BTS Group

Quarterly Report • Nov 8, 2024

July 1 – September 30, 2024

• • Net sales MSEK 657 (633). Currency adjusted growth +8%, whereof 5% was organic.
• • EBITA +13%, MSEK 60 (53).
• • EBITA margin 9.2 (8.4) %.
• • Profit after tax amounted to MSEK 190 (22). Excluding the reversed provision of earn-out, the profit after tax increased 10% to MSEK 24 (22). 1)
• • Earnings per share amounted to SEK 9.78 (1.12). Excluding the reversed provision of earn-out, earnings per share increased 10% to SEK 1.23 (1.12). 1)

January 1 – September 30, 2024

• • Net sales MSEK 2,006 (1,915). Currency adjusted growth +6%, whereof 5% was organic.
• • EBITA +11%, MSEK 229 (207).
• • EBITA margin 11.4 (10.8) %.
• • Profit after tax amounted to MSEK 303 (105). Excluding the reversed provision of earn-out, the profit after tax increased 4% to MSEK 109 (105). 1)
• • Earnings per share amounted to SEK 15.64 (5.42). Excluding the reversed provision of earn-out, earnings per share increased 4% to SEK 5.62 (5.42). 1)

"BTS Europe's recovery back to growth in the quarter was expected and contributed to BTS Group's 8 percent revenue growth and 13 percent EBITA growth. The integration of SEAC in Asia and Wonderway's AI product Verity developed as planned during the quarter."

Jessica Skon, CEO of BTS Group AB

Outlook 2024

The 2024 full-year outlook is unchanged; the result (EBITA) is expected to be better than in 2023.

FINANCIAL SUMMARY	Jul–Sep	Jul–Sep	Jan–Sep	Jan–Sep	Oct–Sep	Jan–Dec
MSEK	2024	2023	2024	2023	2023/2024	2023
Net sales	657	633	2,006	1,915	2,774	2,683
Currency adjusted growth	8%	–1%	6%	0%	5%	2%
EBITA	60	53	229	207	368	346
EBITA margin	9.2%	8.4%	11.4%	10.8%	13.3%	12.9%
EBIT	43	38	180	166	303	288
EBIT margin	6.5%	5.9%	9.0%	8.7%	10.9%	10.7%
Profit after tax	190	22	303	105	413	215
Profit after tax, excl. reversed earn-out provision 1)	24	22	109	105	190	186
Cash flow from operating activities	147	40	164	–59	389	166
Earnings per share, SEK	9.78	1.12	15.64	5.42	21.30	11.08
Net debt (+) / net cash (–)	–128	–113	–128	–113	–128	−230
Number of employees (EOP)	1,182	1,123	1,182	1,123	1,182	1,111

¹⁾ During the third quarter 2024, a provision of earn-out related to the earlier acquisition of Netmind was reversed, impacting the net financial items positively by MSEK 166. During the first quarter 2024, a provision of earn-out related to the earlier acquisition of RLI was reversed, impacting the net financial items positively by MSEK 29. During the fourth quarter 2023, a provision of earn-out related to the earlier acquisition of MTAC was reversed, impacting the net financial items positively by MSEK 28.

BTS Europe back to growth and launch of new AI tools

BTS Europe rebounded in the third quarter after a slow first half of the year. BTS Other markets showed strong growth while BTS North America experienced moderate growth. In BTS Other Markets, the integration of SEAC proceeds according to plan and our recently acquired AI product Verity was launched at a number of existing BTS customers.

BTS Europe is back to growth, growing 5 percent in the quarter after a slow first half of the year. The trend reversal was a result of sales initiatives taken over the past year, as well as the launch of previously won projects that had been postponed. Profitability improved significantly because of increased net sales and good cost control. The number of opportunities and proposals increased, which bodes well for the remainder of the year.

BTS Other markets grew by 16 percent, partly driven by the end of July acquisition of the leadership consultancy firm SEAC. Excluding SEAC, growth amounted to 8 percent. The integration of the Thailand-based company is progressing well, and the employees are highly motivated after the co-location to one office. I would also like to take this opportunity to welcome SEAC's leader Arinya Talerngsri and her colleagues to the BTS family. We look forward to growing and strengthening our position in the region together with SEAC.

BTS North America grew by 6 percent despite that many U.S. companies remained hesitant to larger investments. Waiting for possible policy changes related to the election in the US may to some extent affect decisionmaking. As a consequence, we have remained restrained and selective in our recruitment in BTS North America.

Group net sales increased by 8 percent, adjusted for currency effects, compared with the same quarter in 2023. The organic growth was 5 percent. EBITA increased by 13 percent to SEK 60 million compared to the third quarter 2023, and the EBITA margin was 9.2 (8.4) percent.

AI tool Verity launched

Our AI tool Verity, which was part of the Wonderway acquisition at the end of June, was launched by our first clients in North America and Europe during the quarter. Verity listens to clients' sales calls and practice sales calls to assess performance and give real-time feedback aligned to the company's unique sales strategy. This provides the leader and salesperson with specific behavioral performance data, which facilitates further on-point practice.

Jessica Skon

Furthermore, demand increased for our custom practice bots that are adapted to critical roles and specific client account teams who want to improve performance through ongoing practice. The wisdom of the bot is built from the company's unique definition of high performance for critical roles and adapts overtime.

Outlook 2024

The 2024 full-year outlook is unchanged; the result (EBITA) is expected to be better than in 2023.

Stockholm, November 8, 2024

Jessica Skon CEO of BTS Group AB (publ)

OPERATIONS

July 1 - September 30, 2024

BTS's third-quarter net sales amounted to MSEK 657 (633). Adjusted for changes in foreign exchange rates, sales increased 8 percent whereof 5 percent was organic. Growth varied between BTS's operating units: BTS Other markets 16 percent, BTS North America 6 percent, BTS Europe 5 percent, and APG –11 percent.

EBITA increased 13 percent in the third quarter to MSEK 60 (53). The EBITA margin was 9.2 (8.4) percent.

EBIT increased 13 percent in the third quarter to MSEK 43 (38). The EBIT margin was 6.5 (5.9) percent. EBIT was charged with MSEK –18 (–16) for amortization of intangible assets attributable to acquisitions and digital investments.

Profit before tax amounted to MSEK 200 (31). A provision of earn-out related to the acquisition of Netmind was reversed in the third quarter, impacting the net financial items positively by MSEK 166. Excluding the provision of earn-out, the profit before tax increased 9 percent to MSEK 34 (31).

The outcome was affected positively by improved profit in BTS North America, BTS Europe and BTS Other markets and negatively by lower profit in APG, compared to the same quarter the previous year.

January 1 - September 30, 2024

BTS's net sales for the nine-month period amounted to MSEK 2,006 (1,915). Adjusted for changes in foreign exchange rates, the net sales increased 6 percent whereof 5 percent was organic. Growth varied between BTS's operating units: BTS Other markets 11 percent, BTS North America 9 percent, APG –1 percent, and BTS Europe –9 percent.

EBITA increased 11 percent to MSEK 229 (207) in the nine-month period. The EBITA margin was 11.4 (10.8) percent.

NET SALES BY QUARTER

EBITA BY QUARTER

^<sup>1) Excluding forgiven PPP loan.

NET SALES AND EBITA ROLLING 12 MONTHS

¹⁾ Excluding forgiven PPP loan.

EARNINGS AND DIVIDEND PER SHARE

EBIT increased 9 percent to MSEK 180 (166) in the nine-month period. The EBIT margin was 9.0 (8.7) percent. EBIT was charged with MSEK –49 (–41) for amortization of intangible assets attributable to acquisitions and digital investments.

Profit before tax amounted to MSEK 351 (152) during the nine-month period. Provisions of earn-out payments related to the acquisitions of RLI and Netmind were

reversed, impacting the net financial items positively by MSEK 194. Excluding the provision of earn-out, the profit before tax increased 3 percent to MSEK 157 (152).

The outcome was affected positively by improved profit in BTS North America and BTS Other markets, and negatively by lower profit in BTS Europe and APG, compared to the same period the previous year.

SEGMENT REPORTING

The effects of IFRS 16 are reported as Group adjustments, and do not affect the reporting of the BTS Operating units.

Operating units

BTS North America consists of BTS's operations in the U.S. (excluding APG), Canada, and Switzerland.

BTS Europe consists of operations in France, Germany, the Netherlands, Sweden, and the UK.

BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Indonesia, Italy, Japan, Malaysia, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand, and the United Arab Emirates.

APG consists of operations in Advantage Performance Group in the U.S.

NET SALES JANUARY 1 – SEPTEMBER 30, 2024 (2023)

AVERAGE GROWTH PER YEAR, 2001–2023 (CAGR) 12% Net sales growth per year 1) 15% EBITA growth per year 1) Currency adjusted

FINANCIAL GOALS

• • A net sales growth 1) of 20 percent, primarily organic.
• • An EBITA margin of 17 percent.
• • An equity ratio that does not fall below 50 percent over extended periods.
• • An ambition to distribute 40–65 percent of profit after tax in the long run.

1) Currency adjusted

OUTCOME PER OPERATING UNIT

Net sales

MSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
BTS North America	321	315	1,024	946	1,402	1,324
BTS Europe	107	104	315	344	440	469
BTS Other markets	195	176	557	514	775	732
APG	33	39	110	111	157	158
Total	657	633	2,006	1,915	2,774	2,683

EBITA

MSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
BTS North America	29.0	28.0	122.6	104.9	190.4	172.8
BTS Europe	9.2	2.9	30.8	39.1	52.7	61.0
BTS Other markets	20.7	20.4	69.2	57.7	115.0	103.6
APG	–0.9	0.1	–1.1	–0.3	–0.6	0.2
EBITA, excluding Group adjustments	58.0	51.4	221.4	201.4	357.6	337.6
Effects of IFRS 16	2.2	2.0	7.6	5.4	10.3	8.1
EBITA	60.2	53.4	229.1	206.9	367.9	345.7

EBITA margin

%	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
BTS North America	9.0	8.9	12.0	11.1	13.6	13.0
BTS Europe	8.5	2.8	9.8	11.4	12.0	13.0
BTS Other markets	10.6	11.6	12.4	11.2	14.8	14.2
APG	–2.7	0.4	–1.0	–0.3	–0.4	0.1
EBITA margin	9.2	8.4	11.4	10.8	13.3	12.9

Market development

Even though many client companies report strong margins, several of BTS North America's clients continue to focus on costs. An increasing number of investment decisions are made at the top of the company. As a result, procurement departments have become even more critical in the sales process.

Within BTS North America, we have become better at positioning change management at different phases. This has created better conditions for larger deal sizes and longer engagements going forward.

The launch of projects that had been postponed earlier contributed to the turnaround in BTS Europe, which should continue to contribute positively for the rest of the year.

Within BTS Other markets, Southern Europe1) was affected by the weak development seen in the rest of Europe1) earlier this year, with clients delaying investments. New senior expertise and new leaders have been recruited during the autumn to allow a focus on assessment services in particular markets. Certain markets in the Middle East continued to be strong due to demand from government entities. Latin America showed growth again, while the development was mixed in Asia, with China and South Korea on the weak side while Japan grew. Growth was also good in Australia.

During the quarter, the number of global deals generated in North America and Europe, that typically also benefit BTS in Asia, decreased.

Overall, the strategy with focus client accounts has worked well. We have gained more business in our focus accounts and their average revenue has grown in all three of BTS's operating units.

BTS North America

Net sales for the third quarter amounted to MSEK 321 (315). Adjusted for changes in foreign exchange rates, revenue increased 6 percent. EBITA amounted to MSEK 29.0 (28.0), and the EBITA margin was 9.0 (8.9) percent.

Net sales for BTS North America amounted to MSEK 1,024 (946) in the nine-month period. Adjusted for changes in foreign exchange rates, revenue increased 9 percent. EBITA amounted to MSEK 122.6 (104.9), and the EBITA margin was 12.0 (11.1) percent.

The energy industry, where BTS North America has several large engagements, acted more conservatively as a consequence of expected lower oil and gas prices. At the same time, pharmaceutical & biotech industry continued to show strength. In this industry, BTS North America has become better at expanding its service portfolio to other services such as sales enablement.

Several reorganizations were underway among manufacturing and consumer packaged goods industry clients, which delayed the willingness to invest.

BTS Europe

Net sales for the third quarter amounted to MSEK 107 (104). Adjusted for changes in foreign exchange rates, revenue increased 5 percent. EBITA amounted to MSEK 9.2 (2.9), and the EBITA margin was 8.5 (2.8) percent.

Net sales for BTS Europe amounted to MSEK 315 (344) in the nine-month period. Adjusted for changes in foreign exchange rates, revenue decreased 9 percent. EBITA amounted to MSEK 30.8 (39.1), and the EBITA margin was 9.8 (11.4) percent.

Demand for change management increased. These change partnerships also have larger deal sizes as they tend to pull services from across the BTS portfolio to support, which helped us to strengthen client relationships in several projects.

The stronger industries during the quarter included the professional services and energy industries. A more challenging development was seen in the pharmaceutical & biotech and manufacturing industries because of continued cost focus, which affected BTS Europe's business negatively in the Nordic region and Germany.

BTS Other markets

Net sales for the third quarter amounted to MSEK 195 (176). Adjusted for changes in foreign exchange rates, revenue increased 16 percent. EBITA amounted to MSEK 20.7 (20.4), and the EBITA margin was 10.6 (11.6) percent.

Net sales for BTS Other markets amounted to MSEK 557 (514) in the first nine-month period. Adjusted for changes in foreign exchange rates, revenue increased 11 percent. EBITA amounted to MSEK 69.2 (57.7), and the EBITA margin was 12.4 (11.2) percent.

The profitability in the quarter was affected by the integration of SEAC in Southeast Asia as well as growing business volumes in various offices. The growing volumes required some additional external support, even as the goal is to try to move resources across the unit.

Energy and financial services were among growing industries in the quarter while pharmaceutical & biotech and manufacturing industries had a weaker performance.

APG

Net sales for the third quarter amounted to MSEK 33 (39). Adjusted for changes in foreign exchange rates, revenue decreased 11 percent. EBITA amounted to MSEK –0.9 (0.1), and the EBITA margin was –2.7 (0.4) percent.

Net sales for APG amounted to MSEK 110 (111) for the first nine-month period. Adjusted for changes in foreign exchange rates, revenue decreased 1 percent. EBITA amounted to MSEK –1.1 (–0.3), and the EBITA margin was –1.0 (–0.3) percent.

The business was affected by both smaller projects and more limited license agreements, compared to last year. Several projects were delayed due to organizational restructuring at client companies. Demand for sales training grew in the third quarter while demand for leadership development declined compared to the third quarter 2023. During the quarter, APG strengthened its sales force.

¹⁾ "BTS Other Markets" includes Italy and Spain. Complete unit affiliation on page 4.

CASH FLOW

July 1 – September 30, 2024

BTS's cash flow from operating activities for the third quarter amounted to MSEK 147 (40), whereof the cash flow from changes in working capital amounted to MSEK 103 (–9).

The cash flow from investing activities for the third quarter amounted to MSEK –72 (–18). Investments in tangible and intangible non-current assets, excluding acquisitions, amounted to MSEK –9 (–6) for the third quarter. Investments in acquisitions of businesses amounted to MSEK –63 (–12) for the third quarter, where MSEK –63 was attributable to the new acquisition and MSEK 0 to earn-out payments.

Cash flow from financing activities for the third quarter amounted to MSEK –17 (–18).

Total cash flow in the third quarter amounted to MSEK 58 (4).

January 1 – September 30, 2024

BTS's cash flow from operating activities for the first nine-months of the year amounted to MSEK 164 (–59), whereof the cash flow from changes in working capital amounted to MSEK –15 (–258).

The cash flow from investing activities for the first nine-month period amounted to MSEK –176 (–101).

Investments in tangible and intangible non-current assets, excluding acquisitions, amounted to MSEK –24 (–31) for the first nine-month period. Investments in acquisitions of businesses amounted to MSEK –152 (–70) for the first nine months of the year, where MSEK –81 was attributable to new acquisitions and MSEK –71 to earn-out payments.

Cash flow from financing activities for the first ninemonth period of the year amounted to MSEK 38 (–30). The change between the periods is attributable to new loans during 2024.

Total cash flow for the first nine-months of the year amounted to MSEK 26 (–191).

FINANCIAL POSITION

Available cash and cash equivalents amounted to MSEK 563 (396) at the end of the period.

Interest-bearing loans amounted to MSEK 435 (284) at the end of the period. The company had no conversion loans outstanding at the balance sheet date.

Net debt, that is interest-bearing liabilities reduced by liquid funds, amounted to MSEK –128 (–113) at the end of the period, and the net debt ratio for the 12 months period October 2023 to September 2024 was –9 (–9) percent.

BTS's equity ratio was 51 (47) percent at the end of the period.

BTS AROUND THE WORLD

BTS is a global professional services firm headquartered in Stockholm, Sweden, with about 1,200 professionals in 38 offices located on six continents.

DEPRECIATIONS AND AMORTIZATIONS

July 1 – September 30, 2024

Depreciation of property, plant and equipment amounted to MSEK –18 (–18) for the third quarter, of which depreciation of right-of-use assets in accordance with IFRS 16 were MSEK –14 (–15).

Amortization of intangible assets amounted to MSEK –18 (–16) for the third quarter, of which amortizations related to acquisitions were MSEK –9 (–9).

January 1 – September 30, 2024

Depreciation of property, plant and equipment amounted to MSEK –53 (–53) for the first nine-month period, of which depreciation of right-of-use assets in accordance with IFRS 16 were MSEK –41 (–40).

Amortization of intangible assets amounted to MSEK –49 (–41) for the first nine months of the year, of which amortizations related to acquisitions were MSEK –27 (–23).

OTHER INFORMATION

Employees

As of September 30, 2024, the number of employees at BTS was 1,182 (1,123). The average number of employees for the first nine-month period of the year was 1,118 (1,162).

Parent company

The Parent company's net sales during the first ninemonth period of the year amounted to MSEK 3.9 (3.0) and profit before tax totaled MSEK 35.5 (33.2). Cash and cash equivalents amounted to MSEK 24.4 (1.0).

Transactions with related parties

A limited number of transactions with related parties, with the exception of transactions between Group companies, have taken place and in that case under prevailing market conditions.

Acquisitions

On July 30, 2024, BTS acquired the business of Seasia Leadavation Company Ltd (SEAC), based in Bangkok, Thailand, as previously communicated in a press release on the same date. The acquisition encompasses all operations, including employees, technology, intellectual property, customer relations, brands and equipment.

SEAC is a leading leadership and talent development company, delivering impactful leadership and talent development solutions through their proprietary, innovative and smart learning processes and technology platforms. SEAC's solutions help their clients transform their work models, build essential future capabilities, and drive powerful cultural changes to successfully execute their strategies. With SEAC's client portfolio of both local and global companies operating in the region, with only limited overlap with BTS, the acquisition of SEAC will significantly enhance BTS's position in Thailand and strengthen its market presence in Southeast Asia.

The revenue from the SEAC acquisition also contributed to BTS's growth during the third quarter. Although it was

not a full-quarter integration, SEAC contributed SEK 13 million in revenue, which equals 0,3 percentage points of BTS's total currency adjusted growth for the third quarter.

Goodwill consists of expected future synergy effects in the form of an expanded product range and services. Alongside synergy effects, the addition of qualified employees and future profitability components are included in the goodwill item.

Preliminary acquisition calculation ratified at the date of acquisition, translated at the exchange rate per September 30, 2024

	MSEK
Tangible assets	0.5
Intangible assets	17.2
Receivables	3.3
Current liabilities	–12.4
Identifiable assets	8.5
Goodwill	52.5
Total purchase price	61.0
Estimated additional cash purchase price	–14.4
Purchase price paid in cash	46.6

Events after the end of the period

No significant events occurred after the close of the period.

Risks and uncertainties

The Group's material risks and uncertainties include market and business risks, operational risks, and financial risks. Business risks include significant exposure to individual customers or markets, as well as the negative influence of changes in the economy. Operational risks include dependence on key individuals, insufficient skills supply, and an inability to take advantage of intellectual property, as well as if BTS does not meet the stringent quality requirements of its clients. Financial risks mainly relate to foreign exchange rates and credit risks. The management of risks and uncertainties is described in the 2023 Annual report.

Critical accounting estimates and assumptions

In order to prepare the financial statements in conformity with IFRS, Corporate management is required to make estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenues, and costs. Estimates and assumptions are based on historical experience, and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. Estimates and assumptions are reviewed regularly.

Accounting principles

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the EU, RFR 1 Supplementary Accounting Rules for Groups, and the Swedish Annual Accounts Act. The Parent company's statements have been prepared in accordance with RFR 2 Accounting for Legal Entities and the Annual Accounts Act.

Financial calendar

Year-end report Jan–Dec 2024 February 26, 2025 Interim report Jan–Mar 2025 May 16, 2025 Interim report Jan–Jun 2025 August 22, 2025 Interim report Jan–Sep 2025 November 12, 2025 Year-end report Jan–Dec 2025 February 20, 2026

Stockholm, November 8, 2024

Jessica Skon CEO

This report has not been reviewed by BTS's auditors.

Contact information

Jessica Skon, CEO +46 8 587 070 00 Stefan Brown, CFO +46 8 587 070 62 Michael Wallin, Investor Relations +46 70 878 80 19

BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm, Sweden Phone: +46 8 587 070 00

Company registration number: 556566-7119

For further information, visit www.bts.com

FINANCIAL INFORMATION

GROUP INCOME STATEMENT, SUMMARY

KSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
Net sales	657,262	633,383	2,005,587	1,914,916	2,773,563	2,682,892
Operating expenses	–579,216	–561,641	–1,723,503	–1,654,701	–2,329,777	−2,260,975
Depreciation of property, plant and equipment	–17,853	–18,372	–53,014	–53,352	–75,873	−76,211
EBITA	60,193	53,370	229,070	206,863	367,912	345,706
Amortization of intangible assets	–17,545	–15,752	–48,621	–41,084	–65,192	−57,656
EBIT	42,648	37,618	180,449	165,779	302,720	288,050
Net financial items	–8,457	–5,709	–23,885	–13,455	–31,649	–21,218
Reversed provision of earn-out	165,729		194,276		222,618	28,342
Associated company, profit after tax	180	–482	346	–39	347	–39
EBT	200,100	31,428	351,185	152,285	494,035	295,134
Estimated tax	–10,483	–9,743	–47,857	–47,208	–80,969	−80,320
Net profit	189,617	21,685	303,328	105,076	413,066	214,815
attributable to the shareholders of the
parent company	188,827	21,685	302,538	105,076	412,276	214,815
Earnings per share, SEK	9.78	1.12	15.64	5.42	21.30	11.08
Number of shares at end of the period 1)	19,396,819	19,396,819	19,396,819	19,396,819	19,396,819	19,396,819
Average number of shares 1)	19,396,819	19,389,247	19,396,819	19,379,368	19,396,819	19,384,610
Dividend per share, SEK						5.70

¹⁾ Before and after dilution of shares.

GROUP STATEMENT OF COMPREHENSIVE INCOME

KSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
Profit for the period	189,617	21,685	303,328	105,076	413,066	214,815
Items that will not be reclassified to profit or loss	–	–	–	–	–	−
	–	–	–	–	–	−
Items that may be reclassified to profit or loss
Translation differences in equity	–46,020	–12,689	2,457	47,963	–78,648	−33,142
Other comprehensive income for the period, net of tax	–46,020	–12,689	2,457	47,963	–78,648	−33,142
Total comprehensive income for the period	143,598	8,996	305,785	153,039	334,419	181,673
attributable to the shareholders of the parent company	142,807	8,996	304,995	153,039	334,419	181,673

GROUP BALANCE SHEET, SUMMARY

KSEK	30 Sep 2024	30 Sep 2023	31 Dec 2023
ASSETS
Goodwill	1,207,325	1,129,955	1,103,993
Other intangible assets	162,769	172,956	153,592
Tangible assets	183,808	146,578	180,410
Financial assets	31,121	28,889	28,474
Total non-current assets	1,585,023	1,478,379	1,466,468
Trade receivables	545,091	607,921	714,315
Other current assets	369,543	328,154	243,324
Cash and cash equivalents	563,106	396,215	532,315
Total current assets	1,477,740	1,332,291	1,489,953
TOTAL ASSETS	3,062,763	2,810,670	2,956,421
EQUITY	1,553,347	1,323,547
EQUITY AND LIABILITIES
LIABILITIES			1,300,653
Acquisition-related non-current liabilities
Interest-bearing non-current liabilities	178,612	343,625	324,823
Other non-current liabilities	222,500	77,753	57,753
	210,068	161,597	209,138
Non-current liabilities	611,179	582,974	591,714
Acquisition-related current liabilities	17,173	139,403	94,835
Interest-bearing current liabilities	212,707	205,928	244,577
Other current liabilities	668,357	558,818	724,641
Current liabilities	898,237	904,149	1,064,053
TOTAL LIABILITIES	1,509,416	1,487,122	1,655,767
TOTAL EQUITY AND LIABILITIES	3,062,763	2,810,670	2,956,421

GROUP CASH FLOW STATEMENT, SUMMARY

KSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
Profit before tax	200,100	31,428	351,185	152,285	494,035	295,134
Adjustments for non-cash items	–130,331	35,188	–92,641	95,501	–82,617	105,525
Paid taxes	–26,309	–17,585	–79,728	–49,535	–101,435	−71,242
Cash flow from operating activities	43,461	49,031	178,816	198,250	309,983	329,417
Operating receivables	9,284	–66,122	38,992	20,917	–49,156	−67,232
Operating liabilities	93,992	56,919	–54,104	–278,491	127,852	−96,535
Cash flow from changes in
working capital	103,276	–9,203	–15,112	–257,574	78,695	−163,767
Cash flow from operating activities	146,737	39,829	163,704	–59,324	388,679	165,650
Acquisition of business	–62,761	–12,110	–152,149	–70,088	–147,394	−65,334
Acquisition of assets	–9,406	–5,729	–23,995	–31,139	–32,891	−40,035
Cash flow from investing activities	–72,167	–17,839	–176,143	–101,227	–180,285	−105,368
Dividend	–	–	–55,281	–52,311	–107,652	−104,682
Net change, interest-bearing liabilities	–4,917	–3,912	132,878	63,023	143,995	74,140
Other 1)	–11,938	–13,827	–39,341	–41,141	–52,064	−53,863
Cash flow from financing activities	–16,855	–17,738	38,255	–30,429	–15,721	−84,405
Cash flow for the period	57,715	4,251	25,816	–190,980	192,674	−24,123
Cash and cash equivalents, opening balance	515,654	400,967	532,315	577,061	396,215	577,061
Translation differences in cash and cash equivalents	–10,262	–9,003	4,976	10,134	–25,781	−20,623
Cash and cash equivalents, closing balance	563,106	396,215	563,106	396,215	563,106	532,315

¹⁾ Amortization of lease liabilities, according to IFRS 16.

GROUP CHANGES IN CONSOLIDATED EQUITY

KSEK	30 Sep 2024	30 Sep 2023	31 Dec 2023
Opening balance	1,300,653	1,213,930	1,213,930
Dividend to shareholders	–55,281	–52,311	−104,682
New issue	–	6,315	6,315
Other	2,189	2,574	3,419
Total comprehensive income for the period	305,785	153,039	181,673
Closing balance	1,553,347	1,323,547	1,300,653

PARENT COMPANY'S INCOME STATEMENT, SUMMARY

KSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
Net sales	1,285	1,395	3,925	2,995	4,720	3,790
Operating expenses	–3,708	–3,600	–3,647	–264	–8,289	−4,906
EBIT	–2,423	–2,205	278	2,731	–3,569	−1,116
Net financial items	–5,538	5,807	35,230	30,486	111,970	107,226
EBT	–7,961	3,602	35,508	33,217	108,401	106,110
Tax	–	–	–	–	–6,302	−6,302
Net profit	–7,961	3,602	35,508	33,217	102,099	99,808

PARENT COMPANY'S BALANCE SHEET, SUMMARY

KSEK	30 Sep 2024	30 Sep 2023	31 Dec 2023
ASSETS
Financial assets	445,616	438,479	444,200
Other current assets	161,377	94,223	114,406
Cash and cash equivalents	24,423	956	985
TOTAL ASSETS	631,415	533,658	559,591

EQUITY AND LIABILITIES

EQUITY	186,393	191,947	206,166
LIABILITIES
Interest-bearing non-current liabilities	222,500	77,753	57,753
Other non-current liabilities	8,223	55,023	55,023
Non-current liabilities	230,723	132,776	112,776
Interest-bearing current liabilities	212,707	205,928	237,045
Other current liabilities	1,591	3,008	3,603
Current liabilities	214,298	208,936	240,649
TOTAL LIABILITIES	445,022	341,712	353,425
TOTAL EQUITY AND LIABILITIES	631,415	533,658	559,591

GROUP CONSOLIDATED KEY RATIOS

KSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Oct–Sep 2023/2024	Jan–Dec 2023
Net sales	657,262	633,383	2,005,587	1,914,916	2,773,563	2,682,892
EBITA	60,193	53,370	229,070	206,863	367,912	345,706
EBITA margin	9.2%	8.4%	11.4%	10.8%	13.3%	12.9%
EBIT	42,648	37,618	180,449	165,779	302,720	288,050
EBIT margin	6.5%	5.9%	9.0%	8.7%	10.9%	10.7%
Net profit	189,617	21,685	303,328	105,076	413,066	214,815
Net profit margin	28.8%	3.4%	15.1%	5.5%	14.9%	8.0%
Operating capital 1)					1,425,447	1,070,668
Return on operating capital					24%	27%
Return on equity					29%	17%
Equity ratio	51%	47%	51%	47%	51%	44%
Cash flow for the period	57,715	4,251	25,816	–190,980	192,673	−24,123
Cash flow from operating activities	146,737	39,829	163,704	–59,324	388,679	165,650
Cash and cash equivalents, at end of the period	563,106	396,215	563,106	396,215	563,106	532,315
Net debt (+) / net cash (–)					–127,900	−229,986
Net debt ratio					–9%	−18%
Net debt/EBITA					–0.35	−0.67
Average number of employees	1,140	1,141	1,118	1,162	1,119	1,152
Number of employees at the end of the period	1,182	1,123	1,182	1,123	1,182	1,111
Revenue for the year per employee					2,480	2,329

¹⁾ The calculation includes the item of non-interest-bearing liabilities as of September 30, 2024, amounting to KSEK 1,074 (1,203).

NET SALES ACCORDING TO BUSINESS MODEL

	Jan–Sep 2024						Jan–Sep 2023
MSEK	BTS North America	BTS Europe	BTS Other markets	APG	Total	Share of total revenue	BTS North America	BTS Europe	BTS Other markets	APG	Total	Share of total revenue
Programs	604	204	425	83	1,315	66%	564	227	364	84	1,240	65%
Development	255	79	99	–	432	22%	228	86	128	–	443	23%
Licenses	139	24	19	27	209	10%	132	26	11	27	196	10%
Other revenue	27	8	15	–	49	2%	22	4	11	–	37	2%
TOTAL	1,024	315	557	110	2,006	100%	946	344	514	111	1,915	100%

DEFINITIONS

Earnings per share

Earnings attributable to the parent company's shareholders divided by number of shares before dilution.

EBITA

Operating profit before amortization of intangible assets, financial items, and tax.

EBITA margin

EBITA as a percentage of net sales.

EBIT

Operating profit before financial items and tax.

EBIT margin

EBIT as a percentage of net sales.

Equity ratio

Equity as a percentage of the total balance sheet.

Net debt

Interest-bearing liabilities reduced by liquid funds.

Net debt/EBITA

Net debt in relation to EBITA.

Net debt ratio

Net debt as a percentage of average equity.

Net profit margin

Net profit as a percentage of net sales.

Net sales growth/growth

Percentage change in net sales between two periods, adjusted for changes in foreign exchange rates.

Operating capital

Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interestbearing liabilities.

Return on equity

Net profit as a percentage of average equity.

Return on operating capital

EBIT as a percentage of average operating capital.

ABOUT BTS GROUP AB

BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,200 professionals in 38 offices located on six continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS's services support a broad range of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and strategy implementation, as well as culture and broad-scale change. For over 35 years, BTS has been focused on the people-side of change and on powering better performance using proprietary simulation, learning, coaching, and assessment methodologies. We partner with nearly 1,200 organizations, including over 40 of the world's 100 largest global corporations.

BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.

For more information, please visit www.bts.com.

Strategy made personal.

Inspiring and equipping people and organizations to do the best work of their lives.

www.bts.com