Proact IT Group — Interim / Quarterly Report 2024

Jul 12, 2024

• Revenues increased by 5.8 per cent to SEK 1,2719.9 million (1,201.7). • Adjusted EBITA increased by 18.8 per cent and amounted to SEK 96.7 million (81.4), corresponding to an adjusted EBITA margin of 7.6 per

• New contracts relating to cloud services worth SEK 133.8 million (115.6)

• Recurring revenues (revenues from cloud and support services) amounted to SEK 442.6 million (419.8), corresponding to an annualised rate of SEK 1,770.5 million (1,679.4) and an increase of 5.4 per cent.

• Earnings before tax amounted to SEK 75.9 million (34.4). • Earnings after tax amounted to SEK 56.9 million (28.7). • Earnings per share amounted to SEK 2.13 (1.05).

were contracted, an increase by 15.7 per cent.

on cybersecurity

April – June 2024 January – June 2024

• Revenues increased by 1.7 per cent to SEK 2,463.2 million (2,422.0).

Interim Report January

Q– June 2024

2

• Adjusted EBITA increased by 38.4 per cent and amounted to SEK 191.2 million (138.2), corresponding to an adjusted EBITA margin of 7.8 per cent (5.7).
• Earnings before tax amounted to SEK 152.1 million (71.8).
• Earnings after tax amounted to SEK 117.6 million (56.6).
• Earnings per share amounted to SEK 4.37 (2.06).
• New contracts relating to cloud services worth SEK 316.5 million (232.2) were contracted, an increase by 36.3 per cent.
• Recurring revenues (revenues from cloud and support services) amounted to SEK 884.2 million (818.9), an increase of 8.0 per cent.
• On July 12, the Board of Directors decided to launch a share buyback program during the third quarter 2024, in accordance with the decision taken by the AGM in May.

Financial summary

cent (6.8).

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	months	2023
Total Revenues	1,271.9	1,201.7	2,463.2	2,422.0	4,888.5	4,847.3
Growth, %	5.8	4.2	1.7	9.2	-1.5	1.9
of which currency rate effects, %	0.6	4.5	0.6	4.1	2.1	3.8
of which effects from acquisitions and divestments, %	-0.3	1.9	-0.2	2.2	-2.5	0.5
Organic growth, %¹	5.5	-2.2	1.3	2.9	-1.0	-2.3
Adjusted EBITA²	96.7	81.4	191.2	138.2	355.1	302.1
Adjusted EBITA margin, %	7.6	6.8	7.8	5.7	7.3	6.2
Operating profit (EBIT)	82.8	47.9	163.6	91.0	302.4	229.8
Operating margin (EBIT), %	6.5	4.0	6.6	3.8	6.2	4.7
Earnings before tax	75.9	34.4	152.1	71.8	298.3	218.3
Net Margin, %	6.0	2.9	6.2	3.0	6.1	4.5
Earnings after tax	56.9	28.7	117.6	56.6	234.0	173.1
Profit Margin, %	4.5	2.4	4.8	2.3	4.8	3.6
Earnings per share (outstanding shares), SEK³	2.13	1.05	4.37	2.06	8.57	6.29
Return on capital employed, %⁴	-	-	-	-	20.6	16.3
Cash flow from operations	130.3	128.9	234.0	159.0	607.1	532.0

Strengthened profitability and increased focus

1) Organic growth refers to growth excluding currency rate effects and acquired and divested companies.

2) EBITA before items affecting comparability. 3) Proact has long-term performance-based share programs that could result in dilution of maximum 2.30 per cent.

The company has bought back own shares which affects the key ratios above.

4) Calculated only for full year and rolling 12 months

About Proact

Proact is Europe's leading specialist in data and information management with a focus on cloud services and data centre solutions. We help our customers to store, connect, protect, secure and drive value through their data whilst increasing agility, productivity and efficiency.

We have completed thousands of successful projects around the world, have more than 4 000 customers and currently manage hundreds of petabytes of information in the cloud. We employ over 1 200 people in 12 countries in Europe and in North America.

Founded in 1994, our parent company, Proact IT Group AB (publ) was listed on Nasdaq Stockholm in 1999 (under the symbol PACT).

Comments from the CEO of Proact

2024 continues to develop positively and during the second quarter we have had solid growth, good profitability and a strong cash flow. Recurring contracted revenues continue to increase as well as gross margins. In general, we are seeing increased demand in most of our markets, partly because of a more stable macroeconomic situation, but mainly driven by our customers' need to continue to digitalise their operations, strengthen cybersecurity and increase the use of artificial

Higher growth in the quarter

intelligence.

Revenue increased during the quarter to SEK 1,272 million (1,202), corresponding to growth of 5.8 per cent, of which 5.5 per cent was organic. The services business continues to develop positively, with organic growth of 2.8 per cent in the quarter thanks to a good increase in sales of cloud and support services, offset by lower sales of consulting services.

New cloud service agreements were signed amounting to SEK 134 million (116) and recurring revenue from contracted cloud and support services increased by 5.4 per cent to an annual rate of SEK 1,771 million (1,679).

The systems business also continued to develop positively with good growth. We are seeing increased demand in all our markets, with a number of substantial deals in Business Unit Central and Business Unit Nordics & Baltics contributing to the strong quarter.

Continued strong profitability development

Proact continues to show improved profitability. Adjusted EBITA increased by 19 per cent to SEK 97 million (81) in the second quarter, corresponding to a margin of 7.6 per cent (6.8). The improved profitability is mainly driven by the gross margin, which increased to 25.2 per cent (22.6) during the quarter - an effect of internal efficiency improvements and better scalability in cloud service delivery. The positive development in earnings is also reflected in our cash flow from operating activities, which amounted to SEK 130 million (129) during the quarter.

Our financial position is thus very strong, and the Board of Directors has today decided to continue to acquire own shares in accordance with the decision taken by the AGM in May.

Increased focus on security and cloud solutions

Cybersecurity continues to be a prioritised area for both us and our customers. In April, it was announced that Proact became the world's first partner to NetApp to deliver their new security services, further strengthening our position in cybersecurity.

There are constant changes in cybersecurity legislation. With the EU implementing a directive aimed at increasing information and cybersecurity protection in organisations providing essential and digital services to the society. A wider range of sectors are affected, including most of the public sector. In addition, for the financial sector, a new EU regulation will enter into force next year to ensure that financial organisations have put in place the necessary safeguards to address cyber threats and other IT risks. These new regulations will be further drivers of growth in the markets where Proact's expertise and services are in demand.

Focused strategy addressing macro trends

The major macro trends continue to provide us with favourable conditions, both in the short and long term. There is a great demand for digitalisation, which is becoming more and more business critical. The volumes of critical data are increasing rapidly, as are the demands for safe and secure data management in the cloud. We are optimistic about the market development and our ability to meet customer needs of hybrid cloud solutions, security and AI.

Our strategy is clear and Proact is well positioned to support our customers in an increasingly complex digital world. We see good opportunities to continue to grow organically, both with our existing customers but also by winning new ones. With a solid financial position and strong cash flow, we also see the possibility of complementary acquisitions in existing markets in Europe when the opportunity arises.

Solna 12 July 2024

Jonas Hasselberg, CEO

The Group's development April-June

Revenues and result

For the second quarter, total revenues amounted to SEK 1,271.9 million (1,201.7), an increase by 5.8 per cent. Currency rate effects affected positively by 0.6 per cent, and acquisitions and divestments affected negatively by 0.3 per cent. Organically, revenues increased by 5.5 per cent.

System revenues increased by 8.2 per cent to SEK 717.3 million (663.1) and organically they increased by 7.8 per cent, compared to the same period previous year, primarily due to continued good demands for systems solutions.

Service revenues increased by 3.1 per cent to SEK 553.6 million (537.2) and the organic growth was 2.8 per cent, a result of good demand for support and cloud services both in the current and previous quarters. Service revenues accounted for 43.5 per cent (44.7) of the company´s total revenues for the quarter.

New contracts relating to cloud services worth SEK 133.8 million (115.6) were contracted during the quarter. The contracts normally have a term of three to five years. Total revenues from cloud services increased by 5.5 per cent and amounted to SEK 286.1 million (271.1). Organically they increased by 4.7 per cent. Recurring revenues, revenues from cloud and support services, amounted to SEK 442.6 million (419.8), corresponding to an annualised rate of SEK 1,770.5

million (1,679.4). This corresponds to an increase of 5.4 per cent in the quarter, of which the organic increase was 5.1 per cent.

The gross margin after depreciation increased in the quarter, compared to the same period previous year, and amounted to 25.2 per cent (22.6), as a result of a slightly higher margin in the system business. The gross margin in the services business increased as a result of continued efficiencies.

Sales and administration expenses increased organically by 16.6 per cent versus relatively low costs in the comparison period. The increase in general is primarily linked to investments in sale capacity and to higher sales costs in the quarter.

Adjusted EBITA amounted to SEK 96.7 million (81.4), an increase with 18.8 per cent compared to the same period previous year, as a result of higher gross margins in both the system and services businesses. EBITA margin increased to 7.6 per cent (6.8). Profit before tax amounted to SEK 75.9 million (34.4).

Proact reports items affecting comparability separately to show the development in the underlying business. Items affecting comparability refer to items that are non-recurring and are not part of the ordinary business. During the second quarter of 2024, nonrecurring items amounted to SEK 0.0 million (19.6).

Recurring Revenues Earnings per share, and return on equity 12 months, %

The Group's development January-June

Revenues and result

During the first six months, total revenues amounted to SEK 2,463.2 million (2,422.0), an increase by 1.7 per cent. Currency rate changes affected the revenue positively by 0.6 per cent, and acquisitions and divestments affected positively by 0.2 per cent. Organically, revenues increased by 1.3 per cent.

System revenues slightly decreased by 0.5 per cent to SEK 1,355.5 million (1,362.5) and organically they decreased by 0.8 per cent.

Service revenues increased by 4.5 per cent to SEK 1,104.1 million (1,056.5) and the organic increase was 4.0 per cent. Service revenues accounted for 44.8 per cent (43.6) of the company´s total revenues for the first six months.

New contracts relating to cloud services worth SEK 316.5 million (232.2) were contracted during the first six months. The contracts normally have a term of three to five years. Total revenues from cloud services increased by 7.8 per cent and amounted to SEK 574.3 million (532.9). Organically they increased by 6.7 per cent.

The gross margin increased during the first six months, compared to the same period previous year, driven by the positively development within the services business,

Sales and administration expenses increased organically by 8.8 per cent, primarily due to increased sales costs.

Adjusted EBITA increased by 38.4 per cent compared to the same period previous year and amounted to SEK 191.2 million (138.2) as a result of a higher gross margin. Adjusted EBITA margin amounted to 7.8 per cent (5.7).

Profit before tax amounted to SEK 152.1 million (71.8), where the financial net was positively.

Revenue by industry

Amounts in	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Rolling 12	Jan-Dec
SEK million	2024	2023	2024	2023	months	2023
Telecom	117.9	112.1	205.7	187.5	374.3	356.1
Bank, Finance	107.5	84.3	221.2	147.9	367.0	293.7
Energy	110.1	50.4	185.3	153.2	298.1	266.0
Manufacturing	144.4	152.2	279.4	282.9	528.5	532.0
Media Trading &	26.0	29.1	57.1	59.8	125.6	128.3
Services	236.1	215.9	467.2	457.4	997.5	987.7
Public sector	350.6	407.1	707.1	757.4	1,520.0	1,570.3
Other	179.4	150.7	340.3	375.8	677.6	713.2
Total revenue	1,271.9	1,201.7	2,463.2	2,422.0	4,888.5	4,847.3

During the first six months, non-recurring items amounted to SEK 0.0 million (19.6).

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	months	2023
Total Revenues	1,271.9	1,201.7	2,463.2	2,422.0	4,888.5	4,847.3
Cost of goods and services sold, excl. amortisations and depreciations	-913.0	-889.7	-1,759.5	-1,805.9	-3,551.2	-3,597.6
Gross profit excl. amortisations and depreciations	358.9	312.0	703.7	616.1	1,337.3	1,249.7
Gross margin excl. amortisations and depreciations, %	28.2	26.0	28.6	25.4	27.4	25.8
Operational expenses, excl. amortisations and depreciations	-222.3	-187.2	-432.8	-391.6	-816.4	-775.2
Adjusted EBITDA¹	136.7	124.8	270.9	224.3	521.2	474.5
Adjusted EBITDA margin, %	10.7	10.4	11.0	9.3	10.7	9.8
Depreciations and write-downs of tangible assets	-40.0	-43.4	-79.7	-86.3	-165.9	-172.4
Adjusted EBITA¹	96.7	81.4	191.2	138.2	355.1	302.1
Adjusted EBITA margin, %	7.6	6.8	7.8	5.7	7.3	6.2
Amortizations and write-downs of intangible assets	-13.9	-13.9	-27.5	-27.6	-55.6	-55.7
Items affecting comparability in EBITA	-	-19.6	-	-19.6	2.9	-16.7
Operating profit/loss (EBIT)	82.8	47.9	163.6	91.0	302.4	229.8
Operating margin (EBIT), %	6.5	4.0	6.6	3.8	6.2	4.7

1) EBITDA and EBITA before items affecting comparability

Cash flow

April - June

Cash flow for the quarter was SEK 15.3 million (-77.6), of which SEK 130.3 million (128.9) from operating activities. Cash flow from changes in working capital amounted to SEK 20.0 million (42.7).

The cash flow from investment activities was SEK -6.1 million (-9.2) and cash flow from financing activities amounted to SEK -108.9 million (-197.3), primarily affected by dividends paid of SEK 54.0 million (50.8) and amortisation of leasing liabilities of SEK 49.7 million (33.0).

January - June

Cash flow for the first six months was SEK 56.4 million (-80.4) of which SEK 234.0 million (159.0) from operating activities. Cash flow from changes in working capital amounted to SEK 4.9 million (-17.5). Cash flow from investing activities amounted to SEK -16.7 million (-32.7) and cash flow from financing activities was SEK -161.0 million (-206.7) which consisted of dividend payments of SEK 54.0 million (50.8), amortisations of leasing liabilities of SEK 68.9 million (49.3) and buyback of own shares with SEK 30.6 million (0.0).

Investments

During the first six months 2024, SEK 19.2 million (10.1) has been invested in fixed assets, of which SEK 6.6 million (4.0) in Proact Finance for customer deliveries.

Financial position

Cash and cash equivalents amounted to SEK 615.6 million as of June 30, 2024, compared to SEK 442.9 million previous year. Of the total bank overdraft facility of SEK 159.1 million, none was utilised. Bank loans amounted to SEK 227.0 million and relate partly to a three-year credit facility of EUR 20 million from Svensk Exportkredit (Swedish Export Credit Corporation), and to a three-year revolving credit facility that Proact signed during the third quarter of 2021. The facility amounts to a total of SEK 600 million, of which SEK 0.0 million was utilized as of June 30, 2024, and it has been extended by a maximum of two years, which means that it runs until the third quarter of 2026.

Investments in IT equipment for the cloud operations are financed through leasing agreements.

The Group's equity ratio at the end of the period was 25.4 per cent (23.2).

Net debt

		Jun 30 Mar 31	Jun 30 Mar 31
Amounts in SEK million	2024	2024	2023	2023
Cash and cash equivalents	615.6	606.1	442.9	501.1
Bank overdraft facilities	-	-	-	-
Liabilities to credit institutions, excl. liabilities related to financial leasing	-227.0	-231.2	-361.5	-453.8
Net cash (+)/Net debt (-) excl. financial leasing	388.6	375.0	81.4	47.3
Financial leasing liabilities	-266.2	-262.3	-280.0	-296.6
Net cash (+)/Net debt (-) incl. financial leasing	122.4	112.7	-198.6	-249.2
Unutilized bank overdraft facility	159.1	159.1	155.0	164.4
Total bank overdraft facility	159.1	159.1	155.0	164.4

Income tax

The Group's tax expense includes the sum of current tax and deferred tax calculated based on current tax rates in each country. The reported tax expense for the first six month amounted to SEK 34,5 million (15.2), corresponding to an efficient tax rate of 22.7 per cent (21.2).

Buy-back of own shares

The Annual General Meeting on May 7, 2024, authorized the Board to acquire up to 10 percent of the company's shares until the next Annual General Meeting. As of June 30, 2024, no shares have been acquired within this authorization.

As of June 30, 2024, the company held 1,003,039 shares in own repository, which corresponds to 3.6 per cent of the total number of shares.

Employees

The company had 1,162 employees (1,221) as of June 30, 2024.

Parent Company in brief

The Parent Company's total revenues for the period amounted to SEK 77.6 million (77.1). Profit before tax amounted to SEK 22.5 million (69.5).

The Parent Company's liabilities in a joint group currency account amounted to SEK 482.2 million (392.3) as of 30 June 2024.

At the end of the period, the number of employees in the parent company totalled 23 (21).

The Parent Company's operations have remained unchanged during the period. There have been no significant transactions with related parties.

Business Units

Nordic & Baltics Denmark, Estonia, Finland, Latvia (divested August 28, 2023), Lithuania (divested August 28, 2023), Norway, Sweden, and the US

Jan-Jun 2024

Revenues and result

April – June

In Nordic & Baltics, revenues were in line with the same period last year for, and organically revenues increased by 0.3 per cent, where the difference is due to exchange rate effects and the divestiture of the Lithuanian subsidiary, divested August 28, 2023. System revenues decreased by 3.5 per cent and organically by 3.6 per cent, compared with a strong comparison period. Service revenues increased by 8.7 per cent and organically by 9.5 per cent, with good growth in support and cloud service business.

Adjusted EBITA amounted to SEK 57.7 million (56.2) and the EBITA margin was 8.9 per cent (8.7) for the quarter.

January – June

In Nordic & Baltics, revenues decreased by 2.5 per cent during the year and organically by 2.1 per cent. System revenues decreased by 7.5 per cent and organically by 7.3 per cent, compared to a strong comparison period. Service revenues increased by 9.3 per cent and organically by 10.3 per cent, with good demand primarily within the support and cloud segments.

Adjusted EBITA amounted to SEK 123.1 million (98.0) and the EBITA margin was 9.9 per cent (7.7) for the first six months. In Nordic & Baltics, EBITA and EBITA margin developed positively due to higher gross margins.

	Apr-Jun	Apr-Jun	Change,	Jan-Jun	Jan-Jun	Change,	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	%	2024	2023	%	months	2023
System revenues	440.2	456.4	-3.5	830.5	898.2	-7.5	1,772.8	1,840.5
Service revenues	208.5	191.7	8.7	414.2	379.0	9.3	810.6	775.4
of which support revenue	100.5	87.8	14.4	196.6	169.9	15.7	381.9	355.2
of which revenue from cloud services	61.9	56.1	10.3	124.7	113.3	10.0	249.3	237.9
of which consulting revenue	46.1	47.9	-3.8	92.9	95.8	-3.0	179.4	182.3
Other	0.4	0.7	-41.1	2.0	1.9	6.4	3.5	3.3
Total Revenues	649.1	648.8	0.0	1,246.8	1,279.1	-2.5	2,586.9	2,619.3
Adjusted EBITA	57.7	56.2	2.7	123.1	98.0	25.6	231.9	206.9
EBITA margin, %	8.9	8.7		9.9	7.7		9.0	7.9

Revenues and result

April – June

In UK, revenues decreased by 2.3 per cent during the quarter and organically by 4.7 per cent, where the difference is due to currency rate effects. System revenues decreased by 2.4 per cent and organically by 4.7 per cent, to some extent due to longer sales cycles. Service revenues decreased by 2.3 per cent, and organically by 4.6 per cent.

Adjusted EBITA amounted to SEK 12.3 million (9.0) and the EBITA margin was 6.9 per cent (4.9) for the quarter. Both EBITA and EBITA margin increased due to higher gross margins.

January – June

In UK, revenues increased by 6.5 per cent during the first six months, and organically by 3.3 per cent, where the difference is due to currency rate effects. System revenues increased by 11.3 per cent and organically by 7.9 per cent. Service revenues increased by 2.6 per cent and decreased organically by 0.5 per cent, with cloud services showing good growth.

Adjusted EBITA amounted to SEK 20.1 million (13.3) and the EBITA margin was 5.5 per cent (3.9) during the first six month. Both EBITA and the EBITA margin were positively affected higher gross margins compared to previous year.

	Apr-Jun	Apr-Jun	Change,	Jan-Jun	Jan-Jun	Change,	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	%	2024	2023	%	months	2023
System revenues	84.0	86.0	-2.4	172.1	154.6	11.3	299.8	282.3
Service revenues	94.3	96.6	-2.3	190.1	185.2	2.6	384.3	379.4
of which support revenue	21.4	27.2	-21.3	45.7	49.9	-8.4	102.3	106.5
of which revenue from cloud services	63.6	60.2	5.7	126.0	115.7	8.9	249.5	239.2
of which consulting revenue	9.3	9.2	1.3	18.4	19.6	-6.3	32.5	33.7
Other	-	-	-	-	-	-	-	-
Total Revenues	178.3	182.6	-2.3	362.1	339.9	6.5	684.0	661.7
Adjusted EBITA	12.3	9.0	36.5	20.1	13.3	50.9	28.0	21.3
EBITA margin, %	6.9	4.9		5.5	3.9		4.1	3.2

Revenues Adjusted EBITA

Revenues and result

April – June

In West, revenues decreased by 0.2 per cent during the quarter and organically by 0.7 per cent, where the difference is due to currency effects. System revenues decreased by 14.8 per cent and organically by 15.1 per cent. Service revenues increased by 4.6 per cent and organically by 4.2 per cent, were consulting and cloud services showing good growth.

Adjusted EBITA amounted to SEK 7.0 million (0.7) and the EBITA margin was 3.4 per cent (0.3) for the quarter where the higher EBITA and EBITA margin increased as a result of higher gross margins.

January – June

.

In West, revenues increased by 2.5 per cent during the first six months corresponding to an organically increase of 1.9 per cent where the difference explains by currency effects. System revenues decreased by 2.0 per cent and organically by 2.6 per cent. Service revenues increased by 4.2 per cent and organically by 3.6 per cent, with a good underlying demand.

Adjusted EBITA amounted to SEK 23.0 million (5.8) and the EBITA margin was 5.3 per cent (1.4) for the first six months. The increase is attributable to higher gross margins.

	Apr-Jun	Apr-Jun	Change,	Jan-Jun	Jan-Jun	Change,	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	%	2024	2023	%	months	2023
System revenues	44.2	51.9	-14.8	114.6	117.0	-2.0	198.1	200.5
Service revenues	160.6	153.5	4.6	319.3	306.5	4.2	635.3	622.4
of which support revenue	17.7	17.5	1.1	34.8	34.5	0.9	70.1	69.8
of which revenue from cloud services	107.2	102.9	4.1	214.5	203.2	5.5	431.3	420.1
of which consulting revenue	35.7	33.0	8.3	70.1	68.7	2.0	134.0	132.6
Other	0.1	-	-	0.3	-	-	-	0.2
Total Revenues	204.9	205.3	-0.2	434.3	423.5	2.5	833.9	823.2
Adjusted EBITA	7.0	0.7	899.4	23.0	5.8	296.9	40.4	23.2
EBITA margin, %	3.4	0.3		5.3	1.4		4.8	2.8

Revenues Adjusted EBITA

Revenues and result

April – June

In Central, revenues increased by 42.2 per cent during the quarter and organically by 42.0 per cent. where the difference is due to currency effects. System revenues increased by 118.2 per cent and organically by 118.3 per cent, due to some larger deals in the current quarter and a weak comparison period. Service revenues decreased by 2.7 per cent and organically by 3.1 per cent

Adjusted EBITA amounted to SEK 17.6 million (9.6) and the EBITA margin was 6.6 per cent (5.1) for the quarter. In Central, EBITA and the EBITA margin were primarily affected positively by the increased revenues.

January - June

In Central, revenues increased by 10.3 per cent during the first six months and organically by 10.0 per cent where the difference is due to currency effects. System revenues increased by 24.7 per cent and organically by 24.6 per cent, compared to a weak comparison period. Service revenues decreased by 1.8 per cent and organically by 2.3 per cent, due to lower sales within the consulting business.

Adjusted EBITA amounted to SEK 19.7 million (15.9) and the EBITA margin was 4.2 per cent (3.8) for the first six months. In Central, EBITA and the EBITA margin were positively affected primarily by higher sales in the system business, partly offset by integration costs attributable to acquisitions.

	Apr-Jun	Apr-Jun	Change,	Jan-Jun	Jan-Jun	Change,	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	%	2024	2023	%	months	2023
System revenues	150.4	68.9	118.2	239.1	191.8	24.7	419.3	371.9
Service revenues	113.9	117.1	-2.7	226.3	230.5	-1.8	455.1	459.3
of which support revenue	16.9	16.3	3.7	32.8	31.3	4.8	64.9	63.4
of which revenue from cloud services	73.8	70.6	4.5	149.9	139.1	7.8	291.8	281.0
of which consulting revenue	23.2	30.2	-23.0	43.5	60.1	-27.6	98.3	114.9
Other	1.1	0.6	89.3	2.0	1.3	53.3	2.6	1.9
Total Revenues	265.4	186.6	42.2	467.4	423.6	10.3	876.9	833.2
Adjusted EBITA	17.6	9.6	83.7	19.7	15.9	24.1	37.9	34.0
EBITA margin, %	6.6	5.1		4.2	3.8		4.3	4.1

Revenues Adjusted EBITA

Operating segments

Nordics & Baltics: Denmark, Estonia, Finland, Latvia, Lithuania (divested August 28, 2023), Norway, Sweden, and USA | UK: United Kingdom | West: Belgium and the Netherlands | Central: Czech Republic and Germany |

Jan-Jun 2024	Nordics &
Amounts in SEK million	Baltics	UK	West	Central	Groupwide	Eliminations	Group
Total revenue	1,246.8	362.8	434.3	467.4	92.9	-140.8	2,463.2
EBITDA before items affecting
comparability	142.1	44.5	43.0	35.9	5.5	-	270.9
Depreciations and write-downs on tangible
fixed assets	-19.1	-24.4	-19.9	-16.1	-0.2	-	-79.7
EBITA before items affecting comparability	123.1	20.1	23.0	19.7	5.3	-	191.2
Items affecting comparability	-	-	-	-	-	-	-
EBITA	123.1	20.1	23.0	19.7	5.3	-	191.2
Amortizations and write-downs on
intangible fixed assets	-2.9	-2.7	-4.1	-14.7	-3.2	-	-27.5
EBIT	120.2	17.4	18.9	5.1	2.1	-	163.6
Net Financial Items	-5.7	-1.1	-5.3	-12.5	13.0	-	-11.5
Earnings before tax	114.5	16.3	13.6	-7.4	15.1	-	152.1
Tax							-34.5
Comprehensive income for the period							117.6

Jan-Jun 2023 Amounts in SEK million Nordics & Baltics UK West Central Groupwide Eliminations Koncernen Total revenue 1,279.1 339.9 423.5 423.6 96.0 -140.0 2,422.0 EBITDA before items affecting comparability 117.4 40.9 29.3 31.2 5.5 - 224.1 Depreciations and write-downs on tangible fixed assets -19.4 -27.7 -23.5 -15.3 -0.4 - -86.3 EBITA before items affecting comparability 98.0 13.3 5.8 15.9 5.1 - 138.2 Items affecting comparability -7.8 -0.9 -6.4 -2.0 -2.5 - -19.6 EBITA 90.2 12.3 -0.5 13.5 2.7 - 118.6 Amortizations and write-downs on intangible fixed assets -2.9 -2.6 -4.1 -14.8 -3.3 - -27.6 EBIT 87.3 9.7 -4.6 -1.2 -0.6 - 90.9 Net Financial Items -5.3 -1.4 -4.7 -9.4 1.7 - -19.2 Earnings before tax 82.0 8.3 -9.3 -10.7 1.1 - 71.8 Tax -15.2 Comprehensive income for the period 56.6

Market review

The IT market has been relatively resilient during a period of geopolitical and macroeconomic turmoil and we note an increased willingness to invest as inflation rates stabilises. Proacts robust position in the areas of security and hybrid cloud infrastructure has enabled the company to remain at the forefront of the key trends:

• Innovation through digitalisation and AI
• Enabling flexible and sustainable IT through hybrid clouds
• Cybersecurity due to the increasing cyberthreats

Digitalisation and AI

One of the most significant trends impacting the industry is the acceleration of digital transformation and innovation. Organisations are uncovering new opportunities for growth and development through IT-based innovation, often facilitated by IT-driven artificial intelligence (AI), automation, and data analytics. Proact has strong capabilities in providing customers with state-of-the-art solutions that propel their digital transformation initiatives.

Hybrid cloud adoption

Another pivotal trend is the strategic adoption of hybrid cloud environments. By seamlessly integrating on-prem, private and public cloud infrastructures, businesses can reap the benefits of flexibility, scalability, and cost-effectiveness. As experts within hybrid cloud

Other information

Events after the balance sheet date

On July 12, the Board of Directors decided to launch a share buyback program in accordance with the decision taken by the AGM in May.

Transactions with related parties

No transactions between Proact and related parties, which have significantly affected the Group's position and profits, have taken place during the quarter.

Risks and uncertainty factors within the business

Proact is not significantly affected by ongoing conflicts in the world. However, the development of the global economy, in the form of inflation, exchange rate fluctuations, lower economic growth and disturbances in supply chains, can entail increased risks for Proact. Delivery disruptions linked to the global semiconductor shortage at present has a limited effect on, but new disturbances could negatively affect the ability for Proact to deliver customer orders received. Otherwise, no risks or uncertainties have changed in

solutions Proact provide its customers with the distinct advantage of a customised approach to their cloud strategy.

Cybersecurity

Cybersecurity remains a top priority for businesses across all sectors. With the intensification of cyber threats, investment in advanced security solutions is crucial to safeguard sensitive data against evolving risks. Proact has a strong track record in providing its customers with robust security solutions that protect customer data and mitigate risk, all enabled from Proacts security operations centres and overall security first mind set.

In conclusion, Proact is well-positioned to continue to thrive within the dynamic IT market. Our expertise in security and hybrid cloud, combined with our commitment to remaining at the forefront of key market trends, will enable us to continue to deliver value to our customers and drive growth for our business.

comparison to those described in the most recently published annual report. For a more detailed description of significant risks and uncertainty factors, please see Proact's annual report for 2023.

Alternative Performance Measures

The company presents financial key figures in the interim report that are not defined according to IFRS. The company believes that these key figures provide valuable supplementary information to investors and the company's management. For definitions of the financial ratios, see the Annual Report 2023.

Annual General Meeting

The Annual General Meeting held on May 7th, 2024, re-elected Anna Söderblom (chair), Martin Gren, Erik Malmberg, Annikki Schaeferdiek and Thomas Thuresson (board members). It was decided to distribute a dividend of SEK 2.00 per share for the financial year 2023, which was carried out during the quarter. For the financial year 2022 a dividend of SEK 1.85 per share was paid.

Financial calendar

25 Oct 2024 Interim Report Q3 2024 11 Feb 2025 Interim Report Q4 2024

Solna 12 July 2024 Proact IT Group AB (publ)

Jonas Hasselberg Anna Söderblom Martin Gren CEO Chairperson

Annikki Schaeferdiek Thomas Thuresson Erik Malmberg

This interim report has not been audited.

Note

The information in this interim report is such information as Proact IT Group (publ) is obliged to publish pursuant to the EU Market Abuse Regulation, the Securities Market Act, and/or the Act on Trading in Financial Instruments. This information was submitted for publication at 13:00 (CET) on 12 July, 2024.

	CONTACT

CONTACT Proact IT Group AB

Jonas Hasselberg, CEO +46 722 13 55 56 jonas.hasselberg@proact.eu Frösundaviks Allé 1, Solna Noora Jayasekara, CFO +46 70 318 92 97 Noora.jayasekara@proact.eu Tel. +46 8 410 666 00 www.proact.eu

Org.nr: 556494-3446 | Reg Office: Solna

Financial reports

Consolidated statement of comprehensive income

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	months	2023
System revenue Service revenue	717.3	663.1	1,355.5	1,362.5	2,691.1	2,698.0
of which support revenue	553.6	537.2	1,104.1	1,056.5	2,192.2	2,144.6
of which revenue from cloud services	156.5	148.7	309.9	286.0	619.0	595.2
of which consulting revenue	286.1	271.1	574.3	532.9	1,138.7	1,097.4
Other operating revenue	110.9 1.0	117.3 1.4	219.9 3.6	237.6 3.0	434.4 5.3	452.1 4.7
Total revenue	1,271.9	1,201.7	2,463.2	2,422.0	4,888.5	4,847.3
Cost of goods and services sold	-951.4	-929.9	-1,835.3	-1,885.6	-3,707.8	-3,758.1
Gross profit	320.5	271.8	627.9	536.4	1,180.7	1,089.2
Sales and marketing expenses
Administration expenses	-135.9	-124.7	-268.2	-254.4	-518.2	-504.5
Items affecting comparability	-101.8	-79.5 -19.6	-196.1	-171.3 -19.6	-363.2 2.9	-338.4 -16.7
Operating profit/loss (EBIT)	- 82.8	47.9	- 163.6	91.0	302.4	229.8
Net financial items	-6.9	-13.5	-11.5	-19.2	-4.1	-11.5
Earnings before tax	75.9	34.4	152.1	71.8	298.3	218.3
Income tax	-19.0	-5.7	-34.5	-15.2	-64.3	-45.2
Comprehensive income for the period	56.9	28.7	117.6	56.6	234.0	173.1
Other comprehensive income
Items which may be reveresed later in the income statement
Change of hedging reserve (net investment in foreign operations)	-3.9	18.1	10.4	22.9	-11.3	0.3
Tax effect of change of reserve
(net investment in foreign operations)	0.8	-3.7	-2.1	-4.7	2.3	-0.1
Translation differences from remaining operations	-21.0	1.5	16.1	-17.9	-12.1	54.5
Total items which may be reversed later in the income statement	-24.1	15.9	24.3	0.3	-21.1	54.7
Total comprehensive income for the period, net after tax	32.8	44.6	142.0	56.9	212.9	227.8
Comprehensive income attributable to:
Shareholders of the Parent company	56.9	28.8	117.6	56.7	233.2	172.6
Holdings without a controlling influence	-	-0.1	-	-0.1	0.1	0.5
Total comprehensive income for the period attributable to:
Shareholders of the Parent company	49.5	44.5	158.6	56.7	229.6	228.1
Holdings without a controlling influence	-	0.1	-	0.2	-	-0.3
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Rolling 12	Jan-Dec
Data per share¹	2024	2023	2024	2023	months	2023
Earnings per share for the period attributable to the shareholders of
the parent company, SEK	2.13	1.05	4.37	2.06	8.57	6.29
Equity per share attributable to the shareholders of the parent company, SEK	39.61	35.12	39.61	35.12	37.36	36.97
Cash flow from operations per share, SEK	4.83	4.69	8.67	5.79	22.39	19.50
Number of outstanding shares at end of period	26,998,619	27,499,948	26,998,619	27,499,948	26,998,619	27,281,448
Weigthed average number of outstanding shares	26,697,973	27,467,761	26,929,363	27,461,342	27,202,434	27,466,985

1) Proact has a long-term performance-based share program that could give rise to dilution of maximum 2.30 per cent.

Consolidated Balance Sheet in brief

	Jun 30	Jun 30	31 Dec
Amounts in SEK million	2024	2023	2023
ASSETS
Fixed assets
Goodwill	1,008.5	1,037.2	983.6
Other intangible fixed assets	154.5	215.1	177.3
Tangible fixed assets	339.7	359.8	319.3
Other long-term receivables	584.6	560.0	544.6
Deferred tax receivables	22.1	24.7	22.5
Current assets
Inventories	13.6	46.7	15.4
Trade and other receivables	1,475.3	1,472.4	1,433.9
Cash and cash equivalents	615.6	442.9	547.9
Total assets	4,214.1	4,158.8	4,044.4
EQUITY AND LIABILITIES
Equity attributable to the shareholers of the parent company	1,069.4	965.8	1,008.6
Equity attributable to holdings without a controlling influence	-	0.3	-
Total equity	1,069.4	966.1	1,008.6
Long-term liabilities
Long-term liabilities, interest-bearing	402.4	535.6	386.4
Long-term liabilities, non-interest-bearing	833.2	774.5	756.9
Deferred tax liabilities	53.7	65.8	58.2
Short-term liabilities
Short-term liabilities, interest-bearing	119.0	124.6	109.8
Short-term liabilities, non-interest-bearing	1,736.5	1,692.2	1,724.5
Total equity and liabilities	4,214.1	4,158.8	4,044.4

Consolidated statement of changes in Equity

	Jun 30	Jun 30	31 Dec
Amounts in SEK million	2024	2023	2023
At beginning of period	1,008.6	923.4	923.4
Total comprehensive income for the period	142.0	56.9	227.8
Dividend	-54.0	-50.8	-50.8
Acquisition from holdings wihout a controlling influence	-	8.4	-
Share savings and share option programs	2.3	16.0	-28.0
Buy-back of own shares	-30.6	-	-19.6
Utilized shares from holding of own shares	1.0	2.7	2.7
At end of period	1,069.4	966.1	1,008.6

Holdings without a controlling influence: Proact Lietuva UAB 26.14 per cent, was divested August 28, 2023.

Consolidated Cash Flow Statement in brief

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	months	2023
CASH FLOW FROM OPERATIONS FOR THE YEAR
Operating profit for the year	82.8	47.9	163.6	91.0	302.4	229.8
Adjustment for items not affecting cash flow:
Reversal of depreciation and impairment of fixed assets	53.9	57.3	107.3	113.9	221.6	228.2
Financial leasing sales	8.1	2.0	14.3	12.1	35.1	33.0
Reversal of non-cash items	-7.8	-20.3	-14.4	-22.6	-0.8	-9.0
Change in provisions	-3.8	3.9	-1.3	4.9	-6.4	-0.2
Income tax paid	-22.8	-4.6	-40.4	-22.8	-72.2	-54.7
Cash flow from operating activities before changes in
working capital	110.3	86.2	229.2	176.5	479.8	427.0
Cash flow from changes in working capital
Inventories	9.0	-18.1	2.1	19.8	31.9	49.5
Operating receivables	-147.8	-136.6	-53.1	84.1	-72.7	64.6
Operating liabilities	158.7	197.5	55.9	-121.3	168.1	-9.1
Cash flow from operating activities	130.3	128.9	234.0	159.0	607.1	532.0
INVESTMENT ACTIVITIES
Acquisition of businesses	-	0.4	-	-7.9	-0.1	-8.0
Capital expenditure on tangible fixed assets	-7.1	-9.7	-18.8	-24.6	-38.5	-44.3
Disposals of tangible fixed assets	-	0.1	-	0.2	0.9	1.1
Investments in intangible fixed assets	-0.1	-0.2	-0.4	-0.4	-1.0	-1.0
Increase / decrease, non current receivables	1.2	0.1	2.5	-0.0	2.8	0.3
Cash flow from investing activities	-6.1	-9.2	-16.7	-32.7	-35.9	-51.9
FINANCING ACTIVITIES
Dividend	-54.0	-50.8	-54.0	-50.8	-54.0	-50.8
Borrowings and repaid loans	-	-109.2	-	-101.2	-123.0	-224.2
Interest earned	3.6	7.7	6.6	11.0	5.9	10.4
Interest paid	-9.9	-6.5	-15.0	-14.9	-25.2	-25.1
Amortisation of leasing debt	-49.7	-33.0	-68.9	-49.3	-137.6	-118.0
Other cash flow from financing activities	1.1	-5.4	-29.6	-1.6	-50.5	-22.4
Cash flow from financing activities	-108.9	-197.3	-161.0	-206.7	-384.4	-430.1
Total cash flow for the period	15.3	-77.6	56.4	-80.4	186.8	50.0
Cash and cash equivalents at beginning of the period	606.1	501.1	547.9	505.7	442.9	505.7
Currency translation difference in cash and cash
equivalents	-5.9	19.3	11.3	17.5	-14.1	-7.8
Cash and cash equivalents at end of the period	615.6	442.9	615.6	442.9	615.5	547.9

Key ratios

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Rolling 12	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	months	2023
Total revenue	1,271.9	1,201.7	2,463.2	2,422.0	4,888.5	4,847.3
of which attributable to acquisition and divestments	-3.2	22.0	-5.4	48.4	-125.4	22.1
of which currency effects	7.1	51.7	14.4	90.9	102.8	179.3
Total revenue, organic	1,268.1	1,128.0	2,454.2	2,282.7	4,911.2	4,646.0
Organic growth total revenue, %	5.5	-2.2	1.3	2.9	-1.0	-2.3
System revenue	717.3	663.1	1,355.5	1,362.5	2,691.1	2,698.0
of which attributable to acquisition and divestments	-1.1	4.1	-1.5	8.6	-30.1	-4.5
of which currency effects	3.4	20.1	5.7	39.2	36.2	69.8
Total system revenue, organic	715.0	638.9	1,351.3	1,314.6	2,685.0	2,632.8
Organic growth system revenue, %	7.8	-9.5	-0.8	-0.4	-7.6	-8.0
Services revenue	553.6	537.2	1,104.1	1,056.5	2,192.2	2,144.6
of which attributable to acquisition and divestments	-2.1	17.9	-4.0	39.8	-95.3	26.6
of which currency effects	3.7	31.4	8.7	51.6	66.4	109.3
Total service revenue, organic	552.0	487.9	1,099.3	965.2	2,221.0	2,008.7
Organic growth service revenue, %	2.8	9.0	4.0	7.5	84.7	6.3
EBITDA	136.7	104.8	270.9	204.4	523.9	457.9
EBITDA margin, %	10.7	8.7	11.0	8.4	10.7	9.4
Depreciation and write-down on tangible assets	-40.0	-43.0	-79.7	-85.9	-165.9	-172.4
EBITA	96.7	61.8	191.2	118.6	358.1	285.5
EBITA margin, %	7.6	5.1	7.8	4.9	7.3	5.9
Amortization and write-down on intangible assets	-13.9	-13.9	-27.5	-27.6	-55.6	-55.7
EBIT	82.8	47.9	163.6	91.0	302.4	229.8
EBIT marginal, %	6.5	4.0	6.6	3.8	6.2	4.7
Earnings before tax	75.9	34.4	152.1	71.8	298.3	218.3
Net margin, %	6.0	2.9	6.2	3.0	6.1	4.5
Earnings after tax	56.9	28.7	117.6	56.6	234.0	173.1
Profit margin, %	4.5	2.4	4.8	2.3	4.8	3.6
Equity	1,069.4	966.1	1,069.4	966.1	1,069.4	1,008.6
Total assets	4,214.1	4,158.8	4,214.1	4,158.8	4,214.1	4,044.4
Equity ratio, %	25.4	23.2	25.4	23.2	25.4	24.9
Capital turnover rate, times¹	-	-	-	-	1.3	1.2
Return on equity, %¹	-	-	-	-	18.9	18.2
Financial costs included in net financial items	11.7	17.8	20.0	27.2	33.1	40.0
Capital employed	1,590.8	1,626.3	1,590.8	1,626.3	1,590.8	1,504.8
Return on capital employed, %¹	-	-	-	-	20.6	16.3
Investments in fixed assets	43.4	33.5	100.6	85.1	163.8	148.3
Earnings before tax per employee, SEK thousands	67.9	29.4	136.2	60.9	264.0	188.2
Average number of employees	1,117.7	1,171.2	1,116.7	1,178.4	1,130.1	1,160.0

1) Calculated only for full year and rolling 12 months.

For a five-year summary, see Note 2. For definitions of key ratios, see Annual Report 2023.

The key ratios that Proact reports and monitors the business by are common key ratios used by the industry and by companies listed on Nasdaq Stockholm.

Parent Company's Income Statement, in brief

	Jan-Jun	Jan-Jun	Jan-Dec
Amounts in SEK million	2024	2023	2023
Net sales	77.6	77.1	152.0
Cost of goods and services sold	-	-	-
Gross profit	77.6	77.1	152.0
Administration expenses	-80.3	-77.6	-151.9
Operating profit	-2.7	-0.5	0.1
Net financial items	25.2	70.0	142.2
Earnings after financial items	22.5	69.5	142.3
Provisions	-	-	-
Earnings before tax	22.5	69.5	142.3
Income tax	-4.6	-5.3	-0.7
Comprehensive income for the period	17.9	64.2	141.5

Parent Company's Balance Sheet, in brief

	Jun 30	Jun 30	31 Dec
Amounts in SEK million	2024	2023	2023
ASSETS
Fixed assets	1,135.4	1,065.3	1,143.8
Current assets	107.3	134.1	97.7
Total assets	1,242.7	1,199.4	1,241.6
EQUITY AND LIABILITIES
Restricted Equity	42.9	82.1	47.1
Non-restricted Equity	391.4	214.4	451.0
Equity	434.3	296.5	498.1
Long-term liabilities	240.6	373.1	234.7
Short-term liabilities	567.7	529.8	508.9
Total equity and liabilities	1,242.7	1,199.4	1,241.6

Explanatory information

Note 1. Accounting principles

The consolidated accounts for the interim report have been compiled in accordance with IAS 34 and the Swedish Annual Accounts Act. The Parent Company's accounts have been compiled in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 (Accounting for Legal Entities). The Group applies the same accounting principles as those described in the annual report for 2023.

Financial instruments

Proact's financial instruments consist of derivatives, accounts receivable, cash and cash equivalents, accounts payable, accrued trade creditors and interest-bearing liabilities. Derivative instruments are recognized in the balance sheet as per the contract date and are valued at fair value, both initially and in subsequent revaluations. All derivatives are reported continuously at fair value with the value changes reported in the statement of comprehensive income within cost of goods sold for those derivatives that are linked to accounts

payable and financial items for the derivatives that are linked to financial leasing contracts. Derivatives are valued at fair value within level 2, i.e., fair value determined on the basis of valuation techniques with observable market data, either directly (as price) or indirectly (hence to price). All other financial assets have been classified as loans and receivables, which includes accounts receivable and cash and cash equivalents. All other financial liabilities have been classified as other financial liabilities valued at amortised cost, which includes accounts payable, accrued supplier costs and liabilities to credit institutions. Liabilities to credit institutions run at variable interest rates and reported interest rates are on a par with current interest on liabilities to credit institutions and other financial assets and liabilities with short maturities. Based on this, the book values of all financial assets and liabilities are judged to be a reasonable estimate of fair value.

Note 2. Five-year summary

	Jul-Jun	Jan-Dec	Jan-Dec	Jan-Dec	Jan-Dec
Amounts in SEK million	23/24	2023	2022	2021	2020
Total revenue	4,888.5	4,847.3	4,756.8	3,525.0	3,633.1
EBITDA	523.9	457.9	473.2	348.6	369.6
EBITDA margin, %	10.7	9.4	9.9	9.9	10.2
EBITA	358.1	285.5	313.1	197.5	216.7
EBITA margin, %	7.3	5.9	6.6	5.6	6.0
EBIT	302.4	229.8	260.6	166.2	182.1
EBIT margin, %	6.2	4.7	5.5	4.7	5.0
Earnings before tax	298.3	218.3	244.2	151.9	167.7
Net margin, %	6.1	4.5	5.1	4.3	4.6
Earnings after tax	234.0	173.1	191.5	117.2	132.3
Profit margin, %	4.8	3.6	4.0	3.3	3.6
Equity ratio, %	25.4	24.9	21.8	21.0	20.7
Capital turnover rate, times	1.3	1.2	1.2	1.1	1.3
Return on equity, %	18.9	18.2	23.4	17.8	23.4
Return on capital employed, %	20.6	16.3	17.2	13.4	17.1
Dividend to shareholders of the Parent company¹	54.0	50.8	41.2	41.2	22.9
Investments in fixed assets	163.8	148.3	397.5	550.7	269.1
Financial costs included in net financial items	33.1	40.0	26.7	19.8	20.7
Earnings before tax per employee, SEK thousands	264.0	188.2	210.6	147.9	172.3
Average number of employees	1,130.1	1,160.0	1,159.5	1,027.3	973.4
Earnings per share for the period, SEK²	8.57	6.29	6.97	4.27	4.80

1) Relates to the year in which the dividend was executed. For the fiscal year 2023 a dividend of SEK 2,00, total SEK 55,0 million, was made.

2)Calculated on the basis of the weighted average number of outstanding shares. The comparative figures have been adjusted for the 1:3 share split that was implemented in May 2021. Proact has long-term performance-based share programs that could give rise to dilution of maximum 2.30 per cent.