Fortnox : Interim report Q1, 2022

INTERIM REPORT JANUARY - MARCH 2022

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Interim report

January-March 2022

(Figures in parentheses refer to outcomes in the year-earlier period.)

First quarter of 2022

•  Net sales amounted to SEK 279.1 million (198.5), up SEK 80.6 million or 40.6 percent. Acquisitions accounted for SEK 32.9 million or 16.6 percentage points of the increase.

•  Operating profit totaled SEK 89.6 million (59.7), up SEK 29.9 million. Adjusted for acquisitions, operating profit amounted to SEK 101.1 million.

•  Operating margin was 32.1 (30.1) percent. Adjusted for acquisitions, the operating margin was 41.1 percent.

•  Profit after tax was SEK 66.6 million (45.9).

•  Earnings per share before dilution amounted to SEK 0.11 (0.08) and earnings per share after dilution amounted to SEK 0.11 (0.08).

Significant events in the first quarter



In accordance with a resolution adopted by the Extraordinary General Meeting on December 27, 2021, a split of the company's shares was carried out in January 2022. As a result, each share was split into ten shares (10:1 share split), and the total number of shares in Fortnox after the split amounts to 609,744,700 shares.



During the quarter, Fortnox continued to work on the listing switch from NGM Nordic SME to Nasdaq Stockholm's main market and the first day of trading on Nasdaq Stockholm's main market was April 13, 2022.



The Annual General Meeting, which was held on March 30, 2022, resolved in accordance with the proposals submitted, including re-election of all board memebers except Andreas Kemi, who declined, and a dividend of SEK 48 million with planned payment during April 2022.



The first quarter was impacted by Russia's invasion of Ukraine. At present, the Group cannot see any major long-term repercussions for Fortnox's financial position and performance. Since we have no operations, customers nor employees in the countries concerned (Belarus, Russia and Ukraine) we can see no change in the ability of Fortnox to provide products and services as planned. The company's management is following developments and continuously assessing the situation.

Fortnox is an enterprise platform with products for accounting, invoicing, financing, payroll and more. Customers can also access other business services, and hundreds of external systems, through partnership collaborations. Fortnox was founded in 2001 and is headquartered in Växjö. The company's share is listed on Nasdaq Stockholm's main market. For more information, visitwww.fortnox.se.

Fortnox AB (publ), Box 472, SE-351 06 Växjö, Sweden | Comp. Reg. No. 556469-6291 | Phone: [phone] |[e-mail]

INTERIM REPORT JANUARY - MARCH 2022

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Strong quarter initiates 2022

During the first quarter of the year, we reported a growth of 40.6 percent. Net sales amounted to SEK 279.1 million and the operating margin was 32.1 percent. Accordingly, growth together with the operating margin was 72.7 percent during the period. With several important product news and investments in our six business areas, we further strengthen the business platform for Sweden's businesses.

The number of customers continued to increase and was by the end of the quarter 441,000, an increase of 16,000. Customers' increased use of our products and services has resulted in higher revenue per customer and the average revenue per customer at the end of the first quarter was SEK 204 (171).

Better overview and insights:

During the quarter, several productinnovations were presented to give customers a better overview and insights into their own business. Among the news are the new products Fortnox Read and Fortnox Accountant. Fortnox Read allows customers to access information on the platform without requiring administrator rights, which is ideal for individuals who are not part of the accounting process but still want to monitor the company's transactions and see how the company is performing. Fortnox Accountant offers the same access but with a time limit of 30 days and a pricing model tailored for the audit engagement. Fortnox Accountant has already reduced the number of support cases regarding access by more than 40 percent.

The digital submission of the K2 annual account's form in the product Fortnox Accounts closing & Tax was launched and was a product sought after primarily among accounting firms.

Fortnox Factoring is an appreciated service that facilitates growth for, above all, smaller, fast-growing companies. An example of such a company is Strömsdal Kök. They have benefited greatly from factoring, which has facilitated liquidity in their growth phase. Factoring enables entrepreneurs to avoid waiting for the invoice to be paid.

The fact that our products make a big difference for many entrepreneurs is not least noticeable in Fortnox's bank integrations, which facilitate inflows and outflows for companies. They have grown by as much as 52 percent since the first quarter last year, from 48,000 to 73,000. It is really great to see how the benefits for our customers increase.

Partnership to develop Fortnox Corporate Card:

After the end of the quarter, Fortnox entered a collaboration with the fintech company Mynt AB, which offers business cards and solutions in spend management. At the turn of the year 2023, Fortnox plans to launch Fortnox Corporate Card, a company card that will simplify and automate receipt accounting with better follow-up of companies' expenses by monitoring transactions in real-time. Already today, Mynt has a proven, scalable solution and habit of implementation towards business systems. We are pleased to be able to contribute with more efficient and simplified administration for companies!

Fortnox's business areas:

Fortnox continues to grow and our six business areas form the basis for the Group's operations. It is in and between our business areas that the products are developed and offered to customers. Among other things, we notice an increased interest in our financial products and services in the Money business area. With an effective credit assessment in real-time, we can provide our customers with a stronger offering, including faster access to more stable cash flows.

We also launched Fortnox's new website. The new Fortnox.se is created for a better user experience with the customer's need in focus.

Listing change:

At the end of March, Fortnox also took the final step to begin trading on Nasdaq Stockholm's main market. The change to Nasdaq Stockholm is a natural step for Fortnox on its journey to become the preferred hub for Swedish business. The Board and I believe this will generate greater value for our current and future shareholders.

Unique opportunities for Sweden's businesses: Together with our customers and employees, we are taking new steps towards becoming the obvious choice for businesses in Sweden. Our business platform creates unique opportunities for insights and important business decisions, digital flows and collaborations. It provides good conditions for a prosperous society shaped by thriving businesses. With a strong start to the year, we look forward to being able to contribute even more to this during the rest of 2022.

Best regards,

CEO, Tommy Eklund.

Fortnox AB (publ), Box 472, SE-351 06 Växjö, Sweden | Comp. Reg. No. 556469-6291 | Phone: [phone] |[e-mail]

INTERIM REPORT JANUARY - MARCH 2022

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Financial information

SEK million unless otherwise indicated

Key performance indicators (KPIs) (Group)

Jan-Mar 2021

Net sales 279.1

198.5

EBIT 89.6

59.7

EBIT-margin, (%) 32.1

30.1

Earnings per share, after dilution (SEK) 0.11

0.08

Cash flow from operating activities 90.7

86.8

Working capital at the end of the period 247.2

264.1

Key performance indicators (KPIs) (The Group's operating segments)

Jan-Mar 2021

Företagande Revenues

Operational segment result

28.9 20.4

Byrån Revenues

Operational segment result

63.8 38.3

Entreprenören1)

Revenues

Operational segment result

80.6 44.0

Pengar Revenues

Operational segment result

23.0

0.5

Marknadsplatsen2)

Revenues

Operational segment result

8.4 0.6

Revenue distribution (Group)

Jan-Mar 2021

Subscription-based 202.9

Transaction-based 61.3

Lending-based 14.9

Others 3.0

149.4 41.5 7.6 4.0

Revenue from agreements with customers

282.1

202.5

1) From January 1, 2022, Entreprenörens former product area Integrera was changed to Marknadsplatsen, for more information regarding the financial effects this has entailed, see page 8.

2) From January 1, 2022, the name of the Offerta business area was changed to Marknadsplatsen and expanded with Entreprenören's former product area of Integrera, fore more information regarding the financial effects this has entailed, see page 8.

Fortnox AB (publ), Box 472, SE-351 06 Växjö, Sweden | Comp. Reg. No. 556469-6291 | Phone: [phone] |[e-mail]

INTERIM REPORT JANUARY - MARCH 2022

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Group Development

Group - Net sales and results in the first quarter

Net sales amounted to SEK 279.1 million (198.5), up SEK 80.6 million or 40.6 percent. Acquisitions accounted for SEK 32.9 million or 16.6 percentage points of the increase. Since the second quarter of 2021, revenue per existing customer has increased, more customers have been added, new products have been launched and existing products have been further developed, which have strengthened the customer offering. Accordingly, organic growth in the first quarter increased slightly year-on-year and amounted to 24.1 percent (20.5).

During the quarter, efforts to develop new and further develop existing products continued, bringing own work capitalized to SEK 21.4 million (8.9) for the first quarter.

Operating expenses amounted to SEK 192.6 million (142.8). Expenses rose SEK 49.7 million or 34.8 percent, primarily attributable to increased personnel costs and other external costs as a result of organic growth and acquisitions made in 2021. Expanded marketing campaigns and premises costs were the underlying drivers for the rise in other external costs. In addition to increased marketing campaigns and premises costs, the first quarter was also charged with external costs in connection with the listing switch from NGM Nordic SME to Nasdaq Stockholm's main market amounting to SEK 3.4 million, write-downs of products attributable to insurance-related services amounting to SEK 3.4 million and Fortnox's contribution with SEK 1.0 million in support of Ukraine regarding the emergency in the country. External listing costs have totaled approximately SEK 6.0 million.

Operating profit totaled SEK 89.6 million (59.7), up SEK 29.9 million or 50.1 percent. Adjusted for acquisitions, operating profit totaled SEK 101.1 million, of which SEK -10.9 million is attributable to the recently acquired subsidiary Capcito. Planned investments in Capcito and the Monto platform will have a negative impact on consolidated profit in 2022.

The operating margin was 32.1 percent (30.1). Adjusted for acquisitions, the operating margin was 41.1 percent. The operating margin increased year on year, positively impacted by lower costs for purchased services, since costs attributable to supplier invoice interpretation declined due to the use of proprietary products.

At the end of the period, the number of customers was 441,000 (385,000), up 15 (17) percent.

Annual Recurring Revenue (ARR3)) amounted to SEK 737 million (590).

Average Revenue Per Customer (ARPC3)) amounted to SEK 204 (171).

3) For a definition of the alternative performance measures ARR and ARPC, refer to page 27.

Fortnox AB (publ), Box 472, SE-351 06 Växjö, Sweden | Comp. Reg. No. 556469-6291 | Phone: [phone] |[e-mail]