Kvartalsrapport Q1 2024

===== SIDA 1 =====

JANUARY – MARCH 2024 
 
Progressing with the 
Group’s cost-efficiency 
initiatives. Accelerating 
strategy execution for 
further profitable growth in 
Europe. 
 
ORGANIC GROWTH 
 
ADJUSTED EBITA MARGIN 
 
LEVERAGE

===== SIDA 2 =====

2  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
FIRST QUARTER 
 The Group’s net sales increased by 2.9% to SEK 632 m 
(614). Organic growth (constant currency) was 2.5%. 
Currency effect was 0.4%.  
 The Group’s adjusted EBITA amounted to SEK 144 m 
(140) with adjusted EBITA margin of 22.7% (22.9).  
 Net result amounted to SEK -12 m (18). 
 Earnings per share before and after dilution amounted to 
SEK -0.11 (0.17).  
 Adjusted free cash flow amounted to SEK 107 m (153).   
BUSINESS HIGHLIGHTS 
 Renewal of annual subscriptions of our mission-critical 
solutions progressed well in the first quarter. Churn 
continues to decrease in Region South while being 
unchanged in Region North.  
 Karnov has progressed with its two cost-efficiency 
initiatives, generating cost-synergies on annual run-rate 
basis of EUR 5 m by the end of the first quarter.  
 To further consolidate the French EHS market while also 
accelerating the international expansion, Karnov Group 
acquired QSE Conseil & Performance SAS. The transaction 
was closed on 29 April 2024. 
KEY FINANCIAL RATIOS FOR THE GROUP 
 
  
Jan-Dec
MSEK 2024 2023 Δ% 2023
Net sales 631.7 613.7 2.9% 2,474.6
Organic growth, % 2.5% 5.8% - 4.3%
EBITA 107.3 111.8 -4.0% 370.0
EBITA margin, % 17.0% 18.2% - 15.0%
Adjusted EBITA 143.5 140.4 2.2% 487.7
Adjusted EBITA margin, % 22.7% 22.9% - 19.7%
Profit for the period -11.8 18.4 - 36.9
Adjusted free cash flow 106.6 152.7 -30.2% 231.0
Q1

===== SIDA 3 =====

3  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
Karnov Group expanded its mission-critical solutions in the 
first quarter, resulting in solid net sales growth and robust 
margins. We achieved an organic growth of 3% and the 
adjusted EBITA margin was 23%. The Region South 
integration continued to progress ahead of plan and annual 
run-rate synergies of EUR 2 m from the Acceleration 
Initiative were executed.   
SOLID NET SALES GROWTH WITHIN THE GROUP 
The Group’s net sales amounted to SEK 632 m in the quarter, a solid 
increase from the previous year. Growth is driven by increased online 
sales, especially within the public sector in Sweden. Our proprietary 
content is mission-critical for legal professionals in our local European 
markets and the churn in Region South has improved.  
 We experience tailwinds from increased regulations within Europe, 
creating a growing demand for governance solutions among corporates. 
DIBkunnskap launched its ESG solution in Region North in the quarter 
with strong interest from the market. The solution is built on proprietary 
content and supports corporates with the increasing ESG compliance. 
Furthermore, we acquired the business QSE Conseil & Performance SAS, 
another piece of the French EHS market to our European expansion.    
 The Group’s adjusted EBITA margin reached 23% in the first quarter, 
in line with the previous year. We have a strong focus on costs and 
harvesting synergies from our two cost-efficiency initiatives, which was 
off-set by higher depreciations in the first quarter.    
 The adjusted free cash flow was SEK 107 m in the first quarter and 
leverage improved to 2.7x adjusted EBITDA LTM. The free cash flow was 
impacted by timing of tax payments and a positive development within 
net working capital coming from timing of invoicing in Region South.  
REGION SOUTH INTEGRATION AHEAD OF PLAN 
We continue to progress ahead of plan with the Region South 
integration. We have migrated close to 70% of the Aranzadi content onto 
the common content platform. Our cross-selling initiatives in Spain are 
making progress and the organisation is preparing the launch of the 
common product suite for later this year.  
 We are transforming our French business Lamy Liaisons and started 
the year positively. We are making a turn-around and have strengthened 
our sales team as a first step. We will also launch a modernised product 
suite in the fall for greater customer value and profitable growth. 
 By the end of the first quarter, the annual run-rate synergies from the 
Region South integration amounted to EUR 3 m. We reiterate our 
ambition to generate synergies of EUR 7.5 m on annual run-rate basis by 
the end of 2024 and EUR 10 m on annual run-rate basis by the end of 
2026.  
ACCELERATION INITIATIVE FOR FURTHER CUSTOMER VALUE AND 
PROFITABLE GROWTH 
Encouraged by the successful merger in Spain and the new opportunities 
from global technology shifts, we launched our Acceleration Initiative in 
February this year. This is a Group-wide initiative to generate further 
customer value as well as additional efficiencies of EUR 10 m on annual 
run-rate basis by the end of 2026. The synergies will come from product 
rationalization, common IT infrastructure, office consolidation and an 
acceleration of offline to online within the Group. The synergies are being 
harvested in Region North and Group in the first phase, while synergies in 
Region South are part of the second phase.  
 By the end of the first quarter, the annual run-rate synergies from the 
Acceleration Initiative amounted to EUR 2 m.  
AT THE FOREFRONT OF TRANSFORMATION 
We have through the decades consistently developed our solutions to 
generate mission-critical value for our customers. 25 years ago, we 
launched our online legal research platform, rapidly making our 
customers more efficient. Generative AI is the next technology shift and 
a tailwind for our industry. Updated, local jurisdiction proprietary content 
is indispensable for trustworthy AI solutions and that is Karnov’s core 
asset. Leveraging AI, we will solve more customer problems in new and 
better ways, while also improve internal productivity. Generating more 
value for our customers will also enable growth opportunities for Karnov. 
 
 Karnov Group has expanded its 
mission-critical solutions and 
executed on the Group’s cost-
initiatives, resulting in solid net sales 
growth and robust margins in the 
first quarter. 
 
 
Pontus Bodelsson,  
President and CEO 
  
 
3% 
ORGANIC GROWTH Q1 
”Growth is driven by increased online 
sales, especially within the public 
sector in Sweden. Our proprietary 
content is mission-critical for legal 
professionals in our local European 
markets.” 
23% 
ADJUSTED EBITA MARGIN Q1 
”We have a strong focus on costs and 
harvesting synergies from our two 
cost-efficiency initiatives, which was 
off-set by higher depreciations in the 
first quarter.” 
2.7x 
LEVERAGE Q1 
”Leverage improved to 2.7x adjusted 
EBITDA LTM .”

===== SIDA 4 =====

4  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
 
NET SALES AND GROWTH 
For the three-month period, January-March 2024, net sales increased by 
SEK 18 m to SEK 632 m (614). Organic growth on a constant currency 
basis was 2.5 percent and currency effects had a positive impact on net 
sales of 0.4 percent. Online sales amounted to 81 percent in the quarter 
(80). 
 Net sales growth within the Group is driven by increased online sales, 
as we sell more licenses and attract new customers, mainly within the 
public sector in Sweden. Our solutions are considered mission-critical for 
our customers and growth is driven by both volume and value 
enhancements. We experience no deviations in market demand for legal 
information solutions due to macro-economic trends. We also continue 
to experience strong growth within EHS and T&A, as well as legal training 
in France.   
 Net sales from books and publications declined in line with the 
general market trend.   
 
OPERATING PROFIT (EBIT) 
EBITA for the quarter amounted to SEK 107 m (112) and EBITA margin 
amounted to 17.0 percent (18.2). The EBITA performance includes items 
affecting comparability of SEK 36 m (29) relating to integration work in 
Region South and the Acceleration Initiative.  
 Adjusted EBITA amounted to SEK 144 m (140) and adjusted EBITA 
margin amounted to 22.7 percent (22.9).  
 The product mix has contributed with decreasing cost of goods and 
sales and the other operating expenses have decreased compared to the 
previous year. The decrease in adjusted EBITA margin is due to higher 
depreciations of SEK 6 m in the quarter, relating to completed 
development projects within the Group.   
 Operating profit (EBIT) was SEK 55 m (57) for the quarter. 
SYNERGIES FROM THE ACCELERATION INITIATIVE 
The realised annual run-rate cost synergies in the first quarter reached 
EUR 2.0 m. Cost-to-achieve amounted to EUR 0.3 m in the first quarter. 
 
 
Jan-Dec
MSEK 2024 2023 Δ% 2023
Net sales 631.7 613.7 2.9% 2,474.6
Organic growth, % 2.5% 5.8% - 4.3%
EBITA 107.3 111.8 -4.0% 370.0
EBITA margin, % 17.0% 18.2% - 15.0%
Adjusted EBITA 143.5 140.4 2.2% 487.7
Adjusted EBITA margin, % 22.7% 22.9% - 19.7%
EBIT 54.9 57.3 -4.2% 156.2
EBIT margin, % 8.7% 9.3% - 6.3%
Q1
MEUR 2024 2023
Realised synergies 0.3 -
Accumulated synergies 0.3 -
Cost-to achieve 1.1 -
Q1
NET SALES BY SEGMENT Q1 (%) 
 
   
3% 
ORGANIC GROWTH  
NET SALES PER QUARTER, MSEK 
 
23% 
ADJUSTED EBITA MARGIN  
ADJUSTED EBITA, MSEK AND 
MARGIN, % PER QUARTER
 
46%
54%
Region
North
Region
South
614 608 619 634 632
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
140
109 116 122
144
23%
18% 19% 19%
23%
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024

===== SIDA 5 =====

5  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
SHARE OF PROFIT IN ASSOCIATED COMPANIES 
Share of profit in associated companies amounted to SEK -1 m (-2) in the quarter. 
NET FINANCIAL ITEMS 
Net financial items for the quarter amounted to SEK -70 m (-33). The 
interest expenses were approximately SEK 10 m higher than in the same 
quarter last year due to higher steering rates as well general financing 
costs. Further the quarter was negatively impacted by currency effects. 
Currency effect for the quarter was SEK -33 m (-6), relating to long-term 
loans in EUR. 
PROFIT BEFORE AND AFTER TAX, EARNINGS PER SHARE 
Profit before tax for the quarter decreased by SEK 38 m to SEK -16 m 
(22). Profit after tax for the quarter was SEK -12 m (18). Taxes amounted 
to SEK 4 m (-4).   
 Earnings per share after dilution was SEK -0.11 (0.17) for the quarter.  
CASH FLOW AND INVESTMENTS 
Cash flow from operating activities amounted to SEK 131 m (167). The 
lower operating cash flow mainly relates to tax payments of SEK -45 m  
(-7) as well as timing of invoicing in Region South driven by product mix. 
This also explains the declining adjusted free cash flow for the quarter of 
SEK 107 m (153).  
 Total investments for the quarter amounted to SEK -46 m (-44). The 
investments during the quarter relate mainly to capitalised development 
as well as payment of deposits for leasing liabilities.  
 Total financing for the quarter amounted to SEK -20 m (-25), mostly 
relating to an increase in the payment of lease liabilities, more than offset 
by lower payments of contingent considerations.   
 
 
 
 
 
 
 
 
 
ADJUSTED FREE CASH FLOW 
 
 
FINANCIAL POSITION 
Net debt was SEK 1,770 m (2,016) at the end of the period. The net debt 
has decreased by SEK 246 m compared to the end of the previous year, 
mainly due to positive cash flow from operations less investments and 
lease payments. The comparing net debt number has been aligned with 
the updated leverage target in which total borrowings exclude lease 
liabilities. 
 The leverage at the end of the period, based on proforma adjusted 
EBITDA LTM excluding leasing liabilities, was 2.7 (2.9) times and the 
equity/asset ratio was 33.2 percent (31.6) with an equity of SEK 2,399 m 
(2,367).  
 Cash and cash equivalents at the end of the period amounted to SEK 
524 m (768) and the Group had at the end of March 2024 unutilized 
credit lines of EUR 70 m. 
NET DEBT 
 
* The definition of net debt has been aligned with the updated leverage target in which 
total borrowings exclude lease liabilities. This is impacting previously reported 
numbers for Q1 2023. 
 
  
Jan-Dec
MSEK 2024 2023 2023
Cash flow from operating activities 131.2 167.2 337.0
Acquisition of intangible and tangible assets -41.6 -35.6 -163.0
Payment of lease liabilities -19.2 -7.5 -63.4
Free cash flow 70.4 124.1 110.6
Items affecting comparability 36.2 28.6 120.4
Adjusted free cash flow 106.6 152.7 231.0
Q1
MSEK 31 Mar 2024 31 Mar 2023 31 Dec 2023
Total borrowings 2,293.2 2,504.0 2,206.2
Cash and cash equivalents 523.7 770.1 450.6
Net debt* 1,769.5 1,733.9 1,755.6
Leverage ratio 2.7 2.9 2.8
NET SALES SPLIT ONLINE/OFFLINE 
PER Q1, % 
   
 
   
SEK 107 m 
ADJUSTED FREE CASH FLOW  
2.7x 
LEVERAGE 
81%
19%
Online
Offline

===== SIDA 6 =====

6  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
 
NET SALES AND GROWTH 
Net sales for the quarter increased by 5.7 percent to SEK 294 m (278) 
and is completely due to organic growth. Online sales accounted for 86 
percent (82) in the quarter.  
 Growth is driven by online sales, mainly within the legal research area. 
The main growth driver is the public sector, as we have sold more 
licenses to both public administrations as well as municipalities. Our 
solutions are considered mission-critical for our customers, and we 
continue to expand the customer value. 
 Our EHS businesses are successful in new sales, closing new 
contracts mainly within the corporate segment. After the end of the 
quarter, we acquired the French EHS business QSE Conseil & 
Performance SAS. The acquisition provides Karnov Group a strong 
presence in the local French EHS market and also accelerates the 
expansion within EHS.  
 Our workflow business DIBkunnskap has good traction in Norway and 
Sweden and recently launched its ESG module with strong market 
interest. The operational merger with Forlaget Andersen A/S in Denmark 
is completed and DIB is now launching stronger customer offerings for 
future growth in Denmark.    
 
ADJUSTED EBITA 
In the first quarter, adjusted EBITA amounted to SEK 127 m (121) and 
adjusted EBITA margin amounted to 43.2 percent (43.4). The margin 
decline is due to increased depreciations of capitalised development, as 
we have completed development projects for future growth. During the 
quarter, the first synergies from the Acceleration Initiative were 
harvested in Region North, coming from optimisation of processes.    
   
 
 
  
Jan-Dec
MSEK 2024 2023 Δ% 2023
Net sales 293.6 277.7 5.7% 1,085.8
Organic growth, % 5.7% 5.8% - 4.4%
Adjusted EBITDA 146.3 136.8 6.9% 511.3
Adjusted EBITDA margin, % 49.8% 49.3% - 47.1%
Adjusted EBITA 126.9 120.5 5.3% 441.5
Adjusted EBITA margin, % 43.2% 43.4% - 40.7%
Q1
NET SALES PER QUARTER, MSEK 
 
ADJUSTED EBITA, MSEK AND 
MARGIN, % PER QUARTER 
 
 
Region North is specialised in online 
and offline legal solutions; the 
environmental, health and safety 
compliance; audit and accounting 
solutions; 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. 
278 259 278 271 294
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
121
103
115
103
127
43%
40% 41%
38%
43%
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024

===== SIDA 7 =====

7  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
 
NET SALES AND GROWTH 
Net sales for the quarter were SEK 338 m (336). The organic growth was 
-0.1 percent while currency effects had a positive impact of 0.7 percent. 
Online sales accounted for 76 percent in the quarter (78). Sales 
development was driven by solid sales of legal training and legal 
research solutions in France in the first quarter. We have completed 
product rationalisation and optimised the sales organisation in Spain, 
which impacted net sales in the quarter.  
 We focus mainly on online sales as the business climate for printed 
material is declining in line with the general market trend. The 
performance is in line with the previous year.  
ADJUSTED EBITA 
In the first quarter, adjusted EBITA amounted to SEK 35 m (38) and 
adjusted EBITA margin was 10.5 percent (11.2).  
 The margin decline is due to increased depreciations of capitalised 
development, as we have completed development projects for future 
growth. Cost synergies are coming through according to plan. However, 
the comparing quarter the previous year was operating with unusual low 
costs due to phasing.  
 By the end of the first quarter, we have harvested cost synergies on 
an annual run-rate basis of EUR 3.4 m. The realised cost synergies in the 
first quarter reached EUR 0.8 m. Cost-to-achieve amounted to EUR 1.9 m 
in the first quarter. The total cost-to-achieve, by 2026, is estimated to EUR 
24 m.   
SYNERGIES IN REGION SOUTH 
 
  
Jan-Dec
MSEK 2024 2023 Δ% 2023
Net sales 338.1 336.0 0.6% 1,388.8
Organic growth, % -0.1% - - 3.8%
Adjusted EBITDA 54.7 54.2 0.9% 208.4
Adjusted EBITDA margin, % 16.2% 16.1% - 15.0%
Adjusted EBITA 35.4 37.6 -5.9% 129.1
Adjusted EBITA margin, % 10.5% 11.2% - 9.3%
Q1
MEUR 2024 2023 2023
Realised synergies 0.8 - 0.7
Accumulated synergies 3.4 - 2.0
Cost-to achieve 1.9 - 9.0
Q1 Jan-Dec
NET SALES PER QUARTER, MSEK 
 
ADJUSTED EBITA, MSEK AND 
MARGIN, % PER QUARTER 
 
 
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. 
336 349 340 364 338
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
38
25
21
45
35
11%
7% 6%
12% 10%
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024

===== SIDA 8 =====

8  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
 
ADJUSTED EBITA 
The Group functions cover the Group wide tasks such as Group 
Management (including information security, compliance and HR), 
Investor Relations and Group Finance functions.  
 
  
Jan-Dec
MSEK 2024 2023 Δ% 2023
Adjusted EBITA -18.8 -17.7 6.2% -82.9
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 =====

9  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
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 invasion of Ukraine and expanded conflict between Israel and Palestine pose risks for 
further impact on the world economy, with increasing cost inflation and disruptions to supply 
chains. Karnov is not directly impacted by the conflicts and has no direct exposure towards any of 
the involved countries.   
 Karnov’s significant risks and risk management are described on page 70-71 in the 2023 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 1,209 (1,251). The 
decrease is due to harvesting of cost-synergies in both Region North and Region South. On average 
during the first quarter, 58% (54%) of the workforce were women and 42% (46%) men. 
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 2024, the total number of shares and votes in Karnov Group AB (publ) amounts to 
108,102,047 shares and 107,898,735.2 votes. Each share has a quotient value of approximately 
SEK 0.015385. The total number of shares consists of 107,876,145 ordinary shares, which carry 
one vote per share, and 225,902 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 2024, the Company had 1,326 known shareholders. The five largest shareholders 
in Karnov Group AB (publ) were Long Path Partners, Invesco, Swedbank Robur Funds, Carnegie 
Funds and Didner & Gerge Funds. 
 
FINANCIAL TARGETS 
The Board of Directors has adopted the following financial targets: 
• Net sales organic annual growth of 4-6% in the medium term. 
• Adjusted EBITA margin in excess of 25% in the medium term and in excess of 30% in the 
long term. 
• Ratio of Net debt to LTM Adjusted EBITDA, excluding leasing liabilities, of no more than 
3.0. This ratio may temporarily be exceeded, for example as a result of acquisitions. 
• The objective is to distribute 30–50% of the annual net profit, after considering 
indebtedness and future growth opportunities, including acquisitions. 
ESG STRATEGY 
Being active within the industry of legal knowledge, Karnov’s ESG strategy is an integral part of the 
business strategy and is closely linked to the Group’s vision, mission, and values. It is also closely 
linked to five of the UN SDG Goals and in particular SDG 16, Peace, justice and strong institutions. 
The core of Karnov’s business is to make the true pillar of democracy - the rule of law - accessible, 
sharable and debatable, thereby enabling our customers to make better decisions faster. This is 
how we facilitate access to justice and why Karnov Group can have an impact led approach to ESG: 
to clear the path to justice, we contribute with knowledge for legal professionals, whilst balancing 
economic growth and positive social impact. 
INCENTIVE PROGRAMS 
Karnov Group currently has one long-term incentive program, LTIP 2023, which is a share saving 
program. The purpose of the program is to encourage 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). 
 19 employees participate in LTIP 2023. The participants have allocated a total of 96,845 savings 
shares to the program. Full allotment would mean that the total number of shares under the 
program will amount to no more than 366,007 ordinary shares, corresponding approximately 0.3 
per cent of the total number of shares outstanding in the Company. For more information see 
www.karnovgroup.com/en/incentive-program/

===== SIDA 10 =====

10  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
RELATED-PARTY TRANSACTIONS 
Karnov Group did not undertake any significant transactions with related parties in the first quarter 
2024 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).  
SIGNIFICANT EVENTS 
First quarter 
• Karnov Group launches an Acceleration Initiative to generate further customer value and 
profitable growth. The Acceleration Initiative shall generate additional cost-efficiencies of 10 
EUR m within the Group. The Acceleration Initiative shall have full effect on run-rate basis by the 
end of 2026. Cost-to-achieve is estimated to EUR 14 m. 
Events after the end of the period 
• Karnov Group acquired the minor French EHS solutions provider QSE Conseil & Performance 
SAS to generate a strong presence in the local French EHS market and accelerate the expansion 
within EHS. The transaction was closed on 29 April 2024.  
PARENT COMPANY 
The operating profit (EBIT) for the quarter amounted to SEK -16 m (-5). 
OUTLOOK 
Karnov Group does not provide financial forecasts. The report may contain forward-looking 
information based on Management’s current expectations. Although Management believes the 
expectations expressed in such forward-looking information are reasonable, there are no 
assurances that these expectations will be correct. Consequently, future outcomes may vary 
considerably compared to the forward-looking information due to, among other things, changed 
market conditions for Karnov Group’s offerings and more general changes to economic, market 
and competitive conditions, changes to regulatory requirements or other policy measures and 
exchange rate fluctuations.  
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 3 May 2024 at 07.45 AM CEST.  
 
Karnov Group AB (publ) 
Stockholm, 3 May 2024 
 
Pontus Bodelsson 
President and CEO 
FOR FURTHER INFORMATION, PLEASE CONTACT: 
Pontus Bodelsson, President and CEO 
+46 709 957 002 
pontus.bodelsson@karnovgroup.com  
 
Magnus Hansson, CFO 
+46 708 555 540 
magnus.hansson@karnovgroup.com  
 
Erik Berggren, Head of Investor Relations 
+46 707 597 668 
erik.berggren@karnovgroup.com  
FINANCIAL CALENDAR 2024 
Annual General Meeting 2024 8 May 2024 
 
Half-year report January-June 2024 21 August 2024 
 
Interim report January-September 2024 6 November 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 PRESENTATION WEBCAST 
Karnov Group will present the first quarter for analysts and investors via 
a webcast teleconference on 3 May at 9:00 AM CEST.  
To participate, use the following link:  
https://ir.financialhearings.com/karnov-group-q1-report-2024 or register 
here for dial-in numbers: 
https://conference.financialhearings.com/teleconference/?id=50048829. 
 
The presentation will also be available on www.financialhearings.com

===== SIDA 11 =====

11  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
  
Jan-Dec
MSEK Note 2024 2023 2023
Net sales 3 631.7 613.7 2,474.6
Total revenue 631.7 613.7 2,474.6
Costs of goods sold -88.8 -90.9 -365.3
Employee benefit expenses -276.5 -256.8 -1,131.1
Depreciations and amortisations -91.2 -87.4 -367.8
Other operating income and expenses -120.3 -121.3 -454.2
Operating profit (EBIT) 54.9 57.3 156.2
Share of profit in associated companies -1.3 -2.1 -5.4
Financial income 2.1 0.6 35.5
Financial expenses -71.7 -33.9 -151.9
Profit before tax -16.0 21.9 34.4
Tax on profit for the period 4.2 -3.5 2.5
Profit for the period -11.8 18.4 36.9
Other comprehensive income: 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations 72.8 22.5 -26.6
Actuarial gains/losses on defined benefit plans - - 2.0
Other comprehensive income for the period 72.8 22.5 -24.6
Total comprehensive income for the period 61.0 40.9 12.3
Profit for the period is attributable to:
Owners of Karnov Group AB (publ) -11.7 18.4 38.2
Non-controlling interests -0.1 - -1.3
Profit for the period -11.8 18.4 36.9
Total comprehensive income for the period is attributable to:
Owners of Karnov Group AB (publ) 61.0 40.9 13.6
Non-controlling interests - - -1.3
Total comprehensive income 61.0 40.9 12.3
Earnings per share, basic, SEK -0.11 0.17 0.34
Earnings per share, after dilution, SEK -0.11 0.17 0.34
Weighted average number of ordinary shares (thousands) 107,876 107,847 107,862
Effect of performance shares (thousands) 226 255 240
Weighted average number of ordinary shares adjusted for the effect of dilution (thousands) 108,102 108,102 108,102
Q1

===== SIDA 12 =====

12  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
* Comparison numbers have been adjusted in accordance with IFRS 15 section 12. Adjusted amount in Q1 2023 is 49 .1 MSEK impacting Trade receivables and Prepaid income . 
  
MSEK Note 31 Mar 2024 31 Mar 2023 31 Dec 2023
ASSETS:
Goodwill 3,347.2 3,286.5 3,251.1
Other intangible assets 2,259.1 2,376.0 2,233.1
Right-of-use assets 197.8 247.8 201.1
Property, plant and equipment 40.2 45.4 41.2
Investments in associated companies 47.9 52.3 48.8
Other financial investments 13.0 - 13.0
Loans to associated companies 25.5 24.5 25.2
Deposits 12.3 7.3 7.7
Deferred tax assets 139.2 134.9 135.4
Total non-current assets 6,082.2 6,174.7 5,956.6
Inventories 20.4 20.8 18.7
Trade receivables* 4 446.6 433.8 411.9
Prepaid expenses 81.0 52.6 57.5
Other receivables 38.1 20.3 10.6
Current tax receivables 39.3 30.2 26.6
Cash and cash equivalents 4 523.7 770.1 450.6
Total current assets 1,149.1 1,327.8 975.9
TOTAL ASSETS 7,231.3 7,502.5 6,932.5

===== SIDA 13 =====

13  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
* Comparison numbers have been adjusted in accordance with IFRS 15 section 12. Adjusted amount in Q1 2023 is 49.1 MSEK impacting Trade receivables and Prepaid income . 
  
MSEK Note 31 Mar 2024 31 Mar 2023 31 Dec 2023
EQUITY AND LIABILITIES:
Share capital 1.7 1.7 1.7
Share premium 2,654.0 2,654.0 2,654.0
Treasury shares - - -
Reserves -180.6 -204.3 -253.4
Retained earnings including net profit for the period -75.6 -90.4 -65.3
Equity attributable to the parent company’s shareholders 2,399.5 2,361.0 2,337.0
Non-controlling interests -0.1 6.5 -
Total equity 2,399.4 2,367.5 2,337.0
Borrowing from credit institutions 4 2,206.8 2,504.0 2,123.0
Lease liabilities 170.6 226.3 179.1
Deferred tax liabilities 342.8 407.5 342.3
Provisions 80.6 61.9 78.4
Other non-current liabilites 52.4 85.3 52.5
Total non-current liabilities 2,853.2 3,285.0 2,775.3
Borrowing from credit institutions 4 86.4 - 83.2
Trade payables 4 98.9 113.2 111.3
Current tax liabilities 1.9 15.6 30.0
Accrued expenses 460.6 479.9 479.5
Prepaid income* 1,190.6 1,120.1 921.7
Lease liabilities 53.4 55.9 52.9
Other current liabilities 4 86.9 65.3 141.6
Total current liabilities 1,978.7 1,850.0 1,820.2
TOTAL EQUITY AND LIABILITIES 7,231.3 7,502.5 6,932.5

===== SIDA 14 =====

14  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
  
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, 2024 1.7 2,654.0 - -253.4 -65.3 2,337.0 - 2,337.0
Profit for the period - - - - -11.7 -11.7 -0.1 -11.8
Other comprehensive income for the period - - - 72.8 - 72.8 - 72.8
Total comprehensive income/loss - - - 72.8 -11.7 61.1 -0.1 61.0
Transaction with shareholders in their capacity as owners:
Sharebased payment - - - - 1.4 1.4 - 1.4
Total transaction with shareholders - - - - 1.4 1.4 - 1.4
Closing balance at 31 Mar 2024 1.7 2,654.0 - -180.6 -75.6 2,399.5 -0.1 2,399.4
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 31 Mar 2023 1.7 2,654.0 - -204.3 -90.4 2,361.0 6.5 2,367.5
Equity attributable to the parent company's shareholders
Equity attributable to the parent company's shareholders

===== SIDA 15 =====

15  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
 
* Comparison numbers have been adjusted in accordance with IFRS 15 section 12. Adjusted amount in Q1 2023 is 76.3 MSEK impacting Trade receivables and Prepaid income . 
  
Jan-Dec
MSEK 2024 2023 2023
Operating profit (EBIT) 54.9 57.3 156.2
Non-cash items 91.6 87.6 367.9
Effect of changes in working capital:
Change in inventories -1.3 -0.2 1.8
Change in receivables* -49.9 -63.8 -19.5
Change in trade payables and other payables -107.3 -53.3 -2.1
Provisions paid - -3.2 -1.4
Change in prepaid income* 220.4 181.0 23.7
Net effect of changes in working capital 61.9 60.5 2.5
Net financial items, paid -32.7 -31.2 -128.0
Corporate tax paid -44.5 -7.0 -61.6
Cash flow from operating activities 131.2 167.2 337.0
Acquisition of subsidiaries  -0.1 -8.7 -54.9
Other financial investments -4.3 - -3.0
Acquisition of intangible assets -41.6 -30.6 -155.8
Acquisition of property, plant and equipment - -5.0 -7.2
Cash flow from investing activities -46.0 -44.3 -220.9
Repayment long-term debt - - -2,587.9
Proceeds long-term debt - - 2,330.6
Payment of lease liabilities -19.2 -7.5 -63.4
Change in long-term receivables -0.1 -0.6 0.1
Payment of contingent considerations -0.9 -17.0 -17.1
Cash flow from financing activities -20.2 -25.1 -337.7
Cash flow for the period 65.0 97.8 -221.6
Cash and cash equivalents at the beginning of the period 450.6 671.2 671.2
Exchange-rate differences in cash and cash equivalents 8.1 1.1 1.0
Cash and cash equivalents at the end of the period 523.7 770.1 450.6
Q1

===== SIDA 16 =====

16  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
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 2024 are the same as the accounting policies used for the annual report 2023 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. 
 
Some comparison numbers in the interim report have been updated due to historical inaccuracies. 
This is limited to the split of online/offline sales in note 3.  
 
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 2023 Note 4, page 88, for further 
details regarding critical estimates and judgements. 
 
A French supreme court ruling from the autumn 2023 on employee rights to earn paid holiday 
during periods of illness might potentially increase the holiday compensation accruals currently 
recognized in the balance sheet of the group. The application of the ruling is however still very 
uncertain and awaiting further analysis before the group can estimate any financial consequences.

===== SIDA 17 =====

17  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
NOTE 3 SEGMENT REPORTING 
 
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 2024 2023 2024 2023 2024 2023 2024 2023
Net sales specified on product categories:
Online 251.9 227.6 257.0 261.2 - - 508.9 488.8
Offline 41.7 50.1 81.1 74.8 - - 122.8 124.9
Net sales 293.6 277.7 338.1 336.0 - - 631.7 613.7
Adjusted EBITDA 146.3 136.8 54.7 54.2 -18.7 -17.7 182.3 173.3
Depreciations and amortisations -19.4 -16.3 -19.3 -16.6 -0.1 - -38.8 -32.9
Adjusted EBITA 126.9 120.5 35.4 37.6 -18.8 -17.7 143.5 140.4
Amortisations from acquisitions -52.4 -54.5
Items affecting comparability -36.2 -28.6
Operating profit (EBIT) 54.9 57.3
Share of profit in associated companies -1.3 -2.1
Net financial items -69.6 -33.3
Profit before tax -16.0 21.9
Tax on profit for the period 4.2 -3.5
Profit for the period -11.8 18.4
Q1 Q1Q1Q1
North South Group functions Total

===== SIDA 18 =====

18  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
NOTE 4 FAIR VALUE OF FINANCIAL INSTRUMENTS 
 
 
 
* Comparison numbers have been adjusted in accordance with IFRS 15 section 12. Adjusted amount in Q1 2023 is 49.1 MSEK impacting Trade receivables. 
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. 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.  
BORROWING FROM CREDIT INSTITUTIONS 
The carrying amount of borrowings is con¬sidered 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, 2023. No transfers between 
the levels of fair value hierarchies have taken place in Q1 2024.  
 
  
MSEK 31 Mar 2024 31 Mar 2023 31 Dec 2023 31 Mar 2024 31 Mar 2023 31 Dec 2023
FINANCIAL ASSETS
Financial assets at amortised cost
Trade receivables* 446.6 433.8 411.9 446.6 433.8 411.9
Cash and cash equivalents 523.7 770.1 450.6 523.7 770.1 450.6
Total financial assets 970.3 1,203.9 862.5 970.3 1,203.9 862.5
FINANCIAL LIABILITIES
Financial liabilities at fair value through profit or loss (FVPL)
Contingent considerations 6.7 13.0 7.3 6.7 13.0 7.3
Liabilities at amortised cost
Trade payables 98.9 113.2 111.3 98.9 113.2 111.3
Borrowing from credit institutions 2,293.2 2,504.0 2,206.2 2,293.2 2,504.0 2,206.2
Total financial liabilities 2,398.8 2,630.2 2,324.8 2,398.8 2,630.2 2,324.8
Carrying Amount Fair value

===== SIDA 19 =====

19  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
NOTE 5 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 2024 2023 2024 2023 2024 2023 2024 2023
Organic business 293.6 269.6 335.6 - - - 629.2 269.6
Acquired business - 1.4 - 336.0 - - - 337.4
Currency - 6.7 2.5 - - - 2.5 6.7
Net sales 293.6 277.7 338.1 336.0 - - 631.7 613.7
Total net sales split, %
Organic growth, % 5.7% 5.8% -0.1% - - - 5.6% 5.8%
Acquired business, % - 0.5% - 100.0% - - - 132.3%
Currency effect, % - 2.6% 0.7% - - - 0.7% 2.6%
Total growth, % 5.7% 8.9% 0.6% 100.0% - - 6.3% 140.7%
EBITDA 142.5 136.8 32.6 31.3 -29.0 -23.4 146.1 144.7
EBITDA margin, % 48.5% 49.3% 9.6% 9.3% - - 23.1% 23.6%
Depreciations and amortisations -19.4 -16.3 -19.3 -16.6 -0.1 - -38.8 -32.9
EBITA 123.1 120.5 13.3 14.7 -29.1 -23.4 107.3 111.8
EBITA margin, % 41.9% 43.4% 3.9% 4.4% - - 17.0% 18.2%
Items affecting comparability -3.8 - -22.1 -22.9 -10.3 -5.7 -36.2 -28.6
Adjusted EBITDA 146.3 136.8 54.7 54.2 -18.7 -17.7 182.3 173.3
Adjusted EBITDA margin, % 49.8% 49.3% 16.2% 16.1% - - 28.9% 28.2%
Adjusted EBITA 126.9 120.5 35.4 37.6 -18.8 -17.7 143.5 140.4
Adjusted EBITA margin, % 43.2% 43.4% 10.5% 11.2% - - 22.7% 22.9%
Items affecting comparability
Acquisition and post-closing integration cost - - -22.1 -22.9 -0.9 -5.7 -23.0 -28.6
Restructuring costs -3.8 - - - -9.4 - -13.2 -
Total -3.8 - -22.1 -22.9 -10.3 -5.7 -36.2 -28.6
Items affecting comparability  classification
Operating costs -3.8 - -22.1 -22.9 -10.3 -5.7 -36.2 -28.6
Depreciations and amortisations - - - - - - - -
Amortisations from acquisitions - - - - - - - -
North South Group functions Total 
Q1 Q1 Q1 Q1

===== SIDA 20 =====

20  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
ADJUSTED FREE CASHFLOW 
 
 
 
NET DEBT 
 
 
LEVERAGE RATIO 
 
 
* The definition of net debt has been aligned with the updated leverage target in which total borrowings exclude lease 
liabilities. This is impacting previously reported numbers for Q1 2023.  
  
Jan-Dec
MSEK 2024 2023 2023
Cash flow from operating activities 131.2 167.2 337.0
Acquisition of intangible and tangible assets -41.6 -35.6 -163.0
Payment of lease liabilities -19.2 -7.5 -63.4
Free cash flow 70.4 124.1 110.6
Items affecting comparability 36.2 28.6 120.4
Adjusted free cash flow 106.6 152.7 231.0
Q1
MSEK 31 Mar 2024 31 Mar 2023 31 Dec 2023
Borrowing from credit institutions, long term 2,206.8 2,504.0 2,123.0
Borrowing from credit institutions, short term 86.4 - 83.2
Cash and cash equivalents -523.7 -770.1 -450.6
Net debt* 1,769.5 1,733.9 1,755.6
MSEK 31 Mar 2024 31 Mar 2023 31 Dec 2023
Adjusted EBITDA LTM 645.9 590.9 636.9
Net debt* 1,769.5 1,733.9 1,755.6
Leverage ratio 2.7 2.9 2.8

===== SIDA 21 =====

21  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
* Comparison numbers have been adjusted in accordance with IFRS 15 section 12. Adjusted amount in Q1 2023 is 49 .1 MSEK impacting Trade receivables and Prepaid  income. 
  
Q1 Q4 Q3 Q2 Q1
MSEK 2024 2023 2023 2023 2023
Income statement
Net sales 631.7 634.2 618.9 607.8 613.7
EBITDA 146.1 126.7 133.5 118.9 144.7
EBITDA margin, % 23.1% 20.0% 21.6% 19.6% 23.6%
EBITA 107.3 86.1 91.4 80.7 111.8
EBITA margin, % 17.0% 13.6% 14.8% 13.3% 18.2%
Adjusted EBITA 143.5 122.0 116.0 109.3 140.4
Adjusted EBITA margin, % 22.7% 19.2% 18.7% 18.0% 22.9%
Operating profit (EBIT) 54.9 34.1 35.9 28.9 57.3
EBIT, margin % 8.7% 5.4% 5.8% 4.8% 9.3%
Net financial items -69.6 -9.2 -12.4 -61.5 -33.3
Profit for the period -11.8 23.5 21.2 -26.2 18.4
Balance sheet
Non-current assets 6,082.2 5,956.6 6,220.0 6,407.3 6,174.7
Current assets* 1,149.1 975.9 736.6 966.9 1,327.8
Cash and cash equivalents 523.7 450.6 326.4 455.9 770.1
Equity 2,399.4 2,337.0 2,383.9 2,432.0 2,367.5
Non-current liabilities 2,853.2 2,775.3 2,950.6 3,039.0 3,285.0
Current liabilities* 1,978.7 1,820.2 1,622.1 1,903.2 1,850.0
TOTAL ASSETS 7,231.3 6,932.5 6,956.6 7,374.2 7,502.5

===== SIDA 22 =====

22  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
* Comparison numbers have been adjusted in accordance with IFRS 15 section 12. Adjusted amount in Q1 2023 is 49 .1 MSEK impacting Trade receivables and Prepaid income . 
**  The definition of net debt has been aligned with the updated leverage target in which total borrowings exclude lease liabilities . 
 
  
Q1 Q4 Q3 Q2 Q1
MSEK 2024 2023 2023 2023 2023
Cash flow
Cash flow from operating activities 131.2 194.8 -42.4 17.4 167.2
Cash flow from investing activities -46.0 -43.9 -37.8 -94.9 -44.3
Cash flow from financing activities -20.2 -21.8 -12.4 -278.4 -25.1
Cash flow for the period 65.0 129.1 -92.6 -355.9 97.8
Key ratios
Net working capital -829.6 -844.2 -885.5 -936.3 -522.2
Equity/asset ratio, % * 33.2% 33.7% 34.3% 33.0% 31.6%
Adjusted free cash flow 106.6 157.8 -64.9 -14.6 152.7
Net debt ** 1,769.5 1,755.6 1,958.6 1,889.6 1,733.8
Share data:
Weighted average number of ordinary shares (thousands) 107,876 107,876 107,876 107,861 107,847
Earnings per share, basic, SEK -0.11 0.22 0.20 -0.24 0.17
Earnings per share, after dilution, SEK -0.11 0.22 0.20 -0.24 0.17

===== SIDA 23 =====

23  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
  
Jan-Dec
MSEK 2024 2023 2023
Employee benefit expenses -1.5 -1.9 -5.3
Depreciations and amortisations -0.0 - -0.1
Other operating income and expenses -14.5 -3.4 -15.4
Operating profit (EBIT) -16.0 -5.3 -20.8
Financial income 36.5 10.8 185.7
Financial expenses -29.1 -0.3 -37.3
Dividend received - - 45.0
Net financial items 7.3 10.5 193.4
Group contributions - - 42.7
Profit before tax -8.7 5.2 215.3
Tax on profit for the period - -1.2 -
Profit for the period -8.7 4.0 215.3
Total comprehensive income -8.7 4.0 215.3
Q1

===== SIDA 24 =====

24  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
 
  
MSEK 31 Mar 2024 31 Mar 2023 31 Dec 2023
ASSETS:
Receivables from group companies 2,588.3 1,188.2 2,522.5
Investments in group companies 1,163.0 1,158.2 1,161.8
Right-of-use assets 0.0 0.1 -
Total non-current assets 3,751.3 2,346.5 3,684.3
Receivables from group companies 44.0 109.1 70.0
Prepaid expenses 1.1 - 0.9
Other receivables 2.4 1.5 0.7
Current tax receivables 2.9 1.4 2.3
Cash and cash equivalents 24.9 43.6 16.4
Total current assets 75.3 155.6 90.3
TOTAL ASSETS 3,826.6 2,502.1 3,774.6

===== SIDA 25 =====

25  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
 
  
MSEK 31 Mar 2024 31 Mar 2023 31 Dec 2023
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 33.9 -173.6 41.3
Total equity 2,689.6 2,482.1 2,697.0
Liabilities to group companies 56.1 - 55.4
Borrowing from credit institutions 936.0 - 899.5
Total non-current liabilities 992.1 - 954.9
Borrowing from credit institutions 86.4 - 83.2
Trade payables 12.2 1.0 1.2
Borrowing from related parties 43.2 16.0 34.1
Accrued expenses 2.9 2.7 4.1
Other current liabilities 0.2 0.3 0.1
Total current liabilities 144.9 20.0 122.7
TOTAL EQUITY AND LIABILITIES 3,826.6 2,502.1 3,774.6

===== SIDA 26 =====

26  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
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 free cash flow Cash flow from operating activities less capital expenditure and leasing liabilities 
and adjusted for cash effect of items affecting comparability  
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. 
Average number of full-time 
employees (FTEs) 
Average number of full-time employees during the reporting period. Non-financial key ratio. 
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. 
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.

===== SIDA 27 =====

27  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
Key ratio Definition Reason for use 
Leverage ratio (Net 
debt/adjusted EBITDA LTM 
excluding leasing liabilities) 
Net debt on the balance sheet date divided by adjusted EBITDA for the last twelve 
months (LTM), excluding leasing liabilities. 
Relevant to analyse to ensure that Karnov has an appropriate financing structure. 
Net debt  Total net borrowings including capitalised bank costs less cash and cash 
equivalents. 
The measure is used since it allows for an assessment of whether Karnov has an 
appropriate financing structure.  
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. 
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. 
 
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. The interim report is published in Swedish and English. In case of 
any differences between the English version and the Swedish original text, the Swedish version 
shall prevail.  
Closing rate Average rate Closing rate Average rate Closing rate Average rate
31 Mar 2024 Jan-Mar 2024 31 Mar 2023 Jan-Mar 2023 31 Dec 2023 Jan-Dec 2023
1 DKK is equivalent to SEK 1.5453 1.5128 1.5138 1.5042 1.4889 1.5395
1 NOK is equivalent to SEK 0.9851 0.9879 0.9954 1.0210 0.9871 1.0049
1 EUR is equivalent to SEK 11.5250 11.2796 11.2760 11.1960 11.0960 11.4707

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28  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2024 
Karnov Group 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, Echoline, 
Nørskov Miljø, DIBkunnskap, Legal Cross Border, Forlaget 
Andersen, Ante, BELLA Intelligence, Karnov Group delivers 
knowledge and insights to more than 400,000 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 and solutions and EHS compliance solutions 
 
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 1,200 people.  
 
The Karnov share is listed on Nasdaq Stockholm, Mid Cap 
segment, under the ticker “KAR”. 
 
400,000+ 
USERS 
 
7,000+ 
SPECIALISTS 
 
1,200+ 
EMPLOYEES 
 
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