===== SIDA 1 ===== January – March 2023 Key financial ratios for the Group** Q1 Jan-Dec MSEK 2023 2022  2022 Net sales 613.7 254.9 140.7% 1,113.5 Organic growth, % 5.8% 4.8% 9.2% EBITA 111.8 85.5 30.7% 254.5 EBITA margin, % 18.2% 33.5% 22.9% Adjusted EBITA 140.4 104.1 34.9% 363.8 Adjusted EBITA margin, % 22.9% 40.8% 32.7% Profit for the period 18.4 24.2 -24.0% 59.9 Adjusted cash flow from operating activities 210.0 156.9 33.8% 423.1 * The proforma numbers have been included for comparability and have no t been audited. ** For more information see Financial Definitions and Note 6 for calculations of Alternative Performance Measures. Financial highlights first quarter Business highlights ➢ Organic growth was 5.8% in the quarter. The Group’s net sales increased by 140.7% to SEK 614 m (actual 255, proforma* 571). Acquired growth contributed with 132.3%. Currency effect was 2.6%. Net sales in Region North was SEK 278 m (255) and net sales in Region South was SEK 336 m (proforma* 316) ➢ The Group’s adjusted EBITA amounted to SEK 140 m (actual 104, proforma* 135) with adjusted EBITA margin of 22.9% (actual 40.8%, proforma 23.6%). Region North contributed with SEK 120 m (115), Region South contributed with SEK 38 m (proforma* SEK 31 m) and Group functions contributed with SEK -18 m (-11). ➢ Net result amounted to SEK 18 m (24). ➢ Earnings per share before and after dilution amounted to SEK 0.17 (0.23 and 0.22). ➢ Adjusted operating cash flow amounted to SEK 210 m (157). ➢ Karnov Group has started off 2023 well. We have been successful in up-sales and in new sales especially within the public sector in Region North. Moreover, our stand-alone entities perform well. Our legal core businesses have completed a strong invoicing season with strong operating cash flow. ➢ Region South has performed in line with expectations. The plan for harvesting synergies is rolled-out and we progress with the integration. ➢ To ensure the right foundation for further European growth while keeping strong focus on developing the existing businesses in Region South and Region North, Karnov Group has appointed Alexandra Åquist CEO Region North and Guillaume Deroubaix CEO Region South. ➢ Karnov Group has launched practical and experimental projects using AI applications for future customer value. Our premium deep content makes Karnov Group well-suited for development of AI-based tools. ===== SIDA 2 ===== Interim Report, January – March 2023 2 Karnov Group has delivered a solid financial performance in the first quarter, with increased organic growth in Region North and stable development in Region South. We are now a significant player within the European legal information solutions market. Our performance in the first quarter proves the value we bring to our customers. Our cash generation capability prepares us for future M&A activities. European growth and strong operating cash flow The financial performance was solid in the first quarter. The organic growth in Region North increased compared to the previous year, while the net sales development in Region South was stable, in line with expectations. The weak SEK has had a positive impact on sales in the first quarter. Growth drivers in Region North were a combination of strong new sales within the public sector and upselling to existing customers. Our new product ROA (Rättsområdesanalyser), which is sold as an add-on feature, has had a good start to the year. Our EHS businesses and emerging ventures continue to perform well. We are looking at broadening the product suite in Region South, to the benefit of both local markets. Aranzadi LA LEY has started to sell several solutions across both organisations. Our French business Lamy Liaisons has a stable performance in line with expectations. Region North continues to have strong earnings capabilities, while we have taken the first steps in Region South to harvest synergies. At the end of March, our leverage based on proforma EBITDA LTM was 3.4x. The operating cash flow was strong. Both our segments have successfully completed invoicing seasons, with low churn. Our cash generation capability enables our M&A agenda, and we keep our eyes open for future European growth opportunities. Developing our regional businesses and identifying new possibilities Macro trends in Europe, such as increasing regulations and more complex legislation, solidify and expand the market demand for our services. Legal professionals have an increasing need of assistance to serve their customers, which creates opportunities for Karnov Group. We continuously add value to our customers, serving society with accessible legal knowledge and efficient workflows. All Karnov development is customer centric. To continue our customer centricity focus, while pursuing future European growth, we have composed a new management team in operation from the end of March. In Region North, we will continue to focus on meeting our customers’ needs and efficiency demands. Our ambition is to provide the highest quality to the best possible user experience that effectively supports their workflow. Growth is driven by adding value to our legal core users, new sales and up-sales within the public sector and continuous organic growth from our emerging ventures and EHS businesses. In Region South, we are implementing a merger of equals. Our focus is to complete the integration and merging content onto a common technical platform, as well as realising synergies. The merger is progressing according to schedule. Enhancing customer value with AI Legal tech progresses rapidly. Generative AI has had great traction following the public launch of ChatGPT at the end of last year. Generative AI will become an important tool for lawyers. Karnov Group is currently testing exploratory AI models for future customer value in both Region North and Region South. Our premium deep content is a great asset when training neural networks. We see great opportunities for both new customer value and raised productivity for Karnov Group. Karnov Group has AI-based tools up and running in Region South. We will launch additional tools during the year. We see great opportunities in utilising these experiences. We believe legal tech will play an increasingly important role in assisting legal professionals with the complexity of legislation, and we are present in the space investing in solutions to the future benefit of our customers. Karnov Group’s financial targets: Net sales organic annual growth of 3-5% in the medium term, supplemented by selective acquisitions. Increased Adjusted EBITA margin in the medium term. Ratio of Net debt to Adjusted EBITDA of no more than 3.0. This level may temporarily be exceeded, for example as a result of acquisitions. The objective is to distribute 30–50% of the purchase price allocation (PPA) adjusted net profit, taking investment opportunities and financial position into consideration. We deliver solid financial performance in the first quarter. Growth is driven by adding value to our legal core users, new sales and up-sales within the public sector and strong performance by our EHS businesses. Pontus Bodelsson President and CEO ===== SIDA 3 ===== Interim Report, January – March 2023 3 First quarter Net sales and growt h For the three-month period, January-March 2023, net sales increased by SEK 359 m to SEK 614 m (actual 255, proforma 571). Organic growth on a constant currency basis was 5.8 percent and currency effects had a positive impact on net sales of 2.6 percent. Acquired growth accounted for 132.3 percent and relates to the acquisition of Region South, which was completed on 30 November 2022. We have continued our Scandinavian expansion in Region North, with solid performance among our regional companies. We have delivered enhanced customer value to our legal core users and onboarded more municipalities to our practical solution in both Sweden and Denmark. Our EHS businesses continue to drive growth while DIBkunnskap AS has been successful in selling its IFRS solution on the Swedish market. Region South delivered net sales in line with expectations. During the quarter our Spanish businesses have started selling the first commonly developed product, a whistleblower solution. The French business Lamy Liaisons was stable and had positive development within the e- learning area. Operating profit EBITA for the quarter amounted to SEK 112 m (actual 85, proforma 116) and EBITA margin amounted to 18.2 percent (actual 33.5, proforma 20.3). The EBITA performance includes items affecting comparability of SEK 28 m (19) mainly relating to integration work in Region South. Adjusted EBITA amounted to SEK 140 m (actual 104, proforma 135) and adjusted EBITA margin amounted to 22.9 percent (actual 40.8, proforma 23.6). The decrease in margin is related to the consolidation of Region South, which has diluted the Group margin. The main cost driver is increased personnel expenses. Moreover, the depreciations of capitalised development have increased compared to the previous year. Adjusted EBITA for Region North was SEK 120 m (115) and adjusted EBITA margin amounted to 43.4 percent (45.0). Adjusted EBITA for Region South was SEK 38 m (proforma 31) and adjusted EBITA margin amounted to 11.2 percent (proforma 9.7). Operating profit (EBIT) was SEK 57 m (44) for the quarter. Net financial items Net financial items for the quarter amounted to SEK -33 m (-8). The increased financial costs are mainly related to long-term borrowings for financing of the acquisition of Region South and currency effects. Currency effect for the quarter was SEK -6 m (-2), relating to long-term loans in DKK and EUR. Jan-Dec TSEK 2023 2022  2022 Net sales 613.7 254.9 140.7% 1,113.5 Organic growth, % 5.8% 4.8% 9.2% EBITA 111.8 85.5 30.7% 254.5 EBITA margin, % 18.2% 33.5% 22.9% Adjusted EBITA 140.4 104.1 34.9% 363.8 Adjusted EBITA margin, % 22.9% 40.8% 32.7% Q1 Net sales by segment first quarter (%) Net sales per quarter, SEKm 255 227 263 254 278 114 336 - 200 400 600 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 104 74 93 93 140 41% 33% 35% 25% 23% 0% 20% 40% 60% - 60 120 180 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Organic growth Adjusted EBITA margin ===== SIDA 4 ===== Interim Report, January – March 2023 4 Share of profit in associated companies Share of profit in associated companies amounted to SEK -2 m (-6) in the quarter. Profit before and after tax, Earnings per share Profit before tax for the quarter decreased by SEK 8 m to SEK 22 m (30). Profit after tax for the quarter was SEK 18 m (24). Taxes amounted to SEK 4 m (6). Earnings per share after dilution was SEK 0.17 (0.22) for the quarter. Cash flow and investments Cash flow from operating activities increased by SEK 48 m and amounted to SEK 167 m (119). The increase reflects the positive effect from the acquisition of Region South, which similar to Region North generate cash during Q4-Q1. Region South has a slightly later seasonal dynamic with a more widely spread of invoicing during the year and higher invoicing activity in Q1. Total investments for the quarter amounted to SEK 44 m (27). The investments during the quarter mainly relate to capitalised development within the Group, as well the acquisition of Nørskov Miljø ApS. Total financing for the quarter amounted to SEK -25 m (-4), of which SEK -17 m relate to the payment of an earn-out to the former shareholders of Echoline SAS as the company has achieved the financial targets in 2022. The adjusted cash conversion rate for the quarter amounted to 121.2 percent (134.1). Financial position Net debt was SEK 2,016 m (295) at the end of the period. The net debt has increased by SEK 1,721 m relating to long-term borrowings. The leverage at the end of the period, based on proforma adjusted EBITDA LTM, was 3.4 (0.8) times and the equity ratio was 31.3 percent (48.8) with an equity of SEK 2,367 m (2,186). Cash and cash equivalents at the end of the period amounted to SEK 770 m (1,029) and the Group had unutilised credit lines of SEK 180 m (231). Adjusted Cash conversion Jan-Dec MSEK 2023 2022 2022 Adjusted EBITDA 173.3 117.1 422.0 Adjusted cash flow from operating activities 210.0 156.9 423.1 Adjusted Cash conversion 121.2% 134.1% 100.3% Q1 Net Debt Jan-Dec MSEK 2023 2022 2022 Total borrowings 2,786.2 1,324.5 2,750.2 Cash and cash equivalents 770.1 1,029.4 571.2 Net debt 2,016.1 295.1 2,179.0 Leverage ratio 3.4 0.8 3.6 Equity 2,367.5 2,186.3 2,326.4 Equity/asset ratio, % 31.4% 48.8% 31.2% Q1 Net sales split per first quarter, % 73% 27% Online Offline Adjusted Cash conversion Leverage ===== SIDA 5 ===== Interim Report, January – March 2023 5 First quarter ➢ Karnov Group acquired Nørskov Miljø ApS, a leading Danish EHS provider of a SaaS platform and consultancy for EHS legal and chemical compliance. The company was consolidated in the Group financials on 3 January 2023. ➢ Karnov Group announced a new composition of the Group management. The purpose of the change is to ensure the right foundation for further European growth while keeping strong focus on developing the existing businesses in Region South and Region North. Alexandra Åquist was appointed CEO Region North and Guillaume Deroubaix was appointed CEO Region South. Events after the end of the period ➢ There were no significant events after the end of the period. ===== SIDA 6 ===== Interim Report, January – March 2023 6 Region North Net sales and growth Net sales for the quarter increased by 8.9 percent to SEK 278 m (255). The organic growth for the quarter was 5.8 percent, acquired growth and currency effects had a positive impact of 0.6 and 2.6 percent respectively. Online sales accounted for 82% (79%). The organic growth is driven by online sales, mainly within the legal research area, as we have increased the customer value. We have been successful in new sales within the public sector. The new product ROA has been received well on the market. We have continued the expansion of our municipality solution, launching additional case guides, as well as onboarded additional municipalities using our solution. The customers appreciate the broad and practical content. Our EHS businesses continues to be successful in new sales, closing new contracts mainly within the corporate segment. We can grow sustainably within EHS while having limited churn. Operating profit In the first quarter, adjusted EBITA amounted to SEK 120 m (115) and adjusted EBITA margin amounted to 43.4 percent (45.0). The decrease in margin is due to increased personnel expenses, partly relating to filled vacancies. The D&A relating to capitalised development increased by SEK 3 m compared to the previous year. Jan-Dec MSEK 2023 2022  2022 Net sales 277.7 254.9 8.9% 999.3 Organic growth, % 5.8% 4.8% 9.2% Adjusted EBITA 120.5 114.7 5.1% 408.1 Adjusted EBITA margin, % 43.4% 45.0% 40.8% Q1 Region North is specialised in online and offline legal solutions; the environmental, health and safety compliance; audit and accounting solutions; legal classroom training and e-courses. The segment provides online tools for the broad legal services market, including contract templates. The segment includes Karnov Group Denmark, Norstedts Juridik, DIBkunnskap, Notisum, Echoline, Nørskov Miljø, Forlaget Andersen, Legal Cross Border, Ante and BELLA Intelligence. Net sales per quarter, SEKm Adjusted EBITA, SEKm and margin,% per quarter 255 227 263 254 278 - 100 200 300 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 115 88 108 97 121 45% 39% 41% 38% 43% 0% 20% 40% 60% - 40 80 120 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 ===== SIDA 7 ===== Interim Report, January – March 2023 7 Region South Net sales and growth Net sales for the quarter were SEK 336 m (proforma 316). The significant increase in net sales compared to proforma is explained by currency effects of 6.7 percent. The underlying performance of Region South is stable compared to the previous year. Online sales accounted for 68%. We experience no deviations from our expectations in Region South. Sales development is stable, with positive new sales development in the segment, but higher churn compared to Region North. We have good traction within the e-learning segment in both markets. The integration progresses well in Region South and the first commonly developed product has been market launched. Operating profit Adjusted EBITA amounted to SEK 38 m (proforma 31) and adjusted EBITA margin was 11.2 percent (proforma 9.7). The adjusted EBITA improvement of SEK 7 m compared to proforma numbers is mainly the result of lower personnel expenses as well as currency effects. We can see several small synergies in the first quarter, relating to for instance common IT contracts in Spain. Jan-Dec MSEK 2023 2022  2022 Net sales 336.0 114.2 Organic growth, % - - Adjusted EBITA 37.6 10.1 Adjusted EBITA margin, % 11.2% 8.9% Q1 Region South offers a wide range of online and offline solutions for legal professionals, assisting them in their research and providing qualitative advisory services . The segment provides online tools for the broad legal services market, including workflow solutions and AI- based tools. Region South also offers legal classroom training and e-courses. The segment includes Aranzadi LA LEY, Lamy Liaisons and Jusnet. Net sales per quarter, SEKm Adjusted EBITA, SEKm and margin, % per quarter 114 336 - 100 200 300 400 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 - 10 38 9% 11% 0% 20% 40% 60% - 20 40 60 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 ===== SIDA 8 ===== Interim Report, January – March 2023 8 Group functions Operating profit During 2022 the group functions were expanded to prepare for the expansion of the Karnov Group with the acquisition of Region South. The group functions cover the Group wide tasks, e.g. Group management, Investor relations and Group Finance functions. Jan-Dec MSEK 2023 2022  2022 Net sales Adjusted EBITA -17.7 -10.6 -54.4 Adjusted EBITA margin, % Q1 Group functions is the corporate segment including costs for functions within Karnov Group that either steer or provide support to the Group. The segment also includes costs for future business opportunities as well as items affecting comparability . ===== SIDA 9 ===== Interim Report, January – March 2023 9 Risks and uncertainties Through its operations Karnov Group is exposed to different risks, which can give rise to fluctuations in earnings and cash flow. Material risks and uncertainties include sector and market-related risks, business-related risks and financial risks. The Covid-19 pandemic is still having an impact on global society however to a less extend than previous years. Karnov is still following the situation and unless the impact of the pandemic should change negatively Karnov assess only insignificant impact on the future financial performance. The invasion of Ukraine poses risks for further impact on the world economy, with increasing cost inflation and disruptions to supply chains. Karnov is not directly impacted by the invasion and has no direct exposure towards any of the involved countries. Karnov’s significant risks and risk management are described on page 56-57 of the 2022 Annual report, available at the Company’s website www.karnovgroup.com. Seasonal variations Typically, a significant proportion of Karnov Group’s online contracts in Region North are renewed and invoiced during the fourth quarter, impacting cash flow during the fourth and first quarters. Online contracts in Region South are renewed and invoiced predominantly in the first quarter, impacting cash flow during the first and second quarters. Online net sales are accrued according to the terms of the agreement and therefore are not exposed to any seasonality. Offline net sales are exposed to seasonality where the first quarter is significantly stronger, driven by a higher share of book sales early in the year. Employees Average number of Full-Time Employees (FTEs) in the first quarter amounted to 1,251 (296). The increase is mainly due to the acquisition of Region South. On average during the first quarter, 46% (53%) of the workforce were males and 54% (47%) females. Shares, share capital and shareholders Karnov Group’s share was listed on Nasdaq Stockholm on 11 April 2019, Mid Cap segment, under the ticker KAR. On 31 March 2023, the total number of shares and votes in Karnov Group AB (publ) amounts to 108,102,047 shares and 107,872,208.6 votes. Each share has a quotient value of approximately SEK 0.015385. The total number of shares consists of 107,846,671 ordinary shares, which carry one vote per share, and 255,376 shares of series C, which carry one-tenth of a vote per share. A detailed description of changes in the share capital is available on the Company’s website, www.karnovgroup.com/en/share-capital- development/. On 31 March 2023, the Company had 1,419 known shareholders. The five largest shareholders in Karnov Group AB (publ) were Long Path Partners, Swedbank Robur Funds, Carnegie Funds, Invesco and Didner & Gerge Funds. Incentive program s Karnov Group currently has one long-term incentive program in the form of share savings programs. The purpose of the program is to encourage a broad ownership amongst the Company’s employees, retain competent employees, facilitate recruitment, increase the alignment of interest between the employees and the Company’s shareholders and increase motivation to reach or exceed the Company’s financial targets. The employees participating in the program have allocated acquired or already held ordinary shares to the program (so-called savings shares). Two employees participate in LTIP 2020. The participants have allocated a total of 9,302 savings shares to the program. Full allotment would mean that the total number of shares under the program will amount to no more than 46,510 ordinary shares, corresponding to less than 0.1 per cent of the total number of shares outstanding in the Company. For more information see www.karnovgroup.com/en/incentive-program/ ===== SIDA 10 ===== Interim Report, January – March 2023 10 Related-party transactions Karnov Group did not undertake any significant transactions with related parties in the first quarter 2023 except from compensation and benefits to the Board members and managing director received as a result of their membership of the Board, employment with Karnov Group or shareholdings in Karnov Group AB (publ). Parent Company The Operating profit (EBIT) for the quarter amounted to SEK -5 m (-28). Outlook Karnov Group does not provide financial forecasts. Review This interim report has not been subject to a review by the Company’s auditors. Disclosure This interim report contains inside information that Karnov Group AB (publ) is required to make public pursuant to the EU Market Abuse Regulation (MAR). The information was submitted for publication by the contact person below on 9 May 2023 at 8.00 AM CEST. Karnov Group AB (publ) Stockholm, 9 May 2023 Pontus Bodelsson President and CEO For further information, please contact: Q1 presentation webcast Financial calendar 2023 Pontus Bodelsson, President and CEO +46 709 957 002 pontus.bodelsson@karnovgroup.com Leif Mårtensson, Interim CFO +45 21 16 76 41 leif.martensson@karnovgroup.com Erik Berggren, Head of Investor Relations +46 707 597 668 erik.berggren@karnovgroup.com Karnov Group will present the first quarter for analysts and investors via a webcast teleconference on 9 May at 09.00 AM CEST. To participate, use the following link: https://ir.financialhearings.com/karnov- group-q1-2023 or register here for dial-in numbers: https://conference.financialhearings.com/tel econference/?id=200739. The presentation will also be available on www.financialhearings.com Annual General Meeting 2023 10 May 2023 Half-year report January-June 2023 17 August, 2023 Interim report January-September 2023 8 November 2023 ===== SIDA 11 ===== Interim Report, January – March 2023 11 Jan-Dec MSEK Note 2023 2022 2022 Net sales 3 613.7 254.9 1,113.5 Total revenue 613.7 254.9 1,113.5 Costs of goods sold -90.9 -38.4 -157.9 Employee benefit expenses -256.8 -73.3 -400.5 Depreciations and amortisations -87.4 -54.2 -233.8 Other operating income and expenses -121.3 -44.7 -242.5 Operating profit (EBIT) 57.3 44.3 78.8 Share of profit in associated companies -2.1 -5.9 -11.7 Financial income 0.6 0.0 23.2 Financial expenses -33.9 -8.0 -40.3 Profit before tax 21.9 30.4 50.0 Tax on profit for the period -3.5 -6.2 9.9 Profit for the period 18.4 24.2 59.9 Other comprehensive income: Items that may be reclassified to the income statement: Exchange differences on translation of foreign operations 22.5 8.9 111.0 Actuarial gains/losses on defined benfit plans 0.0 0.0 0.2 Other comprehensive income for the period 22.5 8.9 111.2 Total comprehensive income for the period 40.9 33.1 171.1 Profit for the period is attributable to: Owners of Karnov Group AB (publ) 18.4 24.3 59.9 Non-controlling interests 0.0 -0.1 0.0 Profit for the period 18.4 24.2 59.9 Total comprehensive income for the period is attributable to: Owners of Karnov Group AB (publ) 40.9 33.2 171.2 Non-controlling interests 0.0 -0.1 0.0 Total comprehensive income 40.9 33.1 171.2 Earnings per share, basic, SEK 0.17 0.23 0.56 Earnings per share, after dilution, SEK 0.17 0.22 0.56 Weighted average number of ordinary shares (thousands) 107,847 107,677 107,847 Effect of performance shares (thousands) 255 425 255 Weighted average number of ordinary shares adjusted for the effect of dilution (thousands) 108,102 108,102 108,102 Q1 ===== SIDA 12 ===== Interim Report, January – March 2023 12 MSEK Note 31 Mar 2023 31 Mar 2022 31 Dec 2022 ASSETS: Goodwill 3,286.5 1,928.7 3,249.6 Other intangible assets 2,376.0 1,228.2 2,391.0 Right-of-use assets 247.8 104.6 236.7 Property, plant and equipment 45.4 5.7 45.4 Investments in associated companies 52.3 56.4 54.3 Loans to associated companies 24.5 20.4 25.7 Deposits 7.3 2.8 12.4 Deferred tax assets 134.9 - 122.5 Total non-current assets 6,174.7 3,346.8 6,137.5 Inventories 20.8 12.5 20.5 Trade receivables 5 482.9 77.0 530.6 Prepaid expenses 52.6 9.7 46.2 Other receivables 20.3 1.3 6.3 Tax receivables 30.2 4.9 39.4 Cash and cash equivalents 5 770.1 1,029.4 671.2 Total current assets 1,376.9 1,134.8 1,314.2 TOTAL ASSETS 7,551.6 4,481.6 7,451.7 MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 EQUITY AND LIABILITIES: Share capital 1.7 1.7 1.7 Share premium 2,654.0 2,654.0 2,654.0 Treasury shares 0.0 0.0 0.0 Reserves -204.3 -329.1 -226.8 Retained earnings including net profit for the period -90.4 -146.7 -109.0 Total equity attributable to the parent company’s shareholders 2,361.0 2,179.9 2,319.9 Non-controlling interests 6.5 6.4 6.5 Total equity 2,367.5 2,186.3 2,326.4 Borrowing from credit institutions 5 2,504.0 1,216.4 2,483.3 Lease liabilities 226.3 93.1 214.4 Deferred tax liabilities 407.5 161.1 413.1 Provisions 61.9 5.9 60.6 Other non-current liabilites 85.3 63.5 88.2 Total non-current liabilities 3,285.0 1,540.0 3,259.6 Trade payables 5 113.2 13.2 137.6 Current tax liabilities 15.6 0.0 20.5 Accrued expenses 479.9 149.4 498.7 Prepaid income 1,169.2 502.8 1,028.0 Lease liabilities 55.9 15.0 52.5 Other current liabilities 65.3 75.0 128.4 Total current liabilities 1,899.1 755.3 1,865.8 TOTAL EQUITY AND LIABILITIES 7,551.6 4,481.6 7,451.7 ===== SIDA 13 ===== Interim Report, January – March 2023 13 * The decrease in share premium is explained by extra costs related to the issue of shares made in 2022. MSEK Share capital Share premium Treasury shares Reserves Retained earnings Equity attributable to the parent company’s shareholders Non-controlling interests Total equity Balance at January 1, 2023 1.7 2,654.0 - -226.8 -109.0 2,319.9 6.5 2,326.4 Profit for the period - - - - 18.4 18.4 - 18.4 Other comprehensive income for the period - - - 22.5 - 22.5 - 22.5 Total comprehensive income/loss - - - 22.5 18.4 40.9 - 40.9 Transaction with shareholders in their capacity as owners: Sharebased payment - - - - 0.2 0.2 - 0.2 Total transaction with shareholders - - - - 0.2 0.2 - 0.2 Closing balance at March 31, 2023 1.7 2,654.0 - -204.3 -90.4 2,361.0 6.5 2,367.5 MSEK Share capital Share premium Treasury shares Reserves Retained earnings Equity attributable to the parent company’s shareholders Non-controlling interests Total equity Balance at January 1, 2022 1.7 2,654.8 - -338.0 -171.0 2,147.5 6.5 2,154.0 Profit for the period - - - - 24.3 24.3 -0.1 24.2 Other comprehensive income for the period - - - 8.9 - 8.9 - 8.9 Total comprehensive income/loss - - - 8.9 24.3 33.2 -0.1 33.1 Transaction with shareholders in their capacity as owners: Issue of ordinary shares* - -0.8 - - - -0.8 - -0.8 Total transaction with shareholders - -0.8 - - - -1 - -1 Closing balance at March 31, 2022 1.7 2,654.0 - -329.1 -146.7 2,179.9 6.4 2,186.3 Equity attributable to the parent company's shareholders Equity attributable to the parent company's shareholders ===== SIDA 14 ===== Interim Report, January – March 2023 14 Jan-Dec MSEK 2023 2022 2022 Operating profit (EBIT) 57.3 44.2 78.8 Non-cash items 87.6 54.3 242.9 Effect of changes in working capital: Change in inventories -0.2 -0.8 -2.5 Change in receivables 12.5 123.8 -15.7 Change in trade payables and other payables -53.3 -63.6 -14.9 Provisions paid -3.2 - - Change in prepaid income 104.7 -17.1 80.4 Net financial items, paid -31.2 -5.6 -24.0 Corporate tax paid -7.0 -15.9 -69.1 Net effect of changes in working capital 22.3 20.8 -45.8 Cash flow from operating activities 167.2 119.3 275.9   Acquisition of subsidiaries -8.7 -0.7 -1,635.1 Acquisition of participations in associated companies - - -2.9 Loan to associated companies - -5.0 -8.6 Acquisition of intangible assets -30.6 -20.6 -89.2 Acquisition of property, plant and equipment -5.0 -0.3 -3.9 Cash flow from investing activities -44.3 -26.6 -1,739.7 Change in borrowings - - 1,192.7 Payment of lease liabilities -7.5 -4.0 -32.8 Change in long-term debt - - - Change in long-term receivables -0.6 - 1.3 Proceeds from share issues - - -0.8 Payment of contingent considirations -17.0 - -8.1 Cash flow from financing activities -25.1 -4.0 1,152.3 Cash flow for the period 97.8 88.7 -311.5 Cash and cash equivalents at the beginning of the period 671.2 951.5 951.5 Exchange-rate differences in cash and cash equivalents 1.1 -10.8 31.2 Cash and cash equivalents at the end of the period 770.1 1,029.4 671.2 Q1 ===== SIDA 15 ===== Interim Report, January – March 2023 15 Note 1. Accounting policies The consolidated interim financial statements for Karnov Group have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU, RFR 1 Supplementary Accounting Regulations for Groups and the Swedish Annual Accounts Act. The accounting policies used for this interim report 2023 are the same as the accounting policies used for the annual report 2022 to which we refer for a full description. The interim financial statements for the parent company have been prepared in accordance with RFR 2, Accounting for Legal Entities, and the Swedish Annual Accounts Act. Note 2. Critical estimates and judgements Preparation of financial statements requires the company management to make assessments and estimates along with assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. The actual outcome may differ from these estimates. The critical assessments and sources of uncertainty in the estimates are the same as in the most recent annual report. See the Annual report 2022 Note 4, page 75, for further details regarding critical estimates and judgements. Note 3. Segment reporting Karnov Group has as a consequence of the 2022-acquisition of companies in France, Spain and Portugal adjusted its operating segments from "Denmark" and "Sweden/Norway" to "North", "South" and "Group Functions". This segmentation has also been applied for the comparison numbers and is consistent with the internal reporting provided to the chief operating decision maker. The Group CEO has been identified as the chief operating decision maker and assesses the financial performance and position of the Group and makes strategic decisions. Segment profits are monitored to Adjusted EBITA. Income statement items below Adjusted EBITA, balance sheet and cash flows are entirely monitored on Group level. Karnov Group’s business operations are in general independent of differences in products and channels and the Group therefore monitors the overall net sales distribution trend between online and offline products at Group level. MSEK 2023 2022 2023 2022 2023 2022 2023 2022 Net sales specified on product categories: Online 220.4 201.9 227.6 - - - 448.0 201.9 Offline 57.3 53.0 108.4 - - - 165.7 53.0 Net sales 277.7 254.9 336.0 - - - 613.7 254.9 Adjusted EBITDA 136.8 127.7 54.2 - -17.7 -10.6 173.3 117.1 Depreciations and amortisations -16.3 -13.0 -16.6 - - - -32.9 -13.0 Adjusted EBITA 120.5 114.7 37.6 - -17.7 -10.6 140.4 104.1 Amortizations from acquisitions -54.5 -41.2 Items affecting comparability -28.6 -18.6 Operating profit (EBIT) 57.3 44.3 Share of profit in associated companies -2.1 -5.9 Net financial items -33.3 -8.0 Profit before tax 21.9 30.4 Tax on profit for the period -3.5 -6.2 Profit for the period 18.4 24.2 North South Group Functions Total Q1 Q1 Q1 Q1 ===== SIDA 16 ===== Interim Report, January – March 2023 16 Note 4. Business combinations and similar transactions Nørskov Miljø ApS On 3rd January 2023, Karnov Group acquired Nørskov Miljø Aps for a cash consideration of SEK 8.7 m. The purchase price allocation is currently being prepared. Per end of March 2023 is the entire excess value of SEK 5.9 m allocated to goodwill. Note 5. Fair value of financial instruments Trade receivables Due to the short-term nature of trade receivables, their carrying amount is considered to be the same as their fair value. Cash and cash equivalents Cash and cash equivalents are unsecured with a short credit period and are therefore considered to have a fair value equal to the carrying amount. These are classified at level 2 in the fair value hierarchy. Contingent consideration The carrying amounts of contingent considerations are presented as the fair value. The fair value of the contingent considerations is estimated by calculating the present value of the future expected cash flows. The estimates are based on a discount rate at 1.2 percent. These are classified at level 3 in the fair value hierarchy. Trade payables Trade payables are unsecured and are usually paid within 30 days of recognition. Due to the short-term nature of trade payables, their carrying amounts are considered to be the same as their fair value. Non-current borrowing from credit institutions The carrying amount of non-current borrowings is considered to be the same as their fair values, since interest payable on those borrowings is close to current market rates. These are classified at level 2 in the fair value hierarchy. Other There have been no significant new items compared to December 31, 2022. No transfers between the levels of fair value hierarchies have taken place in 2023.   MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022   31 Mar 2023 31 Mar 2022 31 Dec 2022 FINANCIAL ASSETS               Financial assets at amortised cost               Trade receivables 482.9 77.0 530.6   482.9 77.0 530.6 Cash and cash equivalents 770.1 1,029.4 671.2   770.1 1,029.4 671.2 Total financial assets 1,253.0 1,106.4 1,201.8   1,253.0 1,106.4 1,201.8             FINANCIAL LIABILITIES           Financial liabilities at fair value through profit or loss (FVPL)           Contingent considerations 13.0 47.6 29.9   13.0 47.6 29.9 Liabilities at amortised cost           Trade payables 113.2 13.2 137.6   113.2 13.2 137.6 Non-current borrowing from credit institutions 2,504.0 1,216.4 2,483.3   2,504.0 1,216.4 2,483.3 Total financial liabilities 2,630.2 1,277.2 2,650.8   2,630.2 1,277.2 2,650.8 Carrying amount Fair value ===== SIDA 17 ===== Interim Report, January – March 2023 17 Note 6. Alternative performance measures Karnov’s financial statements include alternative performance measures, which complement the measures that are defined or specified in applicable rules for financial reporting. Alternative performance measures are presented since, in their context, they provide clearer or more in- depth information than the measures defined in applicable rules for financial reporting. The alternative performance measures are derived from the Group’s consolidated financial reporting and are not measured in accordance with IFRS. Karnov’s definition of these measures, which are not described under IFRS, is provided in the section Financial Definitions. Reconciliations of the alternative performance measures are presented below. MSEK 2023 2022 2023 2022 2023 2022 2023 2022 Organic business 269.6 246.0 - - - - 269.6 246.0 Acquired business 1.4 3.4 336.0 - - - 337.4 3.4 Currency 6.7 5.5 - - - - 6.7 5.5 Net sales 277.7 254.9 336.0 - - - 613.7 254.9 Total net sales split, % Organic growth, % 5.8% 4.8% 0.0% 0.0% 0.0% 0.0% 5.8% 4.8% Acquired business, % 0.6% 2.1% 100.0% 0.0% 0.0% 0.0% 132.3% 2.1% Currency effect, % 2.6% 2.3% 0.0% 0.0% 0.0% 0.0% 2.6% 2.3% Total growth, % 8.9% 9.2% 100.0% 0.0% 0.0% 0.0% 140.7% 9.2% EBITDA 136.8 127.7 31.3 - -23.4 -29.2 144.7 98.5 EBITDA margin, % 49.3% 50.1% 9.3% 0.0% 0.0% 0.0% 23.6% 38.6% Depreciations and amortisations -16.3 -13.0 -16.6 -32.9 -13.0 EBITA 120.5 114.7 14.7 - -23.4 -29.2 111.8 85.5 EBITA margin, % 43.4% 45.0% 4.4% 0.0% 0.0% 0.0% 18.2% 33.5% Items affecting comparability - - -22.9 - -5.7 -18.6 -28.6 -18.6- Adjusted EBITDA 136.8 127.7 54.2 - -17.7 -10.6 173.3 117.1 Adjusted EBITDA margin, % 49.3% 50.1% 16.1% 0.0% 0.0% 0.0% 28.2% 45.9% Adjusted EBITA 120.5 114.7 37.6 - -17.7 -10.6 140.4 104.1 Adjusted EBITA margin, % 43.4% 45.0% 11.2% 0.0% 0.0% 0.0% 22.9% 40.8% Items affecting comparability Acquisition and post-closing integration cost - - -22.9 - -5.7 -18.6 -28.6 -18.6 Total - - -22.9 - -5.7 -18.6 -28.6 -18.6 North South Group Functions Total Q1 Q1 Q1 Q1 ===== SIDA 18 ===== Interim Report, January – March 2023 18 Adjusted cash conversion Q1 Jan-Dec MSEK 2023 2022 2022 Adjusted EBITDA 173.3 117.1 422.0 Cash flow from operating activities 167.2 119.3 275.9 Interest paid 31.2 5.6 24.1 Income tax paid 7.0 -15.9 -69.1 Cash effect adjustment related to items affecting comparability 28.6 30.0 -109.3 Capex related to product development and enhancements -24.0 -13.9 -55.3 Adjusted cash flow from operating activities 210.0 156.9 423.1 Adjusted cash conversion, % 121.2% 134.1% 100.3% Net debt MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 Non-current borrowing from credit institutions 2,504.0 1,216.4 2,483.3 Leasing liabilities, long term 226.3 93.1 214.4 Leasing liabilities, short term 55.9 15.0 52.5 Cash and cash equivalents -770.1 -1,029.4 -671.2 Net debt 2,016.1 295.1 2,079.0 Leverage ratio MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 Adjusted EBITDA LTM 590.9 384.7 582.0 Net debt 2,016.1 295.1 2,079.0 Leverage ratio 3.4 0.8 3.6 Equity/asset ratio MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 Equity 2,367.5 2,186.3 2,326.4 Total assets 7,551.6 4,481.6 7,451.7 Equity/asset ratio, % 31.4% 48.8% 31.2% Return on capital MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 Operating profit (EBIT) 57.3 44.3 78.8 Total assets 7,551.6 4,481.6 7,451.7 Return on capital, % 0.8% 1.0% 1.1% Net working capital MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 Current assets 1,376.9 1,134.8 1,314.2 Current liabilities 1,899.1 755.3 1,865.8 Net working capital -522.2 379.5 -551.6 ===== SIDA 19 ===== Interim Report, January – March 2023 19 Q1 Q4 Q3 Q2 Q1 MSEK 2023 2022 2022 2022 2022 Income statement Net sales 613.7 368.3 263.2 227.1 254.9 EBITDA 144.7 46.9 100.4 66.9 98.5 EBITDA margin, % 23.6% 12.7% 38.1% 29.5% 38.6% EBITA 111.8 29.3 85.4 54.4 85.5 EBITA margin, % 18.2% 8.0% 32.4% 23.9% 33.5% Adjusted EBITA 140.4 92.6 93.0 74.1 104.1 Adjusted EBITA margin, % 22.9% 25.1% 35.3% 32.6% 40.8% Operating profit (EBIT) 57.3 -21.5 43.2 12.8 44.3 EBIT, margin % 9.3% -5.8% 16.4% 5.7% 17.4% Net financial items -33.3 -17.4 15.2 -6.9 -8.0 Profit for the period 18.4 -12.9 49.6 -1.0 24.2   Balance sheet Non-current assets 6,174.7 6,137.5 3,424.1 3,416.5 3,346.8 Current assets 1,376.9 1,314.2 1,094.6 1,092.0 1,134.8 Cash and cash equivalents 770.1 671.2 976.5 981.1 1,029.4 Equity 2,367.5 2,326.4 2,307.6 2,228.8 2,186.3 Non-current liabilities 3,285.0 3,259.6 1,581.2 1,573.6 1,540.0 Current liabilities 1,899.1 1,865.8 629.8 706.1 755.3 Total assets 7,551.6 7,451.7 4,518.6 4,508.5 4,481.6   Cash flow Cash flow from operating activities 167.2 169.8 11.5 -24.0 119.3 Cash flow from Investing activities -44.3 -1,662.8 -24.2 -26.7 -26.6 Cash flow from financing activities -25.1 1,185.3 -5.9 -23.2 -4.0 Cash flow for the period 97.8 -307.7 -18.6 -73.9 88.7 Adjusted cash flow from operating activities 210.0 260.6 25.6 -20.0 156.9   Key ratios Net working capital -522.2 -551.6 464.7 385.9 379.5 Return on capital, % 0.8% -0.3% 1.0% 0.3% 1.0% Equity/asset ratio, % 31.3% 31.2% 51.1% 49.4% 48.8% Adjusted cash conversion, % 121.2% 236.4% 23.7% -22.2% 134.1% Net debt 2,016.1 2,079.0 376.0 360.6 295.1   Share data: Weighted average number of ordinary shares (thousands) 107,847 107,847 107,847 107,733 107,677 Earnings per share, basic, SEK 0.17 -0.12 0.46 -0.01 0.23 Earnings per share, after dilution, SEK 0.17 -0.12 0.46 -0.01 0.22 ===== SIDA 20 ===== Interim Report, January – March 2023 20 Jan-Dec MSEK 2023 2022 2022 Employee benefit expenses -11.0 -7.6 -7.3 Depreciations and amortisations - - -0.1 Other operating income and expenses 5.7 -20.3 0.1 Operating profit (EBIT) -5.3 -27.9 -7.3 Financial income 10.8 6.0 25.9 Financial expenses -0.3 -0.6 -2.5 Net financial items 10.5 5.4 23.4 Group contributions - - 9.2 Profit before tax 5.2 -22.5 25.3 Tax on profit for the period -1.2 - -2.2 Profit for the period 4.0 -22.5 23.1 Total comprehensive income 4.0 -22.5 23.1 Q1 MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 ASSETS: Receivables from group companies 1,188.2 1,230.5 1,181.9 Investments in group companies 1,158.2 1,149.9 1,158.1 Right-of-use assets 0.1 0.3 0.2 Total non-current assets 2,346.5 2,380.7 2,340.2 Receivables from group enterprises 109.1 45.2 156.5 Other receivables 1.5 1.2 0.5 Current tax receivable 1.4 - 1.4 Cash and cash equivalents 43.6 30.6 11.5 Total current assets 155.6 77.0 169.9 TOTAL ASSETS 2,502.1 2,457.7 2,510.1 MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 EQUITY AND LIABILITIES: Restricted equity Share capital 1.7 1.7 1.7 Non-restricted equity Share premium 2,654.0 2,654.0 2,654.0 Retained earnings including net profit for the year -173.6 -231.4 -177.6 Total equity 2,482.1 2,424.3 2,478.1 Lease liabilities - 0.2 - Total non-current liabilities - 0.2 - Trade payables 1.0 0.7 4.6 Trade payables from group companies 16.0 - 14.5 Accrued expenses 2.7 32.0 6.6 Other current liabilities 0.3 0.5 6.3 Total current liabilities 20.0 33.2 32.0 TOTAL EQUITY AND LIABILITIES 2,502.1 2,457.7 2,510.1 ===== SIDA 21 ===== Interim Report, January – March 2023 21 This interim report contains references to a number of performance measures. Some of these measures are defined in IFRS standards, while others are alternative measures, which are not reported in accordance with applicable financial reporting frameworks or other legislation. These measures are used by Karnov to help both investors and management to analyse the Group’s operations. The measures used in this interim report are described below, together with definitions and the reason for their use. Key ratio Definition Reason for use Acquired growth Change in net sales during the current period attributable to acquired units, excluding currency effects, in relation to net sales for the corresponding period of the preceding year. Net sales of acquired units are defined as acquired growth during a period of 12 months commencing the respective acquisition date. The measure is used as a complement to organic growth and provides an improved understanding for Karnov’s growth. Adjusted EBITA EBITA adjusted for the impact of items affecting comparability. The measure shows the profitability from the business, adjusted for the impact of items affecting comparability and amortisation of capital expenditures related to acquisitions. Adjusted EBITA margin Adjusted EBITA as a percentage of net sales. The measure shows the underlying profitability generated from the current operations over time, adjusted for items affecting comparability. Adjusted EBITDA EBITDA adjusted for the impact of items affecting comparability. The measure is used since it facilitates the understanding of the operating profit, excluding items affecting comparability, financing, depreciation and amortisation. Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. The measure shows operational profitability over time, excluding items affecting comparability, financing, depreciation and amortisation. Adjusted cash flow from operating activities Cash flow from operating activities adjusted for cash effect of interests, taxes and items affecting comparability less capital expenditure related to new product development and enhancement of existing products and business systems. The measure is used to calculate one component in the cash conversion. Average number of full-time employees (FTEs) Average number of full-time employees during the reporting period. Non-financial key ratio. Adjusted Cash conversion (%) Adjusted cash flow from operating activities as a percentage of Adjusted EBITDA. The measure is used since it shows how efficiently adjusted cash flow from operating activities is translated into a concrete contribution to Karnov’s financing. Earnings per share Earnings per share for the period in SEK attributable to the parent company’s shareholders, in relation to weighted average number of outstanding shares before and after dilution. IFRS key ratio. EBITA Earnings before financial items and taxes, excluding acquisition related purchase price allocation (PPA) amortisation. The measure shows the profitability from the business, adjusted for acquisition related purchase price allocation (PPA) amortisation. EBITA margin EBITA as a percentage of net sales. The measure shows the profitability over time for the underlying business (i.e., excluding PPA amortisation) in relation to net sales. ===== SIDA 22 ===== Key ratio Definition Reason for use EBITDA Earnings before depreciation and amortisation, financial items, and taxes. The measure shows the operating profitability before depreciation and amortisation. EBITDA margin EBITDA as a percentage of net sales. The measure shows operational profitability over time, regardless of financing, depreciation and amortisation. Equity/asset ratio (%) Equity divided by total assets. The measure can be used to assess Karnov’s financial stability. Items affecting comparability Items affecting comparability includes items of a significant character that distort comparisons over time. The measure is used for understanding the financial performance over time. Leverage ratio (Net debt/adjusted EBITDA LTM) Net debt on the balance sheet date divided by adjusted EBITDA for the last twelve months (LTM). Relevant to analyse to ensure that Karnov has an appropriate financing structure and is able to fulfil its financial obligations under its loan agreement. Net debt Total net borrowings including capitalised bank costs and lease liabilities less cash and cash equivalents. The measure is used since it allows for an assessment of whether Karnov has an appropriate financing structure and is able to fulfil its commitments under its financing agreements. Net sales (online) Net sales from online products. The measure is used since it facilitates the understanding of total net sales and the breakdown of net sales. Net sales (offline) Net sales from printed products and training. The measure is used since it facilitates the understanding of total net sales and the breakdown of net sales. Net working capital (NWC) Current assets less current liabilities. The measure shows the tie-up of short-term capital in the operations and facilitates the understanding of changes in the cash flow from operating activities Operating profit (EBIT) Profit for the period before financial items and taxes. The measure is used since it enables comparisons of the profitability regardless of the capital structure or tax situation. Organic growth Change in net sales during the current period, excluding acquisitions and currency effects, in relation to net sales for the corresponding period of the preceding year. Acquisitions are included in organic net sales after a period of 12 months. The measure is used since it shows Karnov’s ability to generate growth through increases of, among other things, volume and price in its existing business. PPA adjusted net profit Net profit adjusted for items affecting comparability and amortisations of acquired businesses. The measure is used to show Karnov’s financial performance without the influence of items affecting comparability and amortisations of acquired businesses. Return on capital Operating profit (EBIT) for the period divided by total assets. The measure shows the operating return on capital that owners and lenders have invested. CURRENCY RATES OTHER Amounts in tables and combined amounts have been rounded off on an individual basis. Minor differences due to this rounding off may, therefore, appear in the totals. Figures commented in the text are presented in million SEK unless otherwise stated. Comparative figures from previous period are presented in brackets. Closing rate Average rate Closing rate Average rate 31 Mar 2023 Jan-Mar 2023 31 Mar 2022 Jan-Mar 2022 1 DKK is equivalent to SEK 1.5138 1.5042 1.3900 1.4083 1 NOK is equivalent to SEK 0.9954 1.0210 1.0748 1.0550 1 EUR is equivalent to SEK 11.2760 11.1960 10.3384 10.4810 ===== SIDA 23 ===== Karnov Group (publ) clears the path to justice, providing mission critical knowledge and workflow solutions to European professionals in the areas of legal, tax and accounting, and environmental, health and safety. Karnov was founded on one man’s belief that access to the law is the foundation of every great society and our legacy dates back to 1823. Over time, the Karnov Group has evolved from a traditional publishing company to a digital information provider. Our mission is to be an indispensable partner for all legal, tax and accounting professionals and enable our users to make better decisions, faster by delivering the highest quality of content within a state-of-the-art user experience to support their workflow efficiency. Our solutions are largely digital, and we offer subscription-based online solutions for law firms, tax and accounting firms, corporates and the public sector including courts, universities, public authorities and municipalities. Karnov also publishes and sells books and journals and hosts legal training courses. With strong brands such as Karnov, Norstedts Juridik, Aranzadi LA LEY, Lamy Liaisons, Jusnet, Notisum, Legal Cross Border, Forlaget Andersen, Ante, BELLA Intelligence, LEXNordics, DIBkunnskap and Echoline, Karnov Group delivers knowledge and insights to more than 500,000 users. Karnov’s is organised into two geographical financial reporting segments and the product offering, subject to a few variations, is similar in all countries. Denmark: Legal, tax and accounting online and offline products and solutions and EHS compliance solutions Sweden: Legal, tax and accounting online and offline products, EHS compliance solutions and legal training Norway: Tax and accounting online workflow tools France: Legal online and offline products and solutions, EHS compliance solutions and legal training Spain and Portugal: Legal online and offline products and solutions and legal training With offices in Sweden, Denmark, Norway, France, Spain and Portugal, Karnov Group employs around 1,300 people. The Karnov share is listed on Nasdaq Stockholm, Mid Cap segment, under the ticker “KAR”. Find what you need, trust what you find and do it quickly. Karnov Group AB (publ) Corp. Id. 559016-9016 Registered office: Stockholms län Head office: Warfvinges väg 39, 112 51 Stockholm, Sweden Tel: +46 8 587 670 00 www.karnovgroup.com Users Employees Specialists