ACTIVITIES -7.0 -9.3 -36.1 -190.3 -207.5
Financing activities
Amortization of loans and leasing liabilities -36.3 -136.5 -110.0 -313.2 -449.1
Loans raised 100.0 – 100.0 100.0 100.0
Dividend – – -82.6 -115.0 -217.8
Acquisition of non-controlling interest shares -8.2 – -8.2 – –
Repurchasing of own shares – – – – -8.8
CASH FLOW FROM FINANCING ACTIVITIES 55.5 -136.5 -100.8 -328.2 -575.7
CASH FLOW FOR THE PERIOD 219.2 -245.7 231.8 -390.0 -383.4
Cash and cash equivalents at the beginning of the period 139.1 365.1 127.6 497.7 497.7
T ranslation differences in cash and cash equivalents 0.2 -17.5 -1.0 -5.8 13.3
CASH AND CASH EQUIVALENTS A T THE END OF THE PERIOD 358.4 101.9 358.4 101.9 127.6
Statement of changes in equity in summary
 SEK, MILLIONS
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
Opening balance 4,131.1 4,289.0 4,165.7 4,207.7 4,207.7
PROFIT FOR THE YEAR 3.4 26.3 72.8 150.3 241.8
Other comprehensive income
Result of hedging of interest rate risk -2.8 – 1.6 – -14.1
T ax effect of hedging of interest rate risk 0.6 – -0.3 – 2.9
T ranslation differences 1) -46.4 -49.7 0.4 22.7 -46.8
TOT AL OTHER COMPREHENSIVE INCOME -45.2 -23.4 74.5 173.0 183.8
TOT AL COMPREHENSIVE INCOME 4,085.9 4,265.6 4,240.2 4,380.7 4,391.5
T ransactions with shareholders
Dividend paid – -102.8 -153.6 -217.8 -217.8
Repurchase of own shares – – – – -8.8
Share-based payments 1.3 0.6 1.8 0.8 1.4
Change in liabilities, acquisition of non-controlling interest  2 ) -0.6 -3.6 -1.8 -3.9 -4.6
Acquisition of non-controlling interest shares -7.6 – -7.6 – –
Acquisition of associated subsidiary with non-controlling interest – – – – 4.0
Disposal of associated subsidiary with non-controlling interest – 4.3 – 4.3 –
TOT AL TRANSACTIONS WITH SHAREHOLDERS -6.9 -101.5 -161.2 -216.6 -225.8
EQUITY 4,079.0 4,164.1 4,079.0 4,164.1 4,165.7
1) Reclassification has been made of extended net investments which have been moved to T ranslation differences in foreign operations. The comparison figures have been adjusted.
2) Pertains to changed assessment of agreed future dividends.

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

16   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
The Parent Company
The Parent Company
Income statement in summary
 SEK, MILLIONS
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
Net sales 106.9 133.2 369.7 508.2 670.1
TOT AL OPERA TING INCOME 106.9 133.2 369.7 508.2 670.1
Operating expenses -118.9 -148.5 -425.0 -577.1 -763.2
Depreciation of property, plant and equipment -2.2 -2.1 -6.6 -5.8 -7.9
OPERA TING RESUL T BEFORE AMORTIZA TION
OF IN T ANGIBLE ASSETS (EBIT A) -14.2 -17.4 -61.9 -74.7 -101.0
Amortization of intangible assets -0.7 -1.3 -2.1 -4.0 -4.7
OPERA TING RESUL T (EBIT) -14.9 -18.7 -64.0 -78.7 -105.7
Financial items 89.6 -17.0 194.0 6.2 188.7
RESUL T AFTER FINANCIAL ITEMS 74.7 -35.7 130.0 -72.5 83.0
Appropriations – – – – -10.1
Income tax 0.8 – 0.8 0.9 -19.6
RESUL T 75.5 -35.7 130.8 -71.6 53.3
Balance sheet in summary
 SEK, MILLIONS
 September   
 30, 2024 
 September  
 30, 2023 
 December   
 31, 2023 
ASSETS
Non-current assets
Intangible assets 3.2 6.0 5.3
Property, plant, and equipment 27.1 33.7 32.6
Financial non-current assets 4,393.8 4,431.9 4,402.4
TOT AL NON-CURRENT ASSETS 4,424.1 4,471.6 4,440.3
Current assets
Current receivables 246.0 215.1 437.4
Cash and cash equivalents – – –
TOT AL CURRENT ASSETS 246.0 215.1 437.4
TOTAL ASSETS 4,670.1 4,686.7 4,877.7
EQUITY AND LIABILITIES
Equity
Restricted equity 95.4 95.4 95.4
Non-restricted equity 2,717.2 2,610.0 2,726.8
TOT AL EQUITY 2,812.6 2,705.4 2,822.2
Untaxed reserves 169.7 159.6 169.7
Interest-bearing non-current liabilities 1,500.0 – –
Non-current provisions 22.2 18.1 18.4
Current liabilities 165.6 1,803.6 1,867.4
TOT AL EQUITY AND LIABILITIES 4,670.1 4,686.7 4,877.7
January – September
The operating profit before amortization 
of intangible assets (EBIT A) was SEK -61.9 
(-74.7) million. The financial net increased 
 
to SEK 194.0 (6.2) million. The result after 
financial net increased to SEK 130.0 
(-72.5) million. Equity increased to SEK 
2,812.6 (2,705.4) million on September 30, 
2024. Untaxed reserves, primarily accrual  
funds, increased to SEK 169.7 (159.6) 
million. During the period, a short-term 
internal loan has been transformed into 
long-term.

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

17   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
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 applica -
ble provisions in the Annual Accounts Act.
The Interim Report for the Parent Company
has been prepared in accordance with
Chapter 9 of the Annual Accounts Act
on interim reporting.
For the Group and the Parent Company,
the same accounting principles and
grounds for assessments used in the latest
Annual Report were used, in addition to
the aforementioned accounting principles.
Information in accordance with IAS 34.16A
is presented through the financial reports
and associated notes, see pages 17–23, as
well as in other parts of the Interim Report.
All amounts in this report are given in SEK
millions, unless otherwise stated. Rounding
differences may occur.
Knowit’s general essential business risks
consist of reduced demand for consultancy
services, problems attracting and retaining
skilled personnel, price pressures and
financial risks related to credit and exchange
rates and, to a lesser extent, risks related to
fixed price projects. Knowit is affected by
general political, financial, and economic
circumstances. The current situation with  
a war in our vicinity and high inflation com-
bined with high interest rates has signifi -
cantly increased the risk levels and shaped 
the market with large negative effects. With
a decreased demand for the Company’s
services comes short-term challenges with
decreased invoicing pace, where the 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 2023, pages 54–57 and
75–76.

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

18   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Supplementary information and notes
NOTE 3 : The Group revenue from client contracts
 SEK, MILLIONS
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
GEOGRAPHIC CA TEGORIZA TION
Fee revenue
Sweden 513.8 594.6 1,924.3 2,171.9 2,929.1
Norway 364.2 427.9 1,302.8 1,459.1 1,946.5
Denmark 158.3 175.8 547.1 568.2 758.0
Finland 154.2 161.0 546.7 543.8 744.7
Poland 55.5 60.5 163.0 178.5 238.0
Other 5.8 4.6 16.4 14.4 19.0
TOT AL FEE REVENUE 1,252.0 1,424.2 4,500.3 4,935.7 6,635.4
Other revenue  1 )
Sweden 34.1 66.0 94.4 182.8 232.8
Norway 9.5 13.9 37.9 44.1 57.9
Denmark 27.4 28.3 127.7 80.1 132.7
Finland 2.4 9.6 8.1 26.5 34.2
Poland 0.8 2.3 5.4 4.2 4.5
Other 0.0 0.0 0.0 0.0 0.0
TOT AL OTHER REVENUE 74.2 119.9 273.5 337.5 462.0
TOT AL NET SALES 1,326.2 1,544.1 4,773.8 5,273.4 7,097.4
 SEK, MILLIONS
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
SEGMENT CA TEGORIZA TION  2 )
Fee revenue
Solutions 704.1 796.0 2,491.4 2,695.3 3,622.3
Experience 221.2 285.5 843.0 1,020.4 1,354.3
Connectivity 176.4 190.1 576.9 621.6 838.2
Insight 153.1 157.6 601.8 603.4 834.3
Other -2.8 -5.0 -12.8 -5.0 -13.7
TOT AL FEE REVENUE 1,252.0 1,424.2 4,500.3 4,935.7 6,635.4
Other revenue  1 )
Solutions 45.8 65.5 180.6 165.4 241.7
Experience 14.2 20.8 48.0 64.5 85.3
Connectivity 12.9 35.6 38.5 109.5 136.9
Insight 6.0 4.6 24.7 18.3 24.6
Other -4.8 -6.7 -18.3 -20.2 -26.5
TOT AL OTHER REVENUE 74.2 119.9 273.5 337.5 462.0
TOT AL NET SALES 1,326.2 1,544.1 4,773.8 5,273.4 7,097.4
1) The revenue category License revenue is reported in the category Other revenue, as the sums are not significant. For more information, see Note 1 Accounting and valuation
 principles on page 71–74 in the Annual Report 2023.
2) Knowit has performed two smaller organizational changes, which means that on October 1, 2023, an operation previously included in the segment Insight has moved
 to the segment Solutions, and on January 1, 2024, an operation that was formerly included in the segment Other was moved to the segment Solutions.
 The comparison periods have been altered to reflect the new segmentation.

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

19   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Supplementary information and notes
NOTE 4 : Consolidated segment reporting  
 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
 SEK, MILLIONS July – September 2023
   
 Solutions  1 ) 
   
 Experience 
   
 Connectivity 
   
 Insight 1 ) 
   
 Other 1 ) To t a l
External net sales 841.6 305.7 231.5 165.0 0.2 1,544.1
Net sales between segments 51.2 25.6 -2.1 3.4 -78.1 –
Internal direct costs between segments -31.3 -25.0 -3.6 -6.2 66.2 –
NET SALES 861.5 306.3 225.8 162.2 -11.7 1,544.1
Earnings before amortization of intangible assets (EBIT A) 63.2 7.4 26.2 -10.4 -11.7 74.8
Amortization of intangible assets -33.1 -6.7 -10.7 -6.6 -1.8 -58.9
OPERA TING PROFIT (EBIT) 30.1 0.7 15.5 -17.0 -13.5 15.9
Result after financial items 38.7
RESUL T FOR THE PERIOD 26.3
EBIT A margin, % 7.3 2.4 11.6 -6.4 4.8
Average number of employees 1,854 907 710 528 87 4,085
1)  Knowit has performed two smaller organizational changes, which means that on October 1, 2023, an operation previously included in the segment Insight has moved to the segment Solutions,
 and on January 1, 2024, an operation that was formerly included in the segment Other was moved to the segment Solutions. The comparison periods have been altered to reflect the new segmentation.
The Group’s operations are organized so 
that the corporate management mainly
follows up net sales, EBIT A result, EBIT A
margin, intangible assets, and average
number of employees in the Group’s five
segments. T o promote collaboration
between segments, the Corporate
Management T eam decided in 2024 that 
the net sales per segment shall include de -
ductions for internal direct costs. The mar -
gin for the business areas is thus altered 
and the comparison figures for 2023 have 
been adjusted accordingly. There is no 
effect on the Group’s margin. The segment 
Other includes, among other
things, small-scale cloud services, where
Knowit through partnerships can offer
the cloud supplier that best fits the client’s
specific needs and IT structure. Further, it
includes the parent companies' group-  
wide costs regarding management, finance,
and marketing and adjustments pertaining
to IFRS 16 that are not allocated to the
segments.

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

20   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Supplementary information and notes
NOTE 4 : continued 
 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 4.6 4,333.7
Property, plant, and equipment 15.1 3.8 7.3 1.8 550.1 578.1
 SEK, MILLIONS January – September 2023
   
 Solutions  1 ) 
   
 Experience 
   
 Connectivity 
   
 Insight 1 ) 
   
 Othert 1 ) To t a l
External net sales 2,796.6 1,093.2 734.1 617.0 32.4 5,273.4
Net sales between segments 164.1 80.2 15.8 27.3 -287.4 –
Internal direct costs between segments -99.9 -88.5 -18.8 -22.6 229.9 –
NET SALES 2,860.7 1,084.9 731.1 621.8 -25.1 5,273.4
Earnings before amortization of intangible assets (EBIT A) 223.1 87.6 80.2 35.2 -77.4 348.6
Amortization of intangible assets -68.1 -19.7 -31.8 -19.6 -5.5 -144.7
OPERA TING PROFIT (EBIT) 155.0 67.9 48.4 15.6 -82.9 203.9
Result after financial items 205.1
RESUL T FOR THE PERIOD 150.3
EBIT A margin, % 7.8 8.1 11.0 5.7 6.6
Average number of employees 1,883 924 718 517 92 4,134
Intangible assets 2,061.0 724.5 1,157.3 578.3 7.3 4,528.6
Property, plant, and equipment 17.5 4.4 9.8 2.8 618.1 652.6
1)  Knowit has performed two smaller organizational changes, which means that on October 1, 2023, an operation previously included in the segment Insight has moved to the segment Solutions,
 and on January 1, 2024, an operation that was formerly included in the segment Other was moved to the segment Solutions. The comparison periods have been altered to reflect the new segmentation.

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

21   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Supplementary information and notes
NOTE 5 : Long-term incentive program (L TIP)
At the Annual General Meeting 2024, 
the decision was made to implement a 
long-term share-based incentive program. 
L TIP 2024 was offered to 36 employees 
including members of the Corporate 
Management T eam and members of local 
and extended management teams at the 
business area level. T o participate in the 
L TIP 2024, the participant must make a 
private investment in company shares, in 
accordance with the terms of the program, 
and these shares must be allocated to the 
program. Each participant may invest in 
investment shares up to a total correspon -
ding to at most 10 percent of their fixed 
annual salary before taxes. Each share 
acquired for this purpose is an “invest -
ment share.” Depending on the participant 
category that a participant belongs to, the 
participant is allocated a certain number of 
share rights per investment shares 
acquired. For category 1, each investment 
share entitles the holder to 4 share rights, 
for category 2, each investment share 
entitles the holder to 3 share rights, and for 
category 3, each investment share entitles 
the holder to 2 share rights. Following the 
selected vesting period of 3 years, the 
participants will be allotted shares in the 
company, free of cost, if certain conditions 
are met. These conditions 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 mini -
mum 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.
The maximum number of shares in the 
Company that can be allocated to the par -
ticipants within the framework of the L TIP 
2024 shall be limited to 156,200, corres -
ponding to around 0.57 percent of the total 
shares and voting rights in the Company. 
The maximum value that a participant can 
get for each share right is limited to SEK 
660, corresponding to around 400 percent 
of the share price for the Company share. 
As per September 2024, 117,137 share 
rights had been allocated to 34 employ -
ees. The fair value of the share rights on 
the allocation day (SEK 181.74 per share), 
calculated using Monte Carlo simulation. 
The valuation has taken account of the 
value-based limitation included in the 
program.
There was a long-term incentive program 
earlier – L TIP 2023. For a description there-
of, please see Note 9 in the Annual Report 
for 2023. 
NOTE 6 : The Group’s financial assets and liabilities
 September 30, 2024     September 30, 2023
 SEK, MILLIONS
 Financial
 assets valued
 at amortized
 cost 
 Financial
 assets valued
 at fair value
 in income
 statement 
 Fair value
 hedging
 instruments 
 Fair
 value 
 Financial
 assets valued
 at amortized
 cost 
 Financial
 assets valued
 at fair value
 in income
 statement 
 Fair value
 hedging
 instruments 
 Fair
 value 
Assets in balance sheet
Other long-term securities  1 ) – 3.7 – 3.7 – 9.3 – 9.3
Other long-term receivables 3.3 – – 3.3 3.0 – – 3.0
Accounts receivable
and other receivables 1,195.4 – – 1,195.4 1,580.1 – – 1,580.1
Cash and cash equivalents 358.4 – – 358.4 101.9 – – 101.9
TOTAL 1,557.1 3.7 – 1,560.8 1,685.0 9.3 – 1,694.3
1) Fair value pursuant to categorization level 2..
The table below summarizes the reported
value of the Group’s financial assets and
liabilities, divided in accordance with the
valuation categories in IFRS 9. No financial
assets or liabilities are reported at a value
that significantly deviates from fair value.
For more information, see Note 21 in the
Annual Report 2023.

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

22   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Supplementary information and notes
NOTE 6 : continued
 SEK, MILLIONS
 Future
 contingent
 additional
 considerations  1) 
Future
considerations  2)
Fair value, January 1, 2024 14.7 24.7
T otal recognized profits and losses:
recognized in profit/loss for the year – –
recognized in equity – 1.1
Settlement of future additional considerations,
options and future consideration -14.7 –
Cost of acquisitions – –
FAIR VALUE, SEPTEMBER 30, 2024 – 25.8
Fair value, January 1, 2023 196.4 54.4
T otal recognized profits and losses:
recognized in profit/loss for the year -46.5 –
recognized in equity – 3.9
Settlement of future additional considerations,
options and future consideration -112.3 -33.5
Cost of acquisitions – –
FAIR VALUE, SEPTEMBER 30, 2023 37.6 24.8
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, 2024     September 30, 2023
 SEK, MILLIONS
 Other
 financial
 liabilities,
 valued at
 accrued cost 
 Financial
 assets valued
 at fair value
 in income
 statement 
 Fair value
 hedging
 instruments 
 Fair
 value 
 Other
 financial
 liabilities,
 valued at
 accrued cost 
 Financial
 assets valued
 at fair value
 in income
 statement 
 Fair value
 hedging
 instruments 
 Fair
 value 
Liabilities in balance sheet
Future additional considerations  2 ) – – – – – 37.6 – 37.6
Future consideration 25.8 – – 25.8 24.8 – – 24.8
Other interest-bearing liabilities 1,108.7 – – 1,108.7 1,171.0 – – 1,171.0
Accounts payable 357.3 – – 357.3 462.6 – – 462.6
Interest swaps for hedging  1 ) – – 15.7 15.7 – – – –
Other liabilities 176.4 – – 176.4 149.5 – – 149.5
TOTAL 1,668.1 – 15.7 1,683.9 1,807.9 37.6 – 1,845.5
1)  Fair value pursuant to categorization level 2.
2)  Fair value pursuant to categorization level 3.

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

23   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Supplementary information and notes
NOTE 8 : T ransactions with related parties
NOTE 7 : Data per share
SEK, MILLIONS
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
Profit for the year attributable to the Parent Company's
shareholders, SEK, millions 3.4 29.5 72.8 148.8 239.6
Average number of outstanding shares, 000s:
before dilution 27,349 27,402 27,349 27,402 27,402
after dilution 27,349 27,402 27,349 27,402 27,402
Earnings per share, SEK:
before dilution 0.12 1.08 2.45 5.43 8.74
after dilution 0.12 1.08 2.45 5.43 8.74
Equity per share, SEK:
before dilution 148.93 151.40 148.93 151.40 151.78
after dilution 148.93 151.40 148.93 151.40 151.78
Number of shares on balance sheet day, 000s:
before dilution 27,349 27,409 27,349 27,409 27,349
after dilution 27,349 27,409 27,349 27,409 27,349
NOTE 9 : Events after the end of the financial period
No significant events have occurred after
the end of the interim period.
No significant transactions have occurred
during the period. For more information,
see Note 28 T ransactions with related par-
ties, page 99 in the Annual Report 2023.
On May 3, 2024, the AGM authorized
the Board to decide on a repurchasing
program for own shares, to cover commit -
ments within the framework of the "long -
term incentive program" (L TIP). Repurchas-
ing of a maximum of 195,300 shares
may take place on one or more occasions
before the AGM 2025. As of September 30, 
2024, Knowit owned 60,000 (–) own sha -
res, repurchased during the fourth quarter
2023. No shares have been repurchased
during 2024.

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

24   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Financial position
Financial position
Performance measures
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
Number of employees at the end of period 3,941 4,383 3,941 4,383 4,265
Average number of employees 3,689 4,085 3,814 4,134 4,115
Normal working time, hours 513 505 1,468 1,463 1,940
Sales per average number of employees, SEK, 000s 360 378 1,252 1,276 1,725
Result after financial items per average number  
of employees, SEK, 000s 1 9 26 50 74
EBIT A, SEK, millions 57.9 74.8 260.0 348.6 496.3
Adjusted EBIT A, SEK, millions 57.9 74.9 288.4 349.8 497.5
EBIT A margin, % 4.4 4.8 5.4 6.6 7.0
Adjusted EBIT A margin, % 4.4 4.9 6.0 6.6 7.0
Return on total capital, % 0.3 0.7 2.1 3.6 5.3
Return on equity, % 0.1 0.6 1.8 3.6 5.8
Return on capital employed, % 0.4 0.9 2.7 4.7 7.0
Equity ratio, % 59.4 57.5 59.4 57.5 59.3
Net debt ratio, multiples 0.2 0.3 0.2 0.3 0.2

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

Financial position
Overview per business area
 SEK , MILLIONS
  
 
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
October  
2023 – 
September 
2024
THE GROUP
Net sales 1,326.2 1,544.1 4,773.8 5,273.4 7,097.4 6,597.8
Adjusted EBIT A profit 57.9 74.9 288.4 349.8 497.5 436.2
Adjusted EBIT A margin, % 4.4 4.9 6.0 6.6 7.0 6.6
Number of employees at the end of the period 3,941 4,383 3,941 4,383 4,265 3,941
BUSINESS AREAS  1 )
Solutions
Net sales 749.9 861.5 2,672.0 2,860.7 3,864.0 3,675.2
EBIT A profit 60.7 63.2 211.3 223.1 314.9 303.3
EBIT A margin, % 8.1 7.3 7.9 7.8 8.2 8.3
Number of employees at the end of the period 1,762 1,953 1,762 1,953 1,923 1,762
Experience
Net sales 235.4 306.3 891.0 1,084.9 1,439.6 1,245.7
EBIT A profit -1.3 7.4 46.0 87.6 116.6 75.0
EBIT A margin, % -0.6 2.4 5.2 8.1 8.1 6.0
Number of employees at the end of the period 817 979 817 979 937 817
Connectivity
Net sales 189.3 225.8 615.4 731.1 975.1 859.4
EBIT A profit 21.3 26.2 66.4 80.2 111.2 97.4
EBIT A margin, % 11.3 11.6 10.8 11.0 11.4 11.3
Number of employees at the end of the period 709 763 709 763 739 709
Insight
Net sales 159.1 162.2 626.5 621.8 858.7 863.6
EBIT A profit -10.3 -10.4 24.7 35.2 57.4 46.8
EBIT A margin, % -6.5 -6.4 3.9 5.7 6.7 5.4
Number of employees at the end of the period 565 594 565 594 578 565
1) On October 1, 2023, Knowit performed a small organizational change, which means that an operation previously included in the segment Insight has moved to the segment Solutions, and on
 January 1, 2024, an operation that was formerly included in the segment Other was moved to the segment Solutions. The comparison periods have been altered to reflect the new segmentation.
The table shows the outcome per quarter
and period, with comparison figures pre -
sented to facilitate analysis.
T o promote collaboration between seg-
ments, the Corporate Management T eam
decided in 2024 that the net sales per
segment shall include deductions for 
internal direct costs. The margin for the 
business areas is thus altered and the 
comparison figures for 2023 have been 
adjusted accordingly.
 25   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024

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

26   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Financial position
Overview per country
The table shows the outcome per quarter
and period, with comparison figures pre -
sented to facilitate analysis.
 SEK, MILLIONS
 July –  
 September  
 2024 
 July –  
 September 
 2023 
 January –  
 September  
 2024 
 January –  
 September
  2023 
 January –  
  December   
 2023 
October  
2023 – 
September 
2024
Sweden
Net sales 547.9 660.3 2,018.7 2,354.6 3,161.9 2,826.0
EBIT A 9.6 19.8 112.8 187.9 270.0 194.8
EBIT A margin, % 1.8 3.0 5.6 8.0 8.5 6.9
Norway
Net sales 373.8 441.8 1,340.7 1,503.2 2,004.4 1,841.9
EBIT A 35.3 29.9 136.0 120.3 164.9 180.7
EBIT A margin, % 9.4 6.8 10.1 8.0 8.2 9.8
Denmark
Net sales 185.7 204.1 674.8 648.3 890.7 917.3
EBIT A -1.2 17.8 25.2 42.0 59.2 42.3
EBIT A margin, % -0.6 8.7 3.7 6.5 6.6 4.6
Finland
Net sales 156.7 170.6 554.8 570.3 778.9 763.5
EBIT A 18.4 11.1 48.6 39.2 56.7 66.1
EBIT A margin, % 11.8 6.5 8.8 6.9 7.3 8.7
Poland
Net sales 56.3 62.7 168.3 182.6 242.5 228.1
EBIT A 6.2 9.5 16.2 21.2 28.7 23.8
EBIT A margin, % 11.1 15.2 9.6 11.6 11.8 10.4

===== SIDA 27 =====

27   KNOWIT AB INTERIM REPORT JANUARY – SEPTEMBER 2024
Definitions
Definitions
Alternative performance measures
Knowit uses alternative performance mea -
sures, as we believe they are relevant for
following up the long-term financial targets
and to provide a fair view of Knowit's profit
and financial position. For instance, the
Board has determined that the Company
should grow faster than the market, with
the goal of an annual growth rate of around
15 percent over time, and that the EBIT A
margin should grow to 12 percent over
time. Further, net liabilities relative to EBITDA
should not exceed two multiples over
time. We also monitor capital employed,
as it is an important aspect of the working
capital turnover. Knowit’s alternative perfor -
mance measures are adjusted EBIT A mar-
gin, adjusted EBIT A profit, average capital
employed and equity, EBIT A margin, EBIT A
profit, EBITDA profit, net debt ratio, net sales
per segment, return on equity, and return
on capital employed.
The calculations of alternative performance
measures on this page pertain to the
period January to September 2024.
For more information on our long-term
financial targets and further definitions of
performance measures, see page 110 in
the Annual Report for 2023.
Adjusted EBIT A margin
Adjusted EBIT A profit in relation to net sales
for the period. (288.4 / 4,773.8 = 6.0%)
Adjusted EBIT A profit 
EBIT A is adjusted for items affected
comparability 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 significant costs of a
a one-time nature. For 2024, adjustments
have been made of SEK 28.4 million rela -
ted to the Swedish Agency for Economic
and Regional Growth's decision to request
repayment of parts of the short-time work
support the Group was granted in 2020, in
connection with the COVID-19 pandemic.
Average capital employed 
The average of the period’s opening and
closing balances of equity plus interestbea -
ring liabilities. ((4,165.7 + 936.1 +159.3 +  
4,079.0 + 993.4 +156.8) / 2 = 5,245.3
Average equity
The average of the period’s opening equity
balance and the period’s closing equity
balance. ((4,165.7 + 4,079.0) / 2 = 4,122.3
EBITA margin 
Profit before amortization of intangible
non-current assets (EBIT A) in relation to net
sales for the period. 
(260.0 / 4,773.8 = 5.4%)
EBIT A profit 
Profit before amortization and write-downs 
of intangible non-current assets. (260.0)
EBITDA profit
Profit before depreciation and amortization
of tangible and intangible non-current as -
sets, respectively. (260.0 + 131.2 = 391.2)
Net debt 
Interest-bearing liabilities less financial
interest-bearing assets less cash and cash
equivalents. 
(993.4 + 156.8 – 358.4 = 791.8)
Net debt ratio
Used to show the Company’s indebted -
ness. Net debt in relation to equity.  
(791.8 / 4,079.0 = 0.2 multiples)
Net sales per segment
T o promote collaboration between
segments, the Corporate Management
T eam decided in 2024 that net sales for
segments would include deductions for
internal direct costs.
Normal working hours
The number of hours an employee
working full-time is expected to work. Normal
working hours are weighted, meaning
that account is taken of the fact that differen-
ces 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.  
((99.1 + 44.8) / 5,245.3 = 2.7%)
Return on equity 
Profit after full tax as a percentage of
average equity including non-controlling
interests. 72.8 / 4,122.3 = 1.8%