Knowit — Interim / Quarterly Report 2024

May 3, 2024

Stable trend kicks off the year

Interim report for Knowit AB

JANUARY – MARCH 2024

Net sales decreased by 10.4 percent to SEK 1,766.3 (1,970.5) million

The EBITA profit was SEK 136.3 (197.2) million

The EBITA margin was 7.7 (10.0) percent

Results after tax were SEK 64.0 (104.1) million

Earnings per share were SEK 2.23 (3.64)1 )

Cash flow from operating activities was SEK 101.6 (106.5) million

1) Before and after dilution.

The information contained herein is such as shall be made public by Knowit AB (publ) in accordance with the EU Market Abuse Regulation. The information was made public through the agency of CEO and President Per Wallentin, at 07.30 CEST on May 3, 2024.

Utilization levels out on hesitant market

Knowit has started the year on a market that is significantly more challenging compared with that in the first quarter last year. After an intense fall with a strong focus on structural changes to create a more effective and adapted organization, we are now seeing a stabilization in utilization – a show of strength given the current market conditions. Being a significant player in the fast technology development happening here and now remains our top priority, while the work to increase our competitiveness and strengthen our profitability is important to secure an even stronger position when the market turns around.

Just like at the end of last year, significant differences can be seen between Knowit's different geographic markets. We are benefited by our very solid position in Norway, with multiple strategic agreements with large companies that are driving their digital development with the help of Knowit. In Sweden, we are facing weaker demand and greater hesitance among our clients. However, we can seeing some positive signals from clients in southern Sweden and in parts of the public sector.

In total, net sales decreased by 10 percent during the first quarter of the year, and the EBITA margin was 7.7 percent, driven by weaker demand and a negative calendar effect compared with the previous year. In relation to the last quarter of 2023, when the market situation was more comparable, both net sales and EBITA have leveled out.

Structural changes show results

Our work to create a more effective and adapted organization has led to the stabilization in utilization that we are now seeing. We are generally succeeding well with reallocating resources to segments or clients where demand is high, and our intense sales efforts are showing results. This is seen in particular in the business area Connectivity, which once again delivers a strong quarter with improved margins.

In the business area Solutions, Knowit's largest business area, we are now seeing improvements in parts of the operations, whereas our digitalization agency Experience remains challenged by a weak demand, in particular in Sweden. Our management consultancy operations Insight are developing relatively well, although the margin is not yet back at the level we expect in the future.

An innovative digitalization partner in the Nordic region

We are proud to be a strong partner to Nordic companies and authorities, and our clients are requesting more of our competence in AI. For instance, during the quarter, we have delivered a solution to the Danish unemployment insurance fund, where we have developed a bespoke legal assistant based on ChatGPT 4.0.

At the start of the year, we have also signed new framework agreements with several Swedish authorities, including the Swedish Medical Products Agency and the Swedish Food Agency, which further strengthen our position in the public sector. In the current economic climate, demand from the public sector has weakened in general, which impacts our entire industry. Through several new agreements, and increased deliveries to the defense industry, we are retaining a strong foothold in this important sector.

Even if we are now seeing that the negative development in utilization is leveling out, it is too early to sound the all-clear. The market situation remains uncertain and we must continually work hard to optimize operations and minimize costs. This becomes even more important in the areas where we continue to see a downward trend.

While economies in the Nordic region have weakened over the last year, there is still a large need among companies and organizations to make use of the fast technology development and shift to more sustainable business models. Our employees continue to have a close dialogue with clients and we have a strong platform to work from when the market situation improves again.

PER WALLENTIN

Chief Executive Officer and President

January – March 2024

Knowit is one of four selected suppliers of consultancy services in a framework agreement with a total value of SEK 610 million. The agreement encompasses T H E S W E D I S H M E D I C A L P R O D U C T S A G E N C Y, T H E G E O L O G I C A L S U R V E Y O F S W E D E N , T H E S W E D I S H V E T E R I N A R Y A G E N C Y, A N D T H E SWEDISH FOOD AGENCY.

FREDRIK EKERHOVD, formerly Head of Knowit Experience, has been appointed as new Head of Knowit Solutions, succeeding the former Head of the business area, ÅSA HOLMBERG, who has chosen to leave Knowit. At the same time, KENNETH GVEIN was appointed as new Head of Knowit Experience.

Knowit has met the requirements to become a MICROSOFT SOLUTIONS PARTNER for business applications. Thus, Knowit is a partner in all areas, which together result in the status of MICRO-SOFT CLOUD PARTNER.

T E L E N O R G R O U P, a global brand with 160 million users in eight geographic markets, has chosen Knowit as its exclusive partner for branding strategy and identity. The agreement is for three years, with an option for another two years.

January – March 2024

The first quarter of the year has been characterized by a continued uncertainty on the market. Net sales for the quarter were SEK 1,766.3 (1,970.5) million. Profit before amortization of intangible assets (EBITA) was SEK 136.3 (197.2) million. Exchange rate developments had a negative effect on net sales totaling SEK -9.1 (11.4) million. As of the first quarter 2024, normal working hours are reported; for the period, they totaled 486 (499).

Cash flow from operating activities was SEK 101.6 (106.5) million, where operating capital increased to SEK 24.0 (-39.6) million, affected mainly by increased short-term liabilities.

The work to optimize the organization and reduce costs has continued during the first quarter. Compared with the last quarter in 2023, costs for travel, conferences, and other costs have decreased by around SEK 19 million. Restructuring costs for phase-out of employees has, during the quarter, totaled around SEK 13 million. In total, around 70 employees have been asked to leave during the first quarter, to adapt capacity to demand.

SEK, MILLIONS	January – March 2024	January – March 2023
Sales	1,766.3	1,970.5
Sales, change, %	-10.4	6.0
of which is exchange rate effect, %	-0.5	0.6
EBITA	136.3	192.1
EBITA margin, %	7.7	10.0
Cash flow from operating activities	101.6	106.5
Intangible assets	4,443.1	4,585.1
Number of employees at the end of the period	4,109	4,377
Normal working hours	486	499

Net sales, quarterly data

Rolling 12 months

Adjusted EBITA profit, SEK, millions

Rolling 12 months

Megatrends driving the need for digitalization

Knowit's mission is creating a sustainable future along with our clients by using our strategic, creative, and technical competence. With a unique combination of competence in tech, design, communications, and strategy, we develop innovative 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, Poland, and a smaller operation in Germany.

3Through our four business areas, Knowit develops 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 encompasses 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.

Our society is characterized by the fast developments in AI and the need to connect innovation and sustainability through digitalization. Further, cyberthreats are expected to increase at the same time as

geopolitical factors in our surroundings are causing large changes. Even in a time of inflation, rising interest rates, and decreased consumption, Nordic companies are asking for specialist competence in digitalization, albeit with more caution in a weaker economic climate.

At Knowit, we support companies, authorities, and organizations in the digital transformation. Our arena is the projects we perform along with our clients, where we can make a difference both today and in the future. During the latest year, generative AI has made broad inroads into society, leading to developments 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 perspective, through specialized teams that make things happen along with our clients.

Good spread across different client industries

Knowit meets clients in many different industries, where companies and organizations have the need for competent support to develop their operations and drive the change towards a digitalized society. The largest proportion of net sales is in the public sector, providing 38 percent of Knowit's total net sales. Other significant client sectors are Industry and Retail and service companies, contributing 16 percent each, and Banking and finance, contributing 11 percent.

Sales per country, January – March 2024

Sweden 43% (46) Norway 28% (29) Denmark 14% (12) Finland 12% (10) Poland 3% (3) Other 0% (0)

Sales per business area, January – March 2024

Solutions	56% (53)
Experience	19% (21)
Insight	13% (12)
Connectivity	12% (14)

Sales per client industry, January – March 2024

Public sector	38% (39)
Retail and service companies	16% (15)
Industry	16% (15)
Banking, finance and insurance	11% (10)
Telecommunications	7%	(9)
Media, education and gaming	5%	(4)
Energy	4%	(4)
Other	3%	(4)

Aiming for a sustainable future

An important part of the ongoing digitalization 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 changing 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.

A strong employer brand regardless of market conditions

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 promise to both clients, employees, and society at large is to be "Makers of a sustainable 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. We are ranked highly among Nordic workplaces and in 2023 we were one of Sweden's 100 most popular employers among technology majors.

Financial outcome

The Group's operations are organized so that the corporate management team primarily follows four business areas: Solutions, Experience, Connectivity, and Insight. To promote collaboration between segments, the Corporate Management Team 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 page 22.

Net sales for the quarter for Solutions were SEK 988.9 (1,062.9) million, for Experience they were SEK 335.2 (412.2) million, for

Connectivity they were SEK 219.4 (269.1) million, and for Insight they were SEK 234.8 (233.4) million.

Profit before amortization of intangible assets (EBITA) for Solutions was SEK 82.7 (113.3) million, for Experience was SEK 28.0 (60.1) million, for Connectivity was SEK 28.5 (34.8) million, and for Insight was SEK 19.8 (26.6) million.

The EBITA margin for Solutions was 8.4 (10.7) percent, for Experience was 8.4 (14.6) percent, for Connectivity was 13.0 (12.9) percent, and for Insight was 8.4 (11.4) percent.

Solutions

	January – March 2024	January – March 2023
Sales, SEK, million	988.9	1,062.9
EBITA, SEK, million	82.7	113.3
EBITA margin, %	8.4	10.7
Number of employees	1,856	1,978

Solutions is Knowit's largest business area, with operations on all of Knowit's markets in the Nordic region and with smaller operations in Germany. Around 1,900 consultants offer cutting-edge competence in all parts of the system development process: from idea, architecture and project governance, to programming, implementation, testing, and security. Innovation and bespoke system solutions creates increased possibilities to ensure that clients' operations develop in step with the latest technology and changing business needs.

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, challenging older business models.

Comments from the Head of Solutions

The actions taken during the fall have had effect and we perceive the utilization has stabilized somewhat during the first quarter as well. We are working hard to optimize our organization and allocate resources to areas where demand is high. Our efforts are having an effect, although we have yet to see the first signs of a broad market recovery.

"Much like at the end of last year, we are seeing large geographic differences, where our challenges are largest on the Swedish market and, to some extent, the Danish market. The market situation in Norway and Finland is more stable, which benefits our margin development."

Fredrik Ekerhovd, Head of Solutions

Experience

	January – March 2024	January – March 2023
Sales, SEK, million	335.2	412.2
EBITA, SEK, million	28.0	60.1
EBITA margin, %	8.4	14.6
Number of employees	889	987

The business area Experience is one of the leading digital agencies in the Nordic region, with around 900 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 technology, design, data analysis, and marketing, Experience helps companies and organizations achieve their business-critical goals in marketing and sales, which ultimately also drives improved profitability for the 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 contribute to creating better and more accessible societal services for individual citizens.

Comments from the Head of Experience

After having implemented several actions to improve utilization at the end of last year, we are now seeing some stabilization, but have yet to achieve an acceptable level. The improvements we saw in Finland toward the end of year remain, with a positive result development, but we must continue our work to achieve satisfactory profitability in Sweden.

"Compared with the first quarter one year ago, the market conditions have changed significantly, which affects us on all markets. We are pleased that our actions to optimize the organization and increase sales pressures are showing results, but a lot of work remains to ensure long-term growth and high profitability."

Kenneth Gvein, Head of Experience

Connectivity

	January – March 2024	January – March 2023
Sales, SEK, million	219.4	269.1
EBITA, SEK, million	28.5	34.8
EBITA margin, %	13.0	12.9
Number of employees	717	774

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 its around 700 consultants in Sweden and Poland, is a leading supplier to clients in the telecom

7 K N O W I T A B I N T E R I M R E P O R T J A N U A R Y – M A R C H 2 0 2 4

industry, the vehicle industry, the manufacturing industry, and to research and development departments.

Connectivity is specialized in development of 5G technology, at the absolute cutting edge of digitalization. The platform enables usage of artificial intelligence (AI), the internet of things (IoT), and extended reality (XR). Thus, it has potential to decrease costs, energy usage, emissions and waste, and to mitigate climate change.

Comments from the Head of Connectivity

Connectivity continues to develop well. We are seeing increased mobility on the Polish labor market, which lowers our margin in Poland, whereas the margin in Sweden has improved slightly. Our challenge lies in maneuvering a strong delivery with a remaining uncertainty regarding market developments. Our net sales are decreasing as a result of a weaker market, where we are now choosing to focus on utilization rather than new recruitment.

"We deliver yet another strong result in the quarter, which is of course very gratifying. At the same time, uncertainty remains in the market with low visibility, which makes it difficult to assess the future. We continue our strong focus on sales and we have so far been successful in compensating completed projects with new assignments."

Lennart Waldenström, Head of Connectivity

Insight

	January – March 2024	January – March 2023
Sales, SEK, million	234.8	233.4
EBITA, SEK, million	19.8	26.6
EBITA margin, %	8.4	11.4
Number of employees at the end of the period	565	533

Specialists at Insight support their clients in creating agile organizations and performing digital transformations, from idea to result. In close collaboration with the client, they create methods and model based on the client's challenges and unique market circumstances.

In recent years, the business area has grown and now has more than 550 employees. Thus, Insight is an established player on the Nordic management consulting market. Primary offers include data-driven growth, organization and strategy 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

On a competitive market, Insight is delivering a stable result, where our efforts to decrease costs and increase efficiency have shown results.

"The stabilization we saw towards the end of last year has continued into the first quarter of this year, in particular in Sweden, where we are facing high demand – in particular in defense and cybersecurity, but now also in more general management consultancy. During the quarter, we have taken actions to ensure a higher utilization in Finland, which has affected the results negatively, but is expected to have a positive impact going forward."

Carin Strindmark, Head of Insight

Innovative assignments that create long-term value

Together 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.

Arla Sverige has created an AI solution that writes articles instantly

Together with Knowit, the dairy company Arla Sverige has built an AI-ba-

sed solution helping Arla to effectively adapt its content strategy to quick shifts in food trends and consumers' search habits, which are often based on broader topics than specific recipes. The new AI solution is entirely trained on Arla's own recipes and articles.

In Arla's database, there are more than 6,000 original recipes and by implementing Microsoft Azure OpenAI, Arla could create a varied recipe bank, react faster to new food trends, and expand the existing contents. This also opened for possibilities to generate more traffic by developing target-oriented landing pages that maximize usage of the recipe database.

Together with Arla, Knowit has built a tailored solution, with a unique interface that is adapted to Arla's tonality. The solution manages new recipes in Azure and uses machine learning to suggest the most relevant recipes based on the season and

current trends. Through an intuitive interface, differentiation between input from Arla's editors and the output generated by the AI robot is streamlined, improving Arla's content strategy and production significantly.

Thanks to the implementation of AI, Arla will be at the top of Google searches, and a consumer searching for the best pizza recipes should always get recipe suggestions from Arla. With the new technology in place, possibilities also increase for Arla to help consumers choose ingredients by season, encouraging more sustainable meal choices.

Effective errand management with ChatGPT

ChatGPT was the answer when Magistrenes A-kasse (MA), the Danish unemployment insurance fund, explored how they could achieve faster processes, improve response time to members, ascertain that advice was high quality, and reduce the risk of oversight by caseworkers. With a tailored and secure solution, the unemployment insurance fund can now spend more time on other member-focused activities.

Knowit and MA initially developed a prototype of a legal assistant based on ChatGPT 4.0, where users could log in and where it was possible to update and supplement legal materials, register responses, etc. The prototype was developed further into a minimum viable product (MVP) – a 1.0 version of the solution – which contained several important key functions and which could be used by caseworkers.

Development of the legal assistant required equal parts system development and implementation. The solution is tailored for MA, the assistant is built to respond correctly and only to questions in the unemployment insurance area, with a tonality suited for the purpose. To ensure a high level of security, the solution has been exposed to a number of experts in the rule of law and legislation.

The legal assistant has been reviewed by MA's head of legal, to quality assure the results. The next step is to give MA's members the possibility to use the solution when they are logged in to MA's member portal.

The municipality of Sollentuna takes the step towards a more modern digital future

Around 76,000 people live in the municipality of Sollentuna. The municipality's vision is to become the most attractive municipality in Sweden, where everyone feels safe. To achieve this vision, the municipality wanted to invest in the service Säker digital kommunikation ([SDK], Secure digital communication).

The municipality needed to get an overview of the preparatory work that was needed to joining SDK and find a clear way forward in its efforts. There was also interest in expertise for evaluating digital services, such as secure video meetings and secure messaging. The municipality wanted a detailed analysis of its conditions, needs, and technical solutions – and wanted to get an idea of the suppliers on the market.

Knowit has performed a thorough feasibility study and in-depth analysis of the municipality's needs and technical conditions, where the best possibilities for a successful implementation of SDK were identified, including an evaluation of digital services.

Knowit's SDK experts assisted in explaining and getting support for SDK among the municipal executives, and in relevant operations. In close collaboration with the client, interviews were performed in multiple parts of the organization, to ensure that all aspects were taken into account. Suppliers were invited to present their solutions and a pilot project along with the Swedish Police was initiated.

Knowit delivered an extensive analysis of the current status and a clear and well-supported plan for implementation of SDK. Our consultants also gave recommendations for continued collaboration with suppliers and other municipalities. Through this project, the municipality of Sollentuna has equipped itself for a more efficient and secure digital future, where the needs of citizens are in focus. Joining SDK means more secure processing of personal data and sensitive information, which both benefits society in general and contributes to improvements in the municipality's social sustainability.

The tenants' app simplifies everyday life for tenants

has more than 28,000 apartments for rent, with more than 50,000 tenants. In developing an app, Svenska Bostäder wanted to simplify everyday life for its tenants and increase the availability of the company's digital services. The app supplements Svenska Bostäder's existing website, but also glows with "Tenocracy," a portmanteau of the words Tenant and Democracy, describing an initiative for increased influence among tenants.

In the first version of the app, tenants can book the laundry room, follow the news flow, report issues, contact Svenska Bostäder with questions, and get push notifications. The app is built for Android and iOS with React Native as its framework and integrates several operative systems. Other important criteria that the project has taken into account are clear and high information security requirements and that the app has high accessibility, in accordance with WCAG 2.1.

The project was performed in collaboration with Knowit, where a dedicated team worked close to Svenska Bostäder to

realize the vision of a tenants' app. The development used a clear agile development method, with all the fora and processes that the method includes – such as iterative design and development cycles, demos, and a hands-on Scrum methodology. This was adapted to Svenska Bostäder's circumstances in accordance with the relevant requirements, and the result was a work method that helped the project through many difficult forks in the road.

An important component for the project was a tight and close collaboration between Knowit's agile development team and the team at Svenska Bostäder, which decreased lead times and increased transparency in both directions. The development was adapted continually, to meet the high expectations of Svenska Bostäder. At the end of the project, Knowit's team seamlessly moved on to further development and operations of the service.

The introduction of the app creates further freedom of choice and accessibility for Svenska Bostäder's tenants in how they choose to get important information and how they choose to contact Svenska Bostäder. Through the app, Svenska Bostäder can create better accessibility and service, and thereby provide more equality in the possibilities to have an impact on one's housing and housing situation. Development of the app is also a way to promote innovation and digitalization, and a facilitator in creating more sustainable towns and societies using new offers and better streamlining.

The Group

Stable start to the year

Net sales and profit

JANUARY – MARCH

Net sales were SEK 1,766.3 (1,970.5) million, a decrease by 10.4 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 -9.1 (11.4) million.

Net sales were SEK 758.6 (892.4) million in Sweden and SEK 488.8 (574.9) million in Norway, increased to SEK 252.1 (235.4) million in Denmark, to SEK 204.2 (200.4) million in Finland, and were SEK 57.4 (62.1) in Poland.

Sales per employee (based on the average number) was KSEK 449 (471).

The operating profit before amortization of intangible assets (EBITA) decreased by 30.9 percent to SEK 136.3 (197.2) million. The exchange rate development had a negative impact on EBITA of SEK -1.4 (-1.0) million.

In Sweden, EBITA was SEK 73.9 (113.8) million, in Norway it was SEK 51.4 (66.9) million, in Denmark it was SEK 11.8 (19.9) million, in Finland it was SEK 14.4 (16.4) million, and in Poland it was SEK 5.0 (7.5) million. The EBITA margin was 7.7 (10.0) percent.

Amortization and write-downs of intangible assets amounted to SEK -41.4 (-42.7) million.

The operating profit after financial items was SEK 82.2 (133.3) million. The financial net was SEK -12.7 (-21.2) million, affected mainly by interest revenue of SEK 3.1 (4.2) million, interest costs of SEK -13.5 (-15.7) million, and exchange rate changes.

The results after taxes were SEK 64.0 (104.1) million. Tax for the period was SEK -18.2 (-29.2) million. Previous year's taxes were affected by a correction for the previous year's taxes of SEK -5.8 million. The non-controlling interests' share of profit for the year was SEK 3.0 (4.3) million. Earnings per share were SEK 2.23 (3.64).

Segments

JANUARY – MARCH

Net sales for the segment Solutions were SEK 988.9 (1,062.9) million, for the segment Experience they were SEK 335.2 (412.2) million, for the segment Connectivity they were SEK 219.4 (269.1) million, and for the segment Insight they increased to SEK 234.8 (233.4) million.

EBITA was SEK 82.7 (113.3) million for the segment Solutions, SEK 28.0 (60.1) million for the segment Experience, SEK 28.5 (34.8) million for the segment Connectivity, and SEK 19.8 (26.6) million for the segment Insight.

The EBITA margin was 8.4 (10.7) percent for the segment Solutions, 8.4 (14.6) percent for the segment Experience, increased to 13.0 (12.9) percent for the segment Connectivity, and was 8.4 (11.4) percent for the segment Insight.

The definitions for follow-up of segments have changed. For more information, see Note 4 on page 18.

Cash flow

JANUARY – MARCH

Cash flow from operating activities was SEK 101.6 (106.5) million. The change in working capital was SEK 24.0 (-39.6) million, affected mainly by increased shortterm liabilities.

Cash flow from investment activities amounted to SEK -4.2 (-21.8) million, affected by investments in fixed assets.

Cash flow from financing activities was SEK -36.9 (-138.7) million, affected by amortizations.

Total cash flow was SEK -60.5 (-54.0) million.

Financial position

JANUARY – MARCH

Cash and cash equivalents were SEK 193.4 (444.6) million as per March 31, 2024. Goodwill and other intangible were SEK 4,443.1 (4,585.1) million, of which goodwill was SEK 3,773.0 (3,747.1) million, and other intangible assets were SEK 670.1 (838.0) million.

Equity increased to SEK 4,290.8 (4,283.7) million. Interest-bearing liabilities totaled SEK 1,077.5 (1,482.1) million on March 31, 2024, with long-term liabilities totaling SEK 916.8 (1,184.7) million and short-term liabilities totaling SEK 160.7 (297.4) 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 March 31, 2024, SEK 500.0 (600.0) million of the credit facilities granted were used. Leasing liabilities were SEK 528.7 (629.2) million. Liabilities related to future consideration in subsidiaries totaled SEK 40.5 (252.9) million.

The equity/asset ratio increased to 59.6 (56.8) percent as per March 31, 2024.

Employees

JANUARY – MARCH

On March 31, 2024, a total of 4,109 (4,377) people were employed by the Group. During 2024, the number of employees has decreased by 156 people compared with December 31, 2023.

The average number of employees has during the period decreased to 3,935 (4,182). The average number of employees in Sweden decreased to 1,908 (2,073), in Norway decreased to 977 (1,012), in Finland increased to 477 (475), in Poland decreased to 284 (312), and in Denmark decreased to 278 (291).

Seasonal variation

The Group's revenue and operating results are subject to seasonal variation, which means that they vary by quarter. The number of working days and, by extension, normal working hours, affect net sales and profit. The quarter that includes the Easter period – the first or second – has lower revenue, leading to a lower profit, as the costs are largely unchanging, unlike the revenue. The revenue is affected negatively, as the activity on the market decreases or is non-existent on these days. Further, the second and third quarter of the Group's financial year are affected by including parts of the summer holiday period, which impacts on the demand for the Group's services. The fourth quarter is affected by the work days and normal working hours that are dropped due to the Christmas and New Year holidays.

During the period, normal working hours totaled 486 (499) 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 outcomes may vary significantly compared with what is presented in the forward-looking information, depending for example on changed market conditions for the Knowit corporation's offerings and more general conditions related to economy, market, competition, regulatory changes and other alterations in policy, as well as variations on exchange rates. Knowit does not commit to update or correct such forward-looking information beyond what is required by law.

Certification

The Chief Executive Officer certifies that the Interim Report provides a true and fair view of the Group's and Parent Company's operations, financial position and results, and describes significant risks and uncertainty factors that the Parent Company and the companies within the Group are faced with.

STO C K H O L M M AY 3 , 2 0 2 4

PER WALLENTIN

by Knowit's auditors.

Chief Executive Officer This interim report has not been reviewed

Annual General Meeting

The Company's Annual General Meeting will take place on Friday May 3, 2024, 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 Svenska Dagbladet, and published on Knowit's website.

Financial calendar

AGM 2024 May 3, 2024, 1.00 PM

I N T E R I M R E P O R T JANUARY – JUNE 2024 July 19, 2024, 7.30 AM

I N T E R I M R E P O R T JANUARY – SEPTEMBER 2024 October 25, 2024, 7.30 AM

YEAR-END REPORT 2024 February 7, 2025, 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 Communications, Knowit AB (publ), +46 (0)8 700 66 00 or +46 (0)705 421 734 or Marie Björklund, CFO, Knowit AB (publ), +46 (0)8 700 66 00

About Knowit

Knowit are digitalization consultants with a vision to create a sustainable and humane society through digitalization and 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 bespoke system development, digital customer experiences, the internet of things, cloud, cybersecurity, and management consultancy. Competences from several business areas are often combined in client projects.

Knowit was founded in 1990 and now has around 4,100 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.

Financial statements

Income statement in summary

SEK, MILLIONS	Note	January – March 2024	January – March 2023	January –December 2023	April 2023 – March 2024
Net sales	3, 4	1,766.3	1,970.5	7,097.4	6,893.2
Other operating income		–	–	16.4	16.4
TOTAL OPERATING INCOME		1,766.3	1,970.5	7,113.8	6,909.6
Operating costs		-1,586.2	-1,727.5	-6,439.4	-6,298.0
Depreciation and write-downs of tangible fixed assets		-43.9	-45.8	-178.1	-176.2
O P E R AT I N G R E S U LT B E FO R E A M O RT I Z AT I O N OF INTANGIBLE ASSETS (EBITA)		136.3	197.2	496.3	435.4
Amortization and write-downs of intangible fixed assets		-41.4	-42.7	-186.5	-185.2
O P E R AT I N G R E S U LT ( E B I T )		94.8	154.5	309.8	250.1
Result from financial items
Financial incomes		3.6	4.2	76.1	75.5
Financial expenses		-16.3	-25.4	-81.8	-72.7
R E S U LT A F T E R F I N A N C I A L I T E M S		82.2	133.3	304.1	253.0
Tax		-18.2	-29.2	-62.3	-51.3
R E S U LT FO R T H E P E R I O D		64.0	104.1	241.8	201.7
Result for the period attributable to shareholders in Parent Company		61.0	99.8	239.6	200.8
Result for the period attributable to non-controlling interests' holdings		3.0	4.3	2.2	0.9
Earnings per share
Earnings per share, before dilution, SEK		2.23	3.64	8.74	8.46
Earnings per share, after dilution, SEK		2.23	3.64	8.74	8.46

Comprehensive income in summary

SEK, MILLIONS	Note	January – March 2024	January – March 2023	January –December 2023	April 2023 – March 2024
Profit for the period		64.0	104.1	241.8	201.7
Items that may later be reclassified to profit or loss:
result of hedging of interest risks		5.7	–	-14.1	-8.4
tax effect of hedging of interest risks		-1.2	–	2.9	1.7
translation differences in foreign operations		56.9	-28.1¹ )	-46.8	38.2
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX		61.4	-28.1	-58.0	31.5
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		125.4	76.0	183.8	233.2
Total comprehensive income attributable to shareholders in Parent Company		122.5	72.6	181.9	231.8
Total comprehensive income attributable to non-controlling interests' holdings		2.9	3.4	1.9	1.4

1) Reclassification has been performed of extended net investments, which have been moved to Translation differences in foreign operations. Comparison figures have been adjusted.

Balance sheet in summary

SEK, MILLIONS	Note	March 31 2024	March 31 2023	December 31 2023
ASSETS Non-current assets
Intangible fixed assets		4,443.1	4,585.1	4,438.0
Tangible fixed assets		605.2	717.1	619.1
Financial fixed assets		3.8	10.3	7.2
Deferred tax asset		101.7	108.1	99.8
TOTAL NON-CURRENT ASSETS		5,153.8	5,420.6	5,164.1
Current assets
Current receivables		1,847.1	1,682.6	1,734.4
Cash and cash equivalents		193.4	444.6	127.6
T O TA L C U R R E N T A S S E T S		2,040.5	2,127.2	1,862.0
TOTAL ASSETS		7,194.3	7,547.8	7,026.1
EQUITY AND LIABILITIES Equity
Share capital	6	27.4	27.4	27.4
Other capital contributions and reserves		2,981.1	2,945.1	2,918.3
Profit brought forward, incl. total result		1,264.5	1,286.6	1,205.3
EQUIT Y AT TRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY		4,273.0	4,259.1	4,151.0
Non-controlling interests		17.8	24.6	14.7
TOTAL EQUIT Y		4,290.8	4,283.7	4,165.7
Non-current liabilities
Non-current provisions		235.9	269.2	238.8
Interest-bearing non-current liabilities		916.8	1,184.7	936.1
TOTAL NON-CURRENT LIABILITIES		1,152.7	1,453.9	1,174.9
Current liabilities
Interest-bearing current liabilities		160.7	297.4	159.6
Other short-term liabilities		1,590.1	1,512.8	1,525.9
TOTAL CURRENT LIABILITIES		1,750.8	1,810.2	1,685.5
TOTAL EQUIT Y AND LIABILITIES		7,194.3	7,547.8	7,026.1

Cash flow statement in summary

Note SEK, MILLIONS	January – March 2024	January – March 2023	January – December 2023
Operating activities
Profit before taxes	82.2	133.3	304.1
Adjustment for non-cash items	64.1	63.5	274.8
Paid taxes	-68.7	-50.7	-65.1
CASH FLOW BEFORE CHANGES IN WORKING CAPITAL	77.6	146.1	513.8
Changes in working capital	24.0	-39.6	-114.0
CASH FLOW FROM OPERATING ACTIVITIES	101.6	106.5	399.8
Investing activities
Acquisition of businesses	–	–	-157.9
Disposals of businesses	–	–	-2.2
Acquisition on intangible assets	-0.9	-3.7	-12.6
Acquisition of property, plant and equipment	-3.3	-18.1	-34.8
CASH FLOW FROM INVESTING ACTIVITIES	-4.2	-21.8	-207.5
Financing activities
Amortization of loans and leasing liabilities	-36.9	-138.7	-449.1
Loans raised	–	–	100.0
Dividend	–	–	-217.8
Repurchasing of own shares	–	–	-8.8
CASH FLOW FROM FINANCING ACTIVITIES	-36.9	-138.7	-575.7
CASH FLOW FOR THE PERIOD	60.5	-54.0	-383.4
Cash and cash equivalents at the beginning of the period	127.6	497.7	497.7
Translation differences in cash and cash equivalents	5.3	0.9	13.3
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	193.4	444.6	127.6

Statement of changes in equity in summary

SEK, MILLIONS	March 31 Note 2024	March 31 2023	December 31 2023
Opening balance	4,165.7	4,207.7	4,207.7
PROFIT FOR THE YEAR RECOGNIZED IN THE INCOME STATEMENT	64.0	104.1	241.8
Other comprehensive income
Result of hedging of interest rate risk	5.7	–	-14.1
Tax effect of hedging of interest rate risk	-1.2	–	2.9
Translation differences	56.9	-28.11 )	-46.8
TOTAL OTHER COMPREHENSIVE INCOME	125.4	76.0	183.8
TOTAL COMPREHENSIVE INCOME	4,291.1	4,283.7	4,391.5
Transactions with shareholders
Dividend paid	–	–	-217.8
Repurchase of own shares	–	–	-8.8
Share-based payments	0.9	–	1.4
Change in liabilities, acquisition of non-controlling interest2)	-1.2	–	-4.6
New share issue, company acquisition	–	–	4.0
TOTAL TRANSACTIONS WITH SHAREHOLDERS	-0.3	–	-225.8
EQUIT Y, DECEMBER 31, 2023	4,290.8	4,283.7	4,165.7

1) Reclassification has been made of extended net investments which have been moved to Translation differences in foreign operations.

The comparison figures have been adjusted.

The Parent Company

January – March

The operating profit before amortization of intangible assets (EBITA) was SEK -23.3 (-27.5) million. The financial net was SEK

-24.8 (-7.0) million. The result after financial net was SEK -48.8 (-35.8) million. Equity was SEK 2,774.3 (2,946.3) million on March 31, 2024. Untaxed reserves, primarily tax allocation reserves, increased to SEK 169.7 (159.6) million.

Income statement in summary

SEK, MILLIONS	January – March 2024	January – March 2023	January –December 2023
Net sales	137.6	197.2	670.1
TOTAL OPERATING INCOME	137.6	197.2	670.1
Operating expenses	-158.8	-222.9	-763.2
Depreciation of property, plant and equipment	-2.1	-1.8	-7.9
O P E R AT I N G R E S U LT B E FO R E A M O RT I Z AT I O N OF INTANGIBLE ASSETS (EBITA)	-23.3	-27.5	-101.0
Amortization of intangible assets	-0.7	-1.3	-4.7
O P E R AT I N G R E S U LT ( E B I T )	-24.0	-28.8	-105.7
Financial items	-24.8	-7.0	188.7
R E S U LT A F T E R F I N A N C I A L I T E M S	-48.8	-35.8	83.0
Appropriations	–	–	-10.1
Income tax	–	–	-19.6
R E S U LT FO R T H E P E R I O D	-48.8	-35.8	53.3

Balance sheet in summary

SEK, MILLIONS	January – March 2024	January – March 2023	January –December 2023
ASSETS Non-current assets
Intangible assets	4.6	8.7	5.3
Property, plant, and equipment	30.8	42.0	32.6
Financial non-current assets	4,402.9	5,105.6	4,402.4
TOTAL NON-CURRENT ASSETS	4,483.3	5,156.3	4,440.3
Current assets
Current receivables	414.2	654.6	437.4
Cash and cash equivalents	–	289.4	–
TOTAL CURRENT ASSETS	414.2	944.0	437.4
TOTAL ASSETS	4,852.5	6,100.3	4,877.7
EQUITY AND LIABILITIES Equity
Restricted equity	95.4	95.4	95.4
Non-restricted equity	2,678.9	2,850.9	2,726.8
TOTAL EQUIT Y	2,774.3	2,946.3	2,822.2
Untaxed reserves	169.7	159.6	169.7
Interest-bearing long-term liabilities	–	600.0	–
Non-current provisions	18.4	86.7	18.4
Current liabilities	1,890.1	2,307.7	1,867.4
TOTAL EQUIT Y AND LIABILITIES	4,852.5	6,100.3	4,877.7

Supplementary information and notes

NOTE 1 : Accounting principles

This consolidated Interim Report for the Group has been prepared in accordance with IAS 34 Interim Reporting and applicable provisions in the Annual Accounts Act. The Interim Report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act on interim reporting.

For the Group and the Parent Company, the same accounting principles and grounds for assessments used in the latest Annual Report were used, in addition to the aforementioned accounting principles. Information in accordance with IAS 34.16A is presented through the financial reports and associated notes, see pages 16–20, 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.

NOTE 2 : Critical valuation and risk factors

Knowit's general essential business risks consist of reduced demand for consultancy services, problems attracting and retaining skilled personnel, price pressures and financial risks related to credit and exchange rates and, to a lesser extent, risks related to fixed price projects. Knowit is affected by general political, financial, and economic circumstances. The current situation with a war in our vicinity and high

inflation combined with high interest rates has significantly increased the risk levels and shaped the market with large negative effects. With a decreased demand for the Company's services comes short-term challenges with decreased invoicing pace, where the business model creates a lead time in adjusting capacity to reach the high levels of the past. Further, the decentralized steering model creates a need for each subsidiary to quickly realize short-term

measures for sales efforts and cost savings. This can in the short term affect the 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.

NOTE 3 : The Group revenue from client contracts

GEOGRAPHIC CATEGORIZATION Fee revenue Sweden 727.0 828.6 2,929.1 Norway 476.8 561.5 1,946.5 Denmark 188.1 207.3 758.0 Finland 201.9 192.5 744.7 Poland 54.0 61.1 238.0 Other 5.3 5.2 19.0 TOTAL FEE REVENUE 1,653.1 1,856.2 6,635.4 Other revenue 1 ) Sweden 31.6 63.8 232.8 Norway 12.0 13.5 57.9 Denmark 64.0 28.2 132.7 Finland 2.3 7.9 34.2 Poland 3.4 1.0 4.5 Other 0.0 0.0 0.0 TOTAL OTHER REVENUE 113.2 114.3 462.0 TOTAL NET SALES 1,766.3 1,970.5 7,097.4 January January January – December – March 2024 – March 2023 2023 SEK, MILLIONS SEGMENT CATEGORIZATION 2 ) Fee revenue Solutions 907.4 1,008.1 3,622.3 Experience 319.2 391.4 1,354.3 Connectivity 206.5 230.2 838.2 Insight 225.9 227.9 834.3 Other -5.9 -1.5 -13.7 TOTAL FEE REVENUE 1,653.1 1,856.2 6,635.4 Other revenue 1 ) Solutions 81.6 54.8 241.7 Experience 16.0 20.8 85.3 Connectivity 12.8 38.9 136.9 Insight 8.9 5.6 24.6 Other -6.1 -5.8 -26.5 TOTAL OTHER REVENUE 113.2 114.3 462.0 TOTAL NET SALES 1,766.3 1,970.5 7,097.4	SEK, MILLIONS	January – March 2024	January – March 2023	January – December 2023

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.

NOTE 4 : Consolidated segment reporting

The Group's operations are organized so that the corporate management mainly follows up net sales, EBITA result, EBITA margin, intangible assets, and average number of employees in the Group's five segments. To promote collaboration between segments, the Corporate Management Team 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. 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.

January – March 2024 SEK, MILLIONS	Solutions	Experience	Connectivity	Insight	Other	Total
External net sales	962.0	345.8	221.2	234.8	2.6	1,766.3
Net sales between segments	63.3	19.8	5.3	12.1	-100.4	–
Internal direct costs between segments	-36.3	-30.3	-7.1	-12.1	85.8	–
NET SALES	988.9	335.2	219.4	234.8	-12.0	1,766.3
Earnings before amortization of intangible assets (EBITA)	82.7	28.0	28.5	19.8	-22.7	136.3
Amortization of intangible assets	-19.0	-4.9	-10.8	-6.0	-0.7	-41.4
OPERATING PROFIT (EBIT )	63.7	23.1	17.7	13.8	-23.5	94.8
Result after financial items						82.2
R E S U LT FO R T H E P E R I O D						64.0
EBITA margin, %	8.4	8.4	13.0	8.4		7.7
Average number of employees	1,796	831	682	548	78	3,935
Intangible assets	2,071.2	712.3	1,134.7	519.4	5.5	4,443.1
Tangible fixed assets	16.7	3.6	8.7	2.5	573.7	605.2
January – March 2023 SEK, MILLIONS	Solutions 1 )	Experience	Connectivity	Insight1 )	Other1 )	Total
External net sales	1,039.1	417.5	267.5	229.6	16.9	1,970.5
Net sales between segments	60.5	29.5	9.8	13.0	-112.9	–
Internal direct costs between segments	-36.7	-34.8	-8.2	-9.2	88.8	–
NET SALES	1,062.9	412.2	269.1	233.4	-7.2	1,970.5
Earnings before amortization of intangible assets (EBITA)	113.3	60.1	34.8	26.6	-37.6	197.2
Amortization of intangible assets	-17.8	-6.5	-10.6	-6.0	-1.8	-42.7
OPERATING PROFIT (EBIT )	95.5	53.6	24.2	20.6	-39.4	154.5
Result after financial items						133.3
R E S U LT FO R T H E P E R I O D						104.1
EBITA margin, %	10.7	14.6	12.9	11.4		10.0
Average number of employees	1,914	938	724	512	94	4,182
Intangible assets	2,135.5	731.7	1,168.9	538.0	11.0	4,585.1
Tangible fixed assets	19.4	4.5	11.7	4.1	677.5	717.1

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.

NOT 5 : The Group's financial assets and liabilities

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.

	March 31, 2024				March 31, 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 )	–	3.8	–	3.8	–	2.6	–	2.6
Other long-term receivables	0.1	–	–	0.1	3.3	–	–	3.3
Accounts receivable and other receivables	1,618.2	–	–	1,618.2	1,450.6	–	–	1,450.6
Cash and cash equivalents	193.4	–	–	193.4	444.6	–	–	444.6
TOTAL	1,811.8	3.8	–	1,815.6	1,898.5	2.6	–	1,901.1

	March 31, 2024				March 31, 2023
SEK, MILLIONS	Other financial liabilities	Financial liabilities valued at fair value in income statement	Fair value hedging instruments	Fair value	Other financial liabilities	Financial liabilities valued at fair value in income statement	Fair value hedging instruments	Fair value
Liabilities in balance sheet
Future additional considerations 2)	–	14.7	–	14.7	–	199.0	–	199.0
Future consideration	25.8	–	–	25.8	53.9	–	–	53.9
Other interest-bearing liabilities	1,028.7	–	–	1,028.7	1,229.2	–	–	1,229.2
Accounts payable	492.5	–	–	492.5	382.4	–	–	382.4
Interest swaps for hedging 1 )	–	–	8.4	8.4	–	–	–	–
Other liabilities	62.5	–	–	62.5	57.3	–	–	57.3
TOTAL	1,609.5	14.7	8.4	1,632.6	1,722.8	199.0	–	1,921.8

1) Fair value pursuant to categorization level 2. 2) Fair value pursuant to categorization level 3.

In the table below, a check of the opening and closing balances is presented.

	Future
	contingent additional	Future
SEK, MILLIONS	considerations 1 )	considerations 2)
Fair value, January 1, 2024	14.7	24.7
Total recognized profits and losses:
recognized in profit/loss for the year	–	–
recognized in equity	–	1.1
Settlement of future additional considerations, options and future consideration	–	–
Cost of acquisitions	–	–
FAIR VALUE, MARCH 31, 2024	14.7	25.8
Fair value, January 1, 2023	196.4	54.4
Total recognized profits and losses:
recognized in profit/loss for the year	2.6	-0.5
recognized in equity	–	–
Settlement of future additional considerations, options and future consideration	–	–
Cost of acquisitions	–	–
FAIR VALUE, MARCH 31, 2023	199.0	53.9

1) Fair value pursuant to categorization level 3. 2) Valued at amortized cost.

NOTE 6 : Data per share

On May 3, 2023, the Annual General Meeting authorized the Board to decide on a repurchasing program for own shares, to cover its undertakings within the framework of the long-term incentive program (LTIP) 2023. Repurchasing of a maximum of 137,423 shares can occur on one or more occasions before the Annual

General Meeting 2024. During the fourth quarter 2023, 60,000 own shares were repurchased.

SEK, MILLIONS	January – March 2024	January – March 2023	January – December 2023
Profit for the year attributable to the Parent Company's shareholders, SEK, millions	61.0	99.8	239.6
Average number of outstanding shares, 000s:
before dilution	27,349	27,409	27,402
after dilution	27,349	27,409	27,402
Earnings per share, SEK:
before dilution	2.23	3.64	8.74
after dilution	2.23	3.64	8.74
Equity per share, SEK:
before dilution	156.24	155.39	151.78
after dilution	156.24	155.39	151.78
Number of shares on balance sheet day, 000s:
before dilution	27,349	27,409	27,349
after dilution	27,349	27,409	27,349

NOTE 7 : Transactions with related parties

No significant transactions have occurred during the period. For more information,

see Note 28 Transactions with related parties, page 99 in the Annual Report 2023.

NOTE 8 : Events after the end of the financial period

Knowit has gained information that the Swedish Agency for Economic and Regional Growth is considering requesting repayment of a large part of the support for short-time work that the Group and its acquired units were granted during 2020, in connection with the COVID-19 pandemic. The estimated amount in question is around SEK 28 million. Knowit does not share the views of the Swedish Agency for Economic and Regional Growth and intends to deny their request. Final judgment has not been made at the time of presenting this report.

Financial position

Performance measures

SEK, MILLIONS	January – March 2024	January – March 2023	January – December 2023
Number of employees at end of period	4,109	4,377	4,265
Average number of employees	3,935	4,182	4,115
Normal working time, hours	486	499	1,940
Sales per average number of employees, SEK, 000s	449	471	1,725
Result after financial items per average number of employees, SEK, 000s	21	32	74
EBITA margin, %	7.7	10.0	7.0
Adjusted EBITA margin, %	7.7	10.1	7.0
Return on total capital, %	1.4	2.1	5.3
Return on equity, %	1.5	2.5	5.8
Return on capital employed, %	1.9	2.7	7.0
Equity ratio, %	59.6	56.8	59.3
Net debt ratio, multiples	0.2	0.2	0.2

Overview per business area

The table shows the outcome per quarter and period, with comparison figures presented to facilitate analysis.

To promote collaboration between segments, the Corporate Management Team 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.

SEK, MILLIONS	January – March 2024	January – March 2023	April –June 2023	July – September 2023	October – December 2023	January –   December 2023	April 2023 – March 2024
THE GROUP
Net sales	1,766.3	1,970.5	1,758.8	1,544.1	1,824.0	7,097.4	6,876.8
EBITA profit	136.3	197.2	76.6	74.8	147.7	496.3	435.4
EBITA margin, %	7.7	10.0	4.4	4.9	8.1	7.0	6.3
Number of employees at the end of the period	4,109	4,377	4,347	4,383	4,265	4,265	4,109
BUSINESS AREAS 1 ) Solutions
Net sales	988.9	1,062.9	936.3	861.5	1,003.2	3,864.0	3,789.9
EBITA profit	82.7	113.3	46.5	63.2	91.9	314.9	284.3
EBITA margin, %	8.4	10.7	5.0	7.3	9.2	8.2	7.5
Number of employees at the end of the period	1,856	1,978	1,961	1,953	1,923	1,923	1,856
Experience
Net sales	335.2	412.2	366.4	306.3	354.8	1,439.6	1,362.7
EBITA profit	28.0	60.1	20.1	7.4	29.0	116.6	84.5
EBITA margin, %	8.4	14.6	5.5	2.4	8.2	8.1	6.2
Number of employees at the end of the period	889	987	975	979	937	937	889
Connectivity
Net sales	219.4	269.1	236.2	225.8	244.0	975.1	925.4
EBITA profit	28.5	34.8	19.3	26.2	31.0	111.2	105.0
EBITA margin, %	13.0	12.9	8.2	11.6	12.7	11.4	11.3
Number of employees at the end of the period	717	774	764	763	739	739	717
Insight
Net sales	234.8	233.4	226.1	162.2	237.1	858.7	860.2
EBITA profit	19.8	26.6	19.0	-10.4	22.2	57.4	50.6
EBITA margin, %	8.4	11.4	8.4	-6.4	9.4	6.7	5.9
Number of employees at the end of the period	565	533	542	594	578	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.

Overview per country

The table shows the outcome per quarter and period, with comparison figures presented to facilitate analysis.

			January
SEK, MILLIONS	January – March 2024	January – March 2023	–December 2023	April 2023 – March 2024
Sweden
Net sales	758.6	892.4	3,161.9	3,028.1
EBITA	73.9	113.8	270.0	230.1
EBITA margin, %	9.7	12.8	8.5	7.6
Norway
Net sales	488.8	574.9	2,004.4	1,918.1
EBITA	51.4	66.9	164.9	149.3
EBITA margin, %	10.5	11.6	8.2	7.8
Denmark
Net sales	252.1	235.4	890.7	907.3
EBITA	11.8	19.9	59.2	51.1
EBITA margin, %	4.8	8.5	6.6	5.6
Finland
Net sales	204.2	200.4	778.9	782.7
EBITA	14.4	16.4	56.7	54.7
EBITA margin, %	7.1	8.2	7.3	7.0
Poland
Net sales	57.4	62.1	242.5	237.7
EBITA	5.0	7.5	28.7	26.2
EBITA margin, %	8.7	12.1	11.8	11.0

Definitions

Alternative performance measures

Knowit uses alternative performance measures, 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 EBITA margin should grow to 12 percent over time. Further, net liabilities relative to EBIT-DA should not exceed two multiples over time. We also monitor capital employed, as it is an important aspect of the working capital turnover. Knowit's alternative performance measures are adjusted EBITA margin, adjusted EBITA profit, average capital employed and equity, EBITA margin, EBITA 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 March 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 EBITA margin

Adjusted EBITA profit in relation to net sales for the period. (136.3 / 1,766.3 = 7.7%)

Adjusted EBITA profit

EBITA is adjusted for items that impair comparability between periods, to provide increased understanding of the Group's underlying operative activities. Adjusted items include costs connected to acquisitions and such as and costs for restructuring and integration programs. For 2024, no adjustments have been made.

Average capital employed

The average of the period's opening and closing balances of equity plus interest-bearing liabilities. ((4,165.7 + 936.1 + 159.6 + 4,290.8 + 916.8 + 160.7) / 2 = 5,314.9)

Average equity

The average of the period's opening equity balance and the period's closing equity balance. ((4,165.7 + 4,290.8) / 2 = 4,228.3)

EBITA margin

Profit before amortization of intangible non-current assets (EBITA) in relation to net sales for the period. (136.3 / 1,766.3 = 7.7%)

EBITA profit

Profit before amortization of intangible non-current assets. (136.3)

EBITDA profit

Profit before depreciation and amortization of tangible and intangible non-current assets, respectively. (136.3 + 43.9 = 180.2)

Net debt

Interest-bearing liabilities less financial interest-bearing assets less cash and cash equivalents.

(916.8 + 160.7 – 193.4 = 884.1)

Net debt ratio

Used to show the Company's indebtedness. Net debt in relation to equity. (884.1 / 4,290.8 = 0.2 multiples)

Net sales per segment

To promote collaboration between segments, the Corporate Management Team decided in 2024 that net sales for segments would include deductions for internal direct costs.

Normal working hours

The number of hours an employee working full-time is expected to work. Normal working hours are weighted, meaning that account is taken of the fact that differences may occur between countries, legal entities, contracts, etc.

Return on capital employed

Profit after financial items plus financial expenses expressed as a percentage of average capital employed. ((82.2 + 16.3) / 5,314.9 = 1.9%)

Return on equity

Profit after full tax as a percentage of average equity including non-controlling interests. (64.0 / 4,228.3 = 1.5%)