Kvartalsrapport Q1 2026

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

JANUARY – MARCH 2026 
 
Sales of mission-
critical legal content 
generate strong cash 
flow 
 
 
 
 
ORGANIC GROWTH 
 
ADJUSTED EBITA MARGIN 
 
LEVERAGE

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

2  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
FIRST QUARTER 
 The Group’s net sales amounted to SEK 628 m (673). Organic 
growth (constant currency) was 3.2%. Currency effect was  
-3.6%. Acquired growth was -6.2%. 
 The organic online growth was 4.8% driven by all markets. 
 The Group’s adjusted EBITA amounted to SEK 180 m (175) 
with adjusted EBITA margin of 28.6% (26.0) representing an 
organic adjusted EBITA growth of 9%.  
 The Group’s EBIT amounted to SEK 95 m (92).  
 Profit for the period amounted to SEK 59 m (77). 
 Earnings per share before and after dilution amounted to SEK 
0.54 (0.72).  
 Adjusted free cash flow amounted to SEK 264 m (245).   
 
 
BUSINESS HIGHLIGHTS 
 Uplifting to the AI package in Region North continues to be an 
important growth component for Karnov Group. The legal 
information businesses (“LIS”) had organic online growth of 
11% in the quarter, consistent with previous quarters.  
 Our Spanish business accelerated organic growth to 5% in the 
quarter.  
 We launched new AI products in France and Spain in March. 
Customer feedback and Initial sales results are promising.  
 Renewals of annual online subscriptions have generated 
strong free cash flow in the quarter. Customer satisfaction 
and retention rates are strong and in line with previous years.  
 The Board of Directors has initiated a buy-back program and 
repurchased close to 10% outstanding shares during the first 
quarter to enhance shareholder value. The Board of Directors 
has requested an additional 10% repurchase authorisation at 
the 2026 AGM.  
 Our progress with the two cost-efficiency initiatives has 
generated annual run-rate synergies of SEK 214 m  
(EUR 20.0 m) by the end of the first quarter.  
The adjusted EBITA margin has expanded 3 percentage 
points compared to the first quarter previous year.  
 
 
 
.  
 
 
 
KEY FINANCIAL RATIOS FOR THE GROUP 
 
 
  
Jan-Dec
MSEK 2026 2025 Δ% 2025
Net sales 628.1 672.5 -6.6% 2,640.9
Organic growth, % 3.2% 2.7% 3.7%
Adjusted EBITA 179.8 174.8 2.9% 667.4
Adjusted EBITA margin, % 28.6% 26.0% 25.3%
EBIT 94.9 91.6 3.6% 1,123.0
EBIT margin, % 15.1% 13.6% 42.5%
Profit for the period 58.7 77.4 -24.2% 970.8
Earnings per share, after dilution, SEK 0.54 0.72 -25.0% 8.98
Adjusted free cash flow 264.2 245.1 7.8% 445.2
Q1

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

3  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
Karnov Group achieved solid financial results in the first 
quarter 2026. The adjusted EBITA margin improved by 3 
percentage points to 29% and the organic growth was 3%. 
Our customers continue to buy our AI solutions built on 
Karnov’s reliable, expert-authored legal content. The 
Group’s organic online growth was 5% and our LIS 
businesses in Denmark and Sweden grew 11%. We 
launched new AI products in France and Spain at the end 
of March and customer feedback as well as initial sales 
results are promising in both countries.   
STEADILY GROWING ONLINE BUSINESS  
The Group’s net sales amounted to SEK 628 m in the first quarter, with 
organic growth reaching 3% mainly relating to continued strong online 
sales growth in Region North. The LIS businesses in Denmark and 
Sweden had organic online growth of 11% in the quarter, consistent with 
previous quarters. Customers are buying our AI-based solutions and we 
continue to attract new customers in the public sector. Our AI product for 
municipal caseworkers creates new customer value and has opened 
new business opportunities. At the end of March, we launched new AI 
products in Region South on our Group AI platform. The new services 
include additional customer value and receive positive feedback from 
customers. Online growth is accelerating in Spain to mid-single-digit in 
the quarter driven by increased customer demand while offline sales 
declined in France, primarily due to weak legal training sales.  
 The Group’s adjusted EBITA margin reached 29% in the first quarter, an 
improvement of 3 percentage points compared to the first quarter last 
year. The improvement is thanks to operational leverage from growth, 
beneficial product mix and cost control across the Group. The Group’s 
cost-efficiency initiatives generated annual run-rate synergies of SEK 214 
m by the end of the first quarter, well ahead of plan.  
STRONG CASH FLOW 
We achieved an adjusted free cash flow of SEK 264 m in the first quarter, 
driven by inflow from renewals of annual online subscriptions. During the 
quarter, we have repurchased close to 10% of the shares. Leverage was 
1.8x adjusted EBITDA LTM by the end of March.   
KARNOV GROUP’S CONTENT IS A LEGAL SOURCE FOR THE COURTS 
What makes Karnov’s expert-authored content mission-critical for legal 
professionals? Legal systems across continental Europe recognise four 
legal sources: legislation, preparatory works, case law and legal doctrine. 
While legislation, preparatory works and case law are public or semi-
public sources, legal doctrine is not. Legal doctrine comprises expert 
commentaries, interpretation and analysis. This is Karnov Group’s core 
value proposition produced with our 7,000+ legal experts across Europe. 
They are professors of law, judges and well-renowned lawyers who 
author the commentaries, select the most relevant case law and provide 
the practical guidance that turns raw legal information into legal 
judgment. In the Swedish Supreme Court alone, almost 50% of all 
decisions in 2025 referred to Karnov’s authored, proprietary content. The 
authority of legal doctrine derives from the professional standing and 
accountability of its authors, not from the volume of sources processed. 
 Legal professionals operate under professional liability, and their 
reputation relies upon accurate and reliable advisory. That is why more 
than 400,000 legal professionals across Europe trust Karnov. While 
technology matters greatly, our competitive moat is our proprietary 
content, solely available via our solutions.  
 Building on this foundation, we are launching content-driven workflow 
tools this summer. These tools will seamlessly integrate our proprietary 
content with the operating workflows of legal professionals, create new 
customer value for the public sector, practitioners and corporates, as 
well as additional business opportunities for Karnov Group. 
 
 
 
 Our customers continue to buy 
our AI solutions built on Karnov’s 
reliable, expert-authored legal 
content. Organic online growth was 
11% in our legal businesses in 
Denmark and Sweden. 
 
 
Pontus Bodelsson,  
President and CEO 
 
 
3% 
ORGANIC GROWTH Q1 
Organic growth reached 3% thanks to 
online sales growth. 
29% 
ADJUSTED EBITA MARGIN Q1 
3 percentage points higher than first 
quarter last year. 
1.8x 
LEVERAGE Q1 
Well below our financial target.

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

4  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
NET SALES AND GROWTH 
For the quarter, January-March 2026, organic growth on a constant 
currency basis was 3.2 percent. Net sales decreased to SEK 628 m 
(673). Currency effects had an impact on net sales of -3.6 percent. 
Acquired growth was -6.2 percent, relating to the divested EHS division 
and Spanish training business. Online sales amounted to 87 percent (84) 
of total net sales in the quarter. 
 Organic growth within the Group is driven by increased online sales of 
legal research solutions in all markets. The Group’s organic online 
growth was 4.8%. Sales of our AI-based solutions are an important driver 
of the organic growth in the quarter. Sales performance is especially 
strong in the public sector. The strong organic online sales growth is 
partly off-set by weak legal training sales in France as well as natural 
decline in printed products. 
  
OPERATING PROFIT (EBIT) 
EBITA for the quarter amounted to SEK 148 m (147) and EBITA margin 
amounted to 23.5 percent (21.9). The EBITA performance includes items 
affecting comparability of SEK 32 m (28) relating mainly to restructuring 
costs in Region South and Group-wide initiatives.  
 Adjusted EBITA amounted to SEK 180 m (175) and adjusted EBITA 
margin amounted to 28.6 percent (26.0) representing an organic 
adjusted EBITA growth of 9%.  
 The margin improvement is achieved through favourable product mix 
with larger share of online subscriptions, positive run-rate impact of the 
divested Spanish legal training business, operational leverage from 
higher net sales, and strong cost control. Depreciations increased by SEK 
4 m compared to the same quarter previous year.  
 Operating profit (EBIT) was SEK 95 m (92) for the quarter. 
   
SYNERGIES FROM THE ACCELERATION INITIATIVE 
The realised synergies in the first quarter amounted to SEK 27 m (EUR 
2.5 m). The annual run-rate cost synergies by the end of the first quarter 
amounted to SEK 109m (EUR 10.2 m). Cost-to-achieve amounted to SEK 
11 m (EUR 1.0 m) in the first quarter. 
 
Jan-Dec
MSEK 2026 2025 Δ% 2025
Net sales 628.1 672.5 -6.6% 2,640.9
Organic growth, % 3.2% 2.7% 3.7%
EBITA 147.6 147.2 0.3% 1,342.1
EBITA margin, % 23.5% 21.9% 50.8%
Adjusted EBITDA 229.4 220.9 3.8% 861.4
Adjusted EBITDA margin, % 36.5% 32.8% 32.6%
Adjusted EBITA 179.8 174.8 2.9% 667.4
Adjusted EBITA margin, % 28.6% 26.0% 25.3%
EBIT 94.9 91.6 3.6% 1,123.0
EBIT margin, % 15.1% 13.6% 42.5%
Q1
Jan-Dec
MSEK 2026 2025 2025
Realised synergies 26.7 18.0 88.5
Annual run-rate synergies 109.1 85.4 108.4
Cost to achieve 10.9 7.1 73.6
Q1
NET SALES BY SEGMENT Q1 (%) 
 
 
3% 
ORGANIC GROWTH  
NET SALES PER QUARTER, MSEK 
 
29% 
ADJUSTED EBITA MARGIN  
ADJUSTED EBITA, MSEK AND 
MARGIN, % PER QUARTER 
 
52%
48%
Region
North
Region
South
673 649 654 665 628
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
175
148
172 172 180
26% 23% 26% 26% 29%
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026

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

5  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
SHARE OF PROFIT IN ASSOCIATED COMPANIES 
Share of profit in associated companies amounted to SEK 3 m (-1) in the 
quarter. 
NET FINANCIAL ITEMS 
Net financial items in the quarter amounted to SEK -22 m (6). The 
quarter was impacted by currency adjustments of SEK -5 m (38) relating 
to long-term loans in EUR.  
PROFIT BEFORE AND AFTER TAX, EARNINGS PER SHARE 
Profit before tax for the quarter amounted to SEK 75 m (96). Profit after 
tax for the quarter was SEK 59 m (77). Taxes amounted to SEK -17 m  
(-19). Earnings per share after dilution were SEK 0.54 (0.72) in the 
quarter. 
CASH FLOW AND INVESTMENTS 
Cash flow from operating activities in the quarter was SEK 290 m (266). 
The cash flow from operating activities reflects the timing of the Group’s 
online contract renewals and invoicing cycle. The improved cash flow 
from operating activities is due to timing of invoicing. Interest expenses 
were lower in the quarter compared to previous year due to lower interest 
rates and lower debt. 
 Free cash flow for the quarter was SEK 232 m (218) and adjusted free 
cash flow was SEK 264 m (245).  
 Cash flow from investing activities for the quarter amounted to SEK    
-43 m (-36), consisting mainly of capitalised tech development.  
 Total financing for the quarter amounted to SEK -680 m (-490), 
relating primarily to acquisitions of own ordinary shares as part of the 
company’s ongoing buy-back programme.  
 
ADJUSTED FREE CASH FLOW 
 
 
* Includes divestment costs and reclaimable tax regarding the EHS 
transaction impacting January-December 2025. 
FINANCIAL POSITION 
Net debt was SEK 1,484 m at the end of the period. The net debt has 
decreased by SEK 454 m compared to the end of the corresponding 
quarter previous year.  
 The leverage at the end of the period, based on adjusted EBITDA LTM 
excluding leasing liabilities, was 1.8 times (2.4).  
 Net cash position at the end of the period amounted to SEK -505 m  
(-140) and the Group had at the end of March 2026 unutilized credit lines 
of EUR 70 m (70). 
NET DEBT 
 
 
 
 
  
Jan-Dec
MSEK 2026 2025 2025
Cash flow from operating activities 289.7 266.4 340.1
Acquisition of intangible and 
tangible assets -43.4 -35.5 -169.6
Payment of lease liabilities -14.3 -13.4 -57.2
Free cash flow 232.0 217.5 113.3
Items affecting comparability* 32.2 27.6 331.9
Adjusted free cash flow 264.2 245.1 445.2
Q1
MSEK 31 Mar 2026 31 Mar 2025 31 Dec 2025
Total borrowings 1,989.7 2,077.8 1,965.0
Net cash position -505.3 -139.9 -931.8
Net debt 1,484.4 1,937.9 1,033.2
Leverage ratio 1.8 2.4 1.3
NET SALES SPLIT ONLINE/OFFLINE 
PER Q1, % 
 
 
 
 
SEK 264 m 
ADJUSTED FREE CASH FLOW  
1.8x 
LEVERAGE 
87%
13%
Online
Offline

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

6  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
 
 
 
NET SALES AND GROWTH 
Organic growth for the quarter was 6.0 percent. Net sales amounted to 
SEK 325 m. Currency effects had a negative impact of 2.7 percent. 
Acquired growth had a negative impact of 7.0 percent due to the divested 
EHS division. Online sales accounted for 89 percent (89) of total net sales 
in the quarter.  
 Organic growth is driven by online sales in the LIS businesses, that 
grew 11%, consistent with previous quarters. DIBkunnskap has improved 
its financial performance compared to previous year and the Schultz 
business case still holds.  
 During the quarter, customers have continued to buy our AI package. 
The AI solution targeting municipal caseworkers has since been sold to a 
number of customers across Denmark and Sweden, with strong, positive 
feedback.  
   
OPERATING PROFIT (EBIT) 
EBITA and adjusted EBITA for the quarter amounted to SEK 165 m (157) 
and EBITA and adjusted EBITA margin amounted to 50.7 percent (46.6).  
 The margin improvement is mainly thanks to completed integration 
work of the acquired Schultz business as well as product mix 
contributions.  
 Operating profit (EBIT) was SEK 122 m (110) for the quarter.  
   
   
 
 
  
Jan-Dec
MSEK 2026 2025 Δ% 2025
Net sales 325.0 337.5 -3.7% 1,323.2
Organic growth, % 6.0% 7.7% 8.5%
Adjusted EBITDA 190.1 180.9 5.1% 697.2
Adjusted EBITDA margin, % 58.5% 53.6% 52.7%
Adjusted EBITA 164.9 157.2 4.9% 596.2
Adjusted EBITA margin, % 50.7% 46.6% 45.1%
EBIT 121.9 110.1 10.7% 412.7
EBIT margin, % 37.5% 32.6% 31.2%
Q1
NET SALES PER QUARTER, MSEK 
 
ADJUSTED EBITA, MSEK AND 
MARGIN, % PER QUARTER 
 
 
Region North is specialised in online 
and offline legal solutions; audit and 
accounting solutions; and e-courses. 
The segment provides online tools 
for the broad legal services market. 
The segment includes Karnov Group 
Denmark, Norstedts Juridik, DIB and 
BELLA Intelligence. 
338 320 342 324 325
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
157
141
158
140
165
47%
44% 46%
43%
51%
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026

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

7  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
NET SALES AND GROWTH 
The organic growth for the quarter was 0.3 percent. Net sales amounted 
to SEK 303 m (335). Currency effects had a negative impact of 4.5 
percent. Acquired growth contributed with -5.3 percent. Online sales 
accounted for 84 percent (80) of total net sales in the quarter.  
 Region South had minor organic growth in the quarter. The organic 
online LIS growth was 3.0% in Region South, driven equally by France 
and Spain, mainly thanks to new sales as we attract new customers.  
 Spain had organic growth of 5.3% in the quarter. France had negative 
organic growth of 4.8% in the quarter, primarily relating to weak legal 
training sales.   
 At the end of March, we launched new AI products in France and 
Spain. Customer feedback and initial sales results are promising.  
OPERATING PROFIT (EBIT) 
EBITA for the quarter amounted to SEK 13 m (13) and EBITA margin 
amounted to 4.4 percent (3.9). The EBITA performance includes items 
affecting comparability of SEK 25 m (28) relating to integration and 
restructuring expenses.  
 Adjusted EBITA amounted to SEK 39 m (41) and adjusted EBITA 
margin amounted to 12.7 percent (12.2).  
 The adjusted EBITA margin improvement is mainly due to a reshaped 
business portfolio in Spain as well as positive synergies effects, partly 
off-set by a margin decline in France due to negative growth. 
Depreciations were SEK 2 m higher than the comparing quarter due to 
completed development projects.  
 Operating profit (EBIT) was SEK -15 m (-18) for the quarter.  
SYNERGIES IN REGION SOUTH 
The realised synergies in the first quarter amounted to SEK 26 m (EUR 
2.4 m). The annual run-rate cost synergies by the end of the first quarter 
amounted to SEK 105 m (EUR 9.8 m). Cost-to-achieve amounted to SEK 
13 m (EUR 1.2 m) in the first quarter.  
 
 
 
Jan-Dec
MSEK 2026 2025 Δ% 2025
Net sales 303.1 335.0 -9.5% 1,317.7
Organic growth, % 0.3% -1.6% -0.5%
Adjusted EBITDA 62.9 63.1 -0.3% 255.6
Adjusted EBITDA margin, % 20.8% 18.8% 19.4%
Adjusted EBITA 38.6 40.8 -5.4% 162.9
Adjusted EBITA margin, % 12.7% 12.2% 12.4%
EBIT -14.8 -18.3 19.1% -70.8
EBIT margin, % -4.9% -5.5% -5.4%
Q1
Jan-Dec
MSEK 2026 2025 2025
Realised synergies 25.7 22.5 94.1
Annual run-rate synergies 104.8 102.2 108.4
Cost to achieve 13.1 19.7 54.6
Q1
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. 
335 329 313 341
303
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
41
27
37
58
39
12%
8%
12%
17%
13%
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026

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

8  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
ADJUSTED EBITA 
The Group functions cover the Group wide tasks such as Group 
Management, Information Security, Compliance, HR, Investor Relations 
and Group Finance functions.   
 
 
 
 
  
Jan-Dec
MSEK 2026 2025 Δ% 2025
Adjusted EBITA -23.7 -23.2 -2.2% -91.7
EBIT -12.2 -0.2 -6,000.0% 781.1
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 2026 
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.  
 Karnov is not directly impacted by conflicts such as the invasion of Ukraine or expanded conflict 
in the Middle East region and has no direct exposure towards any of the involved countries. 
Furthermore, Karnov is primarily an online service company with operations in EU markets, and not 
directly exposed to risks of tariffs.  
 Karnov’s significant risks and risk management are described on page 47-48 in the 2025 Annual 
and Sustainability 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 primarily 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 1,073 (1,199). On 
average during the first quarter, 57% (58) of the workforce were women and 43% (42) 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 2026, 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/.  
 During January - March 2026, Karnov Group has repurchased 9,258,201 ordinary shares for a 
purchase price of SEK 665 m. The average acquisition price per ordinary share during the quarter 
was SEK 78. The highest average acquisition price per ordinary share was SEK 106 and the lowest 
acquisition price per ordinary share was SEK 66. The Company further holds 225,902 shares of 
series C. On 31 March 2026, Karnov Group controlled 8.8% of the shares and 8.6% of the votes.  
 On 31 March 2026, the Company had 3,386 known shareholders. The five largest shareholders 
in Karnov Group AB (publ) were Long Path Partners, Karnov Group AB (publ), Anabranch Capital, 
Vor Capital and Greenoaks Capital Partners. 
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 three long-term incentive programs, LTIP 2023, LTIP 2024 and LTIP 
2025, which are share saving programs. The purpose of the programs 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). 
 18 employees have invested in LTIP 2023, 18 employees have invested in LTIP 2024, and 20 
employees have invested in LTIP 2025. The participants have allocated a total of 233,836 savings 
shares to the programs. Full allotment would mean that the total number of shares under the 
program will amount to no more than 885,576 ordinary shares, corresponding approximately 0.8 
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 2026 
RELATED-PARTY TRANSACTIONS 
Karnov Group did not undertake any significant transactions with related parties in the first quarter 
2026 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 held two extraordinary general meetings on January 8th, 2026 and March 20th, 
2026 which resolved to authorize the Board of Directors to initiate buy-back programmes of 
maximum SEK 500 million and SEK 750 million, respectively.  
• The Board of Directors of Karnov Group resolved on acquisition of own ordinary shares for a 
maximum amount of SEK 500 million. The purpose is to optimise and improve the capital 
structure of Karnov by reducing the capital, thereby creating additional shareholder value.  
• The Board of Directors of Karnov Group resolved to expand the acquisition of own ordinary 
shares to a maximum amount of SEK 750 million. The purpose is to optimise and improve the 
capital structure of Karnov by reducing the capital, thereby creating additional shareholder value. 
Events after the end of the period 
• No significant events. 
PARENT COMPANY 
The operating profit (EBIT) for the quarter amounted to SEK -12 m (-1).  
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 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 6 May 2026 at 07.45 AM CEST.  
 
Karnov Group AB (publ) 
Stockholm, 6 May 2026 
 
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  
Annual General Meeting 2026 7 May 2026 
Half-year report January-June 2026 20 August 2026 
Interim report January-September 2026 12 November 2026 
 
Q1 PRESENTATION WEBCAST 
Karnov Group will present the first quarter for analysts and investors via 
a webcast teleconference on 6 May 2026 at 9:00 AM CEST. To 
participate, use the following link:  
https://karnov-group.events.inderes.com/q1-report-2026/register  
or register here for dial-in numbers:  
https://events.inderes.com/karnov-group/q1-report-2026/dial-in. 
 
The presentation will also be available on www.financialhearings.com

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

11  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
Jan-Dec
MSEK Note 2026 2025 2025
Net sales 3 628.1 672.5 2,640.9
Total revenue 628.1 672.5 2,640.9
Costs of goods sold -71.8 -87.4 -325.2
Employee benefit expenses -256.4 -285.0 -1,162.9
Depreciations and amortisations -102.3 -101.7 -413.1
Other operating income and expenses -102.7 -106.8 383.3
Operating profit (EBIT) 94.9 91.6 1,123.0
Share of profit in associated companies 2.8 -1.4 -3.6
Financial income 4.2 42.3 47.4
Financial expenses -26.5 -36.2 -137.2
Profit before tax 75.4 96.3 1,029.6
Tax on profit for the period -16.7 -18.9 -58.8
Profit for the period 58.7 77.4 970.8
Other comprehensive income: 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations 29.6 -110.0 -110.5
Actuarial gains/losses on defined benefit plans - - 1.5
Other comprehensive income for the period 29.6 -110.0 -109.0
Total comprehensive income for the period 88.3 -32.6 861.8
Profit for the period is attributable to:
Owners of Karnov Group AB (publ) 58.7 77.4 970.8
Profit for the period 58.7 77.4 970.8
Total comprehensive income for the period is attributable to:
Owners of Karnov Group AB (publ) 88.3 -32.6 861.8
Total comprehensive income 88.3 -32.6 861.8
Earnings per share, basic, SEK 0.55 0.72 9.00
Earnings per share, after dilution, SEK 0.54 0.72 8.98
Weighted average number of traded shares (thousands) 105,862 107,876 107,876
Effect of treasury shares (thousands) 2,240 226 226
Weighted average number of total shares adjusted for dilution (thousands) 108,102 108,102 108,102
Q1

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

12  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
MSEK Note 31 Mar 2026 31 Mar 2025 31 Dec 2025
ASSETS:
Non-current assets
Goodwill 3,414.3 3,451.9 3,370.4
Other intangible assets 2,004.4 2,215.8 2,030.1
Right-of-use assets 180.5 145.5 189.4
Property, plant and equipment 27.6 34.5 25.2
Investments in associated companies 4 37.5 36.9 34.6
Other financial investments 4 - 13.0 -
Loans to associated companies 4 17.6 21.9 21.8
Deposits 4 14.7 12.5 14.4
Deferred tax assets 167.8 171.9 175.4
Total non-current assets 5,864.4 6,103.9 5,861.3
Current assets
Inventories 19.6 19.5 18.3
Trade receivables 4 407.4 445.3 375.5
Prepaid expenses 73.6 82.5 53.5
Other receivables 4 142.1 78.4 131.7
Current tax receivables 20.6 37.2 12.9
Cash and cash equivalents 4 505.3 139.9 931.8
Total current assets 1,168.6 802.8 1,523.7
TOTAL ASSETS 7,033.0 6,906.7 7,385.0

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

13  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
  
MSEK Note 31 Mar 2026 31 Mar 2025 31 Dec 2025
EQUITY AND LIABILITIES:
Share capital 1.7 1.7 1.7
Share premium 2,654.0 2,654.0 2,654.0
Treasury shares -665.0 0.0 0.0
Reserves -273.9 -303.0 -303.5
Retained earnings including net profit for the period 954.4 -9.2 893.0
Equity attributable to the parent company’s shareholders 2,671.2 2,343.5 3,245.2
Total equity 2,671.2 2,343.5 3,245.2
Borrowing from credit institutions 4 1,852.9 1,969.3 1,829.8
Lease liabilities 4 149.0 124.2 156.6
Deferred tax liabilities 254.3 293.5 259.5
Provisions 90.9 95.2 91.4
Other non-current liabilites 4 37.3 39.7 37.3
Total non-current liabilities 2,384.4 2,521.9 2,374.6
Borrowing from credit institutions 4 136.8 108.5 135.2
Trade payables 4 62.8 73.6 93.2
Current tax liabilities 52.1 45.4 62.7
Accrued expenses 4 353.0 380.3 377.6
Prepaid income 1,234.2 1,232.6 902.2
Lease liabilities 4 45.2 46.8 46.2
Other current liabilities 4 93.3 154.1 148.1
Total current liabilities 1,977.4 2,041.3 1,765.2
TOTAL EQUITY AND LIABILITIES 7,033.0 6,906.7 7,385.0

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

14  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
 
 
MSEK Share capital 
Share 
premium 
Treasury 
shares Reserves 
Retained 
earnings 
Equity attributable 
to the parent 
company’s 
shareholders Total equity 
Balance at January 1,  2026 1.7 2,654.0 0.0 -303.5 893.0 3,245.2 3,245.2
Profit for the period - - - - 58.7 58.7 58.7
Other comprehensive income for the period - - - 29.6 - 29.6 29.6
Total comprehensive income/loss - - - 29.6 58.7 88.3 88.3
Transaction with shareholders in their capacity as owners:
Sharebased payment - - - - 2.7 2.7 2.7
Repurchase of shares - - -665.0 - - -665.0 -665.0
Total transaction with shareholders - - -665.0 - 2.7 -662.3 -662.3
Closing balance at March 31, 2026 1.7 2,654.0 -665.0 -273.9 954.4 2,671.2 2,671.2
 
 
MSEK Share capital 
Share 
premium 
Treasury 
shares Reserves 
Retained 
earnings 
Equity attributable 
to the parent 
company’s 
shareholders Total equity 
Balance at January 1,  2025 1.7 2,654.0 0.0 -193.0 -89.2 2,373.5 2,373.5
Profit for the period - - - - 77.4 77.4 77.4
Other comprehensive income for the period - - - -110.0 - -110.0 -110.0
Total comprehensive income/loss - - - -110.0 77.4 -32.6 -32.6
Transaction with shareholders in their capacity as owners:
Sharebased payment - - - - 2.6 2.6 2.6
Total transaction with shareholders - - - - 2.6 2.6 2.6
Closing balance at March 31, 2025 1.7 2,654.0 - -303.0 -9.2 2,343.5 2,343.5
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 2026 
 
.  
Jan-Dec
MSEK 2026 2025 2025
Operating profit (EBIT) 94.9 91.6 1,123.0
Non-cash items 103.7 102.3 -482.4
Effect of changes in working capital:
Change in inventories -1.1 -1.3 -0.2
Change in receivables -60.0 -14.7 16.9
Change in trade payables and other payables -114.8 -156.9 -151.3
Change in prepaid income 316.4 310.6 17.6
Net effect of changes in working capital 140.5 137.7 -117.0
Provisions paid - - -20.3
Net financial items, paid -14.5 -31.1 -100.8
Corporate tax paid -34.9 -34.1 -62.4
Cash flow from operating activities 289.7 266.4 340.1
Business divestments - - 991.1
Acquisition of intangible assets -39.4 -34.5 -162.3
Acquisition of property, plant and equipment -4.0 -1.0 -7.3
Sale of property, plant and equipment - - 18.8
Cash flow from investing activities -43.4 -35.5 840.3
Repurchase of shares -665.0 - -
Repayment long-term debt - -476.5 -699.1
Proceeds long-term debt - - 112.1
Payment of lease liabilities -14.3 -13.4 -57.2
Payment of contingent considerations -0.9 - -4.9
Cash flow from financing activities -680.2 -489.9 -649.1
Cash flow for the period -433.9 -259.0 531.3
Net cash position at the beginning of the period 931.8 402.8 402.8
Exchange-rate differences in cash and cash equivalents 7.4 -3.9 -2.4
Net cash position at the end of the period 505.3 139.9 931.8
Q1

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

16  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
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 2026 are the same as the accounting policies used for the annual report 2025 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 2025 for further details regarding 
critical estimates and judgements.

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

17  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
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 2026 2025 2026 2025 2026 2025 2026 2025
Net sales specified on product categories:
Online 289.6 298.9 254.3 268.3 - - 543.9 567.2
Offline 35.4 38.6 48.8 66.7 - - 84.2 105.3
Net sales 325.0 337.5 303.1 335.0 - - 628.1 672.5
Adjusted EBITDA 190.1 180.9 62.9 63.1 -23.6 -23.1 229.4 220.9
Depreciations and amortisations -25.2 -23.7 -24.3 -22.3 -0.1 -0.1 -49.6 -46.1
Adjusted EBITA 164.9 157.2 38.6 40.8 -23.7 -23.2 179.8 174.8
Amortisations from acquisitions -34.1 -36.2 -18.6 -19.4 - - -52.7 -55.6
Items affecting comparability - - -25.3 -27.6 -6.9 - -32.2 -27.6
Non-operating group transactions -8.9 -10.9 -9.5 -12.1 18.4 23.0 - -
Operating profit (EBIT) 121.9 110.1 -14.8 -18.3 -12.2 -0.2 94.9 91.6
Share of profit in associated companies 2.8 -1.4
Net financial items -22.3 6.1
Profit before tax 75.4 96.3
Tax on profit for the period -16.7 -18.9
Profit for the period 58.7 77.4
Q1 Q1Q1Q1
North South Group functions Total

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

18  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
NOTE 4 FINANCIAL INSTRUMENTS 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At amortised 
cost 
Fair value 
through profit or 
loss Reported value Level 1 Level 2 Level 3  At amortised cost 
Fair value through 
profit or loss Reported value Level 1 Level 2 Level 3
MSEK
FINANCIAL ASSETS
Investments in associated companies - 37.5 37.5 - - 37.5 - 34.6 34.6 - - 34.6
Other financial investments - - - - - - - - - - - -
Loans to associated companies 17.6 - 17.6 - - - 21.8 - 21.8 - - -
Deposits 14.7 - 14.7 - - - 14.4 - 14.4 - - -
Trade receivables 407.4 - 407.4 - - - 375.5 - 375.5 - - -
Other receivables 142.1 - 142.1 - - - 131.7 - 131.7 - - -
Cash and cash equivalents 505.3 - 505.3 - - - 931.8 - 931.8 - - -
Total financial assets 1,087.1 37.5 1,124.6 - - 37.5 1,475.2 34.6 1,509.8 - - 34.6
FINANCIAL LIABILITIES
Borrowing from credit institutions 1,989.7 - 1,989.7 - - - 1,965.0 - 1,965.0 - - -
Lease liabilities 194.2 - 194.2 - - - 202.8 - 202.8 - - -
Other non-current liabilites 37.3 - 37.3 - - - 37.3 - 37.3 - - -
Trade payables 62.8 - 62.8 - - - 93.2 - 93.2 - - -
Accrued expenses 353.0 - 353.0 - - - 377.6 - 377.6 - - -
Other current liabilities 88.0 5.5 93.5 - - 5.5 141.7 6.4 148.1 - - 6.4
Total financial liabilities 2,725.0 5.5 2,730.5 - - 5.5 2,817.6 6.4 2,824.0 - - 6.4
Balance at, January 1 - - - - - 28.2 - - - - - 40.0
Fair value through profit or loss - - - - - 2.8 - - - - - -16.9
Payments - - - - - 0.9 - - - - - 5.1
Currency exchange differences - - - - - 0.1 - - - - - -
Closing balance - - - - - 32.0 - - - - - 28.2
Q1 2026 Q4 2025

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

19  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
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 2026 2025 2026 2025 2026 2025 2026 2025
Organic business 357.6 316.3 336.1 332.7 - - 693.7 649.0
Acquired business -23.6 22.6 -17.9 4.0 - - -41.5 26.6
Currency -9.0 -1.4 -15.1 -1.7 - - -24.1 -3.1
Net sales 325.0 337.5 303.1 335.0 - - 628.1 672.5
Total net sales split, %
Organic growth, % 6.0% 7.7% 0.3% -1.6% - - 3.2% 2.7%
Acquired business, % -7.0% 7.7% -5.3% 1.2% - - -6.2% 4.2%
Currency effect, % -2.7% -0.4% -4.5% -0.5% - - -3.6% -0.4%
Total growth, % -3.7% 15.0% -9.5% -0.9% - - -6.6% 6.5%
EBITDA 190.1 180.9 37.6 35.5 -30.5 -23.1 197.2 193.3
EBITDA margin, % 58.5% 53.6% 12.4% 10.6% - - 31.4% 28.7%
Depreciations and amortisations -25.2 -23.7 -24.3 -22.3 -0.1 -0.1 -49.6 -46.1
EBITA 164.9 157.2 13.3 13.2 -30.6 -23.2 147.6 147.2
EBITA margin, % 50.7% 46.6% 4.4% 3.9% - - 23.5% 21.9%
Items affecting comparability - - -25.3 -27.6 -6.9 - -32.2 -27.6
Adjusted EBITDA 190.1 180.9 62.9 63.1 -23.6 -23.1 229.4 220.9
Adjusted EBITDA margin, % 58.5% 53.6% 20.8% 18.8% - - 36.5% 32.8%
Adjusted EBITA 164.9 157.2 38.6 40.8 -23.7 -23.2 179.8 174.8
Adjusted EBITA margin, % 50.7% 46.6% 12.7% 12.2% - - 28.6% 26.0%
Items affecting comparability
Post-closing integration costs - - -13.4 -19.7 0.2 - -13.2 -19.7
Restructuring costs - - -11.5 -7.1 - - -11.5 -7.1
Acquisition costs - - -0.2 -0.7 -0.3 - -0.5 -0.7
Other extraordinary items - - -0.2 -0.1 -6.8 - -7.0 -0.1
Total - - -25.3 -27.6 -6.9 - -32.2 -27.6
Items affecting comparability  classification
Operating costs - - -25.3 -27.6 -6.9 - -32.2 -27.6
North South Group functions Total 
Q1 Q1 Q1 Q1

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

20  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
NOTE 5 ALTERNATIVE PERFORMANCE MEASURES, CONT. 
ADJUSTED FREE CASHFLOW  
 
 
 
* Includes divestment costs and reclaimable tax regarding the EHS transaction impacting January-
December 2025. 
 
 
 
NET DEBT 
 
LEVERAGE RATIO 
 
 
**Please note that Adjusted Proforma EBITDA LTM excludes historical earnings from the divested 
EHS division which has an impact on the leverage ratio in Q1 2026 and Q4 2025.  
Jan-Dec
MSEK 2026 2025 2025
Cash flow from operating activities 289.7 266.4 340.1
Acquisition of intangible and 
tangible assets -43.4 -35.5 -169.6
Payment of lease liabilities -14.3 -13.4 -57.2
Free cash flow 232.0 217.5 113.3
Items affecting comparability* 32.2 27.6 331.9
Adjusted free cash flow 264.2 245.1 445.2
Q1
MSEK 31 Mar 2026 31 Mar 2025 31 Dec 2025
Borrowing from credit institutions, long term 1,852.9 1,969.3 1,829.8
Borrowing from credit institutions, short term 136.8 108.5 135.2
Net cash position -505.3 -139.9 -931.8
Net debt 1,484.4 1,937.9 1,033.2
MSEK 31 Mar 2026 31 Mar 2025 31 Dec 2025
Adjusted Proforma EBITDA LTM ** 838.0 797.7 818.0
Net debt 1,484.4 1,937.9 1,033.2
Leverage ratio 1.8 2.4 1.3

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

21  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
* Q3 2025 excludes assets and liabilities held for sale in the EHS transaction. 
 
  
Q1 Q4 Q3 Q2 Q1
MSEK 2026 2025 2025 2025 2025
Income statement
Net sales 628.1 664.9 654.4 649.1 672.5
EBITDA 197.2 1,002.4 192.6 147.8 193.3
EBITDA margin, % 31.4% 150.8% 29.4% 22.8% 28.7%
EBITA 147.6 949.2 144.0 101.7 147.2
EBITA margin, % 23.5% 142.8% 22.0% 15.7% 21.9%
Adjusted EBITA 179.8 172.4 172.1 148.1 174.8
Adjusted EBITA margin, % 28.6% 25.9% 26.3% 22.8% 26.0%
Operating profit (EBIT) 94.9 895.7 88.7 47.0 91.6
EBIT margin, % 15.1% 134.7% 13.6% 7.2% 13.6%
Net financial items -22.3 -36.7 -21.4 -37.8 6.1
Profit for the period 58.7 842.1 43.4 7.9 77.4
Balance sheet
Non-current assets 5,864.4 5,861.3 5,959.6 6,177.5 6,103.9
Current assets* 1,168.6 1,523.7 568.0 712.5 802.8
Cash and cash equivalents 505.3 931.8 44.9 88.2 139.9
Equity 2,671.2 3,245.2 2,426.7 2,396.0 2,343.5
Non-current liabilities 2,384.4 2,374.6 2,422.7 2,446.4 2,521.9
Current liabilities* 1,977.4 1,765.2 1,746.3 2,047.6 2,041.3
TOTAL ASSETS 7,033.0 7,385.0 6,662.9 6,890.0 6,906.7

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

22  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
* Q3 2025 excludes assets and liabilities held for sale in the EHS transaction. 
 
 
Q1 Q4 Q3 Q2 Q1
MSEK 2026 2025 2025 2025 2025
Cash flow
Cash flow from operating activities 289.7 75.0 -11.1 9.9 266.4
Cash flow from investing activities -43.4 934.4 -15.6 -43.0 -35.5
Cash flow from financing activities -680.2 -12.8 -18.8 -127.6 -489.9
Cash flow for the period -433.9 996.6 -45.5 -160.7 -259.0
Key ratios
Net working capital* -808.8 -241.5 -1,178.3 -1,335.1 -1,238.5
Equity/asset ratio, % 38.0% 43.9% 36.4% 34.8% 33.9%
Adjusted free cash flow 264.2 238.6 -35.6 -2.8 245.1
Net debt 1,484.4 1,033.2 2,070.7 2,041.1 1,937.9
Share data:
Weighted average number of traded shares (thousands) 105,862 107,876 107,876 107,876 107,876
Earnings per share, basic, SEK 0.55 7.81 0.40 0.07 0.72
Earnings per share, after dilution, SEK 0.54 7.79 0.40 0.07 0.72

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

23  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
 
  
Jan-Dec
MSEK 2026 2025 2025
Employee benefit expenses -2.2 -2.6 -9.5
Depreciations and amortisations - - -0.2
Other operating income and expenses -9.9 2.0 1.7
Operating profit (EBIT) -12.1 -0.6 -8.0
Gain or loss from sale of group companies - - 905.0
Share of profit in associated companies 2.8 - -3.6
Financial income 3.6 31.4 89.3
Financial expenses -10.8 -6.1 -65.5
Dividend received - - 47.1
Net financial items -4.4 25.3 972.3
Group contributions - - 189.2
Profit before tax -16.5 24.7 1,153.5
Tax on profit for the period 3.4 -5.1 -40.3
Profit for the period -13.1 19.6 1,113.2
Total comprehensive income -13.1 19.6 1,113.2
Q1

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

24  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
 
  
MSEK 31 Mar 2026 31 Mar 2025 31 Dec 2025
ASSETS:
Receivables from group companies 66.8 2,442.6 65.4
Investments in group companies 2,613.9 1,171.7 2,611.4
Right-of-use assets 0.2 0.4 0.3
Investments in associated companies 37.5 - 34.6
Loans to associated companies 17.6 - 21.8
Deferred tax assets - 2.5 -
Total non-current assets 2,736.0 3,617.2 2,733.5
Receivables from group companies 354.1 40.8 365.4
Prepaid expenses 2.6 2.4 1.0
Other receivables 102.2 - 97.0
Current tax receivables 6.6 - -
Cash and cash equivalents 475.4 44.3 890.7
Total current assets 940.9 87.5 1,354.1
TOTAL ASSETS 3,676.9 3,704.7 4,087.6

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

25  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
 
  
MSEK 31 Mar 2026 31 Mar 2025 31 Dec 2025
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
Treasury shares -665.0 0.0 0.0
Retained earnings including net profit for the period 548.3 133.7 559.0
Total equity 2,539.0 2,789.4 3,214.7
Lease liabilities 0.1 0.3 0.1
Borrowing from group companies - 26.8 -
Borrowing from credit institutions 647.4 773.6 638.1
Other non-current liabilites 36.5 - 36.6
Total non-current liabilities 684.0 800.7 674.8
Borrowing from credit institutions 136.8 108.5 135.2
Trade payables 1.0 0.6 7.2
Borrowing from group companies 291.8 - -
Current tax liabilities - 2.1 28.1
Accrued expenses 18.1 2.6 19.9
Leasing liabilities, short term 0.2 0.2 0.2
Other current liabilities 6.0 0.6 7.5
Total current liabilities 453.9 114.6 198.1
TOTAL EQUITY AND LIABILITIES 3,676.9 3,704.7 4,087.6

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

26  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
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 and divested 
businesses, excluding currency effects, in relation to net sales for the 
corresponding period of the preceding year. Net sales of acquired and divested 
businesses are defined as acquired or divested revenue 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. 
Annual run-rate synergies Realised synergies by the end of the period on an annualised basis.  The definition is used as a complement to disclose future savings from different 
cost-saving initiatives. 
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.

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

27  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
Key ratio Definition Reason for use 
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 
excluding leasing liabilities) 
Net debt on the balance sheet date divided by adjusted EBITDA for the last twelve 
months (LTM), excluding leasing liabilities. Adjusted EBITDA LTM is adjusted for 
items affecting comparability and including proforma consolidation of acquired 
EBITDA. 
Relevant to analyse to ensure that Karnov has an appropriate financing structure. 
Net cash position Cash and cash equivalents less Bank overdraft. 
 
The measure is used since it facilitates the understanding of total net cash 
position including Cash and cash equivalents held together with utilized Bank 
overdraft. 
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. 
Net working capital Current assets less current liabilities  The metric measures the liquidity and ability to meet short-term obligations. 
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 2026 Jan-Mar 2026 31 Mar 2025 Jan-Mar 2025 31 Dec 2025 Jan-Dec 2025
1 DKK is equivalent to SEK 1.4643 1.4311 1.4540 1.5056 1.4484 1.4826
1 NOK is equivalent to SEK 0.9760 0.9396 0.9506 0.9640 0.9148 0.9443
1 EUR is equivalent to SEK 10.9430 10.6913 10.8490 11.2318 10.8180 11.0652

===== SIDA 28 =====

28  KARNOV GROUP  |  INTERIM REPORT JANUARY – MARCH 2026 
Karnov Group clears the path to justice, providing mission-
critical knowledge and workflow solutions to European legal 
professionals. 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 legal knowledge provider. 
 
Our mission is to be an indispensable partner for all legal 
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, DIB and 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  
 
Sweden: Legal, tax and accounting online and offline 
products and solutions  
 
Norway: Tax and accounting online workflow tools 
 
France: Legal online and offline products and solutions and 
legal training 
 
Spain and Portugal: Legal online and offline products and 
solutions  
 
With offices in Sweden, Denmark, Norway, France, Spain 
and Portugal, Karnov Group employs around 1,100 people.  
 
The Karnov share is listed on Nasdaq Stockholm, Mid Cap 
segment, under the ticker “KAR”. 
 
400,000+ 
USERS 
 
7,000+ 
SPECIALISTS 
 
~1,100 
EMPLOYEES 
 
Karnov Group AB (publ) Corp. Id. 559016-9016 Registered office: Stockholms län 
Head office: Flemminggatan 14, 112 26 Stockholm, Sweden  
Tel: +46 8 587 670 00 www.karnovgroup.com